3rd Quarter 2017 Highlights:
Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $36.5
million for the current quarter, an increase of $5.5 million, or 18
percent, from the $31.0 million of net income for the prior year
third quarter. Diluted earnings per share for the current
quarter was $0.47 per share, an increase of $0.07, or 18 percent,
from the prior year third quarter diluted earnings per share of
$0.40. Included in the current quarter was $245 thousand of
acquisition-related expenses. “We are very pleased to see the
strong results posted by our bank Divisions. Our dedicated
employees, across the Company, turned in a strong quarter with
broad based growth,” said Randy Chesler, President and Chief
Executive Officer.
Net income for the nine months ended September 30,
2017 was $101.4 million, an increase of $11.3 million, or 13
percent, from the $90.1 million of net income for the first nine
months of the prior year. Diluted earnings per share for the
first nine months of 2017 was $1.31 per share, an increase of
$0.13, or 11 percent, from the diluted earnings per share of $1.18
for the same period in the prior year.
During the second quarter of 2017, the
Company announced the signing of a definitive agreement to acquire
Columbine Capital Corp., the holding company for Collegiate Peaks
Bank, a community bank in Buena Vista, Colorado (collectively,
“Collegiate”). As of September 30, 2017, Collegiate had total
assets of $536 million, gross loans of $331 million and total
deposits of $460 million. The acquisition marks the Company’s
19th acquisition since 2000, its eighth transaction in the past
five years, and its fourth transaction in the state of
Colorado. The acquisition is subject to required regulatory
approvals and other customary conditions of closing and is expected
to be completed during the first quarter of 2018.
On April 30, 2017, the Company completed the
acquisition of TFB Bancorp, Inc., the holding company for The
Foothills Bank, a community bank based in Yuma, Arizona
(collectively, “Foothills”). The Company’s results of
operations and financial condition include the acquisition of
Foothills from the acquisition date and the following table
provides information on the fair value of selected classifications
of assets and liabilities acquired:
| (Dollars in
thousands) |
April 30, 2017 |
| Total assets |
$ |
385,839 |
|
| Investment
securities |
25,420 |
|
| Loans receivable |
292,529 |
|
| Non-interest bearing
deposits |
97,527 |
|
| Interest bearing
deposits |
199,233 |
|
| Federal Home Loan Bank
advances |
22,800 |
|
| |
|
|
| Asset
Summary |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
$ Change from |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
| Cash and cash
equivalents |
$ |
220,210 |
|
|
237,590 |
|
|
152,541 |
|
|
251,413 |
|
|
(17,380 |
) |
|
67,669 |
|
|
(31,203 |
) |
| Investment securities,
available-for-sale |
1,886,517 |
|
|
2,142,472 |
|
|
2,425,477 |
|
|
2,292,079 |
|
|
(255,955 |
) |
|
(538,960 |
) |
|
(405,562 |
) |
| Investment securities,
held-to-maturity |
655,128 |
|
|
659,347 |
|
|
675,674 |
|
|
679,707 |
|
|
(4,219 |
) |
|
(20,546 |
) |
|
(24,579 |
) |
| Total
investment securities |
2,541,645 |
|
|
2,801,819 |
|
|
3,101,151 |
|
|
2,971,786 |
|
|
(260,174 |
) |
|
(559,506 |
) |
|
(430,141 |
) |
| Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
734,242 |
|
|
712,726 |
|
|
674,347 |
|
|
696,817 |
|
|
21,516 |
|
|
59,895 |
|
|
37,425 |
|
|
Commercial real estate |
3,503,976 |
|
|
3,393,753 |
|
|
2,990,141 |
|
|
2,919,415 |
|
|
110,223 |
|
|
513,835 |
|
|
584,561 |
|
| Other
commercial |
1,575,514 |
|
|
1,549,067 |
|
|
1,342,250 |
|
|
1,303,241 |
|
|
26,447 |
|
|
233,264 |
|
|
272,273 |
|
| Home
equity |
452,291 |
|
|
445,245 |
|
|
434,774 |
|
|
435,935 |
|
|
7,046 |
|
|
17,517 |
|
|
16,356 |
|
| Other
consumer |
243,410 |
|
|
244,971 |
|
|
242,951 |
|
|
240,554 |
|
|
(1,561 |
) |
|
459 |
|
|
2,856 |
|
| Loans
receivable |
6,509,433 |
|
|
6,345,762 |
|
|
5,684,463 |
|
|
5,595,962 |
|
|
163,671 |
|
|
824,970 |
|
|
913,471 |
|
| Allowance
for loan and lease losses |
(129,576 |
) |
|
(129,877 |
) |
|
(129,572 |
) |
|
(132,534 |
) |
|
301 |
|
|
(4 |
) |
|
2,958 |
|
| Loans
receivable, net |
6,379,857 |
|
|
6,215,885 |
|
|
5,554,891 |
|
|
5,463,428 |
|
|
163,972 |
|
|
824,966 |
|
|
916,429 |
|
| Other assets |
656,890 |
|
|
644,200 |
|
|
642,017 |
|
|
630,248 |
|
|
12,690 |
|
|
14,873 |
|
|
26,642 |
|
| Total
assets |
$ |
9,798,602 |
|
|
9,899,494 |
|
|
9,450,600 |
|
|
9,316,875 |
|
|
(100,892 |
) |
|
348,002 |
|
|
481,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company is managing its asset size to stay
below $10 billion through the remainder of the current year to
delay the impact of the Durbin Amendment for one additional
year. The Company is accomplishing this strategy by
redeploying investment cash flow selectively and selling securities
into the higher yielding loan portfolio. The Durbin
Amendment, which was passed as part of Dodd-Frank, establishes
limits on the amount of interchange fees that can be charged to
merchants for debit card processing and will reduce the Company’s
service charges fee income in the future.
Total investment securities of $2.542 billion at
September 30, 2017 decreased $260 million, or 9 percent, during the
current quarter and decreased $430 million, or 14 percent, from the
prior year third quarter. Investment securities represented
26 percent of total assets at September 30, 2017 compared to
33 percent of total assets at December 31, 2016 and 32
percent of total assets at September 30, 2016.
The Company experienced another strong quarter for
loan growth with an increase of $164 million, or 10 percent
annualized, during the current quarter. The loan category
with the largest increase was commercial real estate loans which
increased $110 million, or 3 percent. Excluding the Foothills
acquisition, the loan portfolio increased $621 million, or 11
percent, since September 30, 2016 with the primary increases coming
from growth in commercial real estate and other commercial loans of
$354 million and $244 million, respectively.
| Credit Quality
Summary |
|
|
|
|
|
|
|
| |
At or for the Nine Months ended |
|
At or for the Six Months ended |
|
At or for the Year ended |
|
At or for the Nine Months ended |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
| Allowance for loan and
lease losses |
|
|
|
|
|
|
|
| Balance
at beginning of period |
$ |
129,572 |
|
|
129,572 |
|
|
129,697 |
|
|
129,697 |
|
| Provision
for loan losses |
7,938 |
|
|
4,611 |
|
|
2,333 |
|
|
1,194 |
|
|
Charge-offs |
(14,801 |
) |
|
(8,818 |
) |
|
(11,496 |
) |
|
(5,332 |
) |
|
Recoveries |
6,867 |
|
|
4,512 |
|
|
9,038 |
|
|
6,975 |
|
| Balance
at end of period |
$ |
129,576 |
|
|
129,877 |
|
|
129,572 |
|
|
132,534 |
|
| Other real estate
owned |
$ |
14,359 |
|
|
18,500 |
|
|
20,954 |
|
|
22,662 |
|
| Accruing loans 90 days
or more past due |
3,944 |
|
|
3,198 |
|
|
1,099 |
|
|
3,299 |
|
| Non-accrual loans |
46,770 |
|
|
47,183 |
|
|
49,332 |
|
|
52,280 |
|
| Total
non-performing assets |
$ |
65,073 |
|
|
68,881 |
|
|
71,385 |
|
|
78,241 |
|
| Non-performing assets
as a percentage of subsidiary assets |
0.67 |
% |
|
0.70 |
% |
|
0.76 |
% |
|
0.84 |
% |
| Allowance for loan and
lease losses as a percentage of non-performing loans |
256 |
% |
|
258 |
% |
|
257 |
% |
|
238 |
% |
| Allowance for loan and
lease losses as a percentage of total loans |
1.99 |
% |
|
2.05 |
% |
|
2.28 |
% |
|
2.37 |
% |
| Net charge-offs
(recoveries) as a percentage of total loans |
0.12 |
% |
|
0.07 |
% |
|
0.04 |
% |
|
(0.03 |
)% |
| Accruing loans 30-89
days past due |
$ |
29,115 |
|
|
31,124 |
|
|
25,617 |
|
|
27,384 |
|
| Accruing troubled debt
restructurings |
$ |
31,093 |
|
|
31,742 |
|
|
52,077 |
|
|
52,578 |
|
| Non-accrual troubled
debt restructurings |
$ |
22,134 |
|
|
25,418 |
|
|
21,693 |
|
|
23,427 |
|
| U.S. government
guarantees included in non-performing assets |
$ |
1,913 |
|
|
1,158 |
|
|
1,746 |
|
|
1,487 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets at September 30, 2017 were
$65.1 million, a decrease of $3.8 million, or 6 percent, from the
prior quarter and a decrease of $13.2 million, or 17 percent, from
a year ago. Non-performing assets as a percentage of
subsidiary assets at September 30, 2017 was 0.67 percent which was
a decrease of 17 basis points from the prior year third quarter of
0.84 percent. Early stage delinquencies (accruing loans 30-89
days past due) of $29.1 million at September 30, 2017 decreased
$2.0 million from the prior quarter and increased $1.7 million from
the prior year third quarter. The allowance for loan and
lease losses (“allowance”) as a percent of total loans outstanding
at September 30, 2017 was 1.99 percent, a decrease of 29 basis
points from 2.28 percent at December 31, 2016 which was
driven by loan growth, stabilizing credit quality, and no allowance
carried over from the Foothills acquisition as a result of the
acquired loans recorded at fair value.
| Credit
Quality Trends and Provision for Loan Losses |
|
|
|
|
| (Dollars in
thousands) |
Provisionfor LoanLosses |
|
Net Charge-Offs (Recoveries) |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
| Third quarter 2017 |
$ |
3,327 |
|
|
$ |
3,628 |
|
|
1.99 |
% |
|
0.45 |
% |
|
0.67 |
% |
| Second quarter
2017 |
3,013 |
|
|
2,362 |
|
|
2.05 |
% |
|
0.49 |
% |
|
0.70 |
% |
| First quarter 2017 |
1,598 |
|
|
1,944 |
|
|
2.20 |
% |
|
0.67 |
% |
|
0.75 |
% |
| Fourth quarter
2016 |
1,139 |
|
|
4,101 |
|
|
2.28 |
% |
|
0.45 |
% |
|
0.76 |
% |
| Third quarter 2016 |
626 |
|
|
478 |
|
|
2.37 |
% |
|
0.49 |
% |
|
0.84 |
% |
| Second quarter
2016 |
— |
|
|
(2,315 |
) |
|
2.46 |
% |
|
0.44 |
% |
|
0.82 |
% |
| First quarter 2016 |
568 |
|
|
194 |
|
|
2.50 |
% |
|
0.46 |
% |
|
0.88 |
% |
| Fourth quarter
2015 |
411 |
|
|
1,482 |
|
|
2.55 |
% |
|
0.38 |
% |
|
0.88 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs for the current quarter were $3.6
million compared to $2.4 million for the prior quarter and $478
thousand from the same quarter last year. There was $3.3
million of current quarter provision for loan losses, compared to
$3.0 million in the prior quarter and $626 thousand in the prior
year third quarter. Loan portfolio growth, composition,
average loan size, credit quality considerations, and other
environmental factors will continue to determine the level of the
loan loss provision.
Supplemental information regarding credit quality
and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is
based primarily on collateral type while the Company’s loan
segments presented herein are based on the purpose of the loan.
| Liability Summary |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
$ Change from |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
| Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,355,983 |
|
|
2,234,058 |
|
|
2,041,852 |
|
|
2,098,747 |
|
|
121,925 |
|
|
314,131 |
|
|
257,236 |
|
| NOW and
DDA accounts |
1,733,353 |
|
|
1,717,351 |
|
|
1,588,550 |
|
|
1,514,330 |
|
|
16,002 |
|
|
144,803 |
|
|
219,023 |
|
| Savings
accounts |
1,081,056 |
|
|
1,059,717 |
|
|
996,061 |
|
|
938,547 |
|
|
21,339 |
|
|
84,995 |
|
|
142,509 |
|
| Money
market deposit accounts |
1,564,738 |
|
|
1,608,994 |
|
|
1,464,415 |
|
|
1,442,602 |
|
|
(44,256 |
) |
|
100,323 |
|
|
122,136 |
|
|
Certificate accounts |
846,005 |
|
|
886,504 |
|
|
948,714 |
|
|
975,521 |
|
|
(40,499 |
) |
|
(102,709 |
) |
|
(129,516 |
) |
| Core
deposits, total |
7,581,135 |
|
|
7,506,624 |
|
|
7,039,592 |
|
|
6,969,747 |
|
|
74,511 |
|
|
541,543 |
|
|
611,388 |
|
| Wholesale
deposits |
186,019 |
|
|
291,339 |
|
|
332,687 |
|
|
339,572 |
|
|
(105,320 |
) |
|
(146,668 |
) |
|
(153,553 |
) |
| Deposits,
total |
7,767,154 |
|
|
7,797,963 |
|
|
7,372,279 |
|
|
7,309,319 |
|
|
(30,809 |
) |
|
394,875 |
|
|
457,835 |
|
| Repurchase
agreements |
453,596 |
|
|
451,050 |
|
|
473,650 |
|
|
401,243 |
|
|
2,546 |
|
|
(20,054 |
) |
|
52,353 |
|
| Federal Home Loan Bank
advances |
153,685 |
|
|
211,505 |
|
|
251,749 |
|
|
211,833 |
|
|
(57,820 |
) |
|
(98,064 |
) |
|
(58,148 |
) |
| Other borrowed
funds |
8,243 |
|
|
5,817 |
|
|
4,440 |
|
|
5,956 |
|
|
2,426 |
|
|
3,803 |
|
|
2,287 |
|
| Subordinated
debentures |
126,099 |
|
|
126,063 |
|
|
125,991 |
|
|
125,956 |
|
|
36 |
|
|
108 |
|
|
143 |
|
| Other liabilities |
83,624 |
|
|
97,139 |
|
|
105,622 |
|
|
114,789 |
|
|
(13,515 |
) |
|
(21,998 |
) |
|
(31,165 |
) |
| Total
liabilities |
$ |
8,592,401 |
|
|
8,689,537 |
|
|
8,333,731 |
|
|
8,169,096 |
|
|
(97,136 |
) |
|
258,670 |
|
|
423,305 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits increased $74.5 million, or 1
percent, from the prior quarter, with the largest increase in
non-interest bearing deposits which increased $121.9 million, or 5
percent. As part of the strategy to stay below $10 billion,
the Company reduced the amount of wholesale deposits during the
current quarter which decreased $105 million, or 36 percent, over
the prior quarter. Excluding the Foothills acquisition, core
deposits increased $315 million, or 5 percent, from September 30,
2016.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $454 million at September 30, 2017
increased $2.5 million, or 1 percent, from the prior quarter and
increased $52.4 million, or 13 percent, from the prior year third
quarter. Federal Home Loan Bank (“FHLB”) advances of $154
million at September 30, 2017 decreased $57.8 million from the
prior quarter as a result of the Company prepaying $50 million of
higher cost advances.
| Stockholders’ Equity
Summary |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
$ Change from |
| (Dollars in
thousands, except per share data) |
Sep 30, |
|
Jun 30, |
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Dec 31, |
|
Sep 30, |
| 2017 |
2017 |
2016 |
2016 |
2017 |
2016 |
2016 |
| Common equity |
$ |
1,201,534 |
|
|
1,204,258 |
|
|
1,124,251 |
|
|
1,130,941 |
|
|
(2,724 |
) |
|
77,283 |
|
|
70,593 |
|
| Accumulated other
comprehensive income (loss) |
4,667 |
|
|
5,699 |
|
|
(7,382 |
) |
|
16,838 |
|
|
(1,032 |
) |
|
12,049 |
|
|
(12,171 |
) |
| Total
stockholders’ equity |
1,206,201 |
|
|
1,209,957 |
|
|
1,116,869 |
|
|
1,147,779 |
|
|
(3,756 |
) |
|
89,332 |
|
|
58,422 |
|
| Goodwill and core
deposit intangible, net |
(192,609 |
) |
|
(193,249 |
) |
|
(159,400 |
) |
|
(160,008 |
) |
|
640 |
|
|
(33,209 |
) |
|
(32,601 |
) |
| Tangible
stockholders’ equity |
$ |
1,013,592 |
|
|
1,016,708 |
|
|
957,469 |
|
|
987,771 |
|
|
(3,116 |
) |
|
56,123 |
|
|
25,821 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ equity to
total assets |
12.31 |
% |
|
12.22 |
% |
|
11.82 |
% |
|
12.32 |
% |
|
|
|
|
|
|
| Tangible stockholders’
equity to total tangible assets |
10.55 |
% |
|
10.47 |
% |
|
10.31 |
% |
|
10.79 |
% |
|
|
|
|
|
|
| Book value per common
share |
$ |
15.46 |
|
|
15.51 |
|
|
14.59 |
|
|
15.00 |
|
|
(0.05 |
) |
|
0.87 |
|
|
0.46 |
|
| Tangible book value per
common share |
$ |
12.99 |
|
|
13.03 |
|
|
12.51 |
|
|
12.91 |
|
|
(0.04 |
) |
|
0.48 |
|
|
0.08 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $1.014 billion at
September 30, 2017 was stable compared to the prior quarter which
was the result of the Company declaring a special and regular
quarterly dividend which offset the current quarter net
income. Tangible stockholders’ equity increased $25.8
million, or 3 percent, from a year ago, the result of earnings
retention and $46.7 million of Company stock issued in connection
with the Foothills acquisition; such increases more than offset the
increase in goodwill and core deposit intangibles and the decrease
in accumulated other comprehensive income. Tangible book
value per common share at quarter end decreased $0.04 per share
from the prior quarter and increased $0.08 per share from a year
ago.
Cash DividendOn September 11, 2017, the Company’s
Board of Directors declared a quarterly cash dividend of $0.21 per
share and a special cash dividend of $0.30 per share. The
quarterly dividend was payable September 28, 2017 to
shareholders of record on September 21, 2017. The
special dividend was payable September 29, 2017 to
shareholders of record on September 22, 2017. Future
cash dividends will depend on a variety of factors, including net
income, capital, asset quality, general economic conditions and
regulatory considerations.
| Operating Results for Three Months Ended
September 30, 2017 |
| Compared to June 30, 2017, March 31,
2017 and September 30, 2016 |
| |
| Income Summary |
|
|
|
| |
Three Months ended |
|
$ Change from |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Sep 30, 2016 |
| Net interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
$ |
96,464 |
|
|
94,032 |
|
|
87,628 |
|
|
85,944 |
|
|
2,432 |
|
|
8,836 |
|
|
10,520 |
|
| Interest
expense |
7,652 |
|
|
7,774 |
|
|
7,366 |
|
|
7,318 |
|
|
(122 |
) |
|
286 |
|
|
334 |
|
| Total net
interest income |
88,812 |
|
|
86,258 |
|
|
80,262 |
|
|
78,626 |
|
|
2,554 |
|
|
8,550 |
|
|
10,186 |
|
| Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service
charges and other fees |
17,307 |
|
|
17,495 |
|
|
15,633 |
|
|
16,307 |
|
|
(188 |
) |
|
1,674 |
|
|
1,000 |
|
|
Miscellaneous loan fees and charges |
1,211 |
|
|
1,092 |
|
|
980 |
|
|
1,195 |
|
|
119 |
|
|
231 |
|
|
16 |
|
| Gain on
sale of loans |
9,141 |
|
|
7,532 |
|
|
6,358 |
|
|
9,592 |
|
|
1,609 |
|
|
2,783 |
|
|
(451 |
) |
| Gain
(loss) on sale of investments |
77 |
|
|
(522 |
) |
|
(100 |
) |
|
(594 |
) |
|
599 |
|
|
177 |
|
|
671 |
|
| Other
income |
3,449 |
|
|
2,059 |
|
|
2,818 |
|
|
1,793 |
|
|
1,390 |
|
|
631 |
|
|
1,656 |
|
| Total
non-interest income |
31,185 |
|
|
27,656 |
|
|
25,689 |
|
|
28,293 |
|
|
3,529 |
|
|
5,496 |
|
|
2,892 |
|
| |
$ |
119,997 |
|
|
113,914 |
|
|
105,951 |
|
|
106,919 |
|
|
6,083 |
|
|
14,046 |
|
|
13,078 |
|
| Net interest margin
(tax-equivalent) |
4.11 |
% |
|
4.12 |
% |
|
4.03 |
% |
|
4.00 |
% |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest IncomeIn the current quarter, interest
income of $96.5 million increased $2.4 million, or 3 percent, from
the prior quarter and increased $10.5 million, or 12 percent, over
the prior year third quarter with both increases attributable to
the increase in interest from commercial loans. Interest
income on commercial loans increased $3.7 million, or 7 percent,
from the prior quarter and increased $12.2 million, or 26 percent,
from the prior year third quarter. As a result of the
shrinking investment portfolio, interest income from investments
decreased $1.4 million from the prior quarter and $1.8 million from
the prior year third quarter.
The current quarter interest expense of $7.7
million decreased $122 thousand, or 2 percent, from the prior
quarter and increased $334 thousand, or 5 percent, from the prior
year third quarter. The total cost of funding (including
non-interest bearing deposits) for the current quarter was 35 basis
points compared to 37 basis points for the prior quarter and 37
basis points for the prior year third quarter.
The Company’s net interest margin as a percentage
of earning assets, on a tax-equivalent basis, for the current
quarter was 4.11 percent compared to 4.12 percent in the prior
quarter. The 1 basis points decrease in the net interest
margin was the result of a 3 basis points reduction on the earning
asset yield which was partially offset by a 2 basis point reduction
in cost of funds. The decrease in earning asset yield was
primarily driven by the decrease in higher yielding securities and
the decrease in cost of funds was driven by an increase in
non-interest bearing deposits and a decrease in borrowings.
The current quarter net interest margin increased 11 basis points
over the prior year third quarter net interest margin of 4.00
percent, due to the remix of earning assets to higher yielding
loans. “The Bank divisions have remained focused each quarter on
increasing the number of checking accounts along with higher core
deposit balances,” said Ron Copher, Chief Financial Officer.
“Commercial loan growth at higher yields combined with increased
non-interest bearing deposits helped to improve the net interest
income and net interest margin in the current year.”
Non-interest IncomeNon-interest income for the
current quarter totaled $31.2 million, an increase of $3.5 million,
or 13 percent, from the prior quarter and an increase of $2.9
million, or 10 percent, over the same quarter last year.
Service charges and other fees of $17.3 million, decreased by $188
thousand, or 1 percent, from the prior quarter primarily from
seasonal activity and increased $1.0 million, or 6 percent, from
the prior year third quarter which was driven by the increased
number of accounts. Gain on sale of loans for the current
quarter increased $1.6 million, or 21 percent, from the prior
quarter and decreased $451 thousand, or 5 percent, from the prior
year third quarter. Other income of $3.4 million, increased
$1.4 million, or 68 percent, over the prior quarter and increased
$1.7 million, or 92 percent over the prior year third quarter
principally due to the increase in gain on sale of other real
estate owned (“OREO”). Gain on sale of OREO during the third
quarter of 2017 was $1.5 million compared to $369 thousand in the
prior quarter and $134 thousand in the prior year third
quarter.
|
Non-interest Expense Summary |
|
|
| |
Three Months ended |
|
$ Change from |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Mar 31, 2017 |
|
Sep 30, 2016 |
| Compensation and
employee benefits |
$ |
41,297 |
|
|
39,498 |
|
|
39,246 |
|
|
38,370 |
|
|
1,799 |
|
|
2,051 |
|
|
2,927 |
|
| Occupancy and
equipment |
6,500 |
|
|
6,560 |
|
|
6,646 |
|
|
6,168 |
|
|
(60 |
) |
|
(146 |
) |
|
332 |
|
| Advertising and
promotions |
2,239 |
|
|
2,169 |
|
|
1,973 |
|
|
2,098 |
|
|
70 |
|
|
266 |
|
|
141 |
|
| Data processing |
3,647 |
|
|
3,409 |
|
|
3,124 |
|
|
3,982 |
|
|
238 |
|
|
523 |
|
|
(335 |
) |
| Other real estate
owned |
817 |
|
|
442 |
|
|
273 |
|
|
215 |
|
|
375 |
|
|
544 |
|
|
602 |
|
| Regulatory assessments
and insurance |
1,214 |
|
|
1,087 |
|
|
1,061 |
|
|
1,158 |
|
|
127 |
|
|
153 |
|
|
56 |
|
| Core deposit
intangibles amortization |
640 |
|
|
639 |
|
|
601 |
|
|
777 |
|
|
1 |
|
|
39 |
|
|
(137 |
) |
| Other expenses |
12,198 |
|
|
11,505 |
|
|
10,420 |
|
|
12,412 |
|
|
693 |
|
|
1,778 |
|
|
(214 |
) |
| Total
non-interest expense |
$ |
68,552 |
|
|
65,309 |
|
|
63,344 |
|
|
65,180 |
|
|
3,243 |
|
|
5,208 |
|
|
3,372 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2016, the Company consolidated its Bank
divisions’ individual core database systems into a single core
database and re-issued debit cards with chip technology (the Core
Consolidation Project or “CCP”). Expenses related to CCP were
$1.4 million during the third quarter of 2016. Excluding CCP
expenses, non-interest expense for the current quarter increased
$4.8 million, or 7 percent, over the prior year third quarter.
Compensation and employee benefits for the current
quarter increased $1.8 million, or 5 percent, from the prior
quarter as a result of increased cost of benefits, the Foothills
acquisition, and a reduction in deferred compensation from loan
production. Compensation and employee benefits increased by
$2.9 million, or 8 percent, from the prior year third quarter due
to salary increases and the increased number of employees from
acquisitions. Data processing expense increased $238
thousand, or 7 percent, from the prior quarter. Data
processing expense decreased $335, or 8 percent, from the prior
year third quarter as a result of decreased costs associated with
CCP. Other expenses increased $693 thousand, or 6 percent
from the prior quarter with changes in several categories.
Other expense decreased $214 thousand, or 2 percent, from the prior
year third quarter as a result of decreased costs associated with
CCP.
Efficiency RatioThe current quarter efficiency
ratio was 53.44 percent, a 55 basis points increase from the prior
quarter efficiency ratio of 52.89 percent which was the result of
an increase in operating expenses that outpaced the increase in net
interest income and non-interest income. The current quarter
efficiency ratio decreased 240 basis points from the prior year
third quarter ratio of 55.84 percent and was attributable to the
increase in net interest income primarily due to higher interest
income on commercial loans.
| Operating Results for Nine Months ended
September 30, 2017 |
| Compared to September 30,
2016 |
| |
| Income
Summary |
| |
Nine Months ended |
|
|
|
|
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Sep 30, 2016 |
|
$ Change |
|
% Change |
| Net interest
income |
|
|
|
|
|
|
|
| Interest
income |
$ |
278,124 |
|
|
$ |
256,394 |
|
|
$ |
21,730 |
|
|
8 |
% |
| Interest
expense |
22,792 |
|
|
22,417 |
|
|
375 |
|
|
2 |
% |
| Total net
interest income |
255,332 |
|
|
233,977 |
|
|
21,355 |
|
|
9 |
% |
| Non-interest
income |
|
|
|
|
|
|
|
| Service
charges and other fees |
50,435 |
|
|
46,760 |
|
|
3,675 |
|
|
8 |
% |
|
Miscellaneous loan fees and charges |
3,283 |
|
|
3,379 |
|
|
(96 |
) |
|
(3 |
)% |
| Gain on
sale of loans |
23,031 |
|
|
23,841 |
|
|
(810 |
) |
|
(3 |
)% |
| Loss on
sale of investments |
(545 |
) |
|
(706 |
) |
|
161 |
|
|
(23 |
)% |
| Other
income |
8,326 |
|
|
6,030 |
|
|
2,296 |
|
|
38 |
% |
| Total
non-interest income |
84,530 |
|
|
79,304 |
|
|
5,226 |
|
|
7 |
% |
| |
$ |
339,862 |
|
|
$ |
313,281 |
|
|
$ |
26,581 |
|
|
8 |
% |
| Net interest margin
(tax-equivalent) |
4.09 |
% |
|
4.02 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Net Interest IncomeInterest income for the first
nine months of the current year increased $21.7 million, or 8
percent, from the prior year first nine months and was principally
due to a $26.8 million increase in income from commercial loans
which more than offset the decrease of $5.4 million in interest
income on investments.
Interest expense of $22.8 million for the first
nine months of the current year increased $375 thousand over the
the same period in the prior year. The total funding cost
(including non-interest bearing deposits) for the first nine months
of 2017 was 36 basis points compared to 38 basis points for the
first nine months of 2016.
The net interest margin as a percentage of earning
assets, on a tax-equivalent basis, for the first nine months of
2017 was 4.09 percent, a 7 basis point increase from the net
interest margin of 4.02 percent for the first nine months of
2016. The increase in the margin was primarily attributable
to a shift in earning assets to higher yielding loans combined with
a continued increase in low cost deposits.
Non-interest IncomeNon-interest income of $84.5
million for the first nine months of 2017 increased $5.2 million,
or 7 percent, over the same period last year. Service charges
and other fees of $50.4 million for the first nine months of 2017
increased $3.7 million, or 8 percent, from the same period last
year as a result of an increased number of deposit accounts.
The gain on sale of loans of $23.0 million for the first nine
months of 2017 decreased $810 thousand, or 3 percent, from the same
period last year which was due to a lower volume of refinanced
mortgages. Other income of $8.3 million for the first nine
months of 2017 increased $2.3 thousand, or 38 percent, over the
same period last year and was the result of an increase on gain on
sale of OREO.
|
Non-interest Expense Summary |
|
|
| |
Nine Months ended |
|
|
|
|
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Sep 30, 2016 |
|
$ Change |
|
% Change |
| Compensation and
employee benefits |
$ |
120,041 |
|
|
$ |
112,871 |
|
|
$ |
7,170 |
|
|
6 |
% |
| Occupancy and
equipment |
19,706 |
|
|
19,287 |
|
|
419 |
|
|
2 |
% |
| Advertising and
promotions |
6,381 |
|
|
6,308 |
|
|
73 |
|
|
1 |
% |
| Data processing |
10,180 |
|
|
10,982 |
|
|
(802 |
) |
|
(7 |
)% |
| Other real estate
owned |
1,532 |
|
|
819 |
|
|
713 |
|
|
87 |
% |
| Regulatory assessments
and insurance |
3,362 |
|
|
3,732 |
|
|
(370 |
) |
|
(10 |
)% |
| Core deposit
intangibles amortization |
1,880 |
|
|
2,362 |
|
|
(482 |
) |
|
(20 |
)% |
| Other expenses |
34,123 |
|
|
35,636 |
|
|
(1,513 |
) |
|
(4 |
)% |
| Total
non-interest expense |
$ |
197,205 |
|
|
$ |
191,997 |
|
|
$ |
5,208 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses related to CCP were $3.6 million during
the first nine months of 2016. Excluding CCP expenses, non-interest
expense for the current year increased $8.8 million, or 5 percent,
over the prior year. Compensation and employee benefits for
the first nine months of 2017 increased $7.2 million, or 6 percent,
from the same period last year due to salary increases, vesting of
restricted stock awards, and the increased number of employees from
the acquired banks. Data processing expense decreased $802
thousand, or 7 percent, from the prior year first nine months as a
result of decreased costs associated with CCP. Current year
other expenses of $34.1 million decreased $1.5 million, or 4
percent, from the prior year and was principally driven by
decreased costs associated with CCP.
Provision for Loan LossesThe provision for loan
losses was $7.9 million for the first nine months of 2017, an
increase of $6.7 million from the same period in the prior
year. Net charge-offs during the first nine months of 2017
were $7.9 million compared to net recoveries of $1.6 million from
the first nine months of 2016.
Efficiency RatioThe efficiency ratio of 53.92
percent for the first nine months of 2017 decreased 223 basis
points from the prior year efficiency ratio of 56.15 percent for
the first nine months of 2016 which resulted from the increase in
net interest income largely due to higher interest income on
commercial loans.
Forward-Looking StatementsThis 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
of the credit quality of loans in the Company’s portfolio;
- changes in trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the
Federal Reserve System or the Federal Reserve Board, which could
adversely affect the Company’s net interest income and
profitability;
- changes in the cost and scope of insurance from the Federal
Deposit Insurance Corporation and other third parties;
- legislative or regulatory changes, including increased banking
and consumer protection regulation that adversely affect the
Company’s business;
- ability to complete pending or prospective future acquisitions,
limit certain sources of revenue, or increase cost of
operations;
- costs or difficulties related to the completion and integration
of acquisitions;
- the goodwill the Company has recorded in connection with
acquisitions could become impaired, which may have an adverse
impact on earnings and capital;
- reduced demand for banking products and services;
- the reputation of banks and the financial services industry
could deteriorate, which could adversely affect the Company's
ability to obtain (and maintain) customers;
- competition among financial institutions in the Company's
markets may increase significantly;
- the risks presented by continued public stock market
volatility, which could adversely affect the market price of the
Company’s common stock and the ability to raise additional capital
or grow the Company through acquisitions;
- the projected business and profitability of an expansion or the
opening of a new branch could be lower than expected;
- consolidation in the financial services industry in the
Company’s markets resulting in the creation of larger financial
institutions who may have greater resources could change the
competitive landscape;
- dependence on the Chief Executive Officer, the senior
management team and the Presidents of Glacier Bank divisions;
- material failure, potential interruption or breach in security
of the Company’s systems and technological changes which could
expose us to new risks (e.g., cybersecurity), fraud or system
failures;
- natural disasters, including fires, floods, earthquakes, and
other unexpected events;
- the Company’s success in managing risks involved in the
foregoing; and
- the effects of any reputational damage to the Company resulting
from any of the foregoing.
The Company does not undertake any obligation to
publicly correct or update any forward-looking statement if it
later becomes aware that actual results are likely to differ
materially from those expressed in such forward-looking
statement.
Conference Call InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday,
October 20, 2017. The conference call will be accessible by
telephone and through the Internet. Interested individuals are
invited to listen to the call by telephone at 877-561-2748 and the
conference ID is 85315870. To participate on the webcast, log
on to: https://edge.media-server.com/m6/p/8udautgt. If you are
unable to participate during the live webcast, the call will be
archived on our website, www.glacierbancorp.com, or by calling
855-859-2056 with the ID 85315870 by November 3, 2017.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc. is
the parent company for Glacier Bank, Kalispell and Bank divisions
First Security Bank of Missoula; Valley Bank of Helena; Big Sky
Western Bank, Bozeman; Western Security Bank, Billings; and First
Bank of Montana, Lewistown; all operating in Montana; as well as
Mountain West Bank, Coeur d’Alene, with operations in Idaho, Utah
and Washington; 1st Bank, Evanston, operating in Wyoming and Utah;
Citizens Community Bank, Pocatello, operating in Idaho; Bank of the
San Juans, Durango, operating in Colorado; First Bank of Wyoming,
Powell, and First State Bank, Wheatland, both operating in Wyoming;
North Cascades Bank, Chelan, with operations in Washington; and The
Foothills Bank, Yuma, with operations in Arizona.
| Glacier Bancorp, Inc. |
| Unaudited Condensed Consolidated Statements of
Financial Condition |
| |
| (Dollars in thousands,
except per share data) |
September 30, 2017 |
|
June 30, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
Assets |
|
|
|
|
|
|
|
| Cash on
hand and in banks |
$ |
136,822 |
|
|
163,913 |
|
|
135,268 |
|
|
129,727 |
|
| Federal
funds sold |
210 |
|
|
— |
|
|
— |
|
|
225 |
|
| Interest
bearing cash deposits |
83,178 |
|
|
73,677 |
|
|
17,273 |
|
|
121,461 |
|
| Cash and
cash equivalents |
220,210 |
|
|
237,590 |
|
|
152,541 |
|
|
251,413 |
|
|
Investment securities, available-for-sale |
1,886,517 |
|
|
2,142,472 |
|
|
2,425,477 |
|
|
2,292,079 |
|
|
Investment securities, held-to-maturity |
655,128 |
|
|
659,347 |
|
|
675,674 |
|
|
679,707 |
|
| Total
investment securities |
2,541,645 |
|
|
2,801,819 |
|
|
3,101,151 |
|
|
2,971,786 |
|
| Loans
held for sale |
48,709 |
|
|
37,726 |
|
|
72,927 |
|
|
71,069 |
|
| Loans
receivable |
6,509,433 |
|
|
6,345,762 |
|
|
5,684,463 |
|
|
5,595,962 |
|
| Allowance
for loan and lease losses |
(129,576 |
) |
|
(129,877 |
) |
|
(129,572 |
) |
|
(132,534 |
) |
| Loans
receivable, net |
6,379,857 |
|
|
6,215,885 |
|
|
5,554,891 |
|
|
5,463,428 |
|
| Premises
and equipment, net |
178,672 |
|
|
179,823 |
|
|
176,198 |
|
|
178,638 |
|
| Other
real estate owned |
14,359 |
|
|
18,500 |
|
|
20,954 |
|
|
22,662 |
|
| Accrued
interest receivable |
50,492 |
|
|
46,921 |
|
|
45,832 |
|
|
50,138 |
|
| Deferred
tax asset |
58,916 |
|
|
59,186 |
|
|
67,121 |
|
|
51,757 |
|
| Core
deposit intangible, net |
14,798 |
|
|
15,438 |
|
|
12,347 |
|
|
12,955 |
|
|
Goodwill |
177,811 |
|
|
177,811 |
|
|
147,053 |
|
|
147,053 |
|
|
Non-marketable equity securities |
21,890 |
|
|
23,995 |
|
|
25,550 |
|
|
20,103 |
|
| Other
assets |
91,243 |
|
|
84,800 |
|
|
74,035 |
|
|
75,873 |
|
| Total
assets |
$ |
9,798,602 |
|
|
9,899,494 |
|
|
9,450,600 |
|
|
9,316,875 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,355,983 |
|
|
2,234,058 |
|
|
2,041,852 |
|
|
2,098,747 |
|
| Interest
bearing deposits |
5,411,171 |
|
|
5,563,905 |
|
|
5,330,427 |
|
|
5,210,572 |
|
|
Securities sold under agreements to repurchase |
453,596 |
|
|
451,050 |
|
|
473,650 |
|
|
401,243 |
|
| FHLB
advances |
153,685 |
|
|
211,505 |
|
|
251,749 |
|
|
211,833 |
|
| Other
borrowed funds |
8,243 |
|
|
5,817 |
|
|
4,440 |
|
|
5,956 |
|
|
Subordinated debentures |
126,099 |
|
|
126,063 |
|
|
125,991 |
|
|
125,956 |
|
| Accrued
interest payable |
3,154 |
|
|
3,535 |
|
|
3,584 |
|
|
3,439 |
|
| Other
liabilities |
80,470 |
|
|
93,604 |
|
|
102,038 |
|
|
111,350 |
|
| Total
liabilities |
8,592,401 |
|
|
8,689,537 |
|
|
8,333,731 |
|
|
8,169,096 |
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
| Preferred
shares, $0.01 par value per share, 1,000,000 shares authorized,
none issued or outstanding |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Common
stock, $0.01 par value per share, 117,187,500 shares
authorized |
780 |
|
|
780 |
|
|
765 |
|
|
765 |
|
| Paid-in
capital |
797,381 |
|
|
796,707 |
|
|
749,107 |
|
|
748,463 |
|
| Retained
earnings - substantially restricted |
403,373 |
|
|
406,771 |
|
|
374,379 |
|
|
381,713 |
|
|
Accumulated other comprehensive income (loss) |
4,667 |
|
|
5,699 |
|
|
(7,382 |
) |
|
16,838 |
|
| Total
stockholders’ equity |
1,206,201 |
|
|
1,209,957 |
|
|
1,116,869 |
|
|
1,147,779 |
|
| Total
liabilities and stockholders’ equity |
$ |
9,798,602 |
|
|
9,899,494 |
|
|
9,450,600 |
|
|
9,316,875 |
|
| Glacier Bancorp, Inc. |
| Unaudited Condensed Consolidated Statements of
Operations |
| |
| |
Three Months ended |
|
Nine Months ended |
| (Dollars in thousands,
except per share data) |
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
| Interest
Income |
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
19,987 |
|
|
21,379 |
|
|
21,827 |
|
|
63,305 |
|
|
68,747 |
|
|
Residential real estate loans |
8,326 |
|
|
8,350 |
|
|
8,538 |
|
|
24,594 |
|
|
24,947 |
|
|
Commercial loans |
59,875 |
|
|
56,182 |
|
|
47,694 |
|
|
166,027 |
|
|
139,199 |
|
| Consumer
and other loans |
8,276 |
|
|
8,121 |
|
|
7,885 |
|
|
24,198 |
|
|
23,501 |
|
| Total
interest income |
96,464 |
|
|
94,032 |
|
|
85,944 |
|
|
278,124 |
|
|
256,394 |
|
| Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
4,564 |
|
|
4,501 |
|
|
4,550 |
|
|
13,505 |
|
|
13,905 |
|
|
Securities sold under agreements to repurchase |
537 |
|
|
443 |
|
|
289 |
|
|
1,362 |
|
|
882 |
|
| Federal
Home Loan Bank advances |
1,398 |
|
|
1,734 |
|
|
1,527 |
|
|
4,642 |
|
|
4,844 |
|
| Federal
funds purchased and other borrowed funds |
21 |
|
|
19 |
|
|
17 |
|
|
55 |
|
|
49 |
|
|
Subordinated debentures |
1,132 |
|
|
1,077 |
|
|
935 |
|
|
3,228 |
|
|
2,737 |
|
| Total
interest expense |
7,652 |
|
|
7,774 |
|
|
7,318 |
|
|
22,792 |
|
|
22,417 |
|
| Net Interest
Income |
88,812 |
|
|
86,258 |
|
|
78,626 |
|
|
255,332 |
|
|
233,977 |
|
| Provision
for loan losses |
3,327 |
|
|
3,013 |
|
|
626 |
|
|
7,938 |
|
|
1,194 |
|
| Net
interest income after provision for loan losses |
85,485 |
|
|
83,245 |
|
|
78,000 |
|
|
247,394 |
|
|
232,783 |
|
| Non-Interest
Income |
|
|
|
|
|
|
|
|
|
| Service
charges and other fees |
17,307 |
|
|
17,495 |
|
|
16,307 |
|
|
50,435 |
|
|
46,760 |
|
|
Miscellaneous loan fees and charges |
1,211 |
|
|
1,092 |
|
|
1,195 |
|
|
3,283 |
|
|
3,379 |
|
| Gain on
sale of loans |
9,141 |
|
|
7,532 |
|
|
9,592 |
|
|
23,031 |
|
|
23,841 |
|
| Gain
(loss) on sale of investments |
77 |
|
|
(522 |
) |
|
(594 |
) |
|
(545 |
) |
|
(706 |
) |
| Other
income |
3,449 |
|
|
2,059 |
|
|
1,793 |
|
|
8,326 |
|
|
6,030 |
|
| Total
non-interest income |
31,185 |
|
|
27,656 |
|
|
28,293 |
|
|
84,530 |
|
|
79,304 |
|
| Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
41,297 |
|
|
39,498 |
|
|
38,370 |
|
|
120,041 |
|
|
112,871 |
|
| Occupancy
and equipment |
6,500 |
|
|
6,560 |
|
|
6,168 |
|
|
19,706 |
|
|
19,287 |
|
|
Advertising and promotions |
2,239 |
|
|
2,169 |
|
|
2,098 |
|
|
6,381 |
|
|
6,308 |
|
| Data
processing |
3,647 |
|
|
3,409 |
|
|
3,982 |
|
|
10,180 |
|
|
10,982 |
|
| Other
real estate owned |
817 |
|
|
442 |
|
|
215 |
|
|
1,532 |
|
|
819 |
|
|
Regulatory assessments and insurance |
1,214 |
|
|
1,087 |
|
|
1,158 |
|
|
3,362 |
|
|
3,732 |
|
| Core
deposit intangibles amortization |
640 |
|
|
639 |
|
|
777 |
|
|
1,880 |
|
|
2,362 |
|
| Other
expenses |
12,198 |
|
|
11,505 |
|
|
12,412 |
|
|
34,123 |
|
|
35,636 |
|
| Total
non-interest expense |
68,552 |
|
|
65,309 |
|
|
65,180 |
|
|
197,205 |
|
|
191,997 |
|
| Income Before
Income Taxes |
48,118 |
|
|
45,592 |
|
|
41,113 |
|
|
134,719 |
|
|
120,090 |
|
| Federal
and state income tax expense |
11,639 |
|
|
11,905 |
|
|
10,156 |
|
|
33,298 |
|
|
30,000 |
|
| Net
Income |
$ |
36,479 |
|
|
33,687 |
|
|
30,957 |
|
|
101,421 |
|
|
90,090 |
|
| Glacier Bancorp, Inc. |
| Average Balance Sheets |
| |
| |
Three Months ended |
| |
September 30, 2017 |
|
September 30, 2016 |
| (Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
771,342 |
|
|
$ |
8,326 |
|
|
4.32 |
% |
|
$ |
752,723 |
|
|
$ |
8,538 |
|
|
4.54 |
% |
|
Commercial loans 1 |
4,968,989 |
|
|
61,560 |
|
|
4.92 |
% |
|
4,092,627 |
|
|
48,817 |
|
|
4.75 |
% |
| Consumer
and other loans |
688,294 |
|
|
8,276 |
|
|
4.77 |
% |
|
678,415 |
|
|
7,885 |
|
|
4.62 |
% |
| Total
loans 2 |
6,428,625 |
|
|
78,162 |
|
|
4.82 |
% |
|
5,523,765 |
|
|
65,240 |
|
|
4.70 |
% |
|
Tax-exempt investment securities 3 |
1,106,288 |
|
|
15,678 |
|
|
5.67 |
% |
|
1,311,616 |
|
|
18,764 |
|
|
5.72 |
% |
| Taxable
investment securities 4 |
1,757,102 |
|
|
9,961 |
|
|
2.27 |
% |
|
1,774,209 |
|
|
9,813 |
|
|
2.21 |
% |
| Total
earning assets |
9,292,015 |
|
|
103,801 |
|
|
4.43 |
% |
|
8,609,590 |
|
|
93,817 |
|
|
4.33 |
% |
| Goodwill
and intangibles |
192,937 |
|
|
|
|
|
|
155,347 |
|
|
|
|
|
|
Non-earning assets |
411,248 |
|
|
|
|
|
|
398,463 |
|
|
|
|
|
| Total
assets |
$ |
9,896,200 |
|
|
|
|
|
|
$ |
9,163,400 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,274,387 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,973,648 |
|
|
$ |
— |
|
|
— |
% |
| NOW and
DDA accounts |
1,720,374 |
|
|
465 |
|
|
0.11 |
% |
|
1,501,944 |
|
|
244 |
|
|
0.06 |
% |
| Savings
accounts |
1,071,674 |
|
|
160 |
|
|
0.06 |
% |
|
934,911 |
|
|
119 |
|
|
0.05 |
% |
| Money
market deposit accounts |
1,596,170 |
|
|
624 |
|
|
0.16 |
% |
|
1,425,655 |
|
|
543 |
|
|
0.15 |
% |
|
Certificate accounts |
866,094 |
|
|
1,275 |
|
|
0.58 |
% |
|
986,411 |
|
|
1,482 |
|
|
0.60 |
% |
| Wholesale
deposits 5 |
297,768 |
|
|
2,040 |
|
|
2.72 |
% |
|
345,287 |
|
|
2,162 |
|
|
2.49 |
% |
| FHLB
advances |
197,458 |
|
|
1,398 |
|
|
2.77 |
% |
|
259,216 |
|
|
1,527 |
|
|
2.30 |
% |
|
Repurchase agreements and other borrowed funds |
562,169 |
|
|
1,690 |
|
|
1.19 |
% |
|
502,391 |
|
|
1,241 |
|
|
0.98 |
% |
| Total
funding liabilities |
8,586,094 |
|
|
7,652 |
|
|
0.35 |
% |
|
7,929,463 |
|
|
7,318 |
|
|
0.37 |
% |
| Other
liabilities |
89,898 |
|
|
|
|
|
|
93,250 |
|
|
|
|
|
| Total
liabilities |
8,675,992 |
|
|
|
|
|
|
8,022,713 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
| Common
stock |
780 |
|
|
|
|
|
|
762 |
|
|
|
|
|
| Paid-in
capital |
797,011 |
|
|
|
|
|
|
741,072 |
|
|
|
|
|
| Retained
earnings |
418,034 |
|
|
|
|
|
|
381,197 |
|
|
|
|
|
|
Accumulated other comprehensive income |
4,383 |
|
|
|
|
|
|
17,656 |
|
|
|
|
|
| Total
stockholders’ equity |
1,220,208 |
|
|
|
|
|
|
1,140,687 |
|
|
|
|
|
| Total
liabilities and stockholders’ equity |
$ |
9,896,200 |
|
|
|
|
|
|
$ |
9,163,400 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
96,149 |
|
|
|
|
|
|
$ |
86,499 |
|
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
4.08 |
% |
|
|
|
|
|
3.96 |
% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
4.11 |
% |
|
|
|
|
|
4.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes tax effect of $1.7 million and $1.1 million on
tax-exempt municipal loan and lease income for the three months
ended September 30, 2017 and 2016, respectively. |
|
2 Total loans are gross of the allowance for loan and lease
losses, net of unearned income and include loans held for
sale. Non-accrual loans were included in the average volume
for the entire period. |
|
3 Includes tax effect of $5.3 million and $6.4 million on
tax-exempt investment securities income for the three months ended
September 30, 2017 and 2016, respectively. |
|
4 Includes tax effect of $304 thousand and $352 thousand on
federal income tax credits for the three months ended
September 30, 2017 and 2016, respectively. |
|
5 Wholesale deposits include brokered deposits classified as
NOW, DDA, money market deposit and certificate accounts. |
|
|
| Glacier Bancorp, Inc. |
| Average Balance Sheets
(continued) |
| |
| |
Nine Months ended |
| |
September 30, 2017 |
|
September 30, 2016 |
| (Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
739,921 |
|
|
$ |
24,594 |
|
|
4.43 |
% |
|
$ |
736,866 |
|
|
$ |
24,947 |
|
|
4.51 |
% |
|
Commercial loans 1 |
4,692,565 |
|
|
170,604 |
|
|
4.86 |
% |
|
3,915,503 |
|
|
142,108 |
|
|
4.85 |
% |
| Consumer
and other loans |
680,368 |
|
|
24,198 |
|
|
4.76 |
% |
|
666,200 |
|
|
23,501 |
|
|
4.71 |
% |
| Total
loans 2 |
6,112,854 |
|
|
219,396 |
|
|
4.80 |
% |
|
5,318,569 |
|
|
190,556 |
|
|
4.79 |
% |
|
Tax-exempt investment securities 3 |
1,183,954 |
|
|
50,593 |
|
|
5.70 |
% |
|
1,337,511 |
|
|
57,420 |
|
|
5.72 |
% |
| Taxable
investment securities 4 |
1,802,842 |
|
|
30,952 |
|
|
2.29 |
% |
|
1,895,871 |
|
|
31,961 |
|
|
2.25 |
% |
| Total
earning assets |
9,099,650 |
|
|
300,941 |
|
|
4.42 |
% |
|
8,551,951 |
|
|
279,937 |
|
|
4.37 |
% |
| Goodwill
and intangibles |
175,752 |
|
|
|
|
|
|
154,708 |
|
|
|
|
|
|
Non-earning assets |
391,519 |
|
|
|
|
|
|
393,290 |
|
|
|
|
|
| Total
assets |
$ |
9,666,921 |
|
|
|
|
|
|
$ |
9,099,949 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,122,385 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,897,176 |
|
|
$ |
— |
|
|
— |
% |
| NOW and
DDA accounts |
1,640,712 |
|
|
994 |
|
|
0.08 |
% |
|
1,487,413 |
|
|
808 |
|
|
0.07 |
% |
| Savings
accounts |
1,045,065 |
|
|
460 |
|
|
0.06 |
% |
|
900,141 |
|
|
331 |
|
|
0.05 |
% |
| Money
market deposit accounts |
1,546,181 |
|
|
1,797 |
|
|
0.16 |
% |
|
1,410,257 |
|
|
1,635 |
|
|
0.15 |
% |
|
Certificate accounts |
908,359 |
|
|
3,911 |
|
|
0.58 |
% |
|
1,030,283 |
|
|
4,605 |
|
|
0.60 |
% |
| Wholesale
deposits 5 |
314,385 |
|
|
6,343 |
|
|
2.70 |
% |
|
335,628 |
|
|
6,526 |
|
|
2.60 |
% |
| FHLB
advances |
269,377 |
|
|
4,642 |
|
|
2.27 |
% |
|
319,808 |
|
|
4,844 |
|
|
1.99 |
% |
|
Repurchase agreements and other borrowed funds |
558,943 |
|
|
4,645 |
|
|
1.11 |
% |
|
507,514 |
|
|
3,668 |
|
|
0.97 |
% |
| Total
funding liabilities |
8,405,407 |
|
|
22,792 |
|
|
0.36 |
% |
|
7,888,220 |
|
|
22,417 |
|
|
0.38 |
% |
| Other
liabilities |
80,841 |
|
|
|
|
|
|
94,718 |
|
|
|
|
|
| Total
liabilities |
8,486,248 |
|
|
|
|
|
|
7,982,938 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
| Common
stock |
774 |
|
|
|
|
|
|
762 |
|
|
|
|
|
| Paid-in
capital |
775,761 |
|
|
|
|
|
|
738,126 |
|
|
|
|
|
| Retained
earnings |
404,638 |
|
|
|
|
|
|
366,094 |
|
|
|
|
|
|
Accumulated other comprehensive (loss) income |
(500 |
) |
|
|
|
|
|
12,029 |
|
|
|
|
|
| Total
stockholders’ equity |
1,180,673 |
|
|
|
|
|
|
1,117,011 |
|
|
|
|
|
| Total
liabilities and stockholders’ equity |
$ |
9,666,921 |
|
|
|
|
|
|
$ |
9,099,949 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
278,149 |
|
|
|
|
|
|
$ |
257,520 |
|
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
4.06 |
% |
|
|
|
|
|
3.99 |
% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
4.09 |
% |
|
|
|
|
|
4.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes tax effect of $4.6 million and $2.9 million on
tax-exempt municipal loan and lease income for the nine months
ended September 30, 2017 and 2016, respectively. |
|
2 Total loans are gross of the allowance for loan and lease
losses, net of unearned income and include loans held for
sale. Non-accrual loans were included in the average volume
for the entire period. |
|
3 Includes tax effect of $17.3 million and $19.6 million on
tax-exempt investment securities income for the nine months ended
September 30, 2017 and 2016, respectively. |
|
4 Includes tax effect of $981 thousand and $1.1 million on
federal income tax credits for the nine months ended
September 30, 2017 and 2016, respectively. |
|
5 Wholesale deposits include brokered deposits classified as
NOW, DDA, money market deposit and certificate accounts. |
|
|
| Glacier Bancorp, Inc. |
| Loan Portfolio by Regulatory
Classification |
| |
| |
Loans Receivable, by Loan Type |
|
% Change from |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
| Custom and owner
occupied construction |
$ |
106,615 |
|
|
$ |
103,816 |
|
|
$ |
86,233 |
|
|
$ |
82,935 |
|
|
3 |
% |
|
24 |
% |
|
29 |
% |
| Pre-sold and spec
construction |
82,023 |
|
|
76,553 |
|
|
66,184 |
|
|
66,812 |
|
|
7 |
% |
|
24 |
% |
|
23 |
% |
|
Total residential construction |
188,638 |
|
|
180,369 |
|
|
152,417 |
|
|
149,747 |
|
|
5 |
% |
|
24 |
% |
|
26 |
% |
| Land development |
83,414 |
|
|
80,044 |
|
|
75,078 |
|
|
68,597 |
|
|
4 |
% |
|
11 |
% |
|
22 |
% |
| Consumer land or
lots |
99,866 |
|
|
107,124 |
|
|
97,449 |
|
|
96,798 |
|
|
(7 |
)% |
|
2 |
% |
|
3 |
% |
| Unimproved land |
64,610 |
|
|
67,935 |
|
|
69,157 |
|
|
69,880 |
|
|
(5 |
)% |
|
(7 |
)% |
|
(8 |
)% |
| Developed lots for
operative builders |
12,830 |
|
|
12,337 |
|
|
13,254 |
|
|
13,256 |
|
|
4 |
% |
|
(3 |
)% |
|
(3 |
)% |
| Commercial lots |
25,984 |
|
|
25,675 |
|
|
30,523 |
|
|
27,512 |
|
|
1 |
% |
|
(15 |
)% |
|
(6 |
)% |
| Other construction |
367,060 |
|
|
307,547 |
|
|
257,769 |
|
|
246,753 |
|
|
19 |
% |
|
42 |
% |
|
49 |
% |
|
Total land, lot, and other construction |
653,764 |
|
|
600,662 |
|
|
543,230 |
|
|
522,796 |
|
|
9 |
% |
|
20 |
% |
|
25 |
% |
| Owner occupied |
1,109,796 |
|
|
1,091,119 |
|
|
977,932 |
|
|
963,063 |
|
|
2 |
% |
|
13 |
% |
|
15 |
% |
| Non-owner occupied |
1,180,976 |
|
|
1,148,831 |
|
|
929,729 |
|
|
890,981 |
|
|
3 |
% |
|
27 |
% |
|
33 |
% |
|
Total commercial real estate |
2,290,772 |
|
|
2,239,950 |
|
|
1,907,661 |
|
|
1,854,044 |
|
|
2 |
% |
|
20 |
% |
|
24 |
% |
| Commercial and
industrial |
766,970 |
|
|
769,105 |
|
|
686,870 |
|
|
697,598 |
|
|
— |
% |
|
12 |
% |
|
10 |
% |
|
Agriculture |
468,168 |
|
|
457,286 |
|
|
407,208 |
|
|
425,645 |
|
|
2 |
% |
|
15 |
% |
|
10 |
% |
| 1st lien |
873,061 |
|
|
849,601 |
|
|
877,893 |
|
|
883,034 |
|
|
3 |
% |
|
(1 |
)% |
|
(1 |
)% |
| Junior lien |
53,337 |
|
|
53,316 |
|
|
58,564 |
|
|
61,788 |
|
|
— |
% |
|
(9 |
)% |
|
(14 |
)% |
|
Total 1-4 family |
926,398 |
|
|
902,917 |
|
|
936,457 |
|
|
944,822 |
|
|
3 |
% |
|
(1 |
)% |
|
(2 |
)% |
| Multifamily
residential |
185,891 |
|
|
172,523 |
|
|
184,068 |
|
|
204,395 |
|
|
8 |
% |
|
1 |
% |
|
(9 |
)% |
| Home equity lines of
credit |
429,483 |
|
|
419,940 |
|
|
402,614 |
|
|
399,446 |
|
|
2 |
% |
|
7 |
% |
|
8 |
% |
| Other consumer |
153,363 |
|
|
155,098 |
|
|
155,193 |
|
|
154,547 |
|
|
(1 |
)% |
|
(1 |
)% |
|
(1 |
)% |
|
Total consumer |
582,846 |
|
|
575,038 |
|
|
557,807 |
|
|
553,993 |
|
|
1 |
% |
|
4 |
% |
|
5 |
% |
|
Other |
494,695 |
|
|
485,638 |
|
|
381,672 |
|
|
313,991 |
|
|
2 |
% |
|
30 |
% |
|
58 |
% |
| Total
loans receivable, including loans held for sale |
6,558,142 |
|
|
6,383,488 |
|
|
5,757,390 |
|
|
5,667,031 |
|
|
3 |
% |
|
14 |
% |
|
16 |
% |
| Less loans held
for sale 1 |
(48,709 |
) |
|
(37,726 |
) |
|
(72,927 |
) |
|
(71,069 |
) |
|
29 |
% |
|
(33 |
)% |
|
(31 |
)% |
| Total
loans receivable |
$ |
6,509,433 |
|
|
$ |
6,345,762 |
|
|
$ |
5,684,463 |
|
|
$ |
5,595,962 |
|
|
3 |
% |
|
15 |
% |
|
16 |
% |
|
|
|
|
| 1 Loans
held for sale are primarily 1st lien 1-4 family loans. |
| Glacier Bancorp, Inc. |
| Credit Quality Summary by Regulatory
Classification |
| |
| |
Non-performing Assets, by Loan Type |
|
Non-AccrualLoans |
|
AccruingLoans 90 Days or More Past
Due |
|
OtherReal EstateOwned |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Sep 30, 2017 |
|
Sep 30, 2017 |
|
Sep 30, 2017 |
| Custom and owner
occupied construction |
$ |
177 |
|
|
177 |
|
|
— |
|
|
375 |
|
|
— |
|
|
177 |
|
|
— |
|
| Pre-sold and spec
construction |
267 |
|
|
272 |
|
|
226 |
|
|
250 |
|
|
267 |
|
|
— |
|
|
— |
|
|
Total residential construction |
444 |
|
|
449 |
|
|
226 |
|
|
625 |
|
|
267 |
|
|
177 |
|
|
— |
|
| Land development |
8,116 |
|
|
8,428 |
|
|
9,864 |
|
|
11,717 |
|
|
1,118 |
|
|
— |
|
|
6,998 |
|
| Consumer land or
lots |
2,451 |
|
|
1,868 |
|
|
2,137 |
|
|
2,196 |
|
|
1,517 |
|
|
44 |
|
|
890 |
|
| Unimproved land |
10,320 |
|
|
11,933 |
|
|
11,905 |
|
|
12,068 |
|
|
8,086 |
|
|
— |
|
|
2,234 |
|
| Developed lots for
operative builders |
116 |
|
|
116 |
|
|
175 |
|
|
175 |
|
|
— |
|
|
— |
|
|
116 |
|
| Commercial lots |
1,374 |
|
|
1,559 |
|
|
1,466 |
|
|
2,165 |
|
|
258 |
|
|
— |
|
|
1,116 |
|
| Other construction |
151 |
|
|
151 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
151 |
|
|
Total land, lot and other construction |
22,528 |
|
|
24,055 |
|
|
25,547 |
|
|
28,321 |
|
|
10,979 |
|
|
44 |
|
|
11,505 |
|
| Owner occupied |
14,207 |
|
|
17,757 |
|
|
18,749 |
|
|
19,970 |
|
|
12,435 |
|
|
400 |
|
|
1,372 |
|
| Non-owner occupied |
4,251 |
|
|
2,791 |
|
|
3,426 |
|
|
4,005 |
|
|
3,863 |
|
|
— |
|
|
388 |
|
|
Total commercial real estate |
18,458 |
|
|
20,548 |
|
|
22,175 |
|
|
23,975 |
|
|
16,298 |
|
|
400 |
|
|
1,760 |
|
| Commercial and
industrial |
5,190 |
|
|
4,753 |
|
|
5,184 |
|
|
5,175 |
|
|
5,033 |
|
|
111 |
|
|
46 |
|
|
Agriculture |
3,998 |
|
|
2,877 |
|
|
1,615 |
|
|
2,329 |
|
|
3,352 |
|
|
646 |
|
|
— |
|
| 1st lien |
7,688 |
|
|
9,057 |
|
|
9,186 |
|
|
9,333 |
|
|
6,868 |
|
|
523 |
|
|
297 |
|
| Junior lien |
591 |
|
|
727 |
|
|
1,167 |
|
|
1,335 |
|
|
448 |
|
|
94 |
|
|
49 |
|
|
Total 1-4 family |
8,279 |
|
|
9,784 |
|
|
10,353 |
|
|
10,668 |
|
|
7,316 |
|
|
617 |
|
|
346 |
|
| Multifamily
residential |
— |
|
|
— |
|
|
400 |
|
|
432 |
|
|
— |
|
|
— |
|
|
— |
|
| Home equity lines of
credit |
4,151 |
|
|
5,864 |
|
|
5,494 |
|
|
4,734 |
|
|
3,381 |
|
|
130 |
|
|
640 |
|
| Other consumer |
225 |
|
|
551 |
|
|
391 |
|
|
182 |
|
|
144 |
|
|
19 |
|
|
62 |
|
|
Total consumer |
4,376 |
|
|
6,415 |
|
|
5,885 |
|
|
4,916 |
|
|
3,525 |
|
|
149 |
|
|
702 |
|
|
Other |
1,800 |
|
|
— |
|
|
— |
|
|
1,800 |
|
|
— |
|
|
1,800 |
|
|
— |
|
|
Total |
$ |
65,073 |
|
|
68,881 |
|
|
71,385 |
|
|
78,241 |
|
|
46,770 |
|
|
3,944 |
|
|
14,359 |
|
| Glacier Bancorp, Inc. |
| Credit Quality Summary by Regulatory
Classification (continued) |
| |
| |
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
| Custom and owner
occupied construction |
$ |
415 |
|
|
$ |
493 |
|
|
$ |
1,836 |
|
|
$ |
65 |
|
|
(16 |
)% |
|
(77 |
)% |
|
538 |
% |
| Pre-sold and spec
construction |
451 |
|
|
155 |
|
|
— |
|
|
— |
|
|
191 |
% |
|
n/m |
|
|
n/m |
|
|
Total residential construction |
866 |
|
|
648 |
|
|
1,836 |
|
|
65 |
|
|
34 |
% |
|
(53 |
)% |
|
1,232 |
% |
| Land development |
5 |
|
|
— |
|
|
154 |
|
|
— |
|
|
n/m |
|
|
(97 |
)% |
|
n/m |
|
| Consumer land or
lots |
615 |
|
|
808 |
|
|
638 |
|
|
130 |
|
|
(24 |
)% |
|
(4 |
)% |
|
373 |
% |
| Unimproved land |
621 |
|
|
1,115 |
|
|
1,442 |
|
|
857 |
|
|
(44 |
)% |
|
(57 |
)% |
|
(28 |
)% |
| Commercial lots |
15 |
|
|
— |
|
|
— |
|
|
— |
|
|
n/m |
|
|
n/m |
|
|
n/m |
|
| Other construction |
— |
|
|
— |
|
|
— |
|
|
7,125 |
|
|
n/m |
|
|
n/m |
|
|
(100 |
)% |
|
Total land, lot and other construction |
1,256 |
|
|
1,923 |
|
|
2,234 |
|
|
8,112 |
|
|
(35 |
)% |
|
(44 |
)% |
|
(85 |
)% |
| Owner occupied |
4,450 |
|
|
5,038 |
|
|
2,307 |
|
|
586 |
|
|
(12 |
)% |
|
93 |
% |
|
659 |
% |
| Non-owner occupied |
5,502 |
|
|
6,533 |
|
|
1,689 |
|
|
5,830 |
|
|
(16 |
)% |
|
226 |
% |
|
(6 |
)% |
|
Total commercial real estate |
9,952 |
|
|
11,571 |
|
|
3,996 |
|
|
6,416 |
|
|
(14 |
)% |
|
149 |
% |
|
55 |
% |
| Commercial and
industrial |
5,784 |
|
|
5,825 |
|
|
3,032 |
|
|
4,038 |
|
|
(1 |
)% |
|
91 |
% |
|
43 |
% |
|
Agriculture |
780 |
|
|
1,067 |
|
|
1,133 |
|
|
989 |
|
|
(27 |
)% |
|
(31 |
)% |
|
(21 |
)% |
| 1st lien |
2,973 |
|
|
2,859 |
|
|
7,777 |
|
|
3,439 |
|
|
4 |
% |
|
(62 |
)% |
|
(14 |
)% |
| Junior lien |
3,463 |
|
|
815 |
|
|
1,016 |
|
|
977 |
|
|
325 |
% |
|
241 |
% |
|
254 |
% |
|
Total 1-4 family |
6,436 |
|
|
3,674 |
|
|
8,793 |
|
|
4,416 |
|
|
75 |
% |
|
(27 |
)% |
|
46 |
% |
| Multifamily
Residential |
237 |
|
|
2,011 |
|
|
10 |
|
|
— |
|
|
(88 |
)% |
|
2,270 |
% |
|
n/m |
|
| Home equity lines of
credit |
2,065 |
|
|
2,819 |
|
|
1,537 |
|
|
2,383 |
|
|
(27 |
)% |
|
34 |
% |
|
(13 |
)% |
| Other consumer |
1,735 |
|
|
1,572 |
|
|
1,180 |
|
|
943 |
|
|
10 |
% |
|
47 |
% |
|
84 |
% |
|
Total consumer |
3,800 |
|
|
4,391 |
|
|
2,717 |
|
|
3,326 |
|
|
(13 |
)% |
|
40 |
% |
|
14 |
% |
|
Other |
4 |
|
|
14 |
|
|
1,866 |
|
|
22 |
|
|
(71 |
)% |
|
(100 |
)% |
|
(82 |
)% |
|
Total |
$ |
29,115 |
|
|
$ |
31,124 |
|
|
$ |
25,617 |
|
|
$ |
27,384 |
|
|
(6 |
)% |
|
14 |
% |
|
6 |
% |
|
|
|
|
| n/m - not
measurable |
| Glacier Bancorp, Inc. |
| Credit Quality Summary by Regulatory
Classification (continued) |
| |
| |
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
| (Dollars in
thousands) |
Sep 30, 2017 |
|
Jun 30, 2017 |
|
Dec 31, 2016 |
|
Sep 30, 2016 |
|
Sep 30, 2017 |
|
Sep 30, 2017 |
| Custom and owner
occupied construction |
$ |
58 |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
62 |
|
|
4 |
|
| Pre-sold and spec
construction |
(19 |
) |
|
(15 |
) |
|
786 |
|
|
(39 |
) |
|
— |
|
|
19 |
|
|
Total residential construction |
39 |
|
|
(15 |
) |
|
785 |
|
|
(39 |
) |
|
62 |
|
|
23 |
|
| Land development |
(67 |
) |
|
(46 |
) |
|
(2,661 |
) |
|
(2,372 |
) |
|
— |
|
|
67 |
|
| Consumer land or
lots |
(150 |
) |
|
(107 |
) |
|
(688 |
) |
|
(487 |
) |
|
6 |
|
|
156 |
|
| Unimproved land |
(177 |
) |
|
(110 |
) |
|
(184 |
) |
|
(114 |
) |
|
— |
|
|
177 |
|
| Developed lots for
operative builders |
(16 |
) |
|
(10 |
) |
|
(27 |
) |
|
(23 |
) |
|
— |
|
|
16 |
|
| Commercial lots |
(4 |
) |
|
(3 |
) |
|
27 |
|
|
29 |
|
|
— |
|
|
4 |
|
| Other construction |
390 |
|
|
390 |
|
|
— |
|
|
— |
|
|
390 |
|
|
— |
|
|
Total land, lot and other construction |
(24 |
) |
|
114 |
|
|
(3,533 |
) |
|
(2,967 |
) |
|
396 |
|
|
420 |
|
| Owner occupied |
3,416 |
|
|
853 |
|
|
1,196 |
|
|
(354 |
) |
|
4,036 |
|
|
620 |
|
| Non-owner occupied |
214 |
|
|
(2 |
) |
|
44 |
|
|
9 |
|
|
217 |
|
|
3 |
|
|
Total commercial real estate |
3,630 |
|
|
851 |
|
|
1,240 |
|
|
(345 |
) |
|
4,253 |
|
|
623 |
|
| Commercial and
industrial |
429 |
|
|
494 |
|
|
(370 |
) |
|
(643 |
) |
|
875 |
|
|
446 |
|
|
Agriculture |
(11 |
) |
|
14 |
|
|
50 |
|
|
(29 |
) |
|
17 |
|
|
28 |
|
| 1st lien |
(201 |
) |
|
(32 |
) |
|
487 |
|
|
132 |
|
|
100 |
|
|
301 |
|
| Junior lien |
746 |
|
|
746 |
|
|
60 |
|
|
(15 |
) |
|
812 |
|
|
66 |
|
|
Total 1-4 family |
545 |
|
|
714 |
|
|
547 |
|
|
117 |
|
|
912 |
|
|
367 |
|
| Multifamily
residential |
(229 |
) |
|
(229 |
) |
|
229 |
|
|
229 |
|
|
— |
|
|
229 |
|
| Home equity lines of
credit |
262 |
|
|
271 |
|
|
611 |
|
|
450 |
|
|
436 |
|
|
174 |
|
| Other consumer |
98 |
|
|
(8 |
) |
|
257 |
|
|
255 |
|
|
369 |
|
|
271 |
|
|
Total consumer |
360 |
|
|
263 |
|
|
868 |
|
|
705 |
|
|
805 |
|
|
445 |
|
|
Other |
3,195 |
|
|
2,100 |
|
|
2,642 |
|
|
1,329 |
|
|
7,481 |
|
|
4,286 |
|
|
Total |
$ |
7,934 |
|
|
4,306 |
|
|
2,458 |
|
|
(1,643 |
) |
|
14,801 |
|
|
6,867 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit our website at www.glacierbancorp.com
CONTACT: Randall M. Chesler, CEO(406) 751-4722Ron J. Copher,
CFO(406) 751-7706
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