HIGHLIGHTS:
Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $29.6
million for the current quarter, an increase of $320 thousand, or 1
percent, from the $29.3 million of net income for the prior year
third quarter. Diluted earnings per share for the current
quarter was $0.39 per share, a decrease of $0.01, or 3 percent,
from the prior year third quarter diluted earnings per share of
$0.40. Included in the current quarter non-interest expense
was $259 thousand of one-time acquisition and conversion related
expenses. “Once again this quarter we delivered solid
performance metrics similar to what we have achieved over the past
nine quarters,” said Mick Blodnick, President and Chief Executive
Officer. “Record top line revenues helped offset higher taxes
in the third quarter and allowed us to generate another quarter of
record earnings. The growth in revenues came primarily from
increases in interest on our investment and commercial loan
portfolios as well as greater service charge fee income on deposit
accounts,” Blodnick said.
Net income for the nine months ended September
30, 2015 was $86.6 million, an increase of $1.9 million, or 2
percent, from the $84.7 million of net income for the same period
in the prior year. Diluted earnings per share for the nine
months ended September 30, 2015 was $1.15 per share, an increase of
$0.01, or 1 percent, from the diluted earnings per share for the
same period in the prior year.
On February 28, 2015, the Company completed the
acquisition of Montana Community Banks, Inc. and its subsidiary,
Community Bank, Inc. (collectively, “CB”). The Company
incurred $1.5 million of legal and professional expenses in
connection with the CB acquisition and conversion during the
current year. Goodwill of $1.1 million resulted from the
acquisition which was based on the estimated fair value of the
assets acquired and liabilities assumed. The Company’s
results of operations and financial condition include the
acquisition of CB from the acquisition date and the following table
provides information on the fair value of selected classifications
of assets and liabilities acquired:
(Dollars in
thousands) |
February 28, 2015 |
|
|
|
Total assets |
$ |
175,774 |
|
|
Investment securities |
|
42,350 |
|
|
Loans receivable |
|
84,689 |
|
|
Non-interest bearing
deposits |
|
41,779 |
|
|
Interest bearing
deposits |
|
105,041 |
|
|
Federal Home Loan Bank
advances and other borrowed funds |
|
3,292 |
|
|
|
|
|
Asset Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
|
242,835 |
|
|
|
355,719 |
|
|
442,409 |
|
|
282,097 |
|
|
(112,884 |
) |
|
(199,574 |
) |
|
(39,262 |
) |
Investment securities,
available-for-sale |
|
|
|
2,530,994 |
|
|
|
2,361,830 |
|
|
2,387,428 |
|
|
2,398,196 |
|
|
169,164 |
|
|
143,566 |
|
|
132,798 |
|
Investment securities,
held-to-maturity |
|
|
|
651,822 |
|
|
|
593,314 |
|
|
520,997 |
|
|
482,757 |
|
|
58,508 |
|
|
130,825 |
|
|
169,065 |
|
Total
investment securities |
|
|
|
3,182,816 |
|
|
|
2,955,144 |
|
|
2,908,425 |
|
|
2,880,953 |
|
|
227,672 |
|
|
274,391 |
|
|
301,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
real estate |
|
|
|
644,694 |
|
|
|
635,674 |
|
|
611,463 |
|
|
603,806 |
|
|
9,020 |
|
|
33,231 |
|
|
40,888 |
|
Commercial |
|
|
|
3,581,667 |
|
|
|
3,529,274 |
|
|
3,263,448 |
|
|
3,248,529 |
|
|
52,393 |
|
|
318,219 |
|
|
333,138 |
|
Consumer and
other |
|
|
|
650,058 |
|
|
|
642,483 |
|
|
613,184 |
|
|
606,764 |
|
|
7,575 |
|
|
36,874 |
|
|
43,294 |
|
Loans
receivable |
|
|
|
4,876,419 |
|
|
|
4,807,431 |
|
|
4,488,095 |
|
|
4,459,099 |
|
|
68,988 |
|
|
388,324 |
|
|
417,320 |
|
Allowance
for loan and lease losses |
|
|
|
(130,768 |
) |
|
|
(130,519 |
) |
|
(129,753 |
) |
|
(130,632 |
) |
|
(249 |
) |
|
(1,015 |
) |
|
(136 |
) |
Loans
receivable, net |
|
|
|
4,745,651 |
|
|
|
4,676,912 |
|
|
4,358,342 |
|
|
4,328,467 |
|
|
68,739 |
|
|
387,309 |
|
|
417,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
592,997 |
|
|
|
602,035 |
|
|
597,331 |
|
|
618,293 |
|
|
(9,038 |
) |
|
(4,334 |
) |
|
(25,296 |
) |
Total
assets |
|
$ |
|
8,764,299 |
|
|
|
8,589,810 |
|
|
8,306,507 |
|
|
8,109,810 |
|
|
174,489 |
|
|
457,792 |
|
|
654,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities of $3.183 billion at
September 30, 2015 increased $228 million, or 8 percent, during the
current quarter and increased $302 million, or 10 percent, from
September 30, 2014. The increase in the investment portfolio
from the prior quarter and the prior year third quarter was the
result of continuing to selectively purchase investment securities
with the Company’s excess liquidity resulting from the sustained
increase in deposits. Investment securities represented 36
percent of total assets at September 30, 2015 compared to 35
percent at December 31, 2014 and 36 percent at September 30,
2014.
The Company continues to experience growth in
the loan portfolio which increased $69.0 million, or 1 percent,
during the current quarter. The loan category with the
largest dollar increase during the current quarter was commercial
real estate loans which increased $46.6 million, or 2
percent. The loan category with the largest percentage
increase was residential construction (i.e., regulatory
classification) which increased 10 percent over the prior
quarter. Excluding the CB acquisition, the loan portfolio
increased $304 million, or 7 percent, since December 31, 2014 with
$252 million of the increase coming from growth in commercial
loans. “Our loan growth was a little softer than what we had
hoped for this quarter as a couple of large credits paid off,”
Blodnick said. “Loan production in the third quarter actually
exceeded the first two quarters of the year, unfortunately so did
pay offs. The good news is the loan pipeline still looks
decent as we head into what traditionally is a slower time of the
year for loan production. Hopefully, loan pay downs will slow
down also,” Blodnick said.
Credit Quality Summary
|
At or for the Nine Months ended |
|
At or for the Six Months ended |
|
At or for the Year ended |
|
At or for the Nine Months ended |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
Allowance for loan and
lease losses |
|
|
|
|
|
|
|
Balance at
beginning of period |
$ |
129,753 |
|
|
129,753 |
|
|
130,351 |
|
|
130,351 |
|
Provision
for loan losses |
1,873 |
|
|
1,047 |
|
|
1,912 |
|
|
1,721 |
|
Charge-offs |
(4,671 |
) |
|
(2,598 |
) |
|
(7,603 |
) |
|
(5,567 |
) |
Recoveries |
3,813 |
|
|
2,317 |
|
|
5,093 |
|
|
4,127 |
|
Balance at
end of period |
$ |
130,768 |
|
|
130,519 |
|
|
129,753 |
|
|
130,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned |
$ |
26,609 |
|
|
26,686 |
|
|
27,804 |
|
|
28,374 |
|
Accruing loans 90 days or
more past due |
3,784 |
|
|
618 |
|
|
214 |
|
|
1,617 |
|
Non-accrual loans |
54,632 |
|
|
56,918 |
|
|
61,882 |
|
|
68,149 |
|
Total
non-performing assets 1 |
$ |
85,025 |
|
|
84,222 |
|
|
89,900 |
|
|
98,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percentage of subsidiary assets |
0.97 |
% |
|
0.98 |
% |
|
1.08 |
% |
|
1.21 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
224 |
% |
|
227 |
% |
|
209 |
% |
|
187 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
2.68 |
% |
|
2.71 |
% |
|
2.89 |
% |
|
2.93 |
% |
Net charge-offs as a
percentage of total loans |
0.02 |
% |
|
0.01 |
% |
|
0.06 |
% |
|
0.03 |
% |
Accruing loans 30-89
days past due |
$ |
17,822 |
|
|
28,474 |
|
|
25,904 |
|
|
17,570 |
|
Accruing troubled debt
restructurings |
$ |
63,638 |
|
|
64,336 |
|
|
69,129 |
|
|
74,376 |
|
Non-accrual troubled
debt restructurings |
$ |
27,442 |
|
|
32,664 |
|
|
33,714 |
|
|
37,482 |
|
__________1 As of September 30, 2015,
non-performing assets have not been reduced by U.S. government
guarantees of $2.0 million.
Non-performing assets at September 30, 2015 were
$85.0 million, an increase of $803 thousand, or less than 1
percent, during the current quarter. Non-performing assets at
September 30, 2015 decreased $13.1 million, or 13 percent, from a
year ago. Land, lot and other construction loans (i.e.,
regulatory classification) continues to be the largest category of
non-performing assets with $38.6 million, or 45 percent, at
September 30, 2015. The Company has continued to make
progress by reducing this category the past few years and the
category decreased $4.2 million, or 10 percent, from the prior
quarter. Early stage delinquencies (accruing loans 30-89 days
past due) of $17.8 million at September 30, 2015 decreased $10.7
million from the prior quarter and increased $252 thousand from the
prior year third quarter.
The allowance for loan and lease losses
(“allowance”) was $131 million at September 30, 2015 and continued
to remain stable compared to the prior periods. The allowance
was 2.68 percent of total loans outstanding at September 30, 2015
compared to 2.89 percent at December 31, 2014 and 2.93 percent for
the same quarter last year. The reduction in the allowance as a
percentage of total loans was driven primarily by loan growth,
stabilizing credit quality, and no allowance carried over from bank
acquisitions as a result of the acquired loans recorded at fair
value.
Credit Quality Trends and Provision for Loan
Losses
(Dollars in
thousands) |
|
Provisionfor LoanLosses |
|
Net Charge-Offs (Recoveries) |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third quarter 2015 |
|
$ |
826 |
|
|
$ |
577 |
|
|
2.68 |
% |
|
0.37 |
% |
|
0.97 |
% |
Second quarter 2015 |
|
282 |
|
|
(381 |
) |
|
2.71 |
% |
|
0.59 |
% |
|
0.98 |
% |
First quarter 2015 |
|
765 |
|
|
662 |
|
|
2.77 |
% |
|
0.71 |
% |
|
1.07 |
% |
Fourth quarter 2014 |
|
191 |
|
|
1,070 |
|
|
2.89 |
% |
|
0.58 |
% |
|
1.08 |
% |
Third quarter 2014 |
|
360 |
|
|
364 |
|
|
2.93 |
% |
|
0.39 |
% |
|
1.21 |
% |
Second quarter 2014 |
|
239 |
|
|
332 |
|
|
3.11 |
% |
|
0.44 |
% |
|
1.30 |
% |
First quarter 2014 |
|
1,122 |
|
|
744 |
|
|
3.20 |
% |
|
1.05 |
% |
|
1.37 |
% |
Fourth quarter 2013 |
|
1,802 |
|
|
2,216 |
|
|
3.21 |
% |
|
0.79 |
% |
|
1.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs of loans for the current quarter
were $577 thousand compared to net recoveries of $381 thousand for
the prior quarter and net charge-offs of $364 thousand from the
same quarter last year. The current quarter provision for
loan losses of $826 thousand increased $544 thousand from the prior
quarter and increased $466 thousand from the prior year third
quarter. Loan portfolio growth, composition, average loan
size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is
based primarily on collateral type while the Company’s loan
segments presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
$ |
1,893,723 |
|
|
1,731,015 |
|
|
1,632,403 |
|
|
1,595,971 |
|
|
162,708 |
|
|
261,320 |
|
|
297,752 |
|
Interest bearing
deposits |
4,779,456 |
|
|
4,827,642 |
|
|
4,712,809 |
|
|
4,510,840 |
|
|
(48,186 |
) |
|
66,647 |
|
|
268,616 |
|
Repurchase agreements |
441,041 |
|
|
408,935 |
|
|
397,107 |
|
|
367,213 |
|
|
32,106 |
|
|
43,934 |
|
|
73,828 |
|
Federal Home Loan Bank
advances |
329,299 |
|
|
329,470 |
|
|
296,944 |
|
|
366,866 |
|
|
(171 |
) |
|
32,355 |
|
|
(37,567 |
) |
Other borrowed funds |
6,619 |
|
|
6,665 |
|
|
7,311 |
|
|
7,351 |
|
|
(46 |
) |
|
(692 |
) |
|
(732 |
) |
Subordinated
debentures |
125,812 |
|
|
125,776 |
|
|
125,705 |
|
|
125,669 |
|
|
36 |
|
|
107 |
|
|
143 |
|
Other liabilities |
113,541 |
|
|
103,856 |
|
|
106,181 |
|
|
95,420 |
|
|
9,685 |
|
|
7,360 |
|
|
18,121 |
|
Total
liabilities |
$ |
7,689,491 |
|
|
7,533,359 |
|
|
7,278,460 |
|
|
7,069,330 |
|
|
156,132 |
|
|
411,031 |
|
|
620,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company continues to generate strong
increases in non-interest bearing deposits. Non-interest
bearing deposits of $1.894 billion at September 30, 2015, increased
$163 million, or 9 percent, from the prior quarter. Excluding
the CB acquisition, non-interest bearing deposits increased $256
million, or 16 percent, from September 30, 2014. Interest
bearing deposits of $4.779 billion at September 30, 2015 included
$190 million of wholesale deposits (i.e., brokered deposits
classified as NOW, money market deposits and certificate
accounts). Excluding the decrease of $7.5 million in
wholesale deposits, interest bearing deposits at September 30, 2015
decreased $40.6 million, or 1 percent, during the current
quarter. Excluding the CB acquisition, interest bearing
deposits at September 30, 2015 increased $164 million, or 4
percent, from September 30, 2014. “We continue to drive
significant organic growth in non-interest bearing deposits, ”
Blodnick said. “The current quarter was by far the largest
increase we have generated in this deposit category and even
exceeds those quarters where we acquired a new bank. It’s a
testament to the great work done by all of our banks in adding to
and maintaining their market share. This large low cost
deposit base will serve us well when interest rates begin to rise,”
Blodnick said.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $441 million at September 30, 2015
increased $32.1 million, or 8 percent, from the prior quarter and
was primarily the result of additions to existing repurchase
agreements. Federal Home Loan Bank (“FHLB”) advances of $329
million at September 30, 2015 were unchanged for the current
quarter and increased $32.4 million, or 11 percent, since December
31, 2014 as the Company took advantage of attractive term
borrowings that were available from the FHLB of Seattle prior to
the merger with FHLB of Des Moines during the second quarter of
2015. FHLB advances decreased $37.6 million, or 10
percent, from September 30, 2014 as growth in deposits and
continued balance sheet changes reduced the need for additional
borrowings.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
|
Sep 30, |
|
Jun 30, |
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Dec 31, |
|
Sep 30, |
|
|
|
|
|
2015 |
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity |
|
$ |
|
|
1,066,801 |
|
|
|
|
|
|
1,051,011 |
|
|
|
|
|
|
1,010,303 |
|
|
|
|
|
|
1,017,805 |
|
|
|
|
15,790 |
|
|
|
56,498 |
|
|
|
48,996 |
|
Accumulated other
comprehensive income |
|
|
|
|
8,007 |
|
|
|
|
|
|
5,440 |
|
|
|
|
|
|
17,744 |
|
|
|
|
|
|
22,675 |
|
|
|
|
2,567 |
|
|
|
(9,737 |
) |
|
|
(14,668 |
) |
Total stockholders’ equity |
|
|
|
|
1,074,808 |
|
|
|
|
|
|
1,056,451 |
|
|
|
|
|
|
1,028,047 |
|
|
|
|
|
|
1,040,480 |
|
|
|
|
18,357 |
|
|
|
46,761 |
|
|
|
34,328 |
|
Goodwill and core
deposit intangible, net |
|
|
|
|
(141,624 |
) |
|
|
|
|
|
(142,344 |
) |
|
|
|
|
|
(140,606 |
) |
|
|
|
|
|
(141,323 |
) |
|
|
|
720 |
|
|
|
(1,018 |
) |
|
|
(301 |
) |
Tangible
stockholders’ equity |
|
$ |
|
|
933,184 |
|
|
|
|
|
|
914,107 |
|
|
|
|
|
|
887,441 |
|
|
|
|
|
|
899,157 |
|
|
|
|
19,077 |
|
|
|
45,743 |
|
|
|
34,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to
total assets |
|
|
|
|
12.26 |
% |
|
|
|
|
|
12.30 |
% |
|
|
|
|
|
12.38 |
% |
|
|
|
|
|
12.83 |
% |
|
|
|
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
|
|
|
|
10.82 |
% |
|
|
|
|
|
10.82 |
% |
|
|
|
|
|
10.87 |
% |
|
|
|
|
|
11.28 |
% |
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
|
|
14.23 |
|
|
|
|
|
|
13.99 |
|
|
|
|
|
|
13.70 |
|
|
|
|
|
|
13.87 |
|
|
|
|
0.24 |
|
|
|
0.53 |
|
|
|
0.36 |
|
Tangible book value per
common share |
|
$ |
|
|
12.35 |
|
|
|
|
|
|
12.10 |
|
|
|
|
|
|
11.83 |
|
|
|
|
|
|
11.98 |
|
|
|
|
0.25 |
|
|
|
0.52 |
|
|
|
0.37 |
|
Market price per share
at end of period |
|
$ |
|
|
26.39 |
|
|
|
|
|
|
29.42 |
|
|
|
|
|
|
27.77 |
|
|
|
|
|
|
25.86 |
|
|
|
|
(3.03 |
) |
|
|
(1.38 |
) |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $933 million at September 30,
2015 increased $19.1 million, or 2 percent, from the prior quarter
due primarily to earnings retention and an increase in accumulated
other comprehensive income. Tangible stockholders’ equity
increased $34.0 million, or 4 percent, from a year ago the result
of earnings retention and Company stock issued in connection with
the CB acquisitions, both of which offset the decrease in
accumulated other comprehensive income. Tangible book value
per common share of $12.35 increased $0.25 per share from the prior
quarter and increased $0.37 per share from the prior year third
quarter.
Cash Dividend
On September 30, 2015, the Company’s Board of
Directors declared a cash dividend of $0.19 per share. The
dividend was payable October 22, 2015 to shareholders of
record on October 13, 2015. Future cash dividends will depend
on a variety of factors, including net income, capital, asset
quality, general economic conditions and regulatory
considerations.
Operating Results for Three Months Ended
September 30, 2015Compared to June 30,
2015 and September 30, 2014
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Sep 30, 2014 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Sep 30, 2014 |
Net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
80,367 |
|
|
78,617 |
|
|
77,486 |
|
|
75,690 |
|
|
1,750 |
|
|
2,881 |
|
|
4,677 |
|
Interest
expense |
7,309 |
|
|
7,369 |
|
|
7,382 |
|
|
6,430 |
|
|
(60 |
) |
|
(73 |
) |
|
879 |
|
Total net
interest income |
73,058 |
|
|
71,248 |
|
|
70,104 |
|
|
69,260 |
|
|
1,810 |
|
|
2,954 |
|
|
3,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges, loan fees, and other fees |
16,030 |
|
|
15,445 |
|
|
14,156 |
|
|
15,661 |
|
|
585 |
|
|
1,874 |
|
|
369 |
|
Gain on sale
of loans |
7,326 |
|
|
7,600 |
|
|
5,430 |
|
|
6,000 |
|
|
(274 |
) |
|
1,896 |
|
|
1,326 |
|
(Loss) gain
on sale of investments |
(31 |
) |
|
(98 |
) |
|
5 |
|
|
(61 |
) |
|
67 |
|
|
(36 |
) |
|
30 |
|
Other
income |
2,474 |
|
|
2,855 |
|
|
3,102 |
|
|
2,832 |
|
|
(381 |
) |
|
(628 |
) |
|
(358 |
) |
Total
non-interest income |
25,799 |
|
|
25,802 |
|
|
22,693 |
|
|
24,432 |
|
|
(3 |
) |
|
3,106 |
|
|
1,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
98,857 |
|
|
97,050 |
|
|
92,797 |
|
|
93,692 |
|
|
1,807 |
|
|
6,060 |
|
|
5,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax-equivalent) |
3.96 |
% |
|
3.98 |
% |
|
4.03 |
% |
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
In the current quarter, interest income of $80.4
million increased $1.8 million, or 2 percent from the prior
quarter, such increase attributable to increases in interest income
on commercial loans. Income of $42.1 million on commercial
loans increased $1.4 million, or 4 percent, from the prior quarter
and was driven primarily by loan volume increases. Interest
income during the current quarter increased $4.7 million, or 6
percent, over the prior year third quarter and was also due to
higher interest income on commercial loans. The current
quarter interest income on commercial loans increased $14.2
million, or 13 percent, over the prior year third quarter primarily
the result of an increased volume in commercial loans.
Interest income of $22.4 million on investment securities increased
$478 thousand, or 2 percent, over the prior quarter and decreased
$357 thousand, or 2 percent, over the prior year third quarter.
The current quarter interest expense of $7.3
million decreased $60 thousand, or 1 percent, from the prior
quarter. The current quarter interest expense increased $879
thousand from the prior year third quarter, such increase
attributed to the interest expense associated with the interest
rate swap which started interest expense accruals in the fourth
quarter of 2014. The total cost of funding (including
non-interest bearing deposits) for the current quarter was 39 basis
points compared to 40 basis points for the prior quarter and 37
basis points in the prior year third quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 3.96 percent compared to 3.98 percent in the
prior quarter. The 2 basis point decrease in the current quarter
net interest margin was primarily driven by a 3 basis point
reduction in the acquired loan fair value discount accretion.
Included in the current quarter net interest margin was 4 basis
points related to the recovery of interest on loans previously
placed on non-accrual compared to 1 basis point in the prior
quarter. The Company’s current quarter net interest margin
decreased 3 basis points from the prior year third quarter net
interest margin of 3.99 percent. The reduction in the net
interest margin from the prior year third quarter was the result of
a 6 basis point increase in interest expense related to the
interest rate swaps. “The net interest margin for the current
and sequential quarter and for the first nine months of the current
year have remained stable compared to the year ago quarters and
year ago nine month period as the Bank divisions have been
disciplined in pricing loans and interest bearing deposits,” said
Ron Copher, Chief Financial Officer. “The growth in the
non-interest bearing balances has served the Bank well to offset
the higher interest expense associated with the interest rate
swap.”
Non-interest Income
Non-interest income for the current quarter
totaled $25.8 million which was stable compared to the prior
quarter and an increase of $1.4 million, or 6 percent, over the
same quarter last year. Service fee income of $16.0 million,
increased $585 thousand, or 4 percent, from the prior quarter and
increased $369 thousand, or 2 percent, from the prior year third
quarter with both increases the result of the increased number of
deposit accounts. Gain of $7.3 million on the sale of the
residential loans in the current quarter decreased $274 thousand,
or 4 percent, from the prior quarter and increased $1.3 million, or
22 percent, from the prior year third quarter as a result of an
increase in mortgage purchase activity. Other non-interest
income for the current quarter decreased $381 thousand, or 13
percent, over the prior quarter the result of annual incentives
received in the second quarter of 2015. Other non-interest
income decreased $358 thousand, or 13 percent, over the prior year
third quarter due to a decrease in other real estate owned (“OREO”)
income. Included in other income was operating revenue
of $19 thousand from OREO and a gain of $110 thousand from the sale
of OREO, a combined total of $129 thousand for the current quarter
compared to $323 thousand for the prior quarter and $406 thousand
for the prior year third quarter.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Sep 30, 2014 |
|
Jun 30, 2015 |
|
Mar 31, 2015 |
|
Sep 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits |
$ |
33,534 |
|
|
32,729 |
|
|
32,244 |
|
|
30,142 |
|
|
805 |
|
|
1,290 |
|
|
3,392 |
|
Occupancy and
equipment |
7,887 |
|
|
7,810 |
|
|
7,362 |
|
|
6,961 |
|
|
77 |
|
|
525 |
|
|
926 |
|
Advertising and
promotions |
2,459 |
|
|
2,240 |
|
|
1,927 |
|
|
2,141 |
|
|
219 |
|
|
532 |
|
|
318 |
|
Data processing |
1,258 |
|
|
1,593 |
|
|
1,249 |
|
|
1,472 |
|
|
(335 |
) |
|
9 |
|
|
(214 |
) |
Other real estate
owned |
1,047 |
|
|
1,377 |
|
|
758 |
|
|
602 |
|
|
(330 |
) |
|
289 |
|
|
445 |
|
Regulatory assessments and
insurance |
1,478 |
|
|
1,006 |
|
|
1,305 |
|
|
1,435 |
|
|
472 |
|
|
173 |
|
|
43 |
|
Core deposit intangibles
amortization |
720 |
|
|
755 |
|
|
731 |
|
|
692 |
|
|
(35 |
) |
|
(11 |
) |
|
28 |
|
Other expenses |
10,729 |
|
|
12,435 |
|
|
9,921 |
|
|
10,793 |
|
|
(1,706 |
) |
|
808 |
|
|
(64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
$ |
59,112 |
|
|
59,945 |
|
|
55,497 |
|
|
54,238 |
|
|
(833 |
) |
|
3,615 |
|
|
4,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits for the
current quarter increased by $805 thousand, or 2 percent, from the
prior quarter. Compensation and employee benefits for the
current quarter increased by $3.4 million, or 11 percent, from the
prior year third quarter due to the increased number of employees
from the CB acquisition and the First National Bank of the Rockies
(“FNBR”) acquisition in August 2014, and annual salary
increases. Current quarter occupancy and equipment expense
increased $926 thousand, or 13 percent, from the prior year third
quarter as a result of added costs associated with the CB and FNBR
acquisitions and equipment expense related to additional
information technology infrastructure. The current quarter
advertising expense increased $219 thousand, or 10 percent, from
the prior quarter and increased $318 thousand, or 15 percent, from
the prior year third quarter as a result of the Company actively
marketing to its customer base in certain market areas. The
current quarter data processing expense decreased $335 thousand, or
21 percent, from the prior quarter as a result of conversion
related expenses and general increases during the prior
quarter. The current quarter data processing expense
decreased $214 thousand, or 15 percent, from the prior year third
quarter as a result of a decrease in outsourced data processing
expense from an acquired bank in the prior year third
quarter. The current quarter OREO expense of $1.0 million was
a decrease of $330 thousand from the prior quarter and included
$559 thousand of operating expense, $452 thousand of fair value
write-downs, and $37 thousand of loss from the sales of OREO.
Current quarter other expenses of $10.7 million decreased by $1.7
million, or 14 percent, from the prior quarter primarily from
expenses connected with equity investments in New Market Tax
Credits (“NMTC”) projects and conversion related expenses which
were incurred in the second quarter of 2015. The NMTC
expenses were more than offset by the tax benefits included in
federal income tax expense during the second quarter of 2015 which
was the reason for the increase of $1.8 million in federal and
state income tax during the current quarter.
Efficiency Ratio
The efficiency ratio for the current quarter was
54.32 percent compared to 55.91 percent in the prior quarter.
The 1.59 percent decrease in efficiency ratio resulted from
decreases in expenses associated with NMTC projects and increases
in net interest income primarily from volume increases in
commercial loans and investment securities. The current
quarter efficiency ratio of 54.32 percent compares to 53.87 percent
in the prior year third quarter. The 45 basis point increase
in efficiency ratio resulted from increases in non-interest expense
driven by increased compensation and other operational expenses,
which outpaced the increases in net interest income from an
increase in earning assets.
Operating Results for Nine Months ended
September 30, 2015Compared to September 30,
2014
Income Summary
|
Nine Months ended |
|
$ Change |
|
% Change |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Sep 30, 2014 |
|
Net interest
income |
|
|
|
|
|
|
|
Interest
income |
$ |
236,470 |
|
|
$ |
223,740 |
|
|
$ |
12,730 |
|
|
6 |
% |
Interest
expense |
22,060 |
|
|
19,598 |
|
|
2,462 |
|
|
13 |
% |
Total net
interest income |
214,410 |
|
|
204,142 |
|
|
10,268 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
|
|
|
|
|
Service
charges, loan fees, and other fees |
45,631 |
|
|
43,656 |
|
|
1,975 |
|
|
5 |
% |
Gain on sale
of loans |
20,356 |
|
|
14,373 |
|
|
5,983 |
|
|
42 |
% |
Loss on sale
of investments |
(124 |
) |
|
(160 |
) |
|
36 |
|
|
(23 |
)% |
Other
income |
8,431 |
|
|
8,455 |
|
|
(24 |
) |
|
— |
% |
Total
non-interest income |
74,294 |
|
|
66,324 |
|
|
7,970 |
|
|
12 |
% |
|
$ |
288,704 |
|
|
$ |
270,466 |
|
|
$ |
18,238 |
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax-equivalent) |
3.99 |
% |
|
4.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Interest income for the first nine months of the
current year increased $12.7 million, or 6 percent, from the prior
year first nine months and was principally due to an increase in
income from commercial loans. Current year interest income of
$122 million on commercial loans increased $14.2 million, or 13
percent, from the prior year first nine months and was primarily
the result of an increased volume of commercial loans.
Current year interest income of $67.4 million on investment
securities decreased $3.6 million, or 5 percent, over the same
period last year, as a result of a decreased rate on investment
securities, although the tax effective yield adjustment reduced
this decrease to $140 thousand.
Interest expense for the first nine months of
the current year increased $2.5 million, or 13 percent, from the
prior year first nine months and was primarily due to the interest
expense associated with the interest rate swap which started
interest expense accruals in the fourth quarter of 2014. The
total funding cost (including non-interest bearing deposits) for
the first nine months of 2015 was 40 basis points compared to 39
basis points for the first nine months of 2014.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, for the first nine
months of 2015 was 3.99 percent, a decrease of 1 basis point from
the prior year first nine months net interest margin of 4.00
percent. The 1 basis point reduction was attributable to a
combination of items including an increase in interest expense from
the interest rate swaps which was partially offset by increases in
higher yielding earning assets.
Non-interest Income
Non-interest income of $74.3 million for the
first nine months of 2015 increased $8.0 million, or 12 percent,
over the same period last year. Service charges and other
fees of $45.6 million for the first nine months of 2015 increased
$2.0 million, or 5 percent, from the same period last year driven
by the increased number of deposit accounts. The gains of
$20.4 million on the sale of residential loans for the first nine
months of 2015 increased $6.0 million, or 42 percent, from the
first nine months of 2014 resulting from an increase in mortgage
refinancing and purchase activity. Other income was unchanged
from the nine month period last year. Included in other
income was operating revenue of $95 thousand from OREO and gains of
$775 thousand from the sales of OREO, which totaled $870 thousand
for the first nine months of 2015 compared to $1.8 million for the
same period in the prior year.
Non-interest Expense Summary
|
Nine Months ended |
|
|
|
|
|
|
|
(Dollars in
thousands) |
Sep 30, 2015 |
|
Sep 30, 2014 |
|
$ Change |
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits |
$ |
98,507 |
|
|
$ |
87,764 |
|
|
$ |
10,743 |
|
|
12 |
% |
Occupancy and
equipment |
23,059 |
|
|
20,307 |
|
|
2,752 |
|
|
14 |
% |
Advertising and
promotions |
6,626 |
|
|
5,866 |
|
|
760 |
|
|
13 |
% |
Data processing |
4,100 |
|
|
4,792 |
|
|
(692 |
) |
|
(14 |
)% |
Other real estate
owned |
3,182 |
|
|
1,675 |
|
|
1,507 |
|
|
90 |
% |
Regulatory assessments and
insurance |
3,789 |
|
|
4,055 |
|
|
(266 |
) |
|
(7 |
)% |
Core deposit intangible
amortization |
2,206 |
|
|
2,095 |
|
|
111 |
|
|
5 |
% |
Other expenses |
33,085 |
|
|
30,427 |
|
|
2,658 |
|
|
9 |
% |
Total
non-interest expense |
$ |
174,554 |
|
|
$ |
156,981 |
|
|
$ |
17,573 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits for the first
nine months of 2015 increased $10.7 million, or 12 percent, from
the same period last year due to the increased number of employees
from the acquired banks, additional benefit costs and annual salary
increases. Occupancy and equipment expense increased $2.8
million, or 14 percent, as a result of increased costs associated
with the CB and FNBR acquisitions and equipment expense related to
additional information technology infrastructure. Outsourced data
processing expense decreased $692 thousand, or 14 percent, from the
prior year first nine months as a result of a decrease in
conversion related expenses and outsourced data processing expense
from an acquired bank. OREO expense of $3.2 million in the
first nine months of 2015 increased $1.5 million, or 90 percent,
from the first nine months of the prior year. OREO expenses
tend to fluctuate based on the level of activity in various
quarters. OREO expense for the first nine months of 2015
included $1.4 million of operating expenses, $1.5 million of fair
value write-downs, and $250 thousand of loss from the sales of
OREO. Other expense of $33.1 million for the first nine
months of 2015 increased by $2.7 million, or 9 percent, from the
first nine months of the prior year primarily due to increases in
conversion and acquisition related expenses.
Provision for Loan Losses
The provision for loan losses was $1.9 million
for the first nine months of 2015, an increase of $152 thousand, or
9 percent, from the same period in the prior year. Net
charged-off loans during the first nine months of 2015 were $858
thousand, a decrease of $582 thousand from the first nine months of
2014.
Efficiency Ratio
The efficiency ratio was 55.01 percent for the
first nine months of 2015 and 54.03 percent for the first nine
months of 2014. The increase in the efficiency ratio resulted
from compensation expense and increased costs from acquisitions
outpacing the increase in net interest income and increases in gain
on sale of loans.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding
company providing commercial banking services in 82 communities in
Montana, Idaho, Utah, Washington, Wyoming and
Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell,
Montana, and is the parent company for Glacier Bank,
Kalispell and Bank divisions First Security Bank of Missoula;
Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western
Security Bank, Billings; and First Bank of Montana, Lewistown, all
operating in Montana; as well as Mountain West Bank, Coeur d’Alene
operating in Idaho, Utah and Washington; Citizens Community
Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating
in Wyoming and Utah; First Bank of Wyoming, Powell and First
State Bank, Wheatland, each operating in Wyoming; North
Cascades Bank, Chelan, operating in Washington; and Bank of the San
Juans, Durango, operating in Colorado.
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 management’s plans,
objectives, expectations and intentions that are not historical
facts, and other statements identified by words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “should,”
“projects,” “seeks,” “estimates” or words of similar meaning.
These forward-looking statements are based on current beliefs and
expectations of management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond the Company’s
control. In addition, these forward-looking statements are
subject to assumptions with respect to future business strategies
and decisions that are subject to change. The following
factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations in
the forward-looking statements, including those set forth in this
news release:
- the risks associated with lending and potential adverse changes
of the credit quality of loans in the Company’s portfolio;
- changes in market interest rates, which could adversely affect
the Company’s net interest income and profitability;
- legislative or regulatory changes that adversely affect the
Company’s business, ability to complete pending or prospective
future acquisitions, limit certain sources of revenue, or increase
cost of operations;
- costs or difficulties related to the completion and integration
of acquisitions;
- the goodwill the Company has recorded in connection with
acquisitions could become impaired, which may have an adverse
impact on earnings and capital;
- reduced demand for banking products and services;
- the risks presented by public stock market volatility, which
could adversely affect the market price of the Company’s common
stock and the ability to raise additional capital or grow the
Company through acquisitions;
- consolidation in the financial services industry in the
Company’s markets resulting in the creation of larger financial
institutions who may have greater resources could change the
competitive landscape;
- dependence on the Chief Executive Officer, the senior
management team and the Presidents of the Bank divisions;
- potential interruption or breach in security of the Company’s
systems; and
- the Company’s success in managing risks involved in the
foregoing.
The Company does not undertake any obligation to
publicly correct or update any forward-looking statement if it
later becomes aware that actual results are likely to differ
materially from those expressed in such forward-looking
statement.
|
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Financial Condition |
|
|
|
|
|
|
|
|
(Dollars in thousands,
except per share data) |
September 30, 2015 |
|
June 30, 2015 |
|
December 31, 2014 |
|
September 30, 2014 |
Assets |
|
|
|
|
|
|
|
Cash on hand
and in banks |
$ |
104,363 |
|
|
120,783 |
|
|
122,834 |
|
|
109,947 |
|
Federal
funds sold |
2,210 |
|
|
— |
|
|
1,025 |
|
|
488 |
|
Interest
bearing cash deposits |
136,262 |
|
|
234,936 |
|
|
318,550 |
|
|
171,662 |
|
Cash and
cash equivalents |
242,835 |
|
|
355,719 |
|
|
442,409 |
|
|
282,097 |
|
Investment securities, available-for-sale |
2,530,994 |
|
|
2,361,830 |
|
|
2,387,428 |
|
|
2,398,196 |
|
Investment securities, held-to-maturity |
651,822 |
|
|
593,314 |
|
|
520,997 |
|
|
482,757 |
|
Total
investment securities |
3,182,816 |
|
|
2,955,144 |
|
|
2,908,425 |
|
|
2,880,953 |
|
Loans
held for sale |
40,456 |
|
|
53,201 |
|
|
46,726 |
|
|
65,598 |
|
Loans
receivable |
4,876,419 |
|
|
4,807,431 |
|
|
4,488,095 |
|
|
4,459,099 |
|
Allowance
for loan and lease losses |
(130,768 |
) |
|
(130,519 |
) |
|
(129,753 |
) |
|
(130,632 |
) |
Loans
receivable, net |
4,745,651 |
|
|
4,676,912 |
|
|
4,358,342 |
|
|
4,328,467 |
|
Premises
and equipment, net |
185,864 |
|
|
186,858 |
|
|
179,175 |
|
|
178,509 |
|
Other
real estate owned |
26,609 |
|
|
26,686 |
|
|
27,804 |
|
|
28,374 |
|
Accrued
interest receivable |
46,786 |
|
|
44,563 |
|
|
40,587 |
|
|
42,981 |
|
Deferred
tax asset |
55,095 |
|
|
56,571 |
|
|
41,737 |
|
|
44,452 |
|
Core
deposit intangible, net |
10,781 |
|
|
11,501 |
|
|
10,900 |
|
|
11,617 |
|
Goodwill |
130,843 |
|
|
130,843 |
|
|
129,706 |
|
|
129,706 |
|
Non-marketable equity securities |
24,905 |
|
|
24,914 |
|
|
52,868 |
|
|
52,868 |
|
Other
assets |
71,658 |
|
|
66,898 |
|
|
67,828 |
|
|
64,188 |
|
Total
assets |
$ |
8,764,299 |
|
|
8,589,810 |
|
|
8,306,507 |
|
|
8,109,810 |
|
Liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
1,893,723 |
|
|
1,731,015 |
|
|
1,632,403 |
|
|
1,595,971 |
|
Interest
bearing deposits |
4,779,456 |
|
|
4,827,642 |
|
|
4,712,809 |
|
|
4,510,840 |
|
Securities sold under agreements to repurchase |
441,041 |
|
|
408,935 |
|
|
397,107 |
|
|
367,213 |
|
FHLB
advances |
329,299 |
|
|
329,470 |
|
|
296,944 |
|
|
366,866 |
|
Other
borrowed funds |
6,619 |
|
|
6,665 |
|
|
7,311 |
|
|
7,351 |
|
Subordinated debentures |
125,812 |
|
|
125,776 |
|
|
125,705 |
|
|
125,669 |
|
Accrued
interest payable |
3,641 |
|
|
3,790 |
|
|
4,155 |
|
|
3,058 |
|
Other
liabilities |
109,900 |
|
|
100,066 |
|
|
102,026 |
|
|
92,362 |
|
Total
liabilities |
7,689,491 |
|
|
7,533,359 |
|
|
7,278,460 |
|
|
7,069,330 |
|
Stockholders’
Equity |
|
|
|
|
|
|
|
Preferred
shares, $0.01 par value per share, 1,000,000 shares
authorized, none issued or outstanding |
— |
|
|
— |
|
|
— |
|
|
— |
|
Common
stock, $0.01 par value per share, 117,187,500 shares
authorized |
755 |
|
|
755 |
|
|
750 |
|
|
750 |
|
Paid-in
capital |
720,639 |
|
|
720,073 |
|
|
708,356 |
|
|
707,821 |
|
Retained
earnings - substantially restricted |
345,407 |
|
|
330,183 |
|
|
301,197 |
|
|
309,234 |
|
Accumulated other comprehensive income |
8,007 |
|
|
5,440 |
|
|
17,744 |
|
|
22,675 |
|
Total
stockholders’ equity |
1,074,808 |
|
|
1,056,451 |
|
|
1,028,047 |
|
|
1,040,480 |
|
Total
liabilities and stockholders’ equity |
$ |
8,764,299 |
|
|
8,589,810 |
|
|
8,306,507 |
|
|
8,109,810 |
|
Number of
common stock shares issued and outstanding |
75,532,082 |
|
|
75,531,258 |
|
|
75,026,092 |
|
|
75,024,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
|
|
Three Months ended |
|
Nine Months ended |
(Dollars in thousands,
except per share data) |
September 30, 2015 |
|
June 30, 2015 |
|
September 30, 2014 |
|
September 30, 2015 |
|
September 30, 2014 |
Interest
Income |
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
22,437 |
|
|
21,959 |
|
|
22,794 |
|
|
67,355 |
|
|
71,002 |
|
Residential real estate loans |
7,878 |
|
|
7,942 |
|
|
7,950 |
|
|
23,581 |
|
|
22,257 |
|
Commercial loans |
42,137 |
|
|
40,698 |
|
|
37,387 |
|
|
121,857 |
|
|
107,696 |
|
Consumer and other loans |
7,915 |
|
|
8,018 |
|
|
7,559 |
|
|
23,677 |
|
|
22,785 |
|
Total interest income |
80,367 |
|
|
78,617 |
|
|
75,690 |
|
|
236,470 |
|
|
223,740 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
3,947 |
|
|
4,112 |
|
|
3,027 |
|
|
12,206 |
|
|
9,177 |
|
Securities sold under agreements to
repurchase |
261 |
|
|
232 |
|
|
225 |
|
|
734 |
|
|
627 |
|
Federal Home Loan Bank
advances |
2,273 |
|
|
2,217 |
|
|
2,356 |
|
|
6,685 |
|
|
7,317 |
|
Federal funds purchased and other
borrowed funds |
21 |
|
|
15 |
|
|
34 |
|
|
63 |
|
|
135 |
|
Subordinated debentures |
807 |
|
|
793 |
|
|
788 |
|
|
2,372 |
|
|
2,342 |
|
Total interest expense |
7,309 |
|
|
7,369 |
|
|
6,430 |
|
|
22,060 |
|
|
19,598 |
|
Net Interest
Income |
73,058 |
|
|
71,248 |
|
|
69,260 |
|
|
214,410 |
|
|
204,142 |
|
Provision for loan losses |
826 |
|
|
282 |
|
|
360 |
|
|
1,873 |
|
|
1,721 |
|
Net interest income after provision
for loan losses |
72,232 |
|
|
70,966 |
|
|
68,900 |
|
|
212,537 |
|
|
202,421 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
14,975 |
|
|
14,303 |
|
|
14,319 |
|
|
42,277 |
|
|
40,085 |
|
Miscellaneous loan fees and
charges |
1,055 |
|
|
1,142 |
|
|
1,342 |
|
|
3,354 |
|
|
3,571 |
|
Gain on sale of loans |
7,326 |
|
|
7,600 |
|
|
6,000 |
|
|
20,356 |
|
|
14,373 |
|
Loss on sale of investments |
(31 |
) |
|
(98 |
) |
|
(61 |
) |
|
(124 |
) |
|
(160 |
) |
Other income |
2,474 |
|
|
2,855 |
|
|
2,832 |
|
|
8,431 |
|
|
8,455 |
|
Total non-interest income |
25,799 |
|
|
25,802 |
|
|
24,432 |
|
|
74,294 |
|
|
66,324 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
Compensation and employee
benefits |
33,534 |
|
|
32,729 |
|
|
30,142 |
|
|
98,507 |
|
|
87,764 |
|
Occupancy and equipment |
7,887 |
|
|
7,810 |
|
|
6,961 |
|
|
23,059 |
|
|
20,307 |
|
Advertising and promotions |
2,459 |
|
|
2,240 |
|
|
2,141 |
|
|
6,626 |
|
|
5,866 |
|
Data processing |
1,258 |
|
|
1,593 |
|
|
1,472 |
|
|
4,100 |
|
|
4,792 |
|
Other real estate owned |
1,047 |
|
|
1,377 |
|
|
602 |
|
|
3,182 |
|
|
1,675 |
|
Regulatory assessments and
insurance |
1,478 |
|
|
1,006 |
|
|
1,435 |
|
|
3,789 |
|
|
4,055 |
|
Core deposit intangibles
amortization |
720 |
|
|
755 |
|
|
692 |
|
|
2,206 |
|
|
2,095 |
|
Other expenses |
10,729 |
|
|
12,435 |
|
|
10,793 |
|
|
33,085 |
|
|
30,427 |
|
Total non-interest expense |
59,112 |
|
|
59,945 |
|
|
54,238 |
|
|
174,554 |
|
|
156,981 |
|
Income Before
Income Taxes |
38,919 |
|
|
36,823 |
|
|
39,094 |
|
|
112,277 |
|
|
111,764 |
|
Federal and state income tax
expense |
9,305 |
|
|
7,488 |
|
|
9,800 |
|
|
25,658 |
|
|
27,063 |
|
Net
Income |
$ |
29,614 |
|
|
29,335 |
|
|
29,294 |
|
|
86,619 |
|
|
84,701 |
|
Basic earnings per
share |
$ |
0.39 |
|
|
0.39 |
|
|
0.40 |
|
|
1.15 |
|
|
1.14 |
|
Diluted earnings per
share |
$ |
0.39 |
|
|
0.39 |
|
|
0.40 |
|
|
1.15 |
|
|
1.14 |
|
Dividends declared per
share |
$ |
0.19 |
|
|
0.19 |
|
|
0.17 |
|
|
0.56 |
|
|
0.50 |
|
Average outstanding shares
- basic |
75,531,923 |
|
|
75,530,591 |
|
|
74,631,317 |
|
|
75,424,147 |
|
|
74,512,806 |
|
Average outstanding shares
- diluted |
75,586,453 |
|
|
75,565,655 |
|
|
74,676,124 |
|
|
75,469,355 |
|
|
74,554,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp, Inc. |
Average Balance Sheet |
|
|
|
|
|
Three Months ended |
|
Nine Months ended |
|
September 30, 2015 |
|
September 30, 2015 |
(Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
679,037 |
|
|
$ |
7,878 |
|
|
4.64 |
% |
|
$ |
673,084 |
|
|
$ |
23,581 |
|
|
4.67 |
% |
Commercial loans 1 |
3,510,098 |
|
|
42,811 |
|
|
4.84 |
% |
|
3,411,631 |
|
|
123,759 |
|
|
4.85 |
% |
Consumer and other loans |
639,155 |
|
|
7,915 |
|
|
4.91 |
% |
|
625,726 |
|
|
23,677 |
|
|
5.06 |
% |
Total loans 2 |
4,828,290 |
|
|
58,604 |
|
|
4.82 |
% |
|
4,710,441 |
|
|
171,017 |
|
|
4.85 |
% |
Tax-exempt investment securities
3 |
1,334,980 |
|
|
19,511 |
|
|
5.85 |
% |
|
1,317,788 |
|
|
57,026 |
|
|
5.77 |
% |
Taxable investment securities
4 |
1,930,378 |
|
|
10,063 |
|
|
2.09 |
% |
|
1,894,572 |
|
|
30,472 |
|
|
2.14 |
% |
Total earning assets |
8,093,648 |
|
|
88,178 |
|
|
4.32 |
% |
|
7,922,801 |
|
|
258,515 |
|
|
4.36 |
% |
Goodwill and intangibles |
142,031 |
|
|
|
|
|
|
141,851 |
|
|
|
|
|
Non-earning assets |
384,452 |
|
|
|
|
|
|
385,216 |
|
|
|
|
|
Total assets |
$ |
8,620,131 |
|
|
|
|
|
|
$ |
8,449,868 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
1,793,899 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,702,459 |
|
|
$ |
— |
|
|
— |
% |
NOW accounts |
1,387,334 |
|
|
264 |
|
|
0.08 |
% |
|
1,347,658 |
|
|
790 |
|
|
0.08 |
% |
Savings accounts |
763,430 |
|
|
90 |
|
|
0.05 |
% |
|
740,905 |
|
|
263 |
|
|
0.05 |
% |
Money market deposit accounts |
1,349,244 |
|
|
514 |
|
|
0.15 |
% |
|
1,330,212 |
|
|
1,544 |
|
|
0.16 |
% |
Certificate accounts |
1,125,276 |
|
|
1,657 |
|
|
0.58 |
% |
|
1,147,820 |
|
|
5,284 |
|
|
0.62 |
% |
Wholesale deposits 5 |
190,724 |
|
|
1,422 |
|
|
2.96 |
% |
|
208,640 |
|
|
4,325 |
|
|
2.77 |
% |
FHLB advances |
329,797 |
|
|
2,273 |
|
|
2.70 |
% |
|
315,068 |
|
|
6,685 |
|
|
2.80 |
% |
Repurchase agreements and
other borrowed funds |
512,807 |
|
|
1,089 |
|
|
0.84 |
% |
|
504,787 |
|
|
3,169 |
|
|
0.84 |
% |
Total funding liabilities |
7,452,511 |
|
|
7,309 |
|
|
0.39 |
% |
|
7,297,549 |
|
|
22,060 |
|
|
0.40 |
% |
Other liabilities |
92,955 |
|
|
|
|
|
|
90,300 |
|
|
|
|
|
Total liabilities |
7,545,466 |
|
|
|
|
|
|
7,387,849 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
755 |
|
|
|
|
|
|
754 |
|
|
|
|
|
Paid-in capital |
720,325 |
|
|
|
|
|
|
717,424 |
|
|
|
|
|
Retained earnings |
344,768 |
|
|
|
|
|
|
329,630 |
|
|
|
|
|
Accumulated other comprehensive
income |
8,817 |
|
|
|
|
|
|
14,211 |
|
|
|
|
|
Total stockholders’ equity |
1,074,665 |
|
|
|
|
|
|
1,062,019 |
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
8,620,131 |
|
|
|
|
|
|
$ |
8,449,868 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
80,869 |
|
|
|
|
|
|
$ |
236,455 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
3.93 |
% |
|
|
|
|
|
3.96 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
3.96 |
% |
|
|
|
|
|
3.99 |
% |
__________1 Includes tax
effect of $674 thousand and $1.9 million on tax-exempt municipal
loan and lease income for the three and nine months ended
September 30, 2015.2 Total loans are gross of the
allowance for loan and lease losses, net of unearned income and
include loans held for sale. Non-accrual loans were included
in the average volume for the entire period.3
Includes tax effect of $6.8 million and $19.1 million on tax-exempt
investment security income for the three and nine months ended
September 30, 2015.4 Includes tax effect of
$362 thousand and $1.1 million on federal income tax credits for
the three and nine months ended September 30,
2015.5 Wholesale deposits include brokered
deposits classified as NOW, money market deposit and certificate
accounts.
|
|
|
|
Glacier Bancorp, Inc. |
Loan Portfolio by Regulatory
Classification |
|
|
|
|
|
Loans Receivable, by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
Custom and owner
occupied construction |
$ |
64,951 |
|
|
$ |
56,460 |
|
|
$ |
56,689 |
|
|
$ |
59,121 |
|
|
15 |
% |
|
15 |
% |
|
10 |
% |
Pre-sold and spec
construction |
46,921 |
|
|
45,063 |
|
|
47,406 |
|
|
44,085 |
|
|
4 |
% |
|
(1 |
)% |
|
6 |
% |
Total residential
construction |
111,872 |
|
|
101,523 |
|
|
104,095 |
|
|
103,206 |
|
|
10 |
% |
|
7 |
% |
|
8 |
% |
Land development |
83,756 |
|
|
78,059 |
|
|
82,829 |
|
|
88,507 |
|
|
7 |
% |
|
1 |
% |
|
(5 |
)% |
Consumer land or lots |
98,490 |
|
|
98,365 |
|
|
101,818 |
|
|
99,003 |
|
|
— |
% |
|
(3 |
)% |
|
(1 |
)% |
Unimproved land |
74,439 |
|
|
76,726 |
|
|
86,116 |
|
|
66,684 |
|
|
(3 |
)% |
|
(14 |
)% |
|
12 |
% |
Developed lots for
operative builders |
13,697 |
|
|
13,673 |
|
|
14,126 |
|
|
15,471 |
|
|
— |
% |
|
(3 |
)% |
|
(11 |
)% |
Commercial lots |
22,937 |
|
|
20,047 |
|
|
16,205 |
|
|
16,050 |
|
|
14 |
% |
|
42 |
% |
|
43 |
% |
Other construction |
122,347 |
|
|
126,966 |
|
|
150,075 |
|
|
149,207 |
|
|
(4 |
)% |
|
(18 |
)% |
|
(18 |
)% |
Total land, lot, and other
construction |
415,666 |
|
|
413,836 |
|
|
451,169 |
|
|
434,922 |
|
|
— |
% |
|
(8 |
)% |
|
(4 |
)% |
Owner occupied |
885,736 |
|
|
874,651 |
|
|
849,148 |
|
|
834,742 |
|
|
1 |
% |
|
4 |
% |
|
6 |
% |
Non-owner occupied |
739,057 |
|
|
718,024 |
|
|
674,381 |
|
|
658,429 |
|
|
3 |
% |
|
10 |
% |
|
12 |
% |
Total commercial real
estate |
1,624,793 |
|
|
1,592,675 |
|
|
1,523,529 |
|
|
1,493,171 |
|
|
2 |
% |
|
7 |
% |
|
9 |
% |
Commercial and
industrial |
619,688 |
|
|
635,259 |
|
|
547,910 |
|
|
573,617 |
|
|
(2 |
)% |
|
13 |
% |
|
8 |
% |
Agriculture |
386,523 |
|
|
374,258 |
|
|
310,785 |
|
|
317,506 |
|
|
3 |
% |
|
24 |
% |
|
22 |
% |
1st lien |
801,705 |
|
|
802,152 |
|
|
775,785 |
|
|
782,116 |
|
|
— |
% |
|
3 |
% |
|
3 |
% |
Junior lien |
67,351 |
|
|
67,019 |
|
|
68,358 |
|
|
71,678 |
|
|
— |
% |
|
(1 |
)% |
|
(6 |
)% |
Total 1-4
family |
869,056 |
|
|
869,171 |
|
|
844,143 |
|
|
853,794 |
|
|
— |
% |
|
3 |
% |
|
2 |
% |
Multifamily
residential |
189,944 |
|
|
195,674 |
|
|
160,426 |
|
|
168,760 |
|
|
(3 |
)% |
|
18 |
% |
|
13 |
% |
Home equity lines of
credit |
359,605 |
|
|
356,077 |
|
|
334,788 |
|
|
322,442 |
|
|
1 |
% |
|
7 |
% |
|
12 |
% |
Other consumer |
154,095 |
|
|
147,427 |
|
|
133,773 |
|
|
139,045 |
|
|
5 |
% |
|
15 |
% |
|
11 |
% |
Total
consumer |
513,700 |
|
|
503,504 |
|
|
468,561 |
|
|
461,487 |
|
|
2 |
% |
|
10 |
% |
|
11 |
% |
Other |
185,633 |
|
|
174,732 |
|
|
124,203 |
|
|
118,234 |
|
|
6 |
% |
|
49 |
% |
|
57 |
% |
Total loans receivable, including
loans held for sale |
4,916,875 |
|
|
4,860,632 |
|
|
4,534,821 |
|
|
4,524,697 |
|
|
1 |
% |
|
8 |
% |
|
9 |
% |
Less loans held
for sale 1 |
(40,456 |
) |
|
(53,201 |
) |
|
(46,726 |
) |
|
(65,598 |
) |
|
(24 |
)% |
|
(13 |
)% |
|
(38 |
)% |
Total loans receivable |
$ |
4,876,419 |
|
|
$ |
4,807,431 |
|
|
$ |
4,488,095 |
|
|
$ |
4,459,099 |
|
|
1 |
% |
|
9 |
% |
|
9 |
% |
_______
1 Loans held for sale are primarily 1st lien 1-4 family
loans.
|
|
|
|
|
|
|
|
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification |
|
|
|
|
|
|
|
|
|
Non-performing Assets, by Loan Type |
|
Non-AccrualLoans |
|
AccruingLoans 90 Days
or More Past Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
Sep 30, 2015 |
Sep 30, 2015 |
Sep 30, 2015 |
Custom and owner occupied
construction |
$ |
1,048 |
|
|
1,079 |
|
|
1,132 |
|
|
1,164 |
|
|
1,048 |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
— |
|
|
18 |
|
|
218 |
|
|
222 |
|
|
— |
|
|
— |
|
|
— |
|
Total residential
construction |
1,048 |
|
|
1,097 |
|
|
1,350 |
|
|
1,386 |
|
|
1,048 |
|
|
— |
|
|
— |
|
Land development |
17,719 |
|
|
20,405 |
|
|
20,842 |
|
|
24,803 |
|
|
7,769 |
|
|
— |
|
|
9,950 |
|
Consumer land or lots |
2,430 |
|
|
2,647 |
|
|
3,581 |
|
|
3,451 |
|
|
1,105 |
|
|
— |
|
|
1,325 |
|
Unimproved land |
12,055 |
|
|
12,580 |
|
|
14,170 |
|
|
13,659 |
|
|
8,607 |
|
|
— |
|
|
3,448 |
|
Developed lots for
operative builders |
492 |
|
|
848 |
|
|
1,318 |
|
|
1,672 |
|
|
270 |
|
|
— |
|
|
222 |
|
Commercial lots |
1,631 |
|
|
2,050 |
|
|
2,660 |
|
|
2,697 |
|
|
241 |
|
|
— |
|
|
1,390 |
|
Other construction |
4,244 |
|
|
4,244 |
|
|
5,151 |
|
|
5,154 |
|
|
— |
|
|
— |
|
|
4,244 |
|
Total land, lot and other
construction |
38,571 |
|
|
42,774 |
|
|
47,722 |
|
|
51,436 |
|
|
17,992 |
|
|
— |
|
|
20,579 |
|
Owner occupied |
12,719 |
|
|
13,057 |
|
|
13,574 |
|
|
14,913 |
|
|
8,220 |
|
|
1,444 |
|
|
3,055 |
|
Non-owner occupied |
3,833 |
|
|
3,179 |
|
|
3,013 |
|
|
3,768 |
|
|
2,713 |
|
|
— |
|
|
1,120 |
|
Total commercial real
estate |
16,552 |
|
|
16,236 |
|
|
16,587 |
|
|
18,681 |
|
|
10,933 |
|
|
1,444 |
|
|
4,175 |
|
Commercial and
industrial |
5,110 |
|
|
5,805 |
|
|
4,375 |
|
|
4,833 |
|
|
4,868 |
|
|
199 |
|
|
43 |
|
Agriculture |
3,114 |
|
|
2,769 |
|
|
3,074 |
|
|
3,430 |
|
|
2,499 |
|
|
167 |
|
|
448 |
|
1st lien |
11,953 |
|
|
9,867 |
|
|
9,580 |
|
|
13,236 |
|
|
10,538 |
|
|
107 |
|
|
1,308 |
|
Junior lien |
660 |
|
|
739 |
|
|
442 |
|
|
481 |
|
|
660 |
|
|
— |
|
|
— |
|
Total 1-4
family |
12,613 |
|
|
10,606 |
|
|
10,022 |
|
|
13,717 |
|
|
11,198 |
|
|
107 |
|
|
1,308 |
|
Multifamily
residential |
— |
|
|
— |
|
|
440 |
|
|
450 |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
6,013 |
|
|
4,742 |
|
|
6,099 |
|
|
3,985 |
|
|
5,991 |
|
|
22 |
|
|
— |
|
Other consumer |
204 |
|
|
164 |
|
|
231 |
|
|
222 |
|
|
103 |
|
|
45 |
|
|
56 |
|
Total
consumer |
6,217 |
|
|
4,906 |
|
|
6,330 |
|
|
4,207 |
|
|
6,094 |
|
|
67 |
|
|
56 |
|
Other |
1,800 |
|
|
29 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,800 |
|
|
— |
|
Total |
$ |
85,025 |
|
|
84,222 |
|
|
89,900 |
|
|
98,140 |
|
|
54,632 |
|
|
3,784 |
|
|
26,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification (continued) |
|
|
|
|
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
Custom and owner
occupied construction |
$ |
138 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
n/m |
|
|
n/m |
|
|
n/m |
|
Pre-sold and spec
construction |
144 |
|
|
— |
|
|
869 |
|
|
179 |
|
|
n/m |
|
|
(83 |
)% |
|
(20 |
)% |
Total residential
construction |
282 |
|
|
— |
|
|
869 |
|
|
179 |
|
|
n/m |
|
|
(68 |
)% |
|
58 |
% |
Consumer land or
lots |
266 |
|
|
158 |
|
|
391 |
|
|
62 |
|
|
68 |
% |
|
(32 |
)% |
|
329 |
% |
Unimproved land |
304 |
|
|
755 |
|
|
267 |
|
|
1,177 |
|
|
(60 |
)% |
|
14 |
% |
|
(74 |
)% |
Developed lots for
operative builders |
— |
|
|
— |
|
|
— |
|
|
21 |
|
|
n/m |
|
|
n/m |
|
|
(100 |
)% |
Commercial lots |
— |
|
|
66 |
|
|
21 |
|
|
106 |
|
|
(100 |
)% |
|
(100 |
)% |
|
(100 |
)% |
Other construction |
— |
|
|
— |
|
|
— |
|
|
660 |
|
|
n/m |
|
|
n/m |
|
|
(100 |
)% |
Total land, lot and other
construction |
570 |
|
|
979 |
|
|
679 |
|
|
2,026 |
|
|
(42 |
)% |
|
(16 |
)% |
|
(72 |
)% |
Owner occupied |
2,497 |
|
|
4,727 |
|
|
5,971 |
|
|
4,341 |
|
|
(47 |
)% |
|
(58 |
)% |
|
(42 |
)% |
Non-owner occupied |
5,529 |
|
|
8,257 |
|
|
3,131 |
|
|
266 |
|
|
(33 |
)% |
|
77 |
% |
|
1,979 |
% |
Total commercial real
estate |
8,026 |
|
|
12,984 |
|
|
9,102 |
|
|
4,607 |
|
|
(38 |
)% |
|
(12 |
)% |
|
74 |
% |
Commercial and
industrial |
2,774 |
|
|
6,760 |
|
|
2,915 |
|
|
3,376 |
|
|
(59 |
)% |
|
(5 |
)% |
|
(18 |
)% |
Agriculture |
867 |
|
|
353 |
|
|
994 |
|
|
152 |
|
|
146 |
% |
|
(13 |
)% |
|
470 |
% |
1st lien |
2,510 |
|
|
2,891 |
|
|
6,804 |
|
|
3,738 |
|
|
(13 |
)% |
|
(63 |
)% |
|
(33 |
)% |
Junior lien |
228 |
|
|
335 |
|
|
491 |
|
|
275 |
|
|
(32 |
)% |
|
(54 |
)% |
|
(17 |
)% |
Total 1-4
family |
2,738 |
|
|
3,226 |
|
|
7,295 |
|
|
4,013 |
|
|
(15 |
)% |
|
(62 |
)% |
|
(32 |
)% |
Multifamily
Residential |
114 |
|
|
671 |
|
|
— |
|
|
684 |
|
|
(83 |
)% |
|
n/m |
|
|
(83 |
)% |
Home equity lines of
credit |
1,599 |
|
|
2,464 |
|
|
1,288 |
|
|
1,725 |
|
|
(35 |
)% |
|
24 |
% |
|
(7 |
)% |
Other consumer |
811 |
|
|
996 |
|
|
928 |
|
|
789 |
|
|
(19 |
)% |
|
(13 |
)% |
|
3 |
% |
Total
consumer |
2,410 |
|
|
3,460 |
|
|
2,216 |
|
|
2,514 |
|
|
(30 |
)% |
|
9 |
% |
|
(4 |
)% |
Other |
41 |
|
|
41 |
|
|
1,834 |
|
|
19 |
|
|
— |
% |
|
(98 |
)% |
|
116 |
% |
Total |
$ |
17,822 |
|
|
$ |
28,474 |
|
|
$ |
25,904 |
|
|
$ |
17,570 |
|
|
(37 |
)% |
|
(31 |
)% |
|
1 |
% |
_______
n/m - not measurable
|
|
|
|
|
|
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification (continued) |
|
|
|
|
|
|
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in
thousands) |
Sep 30, 2015 |
|
Jun 30, 2015 |
|
Dec 31, 2014 |
|
Sep 30, 2014 |
|
Sep 30, 2015 |
Sep 30, 2015 |
Pre-sold and
spec construction |
$ |
(34 |
) |
|
(23 |
) |
|
(94 |
) |
|
(58 |
) |
|
— |
|
|
34 |
|
Land development |
(293 |
) |
|
(807 |
) |
|
(390 |
) |
|
(319 |
) |
|
828 |
|
|
1,121 |
|
Consumer land or lots |
(8 |
) |
|
(77 |
) |
|
375 |
|
|
69 |
|
|
306 |
|
|
314 |
|
Unimproved land |
(152 |
) |
|
(86 |
) |
|
52 |
|
|
(186 |
) |
|
— |
|
|
152 |
|
Developed lots for
operative builders |
(72 |
) |
|
(98 |
) |
|
(140 |
) |
|
(125 |
) |
|
51 |
|
|
123 |
|
Commercial lots |
(5 |
) |
|
(3 |
) |
|
(6 |
) |
|
(5 |
) |
|
— |
|
|
5 |
|
Other construction |
(1 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
Total land, lot and other
construction |
(531 |
) |
|
(1,072 |
) |
|
(109 |
) |
|
(566 |
) |
|
1,185 |
|
|
1,716 |
|
Owner occupied |
249 |
|
|
271 |
|
|
669 |
|
|
201 |
|
|
587 |
|
|
338 |
|
Non-owner occupied |
105 |
|
|
109 |
|
|
(162 |
) |
|
(44 |
) |
|
116 |
|
|
11 |
|
Total commercial real
estate |
354 |
|
|
380 |
|
|
507 |
|
|
157 |
|
|
703 |
|
|
349 |
|
Commercial and
industrial |
1,011 |
|
|
1,007 |
|
|
1,069 |
|
|
932 |
|
|
1,638 |
|
|
627 |
|
Agriculture |
(8 |
) |
|
(7 |
) |
|
28 |
|
|
(1 |
) |
|
— |
|
|
8 |
|
1st lien |
(80 |
) |
|
(49 |
) |
|
372 |
|
|
207 |
|
|
39 |
|
|
119 |
|
Junior lien |
(106 |
) |
|
(129 |
) |
|
183 |
|
|
199 |
|
|
79 |
|
|
185 |
|
Total 1-4
family |
(186 |
) |
|
(178 |
) |
|
555 |
|
|
406 |
|
|
118 |
|
|
304 |
|
Multifamily
residential |
(318 |
) |
|
(29 |
) |
|
138 |
|
|
138 |
|
|
— |
|
|
318 |
|
Home equity lines of
credit |
531 |
|
|
206 |
|
|
190 |
|
|
222 |
|
|
660 |
|
|
129 |
|
Other consumer |
39 |
|
|
(3 |
) |
|
226 |
|
|
210 |
|
|
367 |
|
|
328 |
|
Total
consumer |
570 |
|
|
203 |
|
|
416 |
|
|
432 |
|
|
1,027 |
|
|
457 |
|
Total |
$ |
858 |
|
|
281 |
|
|
2,510 |
|
|
1,440 |
|
|
4,671 |
|
|
3,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visit our website
at www.glacierbancorp.com
CONTACT: Michael J. Blodnick
(406) 751-4701
Ron J. Copher
(406) 751-7706
Glacier Bancorp (NASDAQ:GBCI)
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