Exhibit 99.1

NEWS RELEASE
April 30, 2003

FOR IMMEDIATE RELEASE Contact: Michael J. Blodnick
(406) 756-4242
James H. Strosahl
(406) 756-4263

GLACIER BANCORP, INC.
EARNINGS FOR QUARTER ENDED MARCH 31, 2003

HIGHLIGHTS:

• Record earnings for quarter of $8.848 million, up 28 percent from last year.

• Diluted earnings per share of $.50, up 25 percent from last year’s quarter.

• Cash dividend of $.18 declared during the quarter; up 13 percent over the same quarter in 2002.

• Agreement to acquire Pend Oreille Bank – announced on April 24, 2003

• Opened fifth location in the Boise, Nampa area

KALISPELL, MONTANA - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported record net quarterly earnings of $8.848 million which is an increase of $1.951 million, or 28 percent, over the $6.897 million for the first quarter of 2002. Diluted earnings per share of $.50, is an increase of 25 percent over the per share earnings of $.40 for the same quarter of 2002.

Return on average assets and return on average equity for the quarter were 1.58 percent and 16.41 percent, respectively, which compares favorably with prior year returns of 1.33 percent and 15.09 percent.

“We had a solid first quarter and start to 2003,” said Mick Blodnick, President and CEO. “Our performance continues to be a direct reflection of the commitment of our staff.”

			March 31
Assets ($ in thousands)			2003			2002			$ change			% change
Cash on hand and in banks			$	71,092		$	62,677		$	8,415			13	%
Investment securities and interest bearing deposits				843,408			618,475			224,933			36	%
Loans:
	Real estate			323,311			387,659			(64,348	)		-17	%
	Commercial			704,751			625,287			79,464			13	%
	Consumer			284,804			290,317			(5,513	)		-2	%
		Total loans		1,312,866			1,303,263			9,603			1	%
	Allowance for loan losses			(21,627	)		(19,498	)		(2,129	)		11	%
		Total loans net of allowance for loan losses		1,291,239			1,283,765			7,474			1	%
Other assets				116,767			118,887			(2,120	)		-2	%
	Total Assets		$	2,322,506		$	2,083,804		$	238,702			11	%

At March 31, 2003 total assets were $2.323 billion which is $239 million greater than the March 31, 2002 assets of $2.084 billion, an increase of 11 percent.

Total loans, net of the allowance for loan losses, have increased $7 million from March 31, 2002. With interest rates at the lowest level in decades the past year, a large number of real estate loans have been refinanced, which coupled with our decision to sell the majority of the real estate loan production, has resulted in a reduction in real estate loans of $64 million. Commercial loans have increased $79 million, or 13 percent, and continue to be the focus of our lending. Consumer loans have declined $6 million with a significant portion of the decline attributed to the planned runoff in the WesterFed auto dealer originated consumer loans. Home-equity loans continue to be the primary source of our consumer loan originations and have increased approximately 15 percent from a year ago. Home equity loans comprise 63 percent of consumer loans at March 31, 2003.

Investment securities, including interest bearing deposits in other financial institutions, have increased $225 million. The cash received from the reduction in real estate loans has been redeployed in mortgage related investment securities with characteristics that result in less interest rate risk than retaining 30 year loans. Additional investments were made to use funding liquidity that exceeds loan growth opportunities.

		March 31,
Liabilities ($ in thousands)		2003		2002		$ change			% change
Non-interest bearing deposits		$	307,659	$	238,243	$	69,416			29	%
Interest-bearing deposits			1,168,443		1,188,634		(20,191	)		-2	%
Advances from Federal Home Loan Bank			500,425		373,985		126,440			34	%
Other borrowed funds			61,875		39,969		21,906			55	%
Other liabilities			29,326		25,318		4,008			16	%
Trust preferred securities			35,000		35,000		—			0	%
	Total liabilities	$	2,102,728	$	1,901,149	$	201,579			11	%

Total deposits have increased $49 million from the March 31, 2002 balances. There was a significant increase of $69 million, or 29 percent, in non-interest bearing deposits. This growth in low cost stable funding gives us increased flexibility in managing our asset mix. Interest-bearing deposits are down $20 million, or 2 percent, most of which was a reduction in certificates of deposit. Federal home loan bank advances, other borrowed funds, and repurchase agreements, have also increased $148 million as we continue to take advantage of these funding sources.

		March 31
Stockholders’ equity
($ in thousands except per share data)		2003			2002			$ change		% change
Common equity		$	210,979		$	181,405		$	29,574		16	%
Net unrealized gain on securities			8,799			1,250			7,549		604	%
	Total stockholders’ equity	$	219,778		$	182,655		$	37,123		20	%
Stockholders’ equity to total assets			9.46	%		8.77	%
Tangible equity to total assets			7.89	%		6.91	%
Book value per common share		$	12.56		$	10.70		$	1.86		17	%
Tangible book value per common share		$	10.29		$	8.26		$	2.03		25	%
Market price per share at end of quarter		$	26.76		$	23.19		$	3.57		15	%

Each of the equity ratios and book value per share amounts have increased substantially from the prior year, primarily the result of earnings retention, stock options exercised, and net unrealized gains on securities. Our equity to asset ratio is near historic highs for the Company which creates challenges for effective deployment of capital to maintain an appropriate return on equity.

Operating Results for Three Months Ended March 31, 2003 Compared to March 31, 2002

			Three months ended March 31,
Revenue summary
($ in thousands)			2003			2002			$ change			% change
Net interest income			$	21,378		$	20,367		$	1,011			5	%
Fees and other revenue:
	Service charges and fees			4,646			4,150			496			12	%
	Gain on sale of loans			2,244			1,097			1,147			105	%
	Other income			577			602			(25	)		-4	%
		Total non-interest income		7,467			5,849			1,618			28	%
	Total revenue		$	28,845		$	26,216		$	2,629			10	%
Tax equivalent net interest margin				4.26	%		4.39	%

Net Interest Income

Net interest income for the quarter increased $1.011 million, or 5 percent, over the same period in 2002. Total interest income is $1.470 million, or 4 percent lower that the same quarter in 2002, while total interest expense is $2.481 million or 19 percent lower. Lower interest rates were the main reason for the reduction in interest income and interest expense. The increase in non-interest bearing deposits also resulted in reduced interest expense. The net interest margin as a percentage of earning assets, on a tax equivalent basis, decreased from 4.4 percent for the 2002 quarter to 4.3 percent in 2003. We recorded increased amortization of premiums in 2003 on mortgage backed securities, resulting from prepayments due to the continuing low interest rates. The additional amortization expense accounted for most of the reduction in the net interest margin. We continue to invest in short term securities with low yields rather than extending maturities to obtain higher current yields with corresponding interest rate risk. This also results in lower current interest margins.

Non-interest Income

Fee income increased 12 percent over the same period last year, driven primarily by increased deposit account activity, increases in service fee income, and interchange fees on electronic check

cards. The increase in gain on sale of loans reflects the low level of mortgage interest rates and resulting purchase and refinancing activity. Other income was lower in the current years’ quarter by $25 thousand.

		Three months ended March 31,
Non-interest expense summary
($ in thousands)		2003		2002		$ change			% change
Compensation and employee benefits		$	7,979	$	7,782	$	197			3	%
Occupancy and equipment expense			2,435		2,301		134			6	%
Outsourced data processing			562		446		116			26	%
Core deposit intangibles amortization			338		361		(23	)		-6	%
Other expenses			3,569		3,475		94			3	%
	Total non-interest expense	$	14,883	$	14,365	$	518			4	%

Non-interest Expense

Non-interest expense increased by $518 thousand, or 4 percent, from the same quarter of 2002. Compensation and benefit expense increased $197 thousand, or 3 percent from the first quarter of 2002. Occupancy and equipment expense increased $134 thousand, or 6 percent, and outsourced data processing expense increased by $116 thousand, or 26 percent. Other expenses increased $94 thousand, or 3 percent. The increased expenses were primarily the result of increases in the volume of transactions handled. The outsourced data processing expense is expected to decrease as Mountain West Bank is converting its core processing to the Company’s in-house data system in the second quarter of 2003. The efficiency ratio (non-interest expense/net interest income + non-interest income) was 52 percent for the 2003 quarter which is an improvement over the 55 percent for the 2002 quarter.

	March 31,			December 31,			March 31,
Credit quality information ($ in thousands)	2003			2002			2002
Allowance for loan losses	$	21,627		$	20,944		$	19,498
Non-performing assets		10,026			11,582			12,766
Allowance as a percentage of non performing assets		215.71	%		180.83	%		152.73	%
Non-performing assets as a percentage of total assets		0.43	%		0.51	%		0.61	%
Allowance as a percentage of total loans		1.65	%		1.58	%		1.50	%
Net charge-offs as a percentage of loans		0.012	%		0.261	%		0.035	%

Allowance for Loan Loss and Non-Performing Assets

Non-performing assets as a percentage of total assets at March 31, 2003 were .43 percent, a decrease from .61 percent at March 31, 2002 and from the December 31, 2002 .51 percent. This compares to the Peer Group average of .62 percent at December 31, 2002, the most recent information available. The reserve for loan losses was 216 percent of non-performing assets at March 31, 2003, up from 153 percent a year ago. “Non-performing loans continue to trend lower but we feel more progress can be made,” Blodnick said. “One real bright spot during the quarter was the low level of net charge-offs at .01 percent of loans.”

With the continuing change in loan mix from residential real estate to commercial and consumer loans, which historically have greater credit risk, the Company has continued to increase the

balance in the reserve for loan losses account. The reserve balance has increased $2.129 million, or 11 percent, to $21.627 million, which is 1.65 percent of total loans outstanding, up from 1.50 percent a year ago. The first quarter provision expense for loan losses was $841 thousand, a decrease of $459 thousand from the same quarter in 2002.

Cash Dividend

On March 14, 2003 the board of directors declared a $.18 cash dividend payable April 17, 2003 to shareholders of record on April 8, 2003. This dividend is $.02 higher than the dividend declared in the first quarter of 2002.

Agreement to acquire Pend Oreille Bank

On April 24, 2003 an agreement to acquire Pend Oreille Bank, which operates from two locations in Sandpoint, Idaho and one location in Newport, Washington, was signed. The bank is approximately $65 million in total assets with deposits of $57 million. These locations will become additional branches of Mountain West Bank, the Company’s Idaho based subsidiary. The transaction is all cash in the amount of $10.4 million. It is expected that the acquisition will be immediately accretive to earnings.

New location in Boise

Mountain West Bank opened an additional location in the growing Boise market bringing the total locations in the Boise, Nampa area to five.

Headquartered in Kalispell, Montana, Glacier Bancorp, Inc. conducts business from Glacier Bank of Kalispell, First Security Bank of Missoula, Glacier Bank of Whitefish, Valley Bank of Helena, Big Sky Western Bank, Western Security Bank, all located in Montana, and Mountain West Bank located in Idaho with two branches in Utah.

Glacier Bancorp, Inc.
Consolidated Statements of Financial Condition

				March 31,			December 31,			March 31,
(Unaudited - dollars in thousands, except per share data)				2003			2002			2002
Assets:
	Cash on hand and in banks			$	71,092			74,624			62,677
	Interest bearing cash deposits				15,536			4,753			14,565
		Cash and cash equivalents			86,628			79,377			77,242
	Investments:
		Investment securities, available-for-sale			258,545			260,606			187,031
		Mortgage backed securities, available-for-sale			525,352			479,355			378,841
		Federal Home Loan Bank and Federal Reserve Bank stock, at cost			43,975			42,864			38,038
			Total investments		827,872			782,825			603,910
	Net loans receivable:
		Real estate loans			323,311			361,522			387,659
		Commercial Loans			704,751			673,256			625,287
		Consumer and other loans			284,804			286,819			290,317
		Allowance for loan losses			(21,627	)		(20,944	)		(19,498	)
			Total loans, net		1,291,239			1,300,653			1,283,765
	Premises and equipment, net				48,436			47,215			48,898
	Real estate and other assets owned, net				1,077			1,542			921
	Accrued interest receivable				12,403			13,421			12,489
	Core deposit intangible, net				6,484			6,822			7,900
	Goodwill, net				33,189			33,189			33,736
	Other assets				15,178			16,300			14,943
				$	2,322,506			2,281,344			2,083,804
Liabilities and stockholders’ equity:
	Non-interest bearing deposits			$	307,659			295,016			238,243
	Interest bearing deposits				1,168,443			1,164,907			1,188,634
	Advances from Federal Home Loan Bank of Seattle				500,425			483,660			373,985
	Securities sold under agreements to repurchase				59,518			46,206			31,823
	Other borrowed funds				2,357			15,087			8,146
	Accrued interest payable				5,425			6,090			7,313
	Current income taxes				3,818			815			3,752
	Deferred tax liability				7,839			8,629			1,449
	Trust preferred securities				35,000			35,000			35,000
	Other liabilities				12,244			13,685			12,804
		Total liabilities			2,102,728			2,069,095			1,901,149
	Preferred shares, 1,000,000 shares authorized. None outstanding				—			—			—
	Common stock, $.01 par value per share. 50,000,000 shares authorized				175			173			171
	Paid-in capital				176,560			173,408			169,386
	Retained earnings - substantially restricted				34,244			28,557			11,848
	Accumulated other comprehensive income				8,799			10,111			1,250
		Total stockholders’ equity			219,778			212,249			182,655
				$	2,322,506			2,281,344			2,083,804
	Number of shares outstanding				17,495,616			17,285,818			17,074,413
	Book value per share			$	12.56			12.28			10.70
	Tangible book value per share			$	10.29			9.96			8.26

Glacier Bancorp, Inc.
Consolidated Statements of Operations

			Three months ended March 31,
(unaudited - dollars in thousands, except per share data)			2003			2002
Interest income:
	Real estate loans		$	6,252			7,838
	Commercial loans			11,617			11,432
	Consumer and other loans			5,102			5,813
	Investment securities and other			8,637			7,995
		Total interest income		31,608			33,078
Interest expense:
	Deposits			4,947			7,442
	Federal Home Loan Bank of Seattle Advances			4,212			4,185
	Securities sold under agreements to repurchase			158			156
	Trust preferred securities			904			904
	Other borrowed funds			9			24
		Total interest expense		10,230			12,711
Net interest income				21,378			20,367
	Provision for loan losses			841			1,300
		Net interest income after provision for loan losses		20,537			19,067
Non-interest income:
	Service charges and other fees			3,589			3,163
	Miscellaneous loan fees and charges			1,057			987
	Gains on sale of loans			2,244			1,097
	Gains on sale of investments, net			17			—
	Other income			560			602
		Total non-interest income		7,467			5,849
Non-interest expense:
	Compensation, employee benefits and related expenses			7,979			7,782
	Occupancy and equipment expense			2,435			2,301
	Outsourced data processing expense			562			446
	Core deposit intangibles amortization			338			361
	Other expenses			3,569			3,475
		Total non-interest expense		14,883			14,365
Earnings before income taxes				13,121			10,551
	Federal and state income tax expense			4,273			3,654
Net earnings			$	8,848			6,897
Basic earnings per share			$	0.51			0.41
Diluted earnings per share			$	0.50			0.40
Dividends declared per share			$	0.18			0.16
Return on average assets (annualized)				1.58	%		1.33	%
Return on average equity (annualized)				16.41	%		15.09	%
Return on tangible average equity (annualized)				20.08	%		19.63	%
Average outstanding shares - basic				17,413,423			17,014,148
Average outstanding shares - diluted				17,652,805			17,298,634