0000868671-13-000005.txt : 20130124 0000868671-13-000005.hdr.sgml : 20130124 20130124163625 ACCESSION NUMBER: 0000868671-13-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130124 DATE AS OF CHANGE: 20130124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLACIER BANCORP INC CENTRAL INDEX KEY: 0000868671 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 810519541 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18911 FILM NUMBER: 13545929 BUSINESS ADDRESS: STREET 1: 49 COMMONS LOOP STREET 2: . CITY: KALISPELL STATE: MT ZIP: 59901 BUSINESS PHONE: 4067564200 MAIL ADDRESS: STREET 1: 49 COMMONS LOOP STREET 2: . CITY: KALISPELL STATE: MT ZIP: 59901 8-K 1 gbci-12312012x8k.htm 8-K GBCI-12.31.2012-8K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 8-K
____________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 24, 2013 

____________________________________________________________
Glacier Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Montana
000-18911
81-0519541
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

49 Commons Loop, Kalispell, Montana
59901
(Address of principal executive offices)
(Zip Code)

(406) 756-4200
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report)

____________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[   ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[   ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[   ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[   ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02. Results of Operations and Financial Condition

On January 24, 2013, the Company issued a press release announcing its financial results for the quarter ended December 31, 2012. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the Exhibit attached hereto is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01. Financial Statements and Exhibits

(a)    Financial statements of businesses acquired - not applicable.

(b)    Pro forma financial information - not applicable.

(d)
Exhibit 99.1 - Press Release dated January 24, 2013, announcing financial results for the quarter ended December 31, 2012.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Glacier Bancorp, Inc.
 
 
(Registrant)
January 24, 2013
 
/s/   MICHAEL J. BLODNICK
(Date)
 
Michael J. Blodnick
President and Chief Executive Officer


 EX-99.1 2 gbci-12312012xex991.htm EXHIBIT GBCI-12.31.2012-Ex99.1




NEWS RELEASE

FOR IMMEDIATE RELEASE
CONTACT: Michael J. Blodnick
(406) 751-4701
Ron J. Copher
(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2012


HIGHLIGHTS:
•
All time record earnings for the current quarter of $20.8 million, an increase of 45 percent from the prior year fourth quarter net income of $14.3 million.
•
Current quarter diluted earnings per share of $0.29, an increase of 45 percent from the prior year fourth quarter diluted earnings per share of $0.20.
•
All time record earnings for the year of $75.5 million, an increase of 51 percent from the prior year operating net income of $50.1 million.
•
Diluted earnings per share for the year of $1.05, an increase of 50 percent from the prior year diluted operating earnings per share of $0.70.
•
Non-performing assets decreased $33.3 million, or 19 percent, from the prior quarter and decreased $70.0 million, or 33 percent, from the prior year end.
•
Non-performing assets as a percentage of assets ended the year at 1.87 percent compared to 2.92 percent at the prior year end.
•
The Company increased the number of personal and business checking accounts by over 5 percent in 2012.
•
Non-interest bearing deposits increased $181 million, or 18 percent, from the prior year end.
•
Dividend declared of $0.14 per share during the quarter, an increase of $0.01 per share from the prior quarter dividend per share of $0.13.


KALISPELL, MONTANA, January 24, 2013 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income for the current quarter of $20.8 million, an increase of $6.5 million, or 45 percent, compared to $14.3 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.29 per share, an increase of $0.09, or 45 percent, from the prior year fourth quarter diluted earnings per share of $0.20. "Earnings momentum continued to build this past quarter allowing us to produce the record net

1


income in 2012," said Mick Blodnick, President and Chief Executive Officer. "Increases to non-interest income accompanied by lower credit costs and other non-interest expense reductions offset further acceleration in premium amortization on our securities portfolio that compressed interest income and the net interest margin," Blodnick said. "Our performance improved significantly this past year compared to the prior three years. However, there is still more work to be done and we believe our results can get better."

Results Summary
Net income for 2012 was $75.5 million, an increase of $25.4 million, or 51 percent, over the 2011 operating net income of $50.1 million. Operating net income is considered a non-GAAP financial measure and additional information regarding this measurement and reconciliation is provided herein. Diluted earnings per share for 2012 was $1.05 per share, an increase of $0.35, or 50 percent, from the prior year diluted operating earnings per share of $0.70. The operating net income improvement for 2012 over 2011 was largely attributable to the $43.0 million (pre-tax) reduction in the provision for loan losses as a result of the improvement in credit quality. The reduction in provision for loan losses was partially offset by the $17.6 million (pre-tax) reduction in net interest income driven by the low interest rate environment and the increase in premium amortization (net of discount accretion) on investment securities.

 
Three Months ended
 
Year ended
Dollars in thousands, except per share data)
December 31,
2012
 
December 31,
2011
 
December 31,
2012
 
December 31,
2011
Net income (GAAP)
$
20,758

 
14,348

 
75,516

 
17,471

Add goodwill impairment charge, net of tax
—

 
—

 
—

 
32,613

Operating net income (non-GAAP)
$
20,758

 
14,348

 
75,516

 
50,084

Diluted earnings per share (GAAP)
$
0.29

 
0.20

 
1.05

 
0.24

Add goodwill impairment charge, net of tax
—

 
—

 
—

 
0.46

Diluted operating earnings per share (non-GAAP)
$
0.29

 
0.20

 
1.05

 
0.70

Return on average assets (annualized) (GAAP)
1.06
%
 
0.80
 %
 
1.01
%
 
0.25
%
Add goodwill impairment charge, net of tax
—
%
 
(0.01
)%
 
—
%
 
0.47
%
Return on average assets (annualized) (non-GAAP)
1.06
%
 
0.79
 %
 
1.01
%
 
0.72
%
Return on average equity (annualized) (GAAP)
9.17
%
 
6.69
 %
 
8.54
%
 
2.04
%
Add goodwill impairment charge, net of tax
—
%
 
(0.24
)%
 
—
%
 
3.74
%
Return on average equity (annualized) (non-GAAP)
9.17
%
 
6.45
 %
 
8.54
%
 
5.78
%

Non-GAAP Financial Measures
In addition to the results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes that providing these non-GAAP financial measures provides investors with information useful in understanding the Company's financial performance, performance trends, and financial position. While the Company uses these non-GAAP measures in its analysis of the Company's performance, this information should not be considered an alternative to measurements required by GAAP.

The preceding results summary table provides a reconciliation of certain GAAP financial measures to non-GAAP financial measures. The reconciling item between the GAAP and non-GAAP financial measures was the prior year third quarter goodwill impairment charge (net of tax) of $32.6 million.
•
The goodwill impairment charge was $40.2 million with a tax benefit of $7.6 million which resulted

2


in a goodwill impairment charge (net of tax) of $32.6 million. The tax benefit applied only to the $19.4 million of goodwill associated with taxable acquisitions and was determined based on the Company's marginal income tax rate of 38.9 percent.
•
The diluted earnings per share reconciling item was determined based on the goodwill impairment charge (net of tax) divided by the weighted average diluted shares of 71,915,073.
•
The goodwill impairment charge (net of tax) was included in determining earnings for both the GAAP return on average assets and GAAP return on average equity. The average assets used in the GAAP return on average assets ratios were $7.128 billion and $6.923 billion for the three and twelve month periods, respectively. The average assets used in the non-GAAP return on average assets ratios were $7.161 billion and $6.931 billion for the three and twelve month periods, respectively. The average equity used in the GAAP return on average equity ratios were $850 million and $858 million for the three and twelve month periods, respectively. The average equity used in the non-GAAP return on average equity ratios were $883 million and $866 million for the three and twelve month periods, respectively.

Asset Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands)
December 31, 2012
 
September 30, 2012
 
December 31, 2011
 
September 30, 2012
 
December 31, 2011
Cash and cash equivalents
$
187,040

 
172,399

 
128,032

 
14,641

 
59,008

Investment securities, available-for-sale
3,683,005

 
3,586,355

 
3,126,743

 
96,650

 
556,262

Loans receivable
 
 
 
 
 
 
 
 
 
Residential real estate
516,467

 
528,177

 
516,807

 
(11,710
)
 
(340
)
Commercial
2,278,905

 
2,272,959

 
2,295,927

 
5,946

 
(17,022
)
Consumer and other
602,053

 
606,958

 
653,401

 
(4,905
)
 
(51,348
)
Loans receivable
3,397,425

 
3,408,094

 
3,466,135

 
(10,669
)
 
(68,710
)
Allowance for loan and lease losses
(130,854
)
 
(136,660
)
 
(137,516
)
 
5,806

 
6,662

Loans receivable, net
3,266,571

 
3,271,434

 
3,328,619

 
(4,863
)
 
(62,048
)
Other assets
610,824

 
602,017

 
604,512

 
8,807

 
6,312

Total assets
$
7,747,440

 
7,632,205

 
7,187,906

 
115,235

 
559,534


Investment securities increased $96.7 million, or 3 percent, during the current quarter and increased $556 million, or 18 percent, from December 31, 2011. The Company continued to purchase investment securities to primarily offset the lack of loan growth and to maintain interest income. The increase in investment securities for the current quarter occurred in U.S. Agency collateralized mortgage obligation ("CMO"), corporate and municipal bonds. The majority of the purchases were short weighted-average life CMOs which were significantly offset by CMO principal paydowns during the quarter.  Investment securities represent 48 percent of total assets at December 31, 2012 versus 44 percent at December 31, 2011.

The heightened uncertainty with the current economy and muted loan demand continued to put pressure on the Company and was the primary cause of the decrease in the loan portfolio. The loan portfolio decreased during the current quarter by $10.7 million, or less than 1 percent, to a total of $3.397 billion at December 31, 2012. Excluding charge-offs of $9.9 million and loans of $6.5 million transferred to other real estate owned, loans increased $5.7 million from the prior quarter. The largest decrease during the current quarter was in residential real estate loans which declined $11.7 million, or 2 percent, from September 30, 2012 and was driven by customers refinancing their variable rate loans into fixed rate long-term loans, which

3


the Company sells on the secondary market. During the year 2012, the loan portfolio decreased $68.7 million, or 2 percent, from total loans of $3.466 billion at December 31, 2011. The largest decrease during the year was in consumer and other loans which decreased $51.3 million, or 8 percent, from December 31, 2011 and was primarily attributable to customers paying off home equity lines of credit (HELOC's) during the process of refinancing their home. In addition, the Company continues to reduce its exposure to land, lot and other construction loans which totaled $330 million as of December 31, 2012, a decrease of $51.2 million, or 13 percent, since the prior year end. 

Credit Quality Summary
 
At or for the Year ended
 
At or for the Nine Months ended
 
At or for the Year ended
(Dollars in thousands)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
Allowance for loan and lease losses
 
 
 
 
 
Balance at beginning of period
$
137,516

 
137,516

 
137,107

Provision for loan losses
21,525

 
19,250

 
64,500

Charge-offs
(34,672
)
 
(24,789
)
 
(69,366
)
Recoveries
6,485

 
4,683

 
5,275

Balance at end of period
$
130,854

 
136,660

 
137,516

Other real estate owned
$
45,115

 
57,650

 
78,354

Accruing loans 90 days or more past due
1,479

 
3,271

 
1,413

Non-accrual loans
96,933

 
115,856

 
133,689

Total non-performing assets 1
$
143,527

 
176,777

 
213,456

Non-performing assets as a percentage of subsidiary assets
1.87
%
 
2.33
%
 
2.92
%
Allowance for loan and lease losses as a percentage of non-performing loans
133
%
 
115
%
 
102
%
Allowance for loan and lease losses as a percentage of total loans
3.85
%
 
4.01
%
 
3.97
%
Net charge-offs as a percentage of total loans
0.83
%
 
0.59
%
 
1.85
%
Accruing loans 30-89 days past due
$
27,097

 
28,434

 
49,086

1 As of December 31, 2012, non-performing assets have not been reduced by U.S. government guarantees of $1.6 million.

As a result of the Company's continued focus on actively managing the disposition of its non-performing assets, the Company had a current quarter decrease of $33.3 million, or 19 percent, in non-performing assets to $143.5 million at December 31, 2012. This was a positive trend throughout 2012 which resulted in a decrease in non-performing assets of $69.9 million, or 33 percent, from the prior year end. The Company's early stage delinquencies (accruing loans 30-89 days past due) has seen a significant decrease during the second half of 2012 and decreased $22.0 million, or 45 percent, to $27.1 million at December 31, 2012 compared to early stage delinquencies of $49.1 million as of December 31, 2011. "We had an excellent quarter disposing of our distressed assets, both other real estate owned and non-performing loans," said Blodnick. "By methodically working through these credits this past year, we believe the economic value we received was greater than if we would have bulk sold those assets. This patience and steadfast approach has allowed the real estate market to stabilize which more than covered costs to hold these assets." 

At December 31, 2012, the allowance for loan and lease losses ("allowance") was $131 million, a decrease of $5.8 million from the prior quarter and a decrease of $6.7 million from a year ago. The allowance was 3.85 percent of total loans outstanding at December 31, 2012, compared to 4.01 percent at September 31, 2012 and 3.97 percent at December 31, 2011. The allowance was 133 percent of non-performing loans at

4


December 31, 2012, an increase from 115 percent at September 30, 2012 and an increase from 102 percent at December 31, 2011. The decrease in the allowance as a percentage of loans was determined to be adequate based on the Company's assessment of the allowance and was reflective of the improvement in credit quality measurements.

The largest category of non-performing assets was the land, lot and other construction category which was $66.5 million, or 46 percent, of the non-performing assets at December 31, 2012. Included in this category was $31.5 million of land development loans and $19.1 million in unimproved land loans at December 31, 2012. Although land, lot and other construction loans has put pressure on the Company's credit quality, the Company has continued to reduce this category over the prior two years. During the current quarter, the land, lot and other construction non-performing asset category was reduced by $20.1 million, or 23 percent. 

Credit Quality Trends and Provision for Loan Losses

(Dollars in thousands)
Provision
for Loan
Losses
 
Net
Charge-Offs
 
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
Q4 2012
$
2,275

 
8,081

 
3.85
%
 
0.80
%
 
1.87
%
Q3 2012
2,700

 
3,499

 
4.01
%
 
0.83
%
 
2.33
%
Q2 2012
7,925

 
7,052

 
3.99
%
 
1.41
%
 
2.69
%
Q1 2012
8,625

 
9,555

 
3.98
%
 
1.24
%
 
2.91
%
Q4 2011
8,675

 
9,252

 
3.97
%
 
1.42
%
 
2.92
%
Q3 2011
17,175

 
18,877

 
3.92
%
 
0.60
%
 
3.49
%
Q2 2011
19,150

 
20,184

 
3.88
%
 
1.14
%
 
3.68
%
Q1 2011
19,500

 
15,778

 
3.86
%
 
1.44
%
 
3.78
%

Net charged-off loans during the current quarter of $8.1 million increased $4.6 million, or 131 percent, compared to the prior quarter and was attributable to the Company disposing of distressed assets during the fourth quarter of 2012. Although there was an increase in charged-off loans during the current quarter, the activity during the prior several quarters has trended downwards and has been the result of improved credit quality.   The current quarter provision for loan losses was $2.3 million, which decreased $425 thousand compared to the $2.7 million provision for loan losses for the prior quarter and decreased $6.4 million from the fourth quarter of 2011. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of provision for loan loss expense. 

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.



5


Liability Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands)
December 31, 2012
 
September 30, 2012
 
December 31, 2011
 
September 30, 2012
 
December 31, 2011
Non-interest bearing deposits
$
1,191,933

 
1,180,066

 
1,010,899

 
11,867

 
181,034

Interest bearing deposits
4,172,528

 
4,023,031

 
3,810,314

 
149,497

 
362,214

Repurchase agreements
289,508

 
414,836

 
258,643

 
(125,328
)
 
30,865

FHLB advances
997,013

 
917,021

 
1,069,046

 
79,992

 
(72,033
)
Other borrowed funds
10,032

 
10,152

 
9,995

 
(120
)
 
37

Subordinated debentures
125,418

 
125,382

 
125,275

 
36

 
143

Other liabilities
60,059

 
71,560

 
53,507

 
(11,501
)
 
6,552

Total liabilities
$
6,846,491

 
6,742,048

 
6,337,679

 
104,443

 
508,812


The Company's deposits continued to increase during the current quarter and over the past several years which has allowed the Company to fund the increase in the investment securities portfolio at lower funding costs. The increase in deposits during 2012 and throughout 2011 has been driven by the Company's success in generating new personal and business customer relationships, as well as existing customers retaining cash deposits for liquidity purposes due to the continued uncertainty in the current economic environment. At December 31, 2012, non-interest bearing deposits of $1.192 billion increased $11.9 million, or 1 percent, since September 30, 2012 and increased $181 million, or 18 percent, since December 31, 2011. Interest bearing deposits of $4.173 billion at December 31, 2012 included $758 million of wholesale deposits of which $128 million were reciprocal deposits (e.g., Certificate of Deposit Account Registry System deposits). In addition to reciprocal deposits, wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts. Interest bearing deposits increased $149 million, or 4 percent, since September 30, 2012 and included a decrease of $38.3 million in wholesale deposits. Interest bearing deposits increased $362 million, or 10 percent, from December 31, 2011 and included a decrease of $41.4 million in wholesale deposits. 

The Company's level and mix of borrowings has fluctuated as needed to supplement deposit growth and to fund the growth in investment securities. The decrease in funding through repurchase agreements from the prior quarter was primarily due to the decrease of $112 million in wholesale repurchase funding to a total of $4.2 million as of December 31, 2012. The wholesale repurchase agreements are utilized as a source of low cost funding and fluctuate as other lower cost funding sources are utilized.  Federal Home Loan Bank ("FHLB") advances increased $80.0 million from the prior quarter and decreased $72.0 million since the prior year end.




6


Stockholders' Equity Summary
 
 
 
 
 
 
 
$ Change from
 
$ Change from
(Dollars in thousands, except per share data)
December 31, 2012
 
September 30, 2012
 
December 31, 2011
 
September 30, 2012
 
December 31, 2011
Common equity
$
852,987

 
842,301

 
816,740

 
10,686

 
36,247

Accumulated other comprehensive income
47,962

 
47,856

 
33,487

 
106

 
14,475

Total stockholders’ equity
900,949

 
890,157

 
850,227

 
10,792

 
50,722

Goodwill and core deposit intangible, net
(112,274
)
 
(112,765
)
 
(114,384
)
 
491

 
2,110

Tangible stockholders’ equity
$
788,675

 
777,392

 
735,843

 
11,283

 
52,832

Stockholders’ equity to total assets
11.63
%
 
11.66
%
 
11.83
%
 
 
 
 
Tangible stockholders’ equity to total tangible assets
10.33
%
 
10.34
%
 
10.40
%
 
 
 
 
Book value per common share
$
12.52

 
12.37

 
11.82

 
0.15

 
0.70

Tangible book value per common share
$
10.96

 
10.81

 
10.23

 
0.15

 
0.73

Market price per share at end of period
$
14.71

 
15.59

 
12.03

 
(0.88
)
 
2.68


Tangible stockholders' equity and tangible book value per share increased $52.8 million and $0.73 per share from the prior year end, resulting in tangible stockholders' equity to tangible assets of 10.33 percent and tangible book value per share of $10.96 as of December 31, 2012. The increases were from earnings retention and an increase in accumulated other comprehensive income.

Cash Dividend
On November 28, 2012, the Company's Board of Directors declared a cash dividend of $0.14 per share, payable December 20, 2012 to shareholders of record on December 11, 2012. The cash dividend was a $0.01 per share, or 8 percent, increase over the previous quarter cash dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.



7


Operating Results for Three Months Ended December 31, 2012 
Compared to September 30, 2012 and December 31, 2011

Revenue Summary
 
Three Months ended
 
 
(Dollars in thousands)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
 
 
Net interest income
 
 
 
 
 
 
 
Interest income
$
59,666

 
62,015

 
68,741

 
 
Interest expense
8,165

 
8,907

 
10,197

 
 
Total net interest income
51,501

 
53,108

 
58,544

 
 
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
12,845

 
13,019

 
12,134

 
 
Gain on sale of loans
9,164

 
8,728

 
7,026

 
 
Other income
3,384

 
2,227

 
2,857

 
 
Total non-interest income
25,393

 
23,974

 
22,017

 
 
 
$
76,894

 
77,082

 
80,561

 
 
Net interest margin (tax-equivalent)
3.05
%
 
3.24
%
 
3.74
%
 
 

 
$ Change from
 
$ Change from
 
% Change from
 
% Change from
(Dollars in thousands)
September 30,
2012
 
December 31,
2011
 
September 30,
2012
 
December 31,
2011
Net interest income
 
 
 
 
 
 
 
Interest income
$
(2,349
)
 
$
(9,075
)
 
(4
)%
 
(13
)%
Interest expense
(742
)
 
(2,032
)
 
(8
)%
 
(20
)%
Total net interest income
(1,607
)
 
(7,043
)
 
(3
)%
 
(12
)%
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
(174
)
 
711

 
(1
)%
 
6
 %
Gain on sale of loans
436

 
2,138

 
5
 %
 
30
 %
Other income
1,157

 
527

 
52
 %
 
18
 %
Total non-interest income
1,419

 
3,376

 
6
 %
 
15
 %
 
$
(188
)
 
$
(3,667
)
 
—
 %
 
(5
)%

Net Interest Income
The current quarter net interest income of $51.5 million decreased $1.6 million, or 3 percent, over the prior quarter and decreased $7.0 million, or 12 percent, over the prior year fourth quarter. The current quarter interest income of $59.7 million decreased $2.3 million, or 4 percent, over the prior quarter and decreased $9.1 million, or 13 percent, over the prior year fourth quarter. The primary driver of the decrease in interest income was the $23.3 million of premium amortization (net of discount accretion) on investment securities in the current quarter which was an increase of $3.8 million over the prior quarter and an increase of $11.0 million over the prior year fourth quarter. The current quarter decrease in interest expense of $742 thousand, or 8 percent, from the prior quarter and the decrease of $2.0 million, or 20 percent, in interest expense from the prior year fourth quarter was the result of a decrease in interest rates on deposits and borrowings as the Company continues to focus on reducing deposit and borrowing costs. The cost of total funding (including

8


non-interest bearing deposits) for the current quarter was 48 basis points compared to 54 basis points for the prior quarter and 65 basis points for the prior year fourth quarter. 

The current quarter net interest margin as a percentage of earning assets, on a tax-equivalent basis, was 3.05 percent, a decrease of 19 basis points from the prior quarter net interest margin of 3.24 percent. "The Company had a 6 basis points improvement in funding costs as the Company continued to reduce funding costs on deposits and utilized lower cost borrowings," said Ron Copher, Chief Financial Officer. The 25 basis point decrease in yield on earning assets from the current quarter compared to the prior quarter was the result of a 12 basis points reduction in yield on the loan portfolio and a 26 basis points reduction of yield on the investment securities. Of the 26 basis points reduction in yield on the investment securities, 24 basis points were due to the increase in premium amortization. The premium amortization in the current quarter accounted for a 128 basis points reduction in the net interest margin compared to a 111 basis points reduction in the prior quarter and 74 basis points reduction in the net interest margin in the prior year fourth quarter.

Non-interest Income
Non-interest income for the current quarter totaled $25.4 million, an increase of $1.4 million over the prior quarter and an increase of $3.4 million over the same quarter last year. Service charge fee income decreased $174 thousand, or 1 percent, from the prior quarter as a result of seasonal activity and service charge fee income increased $711 thousand , or 6 percent, from the prior year fourth quarter as a result of higher debit card income driven by the increased number of checking accounts. Gain on sale of loans increased $436 thousand, or 5 percent, over the prior quarter and increased $2.1 million, or 30 percent, over the prior year fourth quarter, the result of an increase in purchase and refinance volume due to lower interest rates and borrowers taking advantage of U.S. government loan modification programs.  Other income of $3.4 million for the current quarter increased $1.2 million, or 52 percent, from the prior quarter and increased $527 thousand, or 18 percent, from the prior year fourth quarter, increases that were predominantly from income related to other real estate owned and gains on the sale of bank assets. Included in other income was operating revenue of $69 thousand from other real estate owned and gains of $841 thousand on the sale of other real estate owned, which totaled $910 thousand for the current quarter compared to $531 thousand for the prior quarter and $903 thousand for the prior year fourth quarter.


9


Non-interest Expense Summary
 
Three Months ended
 
 
(Dollars in thousands)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
 
 
Compensation and employee benefits
$
24,083

 
24,046

 
21,311

 
 
Occupancy and equipment
6,043

 
6,001

 
5,890

 
 
Advertising and promotions
1,478

 
1,820

 
1,588

 
 
Outsourced data processing
889

 
801

 
849

 
 
Other real estate owned
3,570

 
6,373

 
12,896

 
 
Federal Deposit Insurance Corporation premiums
1,306

 
1,767

 
2,010

 
 
Core deposit intangibles amortization
491

 
532

 
557

 
 
Other expense
10,148

 
8,838

 
10,029

 
 
Total non-interest expense
$
48,008

 
50,178

 
55,130

 
 

 
$ Change from
 
$ Change from
 
% Change from
 
% Change from
(Dollars in thousands)
September 30,
2012
 
December 31,
2011
 
September 30,
2012
 
December 31,
2011
Compensation and employee benefits
$
37

 
$
2,772

 
—
 %
 
13
 %
Occupancy and equipment
42

 
153

 
1
 %
 
3
 %
Advertising and promotions
(342
)
 
(110
)
 
(19
)%
 
(7
)%
Outsourced data processing
88

 
40

 
11
 %
 
5
 %
Other real estate owned
(2,803
)
 
(9,326
)
 
(44
)%
 
(72
)%
Federal Deposit Insurance Corporation premiums
(461
)
 
(704
)
 
(26
)%
 
(35
)%
Core deposit intangibles amortization
(41
)
 
(66
)
 
(8
)%
 
(12
)%
Other expense
1,310

 
119

 
15
 %
 
1
 %
Total non-interest expense
$
(2,170
)
 
$
(7,122
)
 
(4
)%
 
(13
)%

Non-interest expense of $48.0 million for the current quarter decreased by $2.2 million, or 4 percent, from the prior quarter and decreased by $7.1 million, or 13 percent, from the prior year fourth quarter.  Compensation and employee benefits increased by $2.8 million, or 13 percent, from the prior year fourth quarter and was the result of an increase in commissions on residential real estate loan originations, a revised Company incentive program and the restoration in 2012 of certain compensation cuts made in 2011. Other real estate owned expense decreased $2.8 million, or 44 percent, from the prior quarter and decreased $9.3 million, or 72 percent, from the prior year fourth quarter. The current quarter other real estate owned expense of $3.6 million included $1.1 million of operating expense, $1.9 million of fair value write-downs, and $617 thousand of loss on sale of other real estate owned. Other real estate owned expense will fluctuate as the Company continues to work through non-performing loans and dispose of foreclosed properties. Other expense increased by $1.3 million, or 15 percent, from the prior quarter and increased $119 thousand, or 1 percent, from the prior year fourth quarter and was the result of changes in several miscellaneous categories.

Efficiency Ratio
The efficiency ratio for the current quarter was 56 percent compared to 52 percent for the prior year fourth quarter. Although there was an increase in non-interest income during the current quarter, it was not enough to offset the decrease in net interest income, due to the increase in premium amortization on investment securities.


10


Operating Results for Year ended December 31, 2012
Compared to December 31, 2011 

Revenue Summary
 
Year ended
 
 
 
 
(Dollars in thousands)
December 31,
2012
 
December 31,
2011
 
$ Change
% Change
Net interest income
 
 
 
 
 
 
 
Interest income
$
253,757

 
$
280,109

 
$
(26,352
)
 
(9
)%
Interest expense
35,714

 
44,494

 
(8,780
)
 
(20
)%
Total net interest income
218,043

 
235,615

 
(17,572
)
 
(7
)%
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
49,706

 
48,113

 
1,593

 
3
 %
Gain on sale of loans
32,227

 
21,132

 
11,095

 
53
 %
Gain on sale of investments
—

 
346

 
(346
)
 
(100
)%
Other income
9,563

 
8,608

 
955

 
11
 %
Total non-interest income
91,496

 
78,199

 
13,297

 
17
 %
 
$
309,539

 
$
313,814

 
$
(4,275
)
 
(1
)%
Net interest margin (tax-equivalent)
3.37
%
 
3.89
%
 
 
 
 

Net Interest Income
Net interest income for 2012 decreased $17.6 million, or 7 percent, over the same period last year. Interest income decreased $26.4 million, or 9 percent, while interest expense decreased $8.8 million, or 20 percent from 2011. The decrease in interest income from the prior year was principally due to the increase in premium amortization on investment securities and the reduction in balances and yield on loans, the combination of which put further pressure on earning asset yields. Interest income was reduced by $72.0 million in premium amortization (net of discount accretion) on investment securities which was an increase of $33.9 million from the prior year. This increase in premium amortization was the result of both the increased purchases of investment securities combined with the continued refinance activity. The decrease in interest expense during the current year was primarily attributable to the decreases in rates on interest bearing deposits and borrowings. The funding cost (including non-interest bearing deposits) for 2012 was 55 basis points compared to 74 basis points for 2011. 

The net interest margin, on a tax-equivalent basis, for 2012 was 3.37 percent, a 52 basis points reduction from the net interest margin of 3.89 percent for 2011. The reduction was attributable to a lower yield and volume of loans coupled with an increase in lower yielding investment securities and higher premium amortization on investment securities, both of which outpaced the reduction in funding cost. The premium amortization in 2012 accounted for a 104 basis points reduction in the net interest margin which was an increase of 44 basis points compared to the 60 basis points reduction in the net interest margin for the same period last year. 


11


Non-interest Income
Non-interest income of $91.5 million for 2012 increased $13.3 million, or 17 percent, over non-interest income of $78.2 million for 2011. Service charge fee income increased $1.6 million, or 3 percent, the majority of which was from higher debit card income driven by the increased number of deposit accounts. Gain on sale of loans for 2012 increased $11.1 million, or 53 percent, from 2011 due to greater refinance and loan origination activity. Included in other income was operating revenue of $355 thousand from other real estate owned and gains of $2.0 million on the sale of other real estate owned, which totaled $2.4 million for 2012 compared to $2.7 million for the same period in the prior year.

Non-interest Expense Summary
 
Year ended
 
$ Change
 
% Change
(Dollars in thousands)
December 31,
2012
 
December 31,
2011
 
Compensation and employee benefits
$
95,373

 
$
85,691

 
$
9,682

 
11
 %
Occupancy and equipment
23,837

 
23,599

 
238

 
1
 %
Advertising and promotions
6,413

 
6,469

 
(56
)
 
(1
)%
Outsourced data processing
3,324

 
3,153

 
171

 
5
 %
Other real estate owned
18,964

 
27,255

 
(8,291
)
 
(30
)%
Federal Deposit Insurance Corporation premiums
6,085

 
8,169

 
(2,084
)
 
(26
)%
Core deposit intangibles amortization
2,110

 
2,473

 
(363
)
 
(15
)%
Other expense
37,315

 
35,156

 
2,159

 
6
 %
Total non-interest expense before goodwill impairment charge
193,421

 
191,965

 
1,456

 
1
 %
Goodwill impairment charge
—

 
40,159

 
(40,159
)
 
(100
)%
Total non-interest expense
$
193,421

 
$
232,124

 
$
(38,703
)
 
(17
)%

Compensation and employee benefits for 2012 increased $9.7 million, or 11 percent, and was attributable to an increase in commissions on residential real estate loan originations, a revised Company incentive program and the restoration in 2012 of certain compensation cuts made in 2011. Other real estate owned expense of $19.0 million for 2012 decreased $8.3 million, or 30 percent, from the prior year. The other real estate owned expense for 2012 included $3.6 million of operating expenses, $13.3 million of fair value write-downs, and $2.1 million of loss on sale of other real estate owned.

Provision for loan losses
The provision for loan losses was $21.5 million for 2012, a decrease of $43.0 million, or 67 percent, from the same period in the prior year. Net charged-off loans during the 2012 was $28.2 million, a decrease of $35.9 million from 2011. The largest category of net charge-offs was in land, lot and other construction loans which had net charge-offs of $9.8 million, or 35 percent of total net charged-off loans. Last year in this loan category, net charge-offs totaled $31.3 million.

Efficiency Ratio
The efficiency ratio was 54 percent for 2012 and 51 percent for 2011. Although there was a significant increase in non-interest income from the the prior year, it was not enough to offset the combination of the decrease in net interest income and the increase in non-interest expense (before the goodwill impairment charge) in 2012. 



12


About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 60 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown; all operating in Montana; as well as Mountain West Bank, Coeur d'Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell, operating in Wyoming; and Bank of the San Juans, Durango, operating in Colorado.

Forward Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about management's plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "should," "projects," "seeks," "estimates" or words of similar meaning. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:
•
the risks associated with lending and potential adverse changes of the credit quality of loans in the Company's portfolio, including the result of declines in the housing and real estate markets in its geographic areas;
•
increased loan delinquency rates;
•
the risks presented by a continued economic downturn, which could adversely affect credit quality, loan collateral values, other real estate owned values, investment values, liquidity and capital levels, dividends and loan originations;
•
changes in market interest rates, which could adversely affect the Company's net interest income and profitability;
•
legislative or regulatory changes that adversely affect the Company's business, ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;
•
costs or difficulties related to the integration of acquisitions;
•
the goodwill we have recorded in connection with acquisitions could become impaired, which may have an adverse impact on our earnings and capital;
•
reduced demand for banking products and services;
•
the risks presented by public stock market volatility, which could adversely affect the market price of our common stock and our ability to raise additional capital in the future;
•
competition from other financial services companies in our markets; 
•
loss of services from the senior management team; and
•
the Company's success in managing risks involved in the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

13


Glacier Bancorp, Inc.
Unaudited Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)
December 31,
2012
 
December 31,
2011
Assets
 
 
 
Cash on hand and in banks
$
123,270

 
104,674

Interest bearing cash deposits
63,770

 
23,358

Cash and cash equivalents
187,040

 
128,032

Investment securities, available-for-sale
3,683,005

 
3,126,743

Loans held for sale
145,501

 
95,457

Loans receivable
3,397,425

 
3,466,135

Allowance for loan and lease losses
(130,854
)
 
(137,516
)
Loans receivable, net
3,266,571

 
3,328,619

Premises and equipment, net
158,989

 
158,872

Other real estate owned
45,115

 
78,354

Accrued interest receivable
37,770

 
34,961

Deferred tax asset
20,394

 
31,081

Core deposit intangible, net
6,174

 
8,284

Goodwill
106,100

 
106,100

Non-marketable equity securities
48,812

 
49,694

Other assets
41,969

 
41,709

Total assets
$
7,747,440

 
7,187,906

Liabilities
 
 
 
Non-interest bearing deposits
$
1,191,933

 
1,010,899

Interest bearing deposits
4,172,528

 
3,810,314

Securities sold under agreements to repurchase
289,508

 
258,643

Federal Home Loan Bank advances
997,013

 
1,069,046

Other borrowed funds
10,032

 
9,995

Subordinated debentures
125,418

 
125,275

Accrued interest payable
4,675

 
5,825

Other liabilities
55,384

 
47,682

Total liabilities
6,846,491

 
6,337,679

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
719

 
719

Paid-in capital
641,737

 
642,882

Retained earnings - substantially restricted
210,531

 
173,139

Accumulated other comprehensive income
47,962

 
33,487

Total stockholders’ equity
900,949

 
850,227

Total liabilities and stockholders’ equity
$
7,747,440

 
7,187,906

Number of common stock shares issued and outstanding
71,937,222

 
71,915,073



14


Glacier Bancorp, Inc.
Unaudited Consolidated Statements of Operations

 
Three Months ended
 
Year ended
(Dollars in thousands, except per share data)
December 31, 2012
 
December 31, 2011
 
December 31, 2012
 
December 31, 2011
Interest Income
 
 
 
 
 
 
 
Residential real estate loans
$
7,831

 
8,198

 
30,850

 
33,060

Commercial loans
29,661

 
31,629

 
121,425

 
130,249

Consumer and other loans
8,287

 
9,653

 
35,096

 
40,538

Investment securities
13,887

 
19,261

 
66,386

 
76,262

Total interest income
59,666

 
68,741

 
253,757

 
280,109

Interest Expense
 
 
 
 
 
 
 
Deposits
4,135

 
5,379

 
18,183

 
25,269

Securities sold under agreements to repurchase
311

 
320

 
1,308

 
1,353

Federal Home Loan Bank advances
2,851

 
3,555

 
12,566

 
12,687

Federal funds purchased and other borrowed funds
53

 
69

 
229

 
224

Subordinated debentures
815

 
874

 
3,428

 
4,961

Total interest expense
8,165

 
10,197

 
35,714

 
44,494

Net Interest Income
51,501

 
58,544

 
218,043

 
235,615

Provision for loan losses
2,275

 
8,675

 
21,525

 
64,500

Net interest income after provision for loan losses
49,226

 
49,869

 
196,518

 
171,115

Non-Interest Income
 
 
 
 
 
 
 
Service charges and other fees
11,621

 
11,093

 
45,343

 
44,194

Miscellaneous loan fees and charges
1,224

 
1,041

 
4,363

 
3,919

Gain on sale of loans
9,164

 
7,026

 
32,227

 
21,132

Gain on sale of investments
—

 
—

 
—

 
346

Other income
3,384

 
2,857

 
9,563

 
8,608

Total non-interest income
25,393

 
22,017

 
91,496

 
78,199

Non-Interest Expense
 
 
 
 
 
 
 
Compensation and employee benefits
24,083

 
21,311

 
95,373

 
85,691

Occupancy and equipment
6,043

 
5,890

 
23,837

 
23,599

Advertising and promotions
1,478

 
1,588

 
6,413

 
6,469

Outsourced data processing
889

 
849

 
3,324

 
3,153

Other real estate owned
3,570

 
12,896

 
18,964

 
27,255

Federal Deposit Insurance Corporation premiums
1,306

 
2,010

 
6,085

 
8,169

Core deposit intangibles amortization
491

 
557

 
2,110

 
2,473

Goodwill impairment charge
—

 
—

 
—

 
40,159

Other expense
10,148

 
10,029

 
37,315

 
35,156

Total non-interest expense
48,008

 
55,130

 
193,421

 
232,124

Income Before Income Taxes
26,611

 
16,756

 
94,593

 
17,190

Federal and state income tax expense (benefit)
5,853

 
2,408

 
19,077

 
(281
)
Net Income
$
20,758

 
14,348

 
75,516

 
17,471

Basic earnings per share
$
0.29

 
0.20

 
1.05

 
0.24

Diluted earnings per share
$
0.29

 
0.20

 
1.05

 
0.24

Dividends declared per share
$
0.14

 
0.13

 
0.53

 
0.52

Average outstanding shares - basic
71,937,222

 
71,915,073

 
71,928,570

 
71,915,073

Average outstanding shares - diluted
71,937,286

 
71,915,073

 
71,928,656

 
71,915,073


15


Glacier Bancorp, Inc.
Average Balance Sheet

 
Three Months ended
 
Year ended
 
December 31, 2012
 
December 31, 2012
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
646,061

 
7,831

 
4.85
%
 
$
611,910

 
30,850

 
5.04
%
Commercial loans
2,256,854

 
29,661

 
5.21
%
 
2,274,128

 
121,425

 
5.32
%
Consumer and other loans
602,625

 
8,287

 
5.46
%
 
620,584

 
35,096

 
5.64
%
Total loans 1
3,505,540

 
45,779

 
5.18
%
 
3,506,622

 
187,371

 
5.33
%
Tax-exempt investment securities 2
914,241

 
13,785

 
6.03
%
 
888,839

 
54,389

 
6.12
%
Taxable investment securities 3
2,882,474

 
4,719

 
0.65
%
 
2,598,589

 
30,231

 
1.16
%
Total earning assets
7,302,255

 
64,283

 
3.49
%
 
6,994,050

 
271,991

 
3.88
%
Goodwill and intangibles
112,528

 
 
 
 
 
113,321

 
 
 
 
Non-earning assets
347,627

 
 
 
 
 
365,408

 
 
 
 
Total assets
$
7,762,410

 
 
 
 
 
$
7,472,779

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,178,548

 
—

 
—
%
 
$
1,080,854

 
—

 
—
%
NOW accounts
917,470

 
284

 
0.12
%
 
872,529

 
1,370

 
0.16
%
Savings accounts
469,491

 
76

 
0.06
%
 
450,940

 
342

 
0.08
%
Money market deposit accounts
904,530

 
481

 
0.21
%
 
888,620

 
2,221

 
0.25
%
Certificate accounts
1,024,492

 
2,534

 
0.98
%
 
1,049,752

 
11,633

 
1.11
%
Wholesale deposits 4
832,602

 
760

 
0.36
%
 
693,463

 
2,617

 
0.38
%
FHLB advances
998,592

 
2,851

 
1.13
%
 
996,766

 
12,566

 
1.26
%
Repurchase agreements, federal funds purchased and other borrowed funds
491,627

 
1,179

 
0.95
%
 
495,871

 
4,965

 
1.00
%
Total funding liabilities
6,817,352

 
8,165

 
0.48
%
 
6,528,795

 
35,714

 
0.55
%
Other liabilities
44,156

 
 
 
 
 
59,571

 
 
 
 
Total liabilities
6,861,508

 
 
 
 
 
6,588,366

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
719

 
 
 
 
 
719

 
 
 
 
Paid-in capital
641,738

 
 
 
 
 
642,009

 
 
 
 
Retained earnings
204,875

 
 
 
 
 
194,413

 
 
 
 
Accumulated other comprehensive income
53,570

 
 
 
 
 
47,272

 
 
 
 
Total stockholders’ equity
900,902

 
 
 
 
 
884,413

 
 
 
 
Total liabilities and stockholders’ equity
$
7,762,410

 
 
 
 
 
$
7,472,779

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
56,118

 
 
 
 
 
$
236,277

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.01
%
 
 
 
 
 
3.33
%
Net interest margin (tax-equivalent)
 
 
 
 
3.05
%
 
 
 
 
 
3.37
%
1 
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.
2
Includes tax effect of $4.2 million and $16.7 million on tax-exempt investment security income for the three months and year ended December 31, 2012, respectively.
3 
Includes tax effect of $386 thousand and $1.5 million on investment security tax credits for the three months and year ended December 31, 2012, respectively.
4 
Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts, including reciprocal deposits.


16


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 
Loans Receivable, by Loan Type
 
% Change from
 
% Change from
(Dollars in thousands)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
 
September 30,
2012
December 31,
2011
Custom and owner occupied construction
$
40,327

 
39,937

 
35,422

 
1
 %
 
14
 %
Pre-sold and spec construction
34,970

 
46,149

 
58,811

 
(24
)%
 
(41
)%
Total residential construction
75,297

 
86,086

 
94,233

 
(13
)%
 
(20
)%
Land development
80,132

 
88,272

 
103,881

 
(9
)%
 
(23
)%
Consumer land or lots
104,229

 
109,648

 
125,396

 
(5
)%
 
(17
)%
Unimproved land
53,459

 
54,988

 
66,074

 
(3
)%
 
(19
)%
Developed lots for operative builders
16,675

 
19,943

 
25,180

 
(16
)%
 
(34
)%
Commercial lots
19,654

 
21,674

 
26,621

 
(9
)%
 
(26
)%
Other construction
56,109

 
37,981

 
34,346

 
48
 %
 
63
 %
Total land, lot, and other construction
330,258

 
332,506

 
381,498

 
(1
)%
 
(13
)%
Owner occupied
710,161

 
703,253

 
697,131

 
1
 %
 
2
 %
Non-owner occupied
452,966

 
450,402

 
436,021

 
1
 %
 
4
 %
Total commercial real estate
1,163,127

 
1,153,655

 
1,133,152

 
1
 %
 
3
 %
Commercial and industrial
420,459

 
401,717

 
408,054

 
5
 %
 
3
 %
1st lien
738,854

 
719,030

 
688,455

 
3
 %
 
7
 %
Junior lien
82,083

 
84,687

 
95,508

 
(3
)%
 
(14
)%
Total 1-4 family
820,937

 
803,717

 
783,963

 
2
 %
 
5
 %
Home equity lines of credit
319,779

 
326,878

 
350,229

 
(2
)%
 
(9
)%
Other consumer
109,019

 
108,069

 
109,235

 
1
 %
 
—
 %
Total consumer
428,798

 
434,947

 
459,464

 
(1
)%
 
(7
)%
Agriculture
145,890

 
157,587

 
151,031

 
(7
)%
 
(3
)%
Other
158,160

 
156,865

 
150,197

 
1
 %
 
5
 %
Loans held for sale
(145,501
)
 
(118,986
)
 
(95,457
)
 
22
 %
 
52
 %
Total
$
3,397,425

 
3,408,094

 
3,466,135

 
—
 %
 
(2
)%


17


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

 
 
Non-performing Assets, by Loan Type
 
Non-
Accruing
Loans
 
Accruing
Loans 90  Days
or More Past Due
 
Other
Real Estate
Owned
(Dollars in thousands)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
 
December 31,
2012
December 31,
2012
December 31,
2012
Custom and owner occupied construction
$
1,343

 
2,468

 
1,531

 
1,343

 
—

 
—

Pre-sold and spec construction
1,603

 
5,993

 
5,506

 
785

 
—

 
818

Total residential construction
2,946

 
8,461

 
7,037

 
2,128

 
—

 
818

Land development
31,471

 
38,295

 
56,152

 
16,563

 
—

 
14,908

Consumer land or lots
6,459

 
9,332

 
8,878

 
3,169

 
37

 
3,253

Unimproved land
19,121

 
25,369

 
35,771

 
14,752

 
—

 
4,369

Developed lots for operative builders
2,393

 
6,471

 
9,001

 
1,381

 
—

 
1,012

Commercial lots
1,959

 
2,002

 
2,032

 
979

 
—

 
980

Other construction
5,105

 
5,111

 
5,133

 
194

 
—

 
4,911

Total land, lot and other construction
66,508

 
86,580

 
116,967

 
37,038

 
37

 
29,433

Owner occupied
15,662

 
15,845

 
23,931

 
10,495

 
568

 
4,599

Non-owner occupied
4,621

 
3,929

 
4,897

 
3,611

 
42

 
968

Total commercial real estate
20,283

 
19,774

 
28,828

 
14,106

 
610

 
5,567

Commercial and industrial
5,970

 
7,060

 
12,855

 
5,774

 
181

 
15

1st lien
25,739

 
30,578

 
31,083

 
20,261

 
459

 
5,019

Junior lien
6,660

 
9,213

 
2,506

 
6,559

 
—

 
101

Total 1-4 family
32,399

 
39,791

 
33,589

 
26,820

 
459

 
5,120

Home equity lines of credit
8,041

 
7,502

 
6,361

 
7,120

 
180

 
741

Other consumer
441

 
462

 
360

 
306

 
12

 
123

Total consumer
8,482

 
7,964

 
6,721

 
7,426

 
192

 
864

Agriculture
6,686

 
6,894

 
7,010

 
3,641

 
—

 
3,045

Other
253

 
253

 
449

 
—

 
—

 
253

Total
$
143,527

 
176,777

 
213,456

 
96,933

 
1,479

 
45,115



18


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

 
Accruing 30-89 Days Delinquent Loans,  by Loan Type
 
% Change from
 
% Change from
(Dollars in thousands)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
 
September 30,
2012
 
December 31,
2011
Custom and owner occupied construction
$
5

 
852

 
—

 
(99
)%
 
n/m

Pre-sold and spec construction
893

 
—

 
250

 
n/m

 
257
 %
Total residential construction
898

 
852

 
250

 
5
 %
 
259
 %
Land development
191

 
774

 
458

 
(75
)%
 
(58
)%
Consumer land or lots
762

 
850

 
1,801

 
(10
)%
 
(58
)%
Unimproved land
422

 
1,126

 
1,342

 
(63
)%
 
(69
)%
Developed lots for operative builders
422

 
129

 
1,336

 
227
 %
 
(68
)%
Commercial lots
11

 
—

 
—

 
n/m

 
n/m

Total land, lot and other construction
1,808

 
2,879

 
4,937

 
(37
)%
 
(63
)%
Owner occupied
5,523

 
6,849

 
8,187

 
(19
)%
 
(33
)%
Non-owner occupied
2,802

 
4,927

 
1,791

 
(43
)%
 
56
 %
Total commercial real estate
8,325

 
11,776

 
9,978

 
(29
)%
 
(17
)%
Commercial and industrial
1,905

 
2,803

 
4,637

 
(32
)%
 
(59
)%
1st lien
7,352

 
4,462

 
14,405

 
65
 %
 
(49
)%
Junior lien
732

 
750

 
6,471

 
(2
)%
 
(89
)%
Total 1-4 family
8,084

 
5,212

 
20,876

 
55
 %
 
(61
)%
Home equity lines of credit
4,164

 
3,433

 
3,416

 
21
 %
 
22
 %
Other consumer
1,001

 
943

 
1,172

 
6
 %
 
(15
)%
Total consumer
5,165

 
4,376

 
4,588

 
18
 %
 
13
 %
Agriculture
912

 
345

 
3,428

 
164
 %
 
(73
)%
Other
—

 
191

 
392

 
(100
)%
 
(100
)%
Total
$
27,097

 
28,434

 
49,086

 
(5
)%
 
(45
)%
n/m - not measurable


19


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)
December 31,
2012
 
September 30,
2012
 
December 31,
2011
 
December 31,
2012
December 31,
2012
Custom and owner occupied construction
$
24

 
24

 
206

 
75

 
51

Pre-sold and spec construction
2,489

 
2,516

 
4,069

 
2,641

 
152

Total residential construction
2,513

 
2,540

 
4,275

 
2,716

 
203

Land development
3,035

 
2,654

 
17,055

 
3,975

 
940

Consumer land or lots
4,003

 
2,537

 
7,456

 
4,442

 
439

Unimproved land
636

 
543

 
4,047

 
1,039

 
403

Developed lots for operative builders
1,802

 
1,257

 
943

 
2,098

 
296

Commercial lots
362

 
41

 
237

 
489

 
127

Other construction
—

 
—

 
1,568

 
—

 
—

Total land, lot and other construction
9,838

 
7,032

 
31,306

 
12,043

 
2,205

Owner occupied
1,312

 
1,254

 
3,815

 
1,507

 
195

Non-owner occupied
597

 
232

 
3,861

 
1,037

 
440

Total commercial real estate
1,909

 
1,486

 
7,676

 
2,544

 
635

Commercial and industrial
2,651

 
1,790

 
7,871

 
3,696

 
1,045

1st lien
5,257

 
2,864

 
7,031

 
6,420

 
1,163

Junior lien
3,464

 
2,668

 
1,663

 
3,787

 
323

Total 1-4 family
8,721

 
5,532

 
8,694

 
10,207

 
1,486

Home equity lines of credit
2,124

 
1,412

 
3,261

 
2,443

 
319

Other consumer
262

 
133

 
615

 
641

 
379

Total consumer
2,386

 
1,545

 
3,876

 
3,084

 
698

Agriculture
125

 
95

 
134

 
261

 
136

Other
44

 
86

 
259

 
121

 
77

Total
$
28,187

 
20,106

 
64,091

 
34,672

 
6,485
















Visit our website at www.glacierbancorp.com


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