2nd Quarter 2023 Highlights:
- Net income was
$55.0 million for the current quarter, a decrease of $6.2 million,
or 10 percent, from the prior quarter net income of $61.2 million.
Net income for the current quarter decreased $21.4 million, or 28
percent, from the prior year second quarter net income of $76.4
million.
- Interest income of
$247 million in the current quarter increased $15.5 million, or 7
percent, over the prior quarter interest income of $232 million.
Interest income in the current quarter increased $47.7 million, or
24 percent, over the prior year second quarter.
- Total deposits and
retail repurchase agreements of $21.365 billion at the current
quarter end increased $25.5 million, or 12 basis points, during the
current quarter.
- The loan portfolio
of $15.955 billion, increased $436 million, or 11 percent
annualized, during the current quarter.
- The loan yield for
the current quarter of 5.12 percent, increased 10 basis points,
compared to 5.02 percent in the prior quarter and increased 60
basis points from the prior year second quarter loan yield of 4.52
percent.
- Non-performing
assets as a percentage of subsidiary assets was 0.12 percent in the
current and prior quarter, compared to 0.16 percent in the prior
year second quarter.
- The Company
declared a quarterly dividend of $0.33 per share. The Company has
declared 153 consecutive quarterly dividends and has increased the
dividend 49 times.
First Half 2023 Highlights
- Net Income for the
first half of 2023 was $116 million, a decrease of $28.0 million,
or 19 percent, from the $144 million net income for the first half
of the prior year.
- Interest income for
the first six months of 2023 was $479 million, an increase of $89.1
million, or 23 percent over the first half of the prior year
interest income of $390 million.
- The loan portfolio
of $15.955 billion, increased $708 million, or 9 percent
annualized, during the first half of the current year. The loan
portfolio, excluding the Paycheck Protection Program (“PPP”) loans,
increased $1.121 billion, or 17 percent annualized, during the
first half of the prior year.
- The loan yield was
5.07 percent for the first half of the current year, an increase of
51 basis points from the first half of the prior year loan yield of
4.56 percent.
- Stockholders’
equity of $2.927 billion increased $83.2 million, or 3 percent,
during the first six months of the current year.
- Dividends declared
in the first half of 2023 were $0.66 per share.
Financial Summary
|
At or for the Three Months ended |
|
At or for the Six Months ended |
(Dollars in thousands,
except per share and market data) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Jun 30,
2022 |
|
Jun 30,
2023 |
|
Jun 30,
2022 |
Operating results |
|
|
|
|
|
|
|
|
|
Net income |
$ |
54,955 |
|
|
61,211 |
|
|
76,392 |
|
|
116,166 |
|
|
144,187 |
|
Basic earnings per share |
$ |
0.50 |
|
|
0.55 |
|
|
0.69 |
|
|
1.05 |
|
|
1.30 |
|
Diluted earnings per share |
$ |
0.50 |
|
|
0.55 |
|
|
0.69 |
|
|
1.05 |
|
|
1.30 |
|
Dividends declared per share |
$ |
0.33 |
|
|
0.33 |
|
|
0.33 |
|
|
0.66 |
|
|
0.66 |
|
Market value per share |
|
|
|
|
|
|
|
|
|
Closing |
$ |
31.17 |
|
|
42.01 |
|
|
47.42 |
|
|
31.17 |
|
|
47.42 |
|
High |
$ |
42.21 |
|
|
50.03 |
|
|
51.40 |
|
|
50.03 |
|
|
60.69 |
|
Low |
$ |
26.77 |
|
|
37.07 |
|
|
44.43 |
|
|
26.77 |
|
|
44.43 |
|
Selected ratios and other
data |
|
|
|
|
|
|
|
|
|
Number of common stock shares outstanding |
|
110,873,887 |
|
|
110,868,713 |
|
|
110,766,287 |
|
|
110,873,887 |
|
|
110,766,287 |
|
Average outstanding shares - basic |
|
110,870,964 |
|
|
110,824,648 |
|
|
110,765,379 |
|
|
110,847,806 |
|
|
110,745,017 |
|
Average outstanding shares - diluted |
|
110,875,535 |
|
|
110,881,708 |
|
|
110,794,982 |
|
|
110,879,654 |
|
|
110,799,368 |
|
Return on average assets (annualized) |
|
0.81% |
|
|
0.93% |
|
|
1.16% |
|
|
0.87% |
|
|
1.11% |
|
Return on average equity (annualized) |
|
7.52% |
|
|
8.54% |
|
|
10.55% |
|
|
8.03% |
|
|
9.76% |
|
Efficiency ratio |
|
62.73% |
|
|
60.39% |
|
|
55.74% |
|
|
61.52% |
|
|
56.42% |
|
Dividend payout |
|
66.00% |
|
|
60.00% |
|
|
47.83% |
|
|
62.86% |
|
|
50.77% |
|
Loan to deposit ratio |
|
79.92% |
|
|
77.09% |
|
|
66.26% |
|
|
79.92% |
|
|
66.26% |
|
Number of full time equivalent employees |
|
3,369 |
|
|
3,390 |
|
|
3,439 |
|
|
3,369 |
|
|
3,439 |
|
Number of locations |
|
222 |
|
|
222 |
|
|
224 |
|
|
222 |
|
|
224 |
|
Number of ATMs |
|
274 |
|
|
263 |
|
|
274 |
|
|
274 |
|
|
274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KALISPELL, Mont., July 20, 2023 (GLOBE NEWSWIRE)
-- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $55.0
million for the current quarter, a decrease of $21.4 million, or 28
percent, from the $76.4 million of net income for the prior year
second quarter. Diluted earnings per share for the current quarter
was $0.50 per share, a decrease of 28 percent from the prior year
second quarter diluted earnings per share of $0.69. The decrease in
net income compared to the prior quarter and prior year second
quarter is primarily due to the continued increase in funding
costs. “The growth in total deposits and repurchase agreements this
quarter underscores the effectiveness of our team in successfully
meeting the needs of local deposit relationships in this highly
competitive environment,” said Randy Chesler, President and Chief
Executive Officer. “Our deep local relationships, strong capital
position and consistent financial performance helped set the stage
for this growth.”
Net income for the six months ended June 30,
2023 was $116 million, a decrease of $28.0 million, or 19 percent,
from the $144 million for the first six months in the prior year.
Diluted earnings per share for the first half of 2023 was $1.05 per
share, a decrease of 19 percent from the prior year first half
diluted earnings per share of $1.30.
Asset Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Cash and cash equivalents |
$ |
1,051,320 |
|
|
1,529,534 |
|
|
401,995 |
|
|
415,406 |
|
|
(478,214 |
) |
|
649,325 |
|
|
635,914 |
|
Debt securities,
available-for-sale |
|
4,999,820 |
|
|
5,198,313 |
|
|
5,307,307 |
|
|
6,209,199 |
|
|
(198,493 |
) |
|
(307,487 |
) |
|
(1,209,379 |
) |
Debt securities,
held-to-maturity |
|
3,608,289 |
|
|
3,664,393 |
|
|
3,715,052 |
|
|
3,788,486 |
|
|
(56,104 |
) |
|
(106,763 |
) |
|
(180,197 |
) |
Total debt securities |
|
8,608,109 |
|
|
8,862,706 |
|
|
9,022,359 |
|
|
9,997,685 |
|
|
(254,597 |
) |
|
(414,250 |
) |
|
(1,389,576 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
1,588,175 |
|
|
1,508,403 |
|
|
1,446,008 |
|
|
1,261,119 |
|
|
79,772 |
|
|
142,167 |
|
|
327,056 |
|
Commercial real estate |
|
10,220,751 |
|
|
9,992,019 |
|
|
9,797,047 |
|
|
9,310,070 |
|
|
228,732 |
|
|
423,704 |
|
|
910,681 |
|
Other commercial |
|
2,888,810 |
|
|
2,804,104 |
|
|
2,799,668 |
|
|
2,685,392 |
|
|
84,706 |
|
|
89,142 |
|
|
203,418 |
|
Home equity |
|
862,240 |
|
|
829,844 |
|
|
822,232 |
|
|
773,582 |
|
|
32,396 |
|
|
40,008 |
|
|
88,658 |
|
Other consumer |
|
394,986 |
|
|
384,242 |
|
|
381,857 |
|
|
369,592 |
|
|
10,744 |
|
|
13,129 |
|
|
25,394 |
|
Loans receivable |
|
15,954,962 |
|
|
15,518,612 |
|
|
15,246,812 |
|
|
14,399,755 |
|
|
436,350 |
|
|
708,150 |
|
|
1,555,207 |
|
Allowance for credit losses |
|
(189,385 |
) |
|
(186,604 |
) |
|
(182,283 |
) |
|
(172,963 |
) |
|
(2,781 |
) |
|
(7,102 |
) |
|
(16,422 |
) |
Loans receivable, net |
|
15,765,577 |
|
|
15,332,008 |
|
|
15,064,529 |
|
|
14,226,792 |
|
|
433,569 |
|
|
701,048 |
|
|
1,538,785 |
|
Other assets |
|
2,102,673 |
|
|
2,078,186 |
|
|
2,146,492 |
|
|
2,050,122 |
|
|
24,487 |
|
|
(43,819 |
) |
|
52,551 |
|
Total assets |
$ |
27,527,679 |
|
|
27,802,434 |
|
|
26,635,375 |
|
|
26,690,005 |
|
|
(274,755 |
) |
|
892,304 |
|
|
837,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt securities of $8.608 billion at June
30, 2023 decreased $255 million, or 3 percent, during the current
quarter and decreased $1.390 billion, or 14 percent, from the prior
year second quarter. The Company continues to utilize cash flow
from the securities portfolio to primarily fund loan growth. Debt
securities represented 31 percent of total assets at June
30, 2023, compared to 34 percent at December 31, 2022, and 37
percent at June 30, 2022.
The loan portfolio of $15.955 billion increased
$436 million, or 11 percent annualized, during the current quarter
with the largest dollar increase in commercial real estate which
increased $229 million, or 9 percent annualized. The loan portfolio
increased $1.555 billion, or 11 percent, from the prior year second
quarter with the largest dollar increase in commercial real estate
loans which increased $911 million, or 10 percent.
Credit Quality Summary
|
At or for the Six
Months ended |
|
At or for the Three
Months ended |
|
At or for the
Year ended |
|
At or for the Six
Months ended |
(Dollars in
thousands) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Allowance for credit
losses |
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
182,283 |
|
|
182,283 |
|
|
172,665 |
|
|
172,665 |
|
Provision for credit losses |
|
11,514 |
|
|
6,260 |
|
|
17,433 |
|
|
2,991 |
|
Charge-offs |
|
(7,083 |
) |
|
(3,293 |
) |
|
(14,970 |
) |
|
(7,040 |
) |
Recoveries |
|
2,671 |
|
|
1,354 |
|
|
7,155 |
|
|
4,347 |
|
Balance at end of period |
$ |
189,385 |
|
|
186,604 |
|
|
182,283 |
|
|
172,963 |
|
Provision for credit
losses |
|
|
|
|
|
|
|
Loan portfolio |
$ |
11,514 |
|
|
6,260 |
|
|
17,433 |
|
|
2,991 |
|
Unfunded loan commitments |
|
(3,271 |
) |
|
(790 |
) |
|
2,530 |
|
|
2,507 |
|
Total provision for credit losses |
$ |
8,243 |
|
|
5,470 |
|
|
19,963 |
|
|
5,498 |
|
Other real estate owned |
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
Other foreclosed assets |
|
52 |
|
|
31 |
|
|
32 |
|
|
379 |
|
Accruing loans 90 days or more
past due |
|
3,876 |
|
|
3,545 |
|
|
1,559 |
|
|
5,064 |
|
Non-accrual loans |
|
28,094 |
|
|
28,403 |
|
|
31,151 |
|
|
38,523 |
|
Total non-performing assets |
$ |
32,022 |
|
|
31,979 |
|
|
32,742 |
|
|
43,966 |
|
Non-performing assets as a
percentage of subsidiary assets |
|
0.12 |
% |
|
0.12 |
% |
|
0.12 |
% |
|
0.16 |
% |
Allowance for credit losses as
a percentage of non-performing loans |
|
592 |
% |
|
584 |
% |
|
557 |
% |
|
393 |
% |
Allowance for credit losses as
a percentage of total loans |
|
1.19 |
% |
|
1.20 |
% |
|
1.20 |
% |
|
1.20 |
% |
Net charge-offs as a
percentage of total loans |
|
0.03 |
% |
|
0.01 |
% |
|
0.05 |
% |
|
0.02 |
% |
Accruing loans 30-89 days past
due |
$ |
24,863 |
|
|
24,993 |
|
|
20,967 |
|
|
16,588 |
|
U.S. government guarantees
included in non-performing assets |
$ |
1,035 |
|
|
2,071 |
|
|
2,312 |
|
|
5,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets of $32.0 million at June
30, 2023 decreased $11.9 million, or 27 percent, over the prior
year second quarter. Non-performing assets as a percentage of
subsidiary assets at June 30, 2023 and March 31, 2023 was 0.12
percent compared to 0.16 percent in the prior year second
quarter.
Early stage delinquencies (accruing loans 30-89
days past due) of $24.9 million at June 30, 2023 increased $8.3
million from the prior year second quarter. Early stage
delinquencies as a percentage of loans at June 30, 2023 and March
31, 2023 was 0.16 percent, which compared to 0.12 percent from
prior year second quarter.
The current quarter credit loss expense of $2.8
million included $5.3 million of credit loss expense from loans and
$2.5 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 June 30, 2023 was 1.19 percent, compared
to 1.20 percent in the prior quarter and the prior year second
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 |
Second quarter 2023 |
$ |
5,254 |
|
|
$ |
2,473 |
|
|
1.19 |
% |
|
0.16 |
% |
|
0.12 |
% |
First quarter 2023 |
|
6,260 |
|
|
|
1,939 |
|
|
1.20 |
% |
|
0.16 |
% |
|
0.12 |
% |
Fourth quarter 2022 |
|
6,060 |
|
|
|
1,968 |
|
|
1.20 |
% |
|
0.14 |
% |
|
0.12 |
% |
Third quarter 2022 |
|
8,382 |
|
|
|
3,154 |
|
|
1.20 |
% |
|
0.07 |
% |
|
0.13 |
% |
Second quarter 2022 |
|
(1,353 |
) |
|
|
1,843 |
|
|
1.20 |
% |
|
0.12 |
% |
|
0.16 |
% |
First quarter 2022 |
|
4,344 |
|
|
|
850 |
|
|
1.28 |
% |
|
0.12 |
% |
|
0.24 |
% |
Fourth quarter 2021 |
|
19,301 |
|
|
|
616 |
|
|
1.29 |
% |
|
0.38 |
% |
|
0.26 |
% |
Third quarter 2021 |
|
2,313 |
|
|
|
152 |
|
|
1.36 |
% |
|
0.23 |
% |
|
0.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs for the current quarter were
$2.5 million compared to $2.0 million in the prior quarter and $1.8
million for the prior year second quarter. Net charge-offs of $2.5
million included $1.7 million in deposit overdraft net charge-offs
and $773 thousand of net loan charge-offs.
The current quarter provision for credit loss
expense for loans was $5.3 million which was a decrease of $1.0
million from the prior quarter and a $6.6 million increase from the
prior year second 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) |
Jun 30,
2023 |
|
Mar 31,
2023
|
|
Dec 31,
2022
|
|
Jun 30,
2022
|
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,458,394 |
|
|
7,001,241 |
|
|
7,690,751 |
|
|
8,061,304 |
|
|
(542,847 |
) |
|
(1,232,357 |
) |
|
(1,602,910 |
) |
NOW and DDA accounts |
|
5,154,442 |
|
|
5,156,709 |
|
|
5,330,614 |
|
|
5,432,333 |
|
|
(2,267 |
) |
|
(176,172 |
) |
|
(277,891 |
) |
Savings accounts |
|
2,808,571 |
|
|
2,985,351 |
|
|
3,200,321 |
|
|
3,296,561 |
|
|
(176,780 |
) |
|
(391,750 |
) |
|
(487,990 |
) |
Money market deposit accounts |
|
3,094,302 |
|
|
3,429,123 |
|
|
3,472,281 |
|
|
4,021,102 |
|
|
(334,821 |
) |
|
(377,979 |
) |
|
(926,800 |
) |
Certificate accounts |
|
2,014,104 |
|
|
1,155,494 |
|
|
880,589 |
|
|
968,382 |
|
|
858,610 |
|
|
1,133,515 |
|
|
1,045,722 |
|
Core deposits, total |
|
19,529,813 |
|
|
19,727,918 |
|
|
20,574,556 |
|
|
21,779,682 |
|
|
(198,105 |
) |
|
(1,044,743 |
) |
|
(2,249,869 |
) |
Wholesale deposits |
|
478,417 |
|
|
420,390 |
|
|
31,999 |
|
|
4,001 |
|
|
58,027 |
|
|
446,418 |
|
|
474,416 |
|
Deposits, total |
|
20,008,230 |
|
|
20,148,308 |
|
|
20,606,555 |
|
|
21,783,683 |
|
|
(140,078 |
) |
|
(598,325 |
) |
|
(1,775,453 |
) |
Repurchase agreements |
|
1,356,862 |
|
|
1,191,323 |
|
|
945,916 |
|
|
968,197 |
|
|
165,539 |
|
|
410,946 |
|
|
388,665 |
|
Deposits and repurchase agreements, total |
|
21,365,092 |
|
|
21,339,631 |
|
|
21,552,471 |
|
|
22,751,880 |
|
|
25,461 |
|
|
(187,379 |
) |
|
(1,386,788 |
) |
Federal Home Loan Bank
advances |
|
— |
|
|
335,000 |
|
|
1,800,000 |
|
|
580,000 |
|
|
(335,000 |
) |
|
(1,800,000 |
) |
|
(580,000 |
) |
FRB Bank Term Funding |
|
2,740,000 |
|
|
2,740,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,740,000 |
|
|
2,740,000 |
|
Other borrowed funds |
|
75,819 |
|
|
76,185 |
|
|
77,293 |
|
|
66,200 |
|
|
(366 |
) |
|
(1,474 |
) |
|
9,619 |
|
Subordinated debentures |
|
132,863 |
|
|
132,822 |
|
|
132,782 |
|
|
132,701 |
|
|
41 |
|
|
81 |
|
|
162 |
|
Other liabilities |
|
287,379 |
|
|
251,892 |
|
|
229,524 |
|
|
262,985 |
|
|
35,487 |
|
|
57,855 |
|
|
24,394 |
|
Total liabilities |
$ |
24,601,153 |
|
|
24,875,530 |
|
|
23,792,070 |
|
|
23,793,766 |
|
|
(274,377 |
) |
|
809,083 |
|
|
807,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the current quarter, the Company
continued to focus on its diversified deposit and repurchase
agreement product offerings. Total deposits and retail repurchase
agreements of $21.365 billion at the current quarter end increased
$25.5 million, or 12 basis points, during the current quarter.
Non-interest bearing deposits were 33 percent of total core
deposits at June 30, 2023 compared to 37 percent at December 31,
2022 and June 30, 2022.
During the current quarter, the Company fully
paid off its higher rate Federal Home Loan Bank (“FHLB”) advances.
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 $15.1 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) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Common equity |
$ |
3,357,313 |
|
|
3,337,132 |
|
|
3,312,097 |
|
|
3,223,451 |
|
|
20,181 |
|
|
45,216 |
|
|
133,862 |
|
Accumulated other
comprehensive loss |
|
(430,787 |
) |
|
(410,228 |
) |
|
(468,792 |
) |
|
(327,212 |
) |
|
(20,559 |
) |
|
38,005 |
|
|
(103,575 |
) |
Total stockholders’ equity |
|
2,926,526 |
|
|
2,926,904 |
|
|
2,843,305 |
|
|
2,896,239 |
|
|
(378 |
) |
|
83,221 |
|
|
30,287 |
|
Goodwill and core deposit
intangible, net |
|
(1,022,118 |
) |
|
(1,024,545 |
) |
|
(1,026,994 |
) |
|
(1,032,323 |
) |
|
2,427 |
|
|
4,876 |
|
|
10,205 |
|
Tangible stockholders’ equity |
$ |
1,904,408 |
|
|
1,902,359 |
|
|
1,816,311 |
|
|
1,863,916 |
|
|
2,049 |
|
|
88,097 |
|
|
40,492 |
|
Stockholders’ equity to total assets |
|
10.63 |
% |
|
10.53 |
% |
|
10.67 |
% |
|
10.85 |
% |
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity
to total tangible assets |
|
7.18 |
% |
|
7.10 |
% |
|
7.09 |
% |
|
7.26 |
% |
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
26.40 |
|
|
26.40 |
|
|
25.67 |
|
|
26.15 |
|
|
— |
|
|
0.73 |
|
|
0.25 |
|
Tangible book value per common
share |
$ |
17.18 |
|
|
17.16 |
|
|
16.40 |
|
|
16.83 |
|
|
0.02 |
|
|
0.78 |
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity was $1.904 billion
at June 30, 2023 increased $2.0 million, or 1 basis point, compared
to the prior quarter and increased $88.0 million, or 5 percent,
from the prior year end, which was primarily due to earnings
retention and the decrease in the net unrealized loss (after-tax)
on the AFS debt securities. Tangible book value per common share of
$17.18 at the current quarter end increased $0.78 per share, or 5
percent, from the prior year end. The tangible book value per
common share increased $0.35 per share from the prior year second
quarter.
Cash Dividends
On June 28, 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 second quarter.
The dividend was payable July 20, 2023 to shareholders of record on
July 11, 2023. The dividend was the Company’s 153rd 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 June 30,
2023
Compared to March 31,
2023, and June 30,
2022
Income Summary
|
Three Months ended |
$ Change from |
(Dollars in
thousands) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Jun 30,
2022 |
|
Mar 31,
2023 |
|
Jun 30,
2022 |
Net interest income |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
247,365 |
|
|
231,888 |
|
|
199,637 |
|
|
15,477 |
|
|
47,728 |
|
Interest expense |
|
75,385 |
|
|
45,696 |
|
|
6,199 |
|
|
29,689 |
|
|
69,186 |
|
Total net interest income |
|
171,980 |
|
|
186,192 |
|
|
193,438 |
|
|
(14,212 |
) |
|
(21,458 |
) |
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
18,967 |
|
|
17,771 |
|
|
17,309 |
|
|
1,196 |
|
|
1,658 |
|
Miscellaneous loan fees and charges |
|
4,162 |
|
|
3,967 |
|
|
3,850 |
|
|
195 |
|
|
312 |
|
Gain on sale of loans |
|
3,528 |
|
|
2,400 |
|
|
4,996 |
|
|
1,128 |
|
|
(1,468 |
) |
Loss on sale of debt securities |
|
(23 |
) |
|
(114 |
) |
|
(260 |
) |
|
91 |
|
|
237 |
|
Other income |
|
2,445 |
|
|
3,871 |
|
|
2,385 |
|
|
(1,426 |
) |
|
60 |
|
Total non-interest income |
|
29,079 |
|
|
27,895 |
|
|
28,280 |
|
|
1,184 |
|
|
799 |
|
Total income |
|
201,059 |
|
|
214,087 |
|
|
221,718 |
|
|
(13,028 |
) |
|
(20,659 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax-equivalent) |
|
2.74 |
% |
|
3.08 |
% |
|
3.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
The current quarter interest income of $247 million increased $15.5
million, or 7 percent, over the prior quarter and was driven
primarily by the increase in the loan portfolio and an increase in
loan yields. The current quarter interest income increased $47.7
million, or 24 percent, over the prior year second quarter also due
to loan growth and increased loan yields. The loan yield of 5.12
percent in the current quarter increased 10 basis points from the
prior quarter loan yield of 5.02 percent and increased 60 basis
points from the prior year second quarter loan yield of 4.52
percent.
The current quarter interest expense of $75.4
million increased $29.7 million, or 65 percent, over the prior
quarter and increased $69.2 million, or 1,116 percent, over the
prior year second quarter primarily the result of an increase in
rates on deposits and borrowings. Core deposit cost (including
non-interest bearing deposits) was 0.57 percent for the current
quarter compared to 0.23 percent in the prior quarter and 0.06
percent for the prior year second quarter. The total cost of
funding (including non-interest bearing deposits) was 1.26 percent
in the current quarter compared to 0.79 percent in the prior
quarter and 0.11 percent in the prior year second 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 2.74 percent compared to 3.08 percent in the
prior quarter and 3.23 percent in the prior year second quarter.
The core net interest margin, excluding discount accretion, the
impact from non-accrual interest and the impact from the PPP loans,
was 2.72 percent compared to 3.07 percent in the prior quarter and
3.16 percent in the prior year second quarter. The core net
interest margin decreased 35 basis points in the current quarter
primarily as a result of increased deposit and borrowing rates.
Non-interest Income
Non-interest income for the current quarter totaled $29.1 million
which was an increase of $1.2 million, or 4 percent, over the prior
quarter which was primarily driven by an increase in service
charges and gain on the sale of residential loans. Gain on the sale
of residential loans of $3.5 million for the current quarter
increased $1.1 million, or 47 percent, compared to the prior
quarter and decreased $1.5 million, or 29 percent, from the prior
year second quarter. Service charges and other fees of $19.0
million in the current quarter increased $1.2 million, or 7
percent, over the prior quarter and increased $1.7 million, or 10
percent, over the prior year second quarter.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
|
Jun 30,
2022 |
|
|
Mar 31,
2023 |
|
Jun 30,
2022 |
Compensation and employee benefits |
$ |
78,764 |
|
|
81,477 |
|
|
79,803 |
|
|
(2,713 |
) |
|
(1,039 |
) |
Occupancy and equipment |
|
10,827 |
|
|
11,665 |
|
|
10,766 |
|
|
(838 |
) |
|
61 |
|
Advertising and
promotions |
|
3,733 |
|
|
4,235 |
|
|
3,766 |
|
|
(502 |
) |
|
(33 |
) |
Data processing |
|
8,402 |
|
|
8,109 |
|
|
7,553 |
|
|
293 |
|
|
849 |
|
Other real estate owned and
foreclosed assets |
|
14 |
|
|
12 |
|
|
6 |
|
|
2 |
|
|
8 |
|
Regulatory assessments and
insurance |
|
5,314 |
|
|
4,903 |
|
|
3,085 |
|
|
411 |
|
|
2,229 |
|
Core deposit intangibles
amortization |
|
2,427 |
|
|
2,449 |
|
|
2,665 |
|
|
(22 |
) |
|
(238 |
) |
Other expenses |
|
21,123 |
|
|
22,132 |
|
|
21,877 |
|
|
(1,009 |
) |
|
(754 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
$ |
130,604 |
|
|
134,982 |
|
|
129,521 |
|
|
(4,378 |
) |
|
1,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense of $131 million for
the current quarter decreased $4.4 million, or 3 percent, over the
prior quarter and increased $1.1 million, or 1 percent, over the
prior year second quarter. Compensation and employee benefits
expense of $78.8 million for the current quarter decreased $2.7
million, or 3 percent, from the prior quarter and decreased $1.0
million, or 1 percent, over the prior year second quarter which was
driven primarily by decreases in accrued expenses for employee
benefits. Regulatory assessments and insurance of $5.3 million,
increased $2.2 million, or 72 percent, over the prior year second
quarter and was primarily due to the FDIC uniformly increasing all
depository institutions premiums beginning in the prior quarter.
“The current quarter reduction in non-interest expense is primarily
due to reductions in compensation and related benefits as the
Company continues to closely monitor staffing levels and improve
operating efficiencies,” said Ron Copher, Chief Financial
Officer.
Federal and State Income Tax Expense
Tax expense during the second quarter of 2023 was $12.7 million, a
decrease of $303 thousand, or 2 percent, compared to the prior
quarter and a decrease of $4.6 million, or 27 percent, from the
prior year second quarter. The effective tax rate in the current
quarter was 18.8 percent compared to 16.9 percent in the prior
quarter and 18.5 percent in the prior year second quarter.
Efficiency Ratio
The efficiency ratio was 62.73 percent in the current quarter
compared to 60.39 percent in the prior quarter and 55.74 percent in
the prior year second quarter. The increase the from prior quarter
and prior year second quarter was primarily attributable to the
increase in interest expense in the current quarter.
Operating Results for Six Months Ended
June 30, 2023
Compared to June 30, 2022
Income Summary
|
Six Months ended |
|
|
(Dollars in
thousands) |
Jun 30,
2023 |
|
Jun 30,
2022 |
|
$ Change |
|
% Change |
Net interest income |
|
|
|
|
|
|
|
Interest income |
$ |
479,253 |
|
|
$ |
390,153 |
|
|
$ |
89,100 |
|
|
23 |
% |
Interest expense |
|
121,081 |
|
|
|
11,160 |
|
|
|
109,921 |
|
|
985 |
% |
Total net interest income |
|
358,172 |
|
|
|
378,993 |
|
|
|
(20,821 |
) |
|
(5 |
)% |
|
|
|
|
|
|
|
|
Non-interest income |
|
|
|
|
|
|
|
Service charges and other fees |
|
36,738 |
|
|
|
34,420 |
|
|
|
2,318 |
|
|
7 |
% |
Miscellaneous loan fees and charges |
|
8,129 |
|
|
|
7,405 |
|
|
|
724 |
|
|
10 |
% |
Gain on sale of loans |
|
5,928 |
|
|
|
14,011 |
|
|
|
(8,083 |
) |
|
(58 |
)% |
(Loss) gain on sale of debt securities |
|
(137 |
) |
|
|
186 |
|
|
|
(323 |
) |
|
(174 |
)% |
Other income |
|
6,316 |
|
|
|
5,821 |
|
|
|
495 |
|
|
9 |
% |
Total non-interest income |
|
56,974 |
|
|
|
61,843 |
|
|
|
(4,869 |
) |
|
(8 |
)% |
Total Income |
$ |
415,146 |
|
|
$ |
440,836 |
|
|
$ |
(25,690 |
) |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax-equivalent) |
|
2.91 |
% |
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net-interest income of $358 million for the first half of 2023
decreased $20.8 million, or 5 percent, over the same period of 2022
and was primarily driven by increased interest expense. Interest
income of $479 million for the first six months in the current year
increased $89.1 million, or 23 percent, from the same period in the
prior year and was primarily attributable to the increase in the
loan portfolio and an increase in loan yields. The loan yield was
5.07 percent for the first half of the current year, an increase of
51 basis points from the first half of the prior year loan yield of
4.56 percent.
Interest expense of $121.1 million for the first
half of 2023 increased $110 million, or 985 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 0.40 percent for
the first half of 2023 compared to 0.06 percent for the same period
in 2022. The total funding cost (including non-interest bearing
deposits) for the first six months of the current year was 1.03
percent, which was an increase of 93 basis points over the prior
year first half of 0.10 percent.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, during the first half of
2023 was 2.91 percent, a 30 basis points decrease from the net
interest margin of 3.21 percent for the same period in the prior
year. The core net interest margin, excluding discount accretion,
the impact from non-accrual interest and the impact from the PPP
loans, was 2.90 percent, which was a 21 basis points decrease from
the core margin of 3.11 percent in the prior year.
Non-interest Income
Non-interest income of $57.0 million for the first half of 2023
decreased $4.9 million, or 8 percent, over the same period last
year and was principally due to the decrease in gain on sale of
residential loans which was partially offset by the increase in
service charges and other fees.
Non-interest Expense Summary
|
Six Months ended |
|
|
|
|
(Dollars in
thousands) |
Jun 30,
2023 |
|
Jun 30,
2022 |
|
$ Change |
|
% Change |
Compensation and employee benefits |
$ |
160,241 |
|
|
$ |
158,877 |
|
|
$ |
1,364 |
|
|
1 |
% |
Occupancy and equipment |
|
22,492 |
|
|
|
21,730 |
|
|
|
762 |
|
|
4 |
% |
Advertising and
promotions |
|
7,968 |
|
|
|
6,998 |
|
|
|
970 |
|
|
14 |
% |
Data processing |
|
16,511 |
|
|
|
15,028 |
|
|
|
1,483 |
|
|
10 |
% |
Other real estate owned and
foreclosed assets |
|
26 |
|
|
|
6 |
|
|
|
20 |
|
|
333 |
% |
Regulatory assessments and
insurance |
|
10,217 |
|
|
|
6,140 |
|
|
|
4,077 |
|
|
66 |
% |
Core deposit intangibles
amortization |
|
4,876 |
|
|
|
5,329 |
|
|
|
(453 |
) |
|
(9 |
)% |
Other expenses |
|
43,255 |
|
|
|
45,721 |
|
|
|
(2,466 |
) |
|
(5 |
)% |
Total non-interest expense |
$ |
265,586 |
|
|
$ |
259,829 |
|
|
$ |
5,757 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense of $266 million for
the first six months of 2023 increased $5.8 million, or 2 percent,
over the same period in the prior year. Regulatory assessments and
insurance of $10.2 million for the first half of 2023 increased
$4.1 million, or 66 percent, over the prior year and was primarily
due to the FDIC uniformly increasing all depository institutions
premiums beginning in 2023. Other expense of $43.3 million for the
first half of 2023 decreased $2.5 million, or 5 percent, from the
first half of the prior year and was primarily due to the decrease
in acquisition-related expenses along with changes in several
miscellaneous categories. Acquisition-related expenses were $563
thousand in the first half of the current year compared to $8.3
million in the same period of last year.
Provision for Credit Losses
The
provision for credit loss expense was $8.2 million for the first
half of 2023 increased $2.7 million, or 50 percent, over the same
period of the prior year. The provision for credit loss expense for
the first half of 2023 included provision for credit loss expense
of $11.5 million on the loan portfolio and credit loss benefit of
$3.3 million on the unfunded loan commitments. Net charge-offs
during the first half of the current year were $4.4 million
compared to $2.7 million during the same period of the prior
year.
Federal and State Income Tax Expense
Tax expense of $25.2 million for the first half of 2023 decreased
$6.2 million, or 20 percent, over the first six months of the prior
year. The effective tax rate for first half of 2023 was 17.8
percent compared to 17.8 percent for the first half of 2022.
Efficiency Ratio
The efficiency ratio was 61.52 percent for the first six months of
2023 compared to 56.42 percent for the same period last year. The
increase from the prior year was primarily attributable to the
increase in interest expense in the current year.
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 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
war in Ukraine;
- risks associated with the Company’s ability to negotiate,
complete, and successfully integrate any future acquisitions;
- costs or difficulties related to
the completion and integration of acquisitions;
- impairment of the goodwill recorded
by the Company in connection with acquisitions, which may have an
adverse impact on earnings and capital;
- reduction in demand for banking
products and services, whether as a result of changes in customer
behavior, economic conditions, banking environment, or
competition;
- deterioration of the reputation of
banks and the financial services industry, which could adversely
affect the Company's ability to obtain and maintain customers;
- changes in the competitive
landscape, including as may result from new market entrants or
further consolidation in the financial services industry, resulting
in the creation of larger competitors with greater financial
resources;
- risks presented by continued public
stock market volatility, which could adversely affect the market
price of the Company’s common stock and the ability to raise
additional capital or grow through acquisitions;
- risks associated with dependence on
the Chief Executive Officer, the senior management team and the
Presidents of Glacier Bank’s divisions;
- material failure, potential
interruption or breach in security of the Company’s systems or
changes in technological which could expose the Company to
cybersecurity risks, fraud, system failures, or direct
liabilities;
- risks related to natural disasters,
including droughts, fires, floods, earthquakes, pandemics, and
other unexpected events;
- success in managing risks involved
in the foregoing; and
- effects of any reputational damage
to the Company resulting from any of the foregoing.
The Company does not undertake any obligation to
publicly correct or update any forward-looking statement if it
later becomes aware that actual results are likely to differ
materially from those expressed in such forward-looking
statement.
Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern
Time on Friday, July 21, 2023. Please note that our conference call
host no longer offers a general dial-in number. Investors who would
like to join the call may now register by following this link to
obtain dial-in instructions:
https://register.vevent.com/register/BI19db5b01086643a5bde0e9f301e797ea.
To participate via the webcast, log on to:
https://edge.media-server.com/mmc/p/6gianovu. 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) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Assets |
|
|
|
|
|
|
|
Cash on hand and in banks |
$ |
285,920 |
|
|
290,960 |
|
|
300,194 |
|
|
293,541 |
|
Interest bearing cash deposits |
|
765,400 |
|
|
1,238,574 |
|
|
101,801 |
|
|
121,865 |
|
Cash and cash equivalents |
|
1,051,320 |
|
|
1,529,534 |
|
|
401,995 |
|
|
415,406 |
|
Debt securities, available-for-sale |
|
4,999,820 |
|
|
5,198,313 |
|
|
5,307,307 |
|
|
6,209,199 |
|
Debt securities, held-to-maturity |
|
3,608,289 |
|
|
3,664,393 |
|
|
3,715,052 |
|
|
3,788,486 |
|
Total debt securities |
|
8,608,109 |
|
|
8,862,706 |
|
|
9,022,359 |
|
|
9,997,685 |
|
Loans held for sale, at fair value |
|
35,006 |
|
|
14,461 |
|
|
12,314 |
|
|
33,837 |
|
Loans receivable |
|
15,954,962 |
|
|
15,518,612 |
|
|
15,246,812 |
|
|
14,399,755 |
|
Allowance for credit losses |
|
(189,385 |
) |
|
(186,604 |
) |
|
(182,283 |
) |
|
(172,963 |
) |
Loans receivable, net |
|
15,765,577 |
|
|
15,332,008 |
|
|
15,064,529 |
|
|
14,226,792 |
|
Premises and equipment, net |
|
405,407 |
|
|
399,740 |
|
|
398,100 |
|
|
386,198 |
|
Other real estate owned and foreclosed assets |
|
52 |
|
|
31 |
|
|
32 |
|
|
379 |
|
Accrued interest receivable |
|
88,351 |
|
|
90,642 |
|
|
83,538 |
|
|
80,339 |
|
Deferred tax asset |
|
179,815 |
|
|
172,453 |
|
|
193,187 |
|
|
147,263 |
|
Core deposit intangible, net |
|
36,725 |
|
|
39,152 |
|
|
41,601 |
|
|
46,930 |
|
Goodwill |
|
985,393 |
|
|
985,393 |
|
|
985,393 |
|
|
985,393 |
|
Non-marketable equity securities |
|
10,014 |
|
|
23,414 |
|
|
82,015 |
|
|
33,215 |
|
Bank-owned life insurance |
|
169,195 |
|
|
168,235 |
|
|
169,068 |
|
|
168,231 |
|
Other assets |
|
192,715 |
|
|
184,665 |
|
|
181,244 |
|
|
168,337 |
|
Total assets |
$ |
27,527,679 |
|
|
27,802,434 |
|
|
26,635,375 |
|
|
26,690,005 |
|
Liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,458,394 |
|
|
7,001,241 |
|
|
7,690,751 |
|
|
8,061,304 |
|
Interest bearing deposits |
|
13,549,836 |
|
|
13,147,067 |
|
|
12,915,804 |
|
|
13,722,379 |
|
Securities sold under agreements to repurchase |
|
1,356,862 |
|
|
1,191,323 |
|
|
945,916 |
|
|
968,197 |
|
FHLB advances |
|
— |
|
|
335,000 |
|
|
1,800,000 |
|
|
580,000 |
|
FRB Bank Term Funding |
|
2,740,000 |
|
|
2,740,000 |
|
|
— |
|
|
— |
|
Other borrowed funds |
|
75,819 |
|
|
76,185 |
|
|
77,293 |
|
|
66,200 |
|
Subordinated debentures |
|
132,863 |
|
|
132,822 |
|
|
132,782 |
|
|
132,701 |
|
Accrued interest payable |
|
47,742 |
|
|
8,968 |
|
|
4,331 |
|
|
2,334 |
|
Other liabilities |
|
239,637 |
|
|
242,924 |
|
|
225,193 |
|
|
260,651 |
|
Total liabilities |
|
24,601,153 |
|
|
24,875,530 |
|
|
23,792,070 |
|
|
23,793,766 |
|
Commitments and
Contingent Liabilities |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’
Equity |
|
|
|
|
|
|
|
Preferred shares, $0.01 par value per share, 1,000,000 shares
authorized, none issued or outstanding |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock, $0.01 par value per share, 234,000,000 shares
authorized |
|
1,109 |
|
|
1,109 |
|
|
1,108 |
|
|
1,108 |
|
Paid-in capital |
|
2,346,422 |
|
|
2,344,514 |
|
|
2,344,005 |
|
|
2,341,097 |
|
Retained earnings - substantially restricted |
|
1,009,782 |
|
|
991,509 |
|
|
966,984 |
|
|
881,246 |
|
Accumulated other comprehensive loss |
|
(430,787 |
) |
|
(410,228 |
) |
|
(468,792 |
) |
|
(327,212 |
) |
Total stockholders’ equity |
|
2,926,526 |
|
|
2,926,904 |
|
|
2,843,305 |
|
|
2,896,239 |
|
Total liabilities and stockholders’ equity |
$ |
27,527,679 |
|
|
27,802,434 |
|
|
26,635,375 |
|
|
26,690,005 |
|
|
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of
Operations |
|
|
Three Months ended |
|
Six Months ended |
(Dollars in thousands,
except per share data) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Jun 30,
2022 |
|
Jun 30,
2023 |
|
Jun 30,
2022 |
Interest
Income |
|
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
47,658 |
|
|
43,642 |
|
|
42,841 |
|
|
91,300 |
|
|
81,495 |
|
Residential real estate loans |
|
17,076 |
|
|
15,838 |
|
|
13,026 |
|
|
32,914 |
|
|
28,541 |
|
Commercial loans |
|
164,587 |
|
|
155,682 |
|
|
131,259 |
|
|
320,269 |
|
|
255,815 |
|
Consumer and other loans |
|
18,044 |
|
|
16,726 |
|
|
12,511 |
|
|
34,770 |
|
|
24,302 |
|
Total interest income |
|
247,365 |
|
|
231,888 |
|
|
199,637 |
|
|
479,253 |
|
|
390,153 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
31,700 |
|
|
12,545 |
|
|
3,141 |
|
|
44,245 |
|
|
6,605 |
|
Securities sold under agreements to
repurchase |
|
8,607 |
|
|
4,606 |
|
|
367 |
|
|
13,213 |
|
|
760 |
|
Federal Home Loan Bank advances |
|
3,305 |
|
|
23,605 |
|
|
1,298 |
|
|
26,910 |
|
|
1,310 |
|
FRB Bank Term Funding |
|
29,899 |
|
|
3,032 |
|
|
— |
|
|
32,931 |
|
|
— |
|
Other borrowed funds |
|
443 |
|
|
496 |
|
|
264 |
|
|
939 |
|
|
484 |
|
Subordinated debentures |
|
1,431 |
|
|
1,412 |
|
|
1,129 |
|
|
2,843 |
|
|
2,001 |
|
Total interest expense |
|
75,385 |
|
|
45,696 |
|
|
6,199 |
|
|
121,081 |
|
|
11,160 |
|
Net Interest
Income |
|
171,980 |
|
|
186,192 |
|
|
193,438 |
|
|
358,172 |
|
|
378,993 |
|
Provision for credit losses |
|
2,773 |
|
|
5,470 |
|
|
(1,533 |
) |
|
8,243 |
|
|
5,498 |
|
Net interest income after provision for credit losses |
|
169,207 |
|
|
180,722 |
|
|
194,971 |
|
|
349,929 |
|
|
373,495 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
18,967 |
|
|
17,771 |
|
|
17,309 |
|
|
36,738 |
|
|
34,420 |
|
Miscellaneous loan fees and charges |
|
4,162 |
|
|
3,967 |
|
|
3,850 |
|
|
8,129 |
|
|
7,405 |
|
Gain on sale of loans |
|
3,528 |
|
|
2,400 |
|
|
4,996 |
|
|
5,928 |
|
|
14,011 |
|
(Loss) gain on sale of debt securities |
|
(23 |
) |
|
(114 |
) |
|
(260 |
) |
|
(137 |
) |
|
186 |
|
Other income |
|
2,445 |
|
|
3,871 |
|
|
2,385 |
|
|
6,316 |
|
|
5,821 |
|
Total non-interest income |
|
29,079 |
|
|
27,895 |
|
|
28,280 |
|
|
56,974 |
|
|
61,843 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
78,764 |
|
|
81,477 |
|
|
79,803 |
|
|
160,241 |
|
|
158,877 |
|
Occupancy and equipment |
|
10,827 |
|
|
11,665 |
|
|
10,766 |
|
|
22,492 |
|
|
21,730 |
|
Advertising and promotions |
|
3,733 |
|
|
4,235 |
|
|
3,766 |
|
|
7,968 |
|
|
6,998 |
|
Data processing |
|
8,402 |
|
|
8,109 |
|
|
7,553 |
|
|
16,511 |
|
|
15,028 |
|
Other real estate owned and foreclosed assets |
|
14 |
|
|
12 |
|
|
6 |
|
|
26 |
|
|
6 |
|
Regulatory assessments and insurance |
|
5,314 |
|
|
4,903 |
|
|
3,085 |
|
|
10,217 |
|
|
6,140 |
|
Core deposit intangibles amortization |
|
2,427 |
|
|
2,449 |
|
|
2,665 |
|
|
4,876 |
|
|
5,329 |
|
Other expenses |
|
21,123 |
|
|
22,132 |
|
|
21,877 |
|
|
43,255 |
|
|
45,721 |
|
Total non-interest expense |
|
130,604 |
|
|
134,982 |
|
|
129,521 |
|
|
265,586 |
|
|
259,829 |
|
Income Before Income
Taxes |
|
67,682 |
|
|
73,635 |
|
|
93,730 |
|
|
141,317 |
|
|
175,509 |
|
Federal and state income tax expense |
|
12,727 |
|
|
12,424 |
|
|
17,338 |
|
|
25,151 |
|
|
31,322 |
|
Net
Income |
$ |
54,955 |
|
|
61,211 |
|
|
76,392 |
|
|
116,166 |
|
|
144,187 |
|
|
Glacier Bancorp, Inc.
Average Balance Sheets |
|
|
Three Months ended |
|
June 30, 2023 |
|
March 31, 2023 |
(Dollars in
thousands) |
Average
Balance |
|
Interest &
Dividends |
|
Average
Yield/
Rate |
|
Average
Balance |
|
Interest &
Dividends |
|
Average
Yield/
Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,567,136 |
|
|
$ |
17,076 |
|
|
4.36 |
% |
|
$ |
1,493,938 |
|
|
$ |
15,838 |
|
|
4.24 |
% |
Commercial loans 1 |
|
12,950,934 |
|
|
|
165,874 |
|
|
5.14 |
% |
|
|
12,655,551 |
|
|
|
157,456 |
|
|
5.05 |
% |
Consumer and other loans |
|
1,236,763 |
|
|
|
18,044 |
|
|
5.85 |
% |
|
|
1,207,315 |
|
|
|
16,726 |
|
|
5.62 |
% |
Total loans 2 |
|
15,754,833 |
|
|
|
200,994 |
|
|
5.12 |
% |
|
|
15,356,804 |
|
|
|
190,020 |
|
|
5.02 |
% |
Tax-exempt debt securities 3 |
|
1,743,852 |
|
|
|
14,462 |
|
|
3.32 |
% |
|
|
1,761,533 |
|
|
|
16,030 |
|
|
3.64 |
% |
Taxable debt securities 4 |
|
8,177,551 |
|
|
|
35,202 |
|
|
1.72 |
% |
|
|
8,052,662 |
|
|
|
31,084 |
|
|
1.54 |
% |
Total earning assets |
|
25,676,236 |
|
|
|
250,658 |
|
|
3.92 |
% |
|
|
25,170,999 |
|
|
|
237,134 |
|
|
3.82 |
% |
Goodwill and intangibles |
|
1,023,291 |
|
|
|
|
|
|
|
1,025,716 |
|
|
|
|
|
Non-earning assets |
|
523,349 |
|
|
|
|
|
|
|
478,962 |
|
|
|
|
|
Total assets |
$ |
27,222,876 |
|
|
|
|
|
|
$ |
26,675,677 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,584,082 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
7,274,228 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
|
5,108,421 |
|
|
|
7,429 |
|
|
0.58 |
% |
|
|
5,080,175 |
|
|
|
2,271 |
|
|
0.18 |
% |
Savings accounts |
|
2,846,015 |
|
|
|
1,064 |
|
|
0.15 |
% |
|
|
3,107,559 |
|
|
|
514 |
|
|
0.07 |
% |
Money market deposit accounts |
|
3,256,007 |
|
|
|
10,174 |
|
|
1.25 |
% |
|
|
3,468,953 |
|
|
|
5,834 |
|
|
0.68 |
% |
Certificate accounts |
|
1,451,218 |
|
|
|
8,878 |
|
|
2.45 |
% |
|
|
984,770 |
|
|
|
2,584 |
|
|
1.06 |
% |
Total core deposits |
|
19,245,743 |
|
|
|
27,545 |
|
|
0.57 |
% |
|
|
19,915,685 |
|
|
|
11,203 |
|
|
0.23 |
% |
Wholesale deposits 5 |
|
330,655 |
|
|
|
4,155 |
|
|
5.04 |
% |
|
|
120,468 |
|
|
|
1,342 |
|
|
4.52 |
% |
Repurchase agreements |
|
1,273,045 |
|
|
|
8,607 |
|
|
2.71 |
% |
|
|
1,035,582 |
|
|
|
4,606 |
|
|
1.80 |
% |
FHLB advances |
|
245,055 |
|
|
|
3,305 |
|
|
5.33 |
% |
|
|
1,990,833 |
|
|
|
23,605 |
|
|
4.74 |
% |
FRB Bank Term Funding |
|
2,740,000 |
|
|
|
29,899 |
|
|
4.38 |
% |
|
|
280,944 |
|
|
|
3,032 |
|
|
4.32 |
% |
Subordinated debentures and other borrowed funds |
|
208,804 |
|
|
|
1,874 |
|
|
3.60 |
% |
|
|
209,547 |
|
|
|
1,908 |
|
|
3.69 |
% |
Total funding liabilities |
|
24,043,302 |
|
|
|
75,385 |
|
|
1.26 |
% |
|
|
23,553,059 |
|
|
|
45,696 |
|
|
0.79 |
% |
Other liabilities |
|
247,319 |
|
|
|
|
|
|
|
217,245 |
|
|
|
|
|
Total liabilities |
|
24,290,621 |
|
|
|
|
|
|
|
23,770,304 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,108 |
|
|
|
|
|
|
|
1,108 |
|
|
|
|
|
Paid-in capital |
|
2,345,438 |
|
|
|
|
|
|
|
2,344,301 |
|
|
|
|
|
Retained earnings |
|
1,017,456 |
|
|
|
|
|
|
|
998,340 |
|
|
|
|
|
Accumulated other comprehensive loss |
|
(431,747 |
) |
|
|
|
|
|
|
(438,376 |
) |
|
|
|
|
Total stockholders’ equity |
|
2,932,255 |
|
|
|
|
|
|
|
2,905,373 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,222,876 |
|
|
|
|
|
|
$ |
26,675,677 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
175,273 |
|
|
|
|
|
|
$ |
191,438 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
2.66 |
% |
|
|
|
|
|
3.03 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
2.74 |
% |
|
|
|
|
|
3.08 |
% |
______________________________
1 Includes tax effect of $1.3 million and
$1.8 million on tax-exempt municipal loan and lease income for the
three months ended June 30, 2023 and March 31, 2023,
respectively.
2 Total loans are gross of the allowance for credit
losses, net of unearned income and include loans held for sale.
Non-accrual loans were included in the average volume for the
entire period.
3 Includes tax effect of $1.8 million and $3.3
million on tax-exempt debt securities income for the three months
ended June 30, 2023 and March 31, 2023,
respectively.
4 Includes tax effect of $214 thousand and $215
thousand on federal income tax credits for the three months ended
June 30, 2023 and March 31, 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 |
|
June 30, 2023 |
|
June 30, 2022 |
(Dollars in
thousands) |
Average
Balance |
|
Interest &
Dividends |
|
Average
Yield/
Rate |
|
Average
Balance |
|
Interest &
Dividends |
|
Average
Yield/
Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,567,136 |
|
|
$ |
17,076 |
|
|
4.36 |
% |
|
$ |
1,229,013 |
|
|
$ |
13,026 |
|
|
4.24 |
% |
Commercial loans 1 |
|
12,950,934 |
|
|
|
165,874 |
|
|
5.14 |
% |
|
|
11,712,381 |
|
|
|
132,799 |
|
|
4.55 |
% |
Consumer and other loans |
|
1,236,763 |
|
|
|
18,044 |
|
|
5.85 |
% |
|
|
1,107,396 |
|
|
|
12,511 |
|
|
4.53 |
% |
Total loans 2 |
|
15,754,833 |
|
|
|
200,994 |
|
|
5.12 |
% |
|
|
14,048,790 |
|
|
|
158,336 |
|
|
4.52 |
% |
Tax-exempt debt securities 3 |
|
1,743,852 |
|
|
|
14,462 |
|
|
3.32 |
% |
|
|
1,979,865 |
|
|
|
18,413 |
|
|
3.72 |
% |
Taxable debt securities 4 |
|
8,177,551 |
|
|
|
35,202 |
|
|
1.72 |
% |
|
|
8,685,641 |
|
|
|
28,473 |
|
|
1.31 |
% |
Total earning assets |
|
25,676,236 |
|
|
|
250,658 |
|
|
3.92 |
% |
|
|
24,714,296 |
|
|
|
205,222 |
|
|
3.33 |
% |
Goodwill and intangibles |
|
1,023,291 |
|
|
|
|
|
|
|
1,033,601 |
|
|
|
|
|
Non-earning assets |
|
523,349 |
|
|
|
|
|
|
|
619,671 |
|
|
|
|
|
Total assets |
$ |
27,222,876 |
|
|
|
|
|
|
$ |
26,367,568 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,584,082 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
7,991,993 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
|
5,108,421 |
|
|
|
7,429 |
|
|
0.58 |
% |
|
|
5,405,470 |
|
|
|
723 |
|
|
0.05 |
% |
Savings accounts |
|
2,846,015 |
|
|
|
1,064 |
|
|
0.15 |
% |
|
|
3,261,798 |
|
|
|
244 |
|
|
0.03 |
% |
Money market deposit accounts |
|
3,256,007 |
|
|
|
10,174 |
|
|
1.25 |
% |
|
|
3,999,582 |
|
|
|
1,369 |
|
|
0.14 |
% |
Certificate accounts |
|
1,451,218 |
|
|
|
8,878 |
|
|
2.45 |
% |
|
|
982,397 |
|
|
|
797 |
|
|
0.33 |
% |
Total core deposits |
|
19,245,743 |
|
|
|
27,545 |
|
|
0.57 |
% |
|
|
21,641,240 |
|
|
|
3,133 |
|
|
0.06 |
% |
Wholesale deposits 5 |
|
330,655 |
|
|
|
4,155 |
|
|
5.04 |
% |
|
|
3,877 |
|
|
|
8 |
|
|
0.71 |
% |
Repurchase agreements |
|
1,273,045 |
|
|
|
8,607 |
|
|
2.71 |
% |
|
|
923,459 |
|
|
|
367 |
|
|
0.16 |
% |
FHLB advances |
|
245,055 |
|
|
|
3,305 |
|
|
5.33 |
% |
|
|
476,978 |
|
|
|
1,298 |
|
|
1.08 |
% |
FRB Bank Term Funding |
|
2,740,000 |
|
|
|
29,899 |
|
|
4.38 |
% |
|
|
— |
|
|
|
— |
|
|
— |
% |
Subordinated debentures and other borrowed funds |
|
208,804 |
|
|
|
1,874 |
|
|
3.60 |
% |
|
|
190,072 |
|
|
|
1,393 |
|
|
2.94 |
% |
Total funding liabilities |
|
24,043,302 |
|
|
|
75,385 |
|
|
1.26 |
% |
|
|
23,235,626 |
|
|
|
6,199 |
|
|
0.11 |
% |
Other liabilities |
|
247,319 |
|
|
|
|
|
|
|
235,814 |
|
|
|
|
|
Total liabilities |
|
24,290,621 |
|
|
|
|
|
|
|
23,471,440 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,108 |
|
|
|
|
|
|
|
1,108 |
|
|
|
|
|
Paid-in capital |
|
2,345,438 |
|
|
|
|
|
|
|
2,340,059 |
|
|
|
|
|
Retained earnings |
|
1,017,456 |
|
|
|
|
|
|
|
875,276 |
|
|
|
|
|
Accumulated other comprehensive loss |
|
(431,747 |
) |
|
|
|
|
|
|
(320,315 |
) |
|
|
|
|
Total stockholders’ equity |
|
2,932,255 |
|
|
|
|
|
|
|
2,896,128 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
27,222,876 |
|
|
|
|
|
|
$ |
26,367,568 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
175,273 |
|
|
|
|
|
|
$ |
199,023 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
2.66 |
% |
|
|
|
|
|
3.22 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
2.74 |
% |
|
|
|
|
|
3.23 |
% |
______________________________
1 Includes tax effect of $1.3 million and
$1.5 million on tax-exempt municipal loan and lease income for the
three months ended June 30, 2023 and 2022,
respectively.
2 Total loans are gross of the allowance for credit
losses, net of unearned income and include loans held for sale.
Non-accrual loans were included in the average volume for the
entire period.
3 Includes tax effect of $1.8 million and $3.8
million on tax-exempt debt securities income for the three months
ended June 30, 2023 and 2022, respectively.
4 Includes tax effect of $214 thousand and $226
thousand on federal income tax credits for the three months ended
June 30, 2023 and 2022, respectively.
5 Wholesale deposits include brokered deposits
classified as NOW, DDA, money market deposit and certificate
accounts with contractual maturities.
|
Glacier Bancorp, Inc.
Average Balance Sheets (continued) |
|
|
Six Months ended |
|
June 30, 2023 |
|
June 30, 2022 |
(Dollars in
thousands) |
Average
Balance |
|
Interest &
Dividends |
|
Average
Yield/
Rate |
|
Average
Balance |
|
Interest &
Dividends |
|
Average
Yield/
Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,530,739 |
|
|
$ |
32,914 |
|
|
4.30 |
% |
|
$ |
1,184,864 |
|
|
$ |
28,541 |
|
|
4.82 |
% |
Commercial loans 1 |
|
12,804,058 |
|
|
|
323,330 |
|
|
5.09 |
% |
|
|
11,516,661 |
|
|
|
258,718 |
|
|
4.53 |
% |
Consumer and other loans |
|
1,222,121 |
|
|
|
34,770 |
|
|
5.74 |
% |
|
|
1,091,338 |
|
|
|
24,302 |
|
|
4.49 |
% |
Total loans 2 |
|
15,556,918 |
|
|
|
391,014 |
|
|
5.07 |
% |
|
|
13,792,863 |
|
|
|
311,561 |
|
|
4.56 |
% |
Tax-exempt debt securities 3 |
|
1,752,644 |
|
|
|
30,492 |
|
|
3.48 |
% |
|
|
1,852,204 |
|
|
|
34,077 |
|
|
3.68 |
% |
Taxable debt securities 4 |
|
8,115,452 |
|
|
|
66,286 |
|
|
1.63 |
% |
|
|
8,783,881 |
|
|
|
54,938 |
|
|
1.25 |
% |
Total earning assets |
|
25,425,014 |
|
|
|
487,792 |
|
|
3.87 |
% |
|
|
24,428,948 |
|
|
|
400,576 |
|
|
3.31 |
% |
Goodwill and intangibles |
|
1,024,497 |
|
|
|
|
|
|
|
1,034,951 |
|
|
|
|
|
Non-earning assets |
|
501,278 |
|
|
|
|
|
|
|
687,668 |
|
|
|
|
|
Total assets |
$ |
26,950,789 |
|
|
|
|
|
|
$ |
26,151,567 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,927,248 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
7,926,215 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
|
5,094,376 |
|
|
|
9,700 |
|
|
0.38 |
% |
|
|
5,343,074 |
|
|
|
1,568 |
|
|
0.06 |
% |
Savings accounts |
|
2,976,065 |
|
|
|
1,578 |
|
|
0.11 |
% |
|
|
3,254,197 |
|
|
|
576 |
|
|
0.04 |
% |
Money market deposit accounts |
|
3,361,892 |
|
|
|
16,008 |
|
|
0.96 |
% |
|
|
4,015,102 |
|
|
|
2,750 |
|
|
0.14 |
% |
Certificate accounts |
|
1,219,282 |
|
|
|
11,462 |
|
|
1.90 |
% |
|
|
1,000,893 |
|
|
|
1,694 |
|
|
0.34 |
% |
Total core deposits |
|
19,578,863 |
|
|
|
38,748 |
|
|
0.40 |
% |
|
|
21,539,481 |
|
|
|
6,588 |
|
|
0.06 |
% |
Wholesale deposits 5 |
|
226,142 |
|
|
|
5,497 |
|
|
4.90 |
% |
|
|
10,497 |
|
|
|
17 |
|
|
0.31 |
% |
Repurchase agreements |
|
1,154,970 |
|
|
|
13,213 |
|
|
2.31 |
% |
|
|
946,872 |
|
|
|
760 |
|
|
0.16 |
% |
FHLB advances |
|
1,113,122 |
|
|
|
26,910 |
|
|
4.81 |
% |
|
|
247,265 |
|
|
|
1,310 |
|
|
1.05 |
% |
FRB Bank Term Funding |
|
1,517,265 |
|
|
|
32,931 |
|
|
4.38 |
% |
|
|
— |
|
|
|
— |
|
|
— |
% |
Subordinated debentures and other borrowed funds |
|
209,174 |
|
|
|
3,782 |
|
|
3.65 |
% |
|
|
184,927 |
|
|
|
2,485 |
|
|
2.71 |
% |
Total funding liabilities |
|
23,799,536 |
|
|
|
121,081 |
|
|
1.03 |
% |
|
|
22,929,042 |
|
|
|
11,160 |
|
|
0.10 |
% |
Other liabilities |
|
232,365 |
|
|
|
|
|
|
|
242,528 |
|
|
|
|
|
Total liabilities |
|
24,031,901 |
|
|
|
|
|
|
|
23,171,570 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,108 |
|
|
|
|
|
|
|
1,107 |
|
|
|
|
|
Paid-in capital |
|
2,344,872 |
|
|
|
|
|
|
|
2,339,476 |
|
|
|
|
|
Retained earnings |
|
1,007,951 |
|
|
|
|
|
|
|
861,302 |
|
|
|
|
|
Accumulated other comprehensive income |
|
(435,043 |
) |
|
|
|
|
|
|
(221,888 |
) |
|
|
|
|
Total stockholders’ equity |
|
2,918,888 |
|
|
|
|
|
|
|
2,979,997 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
26,950,789 |
|
|
|
|
|
|
$ |
26,151,567 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
366,711 |
|
|
|
|
|
|
$ |
389,416 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
2.84 |
% |
|
|
|
|
|
3.21 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
2.91 |
% |
|
|
|
|
|
3.21 |
% |
______________________________
1 Includes tax effect of $3.1 million and
$2.9 million on tax-exempt municipal loan and lease income for the
six months ended June 30, 2023 and 2022,
respectively.
2 Total loans are gross of the allowance for credit
losses, net of unearned income and include loans held for sale.
Non-accrual loans were included in the average volume for the
entire period.
3 Includes tax effect of $5.0 million and $7.1
million on tax-exempt debt securities income for the six months
ended June 30, 2023 and 2022, respectively.
4 Includes tax effect of $429 thousand and $451
thousand on federal income tax credits for the six months ended
June 30, 2023 and 2022, respectively.
5 Wholesale deposits include brokered deposits
classified as NOW, DDA, money market deposit and certificate
accounts with contractual maturities.
|
Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification |
|
|
Loans Receivable, by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Custom and owner occupied construction |
$ |
315,651 |
|
|
$ |
295,604 |
|
|
$ |
298,461 |
|
|
$ |
282,916 |
|
|
7 |
% |
|
6 |
% |
|
12 |
% |
Pre-sold and spec
construction |
|
306,440 |
|
|
|
312,715 |
|
|
|
297,895 |
|
|
|
269,568 |
|
|
(2 |
)% |
|
3 |
% |
|
14 |
% |
Total residential construction |
|
622,091 |
|
|
|
608,319 |
|
|
|
596,356 |
|
|
|
552,484 |
|
|
2 |
% |
|
4 |
% |
|
13 |
% |
Land development |
|
238,897 |
|
|
|
230,823 |
|
|
|
219,842 |
|
|
|
201,607 |
|
|
3 |
% |
|
9 |
% |
|
18 |
% |
Consumer land or lots |
|
182,251 |
|
|
|
187,498 |
|
|
|
206,604 |
|
|
|
197,394 |
|
|
(3 |
)% |
|
(12 |
)% |
|
(8 |
)% |
Unimproved land |
|
91,157 |
|
|
|
104,811 |
|
|
|
104,662 |
|
|
|
101,266 |
|
|
(13 |
)% |
|
(13 |
)% |
|
(10 |
)% |
Developed lots for operative builders |
|
65,134 |
|
|
|
69,896 |
|
|
|
60,987 |
|
|
|
68,087 |
|
|
(7 |
)% |
|
7 |
% |
|
(4 |
)% |
Commercial lots |
|
94,334 |
|
|
|
91,780 |
|
|
|
93,952 |
|
|
|
95,958 |
|
|
3 |
% |
|
— |
% |
|
(2 |
)% |
Other construction |
|
1,039,192 |
|
|
|
965,244 |
|
|
|
938,406 |
|
|
|
931,000 |
|
|
8 |
% |
|
11 |
% |
|
12 |
% |
Total land, lot, and other construction |
|
1,710,965 |
|
|
|
1,650,052 |
|
|
|
1,624,453 |
|
|
|
1,595,312 |
|
|
4 |
% |
|
5 |
% |
|
7 |
% |
Owner occupied |
|
2,934,724 |
|
|
|
2,885,798 |
|
|
|
2,833,469 |
|
|
|
2,747,152 |
|
|
2 |
% |
|
4 |
% |
|
7 |
% |
Non-owner occupied |
|
3,714,531 |
|
|
|
3,631,158 |
|
|
|
3,531,673 |
|
|
|
3,333,915 |
|
|
2 |
% |
|
5 |
% |
|
11 |
% |
Total commercial real estate |
|
6,649,255 |
|
|
|
6,516,956 |
|
|
|
6,365,142 |
|
|
|
6,081,067 |
|
|
2 |
% |
|
4 |
% |
|
9 |
% |
Commercial and
industrial |
|
1,370,393 |
|
|
|
1,353,919 |
|
|
|
1,377,888 |
|
|
|
1,353,248 |
|
|
1 |
% |
|
(1 |
)% |
|
1 |
% |
Agriculture |
|
770,378 |
|
|
|
715,863 |
|
|
|
735,553 |
|
|
|
758,394 |
|
|
8 |
% |
|
5 |
% |
|
2 |
% |
1st lien |
|
1,956,205 |
|
|
|
1,864,294 |
|
|
|
1,808,502 |
|
|
|
1,596,878 |
|
|
5 |
% |
|
8 |
% |
|
23 |
% |
Junior lien |
|
46,616 |
|
|
|
42,397 |
|
|
|
40,445 |
|
|
|
34,149 |
|
|
10 |
% |
|
15 |
% |
|
37 |
% |
Total 1-4 family |
|
2,002,821 |
|
|
|
1,906,691 |
|
|
|
1,848,947 |
|
|
|
1,631,027 |
|
|
5 |
% |
|
8 |
% |
|
23 |
% |
Multifamily
residential |
|
664,859 |
|
|
|
649,148 |
|
|
|
622,185 |
|
|
|
562,480 |
|
|
2 |
% |
|
7 |
% |
|
18 |
% |
Home equity lines of
credit |
|
940,048 |
|
|
|
893,037 |
|
|
|
872,899 |
|
|
|
820,721 |
|
|
5 |
% |
|
8 |
% |
|
15 |
% |
Other consumer |
|
231,519 |
|
|
|
224,125 |
|
|
|
220,035 |
|
|
|
213,943 |
|
|
3 |
% |
|
5 |
% |
|
8 |
% |
Total consumer |
|
1,171,567 |
|
|
|
1,117,162 |
|
|
|
1,092,934 |
|
|
|
1,034,664 |
|
|
5 |
% |
|
7 |
% |
|
13 |
% |
States and political
subdivisions |
|
812,688 |
|
|
|
806,878 |
|
|
|
797,656 |
|
|
|
695,396 |
|
|
1 |
% |
|
2 |
% |
|
17 |
% |
Other |
|
214,951 |
|
|
|
208,085 |
|
|
|
198,012 |
|
|
|
169,520 |
|
|
3 |
% |
|
9 |
% |
|
27 |
% |
Total loans receivable, including
loans held for sale |
|
15,989,968 |
|
|
|
15,533,073 |
|
|
|
15,259,126 |
|
|
|
14,433,592 |
|
|
3 |
% |
|
5 |
% |
|
11 |
% |
Less loans held for
sale 1 |
|
(35,006 |
) |
|
|
(14,461 |
) |
|
|
(12,314 |
) |
|
|
(33,837 |
) |
|
142 |
% |
|
184 |
% |
|
3 |
% |
Total loans receivable |
$ |
15,954,962 |
|
|
$ |
15,518,612 |
|
|
$ |
15,246,812 |
|
|
$ |
14,399,755 |
|
|
3 |
% |
|
5 |
% |
|
11 |
% |
______________________________
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) |
Jun 30,
2023 |
|
Mar 31,
2023
|
|
Dec 31,
2022
|
|
Jun 30,
2022
|
|
Jun 30,
2023
|
|
Jun 30,
2023
|
|
Jun 30,
2023
|
Custom and owner occupied construction |
$ |
219 |
|
|
220 |
|
|
224 |
|
|
230 |
|
|
219 |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
|
1,548 |
|
|
1,548 |
|
|
389 |
|
|
389 |
|
|
— |
|
|
1,548 |
|
|
— |
|
Total residential construction |
|
1,767 |
|
|
1,768 |
|
|
613 |
|
|
619 |
|
|
219 |
|
|
1,548 |
|
|
— |
|
Land development |
|
118 |
|
|
129 |
|
|
138 |
|
|
197 |
|
|
118 |
|
|
— |
|
|
— |
|
Consumer land or lots |
|
239 |
|
|
112 |
|
|
278 |
|
|
157 |
|
|
106 |
|
|
133 |
|
|
— |
|
Unimproved land |
|
43 |
|
|
51 |
|
|
78 |
|
|
107 |
|
|
43 |
|
|
— |
|
|
— |
|
Developed lots for operative builders |
|
608 |
|
|
607 |
|
|
251 |
|
|
260 |
|
|
— |
|
|
608 |
|
|
— |
|
Commercial lots |
|
188 |
|
|
188 |
|
|
— |
|
|
— |
|
|
141 |
|
|
47 |
|
|
— |
|
Other construction |
|
12,884 |
|
|
12,884 |
|
|
12,884 |
|
|
12,884 |
|
|
12,884 |
|
|
— |
|
|
— |
|
Total land, lot and other construction |
|
14,080 |
|
|
13,971 |
|
|
13,629 |
|
|
13,605 |
|
|
13,292 |
|
|
788 |
|
|
— |
|
Owner occupied |
|
2,251 |
|
|
2,682 |
|
|
2,076 |
|
|
4,013 |
|
|
2,132 |
|
|
119 |
|
|
— |
|
Non-owner occupied |
|
4,450 |
|
|
4,544 |
|
|
805 |
|
|
1,491 |
|
|
4,450 |
|
|
— |
|
|
— |
|
Total commercial real estate |
|
6,701 |
|
|
7,226 |
|
|
2,881 |
|
|
5,504 |
|
|
6,582 |
|
|
119 |
|
|
— |
|
Commercial and
Industrial |
|
1,339 |
|
|
2,001 |
|
|
3,326 |
|
|
5,741 |
|
|
827 |
|
|
505 |
|
|
7 |
|
Agriculture |
|
2,564 |
|
|
2,573 |
|
|
2,574 |
|
|
9,169 |
|
|
2,564 |
|
|
— |
|
|
— |
|
1st lien |
|
2,794 |
|
|
2,015 |
|
|
2,678 |
|
|
2,196 |
|
|
2,686 |
|
|
108 |
|
|
— |
|
Junior lien |
|
273 |
|
|
111 |
|
|
166 |
|
|
200 |
|
|
53 |
|
|
220 |
|
|
— |
|
Total 1-4 family |
|
3,067 |
|
|
2,126 |
|
|
2,844 |
|
|
2,396 |
|
|
2,739 |
|
|
328 |
|
|
— |
|
Multifamily
residential |
|
— |
|
|
— |
|
|
4,535 |
|
|
4,765 |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
|
1,256 |
|
|
1,225 |
|
|
1,393 |
|
|
1,684 |
|
|
1,045 |
|
|
211 |
|
|
— |
|
Other consumer |
|
1,116 |
|
|
1,062 |
|
|
911 |
|
|
466 |
|
|
826 |
|
|
245 |
|
|
45 |
|
Total consumer |
|
2,372 |
|
|
2,287 |
|
|
2,304 |
|
|
2,150 |
|
|
1,871 |
|
|
456 |
|
|
45 |
|
Other |
|
132 |
|
|
27 |
|
|
36 |
|
|
17 |
|
|
— |
|
|
132 |
|
|
— |
|
Total |
$ |
32,022 |
|
|
31,979 |
|
|
32,742 |
|
|
43,966 |
|
|
28,094 |
|
|
3,876 |
|
|
52 |
|
|
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification
(continued) |
|
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
Custom and owner occupied
construction |
$ |
324 |
|
|
$ |
1,624 |
|
|
$ |
1,082 |
|
|
$ |
2,046 |
|
|
(80 |
)% |
|
(70 |
)% |
|
(84 |
)% |
Pre-sold and spec
construction |
|
129 |
|
|
|
— |
|
|
|
1,712 |
|
|
|
602 |
|
|
n/m |
|
(92 |
)% |
|
(79 |
)% |
Total residential construction |
|
453 |
|
|
|
1,624 |
|
|
|
2,794 |
|
|
|
2,648 |
|
|
(72 |
)% |
|
(84 |
)% |
|
(83 |
)% |
Land development |
|
244 |
|
|
|
946 |
|
|
|
— |
|
|
|
365 |
|
|
(74 |
)% |
|
n/m |
|
(33 |
)% |
Consumer land or lots |
|
565 |
|
|
|
668 |
|
|
|
442 |
|
|
|
337 |
|
|
(15 |
)% |
|
28 |
% |
|
68 |
% |
Unimproved land |
|
— |
|
|
|
— |
|
|
|
120 |
|
|
|
590 |
|
|
n/m |
|
(100 |
)% |
|
(100 |
)% |
Developed lots for operative builders |
|
— |
|
|
|
— |
|
|
|
958 |
|
|
|
— |
|
|
n/m |
|
(100 |
)% |
|
n/m |
Commercial lots |
|
3,404 |
|
|
|
— |
|
|
|
47 |
|
|
|
— |
|
|
n/m |
|
7,143 |
% |
|
n/m |
Other construction |
|
1,114 |
|
|
|
5,264 |
|
|
|
209 |
|
|
|
— |
|
|
(79 |
)% |
|
433 |
% |
|
n/m |
Total land, lot and other construction |
|
5,327 |
|
|
|
6,878 |
|
|
|
1,776 |
|
|
|
1,292 |
|
|
(23 |
)% |
|
200 |
% |
|
312 |
% |
Owner occupied |
|
1,053 |
|
|
|
1,783 |
|
|
|
3,478 |
|
|
|
1,560 |
|
|
(41 |
)% |
|
(70 |
)% |
|
(33 |
)% |
Non-owner occupied |
|
8,595 |
|
|
|
429 |
|
|
|
496 |
|
|
|
123 |
|
|
1,903 |
% |
|
1,633 |
% |
|
6,888 |
% |
Total commercial real estate |
|
9,648 |
|
|
|
2,212 |
|
|
|
3,974 |
|
|
|
1,683 |
|
|
336 |
% |
|
143 |
% |
|
473 |
% |
Commercial and
industrial |
|
2,096 |
|
|
|
3,677 |
|
|
|
3,439 |
|
|
|
5,969 |
|
|
(43 |
)% |
|
(39 |
)% |
|
(65 |
)% |
Agriculture |
|
871 |
|
|
|
947 |
|
|
|
1,367 |
|
|
|
851 |
|
|
(8 |
)% |
|
(36 |
)% |
|
2 |
% |
1st lien |
|
1,115 |
|
|
|
3,321 |
|
|
|
2,174 |
|
|
|
329 |
|
|
(66 |
)% |
|
(49 |
)% |
|
239 |
% |
Junior lien |
|
385 |
|
|
|
385 |
|
|
|
190 |
|
|
|
105 |
|
|
— |
% |
|
103 |
% |
|
267 |
% |
Total 1-4 family |
|
1,500 |
|
|
|
3,706 |
|
|
|
2,364 |
|
|
|
434 |
|
|
(60 |
)% |
|
(37 |
)% |
|
246 |
% |
Multifamily
Residential |
|
— |
|
|
|
201 |
|
|
|
492 |
|
|
|
— |
|
|
(100 |
)% |
|
(100 |
) |
|
n/m |
Home equity lines of
credit |
|
2,021 |
|
|
|
2,804 |
|
|
|
1,182 |
|
|
|
1,071 |
|
|
(28 |
)% |
|
71 |
% |
|
89 |
% |
Other consumer |
|
1,714 |
|
|
|
1,598 |
|
|
|
1,824 |
|
|
|
1,140 |
|
|
7 |
% |
|
(6 |
)% |
|
50 |
% |
Total consumer |
|
3,735 |
|
|
|
4,402 |
|
|
|
3,006 |
|
|
|
2,211 |
|
|
(15 |
)% |
|
24 |
% |
|
69 |
% |
States and political
subdivisions |
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
7 |
|
|
n/m |
|
(100 |
)% |
|
(100 |
)% |
Other |
|
1,233 |
|
|
|
1,346 |
|
|
|
1,727 |
|
|
|
1,493 |
|
|
(8 |
)% |
|
(29 |
)% |
|
(17 |
)% |
Total |
$ |
24,863 |
|
|
$ |
24,993 |
|
|
$ |
20,967 |
|
|
$ |
16,588 |
|
|
(1 |
)% |
|
19 |
% |
|
50 |
% |
______________________________
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) |
Jun 30,
2023 |
|
Mar 31,
2023 |
|
Dec 31,
2022 |
|
Jun 30,
2022 |
|
Jun 30,
2023
|
|
Jun 30,
2023
|
Custom and owner occupied construction |
$ |
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
|
(8 |
) |
|
(4 |
) |
|
(15 |
) |
|
(8 |
) |
|
— |
|
|
8 |
|
Total residential construction |
|
(8 |
) |
|
(4 |
) |
|
2 |
|
|
(8 |
) |
|
— |
|
|
8 |
|
Land development |
|
(132 |
) |
|
— |
|
|
(34 |
) |
|
(21 |
) |
|
— |
|
|
132 |
|
Consumer land or lots |
|
(14 |
) |
|
— |
|
|
(46 |
) |
|
(10 |
) |
|
— |
|
|
14 |
|
Unimproved land |
|
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
— |
|
Total land, lot and other construction |
|
(146 |
) |
|
— |
|
|
(80 |
) |
|
(32 |
) |
|
— |
|
|
146 |
|
Owner occupied |
|
(76 |
) |
|
(68 |
) |
|
555 |
|
|
229 |
|
|
16 |
|
|
92 |
|
Non-owner occupied |
|
299 |
|
|
298 |
|
|
(242 |
) |
|
(3 |
) |
|
305 |
|
|
6 |
|
Total commercial real estate |
|
223 |
|
|
230 |
|
|
313 |
|
|
226 |
|
|
321 |
|
|
98 |
|
Commercial and
industrial |
|
(18 |
) |
|
(382 |
) |
|
(70 |
) |
|
(458 |
) |
|
523 |
|
|
541 |
|
Agriculture |
|
— |
|
|
— |
|
|
(7 |
) |
|
(4 |
) |
|
— |
|
|
— |
|
1st lien |
|
101 |
|
|
44 |
|
|
(109 |
) |
|
(56 |
) |
|
111 |
|
|
10 |
|
Junior lien |
|
38 |
|
|
(5 |
) |
|
(302 |
) |
|
(297 |
) |
|
49 |
|
|
11 |
|
Total 1-4 family |
|
139 |
|
|
39 |
|
|
(411 |
) |
|
(353 |
) |
|
160 |
|
|
21 |
|
Multifamily
residential |
|
— |
|
|
— |
|
|
136 |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
|
56 |
|
|
(39 |
) |
|
(91 |
) |
|
(51 |
) |
|
102 |
|
|
46 |
|
Other consumer |
|
401 |
|
|
125 |
|
|
451 |
|
|
166 |
|
|
531 |
|
|
130 |
|
Total consumer |
|
457 |
|
|
86 |
|
|
360 |
|
|
115 |
|
|
633 |
|
|
176 |
|
Other |
|
3,765 |
|
|
1,970 |
|
|
7,572 |
|
|
3,207 |
|
|
5,446 |
|
|
1,681 |
|
Total |
$ |
4,412 |
|
|
1,939 |
|
|
7,815 |
|
|
2,693 |
|
|
7,083 |
|
|
2,671 |
|
Visit our website at www.glacierbancorp.com
CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706
Glacier Bancorp (NYSE:GBCI)
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