Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.4
million for the current quarter, a decrease of $26.9 million, or 34
percent, from the $79.3 million of net income for the prior year
third quarter. Diluted earnings per share for the current quarter
was $0.47 per share, a decrease of 35 percent from the prior year
third quarter diluted earnings per share of $0.72. The decrease in
net income compared to the prior quarter and prior year third
quarter was primarily due to the continued increase in funding
costs, which has outpaced the increase in interest income. “Our
strong core deposit growth in the quarter shows the strength of our
business model and employees. We were able to significantly grow
deposits this quarter by leveraging existing banking relationships
across all of our divisions,” said Randy Chesler, President and
Chief Executive Officer. “We were also pleased to see the increase
in interest income for the quarter, reflecting higher yields on
loans and investments.”
Net income for the nine months ended September
30, 2023 was $169 million, a decrease of $54.9 million, or 25
percent, from the $224 million for the first nine months in the
prior year, which was primarily driven by the increase in funding
costs outpacing the increase in interest income. Diluted earnings
per share for the first nine months of 2023 was $1.52 per share, a
decrease of 25 percent from the prior year first nine months
diluted earnings per share of $2.02.
On August 8, 2023, the Company announced the
signing of a definitive agreement to acquire Community Financial
Group, Inc., the parent company of Wheatland Bank (collectively,
“Wheatland”), headquartered in Spokane, Washington. Wheatland has
14 branches in eastern Washington with total assets of $763
million, total loans of $491 million and total deposits of $609
million as of September 30, 2023. The acquisition is subject to
required regulatory and shareholder approvals and other customary
conditions of closing and is expected to be completed in the fourth
quarter of 2023.
Asset Summary
|
|
|
|
|
|
|
|
|
|
$ Change from |
|
(Dollars in thousands) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Cash and cash equivalents |
$ |
1,672,094 |
|
|
1,051,320 |
|
|
401,995 |
|
|
425,212 |
|
|
620,774 |
|
|
1,270,099 |
|
|
1,246,882 |
|
|
Debt securities, available-for-sale |
|
4,741,738 |
|
|
4,999,820 |
|
|
5,307,307 |
|
|
5,755,076 |
|
|
(258,082 |
) |
|
(565,569 |
) |
|
(1,013,338 |
) |
|
Debt securities, held-to-maturity |
|
3,553,805 |
|
|
3,608,289 |
|
|
3,715,052 |
|
|
3,756,634 |
|
|
(54,484 |
) |
|
(161,247 |
) |
|
(202,829 |
) |
|
Total debt securities |
|
8,295,543 |
|
|
8,608,109 |
|
|
9,022,359 |
|
|
9,511,710 |
|
|
(312,566 |
) |
|
(726,816 |
) |
|
(1,216,167 |
) |
|
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
1,653,777 |
|
|
1,588,175 |
|
|
1,446,008 |
|
|
1,368,368 |
|
|
65,602 |
|
|
207,769 |
|
|
285,409 |
|
|
Commercial real estate |
|
10,292,446 |
|
|
10,220,751 |
|
|
9,797,047 |
|
|
9,582,989 |
|
|
71,695 |
|
|
495,399 |
|
|
709,457 |
|
|
Other commercial |
|
2,916,785 |
|
|
2,888,810 |
|
|
2,799,668 |
|
|
2,729,717 |
|
|
27,975 |
|
|
117,117 |
|
|
187,068 |
|
|
Home equity |
|
869,963 |
|
|
862,240 |
|
|
822,232 |
|
|
793,556 |
|
|
7,723 |
|
|
47,731 |
|
|
76,407 |
|
|
Other consumer |
|
402,075 |
|
|
394,986 |
|
|
381,857 |
|
|
376,603 |
|
|
7,089 |
|
|
20,218 |
|
|
25,472 |
|
|
Loans receivable |
|
16,135,046 |
|
|
15,954,962 |
|
|
15,246,812 |
|
|
14,851,233 |
|
|
180,084 |
|
|
888,234 |
|
|
1,283,813 |
|
|
Allowance for credit losses |
|
(192,271 |
) |
|
(189,385 |
) |
|
(182,283 |
) |
|
(178,191 |
) |
|
(2,886 |
) |
|
(9,988 |
) |
|
(14,080 |
) |
|
Loans receivable, net |
|
15,942,775 |
|
|
15,765,577 |
|
|
15,064,529 |
|
|
14,673,042 |
|
|
177,198 |
|
|
878,246 |
|
|
1,269,733 |
|
|
Other assets |
|
2,153,149 |
|
|
2,102,673 |
|
|
2,146,492 |
|
|
2,122,990 |
|
|
50,476 |
|
|
6,657 |
|
|
30,159 |
|
|
Total assets |
$ |
28,063,561 |
|
|
27,527,679 |
|
|
26,635,375 |
|
|
26,732,954 |
|
|
535,882 |
|
|
1,428,186 |
|
|
1,330,607 |
|
Total debt securities of $8.296 billion at
September 30, 2023 decreased $313 million, or 4 percent, during the
current quarter and decreased $1.216 billion, or 13 percent, from
the prior year third quarter. The Company continues to utilize cash
flow from the securities portfolio to primarily fund loan growth
and maintain a strong cash position. The Company increased its cash
position by $621 million during the current quarter to further
strengthen its liquidity position. Debt securities represented 30
percent of total assets at September 30, 2023, compared to 34
percent at December 31, 2022, and 36 percent at September 30,
2022.
The loan portfolio of $16.135 billion increased
$180 million, or 5 percent annualized, during the current quarter
with the largest dollar increase in commercial real estate, which
increased $71.7 million, or 3 percent annualized. The loan
portfolio increased $1.284 billion, or 9 percent, from the prior
year third quarter with the largest dollar increase in commercial
real estate loans, which increased $709 million, or 7 percent.
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 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Allowance for credit losses |
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
182,283 |
|
|
182,283 |
|
|
172,665 |
|
|
172,665 |
|
|
Provision for credit losses |
|
16,609 |
|
|
11,514 |
|
|
17,433 |
|
|
11,373 |
|
|
Charge-offs |
|
(10,284 |
) |
|
(7,083 |
) |
|
(14,970 |
) |
|
(10,905 |
) |
|
Recoveries |
|
3,663 |
|
|
2,671 |
|
|
7,155 |
|
|
5,058 |
|
|
Balance at end of period |
$ |
192,271 |
|
|
189,385 |
|
|
182,283 |
|
|
178,191 |
|
|
Provision for credit losses |
|
|
|
|
|
|
|
|
Loan portfolio |
$ |
16,609 |
|
|
11,514 |
|
|
17,433 |
|
|
11,373 |
|
|
Unfunded loan commitments |
|
(4,827 |
) |
|
(3,271 |
) |
|
2,530 |
|
|
2,466 |
|
|
Total provision for credit losses |
$ |
11,782 |
|
|
8,243 |
|
|
19,963 |
|
|
13,839 |
|
|
Other real estate owned |
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Other foreclosed assets |
|
48 |
|
|
52 |
|
|
32 |
|
|
42 |
|
|
Accruing loans 90 days or more past due |
|
3,855 |
|
|
3,876 |
|
|
1,559 |
|
|
2,524 |
|
|
Non-accrual loans |
|
38,380 |
|
|
28,094 |
|
|
31,151 |
|
|
32,493 |
|
|
Total non-performing assets |
$ |
42,283 |
|
|
32,022 |
|
|
32,742 |
|
|
35,059 |
|
|
Non-performing assets as a percentage of subsidiary assets |
|
0.15 |
% |
|
0.12 |
% |
|
0.12 |
% |
|
0.13 |
% |
|
Allowance for credit losses as a percentage of non-performing
loans |
|
455 |
% |
|
592 |
% |
|
557 |
% |
|
508 |
% |
|
Allowance for credit losses as a percentage of total loans |
|
1.19 |
% |
|
1.19 |
% |
|
1.20 |
% |
|
1.20 |
% |
| Net
charge-offs as a percentage of total loans |
|
0.04 |
% |
|
0.03 |
% |
|
0.05 |
% |
|
0.04 |
% |
|
Accruing loans 30-89 days past due |
$ |
15,253 |
|
|
24,863 |
|
|
20,967 |
|
|
10,922 |
|
|
U.S. government guarantees included in non-performing assets |
$ |
1,057 |
|
|
1,035 |
|
|
2,312 |
|
|
4,930 |
|
Non-performing assets of $42.3 million at
September 30, 2023 increased $10.3 million, or 32 percent, over the
quarter and increased $7.2 million, or 21 percent, over the prior
year third quarter. Non-performing assets as a percentage of
subsidiary assets at September 30, 2023 was 0.15 percent
compared to 0.12 percent in the prior quarter and 0.13 percent in
the prior year third quarter.
Early stage delinquencies (accruing loans 30-89
days past due) of $15.3 million at September 30, 2023 decreased
$9.6 million from the prior quarter and decreased $5.7 million from
prior year end. Early stage delinquencies as a percentage of loans
at September 30, 2023 was 0.09 percent compared to 0.16 for the
prior quarter end and 0.14 percent for the prior year end.
The current quarter credit loss expense of $3.5
million included $5.1 million of credit loss expense from loans and
$1.6 million of credit loss benefit from unfunded loan commitments.
The allowance for credit losses on loans (“ACL”) as a percentage of
total loans outstanding at September 30, 2023 was 1.19 percent
compared to 1.20 percent in the prior year third quarter.
Credit Quality Trends and Provision for Credit Losses on the
Loan Portfolio
|
(Dollars in thousands) |
Provision for Credit Losses Loans |
|
Net Charge-Offs(Recoveries) |
|
ACLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
|
Third quarter 2023 |
$ |
5,095 |
|
|
$ |
2,209 |
|
1.19 |
% |
|
0.09 |
% |
|
0.15 |
% |
|
Second quarter 2023 |
|
5,254 |
|
|
|
2,473 |
|
1.19 |
% |
|
0.16 |
% |
|
0.12 |
% |
|
First quarter 2023 |
|
6,260 |
|
|
|
1,939 |
|
1.20 |
% |
|
0.16 |
% |
|
0.12 |
% |
|
Fourth quarter 2022 |
|
6,060 |
|
|
|
1,968 |
|
1.20 |
% |
|
0.14 |
% |
|
0.12 |
% |
|
Third quarter 2022 |
|
8,382 |
|
|
|
3,154 |
|
1.20 |
% |
|
0.07 |
% |
|
0.13 |
% |
|
Second quarter 2022 |
|
(1,353 |
) |
|
|
1,843 |
|
1.20 |
% |
|
0.12 |
% |
|
0.16 |
% |
|
First quarter 2022 |
|
4,344 |
|
|
|
850 |
|
1.28 |
% |
|
0.12 |
% |
|
0.24 |
% |
|
Fourth quarter 2021 |
|
19,301 |
|
|
|
616 |
|
1.29 |
% |
|
0.38 |
% |
|
0.26 |
% |
Net charge-offs for the current quarter were
$2.2 million compared to $2.5 million in the prior quarter and $3.2
million for the prior year third quarter. Net charge-offs of $2.2
million included $1.7 million in deposit overdraft net charge-offs
and $544 thousand of net loan charge-offs.
The current quarter provision for credit loss
expense for loans was $5.1 million, which was a decrease of $160
thousand from the prior quarter and a $3.3 million decrease from
the prior year third quarter. Loan portfolio growth, composition,
average loan size, credit quality considerations, economic
forecasts and other environmental factors will continue to
determine the level of the provision for credit losses for
loans.
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 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,465,353 |
|
6,458,394 |
|
7,690,751 |
|
8,294,363 |
|
6,959 |
|
|
(1,225,398 |
) |
|
(1,829,010 |
) |
|
NOW and DDA accounts |
|
5,253,367 |
|
5,154,442 |
|
5,330,614 |
|
5,462,707 |
|
98,925 |
|
|
(77,247 |
) |
|
(209,340 |
) |
|
Savings accounts |
|
2,872,362 |
|
2,808,571 |
|
3,200,321 |
|
3,305,333 |
|
63,791 |
|
|
(327,959 |
) |
|
(432,971 |
) |
|
Money market deposit accounts |
|
2,994,631 |
|
3,094,302 |
|
3,472,281 |
|
3,905,676 |
|
(99,671 |
) |
|
(477,650 |
) |
|
(911,045 |
) |
|
Certificate accounts |
|
2,742,017 |
|
2,014,104 |
|
880,589 |
|
907,560 |
|
727,913 |
|
|
1,861,428 |
|
|
1,834,457 |
|
|
Core deposits, total |
|
20,327,730 |
|
19,529,813 |
|
20,574,556 |
|
21,875,639 |
|
797,917 |
|
|
(246,826 |
) |
|
(1,547,909 |
) |
|
Wholesale deposits |
|
67,434 |
|
478,417 |
|
31,999 |
|
4,003 |
|
(410,983 |
) |
|
35,435 |
|
|
63,431 |
|
|
Deposits, total |
|
20,395,164 |
|
20,008,230 |
|
20,606,555 |
|
21,879,642 |
|
386,934 |
|
|
(211,391 |
) |
|
(1,484,478 |
) |
|
Repurchase agreements |
|
1,499,696 |
|
1,356,862 |
|
945,916 |
|
887,483 |
|
142,834 |
|
|
553,780 |
|
|
612,213 |
|
|
Deposits and repurchase agreements, total |
|
21,894,860 |
|
21,365,092 |
|
21,552,471 |
|
22,767,125 |
|
529,768 |
|
|
342,389 |
|
|
(872,265 |
) |
| Federal Home
Loan Bank advances |
|
— |
|
— |
|
1,800,000 |
|
705,000 |
|
— |
|
|
(1,800,000 |
) |
|
(705,000 |
) |
| FRB
Bank Term Funding |
|
2,740,000 |
|
2,740,000 |
|
— |
|
— |
|
— |
|
|
2,740,000 |
|
|
2,740,000 |
|
|
Other borrowed funds |
|
73,752 |
|
75,819 |
|
77,293 |
|
77,671 |
|
(2,067 |
) |
|
(3,541 |
) |
|
(3,919 |
) |
|
Subordinated debentures |
|
132,903 |
|
132,863 |
|
132,782 |
|
132,742 |
|
40 |
|
|
121 |
|
|
161 |
|
|
Other liabilities |
|
347,452 |
|
287,379 |
|
229,524 |
|
278,059 |
|
60,073 |
|
|
117,928 |
|
|
69,393 |
|
|
Total liabilities |
$ |
25,188,967 |
|
24,601,153 |
|
23,792,070 |
|
23,960,597 |
|
587,814 |
|
|
1,396,897 |
|
|
1,228,370 |
|
During the current quarter, the Company
continued to focus on its diversified deposit and repurchase
agreement product offerings. Total deposits and retail repurchase
agreements of $21.895 billion at the current quarter end increased
$530 million, or 10 percent annualized, during the current quarter.
With the increased core deposits, the Company allowed $411 million
of higher cost wholesale deposits to mature. Excluding wholesale
deposits, core deposits and retail repurchase agreements increased
$941 million, or 18 annualized percent, during the current quarter.
Non-interest bearing deposits increased $7.0 million over the prior
quarter, representing 32 percent of total core deposits at
September 30, 2023 compared to 37 percent at December 31, 2022 and
38 percent at September 30, 2022.
The Company’s liquidity position remains strong
with solid core deposit customer relationships, excess cash, debt
securities, and access to diversified borrowing sources. The
Company has available liquidity of $14.8 billion including cash,
borrowing capacity from the FHLB and Federal Reserve facilities,
unpledged securities, brokered deposits, and other sources.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
|
$ Change from |
|
(Dollars in thousands, except per share data) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Common equity |
$ |
3,374,961 |
|
|
3,357,313 |
|
|
3,312,097 |
|
|
3,267,505 |
|
|
17,648 |
|
|
62,864 |
|
|
107,456 |
|
|
Accumulated other comprehensive loss |
|
(500,367 |
) |
|
(430,787 |
) |
|
(468,792 |
) |
|
(495,148 |
) |
|
(69,580 |
) |
|
(31,575 |
) |
|
(5,219 |
) |
|
Total stockholders’ equity |
|
2,874,594 |
|
|
2,926,526 |
|
|
2,843,305 |
|
|
2,772,357 |
|
|
(51,932 |
) |
|
31,289 |
|
|
102,237 |
|
|
Goodwill and core deposit intangible, net |
|
(1,019,690 |
) |
|
(1,022,118 |
) |
|
(1,026,994 |
) |
|
(1,029,658 |
) |
|
2,428 |
|
|
7,304 |
|
|
9,968 |
|
|
Tangible stockholders’ equity |
$ |
1,854,904 |
|
|
1,904,408 |
|
|
1,816,311 |
|
|
1,742,699 |
|
|
(49,504 |
) |
|
38,593 |
|
|
112,205 |
|
|
Stockholders’ equity to total assets |
|
10.24 |
% |
|
10.63 |
% |
|
10.67 |
% |
|
10.37 |
% |
|
|
|
|
|
|
|
Tangible stockholders’ equity to total tangible assets |
|
6.86 |
% |
|
7.18 |
% |
|
7.09 |
% |
|
6.78 |
% |
|
|
|
|
|
|
|
Book value per common share |
$ |
25.93 |
|
|
26.40 |
|
|
25.67 |
|
|
25.03 |
|
|
(0.47 |
) |
|
0.26 |
|
0.90 |
|
Tangible book value per common share |
$ |
16.73 |
|
|
17.18 |
|
|
16.40 |
|
|
15.73 |
|
|
(0.45 |
) |
|
0.33 |
|
1.00 |
Tangible stockholders’ equity of $1.855 billion
at September 30, 2023 decreased $49.5 million, or 3 percent,
compared to the prior quarter and was due to an increase in net
unrealized losses (after-tax) on available-for-sale debt securities
during the current quarter. Tangible stockholders’ equity increased
$112 million, or 6 percent, from September 30, 2022, which was
primarily due to earnings retention. Tangible book value per common
share of $16.73 at the current quarter end increased $0.33 per
share, or 2 percent, from the prior year end. The tangible book
value per common share increased $1.00 per share from the prior
year third quarter.
Cash DividendsOn September 27, 2023, the
Company’s Board of Directors declared a quarterly cash dividend of
$0.33 per share. The current quarter dividend of $0.33 per share
was consistent with the dividend declared in the prior quarter and
the prior year third quarter. The dividend was payable October 19,
2023 to shareholders of record on October 10, 2023. The dividend
was the Company’s 154th consecutive regular dividend. 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,
2023 Compared to
June 30, 2023,
March 31, 2023 and
September 30, 2022
Income Summary
|
|
Three Months ended |
|
$ Change from |
|
(Dollars in thousands) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Sep 30,2022 |
| Net
interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
264,906 |
|
|
247,365 |
|
|
231,888 |
|
|
214,402 |
|
|
17,541 |
|
|
33,018 |
|
|
50,504 |
|
|
Interest expense |
|
97,852 |
|
|
75,385 |
|
|
45,696 |
|
|
9,075 |
|
|
22,467 |
|
|
52,156 |
|
|
88,777 |
|
|
Total net interest income |
|
167,054 |
|
|
171,980 |
|
|
186,192 |
|
|
205,327 |
|
|
(4,926 |
) |
|
(19,138 |
) |
|
(38,273 |
) |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
19,304 |
|
|
18,967 |
|
|
17,771 |
|
|
18,970 |
|
|
337 |
|
|
1,533 |
|
|
334 |
|
|
Miscellaneous loan fees and charges |
|
4,322 |
|
|
4,162 |
|
|
3,967 |
|
|
4,040 |
|
|
160 |
|
|
355 |
|
|
282 |
|
|
Gain on sale of loans |
|
4,046 |
|
|
3,528 |
|
|
2,400 |
|
|
3,846 |
|
|
518 |
|
|
1,646 |
|
|
200 |
|
|
Loss on sale of debt securities |
|
(65 |
) |
|
(23 |
) |
|
(114 |
) |
|
(85 |
) |
|
(42 |
) |
|
49 |
|
|
20 |
|
|
Other income |
|
2,633 |
|
|
2,445 |
|
|
3,871 |
|
|
3,635 |
|
|
188 |
|
|
(1,238 |
) |
|
(1,002 |
) |
|
Total non-interest income |
|
30,240 |
|
|
29,079 |
|
|
27,895 |
|
|
30,406 |
|
|
1,161 |
|
|
2,345 |
|
|
(166 |
) |
|
Total income |
$ |
197,294 |
|
|
201,059 |
|
|
214,087 |
|
|
235,733 |
|
|
(3,765 |
) |
|
(16,793 |
) |
|
(38,439 |
) |
| Net
interest margin (tax-equivalent) |
|
2.58 |
% |
|
2.74 |
% |
|
3.08 |
% |
|
3.34 |
% |
|
|
|
|
|
|
Net Interest IncomeThe current quarter interest
income of $265 million increased $17.5 million, or 7 percent, over
the prior quarter and was driven primarily by the increase in the
loan yields and an increase in interest-bearing cash. The current
quarter interest income increased $50.5 million, or 24 percent,
over the prior year third quarter and was principally due to loan
growth and increased loan yields. The loan yield of 5.27 percent in
the current quarter increased 15 basis points from the prior
quarter loan yield of 5.12 percent and increased 60 basis points
from the prior year third quarter loan yield of 4.67 percent.
The current quarter interest expense of $97.9
million increased $22.5 million, or 30 percent, over the prior
quarter and increased $88.8 million, or 978 percent, over the prior
year third quarter primarily the result of an increase in rates on
deposits and borrowings. Core deposit cost (including non-interest
bearing deposits) was 1.03 percent for the current quarter compared
to 0.57 percent in the prior quarter and 0.06 percent for the prior
year third quarter. The total cost of funding (including
non-interest bearing deposits) was 1.58 percent in the current
quarter compared to 1.26 percent in the prior quarter and 0.15
percent in the prior year third quarter, which was the result of
the increased deposit and borrowing rates.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 2.58 percent compared to 2.74 percent in the
prior quarter and 3.34 percent in the prior year third quarter.
Although the net interest margin has been negatively impacted by
the increase in interest rates in the current year, the Company
experienced a slower pace in the decline in the net interest margin
during the current quarter. The current quarter decrease in net
interest margin was 16 basis points compared to a decrease of 34
basis points in the prior quarter and a decrease of 22 basis points
in the first quarter of the current year. The core net interest
margin, excluding discount accretion, the impact from non-accrual
interest and the impact from the PPP loans, was 2.55 percent
compared to 2.72 percent in the prior quarter and 3.29 percent in
the prior year third quarter.
Non-interest IncomeNon-interest income for the
current quarter totaled $30.2 million, which was an increase of
$1.2 million, or 4 percent, over the prior quarter. Gain on the
sale of residential loans of $4.0 million for the current quarter
increased $518 thousand, or 15 percent, compared to the prior
quarter and increased $200 thousand, or 5 percent, from the prior
year third quarter. Service charges and other fees of $19.3 million
in the current quarter increased $337 thousand, or 2 percent, over
the prior quarter and increased $334 thousand, or 2 percent, over
the prior year third quarter.
Non-interest Expense Summary
|
|
Three Months ended |
|
$ Change from |
|
(Dollars in thousands) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Sep 30,2022 |
|
Compensation and employee benefits |
$ |
77,387 |
|
78,764 |
|
81,477 |
|
80,612 |
|
(1,377 |
) |
|
(4,090 |
) |
|
(3,225 |
) |
|
Occupancy and equipment |
|
10,553 |
|
10,827 |
|
11,665 |
|
10,797 |
|
(274 |
) |
|
(1,112 |
) |
|
(244 |
) |
|
Advertising and promotions |
|
4,052 |
|
3,733 |
|
4,235 |
|
3,768 |
|
319 |
|
|
(183 |
) |
|
284 |
|
|
Data processing |
|
8,730 |
|
8,402 |
|
8,109 |
|
7,716 |
|
328 |
|
|
621 |
|
|
1,014 |
|
|
Other real estate owned and foreclosed assets |
|
15 |
|
14 |
|
12 |
|
66 |
|
1 |
|
|
3 |
|
|
(51 |
) |
|
Regulatory assessments and insurance |
|
6,060 |
|
5,314 |
|
4,903 |
|
3,339 |
|
746 |
|
|
1,157 |
|
|
2,721 |
|
|
Core deposit intangibles amortization |
|
2,428 |
|
2,427 |
|
2,449 |
|
2,665 |
|
1 |
|
|
(21 |
) |
|
(237 |
) |
|
Other expenses |
|
20,351 |
|
21,123 |
|
22,132 |
|
21,097 |
|
(772 |
) |
|
(1,781 |
) |
|
(746 |
) |
|
Total non-interest expense |
$ |
129,576 |
|
130,604 |
|
134,982 |
|
130,060 |
|
(1,028 |
) |
|
(5,406 |
) |
|
(484 |
) |
Total non-interest expense of $130 million for
the current quarter decreased $1.0 million, or 79 basis points,
over the prior quarter and decreased $484 thousand, or 37 basis
points, over the prior year third quarter. Compensation and
employee benefits expense of $77.4 million for the current quarter
decreased $1.4 million, or 2 percent, from the prior quarter and
decreased $3.2 million, or 4 percent, over the prior year third
quarter, which was driven primarily by decreases in accrued
expenses for employee benefits. Regulatory assessments and
insurance of $6.1 million, increased $2.7 million, or 81 percent,
over the prior year third quarter and was primarily due to the
Federal Deposit Insurance Corporation (“FDIC”) uniformly increasing
all depository institutions premiums at the beginning of the
current year. “The reduction in non-interest expense reflects the
Company’s continued focus on staffing levels and containing costs
in other areas,” said Ron Copher, Chief Financial Officer.
Federal and State Income Tax ExpenseTax expense
during the third quarter of 2023 was $11.7 million, a decrease of
$993 thousand, or 8 percent, compared to the prior quarter and a
decrease of $6.3 million, or 35 percent, from the prior year third
quarter. The effective tax rate in the current quarter was 18.3
percent compared to 18.8 percent in the prior quarter and 18.5
percent in the prior year third quarter.
Efficiency RatioThe efficiency ratio was 63.31
percent in the current quarter compared to 62.73 percent in the
prior quarter and 52.76 percent in the prior year third quarter.
The increase from prior quarter and prior year third quarter was
primarily attributable to the increase in interest expense in the
current quarter that outpaced the increase in interest income.
Operating Results for Nine Months Ended
September 30, 2023Compared to
September 30, 2022
Income Summary
|
|
Nine Months ended |
|
|
|
(Dollars in thousands) |
Sep 30,2023 |
|
Sep 30,2022 |
|
$ Change |
|
% Change |
| Net
interest income |
|
|
|
|
|
|
|
|
Interest income |
$ |
744,159 |
|
|
$ |
604,555 |
|
|
$ |
139,604 |
|
|
23 |
% |
|
Interest expense |
|
218,933 |
|
|
|
20,235 |
|
|
|
198,698 |
|
|
982 |
% |
|
Total net interest income |
|
525,226 |
|
|
|
584,320 |
|
|
|
(59,094 |
) |
|
(10 |
)% |
|
Non-interest income |
|
|
|
|
|
|
|
|
Service charges and other fees |
|
56,042 |
|
|
|
53,390 |
|
|
|
2,652 |
|
|
5 |
% |
|
Miscellaneous loan fees and charges |
|
12,451 |
|
|
|
11,445 |
|
|
|
1,006 |
|
|
9 |
% |
|
Gain on sale of loans |
|
9,974 |
|
|
|
17,857 |
|
|
|
(7,883 |
) |
|
(44 |
)% |
|
(Loss) gain on sale of debt securities |
|
(202 |
) |
|
|
101 |
|
|
|
(303 |
) |
|
(300 |
)% |
|
Other income |
|
8,949 |
|
|
|
9,456 |
|
|
|
(507 |
) |
|
(5 |
)% |
|
Total non-interest income |
|
87,214 |
|
|
|
92,249 |
|
|
|
(5,035 |
) |
|
(5 |
)% |
|
Total Income |
$ |
612,440 |
|
|
$ |
676,569 |
|
|
$ |
(64,129 |
) |
|
(9 |
)% |
| Net
interest margin (tax-equivalent) |
|
2.79 |
% |
|
|
3.26 |
% |
|
|
|
|
Net Interest IncomeNet-interest income of $525
million for the first nine months of 2023 decreased $59.1 million,
or 10 percent, over the same period of 2022 and was primarily
driven by increased interest expense. Interest income of $744
million for the first nine months in the current year increased
$139.6 million, or 23 percent, from the same period in the prior
year and was primarily attributable to the increase in the loan
portfolio and an increase in loan yields. The loan yield was 5.14
percent for the first nine months of the current year, an increase
of 54 basis points from the first nine months of the prior year
loan yield of 4.60 percent.
Interest expense of $218.9 million for the first
nine months of 2023 increased $199 million, or 982 percent, over
the same period in the prior year and was the result of increased
borrowings and higher interest rates on borrowings and deposits.
Core deposit cost (including non-interest bearing deposits) was
0.62 percent for the nine months of 2023 compared to 0.06 percent
for the same period in 2022. The total funding cost (including
non-interest bearing deposits) for the first nine months of the
current year was 1.22 percent, which was an increase of 110 basis
points over the prior year first nine months of 0.12 percent.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, during the first nine
months of 2023 was 2.79 percent, a 47 basis points decrease from
the net interest margin of 3.26 percent for the same period in the
prior year. The core net interest margin, excluding discount
accretion, the impact from non-accrual interest and the impact from
the PPP loans, was 2.77 percent for the first nine months of the
current year, which was a 41 basis points decrease from the core
margin of 3.18 percent in the same period of the prior year.
Non-interest IncomeNon-interest income of $87.2
million for the first nine months of 2023 decreased $5.0 million,
or 5 percent, over the same period last year and was primarily due
to the decrease in gain on sale of residential loans, which was
partially offset by the increase in service charges and other fees.
Gain on sale of residential loans of $10.0 million in the current
year decreased by $7.9 million, or 44 percent, over the prior year
as result of the reduction in residential purchase and refinance
activity as mortgage rates significantly increased during the
current year. Miscellaneous loan fees of $12.5 million, increased
$1.0 million, or 9 percent, which was primarily driven by increased
credit card interchange fees due to increased activity.
Non-interest Expense Summary
|
|
Nine Months ended |
|
|
|
|
|
(Dollars in thousands) |
Sep 30,2023 |
|
Sep 30,2022 |
|
$ Change |
|
% Change |
|
Compensation and employee benefits |
$ |
237,628 |
|
$ |
239,489 |
|
$ |
(1,861 |
) |
|
(1 |
)% |
|
Occupancy and equipment |
|
33,045 |
|
|
32,527 |
|
|
518 |
|
|
2 |
% |
|
Advertising and promotions |
|
12,020 |
|
|
10,766 |
|
|
1,254 |
|
|
12 |
% |
|
Data processing |
|
25,241 |
|
|
22,744 |
|
|
2,497 |
|
|
11 |
% |
|
Other real estate owned and foreclosed assets |
|
41 |
|
|
72 |
|
|
(31 |
) |
|
(43 |
)% |
|
Regulatory assessments and insurance |
|
16,277 |
|
|
9,479 |
|
|
6,798 |
|
|
72 |
% |
|
Core deposit intangibles amortization |
|
7,304 |
|
|
7,994 |
|
|
(690 |
) |
|
(9 |
)% |
|
Other expenses |
|
63,606 |
|
|
66,818 |
|
|
(3,212 |
) |
|
(5 |
)% |
|
Total non-interest expense |
$ |
395,162 |
|
$ |
389,889 |
|
$ |
5,273 |
|
|
1 |
% |
Total non-interest expense of $395 million for
the first nine months of 2023 increased $5.3 million, or 1 percent,
over the same period in the prior year. Regulatory assessments and
insurance of $16.3 million for the first nine months of 2023
increased $6.8 million, or 72 percent, over the prior year and was
primarily due to the FDIC uniformly increasing all depository
institutions premiums beginning in 2023. Other expense of $63.6
million for the first nine months of 2023 decreased $3.2 million,
or 5 percent, from the first nine months of the prior year and was
primarily due to the decrease in acquisition-related expenses along
with changes in several miscellaneous categories.
Acquisition-related expenses were $842 thousand in the first nine
months of the current year compared to $9.2 million in the same
period of last year.
Provision for Credit LossesThe provision for credit loss expense
was $11.8 million for the first nine months of 2023 and decreased
$2.1 million, or 15 percent, over the same period of the prior
year. The provision for credit loss expense for the first nine
months of 2023 included provision for credit loss expense of $16.6
million on the loan portfolio and credit loss benefit of $4.8
million on the unfunded loan commitments. Net charge-offs during
the first nine months of the current year were $6.6 million
compared to $5.8 million during the same period of the prior
year.
Federal and State Income Tax ExpenseTax expense
of $36.9 million for the first nine months of 2023 decreased $12.4
million, or 25 percent, over the first nine months of the prior
year. The effective tax rate for first nine months of 2023 was 17.9
percent compared to 18.1 percent for the first nine months of
2022.
Efficiency RatioThe efficiency ratio was 62.10
percent for the first nine months of 2023 compared to 55.14 percent
for the same period last year. The increase from the prior year was
primarily attributable to the increase in interest expense in the
current year that outpaced the increase in interest income.
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 the Company’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
other comparable words or phrases of a future or forward-looking
nature. 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 based on assumptions
that are subject to change. The following factors, among others,
could cause actual results to differ materially from the
anticipated results (express or implied) or other expectations in
the forward-looking statements, including those made in this news
release:
- risks associated with lending and
potential adverse changes in the credit quality of the Company’s
loan portfolio;
- changes in monetary and fiscal
policies, including interest rate policies of the Federal Reserve
Board, which could adversely affect the Company’s net interest
income and margin, the fair value of its financial instruments,
profitability, and stockholders’ equity;
- legislative or regulatory changes,
including increased banking and consumer protection regulations,
that may adversely affect the Company’s business;
- risks related to overall economic conditions, including the
impact on the economy of a rising interest rate environment,
inflationary pressures, and geopolitical instability, including the
wars in Ukraine and the Middle East;
- risks associated with the Company’s ability to negotiate,
complete, and successfully integrate any future acquisitions;
- costs or difficulties related to
the completion and integration of acquisitions;
- impairment of the goodwill recorded
by the Company in connection with acquisitions, which may have an
adverse impact on earnings and capital;
- reduction in demand for banking
products and services, whether as a result of changes in customer
behavior, economic conditions, banking environment, or
competition;
- deterioration of the reputation of
banks and the financial services industry, which could adversely
affect the Company's ability to obtain and maintain customers;
- changes in the competitive
landscape, including as may result from new market entrants or
further consolidation in the financial services industry, resulting
in the creation of larger competitors with greater financial
resources;
- 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 through acquisitions;
- risks associated with dependence on
the Chief Executive Officer, the senior management team and the
Presidents of Glacier Bank’s divisions;
- material failure, potential
interruption or breach in security of the Company’s systems or
changes in technological which could expose the Company to
cybersecurity risks, fraud, system failures, or direct
liabilities;
- risks related to natural disasters,
including droughts, fires, floods, earthquakes, pandemics, and
other unexpected events;
- success in managing risks involved
in the foregoing; and
- 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, 2023. Please note that our conference call host no
longer offers a general dial-in number. Investors who would like to
join the call may now register by following this link to obtain
dial-in instructions:
https://register.vevent.com/register/BIbe718214dea94214b3ab02d160926dd0.
To participate via the webcast, log on to:
https://edge.media-server.com/mmc/p/w8zz3hr8. If you are unable to
participate during the live webcast, the call will be archived on
our website, www.glacierbancorp.com.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
(NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap
400® indices, is the parent company for Glacier Bank and its Bank
divisions located across its eight state Western U.S. footprint:
Altabank (American Fork, UT), Bank of the San Juans (Durango, CO),
Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank
(Buena Vista, CO), First Bank of Montana (Lewistown, MT), First
Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton,
UT), First Security Bank (Bozeman, MT), First Security Bank of
Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier
Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain
West Bank (Coeur d’Alene, ID), North Cascades Bank (Chelan, WA),
The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT),
and Western Security Bank (Billings, MT).
|
Glacier Bancorp, Inc. |
|
Unaudited Condensed Consolidated Statements of Financial
Condition |
|
|
|
(Dollars in thousands, except per share data) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Assets |
|
|
|
|
|
|
|
|
Cash on hand and in banks |
$ |
264,067 |
|
|
285,920 |
|
|
300,194 |
|
|
260,456 |
|
|
Interest bearing cash deposits |
|
1,408,027 |
|
|
765,400 |
|
|
101,801 |
|
|
164,756 |
|
|
Cash and cash equivalents |
|
1,672,094 |
|
|
1,051,320 |
|
|
401,995 |
|
|
425,212 |
|
|
Debt securities, available-for-sale |
|
4,741,738 |
|
|
4,999,820 |
|
|
5,307,307 |
|
|
5,755,076 |
|
|
Debt securities, held-to-maturity |
|
3,553,805 |
|
|
3,608,289 |
|
|
3,715,052 |
|
|
3,756,634 |
|
|
Total debt securities |
|
8,295,543 |
|
|
8,608,109 |
|
|
9,022,359 |
|
|
9,511,710 |
|
|
Loans held for sale, at fair value |
|
29,027 |
|
|
35,006 |
|
|
12,314 |
|
|
21,720 |
|
|
Loans receivable |
|
16,135,046 |
|
|
15,954,962 |
|
|
15,246,812 |
|
|
14,851,233 |
|
|
Allowance for credit losses |
|
(192,271 |
) |
|
(189,385 |
) |
|
(182,283 |
) |
|
(178,191 |
) |
|
Loans receivable, net |
|
15,942,775 |
|
|
15,765,577 |
|
|
15,064,529 |
|
|
14,673,042 |
|
|
Premises and equipment, net |
|
415,343 |
|
|
405,407 |
|
|
398,100 |
|
|
395,639 |
|
|
Other real estate owned and foreclosed assets |
|
48 |
|
|
52 |
|
|
32 |
|
|
42 |
|
|
Accrued interest receivable |
|
104,476 |
|
|
88,351 |
|
|
83,538 |
|
|
93,300 |
|
|
Deferred tax asset |
|
203,745 |
|
|
179,815 |
|
|
193,187 |
|
|
204,351 |
|
|
Core deposit intangible, net |
|
34,297 |
|
|
36,725 |
|
|
41,601 |
|
|
44,265 |
|
|
Goodwill |
|
985,393 |
|
|
985,393 |
|
|
985,393 |
|
|
985,393 |
|
|
Non-marketable equity securities |
|
11,330 |
|
|
10,014 |
|
|
82,015 |
|
|
38,215 |
|
|
Bank-owned life insurance |
|
170,175 |
|
|
169,195 |
|
|
169,068 |
|
|
168,187 |
|
|
Other assets |
|
199,315 |
|
|
192,715 |
|
|
181,244 |
|
|
171,878 |
|
|
Total assets |
$ |
28,063,561 |
|
|
27,527,679 |
|
|
26,635,375 |
|
|
26,732,954 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,465,353 |
|
|
6,458,394 |
|
|
7,690,751 |
|
|
8,294,363 |
|
|
Interest bearing deposits |
|
13,929,811 |
|
|
13,549,836 |
|
|
12,915,804 |
|
|
13,585,279 |
|
|
Securities sold under agreements to repurchase |
|
1,499,696 |
|
|
1,356,862 |
|
|
945,916 |
|
|
887,483 |
|
|
FHLB advances |
|
— |
|
|
— |
|
|
1,800,000 |
|
|
705,000 |
|
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
2,740,000 |
|
|
— |
|
|
— |
|
|
Other borrowed funds |
|
73,752 |
|
|
75,819 |
|
|
77,293 |
|
|
77,671 |
|
|
Subordinated debentures |
|
132,903 |
|
|
132,863 |
|
|
132,782 |
|
|
132,742 |
|
|
Accrued interest payable |
|
91,874 |
|
|
47,742 |
|
|
4,331 |
|
|
2,740 |
|
|
Other liabilities |
|
255,578 |
|
|
239,637 |
|
|
225,193 |
|
|
275,319 |
|
|
Total liabilities |
|
25,188,967 |
|
|
24,601,153 |
|
|
23,792,070 |
|
|
23,960,597 |
|
|
Commitments and Contingent Liabilities |
|
|
|
|
|
|
|
|
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, 234,000,000 shares
authorized |
|
1,109 |
|
|
1,109 |
|
|
1,108 |
|
|
1,108 |
|
|
Paid-in capital |
|
2,348,305 |
|
|
2,346,422 |
|
|
2,344,005 |
|
|
2,342,452 |
|
|
Retained earnings - substantially restricted |
|
1,025,547 |
|
|
1,009,782 |
|
|
966,984 |
|
|
923,945 |
|
|
Accumulated other comprehensive loss |
|
(500,367 |
) |
|
(430,787 |
) |
|
(468,792 |
) |
|
(495,148 |
) |
|
Total stockholders’ equity |
|
2,874,594 |
|
|
2,926,526 |
|
|
2,843,305 |
|
|
2,772,357 |
|
|
Total liabilities and stockholders’ equity |
$ |
28,063,561 |
|
|
27,527,679 |
|
|
26,635,375 |
|
|
26,732,954 |
|
|
Glacier Bancorp, Inc. |
|
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
|
Three Months ended |
|
Nine Months ended |
|
(Dollars in thousands, except per share data) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Sep 30,2022 |
|
Sep 30,2023 |
|
Sep 30,2022 |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
53,397 |
|
|
47,658 |
|
|
43,642 |
|
|
43,722 |
|
|
144,697 |
|
|
125,217 |
|
Residential real estate loans |
|
18,594 |
|
|
17,076 |
|
|
15,838 |
|
|
13,738 |
|
|
51,508 |
|
|
42,279 |
|
Commercial loans |
|
173,437 |
|
|
164,587 |
|
|
155,682 |
|
|
142,692 |
|
|
493,706 |
|
|
398,507 |
|
Consumer and other loans |
|
19,478 |
|
|
18,044 |
|
|
16,726 |
|
|
14,250 |
|
|
54,248 |
|
|
38,552 |
|
Total interest income |
|
264,906 |
|
|
247,365 |
|
|
231,888 |
|
|
214,402 |
|
|
744,159 |
|
|
604,555 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
54,697 |
|
|
31,700 |
|
|
12,545 |
|
|
3,279 |
|
|
98,942 |
|
|
9,884 |
|
Securities sold under agreements to repurchase |
|
10,972 |
|
|
8,607 |
|
|
4,606 |
|
|
675 |
|
|
24,185 |
|
|
1,435 |
|
Federal Home Loan Bank advances |
|
— |
|
|
3,305 |
|
|
23,605 |
|
|
3,318 |
|
|
26,910 |
|
|
4,628 |
|
FRB Bank Term Funding |
|
30,229 |
|
|
29,899 |
|
|
3,032 |
|
|
— |
|
|
63,160 |
|
|
— |
|
Other borrowed funds |
|
489 |
|
|
443 |
|
|
496 |
|
|
214 |
|
|
1,428 |
|
|
698 |
|
Subordinated debentures |
|
1,465 |
|
|
1,431 |
|
|
1,412 |
|
|
1,589 |
|
|
4,308 |
|
|
3,590 |
|
Total interest expense |
|
97,852 |
|
|
75,385 |
|
|
45,696 |
|
|
9,075 |
|
|
218,933 |
|
|
20,235 |
|
Net Interest Income |
|
167,054 |
|
|
171,980 |
|
|
186,192 |
|
|
205,327 |
|
|
525,226 |
|
|
584,320 |
|
Provision for credit losses |
|
3,539 |
|
|
2,773 |
|
|
5,470 |
|
|
8,341 |
|
|
11,782 |
|
|
13,839 |
|
Net interest income after provision for credit losses |
|
163,515 |
|
|
169,207 |
|
|
180,722 |
|
|
196,986 |
|
|
513,444 |
|
|
570,481 |
|
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
19,304 |
|
|
18,967 |
|
|
17,771 |
|
|
18,970 |
|
|
56,042 |
|
|
53,390 |
|
Miscellaneous loan fees and charges |
|
4,322 |
|
|
4,162 |
|
|
3,967 |
|
|
4,040 |
|
|
12,451 |
|
|
11,445 |
|
Gain on sale of loans |
|
4,046 |
|
|
3,528 |
|
|
2,400 |
|
|
3,846 |
|
|
9,974 |
|
|
17,857 |
|
(Loss) gain on sale of debt securities |
|
(65 |
) |
|
(23 |
) |
|
(114 |
) |
|
(85 |
) |
|
(202 |
) |
|
101 |
|
Other income |
|
2,633 |
|
|
2,445 |
|
|
3,871 |
|
|
3,635 |
|
|
8,949 |
|
|
9,456 |
|
Total non-interest income |
|
30,240 |
|
|
29,079 |
|
|
27,895 |
|
|
30,406 |
|
|
87,214 |
|
|
92,249 |
|
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
77,387 |
|
|
78,764 |
|
|
81,477 |
|
|
80,612 |
|
|
237,628 |
|
|
239,489 |
|
Occupancy and equipment |
|
10,553 |
|
|
10,827 |
|
|
11,665 |
|
|
10,797 |
|
|
33,045 |
|
|
32,527 |
|
Advertising and promotions |
|
4,052 |
|
|
3,733 |
|
|
4,235 |
|
|
3,768 |
|
|
12,020 |
|
|
10,766 |
|
Data processing |
|
8,730 |
|
|
8,402 |
|
|
8,109 |
|
|
7,716 |
|
|
25,241 |
|
|
22,744 |
|
Other real estate owned and foreclosed assets |
|
15 |
|
|
14 |
|
|
12 |
|
|
66 |
|
|
41 |
|
|
72 |
|
Regulatory assessments and insurance |
|
6,060 |
|
|
5,314 |
|
|
4,903 |
|
|
3,339 |
|
|
16,277 |
|
|
9,479 |
|
Core deposit intangibles amortization |
|
2,428 |
|
|
2,427 |
|
|
2,449 |
|
|
2,665 |
|
|
7,304 |
|
|
7,994 |
|
Other expenses |
|
20,351 |
|
|
21,123 |
|
|
22,132 |
|
|
21,097 |
|
|
63,606 |
|
|
66,818 |
|
Total non-interest expense |
|
129,576 |
|
|
130,604 |
|
|
134,982 |
|
|
130,060 |
|
|
395,162 |
|
|
389,889 |
|
Income Before Income Taxes |
|
64,179 |
|
|
67,682 |
|
|
73,635 |
|
|
97,332 |
|
|
205,496 |
|
|
272,841 |
|
Federal and state income tax expense |
|
11,734 |
|
|
12,727 |
|
|
12,424 |
|
|
17,994 |
|
|
36,885 |
|
|
49,316 |
|
Net Income |
$ |
52,445 |
|
|
54,955 |
|
|
61,211 |
|
|
79,338 |
|
|
168,611 |
|
|
223,525 |
|
Glacier Bancorp, Inc. |
|
Average Balance Sheets |
|
|
|
|
Three Months ended |
|
|
September 30, 2023 |
|
June 30, 2023 |
|
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,649,947 |
|
|
$ |
18,594 |
|
4.51 |
% |
|
$ |
1,567,136 |
|
|
$ |
17,076 |
|
4.36 |
% |
|
Commercial loans 1 |
|
13,120,479 |
|
|
|
174,822 |
|
5.29 |
% |
|
|
12,950,934 |
|
|
|
165,874 |
|
5.14 |
% |
|
Consumer and other loans |
|
1,263,775 |
|
|
|
19,478 |
|
6.11 |
% |
|
|
1,236,763 |
|
|
|
18,044 |
|
5.85 |
% |
|
Total loans 2 |
|
16,034,201 |
|
|
|
212,894 |
|
5.27 |
% |
|
|
15,754,833 |
|
|
|
200,994 |
|
5.12 |
% |
|
Tax-exempt debt securities 3 |
|
1,732,227 |
|
|
|
14,486 |
|
3.34 |
% |
|
|
1,743,852 |
|
|
|
14,462 |
|
3.32 |
% |
|
Taxable debt securities 4 |
|
8,485,157 |
|
|
|
41,052 |
|
1.94 |
% |
|
|
8,177,551 |
|
|
|
35,202 |
|
1.72 |
% |
|
Total earning assets |
|
26,251,585 |
|
|
|
268,432 |
|
4.06 |
% |
|
|
25,676,236 |
|
|
|
250,658 |
|
3.92 |
% |
|
Goodwill and intangibles |
|
1,020,868 |
|
|
|
|
|
|
|
1,023,291 |
|
|
|
|
|
|
Non-earning assets |
|
528,145 |
|
|
|
|
|
|
|
523,349 |
|
|
|
|
|
|
Total assets |
$ |
27,800,598 |
|
|
|
|
|
|
$ |
27,222,876 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,461,350 |
|
|
$ |
— |
|
— |
% |
|
$ |
6,584,082 |
|
|
$ |
— |
|
— |
% |
|
NOW and DDA accounts |
|
5,231,741 |
|
|
|
12,906 |
|
0.98 |
% |
|
|
5,108,421 |
|
|
|
7,429 |
|
0.58 |
% |
|
Savings accounts |
|
2,840,620 |
|
|
|
3,492 |
|
0.49 |
% |
|
|
2,846,015 |
|
|
|
1,064 |
|
0.15 |
% |
|
Money market deposit accounts |
|
3,039,177 |
|
|
|
12,646 |
|
1.65 |
% |
|
|
3,256,007 |
|
|
|
10,174 |
|
1.25 |
% |
|
Certificate accounts |
|
2,462,266 |
|
|
|
23,151 |
|
3.73 |
% |
|
|
1,451,218 |
|
|
|
8,878 |
|
2.45 |
% |
|
Total core deposits |
|
20,035,154 |
|
|
|
52,195 |
|
1.03 |
% |
|
|
19,245,743 |
|
|
|
27,545 |
|
0.57 |
% |
|
Wholesale deposits 5 |
|
188,523 |
|
|
|
2,502 |
|
5.27 |
% |
|
|
330,655 |
|
|
|
4,155 |
|
5.04 |
% |
|
Repurchase agreements |
|
1,401,765 |
|
|
|
10,972 |
|
3.11 |
% |
|
|
1,273,045 |
|
|
|
8,607 |
|
2.71 |
% |
|
FHLB advances |
|
— |
|
|
|
— |
|
— |
% |
|
|
245,055 |
|
|
|
3,305 |
|
5.33 |
% |
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
|
30,229 |
|
4.38 |
% |
|
|
2,740,000 |
|
|
|
29,899 |
|
4.38 |
% |
|
Subordinated debentures and other borrowed funds |
|
208,336 |
|
|
|
1,954 |
|
3.72 |
% |
|
|
208,804 |
|
|
|
1,874 |
|
3.60 |
% |
|
Total funding liabilities |
|
24,573,778 |
|
|
|
97,852 |
|
1.58 |
% |
|
|
24,043,302 |
|
|
|
75,385 |
|
1.26 |
% |
|
Other liabilities |
|
302,564 |
|
|
|
|
|
|
|
247,319 |
|
|
|
|
|
|
Total liabilities |
|
24,876,342 |
|
|
|
|
|
|
|
24,290,621 |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,109 |
|
|
|
|
|
|
|
1,108 |
|
|
|
|
|
|
Paid-in capital |
|
2,347,323 |
|
|
|
|
|
|
|
2,345,438 |
|
|
|
|
|
|
Retained earnings |
|
1,035,276 |
|
|
|
|
|
|
|
1,017,456 |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(459,452 |
) |
|
|
|
|
|
|
(431,747 |
) |
|
|
|
|
|
Total stockholders’ equity |
|
2,924,256 |
|
|
|
|
|
|
|
2,932,255 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,800,598 |
|
|
|
|
|
|
$ |
27,222,876 |
|
|
|
|
|
| Net
interest income (tax-equivalent) |
|
|
$ |
170,580 |
|
|
|
|
|
$ |
175,273 |
|
|
| Net
interest spread (tax-equivalent) |
|
|
|
|
2.48 |
% |
|
|
|
|
|
2.66 |
% |
| Net
interest margin (tax-equivalent) |
|
|
|
|
2.58 |
% |
|
|
|
|
|
2.74 |
% |
______________________________
1 Includes tax effect of $1.4 million and $1.3
million on tax-exempt municipal loan and lease income for the three
months ended September 30, 2023 and June 30, 2023,
respectively.2 Total loans are gross of the allowance for credit
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 $1.9 million and $1.8
million on tax-exempt debt securities income for the three months
ended September 30, 2023 and June 30, 2023,
respectively.4 Includes tax effect of $215 thousand and $214
thousand on federal income tax credits for the three months ended
September 30, 2023 and June 30, 2023, respectively.5
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts with contractual
maturities.
|
Glacier Bancorp, Inc. |
|
Average Balance Sheets (continued) |
|
|
|
|
Three Months ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,649,947 |
|
|
$ |
18,594 |
|
4.51 |
% |
|
$ |
1,338,606 |
|
|
$ |
13,738 |
|
4.11 |
% |
|
Commercial loans 1 |
|
13,120,479 |
|
|
|
174,822 |
|
5.29 |
% |
|
|
12,146,551 |
|
|
|
144,357 |
|
4.72 |
% |
|
Consumer and other loans |
|
1,263,775 |
|
|
|
19,478 |
|
6.11 |
% |
|
|
1,156,305 |
|
|
|
14,250 |
|
4.89 |
% |
|
Total loans 2 |
|
16,034,201 |
|
|
|
212,894 |
|
5.27 |
% |
|
|
14,641,462 |
|
|
|
172,345 |
|
4.67 |
% |
|
Tax-exempt debt securities 3 |
|
1,732,227 |
|
|
|
14,486 |
|
3.34 |
% |
|
|
2,000,404 |
|
|
|
18,484 |
|
3.70 |
% |
|
Taxable debt securities 4 |
|
8,485,157 |
|
|
|
41,052 |
|
1.94 |
% |
|
|
8,426,933 |
|
|
|
29,297 |
|
1.39 |
% |
|
Total earning assets |
|
26,251,585 |
|
|
|
268,432 |
|
4.06 |
% |
|
|
25,068,799 |
|
|
|
220,126 |
|
3.48 |
% |
|
Goodwill and intangibles |
|
1,020,868 |
|
|
|
|
|
|
|
1,030,961 |
|
|
|
|
|
|
Non-earning assets |
|
528,145 |
|
|
|
|
|
|
|
604,754 |
|
|
|
|
|
|
Total assets |
$ |
27,800,598 |
|
|
|
|
|
|
$ |
26,704,514 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,461,350 |
|
|
$ |
— |
|
— |
% |
|
$ |
8,158,207 |
|
|
$ |
— |
|
— |
% |
|
NOW and DDA accounts |
|
5,231,741 |
|
|
|
12,906 |
|
0.98 |
% |
|
|
5,473,458 |
|
|
|
794 |
|
0.06 |
% |
|
Savings accounts |
|
2,840,620 |
|
|
|
3,492 |
|
0.49 |
% |
|
|
3,319,167 |
|
|
|
260 |
|
0.03 |
% |
|
Money market deposit accounts |
|
3,039,177 |
|
|
|
12,646 |
|
1.65 |
% |
|
|
3,999,758 |
|
|
|
1,483 |
|
0.15 |
% |
|
Certificate accounts |
|
2,462,266 |
|
|
|
23,151 |
|
3.73 |
% |
|
|
940,507 |
|
|
|
722 |
|
0.30 |
% |
|
Total core deposits |
|
20,035,154 |
|
|
|
52,195 |
|
1.03 |
% |
|
|
21,891,097 |
|
|
|
3,259 |
|
0.06 |
% |
|
Wholesale deposits 5 |
|
188,523 |
|
|
|
2,502 |
|
5.27 |
% |
|
|
3,946 |
|
|
|
20 |
|
2.05 |
% |
|
Repurchase agreements |
|
1,401,765 |
|
|
|
10,972 |
|
3.11 |
% |
|
|
917,104 |
|
|
|
675 |
|
0.29 |
% |
|
FHLB advances |
|
— |
|
|
|
— |
|
— |
% |
|
|
541,630 |
|
|
|
3,318 |
|
2.40 |
% |
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
|
30,229 |
|
4.38 |
% |
|
|
— |
|
|
|
— |
|
— |
% |
|
Subordinated debentures and other borrowed funds |
|
208,336 |
|
|
|
1,954 |
|
3.72 |
% |
|
|
202,383 |
|
|
|
1,803 |
|
3.54 |
% |
|
Total funding liabilities |
|
24,573,778 |
|
|
|
97,852 |
|
1.58 |
% |
|
|
23,556,160 |
|
|
|
9,075 |
|
0.15 |
% |
|
Other liabilities |
|
302,564 |
|
|
|
|
|
|
|
261,735 |
|
|
|
|
|
|
Total liabilities |
|
24,876,342 |
|
|
|
|
|
|
|
23,817,895 |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,109 |
|
|
|
|
|
|
|
1,108 |
|
|
|
|
|
|
Paid-in capital |
|
2,347,323 |
|
|
|
|
|
|
|
2,341,648 |
|
|
|
|
|
|
Retained earnings |
|
1,035,276 |
|
|
|
|
|
|
|
920,372 |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(459,452 |
) |
|
|
|
|
|
|
(376,509 |
) |
|
|
|
|
|
Total stockholders’ equity |
|
2,924,256 |
|
|
|
|
|
|
|
2,886,619 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,800,598 |
|
|
|
|
|
|
$ |
26,704,514 |
|
|
|
|
|
| Net
interest income (tax-equivalent) |
|
|
$ |
170,580 |
|
|
|
|
|
$ |
211,051 |
|
|
| Net
interest spread (tax-equivalent) |
|
|
|
|
2.48 |
% |
|
|
|
|
|
3.33 |
% |
| Net
interest margin (tax-equivalent) |
|
|
|
|
2.58 |
% |
|
|
|
|
|
3.34 |
% |
______________________________
1 Includes tax effect of $1.4 million and $1.7
million on tax-exempt municipal loan and lease income for the three
months ended September 30, 2023 and 2022, respectively.2 Total
loans are gross of the allowance for credit 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 $1.9 million and $3.8 million on tax-exempt debt
securities income for the three months ended September 30,
2023 and 2022, respectively.4 Includes tax effect of $215 thousand
and $225 thousand on federal income tax credits for the three
months ended September 30, 2023 and 2022, respectively.5
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts with contractual
maturities.
|
Glacier Bancorp, Inc. |
|
Average Balance Sheets (continued) |
|
|
|
|
Nine Months ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,570,911 |
|
|
$ |
51,508 |
|
4.37 |
% |
|
$ |
1,236,674 |
|
|
$ |
42,279 |
|
4.56 |
% |
|
Commercial loans 1 |
|
12,910,691 |
|
|
|
498,152 |
|
5.16 |
% |
|
|
11,728,932 |
|
|
|
403,075 |
|
4.59 |
% |
|
Consumer and other loans |
|
1,236,158 |
|
|
|
54,248 |
|
5.87 |
% |
|
|
1,113,232 |
|
|
|
38,552 |
|
4.63 |
% |
|
Total loans 2 |
|
15,717,760 |
|
|
|
603,908 |
|
5.14 |
% |
|
|
14,078,838 |
|
|
|
483,906 |
|
4.60 |
% |
|
Tax-exempt debt securities 3 |
|
1,745,764 |
|
|
|
44,978 |
|
3.44 |
% |
|
|
1,902,147 |
|
|
|
52,561 |
|
3.68 |
% |
|
Taxable debt securities 4 |
|
8,240,041 |
|
|
|
107,338 |
|
1.74 |
% |
|
|
8,663,590 |
|
|
|
84,235 |
|
1.30 |
% |
|
Total earning assets |
|
25,703,565 |
|
|
|
756,224 |
|
3.93 |
% |
|
|
24,644,575 |
|
|
|
620,702 |
|
3.37 |
% |
|
Goodwill and intangibles |
|
1,023,274 |
|
|
|
|
|
|
|
1,033,606 |
|
|
|
|
|
|
Non-earning assets |
|
510,332 |
|
|
|
|
|
|
|
659,727 |
|
|
|
|
|
|
Total assets |
$ |
27,237,171 |
|
|
|
|
|
|
$ |
26,337,908 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,770,242 |
|
|
$ |
— |
|
— |
% |
|
$ |
8,004,395 |
|
|
$ |
— |
|
— |
% |
|
NOW and DDA accounts |
|
5,140,668 |
|
|
|
22,606 |
|
0.59 |
% |
|
|
5,387,013 |
|
|
|
2,362 |
|
0.06 |
% |
|
Savings accounts |
|
2,930,420 |
|
|
|
5,070 |
|
0.23 |
% |
|
|
3,276,092 |
|
|
|
836 |
|
0.03 |
% |
|
Money market deposit accounts |
|
3,253,138 |
|
|
|
28,654 |
|
1.18 |
% |
|
|
4,009,931 |
|
|
|
4,233 |
|
0.14 |
% |
|
Certificate accounts |
|
1,638,163 |
|
|
|
34,613 |
|
2.82 |
% |
|
|
980,543 |
|
|
|
2,416 |
|
0.33 |
% |
|
Total core deposits |
|
19,732,631 |
|
|
|
90,943 |
|
0.62 |
% |
|
|
21,657,974 |
|
|
|
9,847 |
|
0.06 |
% |
|
Wholesale deposits 5 |
|
213,465 |
|
|
|
7,999 |
|
5.01 |
% |
|
|
8,290 |
|
|
|
37 |
|
0.59 |
% |
|
Repurchase agreements |
|
1,238,139 |
|
|
|
24,185 |
|
2.61 |
% |
|
|
936,840 |
|
|
|
1,435 |
|
0.20 |
% |
|
FHLB advances |
|
738,004 |
|
|
|
26,910 |
|
4.81 |
% |
|
|
346,465 |
|
|
|
4,628 |
|
1.76 |
% |
|
FRB Bank Term Funding |
|
1,929,322 |
|
|
|
63,160 |
|
4.38 |
% |
|
|
— |
|
|
|
— |
|
— |
% |
|
Subordinated debentures and other borrowed funds |
|
208,891 |
|
|
|
5,737 |
|
3.67 |
% |
|
|
190,810 |
|
|
|
4,288 |
|
3.00 |
% |
|
Total funding liabilities |
|
24,060,452 |
|
|
|
218,934 |
|
1.22 |
% |
|
|
23,140,379 |
|
|
|
20,235 |
|
0.12 |
% |
|
Other liabilities |
|
256,022 |
|
|
|
|
|
|
|
249,001 |
|
|
|
|
|
|
Total liabilities |
|
24,316,474 |
|
|
|
|
|
|
|
23,389,380 |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,109 |
|
|
|
|
|
|
|
1,107 |
|
|
|
|
|
|
Paid-in capital |
|
2,345,698 |
|
|
|
|
|
|
|
2,340,208 |
|
|
|
|
|
|
Retained earnings |
|
1,017,159 |
|
|
|
|
|
|
|
881,208 |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(443,269 |
) |
|
|
|
|
|
|
(273,995 |
) |
|
|
|
|
|
Total stockholders’ equity |
|
2,920,697 |
|
|
|
|
|
|
|
2,948,528 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,237,171 |
|
|
|
|
|
|
$ |
26,337,908 |
|
|
|
|
|
| Net
interest income (tax-equivalent) |
|
|
$ |
537,290 |
|
|
|
|
|
$ |
600,467 |
|
|
| Net
interest spread (tax-equivalent) |
|
|
|
|
2.71 |
% |
|
|
|
|
|
3.25 |
% |
| Net
interest margin (tax-equivalent) |
|
|
|
|
2.79 |
% |
|
|
|
|
|
3.26 |
% |
______________________________
1 Includes tax effect of $4.4 million and $4.6
million on tax-exempt municipal loan and lease income for the nine
months ended September 30, 2023 and 2022, respectively.2 Total
loans are gross of the allowance for credit 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 $7.0 million and $10.9 million on tax-exempt debt
securities income for the nine months ended September 30, 2023
and 2022, respectively.4 Includes tax effect of $644 thousand and
$676 thousand on federal income tax credits for the nine months
ended September 30, 2023 and 2022, respectively.5 Wholesale
deposits include brokered deposits classified as NOW, DDA, money
market deposit and certificate accounts with contractual
maturities.
|
Glacier Bancorp, Inc. |
|
Loan Portfolio by Regulatory Classification |
|
|
|
|
Loans Receivable, by Loan Type |
|
% Change from |
|
(Dollars in thousands) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Custom and owner occupied construction |
$ |
306,106 |
|
|
$ |
315,651 |
|
|
$ |
298,461 |
|
|
$ |
288,977 |
|
|
(3 |
)% |
|
3 |
% |
|
6 |
% |
|
Pre-sold and spec construction |
|
287,048 |
|
|
|
306,440 |
|
|
|
297,895 |
|
|
|
291,146 |
|
|
(6 |
)% |
|
(4 |
)% |
|
(1 |
)% |
|
Total residential construction |
|
593,154 |
|
|
|
622,091 |
|
|
|
596,356 |
|
|
|
580,123 |
|
|
(5 |
)% |
|
(1 |
)% |
|
2 |
% |
|
Land development |
|
234,995 |
|
|
|
238,897 |
|
|
|
219,842 |
|
|
|
217,878 |
|
|
(2 |
)% |
|
7 |
% |
|
8 |
% |
|
Consumer land or lots |
|
184,685 |
|
|
|
182,251 |
|
|
|
206,604 |
|
|
|
204,241 |
|
|
1 |
% |
|
(11 |
)% |
|
(10 |
)% |
|
Unimproved land |
|
87,089 |
|
|
|
91,157 |
|
|
|
104,662 |
|
|
|
101,684 |
|
|
(4 |
)% |
|
(17 |
)% |
|
(14 |
)% |
|
Developed lots for operative builders |
|
62,485 |
|
|
|
65,134 |
|
|
|
60,987 |
|
|
|
62,800 |
|
|
(4 |
)% |
|
2 |
% |
|
(1 |
)% |
|
Commercial lots |
|
84,194 |
|
|
|
94,334 |
|
|
|
93,952 |
|
|
|
94,395 |
|
|
(11 |
)% |
|
(10 |
)% |
|
(11 |
)% |
|
Other construction |
|
982,384 |
|
|
|
1,039,192 |
|
|
|
938,406 |
|
|
|
893,846 |
|
|
(5 |
)% |
|
5 |
% |
|
10 |
% |
|
Total land, lot, and other construction |
|
1,635,832 |
|
|
|
1,710,965 |
|
|
|
1,624,453 |
|
|
|
1,574,844 |
|
|
(4 |
)% |
|
1 |
% |
|
4 |
% |
|
Owner occupied |
|
2,976,821 |
|
|
|
2,934,724 |
|
|
|
2,833,469 |
|
|
|
2,811,614 |
|
|
1 |
% |
|
5 |
% |
|
6 |
% |
|
Non-owner occupied |
|
3,765,266 |
|
|
|
3,714,531 |
|
|
|
3,531,673 |
|
|
|
3,448,044 |
|
|
1 |
% |
|
7 |
% |
|
9 |
% |
|
Total commercial real estate |
|
6,742,087 |
|
|
|
6,649,255 |
|
|
|
6,365,142 |
|
|
|
6,259,658 |
|
|
1 |
% |
|
6 |
% |
|
8 |
% |
|
Commercial and industrial |
|
1,363,198 |
|
|
|
1,370,393 |
|
|
|
1,377,888 |
|
|
|
1,308,272 |
|
|
(1 |
)% |
|
(1 |
)% |
|
4 |
% |
|
Agriculture |
|
785,208 |
|
|
|
770,378 |
|
|
|
735,553 |
|
|
|
770,282 |
|
|
2 |
% |
|
7 |
% |
|
2 |
% |
| 1st
lien |
|
2,054,497 |
|
|
|
1,956,205 |
|
|
|
1,808,502 |
|
|
|
1,738,151 |
|
|
5 |
% |
|
14 |
% |
|
18 |
% |
|
Junior lien |
|
47,490 |
|
|
|
46,616 |
|
|
|
40,445 |
|
|
|
36,677 |
|
|
2 |
% |
|
17 |
% |
|
29 |
% |
|
Total 1-4 family |
|
2,101,987 |
|
|
|
2,002,821 |
|
|
|
1,848,947 |
|
|
|
1,774,828 |
|
|
5 |
% |
|
14 |
% |
|
18 |
% |
|
Multifamily residential |
|
714,822 |
|
|
|
664,859 |
|
|
|
622,185 |
|
|
|
574,366 |
|
|
8 |
% |
|
15 |
% |
|
24 |
% |
|
Home equity lines of credit |
|
950,204 |
|
|
|
940,048 |
|
|
|
872,899 |
|
|
|
841,143 |
|
|
1 |
% |
|
9 |
% |
|
13 |
% |
|
Other consumer |
|
233,980 |
|
|
|
231,519 |
|
|
|
220,035 |
|
|
|
219,036 |
|
|
1 |
% |
|
6 |
% |
|
7 |
% |
|
Total consumer |
|
1,184,184 |
|
|
|
1,171,567 |
|
|
|
1,092,934 |
|
|
|
1,060,179 |
|
|
1 |
% |
|
8 |
% |
|
12 |
% |
|
States and political subdivisions |
|
833,618 |
|
|
|
812,688 |
|
|
|
797,656 |
|
|
|
776,875 |
|
|
3 |
% |
|
5 |
% |
|
7 |
% |
|
Other |
|
209,983 |
|
|
|
214,951 |
|
|
|
198,012 |
|
|
|
193,526 |
|
|
(2 |
)% |
|
6 |
% |
|
9 |
% |
|
Total loans receivable, including loans held for sale |
|
16,164,073 |
|
|
|
15,989,968 |
|
|
|
15,259,126 |
|
|
|
14,872,953 |
|
|
1 |
% |
|
6 |
% |
|
9 |
% |
|
Less loans held for sale 1 |
|
(29,027 |
) |
|
|
(35,006 |
) |
|
|
(12,314 |
) |
|
|
(21,720 |
) |
|
(17 |
)% |
|
136 |
% |
|
34 |
% |
|
Total loans receivable |
$ |
16,135,046 |
|
|
$ |
15,954,962 |
|
|
$ |
15,246,812 |
|
|
$ |
14,851,233 |
|
|
1 |
% |
|
6 |
% |
|
9 |
% |
______________________________
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 90Daysor More PastDue |
|
Other real estate owned and foreclosed assets |
|
(Dollars in thousands) |
Sep 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Sep 30,2023 |
|
Sep 30,2023 |
|
Sep 30,2023 |
|
Custom and owner occupied construction |
$ |
219 |
|
219 |
|
224 |
|
227 |
|
219 |
|
— |
|
— |
|
Pre-sold and spec construction |
|
763 |
|
1,548 |
|
389 |
|
1,016 |
|
— |
|
763 |
|
— |
|
Total residential construction |
|
982 |
|
1,767 |
|
613 |
|
1,243 |
|
219 |
|
763 |
|
— |
|
Land development |
|
80 |
|
118 |
|
138 |
|
149 |
|
80 |
|
— |
|
— |
|
Consumer land or lots |
|
314 |
|
239 |
|
278 |
|
285 |
|
314 |
|
— |
|
— |
|
Unimproved land |
|
36 |
|
43 |
|
78 |
|
94 |
|
36 |
|
— |
|
— |
|
Developed lots for operative builders |
|
608 |
|
608 |
|
251 |
|
255 |
|
— |
|
608 |
|
— |
|
Commercial lots |
|
188 |
|
188 |
|
— |
|
— |
|
141 |
|
47 |
|
— |
|
Other construction |
|
12,884 |
|
12,884 |
|
12,884 |
|
12,884 |
|
12,884 |
|
— |
|
— |
|
Total land, lot and other construction |
|
14,110 |
|
14,080 |
|
13,629 |
|
13,667 |
|
13,455 |
|
655 |
|
— |
|
Owner occupied |
|
1,445 |
|
2,251 |
|
2,076 |
|
2,687 |
|
1,326 |
|
119 |
|
— |
|
Non-owner occupied |
|
15,105 |
|
4,450 |
|
805 |
|
820 |
|
15,105 |
|
— |
|
— |
|
Total commercial real estate |
|
16,550 |
|
6,701 |
|
2,881 |
|
3,507 |
|
16,431 |
|
119 |
|
— |
|
Commercial and Industrial |
|
1,367 |
|
1,339 |
|
3,326 |
|
3,453 |
|
907 |
|
460 |
|
— |
|
Agriculture |
|
2,450 |
|
2,564 |
|
2,574 |
|
4,102 |
|
2,449 |
|
1 |
|
— |
| 1st
lien |
|
2,766 |
|
2,794 |
|
2,678 |
|
2,149 |
|
2,644 |
|
107 |
|
15 |
|
Junior lien |
|
363 |
|
273 |
|
166 |
|
139 |
|
147 |
|
216 |
|
— |
|
Total 1-4 family |
|
3,129 |
|
3,067 |
|
2,844 |
|
2,288 |
|
2,791 |
|
323 |
|
15 |
|
Multifamily residential |
|
— |
|
— |
|
4,535 |
|
4,635 |
|
— |
|
— |
|
— |
|
Home equity lines of credit |
|
1,612 |
|
1,256 |
|
1,393 |
|
1,550 |
|
1,402 |
|
210 |
|
— |
|
Other consumer |
|
942 |
|
1,116 |
|
911 |
|
555 |
|
726 |
|
183 |
|
33 |
|
Total consumer |
|
2,554 |
|
2,372 |
|
2,304 |
|
2,105 |
|
2,128 |
|
393 |
|
33 |
|
Other |
|
1,141 |
|
132 |
|
36 |
|
59 |
|
— |
|
1,141 |
|
— |
|
Total |
$ |
42,283 |
|
32,022 |
|
32,742 |
|
35,059 |
|
38,380 |
|
3,855 |
|
48 |
|
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 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Custom and owner occupied construction |
$ |
— |
|
$ |
324 |
|
$ |
1,082 |
|
$ |
427 |
|
(100 |
)% |
|
(100 |
)% |
|
(100 |
)% |
|
Pre-sold and spec construction |
|
599 |
|
|
129 |
|
|
1,712 |
|
|
— |
|
364 |
% |
|
(65 |
)% |
|
n/m |
|
Total residential construction |
|
599 |
|
|
453 |
|
|
2,794 |
|
|
427 |
|
32 |
% |
|
(79 |
)% |
|
40 |
% |
|
Land development |
|
44 |
|
|
244 |
|
|
— |
|
|
596 |
|
(82 |
)% |
|
n/m |
|
(93 |
)% |
|
Consumer land or lots |
|
528 |
|
|
565 |
|
|
442 |
|
|
— |
|
(7 |
)% |
|
19 |
% |
|
n/m |
|
Unimproved land |
|
87 |
|
|
— |
|
|
120 |
|
|
36 |
|
n/m |
|
(28 |
)% |
|
142 |
% |
|
Developed lots for operative builders |
|
— |
|
|
— |
|
|
958 |
|
|
30 |
|
n/m |
|
(100 |
)% |
|
(100 |
)% |
|
Commercial lots |
|
1,245 |
|
|
3,404 |
|
|
47 |
|
|
2,158 |
|
(63 |
)% |
|
2,549 |
% |
|
(42 |
)% |
|
Other construction |
|
— |
|
|
1,114 |
|
|
209 |
|
|
— |
|
(100 |
)% |
|
(100 |
)% |
|
n/m |
|
Total land, lot and other construction |
|
1,904 |
|
|
5,327 |
|
|
1,776 |
|
|
2,820 |
|
(64 |
)% |
|
7 |
% |
|
(32 |
)% |
|
Owner occupied |
|
652 |
|
|
1,053 |
|
|
3,478 |
|
|
527 |
|
(38 |
)% |
|
(81 |
)% |
|
24 |
% |
|
Non-owner occupied |
|
213 |
|
|
8,595 |
|
|
496 |
|
|
— |
|
(98 |
)% |
|
(57 |
)% |
|
n/m |
|
Total commercial real estate |
|
865 |
|
|
9,648 |
|
|
3,974 |
|
|
527 |
|
(91 |
)% |
|
(78 |
)% |
|
64 |
% |
|
Commercial and industrial |
|
2,946 |
|
|
2,096 |
|
|
3,439 |
|
|
2,087 |
|
41 |
% |
|
(14 |
)% |
|
41 |
% |
|
Agriculture |
|
604 |
|
|
871 |
|
|
1,367 |
|
|
641 |
|
(31 |
)% |
|
(56 |
)% |
|
(6 |
)% |
| 1st
lien |
|
1,006 |
|
|
1,115 |
|
|
2,174 |
|
|
761 |
|
(10 |
)% |
|
(54 |
)% |
|
32 |
% |
|
Junior lien |
|
355 |
|
|
385 |
|
|
190 |
|
|
72 |
|
(8 |
)% |
|
87 |
% |
|
393 |
% |
|
Total 1-4 family |
|
1,361 |
|
|
1,500 |
|
|
2,364 |
|
|
833 |
|
(9 |
)% |
|
(42 |
)% |
|
63 |
% |
|
Multifamily Residential |
|
— |
|
|
— |
|
|
492 |
|
|
— |
|
n/m |
|
(100 |
)% |
|
n/m |
|
Home equity lines of credit |
|
3,638 |
|
|
2,021 |
|
|
1,182 |
|
|
1,004 |
|
80 |
% |
|
208 |
% |
|
262 |
% |
|
Other consumer |
|
1,821 |
|
|
1,714 |
|
|
1,824 |
|
|
1,089 |
|
6 |
% |
|
— |
% |
|
67 |
% |
|
Total consumer |
|
5,459 |
|
|
3,735 |
|
|
3,006 |
|
|
2,093 |
|
46 |
% |
|
82 |
% |
|
161 |
% |
|
States and political subdivisions |
|
— |
|
|
— |
|
|
28 |
|
|
— |
|
n/m |
|
(100 |
)% |
|
n/m |
|
Other |
|
1,515 |
|
|
1,233 |
|
|
1,727 |
|
|
1,494 |
|
23 |
% |
|
(12 |
)% |
|
1 |
% |
|
Total |
$ |
15,253 |
|
$ |
24,863 |
|
$ |
20,967 |
|
$ |
10,922 |
|
(39 |
)% |
|
(27 |
)% |
|
40 |
% |
______________________________
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 30,2023 |
|
Jun 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2022 |
|
Sep 30,2023 |
|
Sep 30,2023 |
|
Custom and owner occupied construction |
$ |
— |
|
|
— |
|
|
17 |
|
|
17 |
|
|
— |
|
— |
|
Pre-sold and spec construction |
|
(12 |
) |
|
(8 |
) |
|
(15 |
) |
|
(12 |
) |
|
— |
|
12 |
|
Total residential construction |
|
(12 |
) |
|
(8 |
) |
|
2 |
|
|
5 |
|
|
— |
|
12 |
|
Land development |
|
(134 |
) |
|
(132 |
) |
|
(34 |
) |
|
(24 |
) |
|
— |
|
134 |
|
Consumer land or lots |
|
(14 |
) |
|
(14 |
) |
|
(46 |
) |
|
(46 |
) |
|
— |
|
14 |
|
Unimproved land |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
Total land, lot and other construction |
|
(148 |
) |
|
(146 |
) |
|
(80 |
) |
|
(70 |
) |
|
— |
|
148 |
|
Owner occupied |
|
(104 |
) |
|
(76 |
) |
|
555 |
|
|
229 |
|
|
16 |
|
120 |
|
Non-owner occupied |
|
500 |
|
|
299 |
|
|
(242 |
) |
|
(4 |
) |
|
507 |
|
7 |
|
Total commercial real estate |
|
396 |
|
|
223 |
|
|
313 |
|
|
225 |
|
|
523 |
|
127 |
|
Commercial and industrial |
|
(11 |
) |
|
(18 |
) |
|
(70 |
) |
|
395 |
|
|
616 |
|
627 |
|
Agriculture |
|
— |
|
|
— |
|
|
(7 |
) |
|
(5 |
) |
|
— |
|
— |
| 1st
lien |
|
98 |
|
|
101 |
|
|
(109 |
) |
|
(99 |
) |
|
111 |
|
13 |
|
Junior lien |
|
32 |
|
|
38 |
|
|
(302 |
) |
|
(303 |
) |
|
49 |
|
17 |
|
Total 1-4 family |
|
130 |
|
|
139 |
|
|
(411 |
) |
|
(402 |
) |
|
160 |
|
30 |
|
Multifamily residential |
|
— |
|
|
— |
|
|
136 |
|
|
— |
|
|
— |
|
— |
|
Home equity lines of credit |
|
20 |
|
|
56 |
|
|
(91 |
) |
|
(98 |
) |
|
102 |
|
82 |
|
Other consumer |
|
816 |
|
|
401 |
|
|
451 |
|
|
257 |
|
|
999 |
|
183 |
|
Total consumer |
|
836 |
|
|
457 |
|
|
360 |
|
|
159 |
|
|
1,101 |
|
265 |
|
Other |
|
5,430 |
|
|
3,765 |
|
|
7,572 |
|
|
5,540 |
|
|
7,884 |
|
2,454 |
|
Total |
$ |
6,621 |
|
|
4,412 |
|
|
7,815 |
|
|
5,847 |
|
|
10,284 |
|
3,663 |
Visit our website at www.glacierbancorp.com
CONTACT: Randall M. Chesler, CEO(406)
751-4722Ron J. Copher, CFO(406) 751-7706
Glacier Bancorp (NYSE:GBCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Glacier Bancorp (NYSE:GBCI)
Historical Stock Chart
From Apr 2023 to Apr 2024
