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Glacier Bancorp, Inc. Announces Results for the Quarter Ended December 31, 2016

4th Quarter 2016 Highlights:

  • Record earnings of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, over the prior year fourth quarter net income of $29.5 million.
  • Current quarter diluted earnings per share of $0.41, an increase of 5 percent from the prior year fourth quarter diluted earnings per share of $0.39.
  • Loan growth of $88.5 million, or 6 percent annualized for the current quarter.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, remained unchanged compared to the prior year fourth quarter.
  • The Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona. As of December 31, 2016, TFB Bancorp, Inc. had total assets of $335 million, total loans of $280 million and total deposits of $284 million.
  • Approved a special dividend of $0.30 per share in December. This was the 13th special dividend the Company has declared.
  • Declared and paid a regular quarterly dividend of $0.20 per share in December. The dividend was the 127th consecutive quarterly dividend declared by the Company.

Full Year 2016 Highlights:

  • Net income of $121 million for 2016, an increase of 4 percent over $116 million for 2015.
  • Diluted earnings per share of $1.59, an increase of 3 percent from the prior year diluted earnings per share of $1.54.
  • Organic loan growth of $554 million, or 11 percent annualized for the current year.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, for the current year compared to 4.00 percent for last year.
  • The Company successfully completed the year long effort to consolidate its Bank divisions’ individual core database systems into a single core database system.
  • The Company completed the acquisition and related database conversion of Treasure State Bank based in Missoula, Montana.

Financial Highlights

At or for the Three Months ended At or for the Year ended
(Dollars in thousands, except per share and market data)Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Dec 31,
2015
Dec 31,
2016
Dec 31,
2015
Operating results
Net income$31,041 30,957 30,451 28,682 29,508 121,131 116,127
Basic earnings per share$0.41 0.40 0.40 0.38 0.39 1.59 1.54
Diluted earnings per share$0.41 0.40 0.40 0.38 0.39 1.59 1.54
Dividends declared per share 1$0.50 0.20 0.20 0.20 0.49 1.10 1.05
Market value per share
Closing$36.23 28.52 26.58 25.42 26.53 36.23 26.53
High$37.66 29.99 27.68 26.34 29.69 37.66 30.08
Low$27.50 25.49 24.31 22.19 25.74 22.19 22.27
Selected ratios and other data
Number of common stock shares outstanding76,525,402 76,525,402 76,171,580 76,168,388 76,086,288 76,525,402 76,086,288
Average outstanding shares - basic76,525,402 76,288,640 76,170,734 76,126,251 75,893,521 76,278,463 75,542,455
Average outstanding shares - diluted76,615,272 76,350,873 76,205,069 76,173,417 75,968,169 76,341,836 75,595,581
Return on average assets (annualized)1.33% 1.34% 1.34% 1.28% 1.32% 1.32% 1.36%
Return on average equity (annualized)10.82% 10.80% 10.99% 10.53% 10.66% 10.79% 10.84%
Efficiency ratio55.08% 55.84% 56.10% 56.53% 56.52% 55.88% 55.40%
Dividend payout ratio 1121.95% 50.00% 50.00% 52.63% 125.64% 69.18% 68.18%
Loan to deposit ratio78.10% 77.53% 76.92% 74.65% 73.94% 78.10% 73.94%
Number of full time equivalent employees2,222 2,207 2,210 2,184 2,149 2,222 2,149
Number of locations142 142 143 144 144 142 144
Number of ATMs166 166 167 167 158 166 158
_______
1 Includes a special dividend declared of $0.30 per share for the three months and years ended December 31, 2016 and 2015.

KALISPELL, Mont., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, from the $29.5 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.41 per share, an increase of $0.02, or 5 percent, from the prior year fourth quarter diluted earnings per share of $0.39. Included in the current quarter was $368 thousand of acquisition-related expenses and $749 thousand of expenses related to the Company’s consolidation of its bank divisions’ core database systems (Core Consolidation Project or “CCP”) including expenses related to the re-issuance of debit cards with chip technology. “The fourth quarter represents a strong finish for Glacier Bancorp and completes a very good year,” said Randy Chesler, President and Chief Executive Officer. “Our 13 Bank divisions and the supporting staff groups did an excellent job staying focused on the customer and delivering top quality results- led by record earnings, strong loan growth, stable margins and good credit performance,” Chesler said.

Net income for the year ended December 31, 2016 was $121 million, an increase of $5.0 million, or 4 percent, from the $116 million of net income for the prior year. Diluted earnings per share for 2016 was $1.59 per share, an increase of $0.05, or 3 percent, from the diluted earnings per share of $1.54 for the same period in the prior year.

During the fourth quarter of 2016, the Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona (collectively, “Foothills”), as the Company enters the state of Arizona. As of December 31, 2016, Foothills had total assets of $335 million, total loans of $280 million and total deposits of $284 million. The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to be completed during the second quarter of 2017.

During the third quarter of 2016, the Company completed the acquisition of Treasure State Bank (“TSB”) based in Missoula, Montana. The Company’s results of operations and financial condition include the acquisition of TSB 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)August 31,
2016
Total assets$76,165
Loans receivable51,875
Non-interest bearing deposits13,005
Interest bearing deposits45,359
Federal Home Loan Bank advances3,260

Asset Summary

$ Change from
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Sep 30,
2016
Dec 31,
2015
Cash and cash equivalents$152,541 251,413 193,253 (98,872) (40,712)
Investment securities, available-for-sale2,425,477 2,292,079 2,610,760 133,398 (185,283)
Investment securities, held-to-maturity675,674 679,707 702,072 (4,033) (26,398)
Total investment securities3,101,151 2,971,786 3,312,832 129,365 (211,681)
Loans receivable
Residential real estate674,347 696,817 688,912 (22,470) (14,565)
Commercial real estate2,990,141 2,919,415 2,633,953 70,726 356,188
Other commercial1,342,250 1,303,241 1,099,564 39,009 242,686
Home equity434,774 435,935 420,901 (1,161) 13,873
Other consumer242,951 240,554 235,351 2,397 7,600
Loans receivable5,684,463 5,595,962 5,078,681 88,501 605,782
Allowance for loan and lease losses(129,572) (132,534) (129,697) 2,962 125
Loans receivable, net5,554,891 5,463,428 4,948,984 91,463 605,907
Other assets642,017 630,248 634,163 11,769 7,854
Total assets$9,450,600 9,316,875 9,089,232 133,725 361,368

Total investment securities of $3.101 billion at December 31, 2016 increased $129 million, or 4 percent, during the current quarter. The increase in the investment portfolio during the current quarter was from the Company utilizing surplus cash and customer deposits to purchase primarily short weighted-average life U.S. Agency mortgage backed securities. The Company continues to selectively purchase investment securities when the Company has excess liquidity. Although, the overall trend is a reduction in the investment securities portfolio since the Company has successfully been able to redeploy the securities portfolio cash flow into the Company’s higher yielding loan portfolio. Total investment securities decreased $212 million, or 6 percent, from the prior year end. Investment securities represented 33 percent of total assets at December 31, 2016 compared to 36 percent of total assets at December 31, 2015.

The loan portfolio grew $88.5 million, or 2 percent, during the current quarter. The loan category with the largest dollar increase was commercial real estate which increased $70.7 million, or 2 percent. The loan category with the largest percentage increase was other commercial loans which increased $39.0 million, or 3 percent. Excluding the acquisition of TSB, the loan portfolio increased $554 million, or 11 percent, since December 31, 2015 with $331 million and $235 million of the increase coming from growth in commercial real estate and other commercial loans, respectively. “Fourth quarter loan growth was once again better than what we historically have seen. It’s great to see continuing strength in loan originations. This is reflective of the strong customer relationships we have in all of our Bank divisions,” Chesler said.

Credit Quality Summary

At or for the
Year ended
At or for the
Nine Months
ended
At or for the
Year ended
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Allowance for loan and lease losses
Balance at beginning of period$129,697 129,697 129,753
Provision for loan losses2,333 1,194 2,284
Charge-offs(11,496) (5,332) (7,001)
Recoveries9,038 6,975 4,661
Balance at end of period$129,572 132,534 129,697
Other real estate owned$20,954 22,662 26,815
Accruing loans 90 days or more past due1,099 3,299 2,131
Non-accrual loans49,332 52,280 51,133
Total non-performing assets 1$71,385 78,241 80,079
Non-performing assets as a percentage of subsidiary assets0.76% 0.84% 0.88%
Allowance for loan and lease losses as a percentage of non-performing loans257% 238% 244%
Allowance for loan and lease losses as a percentage of total loans2.28% 2.37% 2.55%
Net charge-offs (recoveries) as a percentage of total loans0.04% (0.03)% 0.05%
Accruing loans 30-89 days past due$25,617 27,384 19,413
Accruing troubled debt restructurings$52,077 52,578 63,590
Non-accrual troubled debt restructurings$21,693 23,427 27,057
__________
1 As of December 31, 2016, non-performing assets have not been reduced by U.S. government guarantees of $1.7 million.

The Company continued to benefit from the gradual improvement in asset quality during the current quarter. Non-performing assets at December 31, 2016 were $71.4 million, a decrease of $6.9 million, or 9 percent, during the current quarter and a decrease of $8.7 million, or 11 percent, from a year ago. Non-performing assets as a percentage of assets at December 31, 2016 was 0.76 percent which was a decrease of 12 basis points form the prior year end of 0.88 percent. Early stage delinquencies (accruing loans 30-89 days past due) of $25.6 million at December 31, 2016 decreased $1.8 million from the prior quarter.

The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at December 31, 2016 was 2.28 percent, a decrease of 27 basis points from 2.55 percent at December 31, 2015 which was driven by loan growth combined with stabilized credit quality.

Credit Quality Trends and Provision for Loan Losses

(Dollars in thousands)Provision
for Loan
Losses
Net
Charge-Offs
(Recoveries)
ALLL
as a Percent
of Loans
Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
Non-Performing
Assets to
Total Subsidiary
Assets
Fourth quarter 2016$1,139 $4,101 2.28% 0.45% 0.76%
Third quarter 2016626 478 2.37% 0.49% 0.84%
Second quarter 2016 (2,315) 2.46% 0.44% 0.82%
First quarter 2016568 194 2.50% 0.46% 0.88%
Fourth quarter 2015411 1,482 2.55% 0.38% 0.88%
Third quarter 2015826 577 2.68% 0.37% 0.97%
Second quarter 2015282 (381) 2.71% 0.59% 0.98%
First quarter 2015765 662 2.77% 0.71% 1.07%

Net charge-offs for the current quarter were $4.1 million compared to $478 thousand for the prior quarter and $1.5 million from the same quarter last year. The quarterly net charge-offs continue to experience a fair amount of volatility on a quarterly basis. There was $1.1 million of current quarter provision for loan losses, compared to $626 thousand in the prior quarter and $411 thousand in the prior year fourth 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)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Sep 30,
2016
Dec 31,
2015
Deposits
Non-interest bearing deposits$2,041,852 2,098,747 1,918,310 (56,895) 123,542
NOW and DDA accounts1,588,550 1,514,330 1,516,026 74,220 72,524
Savings accounts996,061 938,547 838,274 57,514 157,787
Money market deposit accounts1,464,415 1,442,602 1,382,028 21,813 82,387
Certificate accounts948,714 975,521 1,060,650 (26,807) (111,936)
Core deposits, total7,039,592 6,969,747 6,715,288 69,845 324,304
Wholesale deposits332,687 339,572 229,720 (6,885) 102,967
Deposits, total7,372,279 7,309,319 6,945,008 62,960 427,271
Repurchase agreements473,650 401,243 423,414 72,407 50,236
Federal Home Loan Bank advances251,749 211,833 394,131 39,916 (142,382)
Other borrowed funds4,440 5,956 6,602 (1,516) (2,162)
Subordinated debentures125,991 125,956 125,848 35 143
Other liabilities105,622 114,789 117,579 (9,167) (11,957)
Total liabilities$8,333,731 8,169,096 8,012,582 164,635 321,149

Non-interest bearing deposits of $2.042 billion at December 31, 2016 decreased $57 million, or 3 percent, from the prior quarter which was primarily driven by seasonal fluctuations. Excluding the TSB acquisition, non-interest bearing deposits increased $111 million, or 6 percent, from December 31, 2015. Core interest bearing deposits of $4.998 billion at current year end increased $126.7 million, or 3 percent, from the prior quarter. Excluding the TSB acquisition, core interest bearing deposits increased $155 million, or 3 percent, from December 31, 2015. Wholesale deposits (i.e., brokered deposits classified as NOW, DDA, money market deposit and certificate accounts) of $333 million at December 31, 2016 increased $103 million since December 31, 2015, the majority of the increase was driven by a need to obtain wholesale deposits necessary for an interest rate swap.

Securities sold under agreements to repurchase (“repurchase agreements”) of $474 million at December 31, 2016 increased $72.4 million, or 18 percent, from the prior quarter and increased $50.2 million, or 12 percent, from the prior year end. Repurchase agreements fluctuated as certain customers had significant deposit cash flows. Federal Home Loan Bank (“FHLB”) advances of $252 million at December 31, 2016 increased $39.9 million, or 19 percent, during the current quarter to supplement the current quarter deposit growth used to fund asset growth.

Stockholders’ Equity Summary

$ Change from
Dec 31, Sep 30, Dec 31, Sep 30, Dec 31,
(Dollars in thousands, except per share data)20162016201520162015
Common equity$1,124,251 1,130,941 1,074,661 (6,690) 49,590
Accumulated other comprehensive income(7,382) 16,838 1,989 (24,220) (9,371)
Total stockholders’ equity1,116,869 1,147,779 1,076,650 (30,910) 40,219
Goodwill and core deposit intangible, net(159,400) (160,008) (155,193) 608 (4,207)
Tangible stockholders’ equity$957,469 987,771 921,457 (30,302) 36,012
Stockholders’ equity to total assets11.82% 12.32% 11.85%
Tangible stockholders’ equity to total tangible assets10.31% 10.79% 10.31%
Book value per common share$14.59 15.00 14.15 (0.41) 0.44
Tangible book value per common share$12.51 12.91 12.11 (0.40) 0.40

Tangible stockholders’ equity of $957 million at December 31, 2016 decreased $30.3 million, or 3 percent, from the prior quarter primarily as a result of declaring a special and quarterly dividend coupled with a decrease in accumulated other comprehensive income. The decrease in the accumulated other comprehensive income resulted from a decrease in the unrealized gain on the available-for-sale securities portfolio due to a rise in interest rates; such decrease was partially offset by the decrease in the unrealized loss on the interest rate swaps. Tangible stockholders’ equity increased $36.0 million, or 4 percent, from a year ago, the result of earnings retention and $10.5 million of Company stock issued in connection with the TSB acquisition; such increases more than offset the increase in goodwill and other intangibles from the acquisition and the decrease in accumulated other comprehensive income. Tangible book value per common share at quarter end decreased $0.40 per share from the prior quarter primarily driven by the decrease in other comprehensive income. Tangible book value per common share increased $0.40 per share from a year ago and was principally due to earnings retention.

Cash Dividend
On December 28, 2016, the Company’s Board of Directors declared a special cash dividend of $0.30 per share, the thirteenth special dividend approved by the Company. The dividend was payable January 19, 2017 to shareholders of record January 10, 2017. On November 15, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend was payable December 15, 2016 to shareholders of record December 6, 2016. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended December 31, 2016
Compared to September 30, 2016, June 30, 2016, March 31, 2016 and December 31, 2015

Income Summary

Three Months ended
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Dec 31,
2015
Net interest income
Interest income$87,759 85,944 86,069 84,381 83,211
Interest expense7,214 7,318 7,424 7,675 7,215
Total net interest income80,545 78,626 78,645 76,706 75,996
Non-interest income
Service charges and other fees15,645 16,307 15,772 14,681 15,418
Miscellaneous loan fees and charges1,234 1,195 1,163 1,021 922
Gain on sale of loans9,765 9,592 8,257 5,992 6,033
(Loss) gain on sale of investments(757) (594) (220) 108 143
Other income2,127 1,793 1,787 2,450 1,951
Total non-interest income28,014 28,293 26,759 24,252 24,467
$108,559 106,919 105,404 100,958 100,463
Net interest margin (tax-equivalent)4.02% 4.00% 4.06% 4.01% 4.02%
$ Change from
(Dollars in thousands) Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Dec 31,
2015
Net interest income
Interest income $1,815 1,690 3,378 4,548
Interest expense (104) (210) (461) (1)
Total net interest income 1,919 1,900 3,839 4,549
Non-interest income
Service charges and other fees (662) (127) 964 227
Miscellaneous loan fees and charges 39 71 213 312
Gain on sale of loans 173 1,508 3,773 3,732
(Loss) gain on sale of investments (163) (537) (865) (900)
Other income 334 340 (323) 176
Total non-interest income (279) 1,255 3,762 3,547
$1,640 3,155 7,601 8,096

Net Interest Income
In the current quarter, interest income of $87.8 million increased $1.8 million, or 2 percent, from the prior quarter and was primarily attributable to the increase in interest income from commercial loans. As a result of loan growth, commercial loan interest income increased $2.1 million, or 4 percent, during the current quarter. Current quarter interest income increased $4.5 million, or 5 percent, over the prior year fourth quarter also because of increases in interest income on commercial loans which increased $6.6 million, or 15 percent, which more than offset the $2.1 million decrease in investment income.

The current quarter interest expense of $7.2 million decreased $104 thousand, or 1 percent, from the prior quarter with such decrease driven from a decrease in FHLB interest expense as the funding needs have lessened with the deposit growth. The total cost of funding (including non-interest bearing deposits) for the current quarter was 36 basis points compared to 37 basis points for both the prior quarter and the prior year fourth quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.02 percent compared to 4.00 percent in the prior quarter. During the current quarter, the earning asset yield increased by 2 basis points. The Company’s current quarter net interest margin remained the same compared to the prior year fourth quarter. “Once again, the bank divisions have maintained good discipline in loan and deposit pricing as reflected in achieving a net interest margin above 4.00 percent in each quarter of the year,” said Ron Copher, Chief Financial Officer. “The Bank divisions remain focused on quality loan and deposit growth, especially non-interest bearing deposits.”

Non-interest Income
Non-interest income for the current quarter totaled $28.0 million, a decrease of $279 thousand, or 1 percent, from the prior quarter and an increase of $3.5 million, or 15 percent, over the same quarter last year. Service fee income of $15.6 million, decreased by $662 thousand, or 4 percent, from the prior quarter and increased $227 thousand, or 1 percent, from the prior year fourth quarter. Gain on sale of loans for the current quarter increased $173 thousand, or 2 percent, from the prior quarter. Gain on sale of loans for the current quarter increased $3.7 million, or 62 percent, from the prior year fourth quarter as a result of the housing market continuing to strengthen during the current year coupled with the low interest rate environment. Other income of $2.1 million, increased $334 thousand, or 19 percent, over the prior quarter and increased $176 thousand, or 9 percent, over the prior year fourth quarter principally due to the current quarter gain on sale of other real estate owned (“OREO”). Other income included operating revenue of $43 thousand from OREO and a gain of $438 thousand from the sale of OREO, a combined total of $481 thousand for the current quarter compared to $168 thousand for the prior quarter and $239 thousand for the prior year fourth quarter.

Non-interest Expense Summary

Three Months ended
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Dec 31,
2015
Compensation and employee benefits$38,826 38,370 37,560 36,941 35,902
Occupancy and equipment6,692 6,168 6,443 6,676 6,578
Advertising and promotions2,125 2,098 2,085 2,125 2,035
Data processing3,409 4,080 3,938 3,373 3,245
Other real estate owned2,076 215 214 390 511
Regulatory assessments and insurance1,048 1,158 1,066 1,508 1,494
Core deposit intangibles amortization608 777 788 797 758
Other expenses11,933 12,314 12,367 10,546 11,680
Total non-interest expense$66,717 65,180 64,461 62,356 62,203
$ Change from
(Dollars in thousands) Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Dec 31,
2015
Compensation and employee benefits $456 1,266 1,885 2,924
Occupancy and equipment 524 249 16 114
Advertising and promotions 27 40 90
Data processing (671) (529) 36 164
Other real estate owned 1,861 1,862 1,686 1,565
Regulatory assessments and insurance (110) (18) (460) (446)
Core deposit intangibles amortization (169) (180) (189) (150)
Other expense (381) (434) 1,387 253
Total non-interest expense $1,537 2,256 4,361 4,514

Non-interest expense of $66.7 million for the current quarter increased $1.5 million, or 2 percent, over the prior quarter and increased $4.5 million, or 7 percent, over the prior year fourth quarter. Compensation and employee benefits for the current quarter increased by $456 thousand, or 1 percent, from the prior quarter. Compensation and employee benefits for the current quarter increased by $2.9 million, or 8 percent, from the prior year fourth quarter due to the increased number of employees, including increases from the TSB acquisition and the acquisition of Cañon National Bank (“Cañon”) in October 2015, increased commissions from increased loan production and annual salary increases. Current quarter occupancy and equipment expense increased $524 thousand, or 9 percent, from the prior quarter and increased $114 thousand, or 2 percent, from the prior year fourth quarter. The current quarter data processing expense decreased $671 thousand, or 16 percent, from the prior quarter due to a decrease in CCP related expenses. The current quarter data processing expense increased $164 thousand, or 5 percent, from the prior year fourth quarter. The current quarter OREO expense of $2.1 million included $318 thousand of operating expense, $1.7 million of fair value write-downs, and $30 thousand of loss from the sales of OREO. Current quarter other expenses of $11.9 million decreased $381 thousand, or 3 percent, from the prior quarter. Current quarter other expenses increased $253 thousand, or 2 percent, from the prior year fourth quarter primarily driven by increases from costs associated with CCP.

Efficiency Ratio
The current quarter efficiency ratio was 55.08 percent, a 76 basis points decrease from the prior quarter efficiency ratio of 55.84 percent which resulted from the increase in interest income on commercial loans. The current quarter efficiency ratio compared favorably to 56.52 percent in the prior year fourth quarter. The 1.44 percent decrease in the efficiency ratio was the result of increased interest income on commercial loans and gain on sale of loans, which was greater than the increase in non-interest expense.

Operating Results for Year ended December 31, 2016
Compared to December 31, 2015

Income Summary

Year ended $ Change % Change
(Dollars in thousands)December 31,
2016
December 31,
2015
Net interest income
Interest income$344,153 $319,681 $24,472 8%
Interest expense29,631 29,275 356 1%
Total net interest income314,522 290,406 24,116 8%
Non-interest income
Service charges and other fees62,405 59,286 3,119 5%
Miscellaneous loan fees and charges4,613 4,276 337 8%
Gain on sale of loans33,606 26,389 7,217 27%
(Loss) gain on sale of investments(1,463) 19 (1,482) (7,800)%
Other income8,157 8,791 (634) (7)%
Total non-interest income107,318 98,761 8,557 9%
$421,840 $389,167 $32,673 8%
Net interest margin (tax-equivalent)4.02% 4.00%

Net Interest Income
Net interest income for the the current year was $315 million, an increase of $24.1 million, or 8 percent, over the same period last year. Interest income for the the current year increased $24.5 million, or 8 percent, from the prior year and was principally due to a $24.0 million increase in income from commercial loans. Additional increases included a $1.3 million in interest income from residential loans.

Interest expense of $29.6 million for the current year increased $356 thousand, or 1 percent, over the the same period in the prior year. Deposit interest expense for the current year increased $2.3 million, or 14 percent, from the prior year and was driven by an increase in wholesale deposits and the additional interest expense for an interest rate swap with a notional amount of $100 million that began accruing in December 2015. FHLB interest expense decreased $2.6 million, or 30 percent, as the need for wholesale funding has decreased with strong deposit growth. The total funding cost (including non-interest bearing deposits) for 2016 was 37 basis points compared to 40 basis points for 2015.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2016 was 4.02 percent, a 2 basis point increase from the net interest margin of 4.00 percent for 2015. The increase in the margin was primarily attributable to a shift in earning assets to higher yielding loans combined with a continued increase in low cost deposits.

Non-interest Income
Non-interest income of $107.3 million for 2016 increased $8.6 million, or 9 percent, over the same period last year. Service charges and other fees of $62.4 million for 2016 increased $3.1 million, or 5 percent, from the same period last year as a result of an increased number of deposit accounts, both from organic growth and from recent acquisitions. The gain of $33.6 million on the sale of loans for 2016 increased $7.2 million, or 27 percent, from 2015 which was attributable to the stronger housing market and the low interest rate environment. Included in other income was operating revenue of $127 thousand from OREO and gains of $918 thousand from the sales of OREO, which totaled $1.0 million for 2016 compared to $1.1 million for the prior year.

Non-interest Expense Summary

Year ended $ Change % Change
(Dollars in thousands)December 31,
2016
December 31,
2015
Compensation and employee benefits$151,697 $134,409 $17,288 13%
Occupancy and equipment25,979 25,505 474 2%
Advertising and promotions8,433 8,661 (228) (3)%
Data processing14,800 11,477 3,323 29%
Other real estate owned2,895 3,693 (798) (22)%
Regulatory assessments and insurance4,780 5,283 (503) (10)%
Core deposit intangible amortization2,970 2,964 6 %
Other expenses47,160 44,765 2,395 5%
Total non-interest expense$258,714 $236,757 $21,957 9%

Non-interest expense of $259 million increased $22.0 million, or 9 percent, over the prior year. Included in current year non-interest expense was $4.3 million of CCP related expenses. Compensation and employee benefits for 2016 increased $17.3 million, or 13 percent, from the same period due to the increased number of employees including from the acquired banks and annual salary increases. Occupancy and equipment expense of $26.0 million for 2016 increased $474 thousand, or 2 percent, over the prior year. Outsourced data processing expense increased $3.3 million, or 29 percent, from the prior year primarily the result of additional costs from CCP. OREO expense of $2.9 million in the current year decreased $798 thousand, or 22 percent, from the the prior year. OREO expense for 2016 included $761 thousand of operating expenses, $1.8 million of fair value write-downs, and $314 thousand of loss from the sales of OREO. Current year other expenses of $47.2 million increased $2.4 million, or 5 percent, from the prior year and was driven by increases from costs associated with CCP.

Provision for Loan Losses
The provision for loan losses was $2.3 million for 2016, an increase of $49 thousand, or 2 percent, from the same period in the prior year. Net charge-offs during 2016 was $2.5 million compared to net charge-offs of $2.3 million for 2015.

Efficiency Ratio
The efficiency ratio was 55.88 percent for the twelve months of 2016 and 55.40 percent for the twelve months of 2015. Although there were increases in both net interest income and non-interest income, such increases were outpaced by the increases in CCP expenses and compensation expenses which contributed to the higher efficiency ratio in 2016.

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 trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;
  • legislative or regulatory changes, including increased banking and consumer protection regulation 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 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 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 Glacier Bank divisions;
  • potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures; 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.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 27, 2017. The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 877-561-2748 and the conference ID is 45236374. To participate on the webcast, log on to: http://edge.media-server.com/m/p/xxxuhk7z. If you are unable to participate during the live webcast, the call will be archived on our Web site, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 45236374 until February 10, 2017.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 88 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.


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)December 31,
2016
September 30,
2016
December 31,
2015
Assets
Cash on hand and in banks$135,268 129,727 117,137
Federal funds sold 225 6,080
Interest bearing cash deposits17,273 121,461 70,036
Cash and cash equivalents152,541 251,413 193,253
Investment securities, available-for-sale2,425,477 2,292,079 2,610,760
Investment securities, held-to-maturity675,674 679,707 702,072
Total investment securities3,101,151 2,971,786 3,312,832
Loans held for sale72,927 71,069 56,514
Loans receivable5,684,463 5,595,962 5,078,681
Allowance for loan and lease losses(129,572) (132,534) (129,697)
Loans receivable, net5,554,891 5,463,428 4,948,984
Premises and equipment, net176,198 178,638 194,030
Other real estate owned20,954 22,662 26,815
Accrued interest receivable45,832 50,138 44,524
Deferred tax asset67,121 51,757 58,475
Core deposit intangible, net12,347 12,955 14,555
Goodwill147,053 147,053 140,638
Non-marketable equity securities25,550 20,103 27,495
Other assets74,035 75,873 71,117
Total assets$9,450,600 9,316,875 9,089,232
Liabilities
Non-interest bearing deposits$2,041,852 2,098,747 1,918,310
Interest bearing deposits5,330,427 5,210,572 5,026,698
Securities sold under agreements to repurchase473,650 401,243 423,414
FHLB advances251,749 211,833 394,131
Other borrowed funds4,440 5,956 6,602
Subordinated debentures125,991 125,956 125,848
Accrued interest payable3,584 3,439 3,517
Other liabilities102,038 111,350 114,062
Total liabilities8,333,731 8,169,096 8,012,582
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 authorized765 765 761
Paid-in capital749,107 748,463 736,368
Retained earnings - substantially restricted374,379 381,713 337,532
Accumulated other comprehensive (loss) income(7,382) 16,838 1,989
Total stockholders’ equity1,116,869 1,147,779 1,076,650
Total liabilities and stockholders’ equity$9,450,600 9,316,875 9,089,232


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended Year ended
(Dollars in thousands, except per share data)December 31,
2016
September 30,
2016
December 31,
2015
December 31,
2016
December 31,
2015
Interest Income
Investment securities$21,645 21,827 23,731 90,392 91,086
Residential real estate loans8,463 8,538 8,572 33,410 32,153
Commercial loans49,750 47,694 43,109 188,949 164,966
Consumer and other loans7,901 7,885 7,799 31,402 31,476
Total interest income87,759 85,944 83,211 344,153 319,681
Interest Expense
Deposits4,497 4,550 3,932 18,402 16,138
Securities sold under agreements to repurchase325 289 287 1,207 1,021
Federal Home Loan Bank advances1,377 1,527 2,156 6,221 8,841
Federal funds purchased and other borrowed funds18 17 18 67 81
Subordinated debentures997 935 822 3,734 3,194
Total interest expense7,214 7,318 7,215 29,631 29,275
Net Interest Income80,545 78,626 75,996 314,522 290,406
Provision for loan losses1,139 626 411 2,333 2,284
Net interest income after provision for loan losses79,406 78,000 75,585 312,189 288,122
Non-Interest Income
Service charges and other fees15,645 16,307 15,418 62,405 59,286
Miscellaneous loan fees and charges1,234 1,195 922 4,613 4,276
Gain on sale of loans9,765 9,592 6,033 33,606 26,389
(Loss) gain on sale of investments(757) (594) 143 (1,463) 19
Other income2,127 1,793 1,951 8,157 8,791
Total non-interest income28,014 28,293 24,467 107,318 98,761
Non-Interest Expense
Compensation and employee benefits38,826 38,370 35,902 151,697 134,409
Occupancy and equipment6,692 6,168 6,578 25,979 25,505
Advertising and promotions2,125 2,098 2,035 8,433 8,661
Data processing3,409 4,080 3,245 14,800 11,477
Other real estate owned2,076 215 511 2,895 3,693
Regulatory assessments and insurance1,048 1,158 1,494 4,780 5,283
Core deposit intangibles amortization608 777 758 2,970 2,964
Other expenses11,933 12,314 11,680 47,160 44,765
Total non-interest expense66,717 65,180 62,203 258,714 236,757
Income Before Income Taxes40,703 41,113 37,849 160,793 150,126
Federal and state income tax expense9,662 10,156 8,341 39,662 33,999
Net Income$31,041 30,957 29,508 121,131 116,127


Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
December 31, 2016 December 31, 2015
(Dollars in thousands)Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Assets
Residential real estate loans$756,796 $8,463 4.47% $728,346 $8,572 4.71%
Commercial loans 14,225,252 51,039 4.81% 3,601,427 43,828 4.83%
Consumer and other loans677,300 7,901 4.64% 648,683 7,799 4.77%
Total loans 25,659,348 67,403 4.74% 4,978,456 60,199 4.80%
Tax-exempt investment securities 31,290,962 18,487 5.73% 1,361,905 20,173 5.92%
Taxable investment securities 41,809,816 9,813 2.17% 1,988,643 11,176 2.25%
Total earning assets8,760,126 95,703 4.35% 8,329,004 91,548 4.36%
Goodwill and intangibles159,771 147,572
Non-earning assets389,562 400,730
Total assets$9,309,459 $8,877,306
Liabilities
Non-interest bearing deposits$2,045,833 $ % $1,918,399 $ %
NOW and DDA accounts1,533,225 254 0.07% 1,441,615 284 0.08%
Savings accounts979,377 134 0.05% 811,804 97 0.05%
Money market deposit accounts1,451,803 548 0.15% 1,372,881 522 0.15%
Certificate accounts961,707 1,393 0.58% 1,081,921 1,607 0.59%
Wholesale deposits 5335,579 2,168 2.57% 201,695 1,422 2.80%
FHLB advances220,921 1,377 2.44% 332,910 2,156 2.53%
Repurchase agreements and other borrowed funds538,305 1,340 0.99% 523,213 1,127 0.85%
Total funding liabilities8,066,750 7,214 0.36% 7,684,438 7,215 0.37%
Other liabilities101,383 94,505
Total liabilities8,168,133 7,778,943
Stockholders’ Equity
Common stock765 759
Paid-in capital748,730 730,927
Retained earnings389,289 358,860
Accumulated other comprehensive income2,542 7,817
Total stockholders’ equity1,141,326 1,098,363
Total liabilities and stockholders’ equity$9,309,459 $8,877,306
Net interest income (tax-equivalent) $88,489 $84,333
Net interest spread (tax-equivalent) 3.99% 3.99%
Net interest margin (tax-equivalent) 4.02% 4.02%
__________
1 Includes tax effect of $1.3 million and $719 thousand on tax-exempt municipal loan and lease income for the three months ended December 31, 2016 and 2015, respectively.
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 $6.3 million and $7.3 million on tax-exempt investment securities income for the three months ended December 31, 2016 and 2015, respectively.
4 Includes tax effect of $353 thousand and $362 thousand on federal income tax credits for the three months ended December 31, 2016 and 2015, respectively.
5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.


Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Year ended
December 31, 2016 December 31, 2015
(Dollars in thousands)Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Assets
Residential real estate loans$741,876 $33,410 4.50% $687,013 $32,153 4.68%
Commercial loans 13,993,363 193,147 4.84% 3,459,470 167,587 4.84%
Consumer and other loans668,990 31,402 4.69% 631,512 31,476 4.98%
Total loans 25,404,229 257,959 4.77% 4,777,995 231,216 4.84%
Tax-exempt investment securities 31,325,810 75,907 5.73% 1,328,908 77,199 5.81%
Taxable investment securities 41,874,240 41,775 2.23% 1,918,283 41,648 2.17%
Total earning assets8,604,279 375,641 4.37% 8,025,186 350,063 4.36%
Goodwill and intangibles155,981 143,293
Non-earning assets392,353 389,126
Total assets$9,152,613 $8,557,605
Liabilities
Non-interest bearing deposits$1,934,543 $ % $1,756,888 $ %
NOW and DDA accounts1,498,928 1,062 0.07% 1,371,340 1,074 0.08%
Savings accounts920,058 464 0.05% 758,776 360 0.05%
Money market deposit accounts1,420,700 2,183 0.15% 1,340,967 2,066 0.15%
Certificate accounts1,013,046 5,998 0.59% 1,131,210 6,891 0.61%
Wholesale deposits 5335,616 8,695 2.59% 206,889 5,747 2.78%
FHLB advances294,952 6,221 2.07% 319,565 8,841 2.73%
Repurchase agreements and other borrowed funds515,254 5,008 0.97% 509,431 4,296 0.84%
Total funding liabilities7,933,097 29,631 0.37% 7,395,066 29,275 0.40%
Other liabilities96,392 91,360
Total liabilities8,029,489 7,486,426
Stockholders’ Equity
Common stock763 755
Paid-in capital740,792 720,827
Retained earnings371,925 336,998
Accumulated other comprehensive income9,644 12,599
Total stockholders’ equity1,123,124 1,071,179
Total liabilities and stockholders’ equity$9,152,613 $8,557,605
Net interest income (tax-equivalent) $346,010 $320,788
Net interest spread (tax-equivalent) 4.00% 3.96%
Net interest margin (tax-equivalent) 4.02% 4.00%
__________
1 Includes tax effect of $4.2 million and $2.6 million on tax-exempt municipal loan and lease income for the year ended December 31, 2016 and 2015, respectively.
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 $25.9 million and $26.3 million on tax-exempt investment securities income for the year ended December 31, 2016 and 2015, respectively.
4 Includes tax effect of $1.4 million and $1.4 million on federal income tax credits for the year ended December 31, 2016 and 2015, respectively.
5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
Loans Receivable, by Loan Type % Change from
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Sep 30,
2016
Dec 31,
2015
Custom and owner occupied construction$86,233 $82,935 $75,094 4% 15%
Pre-sold and spec construction66,184 66,812 50,288 (1)% 32%
Total residential construction152,417 149,747 125,382 2% 22%
Land development75,078 68,597 62,356 9% 20%
Consumer land or lots97,449 96,798 97,270 1% %
Unimproved land69,157 69,880 73,844 (1)% (6)%
Developed lots for operative builders13,254 13,256 12,336 % 7%
Commercial lots30,523 27,512 22,035 11% 39%
Other construction257,769 246,753 156,784 4% 64%
Total land, lot, and other construction543,230 522,796 424,625 4% 28%
Owner occupied977,932 963,063 938,625 2% 4%
Non-owner occupied929,729 890,981 774,192 4% 20%
Total commercial real estate1,907,661 1,854,044 1,712,817 3% 11%
Commercial and industrial686,870 697,598 649,553 (2)% 6%
Agriculture407,208 425,645 367,339 (4)% 11%
1st lien877,893 883,034 856,193 (1)% 3%
Junior lien58,564 61,788 65,383 (5)% (10)%
Total 1-4 family936,457 944,822 921,576 (1)% 2%
Multifamily residential184,068 204,395 201,542 (10)% (9)%
Home equity lines of credit402,614 399,446 372,039 1% 8%
Other consumer155,193 154,547 150,469 % 3%
Total consumer557,807 553,993 522,508 1% 7%
Other381,672 313,991 209,853 22% 82%
Total loans receivable, including loans held for sale5,757,390 5,667,031 5,135,195 2% 12%
Less loans held for sale 1(72,927) (71,069) (56,514) 3% 29%
Total loans receivable$5,684,463 $5,595,962 $5,078,681 2% 12%
_______
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
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Dec 31,
2016
Dec 31,
2016
Dec 31,
2016
Custom and owner occupied construction$ 375 1,016
Pre-sold and spec construction226 250 226
Total residential construction226 625 1,016 226
Land development9,864 11,717 17,582 1,188 8,676
Consumer land or lots2,137 2,196 2,250 770 1,367
Unimproved land11,905 12,068 12,328 7,852 4,053
Developed lots for operative builders175 175 488 175
Commercial lots1,466 2,165 1,521 1,466
Other construction 4,236
Total land, lot and other construction25,547 28,321 38,405 9,810 15,737
Owner occupied18,749 19,970 10,952 16,849 92 1,808
Non-owner occupied3,426 4,005 3,446 2,749 677
Total commercial real estate22,175 23,975 14,398 19,598 92 2,485
Commercial and industrial5,184 5,175 3,993 4,894 283 7
Agriculture1,615 2,329 3,281 1,615
1st lien9,186 9,333 10,691 6,734 393 2,059
Junior lien1,167 1,335 668 1,167
Total 1-4 family10,353 10,668 11,359 7,901 393 2,059
Multifamily residential400 432 113 400
Home equity lines of credit5,494 4,734 5,486 4,737 117 640
Other consumer391 182 228 151 214 26
Total consumer5,885 4,916 5,714 4,888 331 666
Other 1,800 1,800
Total$71,385 78,241 80,079 49,332 1,099 20,954


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-
89 Days Delinquent Loans, by Loan Type
% Change from
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Sep 30,
2016
Dec 31,
2015
Custom and owner occupied construction$1,836 $65 $462 2,725% 297%
Pre-sold and spec construction 181 n/m (100)%
Total residential construction1,836 65 643 2,725% 186%
Land development154 447 n/m (66)%
Consumer land or lots638 130 166 391% 284%
Unimproved land1,442 857 774 68% 86%
Other construction 7,125 337 (100)% (100)%
Total land, lot and other construction2,234 8,112 1,724 (72)% 30%
Owner occupied2,307 586 2,760 294% (16)%
Non-owner occupied1,689 5,830 923 (71)% 83%
Total commercial real estate3,996 6,416 3,683 (38)% 8%
Commercial and industrial3,032 4,038 1,968 (25)% 54%
Agriculture1,133 989 1,014 15% 12%
1st lien7,777 3,439 6,272 126% 24%
Junior lien1,016 977 1,077 4% (6)%
Total 1-4 family8,793 4,416 7,349 99% 20%
Multifamily Residential10 662 n/m
(98)%
Home equity lines of credit1,537 2,383 1,046 (36)% 47%
Other consumer1,180 943 1,227 25% (4)%
Total consumer2,717 3,326 2,273 (18)% 20%
Other1,866 22 97 8,382% 1,824%
Total$25,617 $27,384 $19,413 (6)% 32%
_______
n/m - not measurable


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Net Charge-Offs (Recoveries), Year-to-Date
Period Ending, By Loan Type
Charge-Offs Recoveries
(Dollars in thousands)Dec 31,
2016
Sep 30,
2016
Dec 31,
2015
Dec 31,
2016
Dec 31,
2016
Custom and owner occupied construction$(1) 1
Pre-sold and spec construction786 (39) (53) 832 46
Total residential construction785 (39) (53) 832 47
Land development(2,661) (2,372) (288) 29 2,690
Consumer land or lots(688) (487) 66 25 713
Unimproved land(184) (114) (325) 184
Developed lots for operative builders(27) (23) (85) 15 42
Commercial lots27 29 (26) 33 6
Other construction (1)
Total land, lot and other construction(3,533) (2,967) (659) 102 3,635
Owner occupied1,196 (354) 247 1,621 425
Non-owner occupied44 9 93 60 16
Total commercial real estate1,240 (345) 340 1,681 441
Commercial and industrial(370) (643) 1,389 1,114 1,484
Agriculture50 (29) 50 105 55
1st lien487 132 834 720 233
Junior lien60 (15) (125) 228 168
Total 1-4 family547 117 709 948 401
Multifamily residential229 229 (318) 229
Home equity lines of credit611 450 740 864 253
Other consumer257 255 143 554 297
Total consumer868 705 883 1,418 550
Other2,642 1,329 (1) 5,067 2,425
Total$2,458 (1,643) 2,340 11,496 9,038

Visit our website at www.glacierbancorp.com

CONTACT: Randall M. Chesler (406) 751-4722 Ron J. Copher (406) 751-7706

Source:Glacier Bancorp, Inc.

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