Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________

FORM 8-K

____________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 25, 2024

____________________________________________________________

GLACIER BANCORP, INC.

(Exact name of registrant as specified in its charter)

____________________________________________________________


Montana	000-18911	81-0519541
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


49 Commons Loop	Kalispell,	Montana	59901
(Address of principal executive offices)			(Zip Code)


(406)									756-4200
(Registrant’s telephone number, including area code)

____________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	GBCI	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 25, 2024, Glacier Bancorp, Inc. ("Company") issued a press release announcing its financial results for the quarter ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the Exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Glacier Bancorp, Inc. Announces Results for the Quarter and Year Ended December 31, 2023

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated:	January 25, 2024	GLACIER BANCORP, INC.

		/s/ Randall M. Chesler
		By:	Randall M. Chesler
			President and Chief Executive Officer

NEWS RELEASE

January 25, 2024


FOR IMMEDIATE RELEASE			CONTACT: Randall M. Chesler, CEO
			(406) 751-4722
			Ron J. Copher, CFO
			(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2023

4th Quarter 2023 Highlights:

•Net income was $54.3 million for the current quarter, an increase of $1.9 million, or 4 percent, from the prior quarter net income of $52.4 million. Net income for the current quarter decreased $25.4 million, or 32 percent, from the prior year fourth quarter net income of $79.7 million, which was primarily driven by an increase in cost of funds.

•Interest income of $273 million in the current quarter increased $8.6 million, or 3 percent, over the prior quarter interest income of $265 million. Interest income in the current quarter increased $48.4 million, or 22 percent, over the prior year fourth quarter.

•The loan portfolio of $16.198 billion increased $63.0 million, or 2 percent annualized, during the current quarter.

•The loan yield for the current quarter of 5.34 percent, increased 7 basis points, compared to 5.27 percent in the prior quarter and increased 51 basis points from the prior year fourth quarter loan yield of 4.83 percent.

•Non-performing assets of $25.6 million at December 31, 2023 decreased $16.7 million, or 39 percent, over the prior quarter and decreased $7.1 million, or 22 percent, over the prior year end.

•Stockholders’ equity of $3.020 billion increased $146 million, or 5 percent, during the current quarter and increased $177 million, or 6 percent, over the prior year end.

•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 155 consecutive quarterly dividends and has increased the dividend 49 times.

Year 2023 Highlights

•Net income for 2023 was $223 million, a decrease of $80.3 million, or 26 percent, from $303 million for the prior year. The decrease was primarily attributable to a $96.7 million decrease in net interest income driven by a significant increase in the cost of funds.

•Interest income for the current year was $1.018 billion, an increase of $188 million, or 23 percent over the prior year interest income of $830 million.

•The loan portfolio of $16.198 billion increased $951 million, or 6 percent, during the current year.

•The loan yield was 5.19 percent for the current year, an increase of 53 basis points from the prior year loan yield of 4.66 percent.

•Although the banking industry experienced a significant outflow of deposits, the Company’s core deposits and retail repurchase agreements decreased $108 million, or 50 basis points, from the prior year end.

•Dividends declared in 2023 were $1.32 per share.

•The Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $728 million as of December 31, 2023. The acquisition is expected to be completed January 31, 2024.

Financial Summary


	At or for the Three Months ended											At or for the Year ended
(Dollars in thousands, except per share and market data)	Dec 31, 2023			Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Operating results
Net income	$	54,316		52,445		54,955		61,211		79,677		222,927		303,202
Basic earnings per share	$	0.49		0.47		0.50		0.55		0.72		2.01		2.74
Diluted earnings per share	$	0.49		0.47		0.50		0.55		0.72		2.01		2.74
Dividends declared per share	$	0.33		0.33		0.33		0.33		0.33		1.32		1.32
Market value per share
Closing	$	41.32		28.50		31.17		42.01		49.42		41.32		49.42
High	$	44.06		36.45		42.21		50.03		59.70		50.03		60.69
Low	$	27.36		26.84		26.77		37.07		48.64		26.77		44.43
Selected ratios and other data
Number of common stock shares outstanding	110,888,942			110,879,365		110,873,887		110,868,713		110,777,780		110,888,942		110,777,780
Average outstanding shares - basic	110,884,496			110,877,534		110,870,964		110,824,648		110,773,084		110,864,501		110,757,473
Average outstanding shares - diluted	110,907,640			110,886,959		110,875,535		110,881,708		110,872,127		110,890,447		110,827,933
Return on average assets (annualized)	0.77		%	0.75	%	0.81	%	0.93	%	1.19	%	0.81	%	1.15	%
Return on average equity (annualized)	7.40		%	7.12	%	7.52	%	8.54	%	11.35	%	7.64	%	10.43	%
Efficiency ratio	65.20		%	63.31	%	62.73	%	60.39	%	53.18	%	62.85	%	54.64	%
Dividend payout	67.35		%	70.21	%	66.00	%	60.00	%	45.83	%	65.67	%	48.18	%
Loan to deposit ratio	81.36		%	79.25	%	79.92	%	77.09	%	74.05	%	81.36	%	74.05	%
Number of full time equivalent employees	3,294			3,314		3,369		3,390		3,390		3,294		3,390
Number of locations	221			221		222		222		221		221		221
Number of ATMs	275			274		274		263		265		275		265

KALISPELL, Mont., Jan 25, 2024 (GLOBE NEWSWIRE) - 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 Losses Loans		Net Charge-Offs (Recoveries)		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
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 Dividends

On 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 Income

The 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 Income

Non-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 Expense

Tax 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 Ratio

The 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, 2023

Compared 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 Income

Net-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 Expense

Tax 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 Ratio

The 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 Information

A 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)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ 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)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ 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)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ 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- Accrual Loans	Accruing Loans 90 Days or More Past Due	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-Date Period 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

Cover Page	Jan. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 25, 2024
Entity Registrant Name	GLACIER BANCORP, INC.
Entity Incorporation, State or Country Code	MT
Entity File Number	000-18911
Entity Tax Identification Number	81-0519541
Entity Address, Address Line One	49 Commons Loop
Entity Address, City or Town	Kalispell,
Entity Address, State or Province	MT
Entity Address, Postal Zip Code	59901
City Area Code	(406)
Local Phone Number	756-4200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	GBCI
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000868671
Amendment Flag	false