0000868671-15-000004.txt : 20150203 0000868671-15-000004.hdr.sgml : 20150203 20150203122647 ACCESSION NUMBER: 0000868671-15-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150203 DATE AS OF CHANGE: 20150203 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: 15569795 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-12312014x8k.htm 8-K GBCI-12.31.2014-8K


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 29, 2015 

____________________________________________________________
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 29, 2015, the Company issued a press release announcing its financial results for the quarter ended December 31, 2014. 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 29, 2015, announcing financial results for the quarter ended December 31, 2014.


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 29, 2015
 
/s/   MICHAEL J. BLODNICK
(Date)
 
Michael J. Blodnick
President and Chief Executive Officer


 EX-99.1 2 gbci-12312014xex991.htm EXHIBIT 99.1 GBCI-12.31.2014-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, 2014

HIGHLIGHTS:
•
Net income of $28.1 million for the current quarter, an increase of 6 percent from the prior year fourth quarter net income of $26.5 million.
•
Net income of $112.8 million for the current year, an increase of 18 percent from the prior year net income of $95.6 million.
•
Current quarter diluted earnings per share of $0.37, an increase of 3 percent from the prior year fourth quarter diluted earnings per share of $0.36.
•
The loan portfolio increased $29 million, or 3 percent annualized, during the current quarter.
•
Non-performing assets decreased $8.2 million, or 8 percent, during the current quarter.
•
Special dividend declared of $0.30 per share during the current quarter. This was the eleventh special dividend the Company has declared.
•
Regular dividend declared of $0.18 per share, an increase of $0.01 per share, or 6 percent, over the prior quarter.
•
Announced the definitive agreement to acquire Community Bank, Inc., a community bank based in Ronan, Montana, with total assets of $175 million at December 31, 2014.

Results Summary
 
Three Months ended
 
Year ended
(Dollars in thousands, except per share data)
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
 
Dec 31,
2014
 
Dec 31,
2013
Net income
$
28,054

 
29,294

 
28,677

 
26,730

 
26,546

 
112,755

 
95,644

Diluted earnings per share
$
0.37

 
0.40

 
0.38

 
0.36

 
0.36

 
1.51

 
1.31

Return on average assets (annualized)
1.37
%
 
1.46
%
 
1.47
%
 
1.39
%
 
1.33
%
 
1.42
%
 
1.23
%
Return on average equity (annualized)
10.66
%
 
11.30
%
 
11.45
%
 
11.04
%
 
10.96
%
 
11.11
%
 
10.22
%


1


KALISPELL, MONTANA, January 29, 2015 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $28.1 million for the current quarter, an increase of $1.6 million, or 6 percent, from the $26.5 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.37 per share, an increase of $0.01, or 3 percent, from the prior year fourth quarter diluted earnings per share of $0.36. Included in the current quarter non-interest expense was $1.4 million of one-time expenses primarily due to acquisition related expenses and included in the current quarter was non-interest income of $747 thousand from insurance proceeds on a bank owned life insurance policy. “We had another very solid quarter that helped achieve an all time record year for us,” said Mick Blodnick, President and Chief Executive Officer. “As expected earnings were down from the previous two quarters as seasonal factors impacted our revenue stream, especially non interest income. In addition, interest expense was higher this quarter, the result of an interest rate swap we put in place three years ago to reduce our sensitivity to increases in interest rates in the future,” Blodnick said. “The highlight for the quarter was the announcement of our plans to acquire Community Bank, Inc. with a timetable to hopefully have the transaction closed by the end of February,” Blodnick said.
 
Net income for the year ended December 31, 2014 was $112.8 million, an increase of $17.2 million, or 18 percent, from the $95.6 million of net income for the same period the prior year. Diluted earnings per share for the current year was $1.51 per share, an increase of $0.20, or 15 percent, from the diluted earnings per share in the prior year.

On August 31, 2014, the Company completed the acquisition of FNBR Holding Corporation, and its subsidiary, First National Bank of the Rockies (“FNBR”). The Company incurred $552 thousand of legal and professional expenses in connection with the FNBR acquisition during 2014. A bargain purchase gain of $680 thousand resulted from the acquisition which was based on the estimated fair value of the assets acquired and liabilities assumed. The Company’s results of operations and financial condition include the acquisition of FNBR from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired:
(Dollars in thousands)
August 31,
2014
Total assets
$
349,167

Investment securities
157,018

Loans receivable
137,488

Non-interest bearing deposits
80,037

Interest bearing deposits
229,604



2


Asset Summary
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Sep 30,
2014
 
Dec 31,
2013
Cash and cash equivalents
$
442,409

 
282,097

 
155,657

 
160,312

 
286,752

Investment securities, available-for-sale
2,387,428

 
2,398,196

 
3,222,829

 
(10,768
)
 
(835,401
)
Investment securities, held-to-maturity
520,997

 
482,757

 
—

 
38,240

 
520,997

Total investment securities
2,908,425

 
2,880,953

 
3,222,829

 
27,472

 
(314,404
)
Loans receivable
 
 
 
 
 
 
 
 
 
Residential real estate
611,463

 
603,806

 
577,589

 
7,657

 
33,874

Commercial
3,263,448

 
3,248,529

 
2,901,283

 
14,919

 
362,165

Consumer and other
613,184

 
606,764

 
583,966

 
6,420

 
29,218

Loans receivable
4,488,095

 
4,459,099

 
4,062,838

 
28,996

 
425,257

Allowance for loan and lease losses
(129,753
)
 
(130,632
)
 
(130,351
)
 
879

 
598

Loans receivable, net
4,358,342

 
4,328,467

 
3,932,487

 
29,875

 
425,855

Other assets
597,331

 
618,293

 
573,377

 
(20,962
)
 
23,954

Total assets
$
8,306,507

 
8,109,810

 
7,884,350

 
196,697

 
422,157


Total investment securities increased $27 million, or 1 percent, during the current quarter and decreased $314 million, or 10 percent, from December 31, 2013. At December 31, 2014, investment securities represented 35 percent of total assets, compared to 41 percent at December 31, 2013.

The loan portfolio increased by $29 million, or 3 percent annualized, during the current quarter with improvement in all loan categories. Excluding the loans receivable from the FNBR acquisition, the loan portfolio increased $288 million, or 7 percent, since December 31, 2013 of which $245 million came from growth in commercial loans. “Better than expected loan growth in the fourth quarter led to overall organic loan growth in 2014 of 7 percent, which was 2 percent above our goal at the beginning of the year,” Blodnick said. “If we include the acquisition of First National Bank of the Rockies, our loan portfolio grew in excess of 10 percent which is the second year in a row we have generated that level of production,” Blodnick said.


3


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,
2014
 
September 30,
2014
 
December 31,
2013
Allowance for loan and lease losses
 
 
 
 
 
Balance at beginning of period
$
130,351

 
130,351

 
130,854

Provision for loan losses
1,912

 
1,721

 
6,887

Charge-offs
(7,603
)
 
(5,567
)
 
(13,643
)
Recoveries
5,093

 
4,127

 
6,253

Balance at end of period
$
129,753

 
130,632

 
130,351

Other real estate owned
$
27,804

 
28,374

 
26,860

Accruing loans 90 days or more past due
214

 
1,617

 
604

Non-accrual loans
61,882

 
68,149

 
81,956

Total non-performing assets 1
$
89,900

 
98,140

 
109,420

Non-performing assets as a percentage of subsidiary assets
1.08
%
 
1.21
%
 
1.39
%
Allowance for loan and lease losses as a percentage of non-performing loans
209
%
 
187
%
 
158
%
Allowance for loan and lease losses as a percentage of total loans
2.89
%
 
2.93
%
 
3.21
%
Net charge-offs as a percentage of total loans
0.06
%
 
0.03
%
 
0.18
%
Accruing loans 30-89 days past due
$
25,904

 
17,570

 
32,116

Accruing troubled debt restructurings
$
69,129

 
74,376

 
81,110

Non-accrual troubled debt restructurings
$
33,714

 
37,482

 
42,461

__________ 
1 As of December 31, 2014, non-performing assets have not been reduced by U.S. government guarantees of $3.6 million.

Non-performing assets at December 31, 2014 were $89.9 million, a decrease of $8.2 million, or 8 percent, during the current quarter and a decrease of $19.5 million, or 18 percent, from a year ago. Land, lot and other construction loans (i.e., regulatory classification) continues to be the largest category and was $47.7 million, or 53 percent, of the non-performing assets at December 31, 2014. The Company has continued to make progress by reducing this category the past few years and the category decreased $3.7 million, or 7 percent, from the prior quarter. “2014 was another really good year of reducing problem assets, topped off by a strong final quarter,” Blodnick said. “Every credit quality metric improved during the current year and as we enter 2015, there is hope that we can make additional strides further lowering our level of troubled assets,” Blodnick said. Early stage delinquencies (accruing loans 30-89 days past due) of $25.9 million at December 31, 2014 increased $8.3 million from the prior quarter as a result of seasonal increases which are common in the fourth quarter. Early stage delinquencies for the current quarter decreased $6.2 million, or 19 percent, from the prior year fourth quarter.

The allowance for loan and lease losses (“allowance”) was $130 million at December 31, 2014 and remained stable compared to the prior quarter and year ago periods. The allowance was 2.89 percent of total loans outstanding at December 31, 2014 compared to 2.93 percent at September 30, 2014 and 3.21 percent for the same quarter last year.

4


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
Fourth quarter 2014
$
191

 
$
1,070

 
2.89
%
 
0.58
%
 
1.08
%
Third quarter 2014
360

 
364

 
2.93
%
 
0.39
%
 
1.21
%
Second quarter 2014
239

 
332

 
3.11
%
 
0.44
%
 
1.30
%
First quarter 2014
1,122

 
744

 
3.20
%
 
1.05
%
 
1.37
%
Fourth quarter 2013
1,802

 
2,216

 
3.21
%
 
0.79
%
 
1.39
%
Third quarter 2013
1,907

 
2,025

 
3.27
%
 
0.66
%
 
1.56
%
Second quarter 2013
1,078

 
1,030

 
3.56
%
 
0.60
%
 
1.64
%
First quarter 2013
2,100

 
2,119

 
3.84
%
 
0.95
%
 
1.79
%

Net charged-off loans for the current quarter were $1.1 million, an increase of $706 thousand from the prior quarter and a decrease of $1.1 million from the prior year fourth quarter. The current quarter provision for loan losses of $191 thousand decreased $169 thousand from the prior quarter and decreased $1.6 million from the prior year fourth quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of 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.

Liability Summary
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Sep 30,
2014
 
Dec 31,
2013
Non-interest bearing deposits
$
1,632,403

 
1,595,971

 
1,374,419

 
36,432

 
257,984

Interest bearing deposits
4,712,809

 
4,510,840

 
4,205,548

 
201,969

 
507,261

Repurchase agreements
397,107

 
367,213

 
313,394

 
29,894

 
83,713

FHLB advances
296,944

 
366,866

 
840,182

 
(69,922
)
 
(543,238
)
Other borrowed funds
7,311

 
7,351

 
8,387

 
(40
)
 
(1,076
)
Subordinated debentures
125,705

 
125,669

 
125,562

 
36

 
143

Other liabilities
106,181

 
95,420

 
53,608

 
10,761

 
52,573

Total liabilities
$
7,278,460

 
7,069,330

 
6,921,100

 
209,130

 
357,360


Non-interest bearing deposits at December 31, 2014 increased $36.4 million, or 2 percent, during the current quarter. Excluding the FNBR acquisition, non-interest bearing deposits increased $178 million, or 13 percent, from December 31, 2013. Interest bearing deposits of $4.713 billion at December 31, 2014 included $249 million of wholesale deposits (i.e., brokered deposits classified as NOW, money market deposits and certificate accounts). Excluding an increase of $53.1 million in wholesale deposits, interest bearing deposits at December 31, 2014 increased $149 million, or 3 percent, during the current quarter. Excluding the acquisition and an increase of $44.1 million in wholesale deposits, interest bearing deposits at December 31, 2014 increased $234 million, or 6 percent, from a year ago. In addition to the increase in deposit balances, the Company has benefited from a higher than expected increase in the number of checking accounts during the current year. Federal Home Loan Bank (“FHLB”)

5


advances of $297 million at December 31, 2014 decreased $70 million, or 19 percent, during the current quarter and decreased $543 million, or 65 percent, from December 31, 2013 as the need for borrowings continued to decrease.

Stockholders’ Equity Summary
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands, except per share data)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Sep 30,
2014
 
Dec 31,
2013
Common equity
$
1,010,303

 
1,017,805

 
953,605

 
(7,502
)
 
56,698

Accumulated other comprehensive income
17,744

 
22,675

 
9,645

 
(4,931
)
 
8,099

Total stockholders’ equity
1,028,047

 
1,040,480

 
963,250

 
(12,433
)
 
64,797

Goodwill and core deposit intangible, net
(140,606
)
 
(141,323
)
 
(139,218
)
 
717

 
(1,388
)
Tangible stockholders’ equity
$
887,441

 
899,157

 
824,032

 
(11,716
)
 
63,409

Stockholders’ equity to total assets
12.38
%
 
12.83
%
 
12.22
%
 
 
 
 
Tangible stockholders’ equity to total tangible assets
10.87
%
 
11.28
%
 
10.64
%
 
 
 
 
Book value per common share
$
13.70

 
13.87

 
12.95

 
(0.17
)
 
0.75

Tangible book value per common share
$
11.83

 
11.98

 
11.08

 
(0.15
)
 
0.75

Market price per share at end of period
$
27.77

 
25.86

 
29.79

 
1.91

 
(2.02
)

Tangible stockholders’ equity of $887 million at December 31, 2014 decreased $11.7 million, or 1 percent, from the prior quarter which was primarily the result of the $0.30 per share special dividend declared. Tangible stockholders’ equity increased $63.4 million from a year ago as the result of earnings retention, stock issued in connection with the FNBR acquisition, and an increase in accumulated other comprehensive income. Tangible book value per common share of $11.83 decreased $0.15 per share from the prior quarter and increased $0.75 per share from the prior year fourth quarter.

Cash Dividend
On December 30, 2014, the Company’s Board of Directors declared a special cash dividend of $0.30 per share, which was the eleventh special dividend the Company has declared. The dividend is payable on January 22, 2015 to shareholders of record on January 13, 2015. On November 25, 2014, the Company’s Board of Directors declared a regular cash dividend of $0.18 per share during the current quarter, an increase of $0.01 per share, or 6 percent, from the prior quarter. The dividend was payable December 18, 2014 to shareholders of record on December 9, 2014. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.


6


Operating Results for Three Months Ended December 31, 2014 
Compared to September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013

Revenue Summary
 
Three Months ended
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
Net interest income
 
 
 
 
 
 
 
 
 
Interest income
$
76,179

 
75,690

 
73,963

 
74,087

 
73,939

Interest expense
7,368

 
6,430

 
6,528

 
6,640

 
6,929

Total net interest income
68,811

 
69,260

 
67,435

 
67,447

 
67,010

Non-interest income
 
 
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
15,129

 
15,661

 
14,747

 
13,248

 
14,695

Gain on sale of loans
5,424

 
6,000

 
4,778

 
3,595

 
4,935

Loss on sale of investments
(28
)
 
(61
)
 
(48
)
 
(51
)
 
—

Other income
3,453

 
2,832

 
3,027

 
2,596

 
3,372

Total non-interest income
23,978

 
24,432

 
22,504

 
19,388

 
23,002

 
$
92,789

 
93,692

 
89,939

 
86,835

 
90,012

Net interest margin (tax-equivalent)
3.92
%
 
3.99
%
 
3.99
%
 
4.02
%
 
3.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
 
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
Net interest income
 
 
 
 
 
 
 
 
 
Interest income
 
 
$
489

 
2,216

 
2,092

 
2,240

Interest expense
 
 
938

 
840

 
728

 
439

Total net interest income
 
 
(449
)
 
1,376

 
1,364

 
1,801

Non-interest income
 
 
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
 
 
(532
)
 
382

 
1,881

 
434

Gain on sale of loans
 
 
(576
)
 
646

 
1,829

 
489

Loss on sale of investments
 
 
33

 
20

 
23

 
(28
)
Other income
 
 
621

 
426

 
857

 
81

Total non-interest income
 
 
(454
)
 
1,474

 
4,590

 
976

 
 
 
$
(903
)
 
2,850

 
5,954

 
2,777


Net Interest Income
The current quarter interest income of $76.2 million increased $489 thousand, or 1 percent, from the prior quarter. The current quarter increase in interest income was primarily driven by increases in interest income on residential real estate loans and commercial loans which more than offset the reduction in interest income from the investment securities portfolio. The current quarter’s interest income increased $2.2 million, or 3 percent, over the prior year fourth quarter and was primarily attributable to higher interest income on commercial loans. The current quarter interest income of $37.9 million on commercial loans increased $3.2 million, or 9 percent, over the prior year fourth quarter as a result of an increased volume of commercial loans. Current quarter interest income of $22.1

7


million on investment securities decreased $1.4 million, or 6 percent, over the prior year fourth quarter as a result of a decrease volume in investment securities.

The current quarter interest expense of $7.4 million increased $938 thousand from the prior quarter, primarily the result of interest expense associated with an interest rate swap undertaken to reduce the Company’s sensitivity to rising interest rates. The interest rate swap with a notional amount of $160 million had a three year deferred start with the interest expense accrual period beginning in October 2014 and scheduled to end in October 2021. The current quarter interest expense increased $439 thousand from the prior year fourth quarter, such increase attributed to the interest expense associated with the interest rate swap which was partially offset by the decrease in deposit interest expense. The total cost of funding (including non-interest bearing deposits) for the current quarter was 42 basis points compared to 37 basis points in the prior quarter and 40 basis points in the prior year fourth quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.92 percent compared to 3.99 in the prior quarter. The 7 basis points decrease in the current quarter net interest margin was primarily driven by the 5 basis point increase in the total funding cost due to the increase in the interest expense associated with the interest rate swap. The yield in earning assets decreased 2 basis points and resulted from a decrease in yields on the loan and investment securities portfolios. The Company’s current quarter net interest margin increased 4 basis points from the prior year fourth quarter net interest margin of 3.88 percent, such increase primarily driven by the increased yield on the investment securities combined with a significant shift in earning assets to the higher yielding loan portfolio. The total cost of funding increased 2 basis points over the prior year fourth quarter, such increase from the interest rate swap which was partially offset by a reduction in deposit interest rates.

Non-interest Income
Non-interest income for the current quarter totaled $24.0 million, a decrease of $454 thousand over the prior quarter and an increase of $976 thousand over the same quarter last year. Service fee income of $15.1 million, decreased $532 thousand, or 3 percent, from the prior quarter as a result of seasonal activity and increased $434 thousand, or 3 percent, from the prior year fourth quarter as a result of the increased number of deposit accounts. Gain of $5.4 million on the sale of residential loans in the current quarter was a decrease of $576 thousand, or 10 percent, from the prior quarter again because of seasonal activity. Gain on the sale of the residential loans in the current quarter increased $489 thousand, or 10 percent, from the prior year fourth quarter as a result of an increase in mortgage lending activity during the last half of 2014 as interest rates decreased. Other non-interest income for the current quarter of $3.5 million, increased $621 thousand, or 22 percent, over the prior quarter and was due to $747 thousand of insurance proceeds recognized in the current quarter from a bank owned life insurance policy. Included in other income was operating revenue of $67 thousand from other real estate owned (“OREO”) and gain of $374 thousand from the sale of OREO, a combined total of $441 thousand for the current quarter compared to $406 thousand for the prior quarter and $1.6 million for the prior year fourth quarter.


8


Non-interest Expense Summary
 
Three Months ended
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
Compensation and employee benefits
$
30,807

 
30,142

 
28,988

 
28,634

 
27,258

Occupancy and equipment
7,191

 
6,961

 
6,733

 
6,613

 
6,723

Advertising and promotions
2,046

 
2,141

 
1,948

 
1,777

 
1,847

Data processing
1,815

 
1,472

 
2,032

 
1,288

 
1,623

Other real estate owned
893

 
602

 
566

 
507

 
2,295

Regulatory assessments and insurance
1,009

 
1,435

 
1,028

 
1,592

 
1,519

Core deposit intangibles amortization
716

 
692

 
693

 
710

 
717

Other expense
11,221

 
10,793

 
10,685

 
8,949

 
11,052

Total non-interest expense
$
55,698

 
54,238

 
52,673

 
50,070

 
53,034

 
 
 
 
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
 
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
Compensation and employee benefits
 
 
$
665

 
1,819

 
2,173

 
3,549

Occupancy and equipment
 
 
230

 
458

 
578

 
468

Advertising and promotions
 
 
(95
)
 
98

 
269

 
199

Data processing
 
 
343

 
(217
)
 
527

 
192

Other real estate owned
 
 
291

 
327

 
386

 
(1,402
)
Regulatory assessments and insurance
 
 
(426
)
 
(19
)
 
(583
)
 
(510
)
Core deposit intangibles amortization
 
 
24

 
23

 
6

 
(1
)
Other expense
 
 
428

 
536

 
2,272

 
169

Total non-interest expense
 
 
$
1,460

 
3,025

 
5,628

 
2,664


Compensation and employee benefits for the current quarter increased by $665 thousand, or 2 percent, from the prior quarter due to the increased number of employees from the FNBR acquisition. Compensation and employee benefits increased by $3.5 million from the prior year fourth quarter also due to the increased number of employees from the FNBR acquisition, along with additional benefit costs and salary increases. Current quarter occupancy and equipment expense increased $230 thousand, or 3 percent, from the prior quarter and increased $468 thousand, or 7 percent, from the prior year fourth quarter as a result of added costs associated with the FNBR acquisition. Advertising and promotion expense in the current quarter increased $199 thousand, or 11 percent, compared to the prior year fourth quarter primarily from the FNBR acquisition and recent marketing promotions at a number of the Bank divisions. The current quarter data processing expense increased $343 thousand, or 23 percent, from the prior quarter and increased $192 thousand, or 12 percent, as a result of conversion related expenses in the fourth quarter of 2014. The current quarter OREO expense of $893 thousand included $360 thousand of operating expense, $474 thousand of fair value write-downs, and $59 thousand of loss on sale of OREO. OREO expense may fluctuate as the Company continues to work through non-performing assets and dispose of foreclosed properties.


9


Efficiency Ratio
The efficiency ratio for the current quarter was 55 percent and the prior year fourth quarter was 54 percent. The 1 percent increase in efficiency ratio resulted from increases in non-interest expense primarily the result of increased operational expense associated with recent acquisitions, which exceeded the increases in net interest income from higher yielding earning assets and increases in non-interest income from greater mortgage activity and higher number of deposit accounts.

Operating Results for Year ended December 31, 2014
Compared to December 31, 2013

Revenue Summary
 
Year ended
 
 
 
 
(Dollars in thousands)
December 31,
2014
 
December 31,
2013
 
$ Change
 
% Change
Net interest income
 
 
 
 
 
 
 
Interest income
$
299,919

 
$
263,576

 
$
36,343

 
14
 %
Interest expense
26,966

 
28,758

 
(1,792
)
 
(6
)%
Total net interest income
272,953

 
234,818

 
38,135

 
16
 %
Non-interest income
 
 
 
 
 
 
 
Service charges, loan fees, and other fees
58,785

 
54,460

 
4,325

 
8
 %
Gain on sale of loans
19,797

 
28,517

 
(8,720
)
 
(31
)%
Loss on sale of investments
(188
)
 
(299
)
 
111

 
(37
)%
Other income
11,908

 
10,369

 
1,539

 
15
 %
Total non-interest income
90,302

 
93,047

 
(2,745
)
 
(3
)%
 
$
363,255

 
$
327,865

 
$
35,390

 
11
 %
Net interest margin (tax-equivalent)
3.98
%
 
3.48
%
 
 
 
 

Net Interest Income
Interest income for 2014 increased $36.3 million, or 14 percent, from the prior year and was principally due to the decrease in premium amortization on investment securities and increased income from commercial loans. Interest income on investment securities benefited from a reduction of $36.6 million in premium amortization (net of discount accretion) on the investment portfolio (“premium amortization”) during the current year compared to the prior year. Current year interest income on commercial loans increased $18.2 million, or 14 percent, from the prior year and was primarily the result of an increase in volume of commercial loans.

Interest expense for the current year decreased $1.8 million, or 6 percent, from the prior year and was primarily attributable to the decreases in interest rates on certificate of deposits and lower volume of borrowings, such benefit was partially offset by the increased costs associated with the interest rate swap in the final quarter of the year. The total funding cost (including non-interest bearing deposits) for the current year was 39 basis points compared to 42 basis points for the prior year. 

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2014 was 3.98 percent, a 50 basis points increase from the net interest margin of 3.48 percent for 2013. The increase in the net interest margin was due to the increased yield on the investment portfolio combined with the shift in earning assets to the higher yielding loan portfolio. The premium amortization for 2014 accounted for a 40 basis points reduction in the net interest margin, compared to an 89 basis points reduction in the net interest margin for the same period last year.  “The Bank divisions were very much focused on growing their loan portfolios throughout the year,” said

10


Ron Copher, Chief Financial Officer.  “Funding this loan growth with cash flow from the lower yielding investment securities portfolio combined with increased deposit balances at reduced rates enabled the net interest margin to improve by 50 basis points over the net interest margin for the prior year.”

Non-interest Income
Non-interest income of $90.3 million for 2014 decreased $2.7 million, or 3 percent, over last year. Service charges and other fees of $58.8 million for the current year increased $4.3 million, or 8 percent, from the prior year and was primarily the result of an increase in the number of deposit accounts. Gain of $19.8 million on the sale of residential loans for 2014 decreased $8.7 million, or 31 percent, from 2013 as a consequence of the slowdown in refinance activity. Current year other income of $11.9 million, increased $1.5 million, or 15 percent, from the prior year as a result of a current year bargain purchase gain, proceeds from bank owned life insurance policy, and other income which was partially offset by the decreases in OREO income. Included in other income was operating revenue of $204 thousand from OREO and gain of $2.1 million from the sale of OREO, which combined totaled $2.3 million for the current year compared to $3.5 million for the same period in the prior year.

Non-interest Expense Summary
 
Year ended
 
 
 
 
(Dollars in thousands)
December 31,
2014
 
December 31,
2013
 
$ Change
 
% Change
Compensation and employee benefits
$
118,571

 
$
104,221

 
$
14,350

 
14
 %
Occupancy and equipment
27,498

 
24,875

 
2,623

 
11
 %
Advertising and promotions
7,912

 
6,913

 
999

 
14
 %
Data processing
6,607

 
4,493

 
2,114

 
47
 %
Other real estate owned
2,568

 
7,196

 
(4,628
)
 
(64
)%
Regulatory assessments and insurance
5,064

 
6,362

 
(1,298
)
 
(20
)%
Core deposit intangibles amortization
2,811

 
2,401

 
410

 
17
 %
Other expense
41,648

 
38,856

 
2,792

 
7
 %
Total non-interest expense
$
212,679

 
$
195,317

 
$
17,362

 
9
 %

Compensation and employee benefits for 2014 increased $14.4 million, or 14 percent, from the same period last year due to the increased number of employees from the acquired banks, additional benefit costs and annual salary increases. Occupancy and equipment expense for 2014 increased $2.6 million, or 11 percent, over the prior year as a result of recent bank acquisitions and increases in equipment expense related to additional information and technology infrastructure. Current year advertising and promotions increased $999 thousand from the prior year primarily from the FNBR acquisition and recent marketing promotions at a number of the Bank divisions. Data processing expense for 2014 increased $2.1 million, or 47 percent, from the prior year as a result of the acquired banks outsourced data processing expense, conversion related expenses and general increases in data processing expense. OREO expense of $2.6 million in 2014 decreased $4.6 million, or 64 percent, from the same period last year. OREO expense for the 2014 included $1.4 million of operating expenses, $691 thousand of fair value write-downs, and $442 thousand of loss on sale of OREO. Other expense for the current year increased by $2.8 million, or 7 percent, from the prior year primarily from increases in employee expenses from acquired banks and increase in consulting and advisory services.

Provision for loan losses
The provision for loan losses was $1.9 million for 2014, a decrease of $5.0 million, or 72 percent, from the same period in the prior year. Net charged-off loans during 2014 was $2.5 million, a decrease of $4.9 million from 2013.


11


Efficiency Ratio
The efficiency ratio was 54 percent for 2014 and 55 percent for 2013. The improvement in the efficiency ratio was the result of the increase in net interest income from the shift in earning assets from investment securities to the higher yielding loans and decreases in premium amortization on the investment security portfolio. Such increases in net interest income outpaced the increase in non-interest expense from compensation expense and the decrease in non-interest income driven by decrease in refinance activity.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 80 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and Bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown, all operating in Montana; as well as Mountain West Bank, Coeur d’Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell and First State Bank, Wheatland, each operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; and Bank of the San Juans, Durango, operating in Colorado.

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;
•
increased loan delinquency rates;
•
the risks presented by the lingering economic recovery which could adversely affect credit quality, loan collateral values, OREO 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 completion and integration of acquisitions;
•
the goodwill the Company has recorded in connection with acquisitions could become additionally impaired, which may have an adverse impact on 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 the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;
•
consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
•
dependence on the CEO, the senior management team and the Presidents of the Bank divisions;

12


•
potential interruption or breach in security of the Company’s systems; 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 Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)
December 31,
2014
 
September 30,
2014
 
December 31,
2013
Assets
 
 
 
 
 
Cash on hand and in banks
$
122,834

 
109,947

 
109,995

Federal funds sold
1,025

 
488

 
10,527

Interest bearing cash deposits
318,550

 
171,662

 
35,135

Cash and cash equivalents
442,409

 
282,097

 
155,657

Investment securities, available-for-sale
2,387,428

 
2,398,196

 
3,222,829

Investment securities, held-to-maturity
520,997

 
482,757

 
—

Total investment securities
2,908,425

 
2,880,953

 
3,222,829

Loans held for sale
46,726

 
65,598

 
46,738

Loans receivable
4,488,095

 
4,459,099

 
4,062,838

Allowance for loan and lease losses
(129,753
)
 
(130,632
)
 
(130,351
)
Loans receivable, net
4,358,342

 
4,328,467

 
3,932,487

Premises and equipment, net
179,175

 
178,509

 
167,671

Other real estate owned
27,804

 
28,374

 
26,860

Accrued interest receivable
40,587

 
42,981

 
41,898

Deferred tax asset
41,737

 
44,452

 
43,549

Core deposit intangible, net
10,900

 
11,617

 
9,512

Goodwill
129,706

 
129,706

 
129,706

Non-marketable equity securities
52,868

 
52,868

 
52,192

Other assets
67,828

 
64,188

 
55,251

Total assets
$
8,306,507

 
8,109,810

 
7,884,350

Liabilities
 
 
 
 
 
Non-interest bearing deposits
$
1,632,403

 
1,595,971

 
1,374,419

Interest bearing deposits
4,712,809

 
4,510,840

 
4,205,548

Securities sold under agreements to repurchase
397,107

 
367,213

 
313,394

Federal Home Loan Bank advances
296,944

 
366,866

 
840,182

Other borrowed funds
7,311

 
7,351

 
8,387

Subordinated debentures
125,705

 
125,669

 
125,562

Accrued interest payable
4,155

 
3,058

 
3,505

Other liabilities
102,026

 
92,362

 
50,103

Total liabilities
7,278,460

 
7,069,330

 
6,921,100

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
750

 
750

 
744

Paid-in capital
708,356

 
707,821

 
690,918

Retained earnings - substantially restricted
301,197

 
309,234

 
261,943

Accumulated other comprehensive income
17,744

 
22,675

 
9,645

Total stockholders’ equity
1,028,047

 
1,040,480

 
963,250

Total liabilities and stockholders’ equity
$
8,306,507

 
8,109,810

 
7,884,350

Number of common stock shares issued and outstanding
75,026,092

 
75,024,092

 
74,373,296



14


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 
Three Months ended
 
Year ended
(Dollars in thousands, except per share data)
December 31,
2014
 
September 30,
2014
 
December 31,
2013
 
December 31,
2014
 
December 31,
2013
Interest Income
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
8,464

 
7,950

 
7,919

 
30,721

 
29,525

Commercial loans
37,935

 
37,387

 
34,662

 
145,631

 
127,450

Consumer and other loans
7,730

 
7,559

 
7,869

 
30,515

 
32,089

Investment securities
22,050

 
22,794

 
23,489

 
93,052

 
74,512

Total interest income
76,179

 
75,690

 
73,939

 
299,919

 
263,576

Interest Expense
 
 
 
 
 
 
 
 
 
Deposits
4,018

 
3,027

 
3,286

 
13,195

 
13,870

Securities sold under agreements to repurchase
238

 
225

 
221

 
865

 
867

Federal Home Loan Bank advances
2,253

 
2,356

 
2,581

 
9,570

 
10,610

Federal funds purchased and other borrowed funds
64

 
34

 
46

 
199

 
206

Subordinated debentures
795

 
788

 
795

 
3,137

 
3,205

Total interest expense
7,368

 
6,430

 
6,929

 
26,966

 
28,758

Net Interest Income
68,811

 
69,260

 
67,010

 
272,953

 
234,818

Provision for loan losses
191

 
360

 
1,802

 
1,912

 
6,887

Net interest income after provision for loan losses
68,620

 
68,900

 
65,208

 
271,041

 
227,931

Non-Interest Income
 
 
 
 
 
 
 
 
 
Service charges and other fees
14,004

 
14,319

 
13,363

 
54,089

 
49,478

Miscellaneous loan fees and charges
1,125

 
1,342

 
1,332

 
4,696

 
4,982

Gain on sale of loans
5,424

 
6,000

 
4,935

 
19,797

 
28,517

Loss on sale of investments
(28
)
 
(61
)
 
—

 
(188
)
 
(299
)
Other income
3,453

 
2,832

 
3,372

 
11,908

 
10,369

Total non-interest income
23,978

 
24,432

 
23,002

 
90,302

 
93,047

Non-Interest Expense
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
30,807

 
30,142

 
27,258

 
118,571

 
104,221

Occupancy and equipment
7,191

 
6,961

 
6,723

 
27,498

 
24,875

Advertising and promotions
2,046

 
2,141

 
1,847

 
7,912

 
6,913

Data processing
1,815

 
1,472

 
1,623

 
6,607

 
4,493

Other real estate owned
893

 
602

 
2,295

 
2,568

 
7,196

Regulatory assessments and insurance
1,009

 
1,435

 
1,519

 
5,064

 
6,362

Core deposit intangibles amortization
716

 
692

 
717

 
2,811

 
2,401

Other expense
11,221

 
10,793

 
11,052

 
41,648

 
38,856

Total non-interest expense
55,698

 
54,238

 
53,034

 
212,679

 
195,317

Income Before Income Taxes
36,900

 
39,094

 
35,176

 
148,664

 
125,661

Federal and state income tax expense
8,846

 
9,800

 
8,630

 
35,909

 
30,017

Net Income
$
28,054

 
29,294

 
26,546

 
112,755

 
95,644

Basic earnings per share
$
0.37

 
0.40

 
0.36

 
1.51

 
1.31

Diluted earnings per share
$
0.37

 
0.40

 
0.36

 
1.51

 
1.31

Dividends declared per share
$
0.48

 
0.17

 
0.16

 
0.98

 
0.60

Average outstanding shares - basic
75,025,201

 
74,631,317

 
74,341,256

 
74,641,957

 
73,191,713

Average outstanding shares - diluted
75,082,566

 
74,676,124

 
74,417,361

 
74,687,315

 
73,260,278


15


Glacier Bancorp, Inc.
Average Balance Sheet

 
Three Months ended
 
Year ended
 
December 31, 2014
 
December 31, 2014
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
657,412

 
$
8,464

 
5.15
%
 
$
635,256

 
$
30,721

 
4.84
%
Commercial loans
3,210,898

 
37,935

 
4.69
%
 
3,029,733

 
145,631

 
4.81
%
Consumer and other loans
603,803

 
7,730

 
5.08
%
 
588,452

 
30,515

 
5.19
%
Total loans 1
4,472,113

 
54,129

 
4.80
%
 
4,253,441

 
206,867

 
4.86
%
Tax-exempt investment securities 2
1,242,696

 
18,066

 
5.82
%
 
1,208,970

 
68,643

 
5.68
%
Taxable investment securities 3
1,889,454

 
10,346

 
2.19
%
 
1,974,049

 
47,407

 
2.40
%
Total earning assets
7,604,263

 
82,541

 
4.31
%
 
7,436,460

 
322,917

 
4.34
%
Goodwill and intangibles
141,009

 
 
 
 
 
138,928

 
 
 
 
Non-earning assets
382,970

 
 
 
 
 
347,138

 
 
 
 
Total assets
$
8,128,242

 
 
 
 
 
$
7,922,526

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,626,978

 
$
—

 
—
%
 
$
1,463,689

 
$
—

 
—
%
NOW accounts
1,241,667

 
280

 
0.09
%
 
1,141,424

 
1,148

 
0.10
%
Savings accounts
703,418

 
90

 
0.05
%
 
660,465

 
340

 
0.05
%
Money market deposit accounts
1,257,492

 
569

 
0.18
%
 
1,215,163

 
2,382

 
0.20
%
Certificate accounts
1,168,210

 
1,956

 
0.66
%
 
1,144,485

 
7,858

 
0.69
%
Wholesale deposits 4
200,296

 
1,123

 
2.23
%
 
193,514

 
1,467

 
0.76
%
FHLB advances
319,797

 
2,253

 
2.76
%
 
573,607

 
9,570

 
1.65
%
Repurchase agreements, federal funds purchased and other borrowed funds
478,017

 
1,097

 
0.91
%
 
451,458

 
4,201

 
0.93
%
Total funding liabilities
6,995,875

 
7,368

 
0.42
%
 
6,843,805

 
26,966

 
0.39
%
Other liabilities
88,104

 
 
 
 
 
63,630

 
 
 
 
Total liabilities
7,083,979

 
 
 
 
 
6,907,435

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
750

 
 
 
 
 
746

 
 
 
 
Paid-in capital
708,006

 
 
 
 
 
697,344

 
 
 
 
Retained earnings
317,597

 
 
 
 
 
297,303

 
 
 
 
Accumulated other comprehensive income
17,910

 
 
 
 
 
19,698

 
 
 
 
Total stockholders’ equity
1,044,263

 
 
 
 
 
1,015,091

 
 
 
 
Total liabilities and stockholders’ equity
$
8,128,242

 
 
 
 
 
$
7,922,526

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
75,173

 
 
 
 
 
$
295,951

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.89
%
 
 
 
 
 
3.95
%
Net interest margin (tax-equivalent)
 
 
 
 
3.92
%
 
 
 
 
 
3.98
%
__________ 
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 $6.0 million and $21.5 million on tax-exempt investment security income for the three months and year ended December 31, 2014, respectively.
3 
Includes tax effect of $372 thousand and $1.5 million on investment security tax credits for the three months and year ended December 31, 2014, respectively.
4 
Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts.

16


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 
Loans Receivable, by Loan Type
 
% Change from
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Sep 30,
2014
 
Dec 31,
2013
Custom and owner occupied construction
$
56,689

 
$
59,121

 
$
50,352

 
(4
)%
 
13
 %
Pre-sold and spec construction
47,406

 
44,085

 
34,217

 
8
 %
 
39
 %
Total residential construction
104,095

 
103,206

 
84,569

 
1
 %
 
23
 %
Land development
82,829

 
88,507

 
73,132

 
(6
)%
 
13
 %
Consumer land or lots
101,818

 
99,003

 
109,175

 
3
 %
 
(7
)%
Unimproved land
86,116

 
66,684

 
50,422

 
29
 %
 
71
 %
Developed lots for operative builders
14,126

 
15,471

 
15,951

 
(9
)%
 
(11
)%
Commercial lots
16,205

 
16,050

 
12,585

 
1
 %
 
29
 %
Other construction
150,075

 
149,207

 
103,807

 
1
 %
 
45
 %
Total land, lot, and other construction
451,169

 
434,922

 
365,072

 
4
 %
 
24
 %
Owner occupied
849,148

 
834,742

 
811,479

 
2
 %
 
5
 %
Non-owner occupied
674,381

 
658,429

 
588,114

 
2
 %
 
15
 %
Total commercial real estate
1,523,529

 
1,493,171

 
1,399,593

 
2
 %
 
9
 %
Commercial and industrial
547,910

 
573,617

 
523,354

 
(4
)%
 
5
 %
Agriculture
310,785

 
317,506

 
279,959

 
(2
)%
 
11
 %
1st lien
775,785

 
782,116

 
733,406

 
(1
)%
 
6
 %
Junior lien
68,358

 
71,678

 
73,348

 
(5
)%
 
(7
)%
Total 1-4 family
844,143

 
853,794

 
806,754

 
(1
)%
 
5
 %
Multifamily residential
160,426

 
168,760

 
123,154

 
(5
)%
 
30
 %
Home equity lines of credit
334,788

 
322,442

 
298,119

 
4
 %
 
12
 %
Other consumer
133,773

 
139,045

 
130,758

 
(4
)%
 
2
 %
Total consumer
468,561

 
461,487

 
428,877

 
2
 %
 
9
 %
Other
124,203

 
118,234

 
98,244

 
5
 %
 
26
 %
Total loans receivable, including loans held for sale
4,534,821

 
4,524,697

 
4,109,576

 
—
 %
 
10
 %
Less loans held for sale 1
(46,726
)
 
(65,598
)
 
(46,738
)
 
(29
)%
 
—
 %
Total loans receivable
$
4,488,095

 
$
4,459,099

 
$
4,062,838

 
1
 %
 
10
 %
_______
1 Loans held for sale are primarily 1st lien 1-4 family loans.


17


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

 
 
Non-performing Assets, by Loan Type
 
Non-
Accrual
Loans
 
Accruing
Loans 90  Days or  More Past  Due
 
Other
Real Estate
Owned
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Dec 31,
2014
Dec 31,
2014
Dec 31,
2014
Custom and owner occupied construction
$
1,132

 
1,164

 
1,248

 
1,132

 
—

 
—

Pre-sold and spec construction
218

 
222

 
828

 
218

 
—

 
—

Total residential construction
1,350

 
1,386

 
2,076

 
1,350

 
—

 
—

Land development
20,842

 
24,803

 
25,062

 
11,066

 
—

 
9,776

Consumer land or lots
3,581

 
3,451

 
2,588

 
2,019

 
—

 
1,562

Unimproved land
14,170

 
13,659

 
13,630

 
10,946

 
—

 
3,224

Developed lots for operative builders
1,318

 
1,672

 
2,215

 
983

 
—

 
335

Commercial lots
2,660

 
2,697

 
2,899

 
260

 
—

 
2,400

Other construction
5,151

 
5,154

 
5,167

 
162

 
—

 
4,989

Total land, lot and other construction
47,722

 
51,436

 
51,561

 
25,436

 
—

 
22,286

Owner occupied
13,574

 
14,913

 
14,270

 
12,494

 
31

 
1,049

Non-owner occupied
3,013

 
3,768

 
4,301

 
1,799

 
—

 
1,214

Total commercial real estate
16,587

 
18,681

 
18,571

 
14,293

 
31

 
2,263

Commercial and industrial
4,375

 
4,833

 
6,400

 
4,292

 
74

 
9

Agriculture
3,074

 
3,430

 
3,529

 
2,607

 
—

 
467

1st lien
9,580

 
13,236

 
17,630

 
7,866

 
35

 
1,679

Junior lien
442

 
481

 
4,767

 
442

 
—

 
—

Total 1-4 family
10,022

 
13,717

 
22,397

 
8,308

 
35

 
1,679

Multifamily residential
440

 
450

 
—

 
—

 
—

 
440

Home equity lines of credit
6,099

 
3,985

 
4,544

 
5,439

 
17

 
643

Other consumer
231

 
222

 
342

 
157

 
57

 
17

Total consumer
6,330

 
4,207

 
4,886

 
5,596

 
74

 
660

Total
$
89,900

 
98,140

 
109,420

 
61,882

 
214

 
27,804



18


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

 
Accruing 30-89 Days Delinquent Loans,  by Loan Type
 
% Change from
(Dollars in thousands)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Sep 30,
2014
 
Dec 31,
2013
Custom and owner occupied construction
$
—

 
$
—

 
$
202

 
n/m

 
(100
)%
Pre-sold and spec construction
869

 
179

 
—

 
385
 %
 
n/m

Total residential construction
869

 
179

 
202

 
385
 %
 
330
 %
Consumer land or lots
391

 
62

 
1,716

 
531
 %
 
(77
)%
Unimproved land
267

 
1,177

 
615

 
(77
)%
 
(57
)%
Developed lots for operative builders
—

 
21

 
8

 
(100
)%
 
(100
)%
Commercial lots
21

 
106

 
—

 
(80
)%
 
n/m

Other construction
—

 
660

 
—

 
(100
)%
 
n/m

Total land, lot and other construction
679

 
2,026

 
2,339

 
(66
)%
 
(71
)%
Owner occupied
5,971

 
4,341

 
5,321

 
38
 %
 
12
 %
Non-owner occupied
3,131

 
266

 
2,338

 
1,077
 %
 
34
 %
Total commercial real estate
9,102

 
4,607

 
7,659

 
98
 %
 
19
 %
Commercial and industrial
2,915

 
3,376

 
3,542

 
(14
)%
 
(18
)%
Agriculture
994

 
152

 
1,366

 
554
 %
 
(27
)%
1st lien
6,804

 
3,738

 
12,386

 
82
 %
 
(45
)%
Junior lien
491

 
275

 
482

 
79
 %
 
2
 %
Total 1-4 family
7,295

 
4,013

 
12,868

 
82
 %
 
(43
)%
Multifamily Residential
—

 
684

 
1,075

 
(100
)%
 
(100
)%
Home equity lines of credit
1,288

 
1,725

 
1,999

 
(25
)%
 
(36
)%
Other consumer
928

 
789

 
1,066

 
18
 %
 
(13
)%
Total consumer
2,216

 
2,514

 
3,065

 
(12
)%
 
(28
)%
Other
1,834

 
19

 
—

 
9,553
 %
 
n/m

Total
$
25,904

 
$
17,570

 
$
32,116

 
47
 %
 
(19
)%
_______
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)
Dec 31,
2014
 
Sep 30,
2014
 
Dec 31,
2013
 
Dec 31,
2014
Dec 31,
2014
Custom and owner occupied construction
$
—

 
—

 
(51
)
 
—

 
—

Pre-sold and spec construction
(94
)
 
(58
)
 
(10
)
 
—

 
94

Total residential construction
(94
)
 
(58
)
 
(61
)
 
—

 
94

Land development
(390
)
 
(319
)
 
(383
)
 
147

 
537

Consumer land or lots
375

 
69

 
843

 
718

 
343

Unimproved land
52

 
(186
)
 
715

 
365

 
313

Developed lots for operative builders
(140
)
 
(125
)
 
(81
)
 
13

 
153

Commercial lots
(6
)
 
(5
)
 
248

 
—

 
6

Other construction
—

 
—

 
(473
)
 
—

 
—

Total land, lot and other construction
(109
)
 
(566
)
 
869

 
1,243

 
1,352

Owner occupied
669

 
201

 
350

 
993

 
324

Non-owner occupied
(162
)
 
(44
)
 
397

 
257

 
419

Total commercial real estate
507

 
157

 
747

 
1,250

 
743

Commercial and industrial
1,069

 
932

 
3,096

 
2,457

 
1,388

Agriculture
28

 
(1
)
 
53

 
32

 
4

1st lien
372

 
207

 
681

 
915

 
543

Junior lien
183

 
199

 
106

 
491

 
308

Total 1-4 family
555

 
406

 
787

 
1,406

 
851

Multifamily residential
138

 
138

 
(39
)
 
160

 
22

Home equity lines of credit
190

 
222

 
1,606

 
601

 
411

Other consumer
226

 
210

 
324

 
454

 
228

Total consumer
416

 
432

 
1,930

 
1,055

 
639

Other
—

 
—

 
8

 
—

 
—

Total
$
2,510

 
1,440

 
7,390

 
7,603

 
5,093














Visit our website at www.glacierbancorp.com

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