0000868671-16-000161.txt : 20161020 0000868671-16-000161.hdr.sgml : 20161020 20161020163737 ACCESSION NUMBER: 0000868671-16-000161 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20161020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161020 DATE AS OF CHANGE: 20161020 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: MT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18911 FILM NUMBER: 161944695 BUSINESS ADDRESS: STREET 1: 49 COMMONS LOOP CITY: KALISPELL STATE: MT ZIP: 59901 BUSINESS PHONE: 406-756-4200 MAIL ADDRESS: STREET 1: 49 COMMONS LOOP CITY: KALISPELL STATE: MT ZIP: 59901 8-K 1 gbci-09302016x8k.htm FORM 8-K Document


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): October 20, 2016 

____________________________________________________________
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 October 20, 2016, the Company issued a press release announcing its financial results for the quarter ended September 30, 2016. 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

(d)
Exhibit 99.1 - Press Release dated October 20, 2016, announcing financial results for the quarter ended September 30, 2016.






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.

Dated:
October 20, 2016
GLACIER BANCORP, INC.
 
 
 
 
 
 
By:
/s/ Michael J. Blodnick
 
 
 
Michael J. Blodnick
 
 
 
President and Chief Executive Officer





 EX-99.1 2 gbci-09302016xex991.htm EXHIBIT 99.1 Exhibit


gbcilogostates.jpg

NEWS RELEASE

FOR IMMEDIATE RELEASE
CONTACT: Michael J. Blodnick
(406) 751-4701
Randall M. Chesler
(406) 751-4722
Ron J. Copher
(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2016

3rd Quarter 2016 Highlights:
•
Record earnings of $31.0 million for the current quarter, an increase $1.4 million, or 5 percent, over the prior year third quarter net income of $29.6 million.
•
Current quarter diluted earnings per share of $0.40, an increase of 3 percent from the prior year third quarter diluted earnings per share of $0.39.
•
Organic loan growth of $165 million, or 12 percent annualized for the current quarter.
•
Net interest margin of 4.00 percent as a percentage of earning assets, on a tax equivalent basis, for the current quarter compared to 3.96 percent in the prior year third quarter.
•
Dividend declared of $0.20 per share, an increase of $0.01 per share, or 5 percent, over the prior year third quarter. The dividend was the 126th consecutive quarterly dividend declared by the Company.
•
The Company successfully completed the fourth phase of the consolidation of its bank divisions’ core database systems into our new “Gold Bank” core database system.
•
The Company completed the acquisition of Treasure State Bank based in Missoula, Montana.

Year-to-Date 2016 Highlights:
•
Net income of $90.1 million for the first nine months of 2016, an increase of 4 percent over $86.6 million for the same period in the prior year.
•
Diluted earnings per share of $1.18, an increase of 3 percent from the first nine months of the prior year diluted earnings per share of $1.15.
•
Organic loan growth of $465 million, or 12 percent annualized for the first nine months of the current year.
•
Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, for the first nine months of the current year compared to 3.99 percent for the same period last year.


1


Financial Highlights
 
At or for the Three Months ended
 
At or for the Nine Months ended
(Dollars in thousands, except per share and market data)
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Sep 30,
2015
 
Sep 30,
2016
 
Sep 30,
2015
Operating results
 
 
 
 
 
 
 
 
 
 
 
Net income
$
30,957

 
30,451

 
28,682

 
29,614

 
90,090

 
86,619

Basic earnings per share
$
0.40

 
0.40

 
0.38

 
0.39

 
1.18

 
1.15

Diluted earnings per share
$
0.40

 
0.40

 
0.38

 
0.39

 
1.18

 
1.15

Dividends declared per share
$
0.20

 
0.20

 
0.20

 
0.19

 
0.60

 
0.56

Market value per share
 
 
 
 
 
 
 
 
 
 
 
Closing
$
28.52

 
26.58

 
25.42

 
26.39

 
28.52

 
26.39

High
$
29.99

 
27.68

 
26.34

 
29.88

 
29.99

 
30.08

Low
$
25.49

 
24.31

 
22.19

 
24.33

 
22.19

 
22.27

Selected ratios and other data
 
 
 
 
 
 
 
 
 
 
 
Number of common stock shares outstanding
76,525,402

 
76,171,580

 
76,168,388

 
75,532,082

 
76,525,402

 
75,532,082

Average outstanding shares - basic
76,288,640

 
76,170,734

 
76,126,251

 
75,531,923

 
76,195,550

 
75,424,147

Average outstanding shares - diluted
76,350,873

 
76,205,069

 
76,173,417

 
75,586,453

 
76,247,051

 
75,469,355

Return on average assets (annualized)
1.34
%
 
1.34
%
 
1.28
%
 
1.36
%
 
1.32
%
 
1.37
%
Return on average equity (annualized)
10.80
%
 
10.99
%
 
10.53
%
 
10.93
%
 
10.77
%
 
10.90
%
Efficiency ratio
55.84
%
 
56.10
%
 
56.53
%
 
54.32
%
 
56.15
%
 
55.01
%
Dividend payout ratio
50.00
%
 
50.00
%
 
52.63
%
 
48.72
%
 
50.85
%
 
48.70
%
Loan to deposit ratio
77.53
%
 
76.92
%
 
74.65
%
 
73.68
%
 
77.53
%
 
73.68
%
Number of full time equivalent employees
2,207

 
2,210

 
2,184

 
2,040

 
2,207

 
2,040

Number of locations
142

 
143

 
144

 
133

 
142

 
133

Number of ATMs
166

 
167

 
167

 
158

 
166

 
158


KALISPELL, MONTANA, October 20, 2016 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $31.0 million for the current quarter, an increase of $1.4 million, or 5 percent, from the $29.6 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.40 per share, an increase of $0.01, or 3 percent, from the prior year third quarter diluted earnings per share of $0.39. Included in the current quarter was $228 thousand of acquisition-related expenses and $1.4 million of expenses related to the Company’s consolidation of its bank divisions’ core database systems (Core Consolidation Project or “CCP”) including expenses related to the re-issuance of debit cards with chip technology. As of September 30, 2016, the Company had completed the CCP conversion project for ten of its thirteen bank divisions. “We again delivered a very good quarter as we reported record earnings, excellent organic loan growth, and a 4 percent net interest margin,” said Mick Blodnick, President and Chief Executive Officer.  “In addition, we are in the final stage of our two year core consolidation project and will have all our Banks, including Treasure State Bank on our new “Gold Bank” platform by the end of October,” Blodnick said.

Net income for the nine months ended September 30, 2016 was $90.1 million, an increase of $3.5 million, or 4 percent, from the $86.6 million of net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2016 was $1.18 per share, an increase of $0.03, or 3 percent, from the diluted earnings per share of $1.15 for the same period in the prior year.

On August 31, 2016, the Company completed the acquisition of Treasure State Bank (“TSB”) based in Missoula, Montana which marks the Company’s 18th acquisition since 2000 and its sixth announced transaction in the past three years.

2


The Company’s results of operations and financial condition include the acquisition of TSB from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired:

(Dollars in thousands)
August 31,
2016
Total assets
$
76,165

Loans receivable
51,875

Non-interest bearing deposits
13,005

Interest bearing deposits
45,359

Federal Home Loan Bank advances
3,260


Asset Summary
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
Cash and cash equivalents
$
251,413

 
160,333

 
193,253

 
242,835

 
91,080

 
58,160

 
8,578

Investment securities, available-for-sale
2,292,079

 
2,487,955

 
2,610,760

 
2,530,994

 
(195,876
)
 
(318,681
)
 
(238,915
)
Investment securities, held-to-maturity
679,707

 
680,574

 
702,072

 
651,822

 
(867
)
 
(22,365
)
 
27,885

Total investment securities
2,971,786

 
3,168,529

 
3,312,832

 
3,182,816

 
(196,743
)
 
(341,046
)
 
(211,030
)
Loans receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
696,817

 
672,895

 
688,912

 
644,694

 
23,922

 
7,905

 
52,123

Commercial real estate
2,919,415

 
2,773,298

 
2,633,953

 
2,500,952

 
146,117

 
285,462

 
418,463

Other commercial
1,303,241

 
1,258,227

 
1,099,564

 
1,080,715

 
45,014

 
203,677

 
222,526

Home equity
435,935

 
431,659

 
420,901

 
412,256

 
4,276

 
15,034

 
23,679

Other consumer
240,554

 
242,538

 
235,351

 
237,802

 
(1,984
)
 
5,203

 
2,752

Loans receivable
5,595,962

 
5,378,617

 
5,078,681

 
4,876,419

 
217,345

 
517,281

 
719,543

Allowance for loan and lease losses
(132,534
)
 
(132,386
)
 
(129,697
)
 
(130,768
)
 
(148
)
 
(2,837
)
 
(1,766
)
Loans receivable, net
5,463,428

 
5,246,231

 
4,948,984

 
4,745,651

 
217,197

 
514,444

 
717,777

Other assets
630,248

 
624,349

 
634,163

 
592,997

 
5,899

 
(3,915
)
 
37,251

Total assets
$
9,316,875

 
9,199,442

 
9,089,232

 
8,764,299

 
117,433

 
227,643

 
552,576


Total investment securities of $2.972 billion at September 30, 2016 decreased $197 million, or 6 percent, during the current quarter. The decrease in the investment portfolio resulted from the Company redeploying the investment securities portfolio cash flow into the Company’s higher yielding loan portfolio. Investment securities represented 32 percent of total assets at September 30, 2016 compared to 36 percent of total assets at December 31, 2015 and 36 percent at September 30, 2015.

Excluding the acquisition of TSB, the loan portfolio grew $165 million, or 12 percent annualized, during the current quarter. Excluding the acquisition, the loan category with the largest increase was commercial real estate which increased $121 million, or 4 percent. Excluding the TSB acquisition and the acquisition of Cañon National Bank (“Cañon”) in October 2015, the loan portfolio increased $508 million, or 10 percent, since September 30, 2015 with $283 million and $198 million of the increase coming from growth in commercial real estate and other commercial loans, respectively. “Loan growth in the third quarter continued at a solid pace led by increases in

3


commercial construction and commercial real estate loans,” Blodnick said. “During the quarter we continued to add to our residential construction portfolio something we've been working hard at the past couple of years. We were also pleased that with the exception of commercial and industrial loans all other loan categories increased this quarter.”
 
Credit Quality Summary
 
At or for the Nine Months ended
 
At or for the Six Months ended
 
At or for the Year ended
 
At or for the Nine Months ended
(Dollars in thousands)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
Allowance for loan and lease losses
 
 
 
 
 
 
 
Balance at beginning of period
$
129,697

 
129,697

 
129,753

 
129,753

Provision for loan losses
1,194

 
568

 
2,284

 
1,873

Charge-offs
(5,332
)
 
(2,532
)
 
(7,001
)
 
(4,671
)
Recoveries
6,975

 
4,653

 
4,661

 
3,813

Balance at end of period
$
132,534

 
132,386

 
129,697

 
130,768

Other real estate owned
$
22,662

 
24,370

 
26,815

 
26,609

Accruing loans 90 days or more past due
3,299

 
6,194

 
2,131

 
3,784

Non-accrual loans
52,280

 
45,017

 
51,133

 
54,632

Total non-performing assets 1
$
78,241

 
75,581

 
80,079

 
85,025

Non-performing assets as a percentage of subsidiary assets
0.84
 %
 
0.82
 %
 
0.88
%
 
0.97
%
Allowance for loan and lease losses as a percentage of non-performing loans
238
 %
 
259
 %
 
244
%
 
224
%
Allowance for loan and lease losses as a percentage of total loans
2.37
 %
 
2.46
 %
 
2.55
%
 
2.68
%
Net (recoveries) charge-offs as a percentage of total loans
(0.03
)%
 
(0.04
)%
 
0.05
%
 
0.02
%
Accruing loans 30-89 days past due
$
27,384

 
23,479

 
19,413

 
17,822

Accruing troubled debt restructurings
$
52,578

 
50,054

 
63,590

 
63,638

Non-accrual troubled debt restructurings
$
23,427

 
23,822

 
27,057

 
27,442

__________ 
1 As of September 30, 2016, non-performing assets have not been reduced by U.S. government guarantees of $1.5 million.

Non-performing assets at September 30, 2016 were $78.2 million, an increase of $2.7 million, or 4 percent, during the current quarter and a decrease of $6.8 million, or 8 percent, from a year ago. Early stage delinquencies (accruing loans 30-89 days past due) of $27.4 million at September 30, 2016 increased $3.9 million from the prior quarter.

The allowance loan and lease losses (“allowance”) as a percent of total loans outstanding at September 30, 2016 was 2.37 percent, a decrease of 18 basis points from 2.55 percent at December 31, 2015 and a decrease of 31 basis points from 2.68 percent at September 30, 2015 which was driven by loan growth combined with stabilized credit quality.


4


Credit Quality Trends and Provision for Loan Losses
(Dollars in thousands)
Provision
for Loan
Losses
 
Net
Charge-Offs (Recoveries)
 
ALLL
as a Percent
of Loans
 
Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
 
Non-Performing
Assets to
Total Subsidiary
Assets
Third quarter 2016
$
626

 
$
478

 
2.37
%
 
0.49
%
 
0.84
%
Second quarter 2016
—

 
(2,315
)
 
2.46
%
 
0.44
%
 
0.82
%
First quarter 2016
568

 
194

 
2.50
%
 
0.46
%
 
0.88
%
Fourth quarter 2015
411

 
1,482

 
2.55
%
 
0.38
%
 
0.88
%
Third quarter 2015
826

 
577

 
2.68
%
 
0.37
%
 
0.97
%
Second quarter 2015
282

 
(381
)
 
2.71
%
 
0.59
%
 
0.98
%
First quarter 2015
765

 
662

 
2.77
%
 
0.71
%
 
1.07
%
Fourth quarter 2014
191

 
1,070

 
2.89
%
 
0.58
%
 
1.08
%

Net charge-offs for the current quarter were $478 thousand compared to net recoveries of $2.3 million for the prior quarter and net charge-offs of $577 thousand from the same quarter last year. The net recoveries and charge-offs continue to trend in the right direction with a fair amount of volatility during the quarters. There was $626 thousand of current quarter provision for loan losses, compared to no provision in the prior quarter and $826 thousand in the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of the loan loss provision. 

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

Liability Summary
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
Deposits
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
2,098,747

 
1,907,026

 
1,918,310

 
1,893,723

 
191,721

 
180,437

 
205,024

NOW and DDA accounts
1,514,330

 
1,495,952

 
1,516,026

 
1,373,295

 
18,378

 
(1,696
)
 
141,035

Savings accounts
938,547

 
926,865

 
838,274

 
771,719

 
11,682

 
100,273

 
166,828

Money market deposit accounts
1,442,602

 
1,403,028

 
1,382,028

 
1,350,098

 
39,574

 
60,574

 
92,504

Certificate accounts
975,521

 
1,017,681

 
1,060,650

 
1,094,565

 
(42,160
)
 
(85,129
)
 
(119,044
)
Core deposits, total
6,969,747

 
6,750,552

 
6,715,288

 
6,483,400

 
219,195

 
254,459

 
486,347

Wholesale deposits
339,572

 
338,264

 
229,720

 
189,779

 
1,308

 
109,852

 
149,793

Deposits, total
7,309,319

 
7,088,816

 
6,945,008

 
6,673,179

 
220,503

 
364,311

 
636,140

Repurchase agreements
401,243

 
414,327

 
423,414

 
441,041

 
(13,084
)
 
(22,171
)
 
(39,798
)
Federal Home Loan Bank advances
211,833

 
328,832

 
394,131

 
329,299

 
(116,999
)
 
(182,298
)
 
(117,466
)
Other borrowed funds
5,956

 
4,926

 
6,602

 
6,619

 
1,030

 
(646
)
 
(663
)
Subordinated debentures
125,956

 
125,920

 
125,848

 
125,812

 
36

 
108

 
144

Other liabilities
114,789

 
111,962

 
117,579

 
113,541

 
2,827

 
(2,790
)
 
1,248

Total liabilities
$
8,169,096

 
8,074,783

 
8,012,582

 
7,689,491

 
94,313

 
156,514

 
479,605


5


Excluding the TSB acquisition, non-interest bearing deposits increased $179 million, or 9 percent, from the prior quarter which was driven by seasonal fluctuations and a strong inflow of new accounts. Excluding the TSB and Cañon acquisitions, non-interest bearing deposits increased $103 million, or 5 percent, from September 30, 2015. Excluding the TSB acquisition, core interest bearing deposits decreased $17.9 million, or 37 basis points, from the prior quarter. Excluding the TSB and Cañon acquisitions, core interest bearing deposits at September 30, 2016 increased $88 million, or 2 percent, from September 30, 2015. Wholesale deposits (i.e., brokered deposits classified as NOW, DDA, money market deposit and certificate accounts) of $340 million at September 30, 2016 increased $110 million since December 31, 2015 and increased $150 million over the prior year third quarter. A majority of the increase was driven by a need to obtain wholesale deposits necessary for an interest rate swap.

Securities sold under agreements to repurchase (“repurchase agreements”) of $401 million at September 30, 2016 decreased $13.1 million, or 3 percent, from the prior quarter and decreased $39.8 million, or 9 percent, from the prior year third quarter. Repurchase agreements fluctuated as certain customers had significant deposit cash flows. Federal Home Loan Bank (“FHLB”) advances of $212 million at September 30, 2016 decreased $117 million, or 36 percent, during the current quarter as the Company’s funding needs decreased because of the increase in non-interest deposits during the current quarter.

Stockholders’ Equity Summary
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands, except per share data)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
Common equity
$
1,130,941

 
1,104,246

 
1,074,661

 
1,066,801

 
26,695

 
56,280

 
64,140

Accumulated other comprehensive income
16,838

 
20,413

 
1,989

 
8,007

 
(3,575
)
 
14,849

 
8,831

Total stockholders’ equity
1,147,779

 
1,124,659

 
1,076,650

 
1,074,808

 
23,120

 
71,129

 
72,971

Goodwill and core deposit intangible, net
(160,008
)
 
(153,608
)
 
(155,193
)
 
(141,624
)
 
(6,400
)
 
(4,815
)
 
(18,384
)
Tangible stockholders’ equity
$
987,771

 
971,051

 
921,457

 
933,184

 
16,720

 
66,314

 
54,587

Stockholders’ equity to total assets
12.32
%
 
12.23
%
 
11.85
%
 
12.26
%
 
 
 
 
 
 
Tangible stockholders’ equity to total tangible assets
10.79
%
 
10.73
%
 
10.31
%
 
10.82
%
 
 
 
 
 
 
Book value per common share
$
15.00

 
14.76

 
14.15

 
14.23

 
0.24

 
0.85

 
0.77

Tangible book value per common share
$
12.91

 
12.75

 
12.11

 
12.35

 
0.16

 
0.80

 
0.56


Tangible stockholders’ equity of $988 million at September 30, 2016 increased $16.7 million, or 2 percent, from the prior quarter primarily from earnings retention and $10.5 million of Company stock issued in connection with the TSB acquisition, both of which more than offset the decrease in accumulated other comprehensive income and the increase in intangibles from the acquisition of TSB. Tangible stockholders’ equity increased $54.6 million, or 6 percent, from a year ago, the result of earnings retention, an increase in accumulated other comprehensive income and $25.6 million of Company stock issued in connection with the TSB and Cañon acquisitions; such increases more than offset the increase in goodwill and other intangibles from the acquisitions. Tangible book value per common share at quarter end increased $0.16 per share from the prior quarter and increased $0.56 per share from the prior year third quarter and was principally due to earnings retention.


6


Cash Dividend
On September 28, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend was payable October 20, 2016 to shareholders of record October 11, 2016. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

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

Income Summary
 
Three Months ended
 
$ Change from
(Dollars in thousands)
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Sep 30,
2015
 
Jun 30,
2016
 
Mar 31,
2016
 
Sep 30,
2015
Net interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
$
85,944

 
86,069

 
84,381

 
80,367

 
(125
)
 
1,563

 
5,577

Interest expense
7,318

 
7,424

 
7,675

 
7,309

 
(106
)
 
(357
)
 
9

Total net interest income
78,626

 
78,645

 
76,706

 
73,058

 
(19
)
 
1,920

 
5,568

Non-interest income
 
 
 
 
 
 
 
 
 
 
 
 
 
Service charges and other fees
16,307

 
15,772

 
14,681

 
15,357

 
535

 
1,626

 
950

Miscellaneous loan fees and charges
1,195

 
1,163

 
1,021

 
1,055

 
32

 
174

 
140

Gain on sale of loans
9,592

 
8,257

 
5,992

 
7,326

 
1,335

 
3,600

 
2,266

(Loss) gain on sale of investments
(594
)
 
(220
)
 
108

 
(31
)
 
(374
)
 
(702
)
 
(563
)
Other income
1,793

 
1,787

 
2,450

 
2,092

 
6

 
(657
)
 
(299
)
Total non-interest income
28,293

 
26,759

 
24,252

 
25,799

 
1,534

 
4,041

 
2,494

 
$
106,919

 
105,404

 
100,958

 
98,857

 
1,515

 
5,961

 
8,062

Net interest margin (tax-equivalent)
4.00
%
 
4.06
%
 
4.01
%
 
3.96
%
 
 
 
 
 
 

Net Interest Income
In the current quarter, interest income of $85.9 million decreased $125 thousand, or 15 basis points, from the prior quarter and was primarily driven by the decrease in interest income from investment securities. As a result of loan growth, commercial loan interest income increased $692 thousand, or 1 percent, during the current quarter and residential real estate loan income increased $414 thousand, or 5 percent, during the current quarter. Current quarter interest income increased $5.6 million, or 7 percent, over the prior year third quarter because of increases in interest income on commercial loans which increased $5.6 million, or 13 percent. As a result of the decreased investment portfolio, the investment income decreased during the current quarter by $1.2 million and decreased $610 thousand compared to the prior year third quarter.

The current quarter interest expense of $7.3 million decreased $106 thousand, or 1 percent, from the prior quarter and increased $9 thousand from the prior year third quarter. The total cost of funding (including non-interest bearing deposits) for the current quarter was 37 basis points compared to 38 basis points for the prior quarter and 39 basis points in the prior year third quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.00 percent compared to 4.06 percent in the prior quarter. During the current quarter, the earning asset yield decreased by 8 basis points and was primarily driven by a 4 basis point decrease from the recovery of interest on loans previously placed on non-accrual and a 4 basis point decrease in discount accretion associated with the fair value of previously acquired loans. The Company’s current quarter net interest margin increased 4

7


basis points from the prior year third quarter net interest margin of 3.96 percent. The increase was driven by the shift in earning assets from the lower yielding investment securities to higher yielding loans and lower funding cost. “During the quarter, the bank divisions achieved excellent growth in their non-interest bearing deposits,” said Ron Copher, Chief Financial Officer. “The continuing shift in earning assets from investment securities to the higher yielding loan portfolio has benefited the Company.”

Non-interest Income
Non-interest income for the current quarter totaled $28.3 million, an increase of $1.5 million, or 6 percent, from the prior quarter and an increase of $2.5 million, or 10 percent, over the same quarter last year. Service fee income of $16.3 million, increased $535 thousand, or 3 percent, from the prior quarter. Service fee income for the current quarter increased by $950 thousand, or 6 percent, from the prior year third quarter because of the increased number of deposit accounts. Gain on sale of residential loans for the current quarter increased $1.3 million, or 16 percent, from the prior quarter due to the third quarter traditionally experiencing stronger mortgage loan originations. Gain on sale of residential loans for the current quarter increased $2.3 million, or 31 percent, from the prior year third quarter as a result of the housing market continuing to strengthen during the current year coupled with the low interest rate environment. Included in other income was operating revenue of $34 thousand from other real estate owned (“OREO”) and a gain of $134 thousand from the sale of OREO, a combined total of $168 thousand for the current quarter compared to $182 thousand for the prior quarter and $129 thousand for the prior year third quarter.

Non-interest Expense Summary
 
Three Months ended
 
$ Change from
(Dollars in thousands)
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Sep 30,
2015
 
Jun 30,
2016
 
Mar 31,
2016
 
Sep 30,
2015
Compensation and employee benefits
$
38,370

 
37,560

 
36,941

 
33,534

 
810

 
1,429

 
4,836

Occupancy and equipment
6,168

 
6,443

 
6,676

 
6,435

 
(275
)
 
(508
)
 
(267
)
Advertising and promotions
2,098

 
2,085

 
2,125

 
2,459

 
13

 
(27
)
 
(361
)
Data processing
4,080

 
3,938

 
3,373

 
2,710

 
142

 
707

 
1,370

Other real estate owned
215

 
214

 
390

 
1,047

 
1

 
(175
)
 
(832
)
Regulatory assessments and insurance
1,158

 
1,066

 
1,508

 
1,478

 
92

 
(350
)
 
(320
)
Core deposit intangibles amortization
777

 
788

 
797

 
720

 
(11
)
 
(20
)
 
57

Other expenses
12,314

 
12,367

 
10,546

 
10,729

 
(53
)
 
1,768

 
1,585

Total non-interest expense
$
65,180

 
64,461

 
62,356

 
59,112

 
719

 
2,824

 
6,068


Compensation and employee benefits for the current quarter increased by $810 thousand, or 2 percent, from the prior quarter. Compensation and employee benefits for the current quarter increased by $4.8 million, or 14 percent, from the prior year third quarter due to the increased number of employees, including increases from the Cañon acquisition, and annual salary increases. Current quarter occupancy and equipment expense decreased $275 thousand, or 4 percent, from the prior quarter and decreased $267 thousand, or 4 percent, from the prior year third quarter. The current quarter data processing expense increased $142 thousand, or 4 percent, from the prior quarter. The current quarter data processing expense increased $1.4 million from the prior year third quarter; such increases primarily from expenses associated with CCP. The current quarter OREO expense of $215 thousand included $162 thousand of operating expense, $13 thousand of fair value write-downs, and $40 thousand of loss from the sales of OREO. Current quarter other expenses of $12.3 million remained stable in total compared to the prior quarter, however several areas experienced increases or decreases related to acquisitions, CCP, and expenses connected with equity investments in New Markets Tax Credit (“NMTC”) projects. Current quarter other expenses increased $1.6 million, or 15 percent, from the prior year third quarter and was primarily driven by increases from costs associated with CCP.


8


Efficiency Ratio
The current quarter efficiency ratio was 55.84 percent, a 26 basis points decrease from the prior quarter efficiency ratio of 56.10 percent which was driven by the increase in gain on sale of residential loans which outpaced the increase in operating expenses. The current quarter efficiency ratio of 55.84 percent compared to 54.32 percent in the prior year third quarter. The 1.52 percent increase in the efficiency ratio was the result of additional costs associated with CCP and increased compensation expense, which was greater than the benefits experienced in net interest income and non-interest income.

Operating Results for Nine Months ended September 30, 2016
Compared to September 30, 2015

Income Summary
 
Nine Months ended
 
$ Change
 
% Change
(Dollars in thousands)
September 30,
2016
 
September 30,
2015
 
Net interest income
 
 
 
 
 
 
 
Interest income
$
256,394

 
$
236,470

 
$
19,924

 
8
 %
Interest expense
22,417

 
22,060

 
357

 
2
 %
Total net interest income
233,977

 
214,410

 
19,567

 
9
 %
Non-interest income
 
 
 
 
 
 
 
Service charges and other fees
46,760

 
43,868

 
2,892

 
7
 %
Miscellaneous loan fees and charges
3,379

 
3,354

 
25

 
1
 %
Gain on sale of loans
23,841

 
20,356

 
3,485

 
17
 %
Loss on sale of investments
(706
)
 
(124
)
 
(582
)
 
469
 %
Other income
6,030

 
6,840

 
(810
)
 
(12
)%
Total non-interest income
79,304

 
74,294

 
5,010

 
7
 %
 
$
313,281

 
$
288,704

 
$
24,577

 
9
 %
Net interest margin (tax-equivalent)
4.02
%
 
3.99
%
 
 
 
 

Net Interest Income
Net interest income for the first nine months of the current year was $234 million, an increase of $19.6 million, or 9 percent, over the same period last year. Interest income for the first nine months of the current year increased $19.9 million, or 8 percent, from the prior year first nine months and was principally due to a $17.3 million increase in income from commercial loans. Additional increases included $1.4 million in interest income from investment securities and $1.4 million in interest income from residential loans.

Interest expense of $22.4 million for the first nine months of the current year increased $357 thousand, or 2 percent, over the the same period in the prior year. Deposit interest expense for the first nine months of the current year increased $1.7 million, or 14 percent, from the prior year first nine months and was driven by the increase in wholesale deposits and the additional interest expense for an interest rate swap with a notional $100 million that began its accrual period in December 2015. FHLB interest expense decreased $1.8 million, or 28 percent, which resulted from long-term advances maturing which were replaced by lower rate short-term advances. The total funding cost (including non-interest bearing deposits) for the first nine months of 2016 was 38 basis points compared to 40 basis points for the first nine months of 2015. 


9


The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2016 was 4.02 percent, a 3 basis point increase from the net interest margin of 3.99 percent for the first nine months of 2015. The increase in the margin was primarily attributable to a shift in earning assets to higher yielding loans combined with a continued increase in low cost deposits.

Non-interest Income
Non-interest income of $79.3 million for the first nine months of 2016 increased $5.0 million, or 7 percent, over the same period last year. Service charges and other fees of $46.8 million for the first nine months of 2016 increased $2.9 million, or 7 percent, from the same period last year as a result of an increased number of deposit accounts and increases from recent acquisitions. The gain of $23.8 million on the sale of residential loans for the first nine months of 2016 increased $3.5 million, or 17 percent, from the first nine months of 2015 which was attributable to the stronger housing market and the low interest rate environment. Included in other income was operating revenue of $84 thousand from OREO and gains of $479 thousand from the sales of OREO, which totaled $563 thousand for the first nine months of 2016 compared to $869 thousand for the same period in the prior year.

Non-interest Expense Summary
 
Nine Months ended
 
$ Change
 
% Change
(Dollars in thousands)
September 30,
2016
 
September 30,
2015
 
Compensation and employee benefits
$
112,871

 
$
98,507

 
$
14,364

 
15
 %
Occupancy and equipment
19,287

 
18,927

 
360

 
2
 %
Advertising and promotions
6,308

 
6,626

 
(318
)
 
(5
)%
Data processing
11,391

 
8,232

 
3,159

 
38
 %
Other real estate owned
819

 
3,182

 
(2,363
)
 
(74
)%
Regulatory assessments and insurance
3,732

 
3,789

 
(57
)
 
(2
)%
Core deposit intangible amortization
2,362

 
2,206

 
156

 
7
 %
Other expenses
35,227

 
33,085

 
2,142

 
6
 %
Total non-interest expense
$
191,997

 
$
174,554

 
$
17,443

 
10
 %

Compensation and employee benefits for the first nine months of 2016 increased $14.4 million, or 15 percent, from the same period due to the increased number of employees including from the acquired banks and annual salary increases. Occupancy and equipment expense of $19.3 million for the first nine months of 2016 increased $360 thousand, or 2 percent. Outsourced data processing expense increased $3.2 million, or 38 percent, from the prior year first nine months as a result of additional costs from CCP. OREO expense of $819 thousand in the first nine months of 2016 decreased $2.4 million, or 74 percent, from the first nine months of the prior year. OREO expense for the first nine months of 2016 included $443 thousand of operating expenses, $92 thousand of fair value write-downs, and $284 thousand of loss from the sales of OREO. Current year other expenses of $35.2 million increased $2.1 million, or 6 percent, from the prior year and was driven by increases from costs associated with CCP which were partially offset by decreases in expenses connected with the equity investments in NMTC projects.

Provision for Loan Losses
The provision for loan losses was $1.2 million for the first nine months of 2016, a decrease of $679 thousand, or 36 percent, from the same period in the prior year. Net recovery of loans during the first nine months of 2016 was $1.6 million compared to net charge-offs of $858 thousand from the first nine months of 2015.


10


Efficiency Ratio
The efficiency ratio was 56.15 percent for the first nine months of 2016 and 55.01 percent for the first nine months of 2015. Although there were increases in both net interest income and non-interest income, such increases were outpaced by the increases in CCP expenses and compensation expenses which contributed to the higher efficiency ratio in 2016.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:
•
the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;
•
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;
•
legislative or regulatory changes, including increased banking and consumer protection regulation that adversely affect the Company’s business;
•
ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;
•
costs or difficulties related to the completion and integration of acquisitions;
•
the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;
•
reduced demand for banking products and services;
•
the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;
•
consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
•
dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions;
•
potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks, fraud or system failures; and
•
the Company’s success in managing risks involved in the foregoing.

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


11


Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 21, 2016. The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 877-561-2748 and the conference ID is 91975601. To participate on the webcast, log on to: http://edge.media-server.com/m/p/hgo5vjek. If you are unable to participate during the live webcast, the call will be archived on our Web site, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 91975601 until November 4, 2016.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 88 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and Bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown, all operating in Montana; as well as Mountain West Bank, Coeur d’Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell and First State Bank, Wheatland, each operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; and Bank of the San Juans, Durango, operating in Colorado.


12


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)
September 30,
2016
 
June 30,
2016
 
December 31,
2015
 
September 30,
2015
Assets
 
 
 
 
 
 
 
Cash on hand and in banks
$
129,727

 
147,748

 
117,137

 
104,363

Federal funds sold
225

 
—

 
6,080

 
2,210

Interest bearing cash deposits
121,461

 
12,585

 
70,036

 
136,262

Cash and cash equivalents
251,413

 
160,333

 
193,253

 
242,835

Investment securities, available-for-sale
2,292,079

 
2,487,955

 
2,610,760

 
2,530,994

Investment securities, held-to-maturity
679,707

 
680,574

 
702,072

 
651,822

Total investment securities
2,971,786

 
3,168,529

 
3,312,832

 
3,182,816

Loans held for sale
71,069

 
74,140

 
56,514

 
40,456

Loans receivable
5,595,962

 
5,378,617

 
5,078,681

 
4,876,419

Allowance for loan and lease losses
(132,534
)
 
(132,386
)
 
(129,697
)
 
(130,768
)
Loans receivable, net
5,463,428

 
5,246,231

 
4,948,984

 
4,745,651

Premises and equipment, net
178,638

 
177,911

 
194,030

 
185,864

Other real estate owned
22,662

 
24,370

 
26,815

 
26,609

Accrued interest receivable
50,138

 
47,554

 
44,524

 
46,786

Deferred tax asset
51,757

 
46,488

 
58,475

 
55,095

Core deposit intangible, net
12,955

 
12,970

 
14,555

 
10,781

Goodwill
147,053

 
140,638

 
140,638

 
130,843

Non-marketable equity securities
20,103

 
24,791

 
27,495

 
24,905

Other assets
75,873

 
75,487

 
71,117

 
71,658

Total assets
$
9,316,875

 
9,199,442

 
9,089,232

 
8,764,299

Liabilities
 
 
 
 
 
 
 
Non-interest bearing deposits
$
2,098,747

 
1,907,026

 
1,918,310

 
1,893,723

Interest bearing deposits
5,210,572

 
5,181,790

 
5,026,698

 
4,779,456

Securities sold under agreements to repurchase
401,243

 
414,327

 
423,414

 
441,041

FHLB advances
211,833

 
328,832

 
394,131

 
329,299

Other borrowed funds
5,956

 
4,926

 
6,602

 
6,619

Subordinated debentures
125,956

 
125,920

 
125,848

 
125,812

Accrued interest payable
3,439

 
3,486

 
3,517

 
3,641

Other liabilities
111,350

 
108,476

 
114,062

 
109,900

Total liabilities
8,169,096

 
8,074,783

 
8,012,582

 
7,689,491

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
765

 
762

 
761

 
755

Paid-in capital
748,463

 
737,379

 
736,368

 
720,639

Retained earnings - substantially restricted
381,713

 
366,105

 
337,532

 
345,407

Accumulated other comprehensive income
16,838

 
20,413

 
1,989

 
8,007

Total stockholders’ equity
1,147,779

 
1,124,659

 
1,076,650

 
1,074,808

Total liabilities and stockholders’ equity
$
9,316,875

 
9,199,442

 
9,089,232

 
8,764,299



13


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 
Three Months ended
 
Nine Months ended
(Dollars in thousands, except per share data)
September 30,
2016
 
June 30,
2016
 
September 30,
2015
 
September 30,
2016
 
September 30,
2015
Interest Income
 
 
 
 
 
 
 
 
 
Investment securities
$
21,827

 
23,037

 
22,437

 
68,747

 
67,355

Residential real estate loans
8,538

 
8,124

 
7,878

 
24,947

 
23,581

Commercial loans
47,694

 
47,002

 
42,137

 
139,199

 
121,857

Consumer and other loans
7,885

 
7,906

 
7,915

 
23,501

 
23,677

Total interest income
85,944

 
86,069

 
80,367

 
256,394

 
236,470

Interest Expense
 
 
 
 
 
 
 
 
 
Deposits
4,550

 
4,560

 
3,947

 
13,905

 
12,206

Securities sold under agreements to repurchase
289

 
275

 
261

 
882

 
734

Federal Home Loan Bank advances
1,527

 
1,665

 
2,273

 
4,844

 
6,685

Federal funds purchased and other borrowed funds
17

 
14

 
21

 
49

 
63

Subordinated debentures
935

 
910

 
807

 
2,737

 
2,372

Total interest expense
7,318

 
7,424

 
7,309

 
22,417

 
22,060

Net Interest Income
78,626

 
78,645

 
73,058

 
233,977

 
214,410

Provision for loan losses
626

 
—

 
826

 
1,194

 
1,873

Net interest income after provision for loan losses
78,000

 
78,645

 
72,232

 
232,783

 
212,537

Non-Interest Income
 
 
 
 
 
 
 
 
 
Service charges and other fees
16,307

 
15,772

 
15,357

 
46,760

 
43,868

Miscellaneous loan fees and charges
1,195

 
1,163

 
1,055

 
3,379

 
3,354

Gain on sale of loans
9,592

 
8,257

 
7,326

 
23,841

 
20,356

Loss on sale of investments
(594
)
 
(220
)
 
(31
)
 
(706
)
 
(124
)
Other income
1,793

 
1,787

 
2,092

 
6,030

 
6,840

Total non-interest income
28,293

 
26,759

 
25,799

 
79,304

 
74,294

Non-Interest Expense
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
38,370

 
37,560

 
33,534

 
112,871

 
98,507

Occupancy and equipment
6,168

 
6,443

 
6,435

 
19,287

 
18,927

Advertising and promotions
2,098

 
2,085

 
2,459

 
6,308

 
6,626

Data processing
4,080

 
3,938

 
2,710

 
11,391

 
8,232

Other real estate owned
215

 
214

 
1,047

 
819

 
3,182

Regulatory assessments and insurance
1,158

 
1,066

 
1,478

 
3,732

 
3,789

Core deposit intangibles amortization
777

 
788

 
720

 
2,362

 
2,206

Other expenses
12,314

 
12,367

 
10,729

 
35,227

 
33,085

Total non-interest expense
65,180

 
64,461

 
59,112

 
191,997

 
174,554

Income Before Income Taxes
41,113

 
40,943

 
38,919

 
120,090

 
112,277

Federal and state income tax expense
10,156

 
10,492

 
9,305

 
30,000

 
25,658

Net Income
$
30,957

 
30,451

 
29,614

 
90,090

 
86,619


14


Glacier Bancorp, Inc.
Average Balance Sheets

 
Three Months ended
 
September 30, 2016
 
September 30, 2015
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
752,723

 
$
8,538

 
4.54
%
 
$
679,037

 
$
7,878

 
4.64
%
Commercial loans 1
4,092,627

 
48,817

 
4.75
%
 
3,510,098

 
42,811

 
4.84
%
Consumer and other loans
678,415

 
7,885

 
4.62
%
 
639,155

 
7,915

 
4.91
%
Total loans 2
5,523,765

 
65,240

 
4.70
%
 
4,828,290

 
58,604

 
4.82
%
Tax-exempt investment securities 3
1,311,616

 
18,764

 
5.72
%
 
1,334,980

 
19,511

 
5.85
%
Taxable investment securities 4
1,774,209

 
9,813

 
2.21
%
 
1,930,378

 
10,063

 
2.09
%
Total earning assets
8,609,590

 
93,817

 
4.33
%
 
8,093,648

 
88,178

 
4.32
%
Goodwill and intangibles
155,347

 
 
 
 
 
142,031

 
 
 
 
Non-earning assets
398,463

 
 
 
 
 
384,452

 
 
 
 
Total assets
$
9,163,400

 
 
 
 
 
$
8,620,131

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,973,648

 
$
—

 
—
%
 
$
1,793,899

 
$
—

 
—
%
NOW and DDA accounts
1,501,944

 
244

 
0.06
%
 
1,387,334

 
264

 
0.08
%
Savings accounts
934,911

 
119

 
0.05
%
 
763,430

 
90

 
0.05
%
Money market deposit accounts
1,425,655

 
543

 
0.15
%
 
1,349,244

 
514

 
0.15
%
Certificate accounts
986,411

 
1,482

 
0.60
%
 
1,125,276

 
1,657

 
0.58
%
Wholesale deposits 5
345,287

 
2,162

 
2.49
%
 
190,724

 
1,422

 
2.96
%
FHLB advances
259,216

 
1,527

 
2.30
%
 
329,797

 
2,273

 
2.70
%
Repurchase agreements and other borrowed funds
502,391

 
1,241

 
0.98
%
 
512,807

 
1,089

 
0.84
%
Total funding liabilities
7,929,463

 
7,318

 
0.37
%
 
7,452,511

 
7,309

 
0.39
%
Other liabilities
93,250

 
 
 
 
 
92,955

 
 
 
 
Total liabilities
8,022,713

 
 
 
 
 
7,545,466

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
762

 
 
 
 
 
755

 
 
 
 
Paid-in capital
741,072

 
 
 
 
 
720,325

 
 
 
 
Retained earnings
381,197

 
 
 
 
 
344,768

 
 
 
 
Accumulated other comprehensive income
17,656

 
 
 
 
 
8,817

 
 
 
 
Total stockholders’ equity
1,140,687

 
 
 
 
 
1,074,665

 
 
 
 
Total liabilities and stockholders’ equity
$
9,163,400

 
 
 
 
 
$
8,620,131

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
86,499

 
 
 
 
 
$
80,869

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.96
%
 
 
 
 
 
3.93
%
Net interest margin (tax-equivalent)
 
 
 
 
4.00
%
 
 
 
 
 
3.96
%
__________ 
1 
Includes tax effect of $1.1 million and $674 thousand on tax-exempt municipal loan and lease income for the three months ended September 30, 2016 and 2015, respectively.
2 
Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3 
Includes tax effect of $6.4 million and $6.8 million on tax-exempt investment securities income for the three months ended September 30, 2016 and 2015, respectively.
4 
Includes tax effect of $352 thousand and $362 thousand on federal income tax credits for the three months ended September 30, 2016 and 2015, respectively.
5 
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.

15


Glacier Bancorp, Inc.
Average Balance Sheets (continued)

 
Nine Months ended
 
September 30, 2016
 
September 30, 2015
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
736,866

 
$
24,947

 
4.51
%
 
$
673,084

 
$
23,581

 
4.67
%
Commercial loans 1
3,915,503

 
142,108

 
4.85
%
 
3,411,631

 
123,759

 
4.85
%
Consumer and other loans
666,200

 
23,501

 
4.71
%
 
625,726

 
23,677

 
5.06
%
Total loans 2
5,318,569

 
190,556

 
4.79
%
 
4,710,441

 
171,017

 
4.85
%
Tax-exempt investment securities 3
1,337,511

 
57,420

 
5.72
%
 
1,317,788

 
57,026

 
5.77
%
Taxable investment securities 4
1,895,871

 
31,961

 
2.25
%
 
1,894,572

 
30,472

 
2.14
%
Total earning assets
8,551,951

 
279,937

 
4.37
%
 
7,922,801

 
258,515

 
4.36
%
Goodwill and intangibles
154,708

 
 
 
 
 
141,851

 
 
 
 
Non-earning assets
393,290

 
 
 
 
 
385,216

 
 
 
 
Total assets
$
9,099,949

 
 
 
 
 
$
8,449,868

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,897,176

 
$
—

 
—
%
 
$
1,702,459

 
$
—

 
—
%
NOW and DDA accounts
1,487,413

 
808

 
0.07
%
 
1,347,658

 
790

 
0.08
%
Savings accounts
900,141

 
331

 
0.05
%
 
740,905

 
263

 
0.05
%
Money market deposit accounts
1,410,257

 
1,635

 
0.15
%
 
1,330,212

 
1,544

 
0.16
%
Certificate accounts
1,030,283

 
4,605

 
0.60
%
 
1,147,820

 
5,284

 
0.62
%
Wholesale deposits 5
335,628

 
6,526

 
2.60
%
 
208,640

 
4,325

 
2.77
%
FHLB advances
319,808

 
4,844

 
1.99
%
 
315,068

 
6,685

 
2.80
%
Repurchase agreements and other borrowed funds
507,514

 
3,668

 
0.97
%
 
504,787

 
3,169

 
0.84
%
Total funding liabilities
7,888,220

 
22,417

 
0.38
%
 
7,297,549

 
22,060

 
0.40
%
Other liabilities
94,718

 
 
 
 
 
90,300

 
 
 
 
Total liabilities
7,982,938

 
 
 
 
 
7,387,849

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
762

 
 
 
 
 
754

 
 
 
 
Paid-in capital
738,126

 
 
 
 
 
717,424

 
 
 
 
Retained earnings
366,094

 
 
 
 
 
329,630

 
 
 
 
Accumulated other comprehensive income
12,029

 
 
 
 
 
14,211

 
 
 
 
Total stockholders’ equity
1,117,011

 
 
 
 
 
1,062,019

 
 
 
 
Total liabilities and stockholders’ equity
$
9,099,949

 
 
 
 
 
$
8,449,868

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
257,520

 
 
 
 
 
$
236,455

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.99
%
 
 
 
 
 
3.96
%
Net interest margin (tax-equivalent)
 
 
 
 
4.02
%
 
 
 
 
 
3.99
%
__________ 
1 
Includes tax effect of $2.9 million and $1.9 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2016 and 2015, respectively.
2 
Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3 
Includes tax effect of $19.6 million and $19.1 million on tax-exempt investment securities income for the nine months ended September 30, 2016 and 2015, respectively.
4 
Includes tax effect of $1.1 million and $1.1 million on federal income tax credits for the nine months ended September 30, 2016 and 2015, respectively.
5 
Wholesale deposits include brokered deposits classified as NOW, DDA, 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)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
Custom and owner occupied construction
$
82,935

 
$
78,525

 
$
75,094

 
$
64,951

 
6
 %
 
10
 %
 
28
 %
Pre-sold and spec construction
66,812

 
59,530

 
50,288

 
46,921

 
12
 %
 
33
 %
 
42
 %
Total residential construction
149,747

 
138,055

 
125,382

 
111,872

 
8
 %
 
19
 %
 
34
 %
Land development
68,597

 
61,803

 
62,356

 
83,756

 
11
 %
 
10
 %
 
(18
)%
Consumer land or lots
96,798

 
95,247

 
97,270

 
98,490

 
2
 %
 
—
 %
 
(2
)%
Unimproved land
69,880

 
70,396

 
73,844

 
74,439

 
(1
)%
 
(5
)%
 
(6
)%
Developed lots for operative builders
13,256

 
13,845

 
12,336

 
13,697

 
(4
)%
 
7
 %
 
(3
)%
Commercial lots
27,512

 
26,084

 
22,035

 
22,937

 
5
 %
 
25
 %
 
20
 %
Other construction
246,753

 
206,343

 
156,784

 
122,347

 
20
 %
 
57
 %
 
102
 %
Total land, lot, and other construction
522,796

 
473,718

 
424,625

 
415,666

 
10
 %
 
23
 %
 
26
 %
Owner occupied
963,063

 
927,237

 
938,625

 
885,736

 
4
 %
 
3
 %
 
9
 %
Non-owner occupied
890,981

 
835,272

 
774,192

 
739,057

 
7
 %
 
15
 %
 
21
 %
Total commercial real estate
1,854,044

 
1,762,509

 
1,712,817

 
1,624,793

 
5
 %
 
8
 %
 
14
 %
Commercial and industrial
697,598

 
705,011

 
649,553

 
619,688

 
(1
)%
 
7
 %
 
13
 %
Agriculture
425,645

 
421,097

 
367,339

 
386,523

 
1
 %
 
16
 %
 
10
 %
1st lien
883,034

 
867,918

 
856,193

 
801,705

 
2
 %
 
3
 %
 
10
 %
Junior lien
61,788

 
64,248

 
65,383

 
67,351

 
(4
)%
 
(5
)%
 
(8
)%
Total 1-4 family
944,822

 
932,166

 
921,576

 
869,056

 
1
 %
 
3
 %
 
9
 %
Multifamily residential
204,395

 
198,583

 
201,542

 
189,944

 
3
 %
 
1
 %
 
8
 %
Home equity lines of credit
399,446

 
388,939

 
372,039

 
359,605

 
3
 %
 
7
 %
 
11
 %
Other consumer
154,547

 
156,568

 
150,469

 
154,095

 
(1
)%
 
3
 %
 
—
 %
Total consumer
553,993

 
545,507

 
522,508

 
513,700

 
2
 %
 
6
 %
 
8
 %
Other
313,991

 
276,111

 
209,853

 
185,633

 
14
 %
 
50
 %
 
69
 %
Total loans receivable, including loans held for sale
5,667,031

 
5,452,757

 
5,135,195

 
4,916,875

 
4
 %
 
10
 %
 
15
 %
Less loans held for sale 1
(71,069
)
 
(74,140
)
 
(56,514
)
 
(40,456
)
 
(4
)%
 
26
 %
 
76
 %
Total loans receivable
$
5,595,962

 
$
5,378,617

 
$
5,078,681

 
$
4,876,419

 
4
 %
 
10
 %
 
15
 %
_______
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)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Sep 30,
2016
 
Sep 30,
2016
 
Sep 30,
2016
Custom and owner occupied construction
$
375

 
390

 
1,016

 
1,048

 
375

 
—

 
—

Pre-sold and spec construction
250

 
—

 
—

 
—

 
250

 
—

 
—

Total residential construction
625

 
390

 
1,016

 
1,048

 
625

 
—

 
—

Land development
11,717

 
12,830

 
17,582

 
17,719

 
1,588

 
—

 
10,129

Consumer land or lots
2,196

 
1,656

 
2,250

 
2,430

 
766

 
—

 
1,430

Unimproved land
12,068

 
12,147

 
12,328

 
12,055

 
7,980

 
—

 
4,088

Developed lots for operative builders
175

 
176

 
488

 
492

 
—

 
—

 
175

Commercial lots
2,165

 
1,979

 
1,521

 
1,631

 
216

 
—

 
1,949

Other construction
—

 
—

 
4,236

 
4,244

 
—

 
—

 
—

Total land, lot and other construction
28,321

 
28,788

 
38,405

 
38,571

 
10,550

 
—

 
17,771

Owner occupied
19,970

 
10,503

 
10,952

 
12,719

 
18,190

 
—

 
1,780

Non-owner occupied
4,005

 
4,055

 
3,446

 
3,833

 
3,328

 
—

 
677

Total commercial real estate
23,975

 
14,558

 
14,398

 
16,552

 
21,518

 
—

 
2,457

Commercial and industrial
5,175

 
7,123

 
3,993

 
5,110

 
5,002

 
160

 
13

Agriculture
2,329

 
3,979

 
3,281

 
3,114

 
2,145

 
184

 
—

1st lien
9,333

 
11,332

 
10,691

 
11,953

 
6,267

 
817

 
2,249

Junior lien
1,335

 
1,489

 
668

 
660

 
1,160

 
35

 
140

Total 1-4 family
10,668

 
12,821

 
11,359

 
12,613

 
7,427

 
852

 
2,389

Multifamily residential
432

 
432

 
113

 
—

 
432

 
—

 
—

Home equity lines of credit
4,734

 
5,413

 
5,486

 
6,013

 
4,445

 
289

 
—

Other consumer
182

 
275

 
228

 
204

 
136

 
14

 
32

Total consumer
4,916

 
5,688

 
5,714

 
6,217

 
4,581

 
303

 
32

Other
1,800

 
1,802

 
1,800

 
1,800

 
—

 
1,800

 
—

Total
$
78,241

 
75,581

 
80,079

 
85,025

 
52,280

 
3,299

 
22,662



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)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
Custom and owner occupied construction
$
65

 
$
375

 
$
462

 
$
138

 
(83
)%
 
(86
)%
 
(53
)%
Pre-sold and spec construction
—

 
304

 
181

 
144

 
(100
)%
 
(100
)%
 
(100
)%
Total residential construction
65

 
679

 
643

 
282

 
(90
)%
 
(90
)%
 
(77
)%
Land development
—

 
37

 
447

 
—

 
(100
)%
 
(100
)%
 
n/m

Consumer land or lots
130

 
676

 
166

 
266

 
(81
)%
 
(22
)%
 
(51
)%
Unimproved land
857

 
879

 
774

 
304

 
(3
)%
 
11
 %
 
182
 %
Developed lots for operative builders
—

 
166

 
—

 
—

 
(100
)%
 
n/m

 
n/m

Other construction
7,125

 
—

 
337

 
—

 
n/m

 
2,014
 %
 
n/m

Total land, lot and other construction
8,112

 
1,758

 
1,724

 
570

 
361
 %
 
371
 %
 
1,323
 %
Owner occupied
586

 
2,975

 
2,760

 
2,497

 
(80
)%
 
(79
)%
 
(77
)%
Non-owner occupied
5,830

 
5,364

 
923

 
5,529

 
9
 %
 
532
 %
 
5
 %
Total commercial real estate
6,416

 
8,339

 
3,683

 
8,026

 
(23
)%
 
74
 %
 
(20
)%
Commercial and industrial
4,038

 
4,956

 
1,968

 
2,774

 
(19
)%
 
105
 %
 
46
 %
Agriculture
989

 
804

 
1,014

 
867

 
23
 %
 
(2
)%
 
14
 %
1st lien
3,439

 
2,667

 
6,272

 
2,510

 
29
 %
 
(45
)%
 
37
 %
Junior lien
977

 
1,251

 
1,077

 
228

 
(22
)%
 
(9
)%
 
329
 %
Total 1-4 family
4,416

 
3,918

 
7,349

 
2,738

 
13
 %
 
(40
)%
 
61
 %
Multifamily Residential
—

 
—

 
662

 
114

 
n/m

 
(100
)%
 
(100
)%
Home equity lines of credit
2,383

 
2,253

 
1,046

 
1,599

 
6
 %
 
128
 %
 
49
 %
Other consumer
943

 
736

 
1,227

 
811

 
28
 %
 
(23
)%
 
16
 %
Total consumer
3,326

 
2,989

 
2,273

 
2,410

 
11
 %
 
46
 %
 
38
 %
Other
22

 
36

 
97

 
41

 
(39
)%
 
(77
)%
 
(46
)%
Total
$
27,384

 
$
23,479

 
$
19,413

 
$
17,822

 
17
 %
 
41
 %
 
54
 %
_______
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)
Sep 30,
2016
 
Jun 30,
2016
 
Dec 31,
2015
 
Sep 30,
2015
 
Sep 30,
2016
 
Sep 30,
2016
Pre-sold and spec construction
$
(39
)
 
(37
)
 
(53
)
 
(34
)
 
—

 
39

Land development
(2,372
)
 
(2,342
)
 
(288
)
 
(293
)
 
29

 
2,401

Consumer land or lots
(487
)
 
(351
)
 
66

 
(8
)
 
25

 
512

Unimproved land
(114
)
 
(46
)
 
(325
)
 
(152
)
 
—

 
114

Developed lots for operative builders
(23
)
 
(54
)
 
(85
)
 
(72
)
 
15

 
38

Commercial lots
29

 
21

 
(26
)
 
(5
)
 
33

 
4

Other construction
—

 
—

 
(1
)
 
(1
)
 
—

 
—

Total land, lot and other construction
(2,967
)
 
(2,772
)
 
(659
)
 
(531
)
 
102

 
3,069

Owner occupied
(354
)
 
(51
)
 
247

 
249

 
32

 
386

Non-owner occupied
9

 
(3
)
 
93

 
105

 
13

 
4

Total commercial real estate
(345
)
 
(54
)
 
340

 
354

 
45

 
390

Commercial and industrial
(643
)
 
(112
)
 
1,389

 
1,011

 
761

 
1,404

Agriculture
(29
)
 
(1
)
 
50

 
(8
)
 
25

 
54

1st lien
132

 
245

 
834

 
(80
)
 
327

 
195

Junior lien
(15
)
 
(56
)
 
(125
)
 
(106
)
 
137

 
152

Total 1-4 family
117

 
189

 
709

 
(186
)
 
464

 
347

Multifamily residential
229

 
229

 
(318
)
 
(318
)
 
229

 
—

Home equity lines of credit
450

 
(25
)
 
740

 
531

 
696

 
246

Other consumer
255

 
149

 
143

 
39

 
409

 
154

Total consumer
705

 
124

 
883

 
570

 
1,105

 
400

Other
1,329

 
313

 
(1
)
 
—

 
2,601

 
1,272

Total
$
(1,643
)
 
(2,121
)
 
2,340

 
858

 
5,332

 
6,975

















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20
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