Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.3
million for the current quarter, a decrease of $25.4 million, or 32
percent, from the $79.7 million of net income for the prior year
fourth quarter. Diluted earnings per share for the current quarter
was $0.49 per share, a decrease of 32 percent from the prior year
fourth quarter diluted earnings per share of $0.72. The decrease in
net income compared to the prior year fourth quarter was primarily
due to the increase in funding costs, which outpaced the increase
in interest income. Included in the current quarter non-interest
expense was $6.0 million related to the Federal Deposit Insurance
Corporation (“FDIC”) special assessment pursuant to a systemic risk
determination. “The Glacier team wrapped up a strong fourth quarter
and 2023 despite industry turmoil throughout the year. We are
pleased to see many positive business trends developing in all our
Divisions and we are well positioned to grow in 2024 and beyond”
said Randy Chesler, President and Chief Executive Officer.
Net income for 2023 was $223 million, a decrease
of $80.3 million, or 26 percent, from $303 million for the prior
year, which was primarily driven by the increase in cost of funds
outpacing the increase in interest income. Diluted earnings per
share for 2023 was $2.01 per share, a decrease of 27 percent from
the prior year diluted earnings per share of $2.74.
The Company’s previously announced agreement to
acquire Community Financial Group, Inc., the parent company of
Wheatland Bank (collectively, “Wheatland”), headquartered in
Spokane, Washington, has received all required regulatory and
shareholder approvals and is expected to be completed January 31,
2024. Wheatland has 14 branches in eastern Washington with total
assets of $728 million, total loans of $469 million and total
deposits of $623 million as of December 31, 2023.
Asset Summary
| |
|
|
|
|
|
|
$ Change from |
| (Dollars in thousands) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Cash and cash equivalents |
$ |
1,354,342 |
|
|
1,672,094 |
|
|
401,995 |
|
|
(317,752 |
) |
|
952,347 |
|
| Debt securities,
available-for-sale |
|
4,785,719 |
|
|
4,741,738 |
|
|
5,307,307 |
|
|
43,981 |
|
|
(521,588 |
) |
| Debt securities,
held-to-maturity |
|
3,502,411 |
|
|
3,553,805 |
|
|
3,715,052 |
|
|
(51,394 |
) |
|
(212,641 |
) |
|
Total debt securities |
|
8,288,130 |
|
|
8,295,543 |
|
|
9,022,359 |
|
|
(7,413 |
) |
|
(734,229 |
) |
| Loans receivable |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
1,704,544 |
|
|
1,653,777 |
|
|
1,446,008 |
|
|
50,767 |
|
|
258,536 |
|
|
Commercial real estate |
|
10,303,306 |
|
|
10,292,446 |
|
|
9,797,047 |
|
|
10,860 |
|
|
506,259 |
|
|
Other commercial |
|
2,901,863 |
|
|
2,916,785 |
|
|
2,799,668 |
|
|
(14,922 |
) |
|
102,195 |
|
|
Home equity |
|
888,013 |
|
|
869,963 |
|
|
822,232 |
|
|
18,050 |
|
|
65,781 |
|
|
Other consumer |
|
400,356 |
|
|
402,075 |
|
|
381,857 |
|
|
(1,719 |
) |
|
18,499 |
|
|
Loans receivable |
|
16,198,082 |
|
|
16,135,046 |
|
|
15,246,812 |
|
|
63,036 |
|
|
951,270 |
|
|
Allowance for credit losses |
|
(192,757 |
) |
|
(192,271 |
) |
|
(182,283 |
) |
|
(486 |
) |
|
(10,474 |
) |
|
Loans receivable, net |
|
16,005,325 |
|
|
15,942,775 |
|
|
15,064,529 |
|
|
62,550 |
|
|
940,796 |
|
| Other assets |
|
2,094,832 |
|
|
2,153,149 |
|
|
2,146,492 |
|
|
(58,317 |
) |
|
(51,660 |
) |
|
Total assets |
$ |
27,742,629 |
|
|
28,063,561 |
|
|
26,635,375 |
|
|
(320,932 |
) |
|
1,107,254 |
|
The Company continued to maintain a strong cash
position of $1.354 billion at December 31, 2023 which was an
increase of $952 million over the prior year end. Total debt
securities of $8.288 billion at December 31, 2023 decreased $7.4
million during the current quarter and decreased $734 million, or 8
percent, from the prior year end. Debt securities represented 30
percent of total assets at December 31, 2023, compared to 34
percent at December 31, 2022 The loan portfolio
of $16.198 billion increased $63.0 million, or 2 percent
annualized, during the current quarter with the largest dollar
increase in residential real estate, which increased $50.8 million,
or 3 percent. The loan portfolio increased $951 million, or 6
percent, from the prior year end with the largest dollar increase
in commercial real estate loans, which increased $506 million, or 5
percent.
Credit Quality Summary
| |
At or for the Year ended |
|
At or for the Nine Months ended |
|
At or for the Year ended |
| (Dollars in thousands) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
| Allowance for credit
losses |
|
|
|
|
|
|
Balance at beginning of period |
$ |
182,283 |
|
|
182,283 |
|
|
172,665 |
|
|
Provision for credit losses |
|
20,790 |
|
|
16,609 |
|
|
17,433 |
|
|
Charge-offs |
|
(15,095 |
) |
|
(10,284 |
) |
|
(14,970 |
) |
|
Recoveries |
|
4,779 |
|
|
3,663 |
|
|
7,155 |
|
|
Balance at end of period |
$ |
192,757 |
|
|
192,271 |
|
|
182,283 |
|
| Provision for credit
losses |
|
|
|
|
|
|
Loan portfolio |
$ |
20,790 |
|
|
16,609 |
|
|
17,433 |
|
|
Unfunded loan commitments |
|
(5,995 |
) |
|
(4,827 |
) |
|
2,530 |
|
|
Total provision for credit losses |
$ |
14,795 |
|
|
11,782 |
|
|
19,963 |
|
| Other real estate owned |
$ |
1,032 |
|
|
— |
|
|
— |
|
| Other foreclosed assets |
|
471 |
|
|
48 |
|
|
32 |
|
| Accruing loans 90 days or more
past due |
|
3,312 |
|
|
3,855 |
|
|
1,559 |
|
| Non-accrual loans |
|
20,816 |
|
|
38,380 |
|
|
31,151 |
|
|
Total non-performing assets |
$ |
25,631 |
|
|
42,283 |
|
|
32,742 |
|
| Non-performing assets as a
percentage of subsidiary assets |
|
0.09 |
% |
|
0.15 |
% |
|
0.12 |
% |
| Allowance for credit losses as
a percentage of non-performing loans |
|
799 |
% |
|
455 |
% |
|
557 |
% |
| Allowance for credit losses as
a percentage of total loans |
|
1.19 |
% |
|
1.19 |
% |
|
1.20 |
% |
| Net charge-offs as a
percentage of total loans |
|
0.06 |
% |
|
0.04 |
% |
|
0.05 |
% |
| Accruing loans 30-89 days past
due |
$ |
49,967 |
|
|
15,253 |
|
|
20,967 |
|
| U.S. government guarantees
included in non-performing assets |
$ |
1,503 |
|
|
1,057 |
|
|
2,312 |
|
Non-performing assets of $25.6 million at
December 31, 2023 decreased $16.7 million, or 39 percent, over the
prior quarter and increased $7.1 million, or 22 percent, over the
prior year end. Non-performing assets as a percentage of subsidiary
assets at December 31, 2023 was 0.09 percent compared to 0.15
percent in the prior quarter and 0.12 percent in the prior year
fourth quarter.
Early stage delinquencies (accruing loans 30-89
days past due) of $50.0 million at December 31, 2023 increased
$34.7 million from the prior quarter and increased $29.0 million
from prior year end. The current quarter increase included a $13
million loan that was brought current shortly after quarter end.
The remaining early stage delinquencies was driven by seasonality
and a few isolated loans. Early stage delinquencies as a percentage
of loans at December 31, 2023 were 0.31 percent compared to 0.09
percent for the prior quarter end and 0.14 percent for the prior
year end.
The current quarter credit loss expense of $3.0
million included $4.2 million of credit loss expense from loans and
$1.2 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 December 31, 2023 was 1.19 percent
compared to 1.20 percent in the prior year fourth quarter.
Credit Quality Trends and Provision for Credit Losses on the
Loan Portfolio
| (Dollars in thousands) |
Provision for Credit LossesLoans |
|
Net Charge-Offs(Recoveries) |
|
ACLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
|
Fourth quarter 2023 |
$ |
4,181 |
|
|
$ |
3,695 |
|
1.19 |
% |
|
0.31 |
% |
|
0.09 |
% |
| 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 |
% |
Net charge-offs for the current quarter were
$3.7 million compared to $2.2 million in the prior quarter and $2.0
million for the prior year fourth quarter. Net charge-offs of $3.7
million included $2.0 million in deposit overdraft net charge-offs
and $1.7 million of net loan charge-offs.
The current quarter provision for credit loss
expense for loans was $4.2 million, which was a decrease of $914
thousand from the prior quarter and a $1.9 million decrease from
the prior year fourth 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) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2023 |
|
Dec 31,2022 |
| Deposits |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,022,980 |
|
6,465,353 |
|
7,690,751 |
|
(442,373 |
) |
|
(1,667,771 |
) |
|
NOW and DDA accounts |
|
5,321,257 |
|
5,253,367 |
|
5,330,614 |
|
67,890 |
|
|
(9,357 |
) |
|
Savings accounts |
|
2,833,887 |
|
2,872,362 |
|
3,200,321 |
|
(38,475 |
) |
|
(366,434 |
) |
|
Money market deposit accounts |
|
2,831,624 |
|
2,994,631 |
|
3,472,281 |
|
(163,007 |
) |
|
(640,657 |
) |
|
Certificate accounts |
|
2,915,393 |
|
2,742,017 |
|
880,589 |
|
173,376 |
|
|
2,034,804 |
|
|
Core deposits, total |
|
19,925,141 |
|
20,327,730 |
|
20,574,556 |
|
(402,589 |
) |
|
(649,415 |
) |
|
Wholesale deposits |
|
4,026 |
|
67,434 |
|
31,999 |
|
(63,408 |
) |
|
(27,973 |
) |
|
Deposits, total |
|
19,929,167 |
|
20,395,164 |
|
20,606,555 |
|
(465,997 |
) |
|
(677,388 |
) |
|
Repurchase agreements |
|
1,486,850 |
|
1,499,696 |
|
945,916 |
|
(12,846 |
) |
|
540,934 |
|
|
Deposits and repurchase agreements, total |
|
21,416,017 |
|
21,894,860 |
|
21,552,471 |
|
(478,843 |
) |
|
(136,454 |
) |
| Federal Home Loan Bank
advances |
|
— |
|
— |
|
1,800,000 |
|
— |
|
|
(1,800,000 |
) |
| FRB Bank Term Funding |
|
2,740,000 |
|
2,740,000 |
|
— |
|
— |
|
|
2,740,000 |
|
| Other borrowed funds |
|
81,695 |
|
73,752 |
|
77,293 |
|
7,943 |
|
|
4,402 |
|
| Subordinated debentures |
|
132,943 |
|
132,903 |
|
132,782 |
|
40 |
|
|
161 |
|
| Other liabilities |
|
351,693 |
|
347,452 |
|
229,524 |
|
4,241 |
|
|
122,169 |
|
|
Total liabilities |
$ |
24,722,348 |
|
25,188,967 |
|
23,792,070 |
|
(466,619 |
) |
|
930,278 |
|
During the current year, the Company experienced
unprecedented fluctuations in the deposit balances and higher
deposit rates, primarily due to the volatile interest rate
environment. As a result of the Company’s focus on diversified
deposits and repurchase agreements, core deposits and retail
repurchase agreements decreased $108 million, or 50 basis points,
from the prior year end. Total core deposits of $19.9 billion at
the current quarter end decreased $403 million, or 2 percent,
during the current quarter. Non-interest bearing deposits
represented 30 percent of total core deposits at December 31, 2023
compared to 37 percent at December 31, 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 $15.0 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) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Common equity |
$ |
3,394,394 |
|
|
3,374,961 |
|
|
3,312,097 |
|
|
19,433 |
|
82,297 |
| Accumulated other
comprehensive loss |
|
(374,113 |
) |
|
(500,367 |
) |
|
(468,792 |
) |
|
126,254 |
|
94,679 |
|
Total stockholders’ equity |
|
3,020,281 |
|
|
2,874,594 |
|
|
2,843,305 |
|
|
145,687 |
|
176,976 |
| Goodwill and core deposit
intangible, net |
|
(1,017,263 |
) |
|
(1,019,690 |
) |
|
(1,026,994 |
) |
|
2,427 |
|
9,731 |
|
Tangible stockholders’ equity |
$ |
2,003,018 |
|
|
1,854,904 |
|
|
1,816,311 |
|
|
148,114 |
|
186,707 |
|
Stockholders’ equity to total assets |
|
10.89 |
% |
|
10.24 |
% |
|
10.67 |
% |
|
|
|
|
| Tangible stockholders’ equity
to total tangible assets |
|
7.49 |
% |
|
6.86 |
% |
|
7.09 |
% |
|
|
|
|
| Book value per common
share |
$ |
27.24 |
|
|
25.93 |
|
|
25.67 |
|
|
1.31 |
|
1.57 |
| Tangible book value per common
share |
$ |
18.06 |
|
|
16.73 |
|
|
16.40 |
|
|
1.33 |
|
1.66 |
Tangible stockholders’ equity of $2.003 billion
at December 31, 2023 increased $148 million, or 8 percent, compared
to the prior quarter and was primarily due to a decrease in net
unrealized losses (after-tax) on available-for-sale (“AFS”) debt
securities during the current quarter. Tangible stockholders’
equity increased $187 million, or 10 percent, from December 31,
2022, which was primarily due to earnings retention and a decrease
in net unrealized losses (after-tax) on AFS debt securities.
Tangible book value per common share of $18.06 at the current
quarter end increased $1.33 per share, or 8 percent, from the prior
quarter. The tangible book value per common share increased $1.66
per share, or 10 percent, from the prior year end.
Cash DividendsOn November 15, 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 fourth quarter. The dividend was payable December
14, 2023 to shareholders of record on December 5, 2023. The
dividend was the Company’s 155th 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 December 31,
2023 Compared to
September 30, 2023,
June 30, 2023,
March 31, 2023, and
December 31, 2022
Income Summary
| |
Three Months ended |
| (Dollars in thousands) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
| Net interest income |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
273,496 |
|
|
|
264,906 |
|
|
247,365 |
|
|
231,888 |
|
|
225,085 |
|
|
Interest expense |
|
107,040 |
|
|
|
97,852 |
|
|
75,385 |
|
|
45,696 |
|
|
21,026 |
|
|
Total net interest income |
|
166,456 |
|
|
|
167,054 |
|
|
171,980 |
|
|
186,192 |
|
|
204,059 |
|
| Non-interest income |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
19,115 |
|
|
|
19,304 |
|
|
18,967 |
|
|
17,771 |
|
|
18,734 |
|
|
Miscellaneous loan fees and charges |
|
4,484 |
|
|
|
4,322 |
|
|
4,162 |
|
|
3,967 |
|
|
3,905 |
|
|
Gain on sale of loans |
|
2,228 |
|
|
|
4,046 |
|
|
3,528 |
|
|
2,400 |
|
|
2,175 |
|
|
Gain (loss) on sale of securities |
|
1,712 |
|
|
|
(65 |
) |
|
(23 |
) |
|
(114 |
) |
|
519 |
|
|
Other income |
|
3,326 |
|
|
|
2,633 |
|
|
2,445 |
|
|
3,871 |
|
|
3,150 |
|
|
Total non-interest income |
|
30,865 |
|
|
|
30,240 |
|
|
29,079 |
|
|
27,895 |
|
|
28,483 |
|
|
Total income |
$ |
197,321 |
|
|
|
197,294 |
|
|
201,059 |
|
|
214,087 |
|
|
232,542 |
|
| Net interest margin
(tax-equivalent) |
|
2.56 |
% |
|
|
2.58 |
% |
|
2.74 |
% |
|
3.08 |
% |
|
3.30 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
$ Change from |
| (Dollars in thousands) |
|
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
| Net interest income |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
$ |
8,590 |
|
|
26,131 |
|
|
41,608 |
|
|
48,411 |
|
|
Interest expense |
|
|
|
9,188 |
|
|
31,655 |
|
|
61,344 |
|
|
86,014 |
|
|
Total net interest income |
|
|
|
(598 |
) |
|
(5,524 |
) |
|
(19,736 |
) |
|
(37,603 |
) |
| Non-interest income |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
|
(189 |
) |
|
148 |
|
|
1,344 |
|
|
381 |
|
|
Miscellaneous loan fees and charges |
|
|
|
162 |
|
|
322 |
|
|
517 |
|
|
579 |
|
|
Gain on sale of loans |
|
|
|
(1,818 |
) |
|
(1,300 |
) |
|
(172 |
) |
|
53 |
|
|
Gain (loss) on sale of securities |
|
|
|
1,777 |
|
|
1,735 |
|
|
1,826 |
|
|
1,193 |
|
|
Other income |
|
|
|
693 |
|
|
881 |
|
|
(545 |
) |
|
176 |
|
|
Total non-interest income |
|
|
|
625 |
|
|
1,786 |
|
|
2,970 |
|
|
2,382 |
|
|
Total income |
|
|
$ |
27 |
|
|
(3,738 |
) |
|
(16,766 |
) |
|
(35,221 |
) |
Net Interest IncomeThe current quarter interest
income of $273 million increased $8.6 million, or 3 percent, over
the prior quarter and was driven primarily by the increase in the
loan yields and an increase in average balances of the loan
portfolio and interest-bearing cash. The current quarter interest
income increased $48.4 million, or 22 percent, over the prior year
fourth quarter and was principally due to loan growth and increased
loan yields. The loan yield of 5.34 percent in the current quarter
increased 7 basis points from the prior quarter loan yield of 5.27
percent and increased 51 basis points from the prior year fourth
quarter loan yield of 4.83 percent.
The current quarter interest expense of $107
million increased $9.2 million, or 9 percent, over the prior
quarter and increased $86.0 million, or 409 percent, over the prior
year fourth quarter primarily the result of an increase in rates on
deposits and borrowings. Core deposit cost (including non-interest
bearing deposits) was 1.24 percent for the current quarter compared
to 1.03 percent in the prior quarter and 0.08 percent for the prior
year fourth quarter. The total cost of funding (including
non-interest bearing deposits) was 1.72 percent in the current
quarter compared to 1.58 percent in the prior quarter and 0.35
percent in the prior year fourth 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 2.56 percent compared to 2.58 percent in the
prior quarter and 3.30 percent in the prior year fourth quarter.
Although the net interest margin has been negatively impacted by
the increase in interest rates during the current year, the Company
continued to experience a slower pace in the decline in the net
interest margin during the current quarter. The current quarter
decrease in net interest margin was 2 basis points compared to a
decrease of 16 basis points during the prior quarter.
Non-interest IncomeNon-interest income for the
current quarter totaled $30.9 million, which was an increase of
$625 thousand, or 2 percent, over the prior quarter. Gain on the
sale of residential loans of $2.2 million for the current quarter
decreased $1.8 million, or 45 percent, compared to the prior
quarter and increased $53 thousand, or 2 percent, from the prior
year fourth quarter. Included in the current quarter gain on sale
of securities was $1.7 million of gain on the sale of all of the
Company’s Visa class B shares.
Non-interest Expense Summary
| |
Three Months ended |
| (Dollars in thousands) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Compensation and employee benefits |
$ |
71,420 |
|
|
77,387 |
|
|
78,764 |
|
|
81,477 |
|
|
79,814 |
|
| Occupancy and equipment |
|
10,533 |
|
|
10,553 |
|
|
10,827 |
|
|
11,665 |
|
|
10,734 |
|
| Advertising and
promotions |
|
3,410 |
|
|
4,052 |
|
|
3,733 |
|
|
4,235 |
|
|
3,558 |
|
| Data processing |
|
8,511 |
|
|
8,730 |
|
|
8,402 |
|
|
8,109 |
|
|
8,079 |
|
| Other real estate owned and
foreclosed assets |
|
78 |
|
|
15 |
|
|
14 |
|
|
12 |
|
|
5 |
|
| Regulatory assessments and
insurance |
|
12,435 |
|
|
6,060 |
|
|
5,314 |
|
|
4,903 |
|
|
3,425 |
|
| Core deposit intangibles
amortization |
|
2,427 |
|
|
2,428 |
|
|
2,427 |
|
|
2,449 |
|
|
2,664 |
|
| Other expenses |
|
23,382 |
|
|
20,351 |
|
|
21,123 |
|
|
22,132 |
|
|
20,700 |
|
|
Total non-interest expense |
$ |
132,196 |
|
|
129,576 |
|
|
130,604 |
|
|
134,982 |
|
|
128,979 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
$ Change from |
| (Dollars in thousands) |
|
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
| Compensation and employee
benefits |
|
|
$ |
(5,967 |
) |
|
(7,344 |
) |
|
(10,057 |
) |
|
(8,394 |
) |
| Occupancy and equipment |
|
|
|
(20 |
) |
|
(294 |
) |
|
(1,132 |
) |
|
(201 |
) |
| Advertising and
promotions |
|
|
|
(642 |
) |
|
(323 |
) |
|
(825 |
) |
|
(148 |
) |
| Data processing |
|
|
|
(219 |
) |
|
109 |
|
|
402 |
|
|
432 |
|
| Other real estate owned and
foreclosed assets |
|
|
|
63 |
|
|
64 |
|
|
66 |
|
|
73 |
|
| Regulatory assessments and
insurance |
|
|
|
6,375 |
|
|
7,121 |
|
|
7,532 |
|
|
9,010 |
|
| Core deposit intangibles
amortization |
|
|
|
(1 |
) |
|
— |
|
|
(22 |
) |
|
(237 |
) |
| Other expenses |
|
|
|
3,031 |
|
|
2,259 |
|
|
1,250 |
|
|
2,682 |
|
|
Total non-interest expense |
|
|
$ |
2,620 |
|
|
1,592 |
|
|
(2,786 |
) |
|
3,217 |
|
Total non-interest expense of $132 million for
the current quarter increased $2.6 million, or 2 percent, over the
prior quarter and increased $3.2 million, or 2 percent, over the
prior year fourth quarter. Compensation and employee benefits
expense of $71.4 million for the current quarter decreased $6.0
million, or 8 percent, from the prior quarter and decreased $8.4
million, or 11 percent, over the prior year fourth quarter, which
was driven primarily by a decrease in performance-related
compensation including in real estate commissions. The Company has
also benefited during the year from increased operating
efficiencies and a decrease in staffing. Included in the current
quarter regulatory assessment and insurance expense was a $6.0
million expense related to the FDIC special assessment pursuant to
a systemic risk determination. Excluding the FDIC special
assessment, the $6.4 million regulatory assessments and insurance
expense in the current quarter increased $3.0 million, or 88
percent, over the prior year fourth quarter and was primarily due
to the FDIC uniformly increasing all depository institutions
premiums at the beginning of the current year. Other expense of
$23.4 million, increased $3.0 million, or 15 percent, from the
prior quarter and was driven by several miscellaneous category
increases. Other expense for the current quarter increased $2.7
million, or 13 percent, from the prior year fourth quarter and was
primarily attributable to a $2.5 million gain on the sale of a
former branch building in the prior year fourth quarter. “The
reduction in non-interest expense in the current quarter was
primarily due to the reduction in accrued performance-based
compensation. In addition, the Company continues to improve
operating efficiencies while monitoring staffing levels,” said Ron
Copher, Chief Financial Officer.
Federal and State Income Tax ExpenseTax expense
during the fourth quarter of 2023 was $7.8 million, a decrease of
$3.9 million, or 34 percent, compared to the prior quarter and a
decrease of $10.0 million, or 56 percent, from the prior year
fourth quarter. The effective tax rate in the current quarter was
12.6 percent compared to 18.3 percent in the prior quarter and 18.2
percent in the prior year fourth quarter. The current quarter
decrease in tax expense and the resulting effective tax rate was
the result of a combination of increased federal tax credits and a
decrease in the blended state tax rate.
Efficiency RatioThe efficiency ratio was 65.2
percent in the current quarter compared to 63.31 percent in the
prior quarter and 53.18 percent in the prior year fourth quarter.
The increase from the prior quarter was principally driven by the
FDIC special assessment and the decrease in the gain on the sale of
residential loans. The increase from the prior year fourth quarter
was primarily attributable to the increase in interest expense,
which outpaced the increase in interest income.
Operating Results for Year Ended
December 31, 2023Compared to
December 31, 2022
Income Summary
| |
Year ended |
|
|
| (Dollars in thousands) |
Dec 31,2023 |
|
Dec 31,2022 |
|
$ Change |
|
% Change |
| Net interest income |
|
|
|
|
|
|
|
|
Interest income |
$ |
1,017,655 |
|
|
$ |
829,640 |
|
|
$ |
188,015 |
|
|
23% |
|
Interest expense |
|
325,973 |
|
|
|
41,261 |
|
|
|
284,712 |
|
|
690% |
|
Total net interest income |
|
691,682 |
|
|
|
788,379 |
|
|
|
(96,697 |
) |
|
(12)% |
| Non-interest income |
|
|
|
|
|
|
|
|
Service charges and other fees |
|
75,157 |
|
|
|
72,124 |
|
|
|
3,033 |
|
|
4% |
|
Miscellaneous loan fees and charges |
|
16,935 |
|
|
|
15,350 |
|
|
|
1,585 |
|
|
10% |
|
Gain on sale of loans |
|
12,202 |
|
|
|
20,032 |
|
|
|
(7,830 |
) |
|
(39)% |
|
Gain on sale of securities |
|
1,510 |
|
|
|
620 |
|
|
|
890 |
|
|
144% |
|
Other income |
|
12,275 |
|
|
|
12,606 |
|
|
|
(331 |
) |
|
(3)% |
|
Total non-interest income |
|
118,079 |
|
|
|
120,732 |
|
|
|
(2,653 |
) |
|
(2)% |
|
Total Income |
$ |
809,761 |
|
|
$ |
909,111 |
|
|
$ |
(99,350 |
) |
|
(11)% |
| Net interest margin
(tax-equivalent) |
|
2.73 |
% |
|
|
3.27 |
% |
|
|
|
|
Net Interest IncomeNet-interest income of $692
million for 2023 decreased $96.7 million, or 12 percent, over 2022
and was primarily driven by increased interest expense. Interest
income of $1.018 billion for 2023 increased $188 million, or 23
percent, from the prior year and was primarily attributable to the
increase in the loan portfolio and an increase in loan yields. The
loan yield was 5.19 percent for 2023, an increase of 53 basis
points from the prior year loan yield of 4.66 percent.
Interest expense of $326 million for 2023
increased $285 million, or 690 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 0.77 percent for 2023
compared to 0.07 percent for the prior year. The total funding cost
(including non-interest bearing deposits) for 2023 was 1.35
percent, which was an increase of 117 basis points over the prior
year funding cost of 0.18 percent.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, during 2023 was 2.73
percent, a 54 basis points decrease from the net interest margin of
3.27 percent for the prior year. The core net interest margin,
excluding discount accretion, the impact from non-accrual interest
and the impact from the Paycheck Protection Program loans, was 2.71
percent for 2023, which was a 49 basis points decrease from the
core margin of 3.20 percent in the same period of the prior
year.
Non-interest Income Non-interest
income of $118 million for 2023 decreased $2.7 million, or 2
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.
Miscellaneous loan fees of $16.9 million increased $1.6 million for
2023, or 10 percent, which was primarily driven by increased credit
card interchange fees due to increased activity. Gain on sale of
residential loans of $12.2 million in 2023 decreased by $7.8
million, or 39 percent, over the prior year, primarily as result of
the reduction in residential purchase and refinance activity as
mortgage rates significantly increased during 2023. Non-interest
Expense Summary
| |
Year ended |
|
|
|
|
| (Dollars in thousands) |
Dec 31,2023 |
|
Dec 31,2022 |
|
$ Change |
|
% Change |
| Compensation and employee
benefits |
$ |
309,048 |
|
$ |
319,303 |
|
$ |
(10,255) |
|
|
(3)% |
|
Occupancy and equipment |
|
43,578 |
|
|
43,261 |
|
|
317 |
|
|
1% |
| Advertising and
promotions |
|
15,430 |
|
|
14,324 |
|
|
1,106 |
|
|
8% |
| Data processing |
|
33,752 |
|
|
30,823 |
|
|
2,929 |
|
|
10% |
| Other real estate owned and
foreclosed assets |
|
119 |
|
|
77 |
|
|
42 |
|
|
55% |
| Regulatory assessments and
insurance |
|
28,712 |
|
|
12,904 |
|
|
15,808 |
|
|
123% |
| Core deposit intangibles
amortization |
|
9,731 |
|
|
10,658 |
|
|
(927) |
|
|
(9)% |
| Other expenses |
|
86,988 |
|
|
87,518 |
|
|
(530) |
|
|
(1)% |
|
Total non-interest expense |
$ |
527,358 |
|
$ |
518,868 |
|
$ |
8,490 |
|
|
2% |
Total non-interest expense of $527 million for
2023 increased $8.5 million, or 2 percent, over the same period in
the prior year. Compensation and employee benefits expense of $309
million in 2023 decreased $10.3 million, or 3 percent, over the
prior year and was driven by a decrease in accrued
performance-related compensation and a decrease in real estate
commissions. Regulatory assessments and insurance of $28.7 million
for 2023 increased $15.8 million, or 123 percent, over the prior
year and was primarily due to the $6.0 million FDIC special
assessment and the FDIC uniformly increasing all depository
institutions premiums beginning in 2023. Other expense of $87.0
million for 2023 decreased $530 thousand, or 1 percent, from the
prior year and included changes in several miscellaneous
categories. Acquisition-related expenses were $1.3 million in 2023
compared to $10.0 million in 2022.
Provision for Credit Losses
The provision for credit loss expense was $14.8
million for 2023, a decrease of $5.2 million, or 26 percent, over
the same period in the prior year. The provision for credit loss
expense for 2023 included provision for credit loss expense of
$20.8 million on the loan portfolio and credit loss benefit of $6.0
million on the unfunded loan commitments. Net charge-offs during
2023 were $10.3 million compared to $7.8 million during 2022.
Federal and State Income Tax ExpenseTax expense
of $44.7 million for 2023 decreased $22.4 million, or 33 percent,
over the prior year. The effective tax rate for 2023 was 16.7
percent compared to 18.1 percent for the prior year. The decrease
in tax expense and the resulting effective tax rate was the result
of a combination of a decrease in the pre-tax income, an increase
in federal tax credits and a decrease in the blended state tax
rate.
Efficiency RatioThe efficiency ratio was 62.85
percent for 2023 compared to 54.64 percent for 2022. 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 Statements This news release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements about 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 FDIC insurance rates and assessments or
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 pending or future
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,
January 26, 2024. 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/BI418b19026885468085e5f5ca09a5f67e.
To participate via the webcast, log on to:
https://edge.media-server.com/mmc/p/2w5869im. 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) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
| Assets |
|
|
|
|
|
|
Cash on hand and in banks |
$ |
246,525 |
|
|
264,067 |
|
|
300,194 |
|
|
Interest bearing cash deposits |
|
1,107,817 |
|
|
1,408,027 |
|
|
101,801 |
|
|
Cash and cash equivalents |
|
1,354,342 |
|
|
1,672,094 |
|
|
401,995 |
|
|
Debt securities, available-for-sale |
|
4,785,719 |
|
|
4,741,738 |
|
|
5,307,307 |
|
|
Debt securities, held-to-maturity |
|
3,502,411 |
|
|
3,553,805 |
|
|
3,715,052 |
|
|
Total debt securities |
|
8,288,130 |
|
|
8,295,543 |
|
|
9,022,359 |
|
|
Loans held for sale, at fair value |
|
15,691 |
|
|
29,027 |
|
|
12,314 |
|
|
Loans receivable |
|
16,198,082 |
|
|
16,135,046 |
|
|
15,246,812 |
|
|
Allowance for credit losses |
|
(192,757 |
) |
|
(192,271 |
) |
|
(182,283 |
) |
|
Loans receivable, net |
|
16,005,325 |
|
|
15,942,775 |
|
|
15,064,529 |
|
|
Premises and equipment, net |
|
421,791 |
|
|
415,343 |
|
|
398,100 |
|
|
Other real estate owned and foreclosed assets |
|
1,503 |
|
|
48 |
|
|
32 |
|
|
Accrued interest receivable |
|
94,526 |
|
|
104,476 |
|
|
83,538 |
|
|
Deferred tax asset |
|
159,070 |
|
|
203,745 |
|
|
193,187 |
|
|
Core deposit intangible, net |
|
31,870 |
|
|
34,297 |
|
|
41,601 |
|
|
Goodwill |
|
985,393 |
|
|
985,393 |
|
|
985,393 |
|
|
Non-marketable equity securities |
|
12,755 |
|
|
11,330 |
|
|
82,015 |
|
|
Bank-owned life insurance |
|
171,101 |
|
|
170,175 |
|
|
169,068 |
|
|
Other assets |
|
201,132 |
|
|
199,315 |
|
|
181,244 |
|
|
Total assets |
$ |
27,742,629 |
|
|
28,063,561 |
|
|
26,635,375 |
|
|
Liabilities |
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,022,980 |
|
|
6,465,353 |
|
|
7,690,751 |
|
|
Interest bearing deposits |
|
13,906,187 |
|
|
13,929,811 |
|
|
12,915,804 |
|
|
Securities sold under agreements to repurchase |
|
1,486,850 |
|
|
1,499,696 |
|
|
945,916 |
|
|
FHLB advances |
|
— |
|
|
— |
|
|
1,800,000 |
|
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
2,740,000 |
|
|
— |
|
|
Other borrowed funds |
|
81,695 |
|
|
73,752 |
|
|
77,293 |
|
|
Subordinated debentures |
|
132,943 |
|
|
132,903 |
|
|
132,782 |
|
|
Accrued interest payable |
|
125,907 |
|
|
91,874 |
|
|
4,331 |
|
|
Other liabilities |
|
225,786 |
|
|
255,578 |
|
|
225,193 |
|
|
Total liabilities |
|
24,722,348 |
|
|
25,188,967 |
|
|
23,792,070 |
|
| 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 |
|
|
Paid-in capital |
|
2,350,104 |
|
|
2,348,305 |
|
|
2,344,005 |
|
|
Retained earnings - substantially restricted |
|
1,043,181 |
|
|
1,025,547 |
|
|
966,984 |
|
|
Accumulated other comprehensive loss |
|
(374,113 |
) |
|
(500,367 |
) |
|
(468,792 |
) |
|
Total stockholders’ equity |
|
3,020,281 |
|
|
2,874,594 |
|
|
2,843,305 |
|
|
Total liabilities and stockholders’ equity |
$ |
27,742,629 |
|
|
28,063,561 |
|
|
26,635,375 |
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
| |
Three Months ended |
|
Year ended |
| (Dollars in thousands, except
per share data) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2022 |
| Interest
Income |
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
57,233 |
|
|
53,397 |
|
|
43,818 |
|
201,930 |
|
169,035 |
|
Residential real estate loans |
|
19,820 |
|
|
18,594 |
|
|
14,964 |
|
71,328 |
|
57,243 |
|
Commercial loans |
|
175,957 |
|
|
173,437 |
|
|
150,462 |
|
669,663 |
|
548,969 |
|
Consumer and other loans |
|
20,486 |
|
|
19,478 |
|
|
15,841 |
|
74,734 |
|
54,393 |
|
Total interest income |
|
273,496 |
|
|
264,906 |
|
|
225,085 |
|
1,017,655 |
|
829,640 |
| Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
63,484 |
|
|
54,697 |
|
|
4,642 |
|
162,426 |
|
14,526 |
|
Securities sold under agreements to repurchase |
|
12,229 |
|
|
10,972 |
|
|
1,765 |
|
36,414 |
|
3,200 |
|
Federal Home Loan Bank advances |
|
— |
|
|
— |
|
|
12,689 |
|
26,910 |
|
17,317 |
|
FRB Bank Term Funding |
|
30,228 |
|
|
30,229 |
|
|
— |
|
93,388 |
|
— |
|
Other borrowed funds |
|
(372 |
) |
|
489 |
|
|
464 |
|
1,056 |
|
1,329 |
|
Subordinated debentures |
|
1,471 |
|
|
1,465 |
|
|
1,466 |
|
5,779 |
|
4,889 |
|
Total interest expense |
|
107,040 |
|
|
97,852 |
|
|
21,026 |
|
325,973 |
|
41,261 |
| Net Interest
Income |
|
166,456 |
|
|
167,054 |
|
|
204,059 |
|
691,682 |
|
788,379 |
|
Provision for credit losses |
|
3,013 |
|
|
3,539 |
|
|
6,124 |
|
14,795 |
|
19,963 |
|
Net interest income after provision for credit losses |
|
163,443 |
|
|
163,515 |
|
|
197,935 |
|
676,887 |
|
768,416 |
| Non-Interest
Income |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
19,115 |
|
|
19,304 |
|
|
18,734 |
|
75,157 |
|
72,124 |
|
Miscellaneous loan fees and charges |
|
4,484 |
|
|
4,322 |
|
|
3,905 |
|
16,935 |
|
15,350 |
|
Gain on sale of loans |
|
2,228 |
|
|
4,046 |
|
|
2,175 |
|
12,202 |
|
20,032 |
|
Gain (loss) on sale of securities |
|
1,712 |
|
|
(65 |
) |
|
519 |
|
1,510 |
|
620 |
|
Other income |
|
3,326 |
|
|
2,633 |
|
|
3,150 |
|
12,275 |
|
12,606 |
|
Total non-interest income |
|
30,865 |
|
|
30,240 |
|
|
28,483 |
|
118,079 |
|
120,732 |
| Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
71,420 |
|
|
77,387 |
|
|
79,814 |
|
309,048 |
|
319,303 |
|
Occupancy and equipment |
|
10,533 |
|
|
10,553 |
|
|
10,734 |
|
43,578 |
|
43,261 |
|
Advertising and promotions |
|
3,410 |
|
|
4,052 |
|
|
3,558 |
|
15,430 |
|
14,324 |
|
Data processing |
|
8,511 |
|
|
8,730 |
|
|
8,079 |
|
33,752 |
|
30,823 |
|
Other real estate owned and foreclosed assets |
|
78 |
|
|
15 |
|
|
5 |
|
119 |
|
77 |
|
Regulatory assessments and insurance |
|
12,435 |
|
|
6,060 |
|
|
3,425 |
|
28,712 |
|
12,904 |
|
Core deposit intangibles amortization |
|
2,427 |
|
|
2,428 |
|
|
2,664 |
|
9,731 |
|
10,658 |
|
Other expenses |
|
23,382 |
|
|
20,351 |
|
|
20,700 |
|
86,988 |
|
87,518 |
|
Total non-interest expense |
|
132,196 |
|
|
129,576 |
|
|
128,979 |
|
527,358 |
|
518,868 |
| Income Before Income
Taxes |
|
62,112 |
|
|
64,179 |
|
|
97,439 |
|
267,608 |
|
370,280 |
|
Federal and state income tax expense |
|
7,796 |
|
|
11,734 |
|
|
17,762 |
|
44,681 |
|
67,078 |
| Net
Income |
$ |
54,316 |
|
|
52,445 |
|
|
79,677 |
|
222,927 |
|
303,202 |
Glacier Bancorp,
Inc.Average Balance Sheets
| |
Three Months ended |
| |
December 31, 2023 |
|
September 30, 2023 |
| (Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,700,598 |
|
|
$ |
19,820 |
|
4.66% |
|
$ |
1,649,947 |
|
|
$ |
18,594 |
|
4.51% |
|
Commercial loans 1 |
|
13,196,412 |
|
|
|
177,397 |
|
5.33% |
|
|
13,120,479 |
|
|
|
174,822 |
|
5.29% |
|
Consumer and other loans |
|
1,279,626 |
|
|
|
20,486 |
|
6.35% |
|
|
1,263,775 |
|
|
|
19,478 |
|
6.11% |
|
Total loans 2 |
|
16,176,636 |
|
|
|
217,703 |
|
5.34% |
|
|
16,034,201 |
|
|
|
212,894 |
|
5.27% |
|
Tax-exempt debt securities 3 |
|
1,725,858 |
|
|
|
14,738 |
|
3.42% |
|
|
1,732,227 |
|
|
|
14,486 |
|
3.34% |
|
Taxable debt securities 4 |
|
8,466,825 |
|
|
|
44,665 |
|
2.11% |
|
|
8,485,157 |
|
|
|
41,052 |
|
1.94% |
|
Total earning assets |
|
26,369,319 |
|
|
|
277,106 |
|
4.17% |
|
|
26,251,585 |
|
|
|
268,432 |
|
4.06% |
|
Goodwill and intangibles |
|
1,018,423 |
|
|
|
|
|
|
|
1,020,868 |
|
|
|
|
|
|
Non-earning assets |
|
487,979 |
|
|
|
|
|
|
|
528,145 |
|
|
|
|
|
|
Total assets |
$ |
27,875,721 |
|
|
|
|
|
|
$ |
27,800,598 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,262,801 |
|
|
$ |
— |
|
—% |
|
$ |
6,461,350 |
|
|
$ |
— |
|
—% |
|
NOW and DDA accounts |
|
5,245,602 |
|
|
|
14,751 |
|
1.12% |
|
|
5,231,741 |
|
|
|
12,906 |
|
0.98% |
|
Savings accounts |
|
2,843,788 |
|
|
|
4,848 |
|
0.68% |
|
|
2,840,620 |
|
|
|
3,492 |
|
0.49% |
|
Money market deposit accounts |
|
2,911,054 |
|
|
|
13,600 |
|
1.85% |
|
|
3,039,177 |
|
|
|
12,646 |
|
1.65% |
|
Certificate accounts |
|
2,872,192 |
|
|
|
29,563 |
|
4.08% |
|
|
2,462,266 |
|
|
|
23,151 |
|
3.73% |
|
Total core deposits |
|
20,135,437 |
|
|
|
62,762 |
|
1.24% |
|
|
20,035,154 |
|
|
|
52,195 |
|
1.03% |
|
Wholesale deposits 5 |
|
53,841 |
|
|
|
722 |
|
5.32% |
|
|
188,523 |
|
|
|
2,502 |
|
5.27% |
|
Repurchase agreements |
|
1,488,419 |
|
|
|
12,229 |
|
3.26% |
|
|
1,401,765 |
|
|
|
10,972 |
|
3.11% |
|
FHLB advances |
|
— |
|
|
|
— |
|
—% |
|
|
— |
|
|
|
— |
|
—% |
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
|
30,228 |
|
4.38% |
|
|
2,740,000 |
|
|
|
30,229 |
|
4.38% |
|
Subordinated debentures and other borrowed funds |
|
211,570 |
|
|
|
1,099 |
|
2.06% |
|
|
208,336 |
|
|
|
1,954 |
|
3.72% |
|
Total funding liabilities |
|
24,629,267 |
|
|
|
107,040 |
|
1.72% |
|
|
24,573,778 |
|
|
|
97,852 |
|
1.58% |
|
Other liabilities |
|
332,740 |
|
|
|
|
|
|
|
302,564 |
|
|
|
|
|
|
Total liabilities |
|
24,962,007 |
|
|
|
|
|
|
|
24,876,342 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,109 |
|
|
|
|
|
|
|
1,109 |
|
|
|
|
|
|
Paid-in capital |
|
2,349,177 |
|
|
|
|
|
|
|
2,347,323 |
|
|
|
|
|
|
Retained earnings |
|
1,034,258 |
|
|
|
|
|
|
|
1,035,276 |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(470,830 |
) |
|
|
|
|
|
|
(459,452 |
) |
|
|
|
|
|
Total stockholders’ equity |
|
2,913,714 |
|
|
|
|
|
|
|
2,924,256 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,875,721 |
|
|
|
|
|
|
$ |
27,800,598 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
170,066 |
|
|
|
|
|
$ |
170,580 |
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
2.45% |
|
|
|
|
|
2.48% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
2.56% |
|
|
|
|
|
2.58% |
______________________________
1 Includes tax effect of $1.4 million and $1.4
million on tax-exempt municipal loan and lease income for the three
months ended December 31, 2023 and September 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 $2.0 million and $1.9
million on tax-exempt debt securities income for the three months
ended December 31, 2023 and September 30, 2023,
respectively.4 Includes tax effect of $215 thousand and $215
thousand on federal income tax credits for the three months ended
December 31, 2023 and September 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 |
| |
December 31, 2023 |
|
December 31, 2022 |
| (Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,700,598 |
|
|
$ |
19,820 |
|
4.66% |
|
$ |
1,424,550 |
|
|
$ |
14,964 |
|
4.20% |
|
Commercial loans 1 |
|
13,196,412 |
|
|
|
177,397 |
|
5.33% |
|
|
12,419,414 |
|
|
|
152,169 |
|
4.86% |
|
Consumer and other loans |
|
1,279,626 |
|
|
|
20,486 |
|
6.35% |
|
|
1,183,727 |
|
|
|
15,841 |
|
5.31% |
|
Total loans 2 |
|
16,176,636 |
|
|
|
217,703 |
|
5.34% |
|
|
15,027,691 |
|
|
|
182,974 |
|
4.83% |
|
Tax-exempt debt securities 3 |
|
1,725,858 |
|
|
|
14,738 |
|
3.42% |
|
|
1,960,007 |
|
|
|
17,877 |
|
3.65% |
|
Taxable debt securities 4 |
|
8,466,825 |
|
|
|
44,665 |
|
2.11% |
|
|
8,200,203 |
|
|
|
29,717 |
|
1.45% |
|
Total earning assets |
|
26,369,319 |
|
|
|
277,106 |
|
4.17% |
|
|
25,187,901 |
|
|
|
230,568 |
|
3.63% |
|
Goodwill and intangibles |
|
1,018,423 |
|
|
|
|
|
|
|
1,028,277 |
|
|
|
|
|
|
Non-earning assets |
|
487,979 |
|
|
|
|
|
|
|
436,260 |
|
|
|
|
|
|
Total assets |
$ |
27,875,721 |
|
|
|
|
|
|
$ |
26,652,438 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,262,801 |
|
|
$ |
— |
|
—% |
|
$ |
8,010,053 |
|
|
$ |
— |
|
—% |
|
NOW and DDA accounts |
|
5,245,602 |
|
|
|
14,751 |
|
1.12% |
|
|
5,388,062 |
|
|
|
1,077 |
|
0.08% |
|
Savings accounts |
|
2,843,788 |
|
|
|
4,848 |
|
0.68% |
|
|
3,255,091 |
|
|
|
355 |
|
0.04% |
|
Money market deposit accounts |
|
2,911,054 |
|
|
|
13,600 |
|
1.85% |
|
|
3,679,866 |
|
|
|
2,168 |
|
0.23% |
|
Certificate accounts |
|
2,872,192 |
|
|
|
29,563 |
|
4.08% |
|
|
882,490 |
|
|
|
834 |
|
0.37% |
|
Total core deposits |
|
20,135,437 |
|
|
|
62,762 |
|
1.24% |
|
|
21,215,562 |
|
|
|
4,434 |
|
0.08% |
|
Wholesale deposits 5 |
|
53,841 |
|
|
|
722 |
|
5.32% |
|
|
22,462 |
|
|
|
208 |
|
3.69% |
|
Repurchase agreements |
|
1,488,419 |
|
|
|
12,229 |
|
3.26% |
|
|
873,819 |
|
|
|
1,765 |
|
0.80% |
|
FHLB advances |
|
— |
|
|
|
— |
|
—% |
|
|
1,291,087 |
|
|
|
12,689 |
|
3.85% |
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
|
30,228 |
|
4.38% |
|
|
— |
|
|
|
— |
|
—% |
|
Subordinated debentures and other borrowed funds |
|
211,570 |
|
|
|
1,099 |
|
2.06% |
|
|
211,953 |
|
|
|
1,930 |
|
3.61% |
|
Total funding liabilities |
|
24,629,267 |
|
|
|
107,040 |
|
1.72% |
|
|
23,614,883 |
|
|
|
21,026 |
|
0.35% |
|
Other liabilities |
|
332,740 |
|
|
|
|
|
|
|
252,298 |
|
|
|
|
|
|
Total liabilities |
|
24,962,007 |
|
|
|
|
|
|
|
23,867,181 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,109 |
|
|
|
|
|
|
|
1,108 |
|
|
|
|
|
|
Paid-in capital |
|
2,349,177 |
|
|
|
|
|
|
|
2,343,157 |
|
|
|
|
|
|
Retained earnings |
|
1,034,258 |
|
|
|
|
|
|
|
946,195 |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(470,830 |
) |
|
|
|
|
|
|
(505,203 |
) |
|
|
|
|
|
Total stockholders’ equity |
|
2,913,714 |
|
|
|
|
|
|
|
2,785,257 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,875,721 |
|
|
|
|
|
|
$ |
26,652,438 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
170,066 |
|
|
|
|
|
$ |
209,542 |
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
2.45% |
|
|
|
|
|
3.28% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
2.56% |
|
|
|
|
|
3.30% |
______________________________
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 December 31, 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 $2.0 million and $3.6 million on tax-exempt debt
securities income for the three months ended December 31, 2023
and 2022, respectively.4 Includes tax effect of $215 thousand and
$225 thousand on federal income tax credits for the three months
ended December 31, 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)
| |
Year ended |
| |
December 31, 2023 |
|
December 31, 2022 |
| (Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,603,600 |
|
|
$ |
71,328 |
|
4.45% |
|
$ |
1,284,029 |
|
|
$ |
57,243 |
|
4.46% |
|
Commercial loans 1 |
|
12,982,708 |
|
|
|
675,549 |
|
5.20% |
|
|
11,902,971 |
|
|
|
555,244 |
|
4.66% |
|
Consumer and other loans |
|
1,247,114 |
|
|
|
74,734 |
|
5.99% |
|
|
1,131,000 |
|
|
|
54,393 |
|
4.81% |
|
Total loans 2 |
|
15,833,422 |
|
|
|
821,611 |
|
5.19% |
|
|
14,318,000 |
|
|
|
666,880 |
|
4.66% |
|
Tax-exempt debt securities 3 |
|
1,740,746 |
|
|
|
59,716 |
|
3.43% |
|
|
1,916,731 |
|
|
|
70,438 |
|
3.67% |
|
Taxable debt securities 4 |
|
8,297,203 |
|
|
|
152,003 |
|
1.83% |
|
|
8,546,792 |
|
|
|
113,952 |
|
1.33% |
|
Total earning assets |
|
25,871,371 |
|
|
|
1,033,330 |
|
3.99% |
|
|
24,781,523 |
|
|
|
851,270 |
|
3.44% |
|
Goodwill and intangibles |
|
1,022,052 |
|
|
|
|
|
|
|
1,032,263 |
|
|
|
|
|
|
Non-earning assets |
|
504,698 |
|
|
|
|
|
|
|
603,401 |
|
|
|
|
|
|
Total assets |
$ |
27,398,121 |
|
|
|
|
|
|
$ |
26,417,187 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,642,339 |
|
|
$ |
— |
|
—% |
|
$ |
8,005,821 |
|
|
$ |
— |
|
—% |
|
NOW and DDA accounts |
|
5,167,117 |
|
|
|
37,357 |
|
0.72% |
|
|
5,387,277 |
|
|
|
3,439 |
|
0.06% |
|
Savings accounts |
|
2,908,584 |
|
|
|
9,918 |
|
0.34% |
|
|
3,270,799 |
|
|
|
1,191 |
|
0.04% |
|
Money market deposit accounts |
|
3,166,914 |
|
|
|
42,254 |
|
1.33% |
|
|
3,926,737 |
|
|
|
6,401 |
|
0.16% |
|
Certificate accounts |
|
1,949,206 |
|
|
|
64,176 |
|
3.29% |
|
|
955,829 |
|
|
|
3,249 |
|
0.34% |
|
Total core deposits |
|
19,834,160 |
|
|
|
153,705 |
|
0.77% |
|
|
21,546,463 |
|
|
|
14,280 |
|
0.07% |
|
Wholesale deposits 5 |
|
173,231 |
|
|
|
8,721 |
|
5.03% |
|
|
11,862 |
|
|
|
246 |
|
2.07% |
|
Repurchase agreements |
|
1,301,223 |
|
|
|
36,414 |
|
2.80% |
|
|
920,955 |
|
|
|
3,200 |
|
0.35% |
|
FHLB advances |
|
551,986 |
|
|
|
26,910 |
|
4.81% |
|
|
584,562 |
|
|
|
17,317 |
|
2.92% |
|
FRB Bank Term Funding |
|
2,133,658 |
|
|
|
93,388 |
|
4.38% |
|
|
— |
|
|
|
— |
|
—% |
|
Subordinated debentures and other borrowed funds |
|
209,567 |
|
|
|
6,835 |
|
3.26% |
|
|
196,139 |
|
|
|
6,218 |
|
3.17% |
|
Total funding liabilities |
|
24,203,825 |
|
|
|
325,973 |
|
1.35% |
|
|
23,259,981 |
|
|
|
41,261 |
|
0.18% |
|
Other liabilities |
|
275,359 |
|
|
|
|
|
|
|
249,832 |
|
|
|
|
|
|
Total liabilities |
|
24,479,184 |
|
|
|
|
|
|
|
23,509,813 |
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,109 |
|
|
|
|
|
|
|
1,107 |
|
|
|
|
|
|
Paid-in capital |
|
2,346,575 |
|
|
|
|
|
|
|
2,340,952 |
|
|
|
|
|
|
Retained earnings |
|
1,021,469 |
|
|
|
|
|
|
|
897,587 |
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
(450,216 |
) |
|
|
|
|
|
|
(332,272 |
) |
|
|
|
|
|
Total stockholders’ equity |
|
2,918,937 |
|
|
|
|
|
|
|
2,907,374 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,398,121 |
|
|
|
|
|
|
$ |
26,417,187 |
|
|
|
|
|
| Net interest income
(tax-equivalent) |
|
|
$ |
707,357 |
|
|
|
|
|
$ |
810,009 |
|
|
| Net interest spread
(tax-equivalent) |
|
|
|
|
2.64% |
|
|
|
|
|
3.26% |
| Net interest margin
(tax-equivalent) |
|
|
|
|
2.73% |
|
|
|
|
|
3.27% |
______________________________
1 Includes tax effect of $5.9 million and $6.3
million on tax-exempt municipal loan and lease income for the year
ended December 31, 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 $8.9 million and $14.5 million on tax-exempt debt
securities income for the year ended December 31, 2023 and
2022, respectively.4 Includes tax effect of $859 thousand and $901
thousand on federal income tax credits for the year ended
December 31, 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) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2023 |
|
Dec 31,2022 |
| Custom and owner occupied
construction |
$ |
290,572 |
|
|
$ |
306,106 |
|
|
$ |
298,461 |
|
|
(5)% |
|
(3)% |
| Pre-sold and spec
construction |
|
236,596 |
|
|
|
287,048 |
|
|
|
297,895 |
|
|
(18)% |
|
(21)% |
|
Total residential construction |
|
527,168 |
|
|
|
593,154 |
|
|
|
596,356 |
|
|
(11)% |
|
(12)% |
| Land development |
|
232,966 |
|
|
|
234,995 |
|
|
|
219,842 |
|
|
(1)% |
|
6% |
| Consumer land or lots |
|
187,545 |
|
|
|
184,685 |
|
|
|
206,604 |
|
|
2% |
|
(9)% |
| Unimproved land |
|
87,739 |
|
|
|
87,089 |
|
|
|
104,662 |
|
|
1% |
|
(16)% |
| Developed lots for operative
builders |
|
56,142 |
|
|
|
62,485 |
|
|
|
60,987 |
|
|
(10)% |
|
(8)% |
| Commercial lots |
|
87,185 |
|
|
|
84,194 |
|
|
|
93,952 |
|
|
4% |
|
(7)% |
| Other construction |
|
900,547 |
|
|
|
982,384 |
|
|
|
938,406 |
|
|
(8)% |
|
(4)% |
|
Total land, lot, and other construction |
|
1,552,124 |
|
|
|
1,635,832 |
|
|
|
1,624,453 |
|
|
(5)% |
|
(4)% |
|
Owner occupied |
|
3,035,768 |
|
|
|
2,976,821 |
|
|
|
2,833,469 |
|
|
2% |
|
7% |
| Non-owner occupied |
|
3,742,916 |
|
|
|
3,765,266 |
|
|
|
3,531,673 |
|
|
(1)% |
|
6% |
|
Total commercial real estate |
|
6,778,684 |
|
|
|
6,742,087 |
|
|
|
6,365,142 |
|
|
1% |
|
6% |
| Commercial and
industrial |
|
1,363,479 |
|
|
|
1,363,198 |
|
|
|
1,377,888 |
|
|
—% |
|
(1)% |
|
Agriculture |
|
772,458 |
|
|
|
785,208 |
|
|
|
735,553 |
|
|
(2)% |
|
5% |
| 1st lien |
|
2,127,989 |
|
|
|
2,054,497 |
|
|
|
1,808,502 |
|
|
4% |
|
18% |
| Junior lien |
|
47,230 |
|
|
|
47,490 |
|
|
|
40,445 |
|
|
(1)% |
|
17% |
|
Total 1-4 family |
|
2,175,219 |
|
|
|
2,101,987 |
|
|
|
1,848,947 |
|
|
3% |
|
18% |
| Multifamily
residential |
|
796,538 |
|
|
|
714,822 |
|
|
|
622,185 |
|
|
11% |
|
28% |
| Home equity lines of
credit |
|
979,891 |
|
|
|
950,204 |
|
|
|
872,899 |
|
|
3% |
|
12% |
| Other consumer |
|
229,154 |
|
|
|
233,980 |
|
|
|
220,035 |
|
|
(2)% |
|
4% |
|
Total consumer |
|
1,209,045 |
|
|
|
1,184,184 |
|
|
|
1,092,934 |
|
|
2% |
|
11% |
| States and political
subdivisions |
|
834,947 |
|
|
|
833,618 |
|
|
|
797,656 |
|
|
—% |
|
5% |
| Other |
|
204,111 |
|
|
|
209,983 |
|
|
|
198,012 |
|
|
(3)% |
|
3% |
|
Total loans receivable, including loans held for sale |
|
16,213,773 |
|
|
|
16,164,073 |
|
|
|
15,259,126 |
|
|
—% |
|
6% |
| Less loans held for
sale 1 |
|
(15,691 |
) |
|
|
(29,027 |
) |
|
|
(12,314 |
) |
|
(46)% |
|
27% |
|
Total loans receivable |
$ |
16,198,082 |
|
|
$ |
16,135,046 |
|
|
$ |
15,246,812 |
|
|
—% |
|
6% |
______________________________
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) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2023 |
|
Dec 31,2023 |
|
Custom and owner occupied construction |
$ |
214 |
|
219 |
|
224 |
|
214 |
|
— |
|
— |
| Pre-sold and spec
construction |
|
763 |
|
763 |
|
389 |
|
— |
|
763 |
|
— |
|
Total residential construction |
|
977 |
|
982 |
|
613 |
|
214 |
|
763 |
|
— |
| Land development |
|
35 |
|
80 |
|
138 |
|
35 |
|
— |
|
— |
| Consumer land or lots |
|
96 |
|
314 |
|
278 |
|
96 |
|
— |
|
— |
| Unimproved land |
|
— |
|
36 |
|
78 |
|
— |
|
— |
|
— |
| Developed lots for operative
builders |
|
608 |
|
608 |
|
251 |
|
— |
|
608 |
|
— |
| Commercial lots |
|
47 |
|
188 |
|
— |
|
— |
|
47 |
|
— |
| Other construction |
|
— |
|
12,884 |
|
12,884 |
|
— |
|
— |
|
— |
|
Total land, lot and other construction |
|
786 |
|
14,110 |
|
13,629 |
|
131 |
|
655 |
|
— |
| Owner occupied |
|
1,838 |
|
1,445 |
|
2,076 |
|
821 |
|
— |
|
1,017 |
| Non-owner occupied |
|
11,016 |
|
15,105 |
|
805 |
|
10,757 |
|
259 |
|
— |
|
Total commercial real estate |
|
12,854 |
|
16,550 |
|
2,881 |
|
11,578 |
|
259 |
|
1,017 |
| Commercial and
Industrial |
|
1,971 |
|
1,367 |
|
3,326 |
|
1,245 |
|
575 |
|
151 |
|
Agriculture |
|
2,558 |
|
2,450 |
|
2,574 |
|
2,557 |
|
1 |
|
— |
| 1st lien |
|
2,664 |
|
2,766 |
|
2,678 |
|
2,533 |
|
116 |
|
15 |
| Junior lien |
|
180 |
|
363 |
|
166 |
|
144 |
|
36 |
|
— |
|
Total 1-4 family |
|
2,844 |
|
3,129 |
|
2,844 |
|
2,677 |
|
152 |
|
15 |
| Multifamily
residential |
|
395 |
|
— |
|
4,535 |
|
— |
|
395 |
|
— |
| Home equity lines of
credit |
|
2,043 |
|
1,612 |
|
1,393 |
|
1,778 |
|
265 |
|
— |
| Other consumer |
|
1,187 |
|
942 |
|
911 |
|
636 |
|
231 |
|
320 |
|
Total consumer |
|
3,230 |
|
2,554 |
|
2,304 |
|
2,414 |
|
496 |
|
320 |
| Other |
|
16 |
|
1,141 |
|
36 |
|
— |
|
16 |
|
— |
|
Total |
$ |
25,631 |
|
42,283 |
|
32,742 |
|
20,816 |
|
3,312 |
|
1,503 |
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
| |
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
| (Dollars in thousands) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Sep 30,2023 |
|
Dec 31,2022 |
| Custom and owner occupied
construction |
$ |
2,549 |
|
$ |
— |
|
$ |
1,082 |
|
n/m |
|
136% |
| Pre-sold and spec
construction |
|
1,219 |
|
|
599 |
|
|
1,712 |
|
104% |
|
(29)% |
|
Total residential construction |
|
3,768 |
|
|
599 |
|
|
2,794 |
|
529% |
|
35% |
| Land development |
|
163 |
|
|
44 |
|
|
— |
|
270% |
|
n/m |
| Consumer land or lots |
|
624 |
|
|
528 |
|
|
442 |
|
18% |
|
41% |
| Unimproved land |
|
— |
|
|
87 |
|
|
120 |
|
(100)% |
|
(100)% |
| Developed lots for operative
builders |
|
— |
|
|
— |
|
|
958 |
|
n/m |
|
(100)% |
| Commercial lots |
|
2,159 |
|
|
1,245 |
|
|
47 |
|
73% |
|
4,494% |
| Other construction |
|
— |
|
|
— |
|
|
209 |
|
n/m |
|
(100)% |
|
Total land, lot and other construction |
|
2,946 |
|
|
1,904 |
|
|
1,776 |
|
55% |
|
66% |
| Owner occupied |
|
2,222 |
|
|
652 |
|
|
3,478 |
|
241% |
|
(36)% |
| Non-owner occupied |
|
14,471 |
|
|
213 |
|
|
496 |
|
6,694% |
|
2,818% |
|
Total commercial real estate |
|
16,693 |
|
|
865 |
|
|
3,974 |
|
1,830% |
|
320% |
| Commercial and
industrial |
|
12,905 |
|
|
2,946 |
|
|
3,439 |
|
338% |
|
275% |
|
Agriculture |
|
594 |
|
|
604 |
|
|
1,367 |
|
(2)% |
|
(57)% |
| 1st lien |
|
3,768 |
|
|
1,006 |
|
|
2,174 |
|
275% |
|
73% |
| Junior lien |
|
1 |
|
|
355 |
|
|
190 |
|
(100)% |
|
(99)% |
|
Total 1-4 family |
|
3,769 |
|
|
1,361 |
|
|
2,364 |
|
177% |
|
59% |
| Multifamily
Residential |
|
— |
|
|
— |
|
|
492 |
|
n/m |
|
(100)% |
| Home equity lines of
credit |
|
4,518 |
|
|
3,638 |
|
|
1,182 |
|
24% |
|
282% |
| Other consumer |
|
3,264 |
|
|
1,821 |
|
|
1,824 |
|
79% |
|
79% |
|
Total consumer |
|
7,782 |
|
|
5,459 |
|
|
3,006 |
|
43% |
|
159% |
| States and political
subdivisions |
|
— |
|
|
— |
|
|
28 |
|
n/m |
|
(100)% |
| Other |
|
1,510 |
|
|
1,515 |
|
|
1,727 |
|
—% |
|
(13)% |
|
Total |
$ |
49,967 |
|
$ |
15,253 |
|
$ |
20,967 |
|
228% |
|
138% |
______________________________
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) |
Dec 31,2023 |
|
Sep 30,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2023 |
|
Custom and owner occupied construction |
$ |
— |
|
|
— |
|
|
17 |
|
|
— |
|
— |
| Pre-sold and spec
construction |
|
(15 |
) |
|
(12 |
) |
|
(15 |
) |
|
— |
|
15 |
|
Total residential construction |
|
(15 |
) |
|
(12 |
) |
|
2 |
|
|
— |
|
15 |
| Land development |
|
(135 |
) |
|
(134 |
) |
|
(34 |
) |
|
— |
|
135 |
| Consumer land or lots |
|
(19 |
) |
|
(14 |
) |
|
(46 |
) |
|
— |
|
19 |
| Other construction |
|
889 |
|
|
— |
|
|
— |
|
|
889 |
|
— |
|
Total land, lot and other construction |
|
735 |
|
|
(148 |
) |
|
(80 |
) |
|
889 |
|
154 |
| Owner occupied |
|
(59 |
) |
|
(104 |
) |
|
555 |
|
|
66 |
|
125 |
| Non-owner occupied |
|
799 |
|
|
500 |
|
|
(242 |
) |
|
807 |
|
8 |
|
Total commercial real estate |
|
740 |
|
|
396 |
|
|
313 |
|
|
873 |
|
133 |
| Commercial and
industrial |
|
364 |
|
|
(11 |
) |
|
(70 |
) |
|
1,040 |
|
676 |
|
Agriculture |
|
— |
|
|
— |
|
|
(7 |
) |
|
— |
|
— |
| 1st lien |
|
66 |
|
|
98 |
|
|
(109 |
) |
|
110 |
|
44 |
| Junior lien |
|
24 |
|
|
32 |
|
|
(302 |
) |
|
49 |
|
25 |
|
Total 1-4 family |
|
90 |
|
|
130 |
|
|
(411 |
) |
|
159 |
|
69 |
| Multifamily
residential |
|
(136 |
) |
|
— |
|
|
136 |
|
|
— |
|
136 |
| Home equity lines of
credit |
|
(6 |
) |
|
20 |
|
|
(91 |
) |
|
129 |
|
135 |
| Other consumer |
|
1,097 |
|
|
816 |
|
|
451 |
|
|
1,368 |
|
271 |
|
Total consumer |
|
1,091 |
|
|
836 |
|
|
360 |
|
|
1,497 |
|
406 |
| Other |
|
7,447 |
|
|
5,430 |
|
|
7,572 |
|
|
10,637 |
|
3,190 |
|
Total |
$ |
10,316 |
|
|
6,621 |
|
|
7,815 |
|
|
15,095 |
|
4,779 |
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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