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Glacier Bancorp, Inc. Announces Results for the Quarter Ended June 30, 2017

2nd Quarter 2017 Highlights:

  • Net income of $33.7 million for the current quarter, an increase of $3.2 million, or 11 percent, over the prior year second quarter net income of $30.5 million.
  • Current quarter diluted earnings per share of $0.43, an increase of 8 percent from the prior year second quarter diluted earnings per share of $0.40.
  • Organic loan growth of $176 million, or 12 percent annualized, for the current quarter.
  • Net interest margin of 4.12 percent as a percentage of earning assets, on a tax equivalent basis, a 6 basis point increase over the 4.06 percent net interest margin in the second quarter of the prior year.
  • Dividend declared of $0.21 per share, an increase of $0.01 per share, or 5 percent, over the prior year second quarter. The dividend was the 129th consecutive quarterly dividend.
  • The Company completed the acquisition of TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona with total assets of $386 million.
  • The Company announced the signing of a definitive agreement to acquire Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado with total assets of $466 million.

First Half of 2017 Highlights:

  • Net income of $64.9 million for the first half of 2017, an increase of $5.8 million, or 10 percent, over the first half of 2016 net income of $59.1 million.
  • Diluted earnings per share of $0.84, an increase of 8 percent from the prior year first six months diluted earnings per share of $0.78.
  • Organic loan growth of $369 million, or 13 percent annualized, for the first six months of the current year.
  • Net interest margin of 4.08 percent as a percentage of earning assets, on a tax equivalent basis, a 4 basis point increase over the 4.04 percent net interest margin in the first six months of the prior year.


Financial Highlights

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,
2017
Mar 31,
2017
Jun 30,
2016
Jun 30,
2017
Jun 30,
2016
Operating results
Net income $33,687 31,255 30,451 64,942 59,133
Basic earnings per share $0.43 0.41 0.40 0.84 0.78
Diluted earnings per share $0.43 0.41 0.40 0.84 0.78
Dividends declared per share $0.21 0.21 0.20 0.42 0.40
Market value per share
Closing $36.61 33.93 26.58 36.61 26.58
High $36.72 38.03 27.68 38.03 27.68
Low $32.06 32.47 24.31 32.06 22.19
Selected ratios and other data
Number of common stock shares outstanding 78,001,890 76,619,952 76,171,580 78,001,890 76,171,580
Average outstanding shares - basic 77,546,236 76,572,116 76,170,734 77,061,867 76,148,493
Average outstanding shares - diluted 77,592,325 76,633,283 76,205,069 77,125,677 76,191,655
Return on average assets (annualized) 1.39% 1.35% 1.34% 1.37% 1.31%
Return on average equity (annualized) 11.37% 11.19% 10.99% 11.28% 10.76%
Efficiency ratio 52.89% 55.57% 56.10% 54.17% 56.31%
Dividend payout ratio 48.84% 51.22% 50.00% 50.00% 51.28%
Loan to deposit ratio 81.86% 78.91% 76.92% 81.86% 76.92%
Number of full time equivalent employees 2,265 2,224 2,210 2,265 2,210
Number of locations 145 142 143 145 143
Number of ATMs 165 161 167 165 167

KALISPELL, Mont., July 20, 2017 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $33.7 million for the current quarter, an increase of $3.2 million, or 11 percent, from the $30.5 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.43 per share, an increase of $0.03, or 8 percent, from the prior year second quarter diluted earnings per share of $0.40. Included in the current quarter was $867 thousand of acquisition-related expenses. “Our 14 divisions, supported by our senior staff, continue to post impressive operating results. It’s great to see our strong momentum continue,,” said Randy Chesler, President and Chief Executive Officer. “We are very pleased to welcome The Foothills Bank into the Glacier family. We think they are a great addition and we are excited to enter the Arizona market,” Chesler said.

Net income for the six months ended June 30, 2017 was $64.9 million, an increase of $5.8 million, or 10 percent, from the $59.1 million of net income for the first six months of the prior year. Diluted earnings per share for the first half of 2017 was $0.84 per share, an increase of $0.06, or 8 percent, from the diluted earnings per share of $0.78 for the same period in the prior year.

On June 6, 2017, the Company announced the signing of a definitive agreement to acquire Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado (collectively, “Collegiate”). As of June 30, 2017, Collegiate had total assets of $466 million, gross loans of $337 million and total deposits of $399 million. The acquisition marks the Company’s 19th acquisition since 2000, its eighth transaction in the past five years, and its fourth transaction in the state of Colorado. The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to completed during the first quarter of 2018.

On April 30, 2017, the Company completed the acquisition of TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona (collectively, “Foothills”). The Company’s results of operations and financial condition include the acquisition of Foothills 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) April 30,
2017
Total assets $385,839
Investment securities 25,420
Loans receivable 292,529
Non-interest bearing deposits 97,527
Interest bearing deposits 199,233
Federal Home Loan Bank advances 22,800


Asset Summary

$ Change from
(Dollars in thousands) Jun 30,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Cash and cash equivalents $237,590 234,004 152,541 160,333 3,586 85,049 77,257
Investment securities, available-for-sale 2,142,472 2,314,521 2,425,477 2,487,955 (172,049) (283,005) (345,483)
Investment securities, held-to-maturity 659,347 667,388 675,674 680,574 (8,041) (16,327) (21,227)
Total investment securities 2,801,819 2,981,909 3,101,151 3,168,529 (180,090) (299,332) (366,710)
Loans receivable
Residential real estate 712,726 685,458 674,347 672,895 27,268 38,379 39,831
Commercial real estate 3,393,753 3,056,372 2,990,141 2,773,298 337,381 403,612 620,455
Other commercial 1,549,067 1,462,110 1,342,250 1,258,227 86,957 206,817 290,840
Home equity 445,245 433,554 434,774 431,659 11,691 10,471 13,586
Other consumer 244,971 239,480 242,951 242,538 5,491 2,020 2,433
Loans receivable 6,345,762 5,876,974 5,684,463 5,378,617 468,788 661,299 967,145
Allowance for loan and lease losses (129,877) (129,226) (129,572) (132,386) (651) (305) 2,509
Loans receivable, net 6,215,885 5,747,748 5,554,891 5,246,231 468,137 660,994 969,654
Other assets 644,200 590,247 642,017 624,349 53,953 2,183 19,851
Total assets $9,899,494 9,553,908 9,450,600 9,199,442 345,586 448,894 700,052

Total investment securities of $2.802 billion at June 30, 2017 decreased $180 million, or 6 percent, during the current quarter and decreased $367 million, or 12 percent, from the prior year second quarter. The decrease in the investment portfolio resulted from the Company continuing to redeploy the investment securities portfolio cash flow into the Company’s higher yielding loan portfolio. Investment securities represented 28 percent of total assets at June 30, 2017 compared to 33 percent of total assets at December 31, 2016 and 34 percent of total assets at June 30, 2016.

Excluding the Foothills acquisition, the Company experienced another strong quarter for loan growth with an increase of $176 million, or 12 percent annualized, during the current quarter. The loan category with the largest dollar increase was commercial real estate loans which increased $107 million, or 4 percent. Excluding the Foothills acquisition and the acquisition of Treasure State Bank (“TSB”) in August of 2016, the loan portfolio increased $623 million, or 12 percent, since June 30, 2016 with the primary increases coming from growth in commercial real estate and other commercial loans of $365 million and $255 million, respectively. “We are very comfortable with our solid growth for the quarter and first half of the year. Our unique business model continues to generate good quality loans with good margins across all of our divisions,” Chesler said.


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,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Allowance for loan and lease losses
Balance at beginning of period $129,572 129,572 129,697 129,697
Provision for loan losses 4,611 1,598 2,333 568
Charge-offs (8,818) (4,229) (11,496) (2,532)
Recoveries 4,512 2,285 9,038 4,653
Balance at end of period $129,877 129,226 129,572 132,386
Other real estate owned $18,500 17,771 20,954 24,370
Accruing loans 90 days or more past due 3,198 3,028 1,099 6,194
Non-accrual loans 47,183 50,674 49,332 45,017
Total non-performing assets $68,881 71,473 71,385 75,581
Non-performing assets as a percentage of subsidiary assets 0.70% 0.75% 0.76% 0.82%
Allowance for loan and lease losses as a percentage of non-performing loans 258% 241% 257% 259%
Allowance for loan and lease losses as a percentage of total loans 2.05% 2.20% 2.28% 2.46%
Net charge-offs as a percentage of total loans 0.07% 0.03% 0.04% (0.04)%
Accruing loans 30-89 days past due $31,124 39,160 25,617 23,479
Accruing troubled debt restructurings $31,742 38,955 52,077 50,054
Non-accrual troubled debt restructurings $25,418 19,479 21,693 23,822
U.S. government guarantees included in non-performing assets $1,158 1,690 1,746 2,281

Non-performing assets at June 30, 2017 were $68.9 million, a decrease of $2.6 million, or 4 percent, from the prior quarter and a decrease of $6.7 million, or 9 percent, from a year ago. Non-performing assets as a percentage of subsidiary assets at June 30, 2017 was 0.70 percent which was a decrease of 12 basis points from the prior year second quarter of 0.82 percent. Early stage delinquencies (accruing loans 30-89 days past due) of $31.1 million at June 30, 2017 decreased $8.0 million from the prior quarter and increased $7.6 million from the prior year second quarter. The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at June 30, 2017 was 2.05 percent, a decrease of 23 basis points from 2.28 percent at December 31, 2016 which was driven by loan growth, stabilizing credit quality, and no allowance carried over from the Foothills acquisition as a result of the acquired loans recorded at fair value.

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
Second quarter 2017 $3,013 $2,362 2.05% 0.49% 0.70%
First quarter 2017 1,598 1,944 2.20% 0.67% 0.75%
Fourth quarter 2016 1,139 4,101 2.28% 0.45% 0.76%
Third quarter 2016 626 478 2.37% 0.49% 0.84%
Second quarter 2016 (2,315) 2.46% 0.44% 0.82%
First quarter 2016 568 194 2.50% 0.46% 0.88%
Fourth quarter 2015 411 1,482 2.55% 0.38% 0.88%
Third quarter 2015 826 577 2.68% 0.37% 0.97%

Net charge-offs for the current quarter were $2.4 million compared to $1.9 million for the prior quarter and net recoveries of $2.3 million from the same quarter last year. There was $3.0 million of current quarter provision for loan losses, compared to $1.6 million in the prior quarter and no provision in the prior year second 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) Jun 30,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Deposits
Non-interest bearing deposits $2,234,058 2,049,476 2,041,852 1,907,026 184,582 192,206 327,032
NOW and DDA accounts 1,717,351 1,596,353 1,588,550 1,495,952 120,998 128,801 221,399
Savings accounts 1,059,717 1,035,023 996,061 926,865 24,694 63,656 132,852
Money market deposit accounts 1,608,994 1,516,731 1,464,415 1,403,028 92,263 144,579 205,966
Certificate accounts 886,504 941,628 948,714 1,017,681 (55,124) (62,210) (131,177)
Core deposits, total 7,506,624 7,139,211 7,039,592 6,750,552 367,413 467,032 756,072
Wholesale deposits 291,339 340,946 332,687 338,264 (49,607) (41,348) (46,925)
Deposits, total 7,797,963 7,480,157 7,372,279 7,088,816 317,806 425,684 709,147
Repurchase agreements 451,050 497,187 473,650 414,327 (46,137) (22,600) 36,723
Federal Home Loan Bank advances 211,505 211,627 251,749 328,832 (122) (40,244) (117,327)
Other borrowed funds 5,817 8,894 4,440 4,926 (3,077) 1,377 891
Subordinated debentures 126,063 126,027 125,991 125,920 36 72 143
Other liabilities 97,139 94,776 105,622 111,962 2,363 (8,483) (14,823)
Total liabilities $8,689,537 8,418,668 8,333,731 8,074,783 270,869 355,806 614,754

Excluding the Foothills acquisition, core deposits increased $70.7 million, or 1 percent, from the prior quarter with an increase of $87 million, or 4 percent, in non-interest bearing deposits. Excluding the Foothills and TSB acquisitions, core deposits increased $401 million, or 6 percent, from June 30, 2016 with the primary increase in non-interest bearing deposits which grew $217 million.

Securities sold under agreements to repurchase (“repurchase agreements”) of $451 million at June 30, 2017 decreased $46.1 million, or 9 percent, from the prior quarter and increased $36.7 million, or 9 percent, from the prior year second quarter. Federal Home Loan Bank (“FHLB”) advances of $212 million at June 30, 2017 was stable compared to the prior quarter and decreased $117 million, or 36 percent, from the prior year second quarter due to the increase in deposits.


Stockholders’ Equity Summary

$ Change from
(Dollars in thousands, except per share data) Jun 30, Mar 31, Dec 31, Jun 30, Mar 31, Dec 31, Jun 30,
2017201720162016201720162016
Common equity $1,204,258 1,139,652 1,124,251 1,104,246 64,606 80,007 100,012
Accumulated other comprehensive income (loss) 5,699 (4,412) (7,382) 20,413 10,111 13,081 (14,714)
Total stockholders’ equity 1,209,957 1,135,240 1,116,869 1,124,659 74,717 93,088 85,298
Goodwill and core deposit intangible, net (193,249) (158,799) (159,400) (153,608) (34,450) (33,849) (39,641)
Tangible stockholders’ equity $1,016,708 976,441 957,469 971,051 40,267 59,239 45,657
Stockholders’ equity to total assets 12.22% 11.88% 11.82% 12.23%
Tangible stockholders’ equity to total tangible assets 10.47% 10.39% 10.31% 10.73%
Book value per common share $15.51 14.82 14.59 14.76 0.69 0.92 0.75
Tangible book value per common share $13.03 12.74 12.51 12.75 0.29 0.52 0.28

Tangible stockholders’ equity of $1.017 billion at June 30, 2017 increased $40.3 million, or 4 percent, from the prior quarter primarily as a result of earnings retention, $46.7 million of Company stock issued in connection with the Foothills acquisition and an increase in accumulated other comprehensive income. Tangible stockholders’ equity increased $45.7 million, or 5 percent, from a year ago, the result of earnings retention and $57.1 million of Company stock issued in connection with the Foothills and TSB acquisitions; such increases more than offset the increase in goodwill and core deposit intangibles and the decrease in accumulated other comprehensive income. Tangible book value per common share at quarter end increased $0.29 per share from the prior quarter and increased $0.28 per share from a year ago.

Cash Dividend
On June 28, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share, an increase of $0.01 per share, or 5 percent, over the prior year second quarter. The dividend is payable July 21, 2017 to shareholders of record on July 12, 2017. 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, 2017
Compared to March 31, 2017 and June 30, 2016

Income Summary

Three Months ended $ Change from
(Dollars in thousands) Jun 30,
2017
Mar 31,
2017
Jun 30,
2016
Mar 31,
2017
Jun 30,
2016
Net interest income
Interest income $94,032 87,628 86,069 6,404 7,963
Interest expense 7,774 7,366 7,424 408 350
Total net interest income 86,258 80,262 78,645 5,996 7,613
Non-interest income
Service charges and other fees 17,495 15,633 15,772 1,862 1,723
Miscellaneous loan fees and charges 1,092 980 1,163 112 (71)
Gain on sale of loans 7,532 6,358 8,257 1,174 (725)
Loss on sale of investments (522) (100) (220) (422) (302)
Other income 2,059 2,818 1,787 (759) 272
Total non-interest income 27,656 25,689 26,759 1,967 897
$113,914 105,951 105,404 7,963 8,510
Net interest margin (tax-equivalent) 4.12% 4.03% 4.06%

Net Interest Income
In the current quarter, interest income of $94.0 million increased $6.4 million, or 7 percent, from the prior quarter with the primary increase from commercial loans which increased $6.2 million, or 12 percent. Current quarter interest income increased $8.0 million, or 9 percent, over the prior year second quarter. Current quarter interest income on commercial loans increased $9.2 million, or 20 percent, from the prior year second quarter which more than offset the $1.7 million decrease in investment interest income.

The current quarter interest expense of $7.8 million increased $408 thousand, or 6 percent, from the prior quarter and increased $350 thousand, or 5 percent, from the prior year second quarter. The total cost of funding (including non-interest bearing deposits) for the current quarter was 37 basis points compared to 37 basis points for the prior quarter and 38 basis points for the prior year second quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.12 percent compared to 4.03 percent in the prior quarter. The 9 basis points increase in the net interest margin included a 5 basis point increase from discount accretion on acquired loans. The increase in margin was also attributable to an increase in loan yields and the continuing shift of lower yielding investments to higher yielding loans. The current quarter net interest margin increased 6 basis points over the prior year second quarter net interest margin of 4.06 percent, due to a decrease in cost of funds and the remix of earning assets to higher yielding loans. “The bank divisions have done well in pricing their interest bearing funding balances while growing their non-interest bearing deposit base as well,” said Ron Copher, Chief Financial Officer. “The increase in the non-interest bearing accounts and deposits will help offset higher interest rate environments.”

Non-interest Income
Non-interest income for the current quarter totaled $27.7 million, an increase of $2.0 million, or 8 percent, from the prior quarter and an increase of $897 thousand, or 3 percent, over the same quarter last year. Service charges and other fees of $17.5 million, increased by $1.9 million, or 12 percent, from the prior quarter primarily from seasonal activity and increased $1.7 million, or 11 percent, from the prior year second quarterly from the increased number of accounts. Gain on sale of loans for the current quarter increased $1.2 million, or 18 percent, from the prior quarter as a result of seasonal activity. Gain on sale of loans for the current quarter decreased $725 thousand, or 9 percent, from the prior year second quarter primarily due to less mortgage refinance activity. Other income of $2.1 million, decreased $759 thousand, or 27 percent, over the prior quarter principally due to the prior quarter gain on sale of other real estate owned.

Non-interest Expense Summary

Three Months ended $ Change from
(Dollars in thousands) Jun 30,
2017
Mar 31,
2017
Jun 30,
2016
Mar 31,
2017
Jun 30,
2016
Compensation and employee benefits $39,498 39,246 37,560 252 1,938
Occupancy and equipment 6,560 6,646 6,443 (86) 117
Advertising and promotions 2,169 1,973 2,085 196 84
Data processing 3,411 3,124 3,938 287 (527)
Other real estate owned 442 273 214 169 228
Regulatory assessments and insurance 1,087 1,061 1,066 26 21
Core deposit intangibles amortization 639 601 788 38 (149)
Other expenses 11,503 10,420 12,367 1,083 (864)
Total non-interest expense $65,309 63,344 64,461 1,965 848

During 2016, the Company consolidated its Bank divisions’ individual core database systems into a single core database and re-issued debit cards with chip technology (the Core Consolidation Project or “CCP”). Expenses related to CCP were $1.3 million during the second quarter of 2016. Excluding CCP expenses, non-interest expense for the current quarter increased $2.2 million, or 3 percent, over the prior year second quarter.

Compensation and employee benefits for the current quarter increased by $1.9 million, or 5 percent, from the prior year second quarter due to salary increases and the increased number of employees from acquisitions. Outsourced data processing expense increased $287 thousand, or 9 percent, from the prior quarter due to Foothills which will not be converted to the Company’s core system until fourth quarter of 2017. Outsourced data processing expense decreased $527, or 13 percent, from the prior year second quarter as a result of decreased costs associated with CCP. The current quarter other expenses increased $1.1 million over the prior quarter primarily from expenses connected with equity investments in New Markets Tax Credit projects. Current quarter other expenses decreased $864 thousand, or 7 percent, from the prior year second quarter which was due to decreased costs from CCP.

Efficiency Ratio
The current quarter efficiency ratio was 52.89 percent, a 268 basis points decrease from the prior quarter efficiency ratio of 55.57 percent and a decrease of 321 basis points from the prior year second quarter ratio of 56.10 percent. The decrease in the efficiency ratio compared to the prior quarter and the prior year was primarily attributable to the increase in net interest income primarily due to higher commercial interest income.


Operating Results for Six Months ended June 30, 2017
Compared to June 30, 2016

Income Summary

Six Months ended
(Dollars in thousands) Jun 30,
2017
Jun 30,
2016
$ Change % Change
Net interest income
Interest income $181,660 $170,450 $11,210 7%
Interest expense 15,140 15,099 41 %
Total net interest income 166,520 155,351 11,169 7%
Non-interest income
Service charges and other fees 33,128 30,453 2,675 9%
Miscellaneous loan fees and charges 2,072 2,184 (112) (5)%
Gain on sale of loans 13,890 14,249 (359) (3)%
Loss on sale of investments (622) (112) (510) 455%
Other income 4,877 4,237 640 15%
Total non-interest income 53,345 51,011 2,334 5%
$219,865 $206,362 $13,503 7%
Net interest margin (tax-equivalent) 4.08% 4.04%

Net Interest Income
Interest income for the first six months of the current year increased $11.2 million, or 7 percent, from the prior year first six months and was principally due to a $14.6 million increase in income from commercial loans which more than offset the decrease of $3.6 million in interest income on investments.

Interest expense of $15.1 million for the first six months of the current year increased $41 thousand over the the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first six months of 2017 was 37 basis points compared to 39 basis points for the first six months of 2016.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first six months of 2017 was 4.08 percent, a 4 basis point increase from the net interest margin of 4.04 percent for the first six months of 2016. 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 $53.3 million for the first six months of 2017 increased $2.3 million, or 5 percent, over the same period last year. Service charges and other fees of $33.1 million for the first six months of 2017 increased $2.7 million, or 9 percent, from the same period last year as a result of an increased number of deposit accounts. The gain on sale of loans of $13.9 million for the first six months of 2017 decreased $359 thousand, or 3 percent, from the same period last year which was due to a lower volume of refinanced mortgages. Other income of $4.9 million for the first half of 2017 increased $640 thousand, or 15 percent, over the same period last year and was primarily the result of gain on sale of other real estate owned.

Non-interest Expense Summary

Six Months ended
(Dollars in thousands) Jun 30,
2017
Jun 30,
2016
$ Change % Change
Compensation and employee benefits $78,744 $74,501 $4,243 6%
Occupancy and equipment 13,206 13,119 87 1%
Advertising and promotions 4,142 4,210 (68) (2)%
Data processing 6,535 7,311 (776) (11)%
Other real estate owned 715 604 111 18%
Regulatory assessments and insurance 2,148 2,574 (426) (17)%
Core deposit intangibles amortization 1,240 1,585 (345) (22)%
Other expenses 21,923 22,913 (990) (4)%
Total non-interest expense $128,653 $126,817 $1,836 1%

Expenses related to CCP were $2.2 million during the first six months of 2016. Excluding CCP expenses, non-interest expense for the current quarter increased $4.0 million, or 3 percent, over the prior year same period. Compensation and employee benefits for the first six months of 2017 increased $4.2 million, or 6 percent, from the same period last year due to salary increases, vesting of restricted stock awards, and the increased number of employees from the acquired banks. Outsourced data processing expense decreased $776, or 11 percent, from the prior year first six months as a result of decreased costs associated with CCP. Current year other expenses of $21.9 million decreased $990 thousand, or 4 percent, from the prior year and was principally driven by decreased costs associated with CCP.

Provision for Loan Losses
The provision for loan losses was $4.6 million for the first six months of 2017, an increase of $4.0 million from the same period in the prior year. Net charge-offs during the first six months of 2017 were $4.3 million compared to net recoveries of $2.1 million from the first six months of 2016.

Efficiency Ratio
The efficiency ratio of 54.17 percent for the first six months of 2017 decreased 214 basis points from the prior year efficiency ratio of 56.31 percent for the first six months of 2016 which resulted from the increase in net interest income largely due to higher interest income on commercial loans.

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;
  • changes in the cost and scope of insurance from the FDIC and other third parties;
  • 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 reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain (and maintain) customers;
  • competition among financial institutions in the Company's markets may increase significantly;
  • 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;
  • the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;
  • 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;
  • material failure, 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;
  • natural disasters, including fires, floods, earthquakes, and other unexpected events;
  • the Company’s success in managing risks involved in the foregoing; and
  • the 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, 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 43848059. To participate on the webcast, log on to: http://edge.media-server.com/m/p/gmpa7phe. 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 43848059 by August 4, 2017.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 90 communities in Montana, Idaho, Utah, Washington, Wyoming, Colorado and Arizona. 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; Bank of the San Juans, Durango, operating in Colorado; and The Foothills Bank, Yuma, operating in Arizona.


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data) June 30,
2017
March 31,
2017
December 31,
2016
June 30,
2016
Assets
Cash on hand and in banks $163,913 124,501 135,268 147,748
Federal funds sold 190
Interest bearing cash deposits 73,677 109,313 17,273 12,585
Cash and cash equivalents 237,590 234,004 152,541 160,333
Investment securities, available-for-sale 2,142,472 2,314,521 2,425,477 2,487,955
Investment securities, held-to-maturity 659,347 667,388 675,674 680,574
Total investment securities 2,801,819 2,981,909 3,101,151 3,168,529
Loans held for sale 37,726 25,649 72,927 74,140
Loans receivable 6,345,762 5,876,974 5,684,463 5,378,617
Allowance for loan and lease losses (129,877) (129,226) (129,572) (132,386)
Loans receivable, net 6,215,885 5,747,748 5,554,891 5,246,231
Premises and equipment, net 179,823 175,283 176,198 177,911
Other real estate owned 18,500 17,771 20,954 24,370
Accrued interest receivable 46,921 48,043 45,832 47,554
Deferred tax asset 59,186 64,575 67,121 46,488
Core deposit intangible, net 15,438 11,746 12,347 12,970
Goodwill 177,811 147,053 147,053 140,638
Non-marketable equity securities 23,995 23,944 25,550 24,791
Other assets 84,800 76,183 74,035 75,487
Total assets $9,899,494 9,553,908 9,450,600 9,199,442
Liabilities
Non-interest bearing deposits $2,234,058 2,049,476 2,041,852 1,907,026
Interest bearing deposits 5,563,905 5,430,681 5,330,427 5,181,790
Securities sold under agreements to repurchase 451,050 497,187 473,650 414,327
FHLB advances 211,505 211,627 251,749 328,832
Other borrowed funds 5,817 8,894 4,440 4,926
Subordinated debentures 126,063 126,027 125,991 125,920
Accrued interest payable 3,535 3,467 3,584 3,486
Other liabilities 93,604 91,309 102,038 108,476
Total liabilities 8,689,537 8,418,668 8,333,731 8,074,783
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding
Common stock, $0.01 par value per share, 117,187,500 shares authorized 780 766 765 762
Paid-in capital 796,707 749,381 749,107 737,379
Retained earnings - substantially restricted 406,771 389,505 374,379 366,105
Accumulated other comprehensive income (loss) 5,699 (4,412) (7,382) 20,413
Total stockholders’ equity 1,209,957 1,135,240 1,116,869 1,124,659
Total liabilities and stockholders’ equity $9,899,494 9,553,908 9,450,600 9,199,442



Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended Six Months ended
(Dollars in thousands, except per share data) June 30,
2017
March 31,
2017
June 30,
2016
June 30,
2017
June 30,
2016
Interest Income
Investment securities $21,379 21,939 23,037 43,318 46,920
Residential real estate loans 8,350 7,918 8,124 16,268 16,409
Commercial loans 56,182 49,970 47,002 106,152 91,505
Consumer and other loans 8,121 7,801 7,906 15,922 15,616
Total interest income 94,032 87,628 86,069 181,660 170,450
Interest Expense
Deposits 4,501 4,440 4,560 8,941 9,355
Securities sold under agreements to repurchase 443 382 275 825 593
Federal Home Loan Bank advances 1,734 1,510 1,665 3,244 3,317
Federal funds purchased and other borrowed funds 19 15 14 34 32
Subordinated debentures 1,077 1,019 910 2,096 1,802
Total interest expense 7,774 7,366 7,424 15,140 15,099
Net Interest Income 86,258 80,262 78,645 166,520 155,351
Provision for loan losses 3,013 1,598 4,611 568
Net interest income after provision for loan losses 83,245 78,664 78,645 161,909 154,783
Non-Interest Income
Service charges and other fees 17,495 15,633 15,772 33,128 30,453
Miscellaneous loan fees and charges 1,092 980 1,163 2,072 2,184
Gain on sale of loans 7,532 6,358 8,257 13,890 14,249
Loss on sale of investments (522) (100) (220) (622) (112)
Other income 2,059 2,818 1,787 4,877 4,237
Total non-interest income 27,656 25,689 26,759 53,345 51,011
Non-Interest Expense
Compensation and employee benefits 39,498 39,246 37,560 78,744 74,501
Occupancy and equipment 6,560 6,646 6,443 13,206 13,119
Advertising and promotions 2,169 1,973 2,085 4,142 4,210
Data processing 3,411 3,124 3,938 6,535 7,311
Other real estate owned 442 273 214 715 604
Regulatory assessments and insurance 1,087 1,061 1,066 2,148 2,574
Core deposit intangibles amortization 639 601 788 1,240 1,585
Other expenses 11,503 10,420 12,367 21,923 22,913
Total non-interest expense 65,309 63,344 64,461 128,653 126,817
Income Before Income Taxes 45,592 41,009 40,943 86,601 78,977
Federal and state income tax expense 11,905 9,754 10,492 21,659 19,844
Net Income $33,687 31,255 30,451 64,942 59,133




Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
June 30, 2017 June 30, 2016
(Dollars in thousands) Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Assets
Residential real estate loans $738,309 $8,350 4.52% $731,432 $8,124 4.44%
Commercial loans 1 4,729,848 57,709 4.89% 3,902,007 47,956 4.94%
Consumer and other loans 680,158 8,121 4.79% 666,212 7,906 4.77%
Total loans 2 6,148,315 74,180 4.84% 5,299,651 63,986 4.86%
Tax-exempt investment securities 3 1,201,746 17,154 5.71% 1,348,520 19,274 5.72%
Taxable investment securities 4 1,795,189 10,416 2.32% 1,915,740 10,686 2.23%
Total earning assets 9,145,250 101,750 4.46% 8,563,911 93,946 4.41%
Goodwill and intangibles 174,857 153,981
Non-earning assets 393,574 390,457
Total assets $9,713,681 $9,108,349
Liabilities
Non-interest bearing deposits $2,118,776 $ % $1,853,649 $ %
NOW and DDA accounts 1,624,246 282 0.07% 1,494,950 271 0.07%
Savings accounts 1,047,790 154 0.06% 901,367 108 0.05%
Money market deposit accounts 1,551,009 608 0.16% 1,398,230 540 0.16%
Certificate accounts 906,416 1,303 0.58% 1,033,866 1,558 0.61%
Wholesale deposits 5 313,511 2,154 2.76% 326,364 2,083 2.57%
FHLB advances 340,259 1,734 2.02% 392,835 1,665 1.68%
Repurchase agreements and other borrowed funds 552,036 1,539 1.12% 498,643 1,199 0.97%
Total funding liabilities 8,454,043 7,774 0.37% 7,899,904 7,424 0.38%
Other liabilities 71,119 94,220
Total liabilities 8,525,162 7,994,124
Stockholders’ Equity
Common stock 775 762
Paid-in capital 780,891 736,876
Retained earnings 405,772 365,385
Accumulated other comprehensive income 1,081 11,202
Total stockholders’ equity 1,188,519 1,114,225
Total liabilities and stockholders’ equity $9,713,681 $9,108,349
Net interest income (tax-equivalent) $93,976 $86,522
Net interest spread (tax-equivalent) 4.09% 4.03%
Net interest margin (tax-equivalent) 4.12% 4.06%

__________
1 Includes tax effect of $1.5 million and $954 thousand on tax-exempt municipal loan and lease income for the three months ended June 30, 2017 and 2016, 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 $5.9 million and $6.6 million on tax-exempt investment securities income for the three months ended June 30, 2017 and 2016, respectively.
4 Includes tax effect of $339 thousand and $352 thousand on federal income tax credits for the three months ended June 30, 2017 and 2016, respectively.
5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.



Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Six Months ended
June 30, 2017
June 30, 2016
(Dollars in thousands) Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Assets
Residential real estate loans $723,950 $16,268 4.49% $728,851 $16,409 4.50%
Commercial loans 1 4,552,062 109,044 4.83% 3,825,968 93,291 4.90%
Consumer and other loans 676,340 15,922 4.75% 660,025 15,616 4.76%
Total loans 2 5,952,352 141,234 4.78% 5,214,844 125,316 4.83%
Tax-exempt investment securities 3 1,223,431 34,915 5.71% 1,350,601 38,656 5.72%
Taxable investment securities 4 1,826,090 20,991 2.30% 1,957,370 22,148 2.26%
Total earning assets 9,001,873 197,140 4.42% 8,522,815 186,120 4.39%
Goodwill and intangibles 167,017 154,385
Non-earning assets 381,492 390,675
Total assets $9,550,382 $9,067,875
Liabilities
Non-interest bearing deposits $2,045,124 $ % $1,858,519 $ %
NOW and DDA accounts 1,600,221 529 0.07% 1,480,065 564 0.08%
Savings accounts 1,031,540 300 0.06% 882,565 212 0.05%
Money market deposit accounts 1,520,771 1,173 0.16% 1,402,474 1,092 0.16%
Certificate accounts 929,841 2,636 0.57% 1,052,460 3,123 0.60%
Wholesale deposits 5 322,831 4,303 2.69% 330,745 4,364 2.65%
FHLB advances 305,933 3,244 2.11% 350,438 3,317 1.87%
Repurchase agreements and other borrowed funds 557,303 2,955 1.07% 510,104 2,427 0.96%
Total funding liabilities 8,313,564 15,140 0.37% 7,867,370 15,099 0.39%
Other liabilities 76,241 95,461
Total liabilities 8,389,805 7,962,831
Stockholders’ Equity
Common stock 771 761
Paid-in capital 764,959 736,637
Retained earnings 397,829 358,461
Accumulated other comprehensive (loss) income (2,982) 9,185
Total stockholders’ equity 1,160,577 1,105,044
Total liabilities and stockholders’ equity $9,550,382 $9,067,875
Net interest income (tax-equivalent) $182,000 $171,021
Net interest spread (tax-equivalent) 4.05% 4.00%
Net interest margin (tax-equivalent) 4.08% 4.04%

__________
1 Includes tax effect of $2.9 million and $1.8 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2017 and 2016, 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 $11.9 million and $13.2 million on tax-exempt investment securities income for the six months ended June 30, 2017 and 2016, respectively.
4 Includes tax effect of $677 thousand and $704 thousand on federal income tax credits for the six months ended June 30, 2017 and 2016, 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) Jun 30,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Custom and owner occupied construction $103,816 $92,835 $86,233 $78,525 12% 20% 32%
Pre-sold and spec construction 76,553 68,736 66,184 59,530 11% 16% 29%
Total residential construction 180,369 161,571 152,417 138,055 12% 18% 31%
Land development 80,044 78,042 75,078 61,803 3% 7% 30%
Consumer land or lots 107,124 94,840 97,449 95,247 13% 10% 12%
Unimproved land 67,935 66,857 69,157 70,396 2% (2)% (3)%
Developed lots for operative builders 12,337 13,046 13,254 13,845 (5)% (7)% (11)%
Commercial lots 25,675 26,639 30,523 26,084 (4)% (16)% (2)%
Other construction 307,547 272,184 257,769 206,343 13% 19% 49%
Total land, lot, and other construction 600,662 551,608 543,230 473,718 9% 11% 27%
Owner occupied 1,091,119 988,544 977,932 927,237 10% 12% 18%
Non-owner occupied 1,148,831 964,913 929,729 835,272 19% 24% 38%
Total commercial real estate 2,239,950 1,953,457 1,907,661 1,762,509 15% 17% 27%
Commercial and industrial 769,105 739,475 686,870 705,011 4% 12% 9%
Agriculture 457,286 411,094 407,208 421,097 11% 12% 9%
1st lien 849,601 839,387 877,893 867,918 1% (3)% (2)%
Junior lien 53,316 54,801 58,564 64,248 (3)% (9)% (17)%
Total 1-4 family 902,917 894,188 936,457 932,166 1% (4)% (3)%
Multifamily residential 172,523 162,636 184,068 198,583 6% (6)% (13)%
Home equity lines of credit 419,940 405,309 402,614 388,939 4% 4% 8%
Other consumer 155,098 153,159 155,193 156,568 1% % (1)%
Total consumer 575,038 558,468 557,807 545,507 3% 3% 5%
Other 485,638 470,126 381,672 276,111 3% 27% 76%
Total loans receivable, including loans held for sale 6,383,488 5,902,623 5,757,390 5,452,757 8% 11% 17%
Less loans held for sale 1 (37,726) (25,649) (72,927) (74,140) 47% (48)% (49)%
Total loans receivable $6,345,762 $5,876,974 $5,684,463 $5,378,617 8% 12% 18%

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) Jun 30,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Jun 30,
2017
Jun 30,
2017
Jun 30,
2017
Custom and owner occupied construction $177 390 177
Pre-sold and spec construction 272 227 226 272
Total residential construction 449 227 226 390 272 177
Land development 8,428 8,856 9,864 12,830 1,202 7,226
Consumer land or lots 1,868 1,728 2,137 1,656 543 324 1,001
Unimproved land 11,933 12,017 11,905 12,147 8,098 52 3,783
Developed lots for operative builders 116 116 175 176 116
Commercial lots 1,559 1,255 1,466 1,979 115 258 1,186
Other construction 151 151
Total land, lot and other construction 24,055 23,972 25,547 28,788 9,958 634 13,463
Owner occupied 17,757 17,956 18,749 10,503 16,164 1,593
Non-owner occupied 2,791 3,194 3,426 4,055 2,565 226
Total commercial real estate 20,548 21,150 22,175 14,558 18,729 1,819
Commercial and industrial 4,753 4,466 5,184 7,123 4,214 493 46
Agriculture 2,877 1,878 1,615 3,979 2,877
1st lien 9,057 10,047 9,186 11,332 7,444 966 647
Junior lien 727 1,335 1,167 1,489 341 80 306
Total 1-4 family 9,784 11,382 10,353 12,821 7,785 1,046 953
Multifamily residential 388 400 432
Home equity lines of credit 5,864 6,008 5,494 5,413 3,253 419 2,192
Other consumer 551 202 391 275 95 429 27
Total consumer 6,415 6,210 5,885 5,688 3,348 848 2,219
Other 1,800 1,802
Total $68,881 71,473 71,385 75,581 47,183 3,198 18,500



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,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Custom and owner occupied construction$493 $380 $1,836 $375 30% (73)% 31%
Pre-sold and spec construction155 488 304 (68)% n/m (49)%
Total residential construction648 868 1,836 679 (25)% (65)% (5)%
Land development 154 37 n/m (100)% (100)%
Consumer land or lots808 432 638 676 87% 27% 20%
Unimproved land1,115 938 1,442 879 19% (23)% 27%
Developed lots for operative builders 166 n/m n/m (100)%
Commercial lots 258 (100)% n/m n/m
Other construction 7,125 (100)% n/m n/m
Total land, lot and other construction1,923 8,753 2,234 1,758 (78)% (14)% 9%
Owner occupied5,038 6,686 2,307 2,975 (25)% 118% 69%
Non-owner occupied6,533 405 1,689 5,364 1,513% 287% 22%
Total commercial real estate11,571 7,091 3,996 8,339 63% 190% 39%
Commercial and industrial5,825 6,796 3,032 4,956 (14)% 92% 18%
Agriculture1,067 3,567 1,133 804 (70)% (6)% 33%
1st lien2,859 7,132 7,777 2,667 (60)% (63)% 7%
Junior lien815 848 1,016 1,251 (4)% (20)% (35)%
Total 1-4 family3,674 7,980 8,793 3,918 (54)% (58)% (6)%
Multifamily Residential2,011 2,028 10 (1)% 20,010% n/m
Home equity lines of credit2,819 703 1,537 2,253 301% 83% 25%
Other consumer1,572 1,317 1,180 736 19% 33% 114%
Total consumer4,391 2,020 2,717 2,989 117% 62% 47%
Other14 57 1,866 36 (75)% (99)% (61)%
Total$31,124 $39,160 $25,617 $23,479 (21)% 21% 33%

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,
2017
Mar 31,
2017
Dec 31,
2016
Jun 30,
2016
Jun 30,
2017
Jun 30,
2017
Custom and owner occupied construction $ (1)
Pre-sold and spec construction (15) (11) 786 (37) 15
Total residential construction (15) (11) 785 (37) 15
Land development (46) (33) (2,661) (2,342) 46
Consumer land or lots (107) (57) (688) (351) 107
Unimproved land (110) (96) (184) (46) 110
Developed lots for operative builders (10) (5) (27) (54) 10
Commercial lots (3) (2) 27 21 3
Other construction 390 390
Total land, lot and other construction 114 (193) (3,533) (2,772) 390 276
Owner occupied 853 795 1,196 (51) 988 135
Non-owner occupied (2) (1) 44 (3) 2
Total commercial real estate 851 794 1,240 (54) 988 137
Commercial and industrial 494 344 (370) (112) 803 309
Agriculture 14 (3) 50 (1) 17 3
1st lien (32) (15) 487 245 44 76
Junior lien 746 (16) 60 (56) 803 57
Total 1-4 family 714 (31) 547 189 847 133
Multifamily residential (229) 229 229 229
Home equity lines of credit 271 12 611 (25) 421 150
Other consumer (8) (11) 257 149 202 210
Total consumer 263 1 868 124 623 360
Other 2,100 1,043 2,642 313 5,150 3,050
Total $4,306 1,944 2,458 (2,121) 8,818 4,512


Visit our website at
www.glacierbancorp.com

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

Source:Glacier Bancorp, Inc.