0000868671-17-000005.txt : 20170126 0000868671-17-000005.hdr.sgml : 20170126 20170126164245 ACCESSION NUMBER: 0000868671-17-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170126 DATE AS OF CHANGE: 20170126 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: 17550306 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-12312016x8k.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): January 26, 2017 

____________________________________________________________
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 26, 2017, the Company issued a press release announcing its financial results for the quarter ended December 31, 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 January 26, 2017, announcing financial results for the quarter ended December 31, 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:
January 26, 2017
GLACIER BANCORP, INC.
 
 
 
 
 
 
By:
/s/ Randall M. Chesler
 
 
 
Randall M. Chesler
 
 
 
President and Chief Executive Officer





 EX-99.1 2 gbci-12312016xex991.htm EXHIBIT 99.1 Exhibit


gbcilogostates.jpg

NEWS RELEASE

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

GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2016

4th Quarter 2016 Highlights:
•
Record earnings of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, over the prior year fourth quarter net income of $29.5 million.
•
Current quarter diluted earnings per share of $0.41, an increase of 5 percent from the prior year fourth quarter diluted earnings per share of $0.39.
•
Loan growth of $88.5 million, or 6 percent annualized for the current quarter.
•
Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, remained unchanged compared to the prior year fourth quarter.
•
The Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona. As of December 31, 2016, TFB Bancorp, Inc. had total assets of $335 million, total loans of $280 million and total deposits of $284 million.
•
Approved a special dividend of $0.30 per share in December. This was the 13th special dividend the Company has declared.
•
Declared and paid a regular quarterly dividend of $0.20 per share in December. The dividend was the 127th consecutive quarterly dividend declared by the Company.

Full Year 2016 Highlights:
•
Net income of $121 million for 2016, an increase of 4 percent over $116 million for 2015.
•
Diluted earnings per share of $1.59, an increase of 3 percent from the prior year diluted earnings per share of $1.54.
•
Organic loan growth of $554 million, or 11 percent annualized for the current year.
•
Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, for the current year compared to 4.00 percent for last year.
•
The Company successfully completed the year long effort to consolidate its Bank divisions’ individual core database systems into a single core database system.

1


•
The Company completed the acquisition and related database conversion of Treasure State Bank based in Missoula, Montana.

Financial Highlights
 
At or for the Three Months ended
 
At or for the Year ended
(Dollars in thousands, except per share and market data)
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Dec 31,
2015
 
Dec 31,
2016
 
Dec 31,
2015
Operating results
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
31,041

 
30,957

 
30,451

 
28,682

 
29,508

 
121,131

 
116,127

Basic earnings per share
$
0.41

 
0.40

 
0.40

 
0.38

 
0.39

 
1.59

 
1.54

Diluted earnings per share
$
0.41

 
0.40

 
0.40

 
0.38

 
0.39

 
1.59

 
1.54

Dividends declared per share 1
$
0.50

 
0.20

 
0.20

 
0.20

 
0.49

 
1.10

 
1.05

Market value per share
 
 
 
 
 
 
 
 
 
 
 
 
 
Closing
$
36.23

 
28.52

 
26.58

 
25.42

 
26.53

 
36.23

 
26.53

High
$
37.66

 
29.99

 
27.68

 
26.34

 
29.69

 
37.66

 
30.08

Low
$
27.50

 
25.49

 
24.31

 
22.19

 
25.74

 
22.19

 
22.27

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

 
76,525,402

 
76,171,580

 
76,168,388

 
76,086,288

 
76,525,402

 
76,086,288

Average outstanding shares - basic
76,525,402

 
76,288,640

 
76,170,734

 
76,126,251

 
75,893,521

 
76,278,463

 
75,542,455

Average outstanding shares - diluted
76,615,272

 
76,350,873

 
76,205,069

 
76,173,417

 
75,968,169

 
76,341,836

 
75,595,581

Return on average assets (annualized)
1.33
%
 
1.34
%
 
1.34
%
 
1.28
%
 
1.32
%
 
1.32
%
 
1.36
%
Return on average equity (annualized)
10.82
%
 
10.80
%
 
10.99
%
 
10.53
%
 
10.66
%
 
10.79
%
 
10.84
%
Efficiency ratio
55.08
%
 
55.84
%
 
56.10
%
 
56.53
%
 
56.52
%
 
55.88
%
 
55.40
%
Dividend payout ratio 1
121.95
%
 
50.00
%
 
50.00
%
 
52.63
%
 
125.64
%
 
69.18
%
 
68.18
%
Loan to deposit ratio
78.10
%
 
77.53
%
 
76.92
%
 
74.65
%
 
73.94
%
 
78.10
%
 
73.94
%
Number of full time equivalent employees
2,222

 
2,207

 
2,210

 
2,184

 
2,149

 
2,222

 
2,149

Number of locations
142

 
142

 
143

 
144

 
144

 
142

 
144

Number of ATMs
166

 
166

 
167

 
167

 
158

 
166

 
158

_______
1 Includes a special dividend declared of $0.30 per share for the three months and years ended December 31, 2016 and 2015.

KALISPELL, MONTANA, January 26, 2017 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, from the $29.5 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.41 per share, an increase of $0.02, or 5 percent, from the prior year fourth quarter diluted earnings per share of $0.39. Included in the current quarter was $368 thousand of acquisition-related expenses and $749 thousand 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. “The fourth quarter represents a strong finish for Glacier Bancorp and completes a very good year,” said Randy Chesler, President and Chief Executive Officer. “Our 13 Bank divisions and the supporting staff groups did an excellent job staying focused on the customer and delivering top quality results- led by record earnings, strong loan growth, stable margins and good credit performance,” Chesler said.


2


Net income for the year ended December 31, 2016 was $121 million, an increase of $5.0 million, or 4 percent, from the $116 million of net income for the prior year. Diluted earnings per share for 2016 was $1.59 per share, an increase of $0.05, or 3 percent, from the diluted earnings per share of $1.54 for the same period in the prior year.

During the fourth quarter of 2016, the Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona (collectively, “Foothills”), as the Company enters the state of Arizona. As of December 31, 2016, Foothills had total assets of $335 million, total loans of $280 million and total deposits of $284 million. The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to be completed during the second quarter of 2017.

During the third quarter of 2016, the Company completed the acquisition of Treasure State Bank (“TSB”) based in Missoula, Montana. 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)
Dec 31,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Sep 30,
2016
 
Dec 31,
2015
Cash and cash equivalents
$
152,541

 
251,413

 
193,253

 
(98,872
)
 
(40,712
)
Investment securities, available-for-sale
2,425,477

 
2,292,079

 
2,610,760

 
133,398

 
(185,283
)
Investment securities, held-to-maturity
675,674

 
679,707

 
702,072

 
(4,033
)
 
(26,398
)
Total investment securities
3,101,151

 
2,971,786

 
3,312,832

 
129,365

 
(211,681
)
Loans receivable
 
 
 
 
 
 
 
 
 
Residential real estate
674,347

 
696,817

 
688,912

 
(22,470
)
 
(14,565
)
Commercial real estate
2,990,141

 
2,919,415

 
2,633,953

 
70,726

 
356,188

Other commercial
1,342,250

 
1,303,241

 
1,099,564

 
39,009

 
242,686

Home equity
434,774

 
435,935

 
420,901

 
(1,161
)
 
13,873

Other consumer
242,951

 
240,554

 
235,351

 
2,397

 
7,600

Loans receivable
5,684,463

 
5,595,962

 
5,078,681

 
88,501

 
605,782

Allowance for loan and lease losses
(129,572
)
 
(132,534
)
 
(129,697
)
 
2,962

 
125

Loans receivable, net
5,554,891

 
5,463,428

 
4,948,984

 
91,463

 
605,907

Other assets
642,017

 
630,248

 
634,163

 
11,769

 
7,854

Total assets
$
9,450,600

 
9,316,875

 
9,089,232

 
133,725

 
361,368



3


Total investment securities of $3.101 billion at December 31, 2016 increased $129 million, or 4 percent, during the current quarter. The increase in the investment portfolio during the current quarter was from the Company utilizing surplus cash and customer deposits to purchase primarily short weighted-average life U.S. Agency mortgage backed securities. The Company continues to selectively purchase investment securities when the Company has excess liquidity. Although, the overall trend is a reduction in the investment securities portfolio since the Company has successfully been able to redeploy the securities portfolio cash flow into the Company’s higher yielding loan portfolio. Total investment securities decreased $212 million, or 6 percent, from the prior year end. Investment securities represented 33 percent of total assets at December 31, 2016 compared to 36 percent of total assets at December 31, 2015.

The loan portfolio grew $88.5 million, or 2 percent, during the current quarter. The loan category with the largest dollar increase was commercial real estate which increased $70.7 million, or 2 percent. The loan category with the largest percentage increase was other commercial loans which increased $39.0 million, or 3 percent. Excluding the acquisition of TSB, the loan portfolio increased $554 million, or 11 percent, since December 31, 2015 with $331 million and $235 million of the increase coming from growth in commercial real estate and other commercial loans, respectively. “Fourth quarter loan growth was once again better than what we historically have seen. It’s great to see continuing strength in loan originations. This is reflective of the strong customer relationships we have in all of our Bank divisions,” Chesler said.
 
 
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)
Dec 31,
2016
 
Sep 30,
2016
 
Dec 31,
2015
Allowance for loan and lease losses
 
 
 
 
 
Balance at beginning of period
$
129,697

 
129,697

 
129,753

Provision for loan losses
2,333

 
1,194

 
2,284

Charge-offs
(11,496
)
 
(5,332
)
 
(7,001
)
Recoveries
9,038

 
6,975

 
4,661

Balance at end of period
$
129,572

 
132,534

 
129,697

Other real estate owned
$
20,954

 
22,662

 
26,815

Accruing loans 90 days or more past due
1,099

 
3,299

 
2,131

Non-accrual loans
49,332

 
52,280

 
51,133

Total non-performing assets 1
$
71,385

 
78,241

 
80,079

Non-performing assets as a percentage of subsidiary assets
0.76
%
 
0.84
 %
 
0.88
%
Allowance for loan and lease losses as a percentage of non-performing loans
257
%
 
238
 %
 
244
%
Allowance for loan and lease losses as a percentage of total loans
2.28
%
 
2.37
 %
 
2.55
%
Net charge-offs (recoveries) as a percentage of total loans
0.04
%
 
(0.03
)%
 
0.05
%
Accruing loans 30-89 days past due
$
25,617

 
27,384

 
19,413

Accruing troubled debt restructurings
$
52,077

 
52,578

 
63,590

Non-accrual troubled debt restructurings
$
21,693

 
23,427

 
27,057

__________ 
1 As of December 31, 2016, non-performing assets have not been reduced by U.S. government guarantees of $1.7 million.

The Company continued to benefit from the gradual improvement in asset quality during the current quarter. Non-performing assets at December 31, 2016 were $71.4 million, a decrease of $6.9 million, or 9 percent, during the

4


current quarter and a decrease of $8.7 million, or 11 percent, from a year ago. Non-performing assets as a percentage of assets at December 31, 2016 was 0.76 percent which was a decrease of 12 basis points form the prior year end of 0.88 percent. Early stage delinquencies (accruing loans 30-89 days past due) of $25.6 million at December 31, 2016 decreased $1.8 million from the prior quarter.

The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at December 31, 2016 was 2.28 percent, a decrease of 27 basis points from 2.55 percent at December 31, 2015 which was driven by loan growth combined with stabilized credit quality.

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
Fourth quarter 2016
$
1,139

 
$
4,101

 
2.28
%
 
0.45
%
 
0.76
%
Third quarter 2016
626

 
478

 
2.37
%
 
0.49
%
 
0.84
%
Second quarter 2016
—

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

 
194

 
2.50
%
 
0.46
%
 
0.88
%
Fourth quarter 2015
411

 
1,482

 
2.55
%
 
0.38
%
 
0.88
%
Third quarter 2015
826

 
577

 
2.68
%
 
0.37
%
 
0.97
%
Second quarter 2015
282

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

 
662

 
2.77
%
 
0.71
%
 
1.07
%

Net charge-offs for the current quarter were $4.1 million compared to $478 thousand for the prior quarter and $1.5 million from the same quarter last year. The quarterly net charge-offs continue to experience a fair amount of volatility on a quarterly basis. There was $1.1 million of current quarter provision for loan losses, compared to $626 thousand in the prior quarter and $411 thousand in 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 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.



5


Liability Summary

 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
Dec 31,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Sep 30,
2016
 
Dec 31,
2015
Deposits
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
2,041,852

 
2,098,747

 
1,918,310

 
(56,895
)
 
123,542

NOW and DDA accounts
1,588,550

 
1,514,330

 
1,516,026

 
74,220

 
72,524

Savings accounts
996,061

 
938,547

 
838,274

 
57,514

 
157,787

Money market deposit accounts
1,464,415

 
1,442,602

 
1,382,028

 
21,813

 
82,387

Certificate accounts
948,714

 
975,521

 
1,060,650

 
(26,807
)
 
(111,936
)
Core deposits, total
7,039,592

 
6,969,747

 
6,715,288

 
69,845

 
324,304

Wholesale deposits
332,687

 
339,572

 
229,720

 
(6,885
)
 
102,967

Deposits, total
7,372,279

 
7,309,319

 
6,945,008

 
62,960

 
427,271

Repurchase agreements
473,650

 
401,243

 
423,414

 
72,407

 
50,236

Federal Home Loan Bank advances
251,749

 
211,833

 
394,131

 
39,916

 
(142,382
)
Other borrowed funds
4,440

 
5,956

 
6,602

 
(1,516
)
 
(2,162
)
Subordinated debentures
125,991

 
125,956

 
125,848

 
35

 
143

Other liabilities
105,622

 
114,789

 
117,579

 
(9,167
)
 
(11,957
)
Total liabilities
$
8,333,731

 
8,169,096

 
8,012,582

 
164,635

 
321,149


Non-interest bearing deposits of $2.042 billion at December 31, 2016 decreased $57 million, or 3 percent, from the prior quarter which was primarily driven by seasonal fluctuations. Excluding the TSB acquisition, non-interest bearing deposits increased $111 million, or 6 percent, from December 31, 2015. Core interest bearing deposits of $4.998 billion at current year end increased $126.7 million, or 3 percent, from the prior quarter. Excluding the TSB acquisition, core interest bearing deposits increased $155 million, or 3 percent, from December 31, 2015. Wholesale deposits (i.e., brokered deposits classified as NOW, DDA, money market deposit and certificate accounts) of $333 million at December 31, 2016 increased $103 million since December 31, 2015, the 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 $474 million at December 31, 2016 increased $72.4 million, or 18 percent, from the prior quarter and increased $50.2 million, or 12 percent, from the prior year end. Repurchase agreements fluctuated as certain customers had significant deposit cash flows. Federal Home Loan Bank (“FHLB”) advances of $252 million at December 31, 2016 increased $39.9 million, or 19 percent, during the current quarter to supplement the current quarter deposit growth used to fund asset growth.



6


Stockholders’ Equity Summary
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands, except per share data)
Dec 31,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Sep 30,
2016
 
Dec 31,
2015
Common equity
$
1,124,251

 
1,130,941

 
1,074,661

 
(6,690
)
 
49,590

Accumulated other comprehensive income
(7,382
)
 
16,838

 
1,989

 
(24,220
)
 
(9,371
)
Total stockholders’ equity
1,116,869

 
1,147,779

 
1,076,650

 
(30,910
)
 
40,219

Goodwill and core deposit intangible, net
(159,400
)
 
(160,008
)
 
(155,193
)
 
608

 
(4,207
)
Tangible stockholders’ equity
$
957,469

 
987,771

 
921,457

 
(30,302
)
 
36,012

Stockholders’ equity to total assets
11.82
%
 
12.32
%
 
11.85
%
 
 
 
 
Tangible stockholders’ equity to total tangible assets
10.31
%
 
10.79
%
 
10.31
%
 
 
 
 
Book value per common share
$
14.59

 
15.00

 
14.15

 
(0.41
)
 
0.44

Tangible book value per common share
$
12.51

 
12.91

 
12.11

 
(0.40
)
 
0.40


Tangible stockholders’ equity of $957 million at December 31, 2016 decreased $30.3 million, or 3 percent, from the prior quarter primarily as a result of declaring a special and quarterly dividend coupled with a decrease in accumulated other comprehensive income. The decrease in the accumulated other comprehensive income resulted from a decrease in the unrealized gain on the available-for-sale securities portfolio due to a rise in interest rates; such decrease was partially offset by the decrease in the unrealized loss on the interest rate swaps. Tangible stockholders’ equity increased $36.0 million, or 4 percent, from a year ago, the result of earnings retention and $10.5 million of Company stock issued in connection with the TSB acquisition; such increases more than offset the increase in goodwill and other intangibles from the acquisition and the decrease in accumulated other comprehensive income. Tangible book value per common share at quarter end decreased $0.40 per share from the prior quarter primarily driven by the decrease in other comprehensive income. Tangible book value per common share increased $0.40 per share from a year ago and was principally due to earnings retention.

Cash Dividend
On December 28, 2016, the Company’s Board of Directors declared a special cash dividend of $0.30 per share, the thirteenth special dividend approved by the Company. The dividend was payable January 19, 2017 to shareholders of record January 10, 2017. On November 15, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend was payable December 15, 2016 to shareholders of record December 6, 2016. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.


7


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

Income Summary
 
Three Months ended
(Dollars in thousands)
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Dec 31,
2015
Net interest income
 
 
 
 
 
 
 
 
 
Interest income
$
87,759

 
85,944

 
86,069

 
84,381

 
83,211

Interest expense
7,214

 
7,318

 
7,424

 
7,675

 
7,215

Total net interest income
80,545

 
78,626

 
78,645

 
76,706

 
75,996

Non-interest income
 
 
 
 
 
 
 
 
 
Service charges and other fees
15,645

 
16,307

 
15,772

 
14,681

 
15,418

Miscellaneous loan fees and charges
1,234

 
1,195

 
1,163

 
1,021

 
922

Gain on sale of loans
9,765

 
9,592

 
8,257

 
5,992

 
6,033

(Loss) gain on sale of investments
(757
)
 
(594
)
 
(220
)
 
108

 
143

Other income
2,127

 
1,793

 
1,787

 
2,450

 
1,951

Total non-interest income
28,014

 
28,293

 
26,759

 
24,252

 
24,467

 
$
108,559

 
106,919

 
105,404

 
100,958

 
100,463

Net interest margin (tax-equivalent)
4.02
%
 
4.00
%
 
4.06
%
 
4.01
%
 
4.02
%
 
 
 
 
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
 
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Dec 31,
2015
Net interest income
 
 
 
 
 
 
 
 
 
Interest income
 
 
$
1,815

 
1,690

 
3,378

 
4,548

Interest expense
 
 
(104
)
 
(210
)
 
(461
)
 
(1
)
Total net interest income
 
 
1,919

 
1,900

 
3,839

 
4,549

Non-interest income
 
 
 
 
 
 
 
 
 
Service charges and other fees
 
 
(662
)
 
(127
)
 
964

 
227

Miscellaneous loan fees and charges
 
 
39

 
71

 
213

 
312

Gain on sale of loans
 
 
173

 
1,508

 
3,773

 
3,732

(Loss) gain on sale of investments
 
 
(163
)
 
(537
)
 
(865
)
 
(900
)
Other income
 
 
334

 
340

 
(323
)
 
176

Total non-interest income
 
 
(279
)
 
1,255

 
3,762

 
3,547

 
 
 
$
1,640

 
3,155

 
7,601

 
8,096


Net Interest Income
In the current quarter, interest income of $87.8 million increased $1.8 million, or 2 percent, from the prior quarter and was primarily attributable to the increase in interest income from commercial loans. As a result of loan growth, commercial loan interest income increased $2.1 million, or 4 percent, during the current quarter. Current quarter interest income increased $4.5 million, or 5 percent, over the prior year fourth quarter also because of increases in interest income on commercial loans which increased $6.6 million, or 15 percent, which more than offset the $2.1 million decrease in investment income.

8



The current quarter interest expense of $7.2 million decreased $104 thousand, or 1 percent, from the prior quarter with such decrease driven from a decrease in FHLB interest expense as the funding needs have lessened with the deposit growth. The total cost of funding (including non-interest bearing deposits) for the current quarter was 36 basis points compared to 37 basis points for both the prior quarter and 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 4.02 percent compared to 4.00 percent in the prior quarter. During the current quarter, the earning asset yield increased by 2 basis points. The Company’s current quarter net interest margin remained the same compared to the prior year fourth quarter. “Once again, the bank divisions have maintained good discipline in loan and deposit pricing as reflected in achieving a net interest margin above 4.00 percent in each quarter of the year,” said Ron Copher, Chief Financial Officer.  “The Bank divisions remain focused on quality loan and deposit growth, especially non-interest bearing deposits.”

Non-interest Income
Non-interest income for the current quarter totaled $28.0 million, a decrease of $279 thousand, or 1 percent, from the prior quarter and an increase of $3.5 million, or 15 percent, over the same quarter last year. Service fee income of $15.6 million, decreased by $662 thousand, or 4 percent, from the prior quarter and increased $227 thousand, or 1 percent, from the prior year fourth quarter. Gain on sale of loans for the current quarter increased $173 thousand, or 2 percent, from the prior quarter. Gain on sale of loans for the current quarter increased $3.7 million, or 62 percent, from the prior year fourth quarter as a result of the housing market continuing to strengthen during the current year coupled with the low interest rate environment. Other income of $2.1 million, increased $334 thousand, or 19 percent, over the prior quarter and increased $176 thousand, or 9 percent, over the prior year fourth quarter principally due to the current quarter gain on sale of other real estate owned (“OREO”). Other income included operating revenue of $43 thousand from OREO and a gain of $438 thousand from the sale of OREO, a combined total of $481 thousand for the current quarter compared to $168 thousand for the prior quarter and $239 thousand for the prior year fourth quarter.


9


Non-interest Expense Summary
 
Three Months ended
(Dollars in thousands)
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Dec 31,
2015
Compensation and employee benefits
$
38,826

 
38,370

 
37,560

 
36,941

 
35,902

Occupancy and equipment
6,692

 
6,168

 
6,443

 
6,676

 
6,578

Advertising and promotions
2,125

 
2,098

 
2,085

 
2,125

 
2,035

Data processing
3,409

 
4,080

 
3,938

 
3,373

 
3,245

Other real estate owned
2,076

 
215

 
214

 
390

 
511

Regulatory assessments and insurance
1,048

 
1,158

 
1,066

 
1,508

 
1,494

Core deposit intangibles amortization
608

 
777

 
788

 
797

 
758

Other expenses
11,933

 
12,314

 
12,367

 
10,546

 
11,680

Total non-interest expense
$
66,717

 
65,180

 
64,461

 
62,356

 
62,203

 
 
 
 
 
 
 
 
 
 
 
 
 
$ Change from
(Dollars in thousands)
 
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
 
Dec 31,
2015
Compensation and employee benefits
 
 
$
456

 
1,266

 
1,885

 
2,924

Occupancy and equipment
 
 
524

 
249

 
16

 
114

Advertising and promotions
 
 
27

 
40

 
—

 
90

Data processing
 
 
(671
)
 
(529
)
 
36

 
164

Other real estate owned
 
 
1,861

 
1,862

 
1,686

 
1,565

Regulatory assessments and insurance
 
 
(110
)
 
(18
)
 
(460
)
 
(446
)
Core deposit intangibles amortization
 
 
(169
)
 
(180
)
 
(189
)
 
(150
)
Other expense
 
 
(381
)
 
(434
)
 
1,387

 
253

Total non-interest expense
 
 
$
1,537

 
2,256

 
4,361

 
4,514


Non-interest expense of $66.7 million for the current quarter increased $1.5 million, or 2 percent, over the prior quarter and increased $4.5 million, or 7 percent, over the prior year fourth quarter. Compensation and employee benefits for the current quarter increased by $456 thousand, or 1 percent, from the prior quarter. Compensation and employee benefits for the current quarter increased by $2.9 million, or 8 percent, from the prior year fourth quarter due to the increased number of employees, including increases from the TSB acquisition and the acquisition of Cañon National Bank (“Cañon”) in October 2015, increased commissions from increased loan production and annual salary increases. Current quarter occupancy and equipment expense increased $524 thousand, or 9 percent, from the prior quarter and increased $114 thousand, or 2 percent, from the prior year fourth quarter. The current quarter data processing expense decreased $671 thousand, or 16 percent, from the prior quarter due to a decrease in CCP related expenses. The current quarter data processing expense increased $164 thousand, or 5 percent, from the prior year fourth quarter. The current quarter OREO expense of $2.1 million included $318 thousand of operating expense, $1.7 million of fair value write-downs, and $30 thousand of loss from the sales of OREO. Current quarter other expenses of $11.9 million decreased $381 thousand, or 3 percent, from the prior quarter. Current quarter other expenses increased $253 thousand, or 2 percent, from the prior year fourth quarter primarily driven by increases from costs associated with CCP.


10


Efficiency Ratio
The current quarter efficiency ratio was 55.08 percent, a 76 basis points decrease from the prior quarter efficiency ratio of 55.84 percent which resulted from the increase in interest income on commercial loans. The current quarter efficiency ratio compared favorably to 56.52 percent in the prior year fourth quarter. The 1.44 percent decrease in the efficiency ratio was the result of increased interest income on commercial loans and gain on sale of loans, which was greater than the increase in non-interest expense.

Operating Results for Year ended December 31, 2016
Compared to December 31, 2015

Income Summary
 
Year ended
 
$ Change
 
% Change
(Dollars in thousands)
December 31,
2016
 
December 31,
2015
 
Net interest income
 
 
 
 
 
 
 
Interest income
$
344,153

 
$
319,681

 
$
24,472

 
8
 %
Interest expense
29,631

 
29,275

 
356

 
1
 %
Total net interest income
314,522

 
290,406

 
24,116

 
8
 %
Non-interest income
 
 
 
 
 
 
 
Service charges and other fees
62,405

 
59,286

 
3,119

 
5
 %
Miscellaneous loan fees and charges
4,613

 
4,276

 
337

 
8
 %
Gain on sale of loans
33,606

 
26,389

 
7,217

 
27
 %
(Loss) gain on sale of investments
(1,463
)
 
19

 
(1,482
)
 
(7,800
)%
Other income
8,157

 
8,791

 
(634
)
 
(7
)%
Total non-interest income
107,318

 
98,761

 
8,557

 
9
 %
 
$
421,840

 
$
389,167

 
$
32,673

 
8
 %
Net interest margin (tax-equivalent)
4.02
%
 
4.00
%
 
 
 
 

Net Interest Income
Net interest income for the the current year was $315 million, an increase of $24.1 million, or 8 percent, over the same period last year. Interest income for the the current year increased $24.5 million, or 8 percent, from the prior year and was principally due to a $24.0 million increase in income from commercial loans. Additional increases included a $1.3 million in interest income from residential loans.

Interest expense of $29.6 million for the current year increased $356 thousand, or 1 percent, over the the same period in the prior year. Deposit interest expense for the current year increased $2.3 million, or 14 percent, from the prior year and was driven by an increase in wholesale deposits and the additional interest expense for an interest rate swap with a notional amount of $100 million that began accruing in December 2015. FHLB interest expense decreased $2.6 million, or 30 percent, as the need for wholesale funding has decreased with strong deposit growth. The total funding cost (including non-interest bearing deposits) for 2016 was 37 basis points compared to 40 basis points for 2015. 


11


The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2016 was 4.02 percent, a 2 basis point increase from the net interest margin of 4.00 percent for 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 $107.3 million for 2016 increased $8.6 million, or 9 percent, over the same period last year. Service charges and other fees of $62.4 million for 2016 increased $3.1 million, or 5 percent, from the same period last year as a result of an increased number of deposit accounts, both from organic growth and from recent acquisitions. The gain of $33.6 million on the sale of loans for 2016 increased $7.2 million, or 27 percent, from 2015 which was attributable to the stronger housing market and the low interest rate environment. Included in other income was operating revenue of $127 thousand from OREO and gains of $918 thousand from the sales of OREO, which totaled $1.0 million for 2016 compared to $1.1 million for the prior year.

Non-interest Expense Summary
 
Year ended
 
$ Change
 
% Change
(Dollars in thousands)
December 31,
2016
 
December 31,
2015
 
Compensation and employee benefits
$
151,697

 
$
134,409

 
$
17,288

 
13
 %
Occupancy and equipment
25,979

 
25,505

 
474

 
2
 %
Advertising and promotions
8,433

 
8,661

 
(228
)
 
(3
)%
Data processing
14,800

 
11,477

 
3,323

 
29
 %
Other real estate owned
2,895

 
3,693

 
(798
)
 
(22
)%
Regulatory assessments and insurance
4,780

 
5,283

 
(503
)
 
(10
)%
Core deposit intangible amortization
2,970

 
2,964

 
6

 
—
 %
Other expenses
47,160

 
44,765

 
2,395

 
5
 %
Total non-interest expense
$
258,714

 
$
236,757

 
$
21,957

 
9
 %

Non-interest expense of $259 million increased $22.0 million, or 9 percent, over the prior year. Included in current year non-interest expense was $4.3 million of CCP related expenses. Compensation and employee benefits for 2016 increased $17.3 million, or 13 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 $26.0 million for 2016 increased $474 thousand, or 2 percent, over the prior year. Outsourced data processing expense increased $3.3 million, or 29 percent, from the prior year primarily the result of additional costs from CCP. OREO expense of $2.9 million in the current year decreased $798 thousand, or 22 percent, from the the prior year. OREO expense for 2016 included $761 thousand of operating expenses, $1.8 million of fair value write-downs, and $314 thousand of loss from the sales of OREO. Current year other expenses of $47.2 million increased $2.4 million, or 5 percent, from the prior year and was driven by increases from costs associated with CCP.

Provision for Loan Losses
The provision for loan losses was $2.3 million for 2016, an increase of $49 thousand, or 2 percent, from the same period in the prior year. Net charge-offs during 2016 was $2.5 million compared to net charge-offs of $2.3 million for 2015.


12


Efficiency Ratio
The efficiency ratio was 55.88 percent for the twelve months of 2016 and 55.40 percent for the twelve 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 (e.g., cybersecurity), 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.


13


Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 27, 2017. The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 877-561-2748 and the conference ID is 45236374. To participate on the webcast, log on to: http://edge.media-server.com/m/p/xxxuhk7z. 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 45236374 until February 10, 2017.

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.


14


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

(Dollars in thousands, except per share data)
December 31,
2016
 
September 30,
2016
 
December 31,
2015
Assets
 
 
 
 
 
Cash on hand and in banks
$
135,268

 
129,727

 
117,137

Federal funds sold
—

 
225

 
6,080

Interest bearing cash deposits
17,273

 
121,461

 
70,036

Cash and cash equivalents
152,541

 
251,413

 
193,253

Investment securities, available-for-sale
2,425,477

 
2,292,079

 
2,610,760

Investment securities, held-to-maturity
675,674

 
679,707

 
702,072

Total investment securities
3,101,151

 
2,971,786

 
3,312,832

Loans held for sale
72,927

 
71,069

 
56,514

Loans receivable
5,684,463

 
5,595,962

 
5,078,681

Allowance for loan and lease losses
(129,572
)
 
(132,534
)
 
(129,697
)
Loans receivable, net
5,554,891

 
5,463,428

 
4,948,984

Premises and equipment, net
176,198

 
178,638

 
194,030

Other real estate owned
20,954

 
22,662

 
26,815

Accrued interest receivable
45,832

 
50,138

 
44,524

Deferred tax asset
67,121

 
51,757

 
58,475

Core deposit intangible, net
12,347

 
12,955

 
14,555

Goodwill
147,053

 
147,053

 
140,638

Non-marketable equity securities
25,550

 
20,103

 
27,495

Other assets
74,035

 
75,873

 
71,117

Total assets
$
9,450,600

 
9,316,875

 
9,089,232

Liabilities
 
 
 
 
 
Non-interest bearing deposits
$
2,041,852

 
2,098,747

 
1,918,310

Interest bearing deposits
5,330,427

 
5,210,572

 
5,026,698

Securities sold under agreements to repurchase
473,650

 
401,243

 
423,414

FHLB advances
251,749

 
211,833

 
394,131

Other borrowed funds
4,440

 
5,956

 
6,602

Subordinated debentures
125,991

 
125,956

 
125,848

Accrued interest payable
3,584

 
3,439

 
3,517

Other liabilities
102,038

 
111,350

 
114,062

Total liabilities
8,333,731

 
8,169,096

 
8,012,582

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

 
765

 
761

Paid-in capital
749,107

 
748,463

 
736,368

Retained earnings - substantially restricted
374,379

 
381,713

 
337,532

Accumulated other comprehensive (loss) income
(7,382
)
 
16,838

 
1,989

Total stockholders’ equity
1,116,869

 
1,147,779

 
1,076,650

Total liabilities and stockholders’ equity
$
9,450,600

 
9,316,875

 
9,089,232



15


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 
Three Months ended
 
Year ended
(Dollars in thousands, except per share data)
December 31,
2016
 
September 30,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Interest Income
 
 
 
 
 
 
 
 
 
Investment securities
$
21,645

 
21,827

 
23,731

 
90,392

 
91,086

Residential real estate loans
8,463

 
8,538

 
8,572

 
33,410

 
32,153

Commercial loans
49,750

 
47,694

 
43,109

 
188,949

 
164,966

Consumer and other loans
7,901

 
7,885

 
7,799

 
31,402

 
31,476

Total interest income
87,759

 
85,944

 
83,211

 
344,153

 
319,681

Interest Expense
 
 
 
 
 
 
 
 
 
Deposits
4,497

 
4,550

 
3,932

 
18,402

 
16,138

Securities sold under agreements to repurchase
325

 
289

 
287

 
1,207

 
1,021

Federal Home Loan Bank advances
1,377

 
1,527

 
2,156

 
6,221

 
8,841

Federal funds purchased and other borrowed funds
18

 
17

 
18

 
67

 
81

Subordinated debentures
997

 
935

 
822

 
3,734

 
3,194

Total interest expense
7,214

 
7,318

 
7,215

 
29,631

 
29,275

Net Interest Income
80,545

 
78,626

 
75,996

 
314,522

 
290,406

Provision for loan losses
1,139

 
626

 
411

 
2,333

 
2,284

Net interest income after provision for loan losses
79,406

 
78,000

 
75,585

 
312,189

 
288,122

Non-Interest Income
 
 
 
 
 
 
 
 
 
Service charges and other fees
15,645

 
16,307

 
15,418

 
62,405

 
59,286

Miscellaneous loan fees and charges
1,234

 
1,195

 
922

 
4,613

 
4,276

Gain on sale of loans
9,765

 
9,592

 
6,033

 
33,606

 
26,389

(Loss) gain on sale of investments
(757
)
 
(594
)
 
143

 
(1,463
)
 
19

Other income
2,127

 
1,793

 
1,951

 
8,157

 
8,791

Total non-interest income
28,014

 
28,293

 
24,467

 
107,318

 
98,761

Non-Interest Expense
 
 
 
 
 
 
 
 
 
Compensation and employee benefits
38,826

 
38,370

 
35,902

 
151,697

 
134,409

Occupancy and equipment
6,692

 
6,168

 
6,578

 
25,979

 
25,505

Advertising and promotions
2,125

 
2,098

 
2,035

 
8,433

 
8,661

Data processing
3,409

 
4,080

 
3,245

 
14,800

 
11,477

Other real estate owned
2,076

 
215

 
511

 
2,895

 
3,693

Regulatory assessments and insurance
1,048

 
1,158

 
1,494

 
4,780

 
5,283

Core deposit intangibles amortization
608

 
777

 
758

 
2,970

 
2,964

Other expenses
11,933

 
12,314

 
11,680

 
47,160

 
44,765

Total non-interest expense
66,717

 
65,180

 
62,203

 
258,714

 
236,757

Income Before Income Taxes
40,703

 
41,113

 
37,849

 
160,793

 
150,126

Federal and state income tax expense
9,662

 
10,156

 
8,341

 
39,662

 
33,999

Net Income
$
31,041

 
30,957

 
29,508

 
121,131

 
116,127


16


Glacier Bancorp, Inc.
Average Balance Sheets

 
Three Months ended
 
December 31, 2016
 
December 31, 2015
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
756,796

 
$
8,463

 
4.47
%
 
$
728,346

 
$
8,572

 
4.71
%
Commercial loans 1
4,225,252

 
51,039

 
4.81
%
 
3,601,427

 
43,828

 
4.83
%
Consumer and other loans
677,300

 
7,901

 
4.64
%
 
648,683

 
7,799

 
4.77
%
Total loans 2
5,659,348

 
67,403

 
4.74
%
 
4,978,456

 
60,199

 
4.80
%
Tax-exempt investment securities 3
1,290,962

 
18,487

 
5.73
%
 
1,361,905

 
20,173

 
5.92
%
Taxable investment securities 4
1,809,816

 
9,813

 
2.17
%
 
1,988,643

 
11,176

 
2.25
%
Total earning assets
8,760,126

 
95,703

 
4.35
%
 
8,329,004

 
91,548

 
4.36
%
Goodwill and intangibles
159,771

 
 
 
 
 
147,572

 
 
 
 
Non-earning assets
389,562

 
 
 
 
 
400,730

 
 
 
 
Total assets
$
9,309,459

 
 
 
 
 
$
8,877,306

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
2,045,833

 
$
—

 
—
%
 
$
1,918,399

 
$
—

 
—
%
NOW and DDA accounts
1,533,225

 
254

 
0.07
%
 
1,441,615

 
284

 
0.08
%
Savings accounts
979,377

 
134

 
0.05
%
 
811,804

 
97

 
0.05
%
Money market deposit accounts
1,451,803

 
548

 
0.15
%
 
1,372,881

 
522

 
0.15
%
Certificate accounts
961,707

 
1,393

 
0.58
%
 
1,081,921

 
1,607

 
0.59
%
Wholesale deposits 5
335,579

 
2,168

 
2.57
%
 
201,695

 
1,422

 
2.80
%
FHLB advances
220,921

 
1,377

 
2.44
%
 
332,910

 
2,156

 
2.53
%
Repurchase agreements and other borrowed funds
538,305

 
1,340

 
0.99
%
 
523,213

 
1,127

 
0.85
%
Total funding liabilities
8,066,750

 
7,214

 
0.36
%
 
7,684,438

 
7,215

 
0.37
%
Other liabilities
101,383

 
 
 
 
 
94,505

 
 
 
 
Total liabilities
8,168,133

 
 
 
 
 
7,778,943

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
765

 
 
 
 
 
759

 
 
 
 
Paid-in capital
748,730

 
 
 
 
 
730,927

 
 
 
 
Retained earnings
389,289

 
 
 
 
 
358,860

 
 
 
 
Accumulated other comprehensive income
2,542

 
 
 
 
 
7,817

 
 
 
 
Total stockholders’ equity
1,141,326

 
 
 
 
 
1,098,363

 
 
 
 
Total liabilities and stockholders’ equity
$
9,309,459

 
 
 
 
 
$
8,877,306

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
88,489

 
 
 
 
 
$
84,333

 
 
Net interest spread (tax-equivalent)
 
 
 
 
3.99
%
 
 
 
 
 
3.99
%
Net interest margin (tax-equivalent)
 
 
 
 
4.02
%
 
 
 
 
 
4.02
%
__________ 
1 
Includes tax effect of $1.3 million and $719 thousand on tax-exempt municipal loan and lease income for the three months ended December 31, 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 $6.3 million and $7.3 million on tax-exempt investment securities income for the three months ended December 31, 2016 and 2015, respectively.
4 
Includes tax effect of $353 thousand and $362 thousand on federal income tax credits for the three months ended December 31, 2016 and 2015, respectively.
5 
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.

17


Glacier Bancorp, Inc.
Average Balance Sheets (continued)

 
Year ended
 
December 31, 2016
 
December 31, 2015
(Dollars in thousands)
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
 
Average
Balance
 
Interest &
Dividends
 
Average
Yield/
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
Residential real estate loans
$
741,876

 
$
33,410

 
4.50
%
 
$
687,013

 
$
32,153

 
4.68
%
Commercial loans 1
3,993,363

 
193,147

 
4.84
%
 
3,459,470

 
167,587

 
4.84
%
Consumer and other loans
668,990

 
31,402

 
4.69
%
 
631,512

 
31,476

 
4.98
%
Total loans 2
5,404,229

 
257,959

 
4.77
%
 
4,777,995

 
231,216

 
4.84
%
Tax-exempt investment securities 3
1,325,810

 
75,907

 
5.73
%
 
1,328,908

 
77,199

 
5.81
%
Taxable investment securities 4
1,874,240

 
41,775

 
2.23
%
 
1,918,283

 
41,648

 
2.17
%
Total earning assets
8,604,279

 
375,641

 
4.37
%
 
8,025,186

 
350,063

 
4.36
%
Goodwill and intangibles
155,981

 
 
 
 
 
143,293

 
 
 
 
Non-earning assets
392,353

 
 
 
 
 
389,126

 
 
 
 
Total assets
$
9,152,613

 
 
 
 
 
$
8,557,605

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
$
1,934,543

 
$
—

 
—
%
 
$
1,756,888

 
$
—

 
—
%
NOW and DDA accounts
1,498,928

 
1,062

 
0.07
%
 
1,371,340

 
1,074

 
0.08
%
Savings accounts
920,058

 
464

 
0.05
%
 
758,776

 
360

 
0.05
%
Money market deposit accounts
1,420,700

 
2,183

 
0.15
%
 
1,340,967

 
2,066

 
0.15
%
Certificate accounts
1,013,046

 
5,998

 
0.59
%
 
1,131,210

 
6,891

 
0.61
%
Wholesale deposits 5
335,616

 
8,695

 
2.59
%
 
206,889

 
5,747

 
2.78
%
FHLB advances
294,952

 
6,221

 
2.07
%
 
319,565

 
8,841

 
2.73
%
Repurchase agreements and other borrowed funds
515,254

 
5,008

 
0.97
%
 
509,431

 
4,296

 
0.84
%
Total funding liabilities
7,933,097

 
29,631

 
0.37
%
 
7,395,066

 
29,275

 
0.40
%
Other liabilities
96,392

 
 
 
 
 
91,360

 
 
 
 
Total liabilities
8,029,489

 
 
 
 
 
7,486,426

 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Common stock
763

 
 
 
 
 
755

 
 
 
 
Paid-in capital
740,792

 
 
 
 
 
720,827

 
 
 
 
Retained earnings
371,925

 
 
 
 
 
336,998

 
 
 
 
Accumulated other comprehensive income
9,644

 
 
 
 
 
12,599

 
 
 
 
Total stockholders’ equity
1,123,124

 
 
 
 
 
1,071,179

 
 
 
 
Total liabilities and stockholders’ equity
$
9,152,613

 
 
 
 
 
$
8,557,605

 
 
 
 
Net interest income (tax-equivalent)
 
 
$
346,010

 
 
 
 
 
$
320,788

 
 
Net interest spread (tax-equivalent)
 
 
 
 
4.00
%
 
 
 
 
 
3.96
%
Net interest margin (tax-equivalent)
 
 
 
 
4.02
%
 
 
 
 
 
4.00
%
__________ 
1 
Includes tax effect of $4.2 million and $2.6 million on tax-exempt municipal loan and lease income for the year ended December 31, 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 $25.9 million and $26.3 million on tax-exempt investment securities income for the year ended December 31, 2016 and 2015, respectively.
4 
Includes tax effect of $1.4 million and $1.4 million on federal income tax credits for the year ended December 31, 2016 and 2015, respectively.
5 
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.


18


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 
Loans Receivable, by Loan Type
 
% Change from
(Dollars in thousands)
Dec 31,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Sep 30,
2016
 
Dec 31,
2015
Custom and owner occupied construction
$
86,233

 
$
82,935

 
$
75,094

 
4
 %
 
15
 %
Pre-sold and spec construction
66,184

 
66,812

 
50,288

 
(1
)%
 
32
 %
Total residential construction
152,417

 
149,747

 
125,382

 
2
 %
 
22
 %
Land development
75,078

 
68,597

 
62,356

 
9
 %
 
20
 %
Consumer land or lots
97,449

 
96,798

 
97,270

 
1
 %
 
—
 %
Unimproved land
69,157

 
69,880

 
73,844

 
(1
)%
 
(6
)%
Developed lots for operative builders
13,254

 
13,256

 
12,336

 
—
 %
 
7
 %
Commercial lots
30,523

 
27,512

 
22,035

 
11
 %
 
39
 %
Other construction
257,769

 
246,753

 
156,784

 
4
 %
 
64
 %
Total land, lot, and other construction
543,230

 
522,796

 
424,625

 
4
 %
 
28
 %
Owner occupied
977,932

 
963,063

 
938,625

 
2
 %
 
4
 %
Non-owner occupied
929,729

 
890,981

 
774,192

 
4
 %
 
20
 %
Total commercial real estate
1,907,661

 
1,854,044

 
1,712,817

 
3
 %
 
11
 %
Commercial and industrial
686,870

 
697,598

 
649,553

 
(2
)%
 
6
 %
Agriculture
407,208

 
425,645

 
367,339

 
(4
)%
 
11
 %
1st lien
877,893

 
883,034

 
856,193

 
(1
)%
 
3
 %
Junior lien
58,564

 
61,788

 
65,383

 
(5
)%
 
(10
)%
Total 1-4 family
936,457

 
944,822

 
921,576

 
(1
)%
 
2
 %
Multifamily residential
184,068

 
204,395

 
201,542

 
(10
)%
 
(9
)%
Home equity lines of credit
402,614

 
399,446

 
372,039

 
1
 %
 
8
 %
Other consumer
155,193

 
154,547

 
150,469

 
—
 %
 
3
 %
Total consumer
557,807

 
553,993

 
522,508

 
1
 %
 
7
 %
Other
381,672

 
313,991

 
209,853

 
22
 %
 
82
 %
Total loans receivable, including loans held for sale
5,757,390

 
5,667,031

 
5,135,195

 
2
 %
 
12
 %
Less loans held for sale 1
(72,927
)
 
(71,069
)
 
(56,514
)
 
3
 %
 
29
 %
Total loans receivable
$
5,684,463

 
$
5,595,962

 
$
5,078,681

 
2
 %
 
12
 %
_______
1 Loans held for sale are primarily 1st lien 1-4 family loans.


19


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,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Dec 31,
2016
 
Dec 31,
2016
 
Dec 31,
2016
Custom and owner occupied construction
$
—

 
375

 
1,016

 
—

 
—

 
—

Pre-sold and spec construction
226

 
250

 
—

 
226

 
—

 
—

Total residential construction
226

 
625

 
1,016

 
226

 
—

 
—

Land development
9,864

 
11,717

 
17,582

 
1,188

 
—

 
8,676

Consumer land or lots
2,137

 
2,196

 
2,250

 
770

 
—

 
1,367

Unimproved land
11,905

 
12,068

 
12,328

 
7,852

 
—

 
4,053

Developed lots for operative builders
175

 
175

 
488

 
—

 
—

 
175

Commercial lots
1,466

 
2,165

 
1,521

 
—

 
—

 
1,466

Other construction
—

 
—

 
4,236

 
—

 
—

 
—

Total land, lot and other construction
25,547

 
28,321

 
38,405

 
9,810

 
—

 
15,737

Owner occupied
18,749

 
19,970

 
10,952

 
16,849

 
92

 
1,808

Non-owner occupied
3,426

 
4,005

 
3,446

 
2,749

 
—

 
677

Total commercial real estate
22,175

 
23,975

 
14,398

 
19,598

 
92

 
2,485

Commercial and industrial
5,184

 
5,175

 
3,993

 
4,894

 
283

 
7

Agriculture
1,615

 
2,329

 
3,281

 
1,615

 
—

 
—

1st lien
9,186

 
9,333

 
10,691

 
6,734

 
393

 
2,059

Junior lien
1,167

 
1,335

 
668

 
1,167

 
—

 
—

Total 1-4 family
10,353

 
10,668

 
11,359

 
7,901

 
393

 
2,059

Multifamily residential
400

 
432

 
113

 
400

 
—

 
—

Home equity lines of credit
5,494

 
4,734

 
5,486

 
4,737

 
117

 
640

Other consumer
391

 
182

 
228

 
151

 
214

 
26

Total consumer
5,885

 
4,916

 
5,714

 
4,888

 
331

 
666

Other
—

 
1,800

 
1,800

 
—

 
—

 
—

Total
$
71,385

 
78,241

 
80,079

 
49,332

 
1,099

 
20,954



20


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,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Sep 30,
2016
 
Dec 31,
2015
Custom and owner occupied construction
$
1,836

 
$
65

 
$
462

 
2,725
 %
 
297
 %
Pre-sold and spec construction
—

 
—

 
181

 
n/m

 
(100
)%
Total residential construction
1,836

 
65

 
643

 
2,725
 %
 
186
 %
Land development
154

 
—

 
447

 
n/m

 
(66
)%
Consumer land or lots
638

 
130

 
166

 
391
 %
 
284
 %
Unimproved land
1,442

 
857

 
774

 
68
 %
 
86
 %
Other construction
—

 
7,125

 
337

 
(100
)%
 
(100
)%
Total land, lot and other construction
2,234

 
8,112

 
1,724

 
(72
)%
 
30
 %
Owner occupied
2,307

 
586

 
2,760

 
294
 %
 
(16
)%
Non-owner occupied
1,689

 
5,830

 
923

 
(71
)%
 
83
 %
Total commercial real estate
3,996

 
6,416

 
3,683

 
(38
)%
 
8
 %
Commercial and industrial
3,032

 
4,038

 
1,968

 
(25
)%
 
54
 %
Agriculture
1,133

 
989

 
1,014

 
15
 %
 
12
 %
1st lien
7,777

 
3,439

 
6,272

 
126
 %
 
24
 %
Junior lien
1,016

 
977

 
1,077

 
4
 %
 
(6
)%
Total 1-4 family
8,793

 
4,416

 
7,349

 
99
 %
 
20
 %
Multifamily Residential
10

 
—

 
662

 
n/m

 
(98
)%
Home equity lines of credit
1,537

 
2,383

 
1,046

 
(36
)%
 
47
 %
Other consumer
1,180

 
943

 
1,227

 
25
 %
 
(4
)%
Total consumer
2,717

 
3,326

 
2,273

 
(18
)%
 
20
 %
Other
1,866

 
22

 
97

 
8,382
 %
 
1,824
 %
Total
$
25,617

 
$
27,384

 
$
19,413

 
(6
)%
 
32
 %
_______
n/m - not measurable


21


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,
2016
 
Sep 30,
2016
 
Dec 31,
2015
 
Dec 31,
2016
 
Dec 31,
2016
Custom and owner occupied construction
$
(1
)
 
—

 
—

 
—

 
1

Pre-sold and spec construction
786

 
(39
)
 
(53
)
 
832

 
46

Total residential construction
785

 
(39
)
 
(53
)
 
832

 
47

Land development
(2,661
)
 
(2,372
)
 
(288
)
 
29

 
2,690

Consumer land or lots
(688
)
 
(487
)
 
66

 
25

 
713

Unimproved land
(184
)
 
(114
)
 
(325
)
 
—

 
184

Developed lots for operative builders
(27
)
 
(23
)
 
(85
)
 
15

 
42

Commercial lots
27

 
29

 
(26
)
 
33

 
6

Other construction
—

 
—

 
(1
)
 
—

 
—

Total land, lot and other construction
(3,533
)
 
(2,967
)
 
(659
)
 
102

 
3,635

Owner occupied
1,196

 
(354
)
 
247

 
1,621

 
425

Non-owner occupied
44

 
9

 
93

 
60

 
16

Total commercial real estate
1,240

 
(345
)
 
340

 
1,681

 
441

Commercial and industrial
(370
)
 
(643
)
 
1,389

 
1,114

 
1,484

Agriculture
50

 
(29
)
 
50

 
105

 
55

1st lien
487

 
132

 
834

 
720

 
233

Junior lien
60

 
(15
)
 
(125
)
 
228

 
168

Total 1-4 family
547

 
117

 
709

 
948

 
401

Multifamily residential
229

 
229

 
(318
)
 
229

 
—

Home equity lines of credit
611

 
450

 
740

 
864

 
253

Other consumer
257

 
255

 
143

 
554

 
297

Total consumer
868

 
705

 
883

 
1,418

 
550

Other
2,642

 
1,329

 
(1
)
 
5,067

 
2,425

Total
$
2,458

 
(1,643
)
 
2,340

 
11,496

 
9,038















Visit our website at www.glacierbancorp.com

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