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

3rd Quarter 2017 Highlights:

  • Net income of $36.5 million for the current quarter, an increase of $5.5 million, or 18 percent, over the prior year third quarter net income of $31.0 million.
  • Current quarter diluted earnings per share of $0.47, an increase of 18 percent from the prior year third quarter diluted earnings per share of $0.40.
  • Loan growth of $164 million, or 10 percent annualized, for the current quarter.
  • Net interest margin of 4.11 percent as a percentage of earning assets, on a tax equivalent basis, an 11 basis point increase over the 4.00 percent net interest margin in the third quarter of the prior year.
  • Declared and paid a special dividend of $0.30 per share. This was the 14th special dividend the Company has declared.
  • Declared and paid a regular quarterly dividend of $0.21 per share. The dividend was the 130th consecutive quarterly dividend.
  • The Company announced the appointment of George R. Sutton as a Director of the Company. Mr. Sutton is an experienced financial services attorney, a past board member of Synchrony Bank and the former Commissioner of the Utah Department of Financial Institutions.

Year-to-Date 2017 Highlights:

  • Net income of $101.4 million for the first nine months of 2017, an increase of $11.3 million, or 13 percent, over the first nine months of 2016 net income of $90.1 million.
  • Diluted earnings per share of $1.31, an increase of 11 percent from the prior year first nine months diluted earnings per share of $1.18.
  • Organic loan growth of $532 million, or 13 percent annualized, for the first nine months of the current year.
  • Net interest margin of 4.09 percent as a percentage of earning assets, on a tax equivalent basis, a 7 basis point increase over the 4.02 percent net interest margin in the first nine months of the prior year.

Financial Highlights
At or for the Three Months ended At or for the Nine Months ended
(Dollars in thousands, except per share and market data) Sep 30,
2017
Jun 30,
2017
Mar 31,
2017
Sep 30,
2016
Sep 30,
2017
Sep 30,
2016
Operating results
Net income $36,479 33,687 31,255 30,957 101,421 90,090
Basic earnings per share $0.47 0.43 0.41 0.40 1.31 1.18
Diluted earnings per share $0.47 0.43 0.41 0.40 1.31 1.18
Dividends declared per share 1 $0.51 0.21 0.21 0.20 0.93 0.60
Market value per share
Closing $37.76 36.61 33.93 28.52 37.76 28.52
High $37.76 36.72 38.03 29.99 38.03 29.99
Low $31.50 32.06 32.47 25.49 31.50 22.19
Selected ratios and other data
Number of common stock shares outstanding 78,006,956 78,001,890 76,619,952 76,525,402 78,006,956 76,525,402
Average outstanding shares - basic 78,004,450 77,546,236 76,572,116 76,288,640 77,379,514 76,195,550
Average outstanding shares - diluted 78,065,942 77,592,325 76,633,283 76,350,873 77,442,944 76,247,051
Return on average assets (annualized) 1.46% 1.39% 1.35% 1.34% 1.40% 1.32%
Return on average equity (annualized) 11.87% 11.37% 11.19% 10.80% 11.49% 10.77%
Efficiency ratio 53.44% 52.89% 55.57% 55.84% 53.92% 56.15%
Dividend payout ratio 1 108.51% 48.84% 51.22% 50.00% 70.99% 50.85%
Loan to deposit ratio 84.43% 81.86% 78.91% 77.53% 84.43% 77.53%
Number of full time equivalent employees 2,250 2,265 2,224 2,207 2,250 2,207
Number of locations 145 145 142 142 145 142
Number of ATMs 200 199 195 200 200 200

1 Includes a special dividend declared of $0.30 per share for the three and nine months ended September 30, 2017.

KALISPELL, Mont., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $36.5 million for the current quarter, an increase of $5.5 million, or 18 percent, from the $31.0 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.47 per share, an increase of $0.07, or 18 percent, from the prior year third quarter diluted earnings per share of $0.40. Included in the current quarter was $245 thousand of acquisition-related expenses. “We are very pleased to see the strong results posted by our bank Divisions. Our dedicated employees, across the Company, turned in a strong quarter with broad based growth,” said Randy Chesler, President and Chief Executive Officer.

Net income for the nine months ended September 30, 2017 was $101.4 million, an increase of $11.3 million, or 13 percent, from the $90.1 million of net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2017 was $1.31 per share, an increase of $0.13, or 11 percent, from the diluted earnings per share of $1.18 for the same period in the prior year.

During the second quarter of 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 September 30, 2017, Collegiate had total assets of $536 million, gross loans of $331 million and total deposits of $460 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 be 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 securities25,420
Loans receivable292,529
Non-interest bearing deposits97,527
Interest bearing deposits199,233
Federal Home Loan Bank advances22,800


Asset Summary
$ Change from
(Dollars in thousands)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Cash and cash equivalents$220,210 237,590 152,541 251,413 (17,380) 67,669 (31,203)
Investment securities, available-for-sale1,886,517 2,142,472 2,425,477 2,292,079 (255,955) (538,960) (405,562)
Investment securities, held-to-maturity655,128 659,347 675,674 679,707 (4,219) (20,546) (24,579)
Total investment securities2,541,645 2,801,819 3,101,151 2,971,786 (260,174) (559,506) (430,141)
Loans receivable
Residential real estate734,242 712,726 674,347 696,817 21,516 59,895 37,425
Commercial real estate3,503,976 3,393,753 2,990,141 2,919,415 110,223 513,835 584,561
Other commercial1,575,514 1,549,067 1,342,250 1,303,241 26,447 233,264 272,273
Home equity452,291 445,245 434,774 435,935 7,046 17,517 16,356
Other consumer243,410 244,971 242,951 240,554 (1,561) 459 2,856
Loans receivable6,509,433 6,345,762 5,684,463 5,595,962 163,671 824,970 913,471
Allowance for loan and lease losses(129,576) (129,877) (129,572) (132,534) 301 (4) 2,958
Loans receivable, net6,379,857 6,215,885 5,554,891 5,463,428 163,972 824,966 916,429
Other assets656,890 644,200 642,017 630,248 12,690 14,873 26,642
Total assets$9,798,602 9,899,494 9,450,600 9,316,875 (100,892) 348,002 481,727

The Company is managing its asset size to stay below $10 billion through the remainder of the current year to delay the impact of the Durbin Amendment for one additional year. The Company is accomplishing this strategy by redeploying investment cash flow selectively and selling securities into the higher yielding loan portfolio. The Durbin Amendment, which was passed as part of Dodd-Frank, establishes limits on the amount of interchange fees that can be charged to merchants for debit card processing and will reduce the Company’s service charges fee income in the future.

Total investment securities of $2.542 billion at September 30, 2017 decreased $260 million, or 9 percent, during the current quarter and decreased $430 million, or 14 percent, from the prior year third quarter. Investment securities represented 26 percent of total assets at September 30, 2017 compared to 33 percent of total assets at December 31, 2016 and 32 percent of total assets at September 30, 2016.

The Company experienced another strong quarter for loan growth with an increase of $164 million, or 10 percent annualized, during the current quarter. The loan category with the largest increase was commercial real estate loans which increased $110 million, or 3 percent. Excluding the Foothills acquisition, the loan portfolio increased $621 million, or 11 percent, since September 30, 2016 with the primary increases coming from growth in commercial real estate and other commercial loans of $354 million and $244 million, respectively.

Credit Quality Summary
At or for the
Nine Months ended
At or for the
Six Months ended
At or for the
Year ended
At or for the
Nine Months ended
(Dollars in thousands)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Allowance for loan and lease losses
Balance at beginning of period$129,572 129,572 129,697 129,697
Provision for loan losses7,938 4,611 2,333 1,194
Charge-offs(14,801) (8,818) (11,496) (5,332)
Recoveries6,867 4,512 9,038 6,975
Balance at end of period$129,576 129,877 129,572 132,534
Other real estate owned$14,359 18,500 20,954 22,662
Accruing loans 90 days or more past due3,944 3,198 1,099 3,299
Non-accrual loans46,770 47,183 49,332 52,280
Total non-performing assets$65,073 68,881 71,385 78,241
Non-performing assets as a percentage of subsidiary assets0.67% 0.70% 0.76% 0.84%
Allowance for loan and lease losses as a percentage of non-performing loans256% 258% 257% 238%
Allowance for loan and lease losses as a percentage of total loans1.99% 2.05% 2.28% 2.37%
Net charge-offs (recoveries) as a percentage of total loans0.12% 0.07% 0.04% (0.03)%
Accruing loans 30-89 days past due$29,115 31,124 25,617 27,384
Accruing troubled debt restructurings$31,093 31,742 52,077 52,578
Non-accrual troubled debt restructurings$22,134 25,418 21,693 23,427
U.S. government guarantees included in non-performing assets$1,913 1,158 1,746 1,487

Non-performing assets at September 30, 2017 were $65.1 million, a decrease of $3.8 million, or 6 percent, from the prior quarter and a decrease of $13.2 million, or 17 percent, from a year ago. Non-performing assets as a percentage of subsidiary assets at September 30, 2017 was 0.67 percent which was a decrease of 17 basis points from the prior year third quarter of 0.84 percent. Early stage delinquencies (accruing loans 30-89 days past due) of $29.1 million at September 30, 2017 decreased $2.0 million from the prior quarter and increased $1.7 million from the prior year third quarter. The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at September 30, 2017 was 1.99 percent, a decrease of 29 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
Third quarter 2017$3,327 $3,628 1.99% 0.45% 0.67%
Second quarter 20173,013 2,362 2.05% 0.49% 0.70%
First quarter 20171,598 1,944 2.20% 0.67% 0.75%
Fourth quarter 20161,139 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%

Net charge-offs for the current quarter were $3.6 million compared to $2.4 million for the prior quarter and $478 thousand from the same quarter last year. There was $3.3 million of current quarter provision for loan losses, compared to $3.0 million in the prior quarter and $626 thousand in the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of the loan loss provision.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary
$ Change from
(Dollars in thousands)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Deposits
Non-interest bearing deposits$2,355,983 2,234,058 2,041,852 2,098,747 121,925 314,131 257,236
NOW and DDA accounts1,733,353 1,717,351 1,588,550 1,514,330 16,002 144,803 219,023
Savings accounts1,081,056 1,059,717 996,061 938,547 21,339 84,995 142,509
Money market deposit accounts1,564,738 1,608,994 1,464,415 1,442,602 (44,256) 100,323 122,136
Certificate accounts846,005 886,504 948,714 975,521 (40,499) (102,709) (129,516)
Core deposits, total7,581,135 7,506,624 7,039,592 6,969,747 74,511 541,543 611,388
Wholesale deposits186,019 291,339 332,687 339,572 (105,320) (146,668) (153,553)
Deposits, total7,767,154 7,797,963 7,372,279 7,309,319 (30,809) 394,875 457,835
Repurchase agreements453,596 451,050 473,650 401,243 2,546 (20,054) 52,353
Federal Home Loan Bank advances153,685 211,505 251,749 211,833 (57,820) (98,064) (58,148)
Other borrowed funds8,243 5,817 4,440 5,956 2,426 3,803 2,287
Subordinated debentures126,099 126,063 125,991 125,956 36 108 143
Other liabilities83,624 97,139 105,622 114,789 (13,515) (21,998) (31,165)
Total liabilities$8,592,401 8,689,537 8,333,731 8,169,096 (97,136) 258,670 423,305

Core deposits increased $74.5 million, or 1 percent, from the prior quarter, with the largest increase in non-interest bearing deposits which increased $121.9 million, or 5 percent. As part of the strategy to stay below $10 billion, the Company reduced the amount of wholesale deposits during the current quarter which decreased $105 million, or 36 percent, over the prior quarter. Excluding the Foothills acquisition, core deposits increased $315 million, or 5 percent, from September 30, 2016.

Securities sold under agreements to repurchase (“repurchase agreements”) of $454 million at September 30, 2017 increased $2.5 million, or 1 percent, from the prior quarter and increased $52.4 million, or 13 percent, from the prior year third quarter. Federal Home Loan Bank (“FHLB”) advances of $154 million at September 30, 2017 decreased $57.8 million from the prior quarter as a result of the Company prepaying $50 million of higher cost advances.

Stockholders’ Equity Summary
$ Change from
(Dollars in thousands, except per share data)Sep 30, Jun 30, Dec 31, Sep 30, Jun 30, Dec 31, Sep 30,
2017201720162016201720162016
Common equity$1,201,534 1,204,258 1,124,251 1,130,941 (2,724) 77,283 70,593
Accumulated other comprehensive income (loss)4,667 5,699 (7,382) 16,838 (1,032) 12,049 (12,171)
Total stockholders’ equity1,206,201 1,209,957 1,116,869 1,147,779 (3,756) 89,332 58,422
Goodwill and core deposit intangible, net(192,609) (193,249) (159,400) (160,008) 640 (33,209) (32,601)
Tangible stockholders’ equity$1,013,592 1,016,708 957,469 987,771 (3,116) 56,123 25,821
Stockholders’ equity to total assets12.31% 12.22% 11.82% 12.32%
Tangible stockholders’ equity to total tangible assets10.55% 10.47% 10.31% 10.79%
Book value per common share$15.46 15.51 14.59 15.00 (0.05) 0.87 0.46
Tangible book value per common share$12.99 13.03 12.51 12.91 (0.04) 0.48 0.08

Tangible stockholders’ equity of $1.014 billion at September 30, 2017 was stable compared to the prior quarter which was the result of the Company declaring a special and regular quarterly dividend which offset the current quarter net income. Tangible stockholders’ equity increased $25.8 million, or 3 percent, from a year ago, the result of earnings retention and $46.7 million of Company stock issued in connection with the Foothills acquisition; 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 decreased $0.04 per share from the prior quarter and increased $0.08 per share from a year ago.

Cash Dividend
On September 11, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share and a special cash dividend of $0.30 per share. The quarterly dividend was payable September 28, 2017 to shareholders of record on September 21, 2017. The special dividend was payable September 29, 2017 to shareholders of record on September 22, 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 September 30, 2017
Compared to June 30, 2017, March 31, 2017 and September 30, 2016
Income Summary
Three Months ended $ Change from
(Dollars in thousands)Sep 30,
2017
Jun 30,
2017
Mar 31,
2017
Sep 30,
2016
Jun 30,
2017
Mar 31,
2017
Sep 30,
2016
Net interest income
Interest income$96,464 94,032 87,628 85,944 2,432 8,836 10,520
Interest expense7,652 7,774 7,366 7,318 (122) 286 334
Total net interest income88,812 86,258 80,262 78,626 2,554 8,550 10,186
Non-interest income
Service charges and other fees17,307 17,495 15,633 16,307 (188) 1,674 1,000
Miscellaneous loan fees and charges1,211 1,092 980 1,195 119 231 16
Gain on sale of loans9,141 7,532 6,358 9,592 1,609 2,783 (451)
Gain (loss) on sale of investments77 (522) (100) (594) 599 177 671
Other income3,449 2,059 2,818 1,793 1,390 631 1,656
Total non-interest income31,185 27,656 25,689 28,293 3,529 5,496 2,892
$119,997 113,914 105,951 106,919 6,083 14,046 13,078
Net interest margin (tax-equivalent)4.11% 4.12% 4.03% 4.00%

Net Interest Income
In the current quarter, interest income of $96.5 million increased $2.4 million, or 3 percent, from the prior quarter and increased $10.5 million, or 12 percent, over the prior year third quarter with both increases attributable to the increase in interest from commercial loans. Interest income on commercial loans increased $3.7 million, or 7 percent, from the prior quarter and increased $12.2 million, or 26 percent, from the prior year third quarter. As a result of the shrinking investment portfolio, interest income from investments decreased $1.4 million from the prior quarter and $1.8 million from the prior year third quarter.

The current quarter interest expense of $7.7 million decreased $122 thousand, or 2 percent, from the prior quarter and increased $334 thousand, or 5 percent, from the prior year third quarter. The total cost of funding (including non-interest bearing deposits) for the current quarter was 35 basis points compared to 37 basis points for the prior quarter and 37 basis points for the prior year third quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.11 percent compared to 4.12 percent in the prior quarter. The 1 basis points decrease in the net interest margin was the result of a 3 basis points reduction on the earning asset yield which was partially offset by a 2 basis point reduction in cost of funds. The decrease in earning asset yield was primarily driven by the decrease in higher yielding securities and the decrease in cost of funds was driven by an increase in non-interest bearing deposits and a decrease in borrowings. The current quarter net interest margin increased 11 basis points over the prior year third quarter net interest margin of 4.00 percent, due to the remix of earning assets to higher yielding loans. “The Bank divisions have remained focused each quarter on increasing the number of checking accounts along with higher core deposit balances,” said Ron Copher, Chief Financial Officer. “Commercial loan growth at higher yields combined with increased non-interest bearing deposits helped to improve the net interest income and net interest margin in the current year.”

Non-interest Income
Non-interest income for the current quarter totaled $31.2 million, an increase of $3.5 million, or 13 percent, from the prior quarter and an increase of $2.9 million, or 10 percent, over the same quarter last year. Service charges and other fees of $17.3 million, decreased by $188 thousand, or 1 percent, from the prior quarter primarily from seasonal activity and increased $1.0 million, or 6 percent, from the prior year third quarter which was driven by the increased number of accounts. Gain on sale of loans for the current quarter increased $1.6 million, or 21 percent, from the prior quarter and decreased $451 thousand, or 5 percent, from the prior year third quarter. Other income of $3.4 million, increased $1.4 million, or 68 percent, over the prior quarter and increased $1.7 million, or 92 percent over the prior year third quarter principally due to the increase in gain on sale of other real estate owned (“OREO”). Gain on sale of OREO during the third quarter of 2017 was $1.5 million compared to $369 thousand in the prior quarter and $134 thousand in the prior year third quarter.

Non-interest Expense Summary
Three Months ended $ Change from
(Dollars in thousands)Sep 30,
2017
Jun 30,
2017
Mar 31,
2017
Sep 30,
2016
Jun 30,
2017
Mar 31,
2017
Sep 30,
2016
Compensation and employee benefits$41,297 39,498 39,246 38,370 1,799 2,051 2,927
Occupancy and equipment6,500 6,560 6,646 6,168 (60) (146) 332
Advertising and promotions2,239 2,169 1,973 2,098 70 266 141
Data processing3,647 3,409 3,124 3,982 238 523 (335)
Other real estate owned817 442 273 215 375 544 602
Regulatory assessments and insurance1,214 1,087 1,061 1,158 127 153 56
Core deposit intangibles amortization640 639 601 777 1 39 (137)
Other expenses12,198 11,505 10,420 12,412 693 1,778 (214)
Total non-interest expense$68,552 65,309 63,344 65,180 3,243 5,208 3,372

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 $1.4 million during the third quarter of 2016. Excluding CCP expenses, non-interest expense for the current quarter increased $4.8 million, or 7 percent, over the prior year third quarter.

Compensation and employee benefits for the current quarter increased $1.8 million, or 5 percent, from the prior quarter as a result of increased cost of benefits, the Foothills acquisition, and a reduction in deferred compensation from loan production. Compensation and employee benefits increased by $2.9 million, or 8 percent, from the prior year third quarter due to salary increases and the increased number of employees from acquisitions. Data processing expense increased $238 thousand, or 7 percent, from the prior quarter. Data processing expense decreased $335, or 8 percent, from the prior year third quarter as a result of decreased costs associated with CCP. Other expenses increased $693 thousand, or 6 percent from the prior quarter with changes in several categories. Other expense decreased $214 thousand, or 2 percent, from the prior year third quarter as a result of decreased costs associated with CCP.

Efficiency Ratio
The current quarter efficiency ratio was 53.44 percent, a 55 basis points increase from the prior quarter efficiency ratio of 52.89 percent which was the result of an increase in operating expenses that outpaced the increase in net interest income and non-interest income. The current quarter efficiency ratio decreased 240 basis points from the prior year third quarter ratio of 55.84 percent and was attributable to the increase in net interest income primarily due to higher interest income on commercial loans.

Operating Results for Nine Months ended September 30, 2017
Compared to September 30, 2016
Income Summary
Nine Months ended
(Dollars in thousands)Sep 30,
2017
Sep 30,
2016
$ Change % Change
Net interest income
Interest income$278,124 $256,394 $21,730 8%
Interest expense22,792 22,417 375 2%
Total net interest income255,332 233,977 21,355 9%
Non-interest income
Service charges and other fees50,435 46,760 3,675 8%
Miscellaneous loan fees and charges3,283 3,379 (96) (3)%
Gain on sale of loans23,031 23,841 (810) (3)%
Loss on sale of investments(545) (706) 161 (23)%
Other income8,326 6,030 2,296 38%
Total non-interest income84,530 79,304 5,226 7%
$339,862 $313,281 $26,581 8%
Net interest margin (tax-equivalent)4.09% 4.02%

Net Interest Income
Interest income for the first nine months of the current year increased $21.7 million, or 8 percent, from the prior year first nine months and was principally due to a $26.8 million increase in income from commercial loans which more than offset the decrease of $5.4 million in interest income on investments.

Interest expense of $22.8 million for the first nine months of the current year increased $375 thousand over the the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2017 was 36 basis points compared to 38 basis points for the first nine months of 2016.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2017 was 4.09 percent, a 7 basis point increase from the net interest margin of 4.02 percent for the first nine 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 $84.5 million for the first nine months of 2017 increased $5.2 million, or 7 percent, over the same period last year. Service charges and other fees of $50.4 million for the first nine months of 2017 increased $3.7 million, or 8 percent, from the same period last year as a result of an increased number of deposit accounts. The gain on sale of loans of $23.0 million for the first nine months of 2017 decreased $810 thousand, or 3 percent, from the same period last year which was due to a lower volume of refinanced mortgages. Other income of $8.3 million for the first nine months of 2017 increased $2.3 thousand, or 38 percent, over the same period last year and was the result of an increase on gain on sale of OREO.

Non-interest Expense Summary
Nine Months ended
(Dollars in thousands)Sep 30,
2017
Sep 30,
2016
$ Change % Change
Compensation and employee benefits$120,041 $112,871 $7,170 6%
Occupancy and equipment19,706 19,287 419 2%
Advertising and promotions6,381 6,308 73 1%
Data processing10,180 10,982 (802) (7)%
Other real estate owned1,532 819 713 87%
Regulatory assessments and insurance3,362 3,732 (370) (10)%
Core deposit intangibles amortization1,880 2,362 (482) (20)%
Other expenses34,123 35,636 (1,513) (4)%
Total non-interest expense$197,205 $191,997 $5,208 3%

Expenses related to CCP were $3.6 million during the first nine months of 2016. Excluding CCP expenses, non-interest expense for the current year increased $8.8 million, or 5 percent, over the prior year. Compensation and employee benefits for the first nine months of 2017 increased $7.2 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. Data processing expense decreased $802 thousand, or 7 percent, from the prior year first nine months as a result of decreased costs associated with CCP. Current year other expenses of $34.1 million decreased $1.5 million, 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 $7.9 million for the first nine months of 2017, an increase of $6.7 million from the same period in the prior year. Net charge-offs during the first nine months of 2017 were $7.9 million compared to net recoveries of $1.6 million from the first nine months of 2016.

Efficiency Ratio
The efficiency ratio of 53.92 percent for the first nine months of 2017 decreased 223 basis points from the prior year efficiency ratio of 56.15 percent for the first nine 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 Federal Deposit Insurance Corporation 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, October 20, 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 85315870. To participate on the webcast, log on to: https://edge.media-server.com/m6/p/8udautgt. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 85315870 by November 3, 2017.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. 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, with operations in Idaho, Utah and Washington; 1st Bank, Evanston, operating in Wyoming and Utah; Citizens Community Bank, Pocatello, operating in Idaho; Bank of the San Juans, Durango, operating in Colorado; First Bank of Wyoming, Powell, and First State Bank, Wheatland, both operating in Wyoming; North Cascades Bank, Chelan, with operations in Washington; and The Foothills Bank, Yuma, with operations in Arizona.

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)September 30,
2017
June 30,
2017
December 31,
2016
September 30,
2016
Assets
Cash on hand and in banks$136,822 163,913 135,268 129,727
Federal funds sold210 225
Interest bearing cash deposits83,178 73,677 17,273 121,461
Cash and cash equivalents220,210 237,590 152,541 251,413
Investment securities, available-for-sale1,886,517 2,142,472 2,425,477 2,292,079
Investment securities, held-to-maturity655,128 659,347 675,674 679,707
Total investment securities2,541,645 2,801,819 3,101,151 2,971,786
Loans held for sale48,709 37,726 72,927 71,069
Loans receivable6,509,433 6,345,762 5,684,463 5,595,962
Allowance for loan and lease losses(129,576) (129,877) (129,572) (132,534)
Loans receivable, net6,379,857 6,215,885 5,554,891 5,463,428
Premises and equipment, net178,672 179,823 176,198 178,638
Other real estate owned14,359 18,500 20,954 22,662
Accrued interest receivable50,492 46,921 45,832 50,138
Deferred tax asset58,916 59,186 67,121 51,757
Core deposit intangible, net14,798 15,438 12,347 12,955
Goodwill177,811 177,811 147,053 147,053
Non-marketable equity securities21,890 23,995 25,550 20,103
Other assets91,243 84,800 74,035 75,873
Total assets$9,798,602 9,899,494 9,450,600 9,316,875
Liabilities
Non-interest bearing deposits$2,355,983 2,234,058 2,041,852 2,098,747
Interest bearing deposits5,411,171 5,563,905 5,330,427 5,210,572
Securities sold under agreements to repurchase453,596 451,050 473,650 401,243
FHLB advances153,685 211,505 251,749 211,833
Other borrowed funds8,243 5,817 4,440 5,956
Subordinated debentures126,099 126,063 125,991 125,956
Accrued interest payable3,154 3,535 3,584 3,439
Other liabilities80,470 93,604 102,038 111,350
Total liabilities8,592,401 8,689,537 8,333,731 8,169,096
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 authorized780 780 765 765
Paid-in capital797,381 796,707 749,107 748,463
Retained earnings - substantially restricted403,373 406,771 374,379 381,713
Accumulated other comprehensive income (loss)4,667 5,699 (7,382) 16,838
Total stockholders’ equity1,206,201 1,209,957 1,116,869 1,147,779
Total liabilities and stockholders’ equity$9,798,602 9,899,494 9,450,600 9,316,875


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended Nine Months ended
(Dollars in thousands, except per share data)September 30,
2017
June 30,
2017
September 30,
2016
September 30,
2017
September 30,
2016
Interest Income
Investment securities$19,987 21,379 21,827 63,305 68,747
Residential real estate loans8,326 8,350 8,538 24,594 24,947
Commercial loans59,875 56,182 47,694 166,027 139,199
Consumer and other loans8,276 8,121 7,885 24,198 23,501
Total interest income96,464 94,032 85,944 278,124 256,394
Interest Expense
Deposits4,564 4,501 4,550 13,505 13,905
Securities sold under agreements to repurchase537 443 289 1,362 882
Federal Home Loan Bank advances1,398 1,734 1,527 4,642 4,844
Federal funds purchased and other borrowed funds21 19 17 55 49
Subordinated debentures1,132 1,077 935 3,228 2,737
Total interest expense7,652 7,774 7,318 22,792 22,417
Net Interest Income88,812 86,258 78,626 255,332 233,977
Provision for loan losses3,327 3,013 626 7,938 1,194
Net interest income after provision for loan losses85,485 83,245 78,000 247,394 232,783
Non-Interest Income
Service charges and other fees17,307 17,495 16,307 50,435 46,760
Miscellaneous loan fees and charges1,211 1,092 1,195 3,283 3,379
Gain on sale of loans9,141 7,532 9,592 23,031 23,841
Gain (loss) on sale of investments77 (522) (594) (545) (706)
Other income3,449 2,059 1,793 8,326 6,030
Total non-interest income31,185 27,656 28,293 84,530 79,304
Non-Interest Expense
Compensation and employee benefits41,297 39,498 38,370 120,041 112,871
Occupancy and equipment6,500 6,560 6,168 19,706 19,287
Advertising and promotions2,239 2,169 2,098 6,381 6,308
Data processing3,647 3,409 3,982 10,180 10,982
Other real estate owned817 442 215 1,532 819
Regulatory assessments and insurance1,214 1,087 1,158 3,362 3,732
Core deposit intangibles amortization640 639 777 1,880 2,362
Other expenses12,198 11,505 12,412 34,123 35,636
Total non-interest expense68,552 65,309 65,180 197,205 191,997
Income Before Income Taxes48,118 45,592 41,113 134,719 120,090
Federal and state income tax expense11,639 11,905 10,156 33,298 30,000
Net Income$36,479 33,687 30,957 101,421 90,090


Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
September 30, 2017 September 30, 2016
(Dollars in thousands)Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Assets
Residential real estate loans$771,342 $8,326 4.32% $752,723 $8,538 4.54%
Commercial loans 14,968,989 61,560 4.92% 4,092,627 48,817 4.75%
Consumer and other loans688,294 8,276 4.77% 678,415 7,885 4.62%
Total loans 26,428,625 78,162 4.82% 5,523,765 65,240 4.70%
Tax-exempt investment securities 31,106,288 15,678 5.67% 1,311,616 18,764 5.72%
Taxable investment securities 41,757,102 9,961 2.27% 1,774,209 9,813 2.21%
Total earning assets9,292,015 103,801 4.43% 8,609,590 93,817 4.33%
Goodwill and intangibles192,937 155,347
Non-earning assets411,248 398,463
Total assets$9,896,200 $9,163,400
Liabilities
Non-interest bearing deposits$2,274,387 $ % $1,973,648 $ %
NOW and DDA accounts1,720,374 465 0.11% 1,501,944 244 0.06%
Savings accounts1,071,674 160 0.06% 934,911 119 0.05%
Money market deposit accounts1,596,170 624 0.16% 1,425,655 543 0.15%
Certificate accounts866,094 1,275 0.58% 986,411 1,482 0.60%
Wholesale deposits 5297,768 2,040 2.72% 345,287 2,162 2.49%
FHLB advances197,458 1,398 2.77% 259,216 1,527 2.30%
Repurchase agreements and other borrowed funds562,169 1,690 1.19% 502,391 1,241 0.98%
Total funding liabilities8,586,094 7,652 0.35% 7,929,463 7,318 0.37%
Other liabilities89,898 93,250
Total liabilities8,675,992 8,022,713
Stockholders’ Equity
Common stock780 762
Paid-in capital797,011 741,072
Retained earnings418,034 381,197
Accumulated other comprehensive income4,383 17,656
Total stockholders’ equity1,220,208 1,140,687
Total liabilities and stockholders’ equity$9,896,200 $9,163,400
Net interest income (tax-equivalent) $96,149 $86,499
Net interest spread (tax-equivalent) 4.08% 3.96%
Net interest margin (tax-equivalent) 4.11% 4.00%

1 Includes tax effect of $1.7 million and $1.1 million on tax-exempt municipal loan and lease income for the three months ended September 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 $5.3 million and $6.4 million on tax-exempt investment securities income for the three months ended September 30, 2017 and 2016, respectively.
4 Includes tax effect of $304 thousand and $352 thousand on federal income tax credits for the three months ended September 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)
Nine Months ended
September 30, 2017 September 30, 2016
(Dollars in thousands)Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Average
Balance
Interest &
Dividends
Average
Yield/
Rate
Assets
Residential real estate loans$739,921 $24,594 4.43% $736,866 $24,947 4.51%
Commercial loans 14,692,565 170,604 4.86% 3,915,503 142,108 4.85%
Consumer and other loans680,368 24,198 4.76% 666,200 23,501 4.71%
Total loans 26,112,854 219,396 4.80% 5,318,569 190,556 4.79%
Tax-exempt investment securities 31,183,954 50,593 5.70% 1,337,511 57,420 5.72%
Taxable investment securities 41,802,842 30,952 2.29% 1,895,871 31,961 2.25%
Total earning assets9,099,650 300,941 4.42% 8,551,951 279,937 4.37%
Goodwill and intangibles175,752 154,708
Non-earning assets391,519 393,290
Total assets$9,666,921 $9,099,949
Liabilities
Non-interest bearing deposits$2,122,385 $ % $1,897,176 $ %
NOW and DDA accounts1,640,712 994 0.08% 1,487,413 808 0.07%
Savings accounts1,045,065 460 0.06% 900,141 331 0.05%
Money market deposit accounts1,546,181 1,797 0.16% 1,410,257 1,635 0.15%
Certificate accounts908,359 3,911 0.58% 1,030,283 4,605 0.60%
Wholesale deposits 5314,385 6,343 2.70% 335,628 6,526 2.60%
FHLB advances269,377 4,642 2.27% 319,808 4,844 1.99%
Repurchase agreements and other borrowed funds558,943 4,645 1.11% 507,514 3,668 0.97%
Total funding liabilities8,405,407 22,792 0.36% 7,888,220 22,417 0.38%
Other liabilities80,841 94,718
Total liabilities8,486,248 7,982,938
Stockholders’ Equity
Common stock774 762
Paid-in capital775,761 738,126
Retained earnings404,638 366,094
Accumulated other comprehensive (loss) income(500) 12,029
Total stockholders’ equity1,180,673 1,117,011
Total liabilities and stockholders’ equity$9,666,921 $9,099,949
Net interest income (tax-equivalent) $278,149 $257,520
Net interest spread (tax-equivalent) 4.06% 3.99%
Net interest margin (tax-equivalent) 4.09% 4.02%

1 Includes tax effect of $4.6 million and $2.9 million on tax-exempt municipal loan and lease income for the nine months ended September 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 $17.3 million and $19.6 million on tax-exempt investment securities income for the nine months ended September 30, 2017 and 2016, respectively.
4 Includes tax effect of $981 thousand and $1.1 million on federal income tax credits for the nine months ended September 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)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Custom and owner occupied construction$106,615 $103,816 $86,233 $82,935 3% 24% 29%
Pre-sold and spec construction82,023 76,553 66,184 66,812 7% 24% 23%
Total residential construction188,638 180,369 152,417 149,747 5% 24% 26%
Land development83,414 80,044 75,078 68,597 4% 11% 22%
Consumer land or lots99,866 107,124 97,449 96,798 (7)% 2% 3%
Unimproved land64,610 67,935 69,157 69,880 (5)% (7)% (8)%
Developed lots for operative builders12,830 12,337 13,254 13,256 4% (3)% (3)%
Commercial lots25,984 25,675 30,523 27,512 1% (15)% (6)%
Other construction367,060 307,547 257,769 246,753 19% 42% 49%
Total land, lot, and other construction653,764 600,662 543,230 522,796 9% 20% 25%
Owner occupied1,109,796 1,091,119 977,932 963,063 2% 13% 15%
Non-owner occupied1,180,976 1,148,831 929,729 890,981 3% 27% 33%
Total commercial real estate2,290,772 2,239,950 1,907,661 1,854,044 2% 20% 24%
Commercial and industrial766,970 769,105 686,870 697,598 % 12% 10%
Agriculture468,168 457,286 407,208 425,645 2% 15% 10%
1st lien873,061 849,601 877,893 883,034 3% (1)% (1)%
Junior lien53,337 53,316 58,564 61,788 % (9)% (14)%
Total 1-4 family926,398 902,917 936,457 944,822 3% (1)% (2)%
Multifamily residential185,891 172,523 184,068 204,395 8% 1% (9)%
Home equity lines of credit429,483 419,940 402,614 399,446 2% 7% 8%
Other consumer153,363 155,098 155,193 154,547 (1)% (1)% (1)%
Total consumer582,846 575,038 557,807 553,993 1% 4% 5%
Other494,695 485,638 381,672 313,991 2% 30% 58%
Total loans receivable, including loans held for sale6,558,142 6,383,488 5,757,390 5,667,031 3% 14% 16%
Less loans held for sale 1(48,709) (37,726) (72,927) (71,069) 29% (33)% (31)%
Total loans receivable$6,509,433 $6,345,762 $5,684,463 $5,595,962 3% 15% 16%

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)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Sep 30,
2017
Sep 30,
2017
Sep 30,
2017
Custom and owner occupied construction$177 177 375 177
Pre-sold and spec construction267 272 226 250 267
Total residential construction444 449 226 625 267 177
Land development8,116 8,428 9,864 11,717 1,118 6,998
Consumer land or lots2,451 1,868 2,137 2,196 1,517 44 890
Unimproved land10,320 11,933 11,905 12,068 8,086 2,234
Developed lots for operative builders116 116 175 175 116
Commercial lots1,374 1,559 1,466 2,165 258 1,116
Other construction151 151 151
Total land, lot and other construction22,528 24,055 25,547 28,321 10,979 44 11,505
Owner occupied14,207 17,757 18,749 19,970 12,435 400 1,372
Non-owner occupied4,251 2,791 3,426 4,005 3,863 388
Total commercial real estate18,458 20,548 22,175 23,975 16,298 400 1,760
Commercial and industrial5,190 4,753 5,184 5,175 5,033 111 46
Agriculture3,998 2,877 1,615 2,329 3,352 646
1st lien7,688 9,057 9,186 9,333 6,868 523 297
Junior lien591 727 1,167 1,335 448 94 49
Total 1-4 family8,279 9,784 10,353 10,668 7,316 617 346
Multifamily residential 400 432
Home equity lines of credit4,151 5,864 5,494 4,734 3,381 130 640
Other consumer225 551 391 182 144 19 62
Total consumer4,376 6,415 5,885 4,916 3,525 149 702
Other1,800 1,800 1,800
Total$65,073 68,881 71,385 78,241 46,770 3,944 14,359


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from
(Dollars in thousands)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Custom and owner occupied construction$415 $493 $1,836 $65 (16)% (77)% 538%
Pre-sold and spec construction451 155 191% n/m n/m
Total residential construction866 648 1,836 65 34% (53)% 1,232%
Land development5 154 n/m (97)% n/m
Consumer land or lots615 808 638 130 (24)% (4)% 373%
Unimproved land621 1,115 1,442 857 (44)% (57)% (28)%
Commercial lots15 n/m n/m n/m
Other construction 7,125 n/m n/m (100)%
Total land, lot and other construction1,256 1,923 2,234 8,112 (35)% (44)% (85)%
Owner occupied4,450 5,038 2,307 586 (12)% 93% 659%
Non-owner occupied5,502 6,533 1,689 5,830 (16)% 226% (6)%
Total commercial real estate9,952 11,571 3,996 6,416 (14)% 149% 55%
Commercial and industrial5,784 5,825 3,032 4,038 (1)% 91% 43%
Agriculture780 1,067 1,133 989 (27)% (31)% (21)%
1st lien2,973 2,859 7,777 3,439 4% (62)% (14)%
Junior lien3,463 815 1,016 977 325% 241% 254%
Total 1-4 family6,436 3,674 8,793 4,416 75% (27)% 46%
Multifamily Residential237 2,011 10 (88)% 2,270% n/m
Home equity lines of credit2,065 2,819 1,537 2,383 (27)% 34% (13)%
Other consumer1,735 1,572 1,180 943 10% 47% 84%
Total consumer3,800 4,391 2,717 3,326 (13)% 40% 14%
Other4 14 1,866 22 (71)% (100)% (82)%
Total$29,115 $31,124 $25,617 $27,384 (6)% 14% 6%

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)Sep 30,
2017
Jun 30,
2017
Dec 31,
2016
Sep 30,
2016
Sep 30,
2017
Sep 30,
2017
Custom and owner occupied construction$58 (1) 62 4
Pre-sold and spec construction(19) (15) 786 (39) 19
Total residential construction39 (15) 785 (39) 62 23
Land development(67) (46) (2,661) (2,372) 67
Consumer land or lots(150) (107) (688) (487) 6 156
Unimproved land(177) (110) (184) (114) 177
Developed lots for operative builders(16) (10) (27) (23) 16
Commercial lots(4) (3) 27 29 4
Other construction390 390 390
Total land, lot and other construction(24) 114 (3,533) (2,967) 396 420
Owner occupied3,416 853 1,196 (354) 4,036 620
Non-owner occupied214 (2) 44 9 217 3
Total commercial real estate3,630 851 1,240 (345) 4,253 623
Commercial and industrial429 494 (370) (643) 875 446
Agriculture(11) 14 50 (29) 17 28
1st lien(201) (32) 487 132 100 301
Junior lien746 746 60 (15) 812 66
Total 1-4 family545 714 547 117 912 367
Multifamily residential(229) (229) 229 229 229
Home equity lines of credit262 271 611 450 436 174
Other consumer98 (8) 257 255 369 271
Total consumer360 263 868 705 805 445
Other3,195 2,100 2,642 1,329 7,481 4,286
Total$7,934 4,306 2,458 (1,643) 14,801 6,867

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.