KALISPELL, Mont., Jan. 28 /PRNewswire-FirstCall/ -- HIGHLIGHTS: --
Net earnings for the quarter of $9.474 million and year-to-date of
$34.374 million. -- Diluted earnings per share of $0.15 for the
quarter and $0.56 year-to-date. -- Acquisition of First National
Bank & Trust completed as of October 2, 2009 resulting in a
one-time $3.5 million bargain purchase gain. -- Provision for loan
losses increased to $37 million for the quarter and $125 million
for the year bringing the allowance for loan losses to 3.46 percent
of loans. -- Net interest income increased $6 million, or 10
percent, from last year's fourth quarter and increased $33 million,
or 15 percent, from last year's twelve months. -- Net interest
margin (tax equivalent) of 4.82 percent, up 12 basis points, from
last year's twelve months. -- Efficiency ratio of 51 percent for
the year, an improvement of 1 percentage point from last year,
excluding non-recurring items. Results Summary ($ in thousands,
except Three months Twelve months per share data) ended December
31, ended December 31, ------------------ ------------------
(unaudited) (unaudited) (unaudited) (audited) 2009 2008 2009 2008
---- ---- ---- ---- Net earnings $9,474 $17,014 $34,374 $65,657
Diluted earnings per share $0.15 $0.29 $0.56 $1.19 Return on
average assets (annualized) 0.62% 1.27% 0.60% 1.31% Return on
average equity (annualized) 5.43% 11.02% 4.97% 11.63% Glacier
Bancorp, Inc. (NASDAQ:GBCI) reported net earnings of $9.474 million
for the fourth quarter, a decrease of $7.540 million, or 44
percent, from the $17.014 million net earnings reported for the
fourth quarter of 2008. The diluted earnings per share of $0.15 for
the quarter represented a 48 percent decrease from the diluted
earnings per share of $0.29 for the same quarter of 2008.
Annualized return on average assets and return on average equity
for the fourth quarter were 0.62 percent and 5.43 percent, which
compares with prior year returns for the fourth quarter of 1.27
percent and 11.02 percent, respectively. Net earnings for the
twelve months ended December 31, 2009 were $34.374 million, which
is a decrease of $31.283 million, or 48 percent, over the prior
year. Diluted earnings per share of $0.56, is a decrease of 53
percent from the $1.19 earned in 2008. "It was great to finally
complete the transaction with First Company and its subsidiary
First National Bank & Trust. We are excited to have the Nelson
family and all the staff become a part of Glacier Bancorp, Inc. We
expect it to be an excellent addition," said Mick Blodnick,
President and Chief Executive Officer. "The transaction however did
make for a noisy quarter as the bargain purchase and security gains
elevated our earnings." Blodnick said. "Although our earnings were
much better than the previous quarter, we were still disappointed
with the results. One bright spot however continues to be our
pre-tax pre-provision earnings." The results of operations and
financial condition include the acquisition of First Company and
its subsidiary First National Bank & Trust ("First National")
from October 2, 2009. Cash of $621 thousand and 99,995 shares of
the Company's common stock were issued in the acquisition. The
Company also contributed $15.3 million in capital to the bank. The
acquisition resulted in a $3.5 million one-time bargain purchase
gain which was based on the estimated fair value of the assets
acquired and liabilities assumed. The following table provides
information on the fair value of selected classifications of assets
and liabilities acquired. First National (Unaudited - $ in
thousands) Bank & Trust ------------ Total assets $272,280
Investments, including fed funds 60,802 Loans 160,538 Non-interest
bearing deposits 39,221 Interest bearing deposits 197,308 Borrowed
funds 26,686 As reflected in the following table, total assets at
December 31, 2009 were $6.192 billion, which is $638 million, or 11
percent, greater than the total assets of $5.554 billion at
December 31, 2008. December 31, December 31, $ Change From 2009
2008 December 31, Assets ($ in thousands) (unaudited) (audited)
2008 ----------- --------- ---- Cash on hand and in banks $120,731
$125,123 $(4,392) Investments, interest bearing deposits, FHLB
stock, FRB stock, and fed funds 1,596,238 1,000,224 596,014 Loans:
Real estate 797,626 838,375 (40,749) Commercial 2,613,218 2,575,828
37,390 Consumer and other 719,401 715,990 3,411 ------- -------
----- Total loans 4,130,245 4,130,193 52 Allowance for loan and
lease losses (142,927) (76,739) (66,188) -------- ------- -------
Total loans net of allowance for loan and lease losses 3,987,318
4,053,454 (66,136) --------- --------- ------- Other assets 487,508
375,169 112,339 ------- ------- ------- Total Assets $6,191,795
$5,553,970 $637,825 ========== ========== ======== At December 31,
2009, total loans were $4.130 billion, an increase of $84 million
over total loans of $4.046 billion at September 30, 2009 and an
increase of $52 thousand over total loans at December 31, 2008.
Real estate loans increased $10 million, or 1 percent, during the
fourth quarter. Consumer loans, which are primarily comprised of
home equity loans, increased by $19 million, or 3 percent, and
commercial loans increased by $55 million, or 2 percent, during the
fourth quarter of 2009. Excluding the loan growth of $153 million
attributable to the acquisition of First National, the loan
portfolio decreased organically 4 percent for 2009 and 2 percent
during the fourth quarter, primarily the result of decreased loan
demand. Investment securities, including interest bearing deposits
in other financial institutions and federal funds sold, have
increased $334 million, or 26 percent, from September 30, 2009 and
increased $596 million, or 60 percent, from December 31, 2008. The
increase in investments for the fourth quarter includes $112
million for First National. Investment securities represented 26
percent of total assets at December 31, 2009 versus 18 percent of
total assets at December 31, 2008. The Company continues to
purchase investment securities when loan originations slow.
December 31, December 31, $ Change From 2009 2008 December 31,
Liabilities ($ in thousands) (unaudited) (audited) 2008 -----------
--------- ---- Non-interest bearing deposits $810,550 $747,439
$63,111 Interest bearing deposits 3,289,602 2,515,036 774,566
Advances from Federal Home Loan Bank 790,367 338,456 451,911
Federal Reserve Bank Discount Window 225,000 914,000 (689,000)
Securities sold under agreements to repurchase and other borrowed
funds 226,251 196,731 29,520 Other liabilities 39,147 44,331
(5,184) Subordinated debentures 124,988 121,037 3,951 -------
------- ----- Total liabilities $5,505,905 $4,877,030 $628,875
========== ========== ======== As of December 31, 2009,
non-interest bearing deposits increased $9 million, or 1 percent,
since September 30, 2009 and increased $63 million, or 8 percent,
since December 31, 2008. Interest bearing deposits of $3.290
billion at December 31, 2009 includes wholesale deposits of $351
million, of which $151 million are issued through the Certificate
of Deposit Account Registry System. Interest bearing deposits
increased $480 million, or 17 percent from September 30, 2009, of
which $117 million is from wholesale deposits. Interest bearing
deposits increased $775 million, or 31 percent from December 31,
2008, of which $321 million is from wholesale deposits. The
increase in non-interest bearing deposits and interest bearing
deposits includes $41 million and $206 million, respectively, for
First National as of year end. "One of our strategic initiatives in
2009 was to focus on deposit growth and capture additional market
share," Blodnick said. "The banks did an excellent job of not only
growing their deposits, but at the same time controlling their cost
of funds." Federal Home Loan Bank ("FHLB") advances increased $150
million, or 23 percent, from September 30, 2009 and increased $452
million, or 134 percent, from December 31, 2008. Federal Reserve
Bank Discount Window borrowings decreased $145 million, or 39
percent, from September 30, 2009 and decreased $689 million, or 75
percent, from December 31, 2008. Repurchase agreements and other
borrowed funds were $226 million at December 31, 2009, an increase
of $668 thousand from September 30, 2009 and an increase of $30
million, or 15 percent, from December 31, 2008. Stockholders'
equity December 31, December 31, $ Change From ($ in thousands
except per 2009 2008 December 31, share data) (unaudited) (audited)
2008 ----------- --------- ---- Common equity $686,238 $678,183
$8,055 Accumulated other comprehensive loss (348) (1,243) 895 ----
------ --- Total stockholders' equity 685,890 676,940 8,950
Goodwill and core deposit intangible, net (160,196) (159,765) (431)
-------- -------- ---- Tangible stockholders' equity $525,694
$517,175 $8,519 ======== ======== ====== Stockholders' equity to
total assets 11.08% 12.19% Tangible stockholders' equity to total
tangible assets 8.72% 9.59% Book value per common share $11.13
$11.04 $0.09 Tangible book value per common share $8.53 $8.43 $0.10
Market price per share at end of period $13.72 $19.02 $(5.30) Total
stockholders' equity and book value per share amounts have
increased $9 million and $0.09 per share, respectively, from
December 31, 2008, the result of earnings retention, exercised
stock options, decrease in accumulated comprehensive loss, and
stock issued in connection with the First National acquisition.
Tangible stockholders' equity has increased $9 million, or 2
percent since December 31, 2008, with tangible stockholders' equity
at 8.72 percent of total tangible assets at December 31, 2009, down
from 9.59 percent at December 31, 2008. Accumulated other
comprehensive loss, representing net unrealized losses (net of tax)
on investment securities designated as available for sale,
decreased $1 million from December 31, 2008. "Our capital levels
continue to be a real strength for the Company," Blodnick said.
"Not only are our capital levels well above the regulatory well
capitalized requirements, but during a year of crisis for the
banking industry we increased our capital while maintaining the
level of our dividend and avoiding the need to participate in the
Troubled Asset Relief Program (TARP)." Operating Results for Three
Months Ended December 31, 2009
---------------------------------------------------------- Compared
to September 30, 2009 and December 31, 2008
---------------------------------------------------- Revenue
summary ($ in thousands) Three months ended ------------------
December 31, September 30, December 31, 2009 2009 2008 (unaudited)
(unaudited) (unaudited) ----------- ----------- ----------- Net
interest income Interest income $78,112 $74,430 $76,707 Interest
expense 14,273 13,801 18,599 ------ ------ ------ Net interest
income 63,839 60,629 58,108 Non-interest income Service charges,
loan fees, and other fees 12,212 12,103 11,522 Gain on sale of
loans 6,089 5,613 3,195 Gain on sale of investments 3,328 2,667 -
Other income 4,450 1,317 920 ----- ----- --- Total non- interest
income 26,079 21,700 15,637 ------ ------ ------ $89,918 $82,329
$73,745 ======= ======= ======= Tax equivalent net interest margin
4.70% 4.80% 4.81% ==== ==== ==== ($ in thousands) $ Change From $
Change From % Change From % Change From September 30, December 31,
September 30, December 31, 2009 2008 2009 2008 ---- ---- ---- ----
Net interest income Interest income $3,682 $1,405 5% 2% Interest
expense 472 (4,326) 3% -23% --- ------ Net interest income 3,210
5,731 5% 10% Non-interest income Service charges, loan fees, and
other fees 109 690 1% 6% Gain on sale of loans 476 2,894 8% 91%
Gain on sale of investments 661 3,328 25% n/m Other income 3,133
3,530 238% 384% ----- ----- Total non- interest income 4,379 10,442
20% 67% ----- ------ $7,589 $16,173 9% 22% ====== ======= n/m - not
measurable Net Interest Income Net interest income for the current
quarter increased $3.2 million with interest income increasing $3.7
million, or 5 percent, compared to the prior quarter. Net interest
income for the year increased $6 million, or 10 percent, with
interest expense decreasing $4 million, or 23 percent, over the
same period in 2008. The decrease in total interest expense from
the prior year fourth quarter is attributable to rate decreases in
interest bearing deposits and lower cost borrowings. The current
quarter net interest margin as a percentage of earning assets, on a
tax equivalent basis, was 4.70 percent which is 10 basis points
lower than the 4.80 percent achieved for the prior quarter, and 11
basis points lower than the 4.81 percent result for the fourth
quarter of 2008. "Since hitting a high of 4.92 percent in the first
quarter of 2009, our net interest margin as expected has
experienced some compression the last three quarters," said Ron
Copher, Chief Financial Officer. "Higher levels of non accruing
loans and the growth of our investment portfolio that carries lower
yields were the main reasons for the reduction." Non-interest
Income Non-interest income for the current quarter totaled $26
million, an increase of $4 million over the prior quarter. Other
income had a $3.5 million one-time bargain purchase gain from the
acquisition of First National. Excluding the gain, non-interest
income increased $897 thousand, or 4 percent, from the prior
quarter, and increased $7.0 million, or 45 percent, over the same
period in 2008. Fee income increased $109 thousand, or 1 percent,
during the quarter, compared to the increase of $690 thousand, or 6
percent, over the same period last year. Gain on sale of loans
increased $476 thousand, or 8 percent, for the quarter, and $2.894
million, or 91 percent, over the same period last year, primarily
the result of increased residential loans originated and sold in
the secondary market during 2009. Net gain on sale of investments
was $3.328 million for the fourth quarter 2009 compared to $2.667
million for the previous quarter, a 25 percent increase.
Non-interest expense summary Three months ended ------------------
($ in thousands) December 31, September 30, December 31, 2009 2009
2008 (unaudited) (unaudited) (unaudited) ----------- -----------
----------- Compensation and employee benefits $21,376 $20,935
$18,775 Occupancy and equipment expense 6,130 5,835 5,923
Advertising and promotion expense 1,435 1,596 1,675 Outsourced data
processing 850 830 638 Core deposit intangibles amortization 822
758 741 Other expenses 13,720 11,942 8,340 ------ ------ -----
Total non- interest expense $44,333 $41,896 $36,092 ======= =======
======= ($ in thousands) $ Change From $ Change From % Change From
% Change From September 30, December 31, September 30, December 31,
2009 2008 2009 2008 ---- ---- ---- ---- Compensation and employee
benefits $441 $2,601 2% 14% Occupancy and equipment expense 295 207
5% 3% Advertising and promotion expense (161) (240) -10% -14%
Outsourced data processing 20 212 2% 33% Core deposit intangibles
amortization 64 81 8% 11% Other expenses 1,778 5,380 15% 65% -----
----- Total non- interest expense $2,437 $8,241 6% 23% ======
====== Non-interest Expense Non-interest expense for the current
quarter increased by $2.4 million, or 6 percent from the prior
quarter and increased $8.2 million, or 23 percent, from the prior
year's fourth quarter. Compensation and employee benefits increased
$441 thousand, or 2 percent, from prior quarter and increased $2.6
million, or 14 percent, from prior year's fourth quarter. The
current quarter increase in compensation and employee benefits is
primarily a result of the acquisition of First National, and the
increase over the prior year quarter is due to the acquisitions of
First National and Bank of the San Juans which was acquired
December 1, 2008. The number of full-time equivalent employees
increased from 1,577 to 1,643 during the quarter, and increased
from 1,571 since the end of the 2008, primarily the result of First
National which has 75 full-time equivalent employees. Occupancy and
equipment expense has increased $295 thousand, or 5 percent, and
$207 thousand, or 3 percent, from the prior quarter and the prior
year's fourth quarter, respectively, reflecting the acquisitions of
First National and Bank of the San Juans. Advertising and promotion
expense decreased $161 thousand, or 10 percent, from prior quarter
and decreased $240 thousand, or 14 percent, from the same quarter
of 2008 as the banks continue to focus on operating cost reduction.
The increase of $1.8 million, or 15 percent, in other expense from
the prior quarter includes increases of $413 thousand in expenses
associated with repossessed assets, $300 thousand in legal and
outside service expenses, the majority of which relate to the
acquisition of First National, $240 thousand in FDIC insurance
expense, $266 thousand in commercial loan expense, and general
increases with the acquisition of First National. The increase of
$5.4 million, or 65 percent, in other expense from the prior year's
fourth quarter is a result of an increase of $1.5 million in FDIC
insurance premiums, $1.5 million of loss from sales of other real
estate owned, and $1.2 million in expenses associated with
repossessed assets. Efficiency Ratio Excluding the bargain purchase
gain, the efficiency ratio (non-interest expense / net interest
income plus non-interest income) was 51 percent for the quarter,
compared to 49 percent for the 2008 fourth quarter. The increase in
the efficiency ratio from the prior year fourth quarter is the
result of the increase in other expenses primarily from FDIC
insurance premiums and other real estate owned expenses and losses.
December 31, September 30, December 31, Credit Quality Summary 2009
2009 2008 ($ in thousands) (unaudited) (unaudited) (audited)
----------- ----------- --------- Allowance for loan and lease
losses -beginning of year $76,739 76,739 54,413 Provision 124,618
87,905 28,480 Acquisition - - 2,625 Charge-offs (60,896) (40,991)
(9,839) Recoveries 2,466 1,677 1,060 ----- ----- ----- Allowance
for loan and lease losses -end of period $142,927 125,330 76,739
======== ======= ====== Real estate and other assets owned $57,320
54,537 11,539 Accruing loans 90 days or more overdue 5,537 2,891
8,613 Non-accrual loans 198,281 185,577 64,301 ------- -------
------ Total non-performing assets $261,138 243,005 84,453
Allowance for loan and lease losses as a percentage of non-
performing assets 55% 52% 91% Non-performing assets as a percentage
of total bank assets 4.13% 4.10% 1.46% Allowance for loan and lease
losses as a percentage of total loans 3.46% 3.10% 1.86% Net
charge-offs as a percentage of total loans (1.415%) (0.972%)
(0.213%) Accruing loans 30-89 days or more overdue $87,491 43,606
54,787 Allowance for Loan and Lease Losses and Non-performing
Assets At December 31, 2009, the allowance for loan and lease
losses was $142.9 million, an increase of $66 million, or 86
percent, from a year ago. The allowance was 3.46 percent of total
loans outstanding at December 31, 2009, up from 3.10 percent at the
prior quarter end, and up from 1.86 percent at December 31, 2008.
The allowance was 55 percent of non-performing assets at December
31, 2009, up from 52 percent for the prior quarter end and down
from 91 percent a year ago. Non-performing assets as a percentage
of total bank assets at December 31, 2009 were at 4.13 percent, up
from 4.10 percent as of prior quarter end, and up from 1.46 percent
at December 31, 2008. Loan portfolio growth, composition, average
loan size, credit quality considerations, and other environmental
factors will continue to determine the level of additional
provision expense. Credit Quality Trends (Unaudited - $ in
thousands) Accruing Loans Non-Performing Provision ALLL 30-89 days
Assets to for Loan Net as a Percent as a Percent of Total Bank
Losses Charge-Offs of Loans Loans Assets ------ -----------
-------- ----- ------ Q4 2009 $36,713 19,116 3.46% 2.12% 4.13% Q3
2009 47,050 19,094 3.10% 1.08% 4.10% Q2 2009 25,140 11,543 2.36%
1.52% 3.06% Q1 2009 15,715 8,677 2.01% 1.60% 1.97% Q4 2008 12,223
3,742 1.86% 1.33% 1.46% Q3 2008 8,715 3,889 1.67% 0.65% 1.30% Q2
2008 5,042 915 1.59% 0.92% 0.58% Q1 2008 2,500 233 1.54% 0.87%
0.57% The current quarter provision for loan loss expense was $37
million, a decrease of $10 million from prior quarter and an
increase of $24 million from the same quarter in 2008. Net
charged-off loans for the current quarter were $19 million compared
to $19 million for the prior quarter and $4 million for the same
quarter in 2008. For the quarter, the provision covered net
charge-offs 1.9 times. "Although we are seeing some signs of credit
quality beginning to stabilize, it's still uncertain if the trend
will continue," Blodnick said. "Non-performing assets did not
expand at the pace of the prior two quarters, however, they did
move higher," Blodnick said. "The two loan categories we have
experienced most of the increase in non-performing assets this year
were spec residential construction and land development. In the
quarter we saw a significant decrease in spec construction
non-performing assets and only a moderate increase to land
development, but as the economy continues to struggle we did see
non-performing assets increase in commercial real estate, C &
I, and 1-4 family loans." For additional information regarding
credit quality and a breakout of the loan portfolio by regulatory
classification see exhibits at the end of this press release.
Operating Results for Twelve Months Ended December 31, 2009
Compared to December 31, 2008 Revenue summary ($ in thousands)
Twelve months ended ------------------- December 31, December 31, $
Change From % Change From 2009 2008 December 31, December 31,
(unaudited) (audited) 2008 2008 ----------- --------- ---- ---- Net
interest income Interest income $302,494 $302,985 $(491) 0%
Interest expense 57,167 90,372 (33,205) -37% ------ ------ -------
Net interest income 245,327 212,613 32,714 15% Non-interest income
Service charges, loan fees, and other fees 45,871 47,506 (1,635)
-3% Gain on sale of loans 26,923 14,849 12,074 81% Gain (loss) on
investments 5,995 (7,345) 13,340 182% Other income 7,685 6,024
1,661 28% ----- ----- ----- Total non- interest income 86,474
61,034 25,440 42% ------ ------ ------ $331,801 $273,647 $58,154
21% ======== ======== ======= Tax equivalent net interest margin
4.82% 4.70% ==== ==== Net Interest Income Net interest income for
the current year increased $33 million, or 15 percent, over the
same period in 2008. Total interest income decreased $491 thousand,
or less than 1 percent, while total interest expense decreased $33
million, or 37 percent. The decrease in total interest expense from
prior year is primarily attributable to rate decreases in interest
bearing deposits and lower cost borrowings. The net interest margin
as a percentage of earning assets, on a tax equivalent basis for
the year, was 4.82 percent for the current year, an increase of 12
basis points from the 4.70 percent for the same period in 2008.
Non-interest Income Total non-interest income increased $25
million, or 42 percent over the same period in 2008. Fee income for
the year decreased $1.6 million, or 3 percent, as compared to 2008.
Gain on sale of loans increased $12 million, or 81 percent,
primarily the result of the increase in purchase and refinance
residential loans originated and sold in the secondary market. Gain
on investments during 2009 of $6.0 million is the net gain from
sales of investment securities. Loss from investments during 2008
included a non-recurring $7.6 million other than temporary
impairment charge on investments in Freddie Mac preferred stock and
Fannie Mae common stock. Other income of $7.7 million includes a
$3.5 million one-time bargain purchase gain from the acquisition of
First National in 2009. In 2008 other income of $6.0 million
included a $1.7 million gain from the sale and relocation of
Mountain West Bank's office facility in Ketchum, Idaho.
Non-interest expense summary Twelve months ended
------------------- ($ in thousands) December 31, December 31, $
Change From % Change From 2009 2008 December 31, December 31,
(unaudited) (audited) 2008 2008 ----------- --------- ---- ----
Compensation and employee benefits $84,965 $82,027 $2,938 4%
Occupancy and equipment expense 23,471 21,674 1,797 8% Advertising
and promotion expense 6,477 6,989 (512) -7% Outsourced data
processing 3,031 2,508 523 21% Core deposit intangibles
amortization 3,116 3,051 65 2% Other expenses 47,758 29,660 18,098
61% ------ ------ ------ Total non- interest expense $168,818
$145,909 $22,909 16% ======== ======== ======= Non-interest Expense
Non-interest expense increased by $23 million, or 16 percent,
during 2009. Compensation and employee benefit expense increased
$2.9 million, or 4 percent, from 2008, due to the increased number
of employees from the acquisition of Bank of the San Juans in
December 2008 and First National in October 2009. Occupancy and
equipment expense increased $2 million, or 8 percent, reflecting
the cost of additional locations and facility upgrades. Advertising
and promotion expense decreased $512 thousand, or 7 percent, from
2008 reflecting the banks' continuing focus on reducing operating
expenses. Outsourced data processing expenses increased $523
thousand, or 21 percent, from 2008 as a result of additional
locations and general operating increases. Other expenses increased
$18 million, or 61 percent, from 2008. The increase in other
expenses includes $7.3 million in FDIC insurance premiums, $5.2
million loss from sales of other real estate owned, $2.7 million
expense associated with repossessed assets and $1.4 million in
legal and outside firm expense. Of the increase in FDIC insurance
premiums, $2.5 million is attributable to the second quarter
asset-based special assessment. Efficiency Ratio The efficiency
ratio (non-interest expense/net interest income plus non-interest
income) was 51 percent for 2009 compared favorably to 52 percent
for 2008, excluding non-recurring items. "The banks continue to
work hard to improve on all their components of efficiency," Copher
said. "Non interest expense in particular is an area the banks have
specifically focused their attention." Allowance for Loan and Lease
Losses The provision for loan loss expense was $125 million for
2009, an increase of $96 million, or 338 percent, from 2008. Net
charged-off loans during 2009 was $58 million, an increase of $50
million from 2008. Recent Acquisition On October 2, 2009, the
Company completed the acquisition of First Company and its
subsidiary First National Bank & Trust, a community bank based
in Powell, Wyoming. First National Bank & Trust provides
community banking services from three branch locations in Powell,
Cody, and Lovell, Wyoming. As of the acquisition, First National
Bank & Trust had total assets of approximately $272 million.
First National Bank & Trust will operate as a separate
wholly-owned subsidiary of the Company. Cash Dividend On December
15, 2009, the board of directors declared a cash dividend of $.13
per share, payable January 14, 2010 to shareholders of record on
January 5, 2010. Future cash dividends will depend on a variety of
factors, including net income, capital, asset quality and general
economic conditions. About Glacier Bancorp, Inc. Glacier Bancorp,
Inc. is a regional multi-bank holding company providing commercial
banking services in 60 communities in Montana, Idaho, Utah,
Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is
headquartered in Kalispell, Montana, and conducts its operations
principally through eleven community bank subsidiaries. These
subsidiaries include six Montana banks: Glacier Bank of Kalispell,
First Security Bank of Missoula, Valley Bank of Helena, Big Sky
Western Bank of Bozeman, Western Security Bank of Billings, First
Bank of Montana of Lewistown; as well as Mountain West Bank in
Idaho, Utah and Washington; 1st Bank in Wyoming and Utah; First
National Bank & Trust in Wyoming; Citizens Community Bank in
Idaho; and Bank of the San Juans in Colorado. This news release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements about management's plans, objectives, expectations and
intentions that are not historical facts, and other statements
identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "should," "projects," "seeks," "estimates" or
words of similar meaning. These forward-looking statements are
based on current beliefs and expectations of management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond the Company's control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change. The
following factors, among others, could cause actual results to
differ materially from the anticipated results or other
expectations in the forward-looking statements, including those set
forth in this news release: -- the risks associated with lending
and potential adverse changes in credit quality; -- increased loan
delinquency rates; -- the risks presented by a continued economic
slowdown, which could adversely affect credit quality, loan
collateral values, investment values, liquidity levels, and loan
originations; -- changes in market interest rates, which could
adversely affect our net interest income and profitability; --
legislative or regulatory changes that adversely affect our
business or our ability to complete pending or prospective future
acquisitions; -- costs or difficulties related to the integration
of acquisitions; -- reduced demand for banking products and
services; -- the risks presented by public stock market volatility,
which could adversely affect the Company's stock value and the
ability to raise capital in the future; -- competition from other
financial services companies in our markets; and -- the Company's
success in managing risks involved in the foregoing. The Company
does not undertake any obligation to publicly correct or update any
forward-looking statement if we later become aware that it is not
likely to be achieved. Visit our website at
http://www.glacierbancorp.com/ Glacier Bancorp, Inc. Consolidated
Condensed Statements of Financial Condition
-------------------------------------------------------- ($ in
thousands except per share data) December 31, December 31,
---------------------------------- 2009 2008 ---- ---- (unaudited)
(audited) Assets: Cash on hand and in banks $120,731 125,123
Federal funds sold 87,155 6,480 Interest bearing cash deposits
2,689 3,652 Investment securities, available-for- sale 1,506,394
990,092 Net loans receivable: Real estate loans 797,626 838,375
Commercial loans 2,613,218 2,575,828 Consumer and other loans
719,401 715,990 ------- ------- Total loans, gross 4,130,245
4,130,193 Allowance for loan and lease losses (142,927) (76,739)
-------- ------- Total loans, net 3,987,318 4,053,454 ---------
--------- Premises and equipment, net 140,921 133,949 Real estate
and other assets owned, net 57,320 11,539 Accrued interest
receivable 29,729 28,777 Deferred tax asset 41,082 14,292 Core
deposit intangible, net 13,937 13,013 Goodwill 146,259 146,752
Other assets 58,260 26,847 ------ ------ Total assets $6,191,795
5,553,970 ========== ========= Liabilities and stockholders'
equity: Non-interest bearing deposits $810,550 747,439 Interest
bearing deposits 3,289,602 2,515,036 Advances from Federal Home
Loan Bank 790,367 338,456 Securities sold under agreements to
repurchase 212,506 188,363 Federal Reserve Discount Window 225,000
914,000 Other borrowed funds 13,745 8,368 Accrued interest payable
7,928 9,751 Subordinated debentures 124,988 121,037 Other
liabilities 31,219 34,580 ------ ------ Total liabilities 5,505,905
4,877,030 --------- --------- Preferred shares, $.01 par value per
share. 1,000,000 shares authorized None issued or outstanding - -
Common stock, $.01 par value per share. 117,187,500 shares
authorized 616 613 Paid-in capital 497,493 491,794 Retained
earnings - substantially restricted 188,129 185,776 Accumulated
other comprehensive loss (348) (1,243) ---- ------ Total
stockholders' equity 685,890 676,940 ------- ------- Total
liabilities and stockholders' equity $6,191,795 5,553,970
========== ========= Number of shares outstanding 61,619,803
61,331,273 Book value of equity per share 11.13 11.04 Glacier
Bancorp, Inc. Consolidated Condensed Statements of Operations
----------------------------------------------- ($ in thousands
except per Three months ended Twelve months ended share data)
December 31, December 31, ---------------- ------------
------------ 2009 2008 2009 2008 ---- ---- ---- ---- (unaudited)
(unaudited) (unaudited) (audited) Interest income: Real estate
loans $12,956 13,374 54,498 51,166 Commercial loans 39,278 40,274
151,580 165,119 Consumer and other loans 11,213 11,861 44,844
47,725 Investment securities and other 14,665 11,198 51,572 38,975
------ ------ ------ ------ Total interest income 78,112 76,707
302,494 302,985 ------ ------ ------- ------- Interest expense:
Deposits 9,630 12,151 38,429 55,012 Federal Home Loan Bank advances
2,194 2,478 7,952 15,355 Securities sold under agreements to
repurchase 557 756 2,007 3,823 Subordinated debentures 1,594 1,852
6,818 7,430 Other borrowed funds 298 1,362 1,961 8,752 --- -----
----- ----- Total interest expense 14,273 18,599 57,167 90,372
------ ------ ------ ------ Net interest income 63,839 58,108
245,327 212,613 Provision for loan losses 36,713 12,223 124,618
28,480 ------ ------ ------- ------ Net interest income after
provision for loan losses 27,126 45,885 120,709 184,133 ------
------ ------- ------- Non-interest income: Service charges and
other fees 10,627 10,195 40,465 41,550 Miscellaneous loan fees and
charges 1,585 1,327 5,406 5,956 Gain on sale of loans 6,089 3,195
26,923 14,849 Gain (loss) on investments 3,328 - 5,995 (7,345)
Other income 4,450 920 7,685 6,024 ----- --- ----- ----- Total
non-interest income 26,079 15,637 86,474 61,034 ------ ------
------ ------ Non-interest expense: Compensation, employee benefits
and related expenses 21,376 18,775 84,965 82,027 Occupancy and
equipment expense 6,130 5,923 23,471 21,674 Advertising and
promotion expense 1,435 1,675 6,477 6,989 Outsourced data
processing expense 850 638 3,031 2,508 Core deposit intangibles
amortization 822 741 3,116 3,051 Other expenses 13,720 8,340 47,758
29,660 ------ ----- ------ ------ Total non- interest expense
44,333 36,092 168,818 145,909 ------ ------ ------- -------
Earnings before income taxes 8,872 25,430 38,365 99,258 Federal and
state income tax (benefit) expense (602) 8,416 3,991 33,601 ----
----- ----- ------ Net earnings $9,474 17,014 34,374 65,657 ======
====== ====== ====== Basic earnings per share 0.15 0.30 0.56 1.20
Diluted earnings per share 0.15 0.29 0.56 1.19 Dividends declared
per share 0.13 0.13 0.52 0.52 Return on average assets (annualized)
0.62% 1.27% 0.60% 1.31% Return on average equity (annualized) 5.43%
11.02% 4.97% 11.63% Average outstanding shares - basic 61,619,803
57,458,743 61,529,944 54,851,145 Average outstanding shares -
diluted 61,619,803 57,556,778 61,531,640 55,003,814 Glacier
Bancorp, Inc. Average Balance Sheet For the three months ended
12-31-09 -------------------------- (Unaudited - $ in thousands)
Interest Average Average and Yield/ ASSETS Balance Dividends Rate
------- --------- ---- Real Estate Loans $818,364 $12,956 6.33%
Commercial Loans 2,642,721 39,278 5.90% Consumer and Other Loans
703,435 11,213 6.32% ------- ------ Total Loans 4,164,520 63,447
6.04% Tax -Exempt Investment Securities (1) 460,512 5,504 4.78%
Other Investment Securities 968,255 9,161 3.78% ------- ----- Total
Earning Assets 5,593,287 78,112 5.59% ------ Goodwill and Core
Deposit Intangible 160,674 Other Non-Earning Assets 262,851 -------
TOTAL ASSETS $6,016,812 ========== LIABILITIES AND STOCKHOLDERS'
EQUITY NOW Accounts $685,340 $756 0.44% Savings Accounts 304,284
167 0.22% Money Market Accounts 815,166 2,029 0.99% Certificates of
Deposit 1,046,689 5,833 2.21% Wholesale Deposits 282,904 845 1.18%
FHLB Advances 649,871 2,194 1.34% Repurchase Agreements and Other
Borrowed Funds 672,681 2,449 1.44% ------- ----- Total Interest
Bearing Liabilities 4,456,935 14,273 1.27% ------ Non-interest
Bearing Deposits 817,677 Other Liabilities 49,661 ------ Total
Liabilities 5,324,273 --------- Common Stock 616 Paid-In Capital
497,230 Retained Earnings 189,613 Accumulated Other Comprehensive
Gain 5,080 ----- Total Stockholders' Equity 692,539 ------- TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $6,016,812 ========== Net
Interest Income $63,839 ======= Net Interest Spread 4.32% Net
Interest Margin 4.53% Net Interest Margin (Tax Equivalent) 4.70%
Return on Average Assets (annualized) 0.62% Return on Average
Equity (annualized) 5.43% ---- For the twelve months ended 12-31-09
--------------------------- (Unaudited - $ in thousands) Interest
Average Average and Yield/ ASSETS Balance Dividends Rate -------
--------- ---- Real Estate Loans $829,348 $54,498 6.57% Commercial
Loans 2,608,961 151,580 5.81% Consumer and Other Loans 702,232
44,844 6.39% ------- ------ Total Loans 4,140,541 250,922 6.06% Tax
-Exempt Investment Securities (1) 445,063 22,196 4.99% Other
Investment Securities 707,062 29,376 4.15% ------- ------ Total
Earning Assets 5,292,666 302,494 5.72% ------- Goodwill and Core
Deposit Intangible 158,896 Other Non-Earning Assets 240,367 -------
TOTAL ASSETS $5,691,929 ========== LIABILITIES AND STOCKHOLDERS'
EQUITY NOW Accounts $572,260 $2,275 0.40% Savings Accounts 303,794
947 0.31% Money Market Accounts 768,939 8,436 1.10% Certificates of
Deposit 960,403 24,719 2.57% Wholesale Deposits 133,083 2,052 1.54%
FHLB Advances 473,038 7,952 1.68% Repurchase Agreements and Other
Borrowed Funds 995,006 10,786 1.08% ------- ------ Total Interest
Bearing Liabilities 4,206,523 57,167 1.36% ------ Non-interest
Bearing Deposits 755,128 Other Liabilities 38,356 ------ Total
Liabilities 5,000,007 --------- Common Stock 615 Paid-In Capital
495,340 Retained Earnings 193,973 Accumulated Other Comprehensive
Gain 1,994 ----- Total Stockholders' Equity 691,922 ------- TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $5,691,929 ========== Net
Interest Income $245,327 ======== Net Interest Spread 4.36% Net
Interest Margin 4.64% Net Interest Margin (Tax Equivalent) 4.82%
Return on Average Assets (annualized) 0.60% Return on Average
Equity (annualized) 4.97% ---- (1) Excludes tax effect of
$9,827,000 and $2,437,000 on non- taxable investment security
income for the year to date and quarter ended December 31, 2009,
respectively. Glacier Bancorp, Inc. Loan Portfolio - by Regulatory
Classification (Unaudited - $ in thousands) Loans Receivable, Gross
----------------------- % Change % Change Balance Balance Balance
From From 12/31/2009 9/30/2009 12/31/2008 9/30/2009 12/31/2008
---------- --------- ---------- --------- ---------- Glacier
$942,254 950,000 982,098 -1% -4% Mountain West 957,451 971,240
971,468 -1% -1% First Security 566,713 574,371 573,228 -1% -1% 1st
Bank 296,913 299,095 326,381 -1% -9% Western 323,375 332,709
361,261 -3% -10% Big Sky 270,970 283,110 293,626 -4% -8% Valley
187,283 188,221 199,085 0% -6% First National 153,058 - - n/m n/m
Citizens 166,049 172,769 162,133 -4% 2% First Bank - MT 117,017
123,846 116,122 -6% 1% San Juans 149,162 150,889 144,791 -1% 3%
------- ------- ------- Total $4,130,245 4,046,250 4,130,193 2% 0%
========== ========= ========= Land, Lot and Other Construction
Loans ------------------- % Change % Change Balance Balance Balance
From From 12/31/2009 9/30/2009 12/31/2008 9/30/2009 12/31/2008
---------- --------- ---------- --------- ---------- Glacier
$165,734 164,448 204,479 1% -19% Mountain West 217,078 238,268
249,916 -9% -13% First Security 71,404 73,432 95,960 -3% -26% 1st
Bank 36,888 39,218 41,667 -6% -11% Western 32,045 37,887 45,457
-15% -30% Big Sky 71,365 73,944 81,869 -3% -13% Valley 14,704
15,450 17,918 -5% -18% First National 10,303 - - n/m n/m Citizens
13,263 21,816 14,827 -39% -11% First Bank - MT 1,010 5,804 4,507
-83% -78% San Juans 39,621 36,202 36,793 9% 8% ------ ------ ------
Total $673,415 706,469 793,393 -5% -15% ======== ======= =======
Land, Lot and Other Construction Loans at 12/31/09
-------------------------------- Consumer Land Land or Unimproved
Development Lot Land --------------- ------- -------- Glacier
$80,881 33,025 29,850 Mountain West 55,908 74,914 29,684 First
Security 30,569 7,208 26,372 1st Bank 14,447 12,223 4,448 Western
16,309 7,823 5,159 Big Sky 22,909 18,882 9,925 Valley 2,597 5,867
4,513 First National 1,961 2,990 733 Citizens 2,868 2,633 2,652
First Bank - MT - 65 820 San Juans 417 26,838 45 --- ------ --
Total $228,866 192,468 114,201 ======== ======= ======= Land, Lot
and Other Construction Loans at 12/31/09
-------------------------------------------------- Developed
Commercial Lots for Developed Other Operative Builders Lot
Construction ---------------------- ------- ----------------
Glacier $8,625 13,353 - Mountain West 31,655 10,664 14,253 First
Security 4,525 518 2,212 1st Bank 225 2,513 3,032 Western 587 1,914
253 Big Sky 1,992 8,420 9,237 Valley 159 349 1,219 First National
250 2,245 2,124 Citizens 506 655 3,949 First Bank - MT - - 125 San
Juans - 3,878 8,443 --- ----- ----- Total $48,524 44,509 44,847
======= ====== ====== Residential Construction Loans
------------------------------ Balance Balance Balance 12/31/2009
9/30/2009 12/31/2008 ---------- --------- ---------- Glacier
$57,183 72,828 84,161 Mountain West 57,437 63,572 100,289 First
Security 19,664 15,981 19,910 1st Bank 17,633 18,783 30,742 Western
2,245 3,709 6,993 Big Sky 20,679 27,803 28,356 Valley 5,170 5,380
8,265 First National 2,612 - - Citizens 13,211 16,705 17,909 First
Bank - MT 234 179 1,384 San Juans 13,811 13,549 11,425 ------
------ ------ Total $209,879 238,489 309,434 ======== =======
======= Custom & % Change % Change Owner Pre-Sold From From
Occupied & Spec 9/30/2009 12/31/2008 12/31/2009 12/31/2009
--------- ---------- ---------- ---------- Glacier -21% -32% $9,762
47,421 Mountain West -10% -43% 23,606 33,831 First Security 23% -1%
9,985 9,679 1st Bank -6% -43% 11,010 6,623 Western -39% -68% 1,830
415 Big Sky -26% -27% 3,169 17,510 Valley -4% -37% 4,222 948 First
National n/m n/m 1,505 1,107 Citizens -21% -26% 6,619 6,592 First
Bank - MT 31% -83% 174 60 San Juans 2% 21% 6,753 7,058 ----- -----
Total -12% -32% $78,635 131,244 ======= ======= n/m - not
measurable Glacier Bancorp, Inc. Loan Portfolio - by Regulatory
Classification (continued) (Unaudited - $ in thousands) Single
Family Residential Loans ------------------------------- Balance
Balance Balance 12/31/2009 9/30/2009 12/31/2008 ----------
--------- ---------- Glacier $204,789 205,203 198,654 Mountain West
278,158 275,936 274,119 First Security 82,141 82,349 79,107 1st
Bank 65,555 63,893 62,954 Western 50,502 45,764 56,789 Big Sky
33,308 33,840 29,493 Valley 66,644 65,261 70,935 First National
19,239 - - Citizens 20,937 21,659 18,903 First Bank - MT 10,003
10,592 10,341 San Juans 22,811 22,790 23,605 ------ ------ ------
Total $854,087 827,287 824,900 ======== ======= ======= % Change %
Change 1st Junior From From Lien Lien 9/30/2009 12/31/2008
12/31/2009 12/31/2009 --------- ---------- ---------- ----------
Glacier 0% 3% 183,647 21,142 Mountain West 1% 1% 236,962 41,196
First Security 0% 4% 68,266 13,875 1st Bank 3% 4% 60,566 4,989
Western 10% -11% 48,099 2,403 Big Sky -2% 13% 29,482 3,826 Valley
2% -6% 54,255 12,389 First National n/m n/m 16,150 3,089 Citizens
-3% 11% 18,695 2,242 First Bank - MT -6% -3% 8,536 1,467 San Juans
0% -3% 21,305 1,506 ------ ----- Total 3% 4% 745,963 108,124
======= ======= Commercial Real Estate Loans
---------------------------- Balance Balance Balance 12/31/2009
9/30/2009 12/31/2008 ---------- --------- ---------- Glacier
$232,552 235,576 223,449 Mountain West 230,383 212,865 180,215
First Security 224,425 223,756 192,352 1st Bank 64,008 66,924
67,249 Western 107,173 104,450 98,290 Big Sky 82,303 83,489 80,053
Valley 48,144 48,202 46,850 First National 26,647 - - Citizens
55,660 53,424 53,813 First Bank - MT 18,827 13,772 17,397 San Juans
47,838 54,525 50,925 ------ ------ ------ Total $1,137,960
1,096,983 1,010,593 ========== ========= ========= % Change %
Change Owner Non-Owner From From Occupied Occupied 9/30/2009
12/31/2008 12/31/2009 12/31/2009 --------- ---------- ----------
---------- Glacier -1% 4% 117,243 115,309 Mountain West 8% 28%
164,625 65,758 First Security 0% 17% 150,733 73,692 1st Bank -4%
-5% 54,852 9,156 Western 3% 9% 54,113 53,060 Big Sky -1% 3% 50,699
31,604 Valley 0% 3% 31,353 16,791 First National n/m n/m 18,329
8,318 Citizens 4% 3% 42,786 12,874 First Bank - MT 37% 8% 12,597
6,230 San Juans -12% -6% 27,306 20,532 ------ ------ Total 4% 13%
724,636 413,324 ======= ======= Consumer Loans --------------
Balance Balance Balance 12/31/2009 9/30/2009 12/31/2008 ----------
--------- ---------- Glacier $162,723 161,416 170,713 Mountain West
71,702 72,696 72,584 First Security 78,345 80,444 85,646 1st Bank
46,455 46,686 50,723 Western 48,946 49,912 55,714 Big Sky 28,903
28,906 33,147 Valley 24,625 25,753 25,802 First National 27,320 - -
Citizens 29,253 28,276 28,633 First Bank - MT 7,650 7,699 7,251 San
Juans 14,189 13,935 12,204 ------ ------ ------ Total $540,111
515,723 542,417 ======== ======= ======= % Change % Change Home
Equity Other From From Line of Credit Consumer 9/30/2009 12/31/2008
12/31/2009 12/31/2009 --------- ---------- ---------- ----------
Glacier 1% -5% 145,377 17,346 Mountain West -1% -1% 61,896 9,806
First Security -3% -9% 51,110 27,235 1st Bank 0% -8% 17,575 28,880
Western -2% -12% 33,679 15,267 Big Sky 0% -13% 25,569 3,334 Valley
-4% -5% 15,938 8,687 First National n/m n/m 16,803 10,517 Citizens
3% 2% 22,872 6,381 First Bank - MT -1% 6% 3,777 3,873 San Juans 2%
16% 12,439 1,750 ------ ----- Total 5% 0% 407,035 133,076 =======
======= n/m - not measurable Glacier Bancorp, Inc. Credit Quality
Summary (Unaudited - $ in thousands) Non-Performing Assets, Net of
Govt. Guarantees By Loan Type ------------ Balance Balance Balance
12/31/2009 9/30/2009 12/31/2008 ---------- --------- ----------
Custom & Owner Occupied Construction $3,281 1,131 451 Pre-Sold
& Spec Construction 29,580 39,812 21,903 Land Development
88,488 84,929 23,597 Consumer Land or Lots 10,120 12,092 1,511
Unimproved land 32,453 29,779 8,920 Developed Lots for Operative
Builders 11,565 10,909 5,567 Commercial Lots 909 1,011 280 Other
Construction - - 2,668 Commercial Real Estate 32,300 21,475 3,391
Commercial & Industrial 12,271 9,235 6,983 1-4 Family 30,868
24,615 6,666 Home Equity Line of Credits 6,234 5,539 1,807 Consumer
1,042 923 602 Other 2,027 1,555 107 ----- ----- --- Total $261,138
243,005 84,453 ======== ======= ====== Non- Accruing Other Accruing
Loans 90 Real Estate Loans Days or More Owned 12/31/2009 12/31/2009
12/31/2009 ---------- ---------- ---------- Custom & Owner
Occupied Construction $2,499 - 782 Pre-Sold & Spec Construction
20,849 420 8,311 Land Development 70,277 - 18,211 Consumer Land or
Lots 6,161 54 3,905 Unimproved land 20,303 135 12,015 Developed
Lots for Operative Builders 6,350 114 5,101 Commercial Lots 909 - -
Other Construction - - - Commercial Real Estate 29,859 144 2,297
Commercial & Industrial 11,669 565 37 1-4 Family 22,596 2,750
5,522 Home Equity Line of Credits 4,711 1,183 340 Consumer 476 172
394 Other 1,622 - 405 ----- --- --- Total $198,281 5,537 57,320
======== ===== ====== Accruing 30 - 89 Days Delinquent Loans and
Non-Performing Assets, Net of Govt. Guarantees by Bank
-------------------------------------------------- Balance Balance
Balance 12/31/2009 9/30/2009 12/31/2008 ---------- ---------
---------- Glacier $97,666 99,792 41,691 Mountain West 109,187
76,073 41,415 First Security 59,351 46,321 18,793 1st Bank 21,117
19,744 14,355 Western 9,315 8,917 3,364 Big Sky 31,711 26,941
10,978 Valley 2,542 1,638 2,855 First National 9,290 - - Citizens
5,340 5,653 5,080 First Bank - MT 800 538 563 San Juans 2,310 994
146 ----- --- --- Total $348,629 286,611 139,240 ======== =======
======= Accruing Non-Accrual & Other 30-89 Days Accruing Loans
90 Real Estate Delinquent Days or More Owned 12/31/2009 12/31/2009
12/31/2009 ---------- ---------- ---------- Glacier $18,677 72,157
6,832 Mountain West 32,506 62,855 13,826 First Security 14,934
31,665 12,752 1st Bank 4,210 7,673 9,234 Western 1,796 3,295 4,224
Big Sky 5,280 17,908 8,523 Valley 1,783 679 80 First National 5,744
3,407 139 Citizens 1,910 1,873 1,557 First Bank - MT 608 39 153 San
Juans 43 2,267 - --- ----- --- Total $87,491 203,818 57,320 =======
======= ====== Allowance for Loan and Lease Losses
----------------------------------- Balance Balance Balance
12/31/2009 9/30/2009 12/31/2008 ---------- --------- ----------
Glacier $38,978 35,835 18,990 Mountain West 37,551 32,686 15,982
First Security 18,242 15,673 11,537 1st Bank 10,895 10,038 6,012
Western 8,762 8,020 7,062 Big Sky 10,536 8,862 6,232 Valley 4,367
4,132 3,581 First National 1,679 - - Citizens 4,865 4,064 2,721
First Bank - MT 2,904 2,699 1,945 San Juans 4,148 3,321 2,677 -----
----- ----- Total $142,927 125,330 76,739 ======== ======= ======
Provision for Provision the Year ALLL for Year Ended 12/31/09 as a
Percent Ended Over Net of Loans 12/31/2009 Charge-Offs 12/31/2009
---------- ----------- ---------- Glacier $32,000 2.7 4.14%
Mountain West 50,500 1.7 3.92% First Security 10,450 2.8 3.22% 1st
Bank 10,800 1.8 3.67% Western 3,200 2.1 2.71% Big Sky 9,200 1.9
3.89% Valley 1,200 2.9 2.33% First National 1,683 420.8 1.10%
Citizens 2,800 4.3 2.93% First Bank - MT 985 37.9 2.48% San Juans
1,800 5.5 2.78% ----- Total $124,618 2.1 3.46% ======== Net
Charge-Offs, Year-to-Date Period Ending Charge-Offs Recoveries
------------------------------ 12/31/2009 9/30/2009 12/31/2008
12/31/2009 12/31/2009 ---------- --------- ---------- ----------
---------- Glacier $12,012 4,155 1,121 12,117 105 Mountain West
28,931 21,296 5,557 29,766 835 First Security 3,745 1,889 425 3,931
186 1st Bank 5,917 5,024 347 6,215 298 Western 1,500 1,342 282
1,896 396 Big Sky 4,896 4,370 600 5,433 537 Valley 414 349 127 457
43 First National 4 - - 4 - Citizens 656 532 302 683 27 First Bank
- MT 26 31 17 57 31 San Juans 329 326 1 337 8 --- --- - --- ---
Total $58,430 39,314 8,779 60,896 2,466 ======= ====== ===== ======
===== DATASOURCE: Glacier Bancorp, Inc. CONTACT: Michael J.
Blodnick, +1-406-751-4701, or Ron J. Copher, +1-406-751-7706, both
of Glacier Bancorp, Inc. Web Site: http://www.glacierbancorp.com/
Copyright