• Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended December 31, 2024

    Source: Nasdaq GlobeNewswire / 23 Jan 2025 15:30:01   America/Chicago

    4th Quarter 2024 Highlights:

    • Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49 per share.
    • Net income was $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent, from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the prior year fourth quarter net income of $54.3 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent.
    • Net interest income was $191 million for the current quarter, an increase of $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and an increase of $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million.
    • Non-interest expense was $141 million for the current quarter, a decrease of $3.7 million, or 3 percent, from the prior quarter.
    • The loan portfolio of $17.262 billion increased $81 million, or 2 percent annualized, during the current quarter.
    • The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.
    • The total earning asset yield of 4.57 percent in the current quarter increased 5 basis points from the prior quarter earning asset yield of 4.52 percent and increased 40 basis points from the prior year fourth quarter earning asset yield of 4.17 percent.
    • The total core deposit cost (including non-interest bearing deposits) of 1.29 percent in the current quarter decreased 8 basis point from the prior quarter total core deposit cost of 1.37 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis point from the prior quarter total cost of funding of 1.79 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 159 consecutive quarterly dividends and has increased the dividend 49 times.

    Year 2024 Highlights:

    • Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the prior year net income of $223 million.
    • Net interest income for 2024 was $705 million, an increase of $13.0 million, or 2 percent, from the prior year net interest income of $692 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current year was 2.77 percent, an increase of 4 basis points from the prior year net interest margin of 2.73.
    • The loan portfolio increased $1.064 billion, or 7 percent, from the prior year end and organically increased $342 million, or 2 percent, during 2024.
    • The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
    • Dividends declared in 2024 were $1.32 per share.
    • The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million.
    • The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

    Financial Summary  

     At or for the Three Months ended At or for the Year ended
    (Dollars in thousands, except per share and market data)Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2023
    Operating results             
    Net income$61,754  51,055  44,708  32,627  54,316  190,144  222,927 
    Basic earnings per share$0.54  0.45  0.39  0.29  0.49  1.68  2.01 
    Diluted earnings per share$0.54  0.45  0.39  0.29  0.49  1.68  2.01 
    Dividends declared per share$0.33  0.33  0.33  0.33  0.33  1.32  1.32 
    Market value per share             
    Closing$50.22  45.70  37.32  40.28  41.32  50.22  41.32 
    High$60.67  47.71  40.18  42.75  44.06  60.67  50.03 
    Low$43.70  35.57  34.35  34.74  27.36  34.35  26.77 
    Selected ratios and other data             
    Number of common stock shares outstanding 113,401,955  113,394,786  113,394,092  113,388,590  110,888,942  113,401,955  110,888,942 
    Average outstanding shares - basic 113,398,213  113,394,758  113,390,539  112,492,142  110,884,496  113,170,157  110,864,501 
    Average outstanding shares - diluted 113,541,026  113,473,107  113,405,491  112,554,402  110,907,640  113,243,427  110,890,447 
    Return on average assets (annualized) 0.87% 0.73% 0.66% 0.47% 0.77% 0.68% 0.81%
    Return on average equity (annualized) 7.62% 6.34% 5.77% 4.25% 7.40% 6.02% 7.64%
    Efficiency ratio 60.50% 64.92% 67.97% 74.41% 65.20% 66.71% 62.85%
    Loan to deposit ratio 84.17% 83.16% 84.03% 82.04% 81.36% 84.17% 81.36%
    Number of full time equivalent employees 3,441  3,434  3,399  3,438  3,294  3,441  3,294 
    Number of locations 227  232  231  232  221  227  221 
    Number of ATMs 284  285  286  285  275  284  275 


    KALISPELL, Mont., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the $54.3 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49. The increase in net income compared to the prior quarter was primarily driven by an increase in net interest income and a decrease in non-interest expenses. The increase in net income compared to the prior year fourth quarter was due to the increase in net interest income which outpaced the increased costs associated with the acquisitions of Wheatland and RMB over the prior year fourth quarter. “The Glacier team once again delivered another strong quarter and year,” said Randy Chesler, President and Chief Executive Officer. “Our positive earnings trends should continue into 2025 and we look forward to optimizing these trends with our focus on the financial markets, our customers and employees.”

    Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the $223 million net income for the prior year. Diluted earnings per share for 2024 was $1.68 per share, a decrease of $0.33 per share from the prior year diluted earnings per share of $2.01. The decrease in net income for the current year compared to the prior year was primarily due to the significant increase in funding costs and a $8.6 million increase in acquisition-related expenses. Acquisition-related expense was $9.9 million in the current year compared to $1.3 million in the prior year. In addition, the 2024 results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

    On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 20 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

     Wheatland RMB  
    (Dollars in thousands)January 31,
    2024    		 July 19,
    2024    		 Total
    Total assets$777,705 $403,052 $1,180,757
    Cash and cash equivalents 12,926  76,781  89,707
    Debt securities 187,183  —  187,183
    Loans receivable 450,403  271,569  721,972
    Non-interest bearing deposits 277,651  93,534  371,185
    Interest bearing deposits 339,304  303,156  642,460
    Borrowings 58,500  4,305  62,805
    Core deposit intangible 16,936  11,808  28,744
    Goodwill 38,146  27,780  65,926


    Asset Summary

           $ Change from
    (Dollars in thousands)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2024    		 Dec 31,
    2023
    Cash and cash equivalents$848,408  987,833  1,354,342  (139,425) (505,934)
    Debt securities, available-for-sale 4,245,205  4,436,578  4,785,719  (191,373) (540,514)
    Debt securities, held-to-maturity 3,294,847  3,348,698  3,502,411  (53,851) (207,564)
    Total debt securities 7,540,052  7,785,276  8,288,130  (245,224) (748,078)
    Loans receivable         
    Residential real estate 1,858,929  1,837,697  1,704,544  21,232  154,385 
    Commercial real estate 10,963,713  10,833,841  10,303,306  129,872  660,407 
    Other commercial 3,119,535  3,177,051  2,901,863  (57,516) 217,672 
    Home equity 930,994  931,440  888,013  (446) 42,981 
    Other consumer 388,678  401,158  400,356  (12,480) (11,678)
    Loans receivable 17,261,849  17,181,187  16,198,082  80,662  1,063,767 
    Allowance for credit losses (206,041) (205,170) (192,757) (871) (13,284)
    Loans receivable, net 17,055,808  16,976,017  16,005,325  79,791  1,050,483 
    Other assets 2,458,719  2,456,643  2,094,832  2,076  363,887 
    Total assets$27,902,987  28,205,769  27,742,629  (302,782) 160,358 


    Total debt securities of $7.540 billion at December 31, 2024 decreased $245 million, or 3 percent, during the current quarter and decreased $748 million, or 9 percent, from the prior year fourth quarter. Debt securities represented 27 percent of total assets at December 31, 2024 compared to 30 percent at December 31, 2023.

    The loan portfolio of $17.262 billion at December 31, 2024 increased $81 million, or 2 percent annualized, during the current quarter and increased $1.064 billion, or 7 percent, from the prior year end. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $342 million, or 2 percent, during 2024. Excluding the acquisitions, the loan category with the largest dollar increase during 2024 was commercial real estate which increased $234 million, or 2 percent.

    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,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023
    Allowance for credit losses     
    Balance at beginning of period$192,757  192,757  182,283 
    Acquisitions 3  3  — 
    Provision for credit losses 27,179  21,138  20,790 
    Charge-offs (18,626) (12,406) (15,095)
    Recoveries 4,728  3,678  4,779 
    Balance at end of period$206,041  205,170  192,757 
    Provision for credit losses     
    Loan portfolio$27,179  21,138  20,790 
    Unfunded loan commitments 1,127  (1,366) (5,995)
    Total provision for credit losses$28,306  19,772  14,795 
    Other real estate owned$1,085  432  1,032 
    Other foreclosed assets 79  201  471 
    Accruing loans 90 days or more past due 6,177  11,551  3,312 
    Non-accrual loans 20,445  15,937  20,816 
    Total non-performing assets$27,786  28,121  25,631 
    Non-performing assets as a percentage of subsidiary assets 0.10% 0.10% 0.09%
    Allowance for credit losses as a percentage of non-performing loans 774% 730% 799%
    Allowance for credit losses as a percentage of total loans 1.19% 1.19% 1.19%
    Net charge-offs as a percentage of total loans 0.08% 0.05% 0.06%
    Accruing loans 30-89 days past due$32,228  56,213  49,967 
    U.S. government guarantees included in non-performing assets$748  1,802  1,503 


    Non-performing assets as a percentage of subsidiary assets at December 31, 2024 was 0.10 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year fourth quarter. Non-performing assets of $27.8 million at December 31, 2024 decreased $335 thousand, or 1 percent, over the prior quarter and increased $2.2 million, or 8 percent, over the prior year fourth quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at December 31, 2024 were 0.19 percent compared to 0.33 percent for the prior quarter end and 0.31 percent for the prior year fourth quarter. Early stage delinquencies of $32.2 million at December 31, 2024 decreased $24.0 million from the prior quarter and decreased $17.7 million from prior year fourth quarter.

    The current quarter credit loss expense of $8.5 million included $6.0 million of provision for credit losses on loans and $2.5 million of provision for credit losses on unfunded commitments. For the current year, the provision for credit losses of $28.3 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

    The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at December 31, 2024 was 1.19 percent and remained unchanged from the prior year end. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands)Provision for
    Credit Losses
    Loans    		 Net Charge-Offs ACL
    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 2024$6,041 $5,170 1.19% 0.19% 0.10%
    Third quarter 2024 6,981  2,766 1.19% 0.33% 0.10%
    Second quarter 2024 5,066  2,890 1.19% 0.29% 0.06%
    First quarter 2024 9,091  3,072 1.19% 0.37% 0.09%
    Fourth quarter 2023 4,181  3,695 1.19% 0.31% 0.09%
    Third quarter 2023 5,095  2,209 1.19% 0.09% 0.15%
    Second quarter 2023 5,254  2,473 1.19% 0.16% 0.12%
    First quarter 2023 6,260  1,939 1.20% 0.16% 0.12%


    Net charge-offs for the current quarter were $5.2 million compared to $2.8 million in the prior quarter and $3.7 million for the prior year fourth quarter. The increase in net charge-offs during the current quarter were primarily due to a few isolated loans. Net charge-offs of $5.2 million included $2.1 million in deposit overdraft net charge-offs and $3.1 million of net loan charge-offs.

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

    Liability Summary

           $ Change from
    (Dollars in thousands)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2024    		 Dec 31,
    2023
    Deposits         
    Non-interest bearing deposits$6,136,709 6,407,728 6,022,980 (271,019) 113,729 
    NOW and DDA accounts 5,543,512 5,363,476 5,321,257 180,036  222,255 
    Savings accounts 2,845,124 2,801,077 2,833,887 44,047  11,237 
    Money market deposit accounts 2,878,213 2,854,540 2,831,624 23,673  46,589 
    Certificate accounts 3,139,821 3,284,609 2,915,393 (144,788) 224,428 
    Core deposits, total 20,543,379 20,711,430 19,925,141 (168,051) 618,238 
    Wholesale deposits 3,615 3,334 4,026 281  (411)
    Deposits, total 20,546,994 20,714,764 19,929,167 (167,770) 617,827 
    Repurchase agreements 1,777,475 1,831,501 1,486,850 (54,026) 290,625 
    Deposits and repurchase agreements, total 22,324,469 22,546,265 21,416,017 (221,796) 908,452 
    Federal Home Loan Bank advances 1,800,000 1,800,000 — —  1,800,000 
    FRB Bank Term Funding — — 2,740,000 —  (2,740,000)
    Other borrowed funds 83,341 84,168 81,695 (827) 1,646 
    Subordinated debentures 133,105 133,065 132,943 40  162 
    Other liabilities 338,218 397,221 351,693 (59,003) (13,475)
    Total liabilities$24,679,133 24,960,719 24,722,348 (281,586) (43,215)


    Total deposits of $20.547 billion at December 31, 2024 decreased $168 million, or 1 percent, from the prior quarter and increased $618 million, or 3 percent, from the prior year end. Total deposits organically decreased $396 million, or 2 percent, from the prior year end and total deposits and repurchase agreements organically decreased $109 million, or 51 basis points, from the prior year end. Non-interest bearing deposits represented 30 percent of total deposits at December 31, 2024 and December 31, 2023.

    Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

    Stockholders’ Equity Summary

           $ Change from
    (Dollars in thousands, except per share data)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2024    		 Dec 31,
    2023
    Common equity$3,533,150  3,507,356  3,394,394  25,794  138,756 
    Accumulated other comprehensive loss (309,296) (262,306) (374,113) (46,990) 64,817 
    Total stockholders’ equity 3,223,854  3,245,050  3,020,281  (21,196) 203,573 
    Goodwill and intangibles, net (1,102,500) (1,106,336) (1,017,263) 3,836  (85,237)
    Tangible stockholders’ equity$2,121,354  2,138,714  2,003,018  (17,360) 118,336 


    Stockholders’ equity to total assets 11.55% 11.50% 10.89%    
    Tangible stockholders’ equity to total tangible assets 7.92% 7.89% 7.49%    
    Book value per common share$28.43  28.62  27.24  (0.19) 1.19
    Tangible book value per common share$18.71  18.86  18.06  (0.15) 0.65


    Tangible stockholders’ equity of $2.121 billion at December 31, 2024 decreased $17.4 million, or 1 percent, compared to the prior quarter and was primarily the result of an increase in unrealized loss on the available-for-sale debt securities which was partially offset by earnings retention. Tangible stockholders’ equity at December 31, 2024 increased $118 million, or 6 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and a decrease of $67.9 million in unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.71 at the current quarter end increased $0.65 per share, or 4 percent, from the prior year end.

    Cash Dividends
    On November 20, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable December 19, 2024 to shareholders of record on December 10, 2024. The dividend was the Company’s 159th consecutive regular dividend. 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 December 31, 2024 
    Compared to September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023

    Income Summary

     Three Months ended
    (Dollars in thousands)Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
    Net interest income         
    Interest income$297,036   289,578  273,834  279,402  273,496 
    Interest expense 105,593   109,347  107,356  112,922  107,040 
    Total net interest income 191,443   180,231  166,478  166,480  166,456 
    Non-interest income         
    Service charges and other fees 20,322   20,587  19,422  18,563  19,115 
    Miscellaneous loan fees and charges 4,541   4,970  4,821  4,362  4,484 
    Gain on sale of loans 3,926   4,898  4,669  3,362  2,228 
    Gain (loss) on sale of securities —   26  (12) 16  1,712 
    Other income 2,760   4,223  3,304  3,686  3,326 
    Total non-interest income 31,549   34,704  32,204  29,989  30,865 
    Total income$222,992   214,935  198,682  196,469  197,321 
    Net interest margin (tax-equivalent) 2.97%  2.83% 2.68% 2.59% 2.56%
              
       $ Change from
    (Dollars in thousands)  Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
    Net interest income         
    Interest income  $7,458  23,202  17,634  23,540 
    Interest expense   (3,754) (1,763) (7,329) (1,447)
    Total net interest income   11,212  24,965  24,963  24,987 
    Non-interest income         
    Service charges and other fees   (265) 900  1,759  1,207 
    Miscellaneous loan fees and charges   (429) (280) 179  57 
    Gain on sale of loans   (972) (743) 564  1,698 
    Gain (loss) on sale of securities   (26) 12  (16) (1,712)
    Other income   (1,463) (544) (926) (566)
    Total non-interest income   (3,155) (655) 1,560  684 
    Total income  $8,057  24,310  26,523  25,671 


    Net Interest Income
    Net interest income of $191 million for the current quarter increased $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and increased $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million. The current quarter interest income of $297 million increased $7.5 million, or 3 percent, over the prior quarter and was primarily driven by increased loan yields and increased average loan balances, coupled with increased average interest-bearing cash balances. The current quarter interest income increased $23.5 million, or 9 percent, over the prior year fourth quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.

    The current quarter interest expense of $106 million decreased $3.8 million, or 3 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $1.4 million, or 1 percent, over the prior year fourth quarter and was primarily the result of lower average wholesale borrowings. Core deposit cost (including non-interest bearing deposits) was 1.29 percent for the current quarter compared to 1.37 percent in the prior quarter and 1.24 percent for the prior year fourth quarter. The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis points from the prior quarter and decreased 1 basis point from the prior year fourth quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and was primarily driven by a decrease in deposit costs and an increase in interest-bearing cash balances. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent and was primarily driven by an increase in loan yields which more than offset the increase in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.92 percent in the current quarter compared to 2.83 percent in the prior quarter and 2.56 in the prior year fourth quarter. “The Company was pleased with the 14 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer. “The remix of lower yield cash flow from the securities portfolio combined with the lower funding cost contributed to the improved net interest margin.”

    Non-interest Income
    Non-interest income for the current quarter totaled $31.5 million, which was a decrease of $3.2 million, or 9 percent, over the prior quarter and an increase of $684 thousand, or 2 percent, over the prior year fourth quarter. Service charges and other fees of $20.3 million for the current quarter decreased $265 thousand, or 1 percent, compared to the prior quarter and increased $1.2 million, or 6 percent, compared to the prior year fourth quarter. Gain on the sale of residential loans of $3.9 million for the current quarter decreased $972 thousand, or 20 percent, compared to the prior quarter and increased $1.7 million, or 76 percent, from the prior year fourth quarter. Included in the prior year fourth quarter gain on the sale of securities was $1.7 million gain on the sale of all of the Company’s Visa class B shares. Other income of $2.8 million decreased $1.5 million, or 35 percent, over the prior quarter primarily due to a $1.2 million gain on the sale of repossessed property during the prior quarter.

    Non-interest Expense Summary

     Three Months ended
    (Dollars in thousands)Dec 31,
    2024    		 Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
    Compensation and employee benefits$81,600  85,083  84,434  85,789  71,420 
    Occupancy and equipment 11,589  11,989  11,594  11,883  10,533 
    Advertising and promotions 3,725  4,062  4,362  3,983  3,410 
    Data processing 9,145  9,196  9,387  9,159  8,511 
    Other real estate owned and foreclosed assets 30  13  149  25  78 
    Regulatory assessments and insurance 5,890  5,150  5,393  7,761  12,435 
    Intangibles amortization 3,613  3,367  3,017  2,760  2,427 
    Other expenses 25,373  25,848  22,616  30,483  23,382 
    Total non-interest expense$140,965  144,708  140,952  151,843  132,196 
              
       $ Change from
    (Dollars in thousands)  Sep 30,
    2024    		 Jun 30,
    2024    		 Mar 31,
    2024    		 Dec 31,
    2023
    Compensation and employee benefits  $(3,483) (2,834) (4,189) 10,180 
    Occupancy and equipment   (400) (5) (294) 1,056 
    Advertising and promotions   (337) (637) (258) 315 
    Data processing   (51) (242) (14) 634 
    Other real estate owned and foreclosed assets   17  (119) 5  (48)
    Regulatory assessments and insurance   740  497  (1,871) (6,545)
    Core deposit intangibles amortization   246  596  853  1,186 
    Other expenses   (475) 2,757  (5,110) 1,991 
    Total non-interest expense  $(3,743) 13  (10,878) 8,769 


    Total non-interest expense of $141 million for the current quarter decreased $3.7 million, or 3 percent, over the prior quarter and increased $8.8 million, or 7 percent, over the prior year fourth quarter. Compensation and employee benefits of $81.6 million decreased by $3.5 million, or 4 percent, over the prior quarter and was primarily attributable to decreased performance-related compensation. Compensation and employee benefits increased $10.2 million, or 14 percent, from the prior year fourth quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB. Regulatory assessment and insurance of $5.9 million decreased $6.6 million from the prior year fourth quarter as a result of the $6.0 million expense related to the FDIC special assessment in the prior year fourth quarter.

    Other expenses of $25.4 million increased $2.0 million, or 9 percent, from the prior year fourth quarter. The current quarter other expenses included $2.0 million of gains from the sale of former branch facilities and disposal of fixed assets. Acquisition-related expense was $491 thousand in the current quarter compared to $1.9 million in the prior quarter and $136 thousand in the prior year fourth quarter.

    Federal and State Income Tax Expense

    Tax expense during the fourth quarter of 2024 was $11.7 million, an increase of $572 thousand, or 5 percent, compared to the prior quarter and an increase of $3.9 million, or 51 percent, from the prior year fourth quarter. The effective tax rate in the current quarter was 16.0 percent compared to 17.9 percent in the prior quarter and 12.6 percent in the prior year fourth quarter.

    Efficiency Ratio
    The efficiency ratio was 60.50 percent in the current quarter compared to 64.92 percent in the prior quarter and 65.20 percent in the prior year fourth quarter. The decrease from the prior quarter was principally driven by the increase in net interest income combined with a decrease in non-interest expense.

    Operating Results for Year Ended December 31, 2024
    Compared to December 31, 2023

    Income Summary

     Year ended  
    (Dollars in thousands)Dec 31,
    2024    		 Dec 31,
    2023    		 $ Change % Change
    Net interest income       
    Interest income$1,139,850  $1,017,655  $122,195  12%
    Interest expense 435,218   325,973   109,245  34%
    Total net interest income 704,632   691,682   12,950  2%
    Non-interest income       
    Service charges and other fees 78,894   75,157   3,737  5%
    Miscellaneous loan fees and charges 18,694   16,935   1,759  10%
    Gain on sale of loans 16,855   12,202   4,653  38%
    Gain (loss) on sale of securities 30   1,510   (1,480) (98)%
    Other income 13,973   12,275   1,698  14%
    Total non-interest income 128,446   118,079   10,367  9%
    Total Income$833,078  $809,761  $23,317  3%
    Net interest margin (tax-equivalent) 2.77%  2.73%    


    Net Interest Income
    Net-interest income of $705 million for 2024 increased $13.0 million, or 2 percent, over 2023 and was primarily driven by increased interest income which outpaced the increase in interest expense. Interest income of $1.140 billion for 2024 increased $122 million, or 12 percent, from the prior year and was primarily attributable to the increases in the loan yields and increases in the average balance of the loan portfolio. The loan yield was 5.61 percent during 2024, an increase of 42 basis points from the prior year 5.19 percent.

    Interest expense of $435 million for 2024 increased $109 million, or 34 percent, over the prior year and was primarily the result of higher interest rates on deposits and an increase in deposit balances. Core deposit cost (including non-interest bearing deposits) was 1.34 percent for 2024 compared to 0.77 percent for the prior year. The total funding cost (including non-interest bearing deposits) for 2024 was 1.79 percent, which was an increase of 44 basis points over the prior year funding cost of 1.35 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2024 was 2.77 percent, a 4 basis points increase from the net interest margin of 2.73 percent for the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.72 percent in the current year compared to 2.71 percent in the prior year.

    Non-interest Income  

    Non-interest income of $128 million for 2024 increased $10.4 million, or 9 percent, over last year. Gain on sale of residential loans of $16.9 million for 2024 increased by $4.7 million, or 38 percent, over the prior year. Other income of $14.0 million for 2024 increased $1.7 million, or 14 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current year.

    Non-interest Expense Summary

     Year ended    
    (Dollars in thousands)Dec 31,
    2024    		 Dec 31,
    2023    		 $ Change % Change
    Compensation and employee benefits$336,906 $309,048 $27,858  9%
    Occupancy and equipment 47,055  43,578  3,477  8%
    Advertising and promotions 16,132  15,430  702  5%
    Data processing 36,887  33,752  3,135  9%
    Other real estate owned and foreclosed assets 217  119  98  82%
    Regulatory assessments and insurance 24,194  28,712  (4,518) (16)%
    Core deposit intangibles amortization 12,757  9,731  3,026  31%
    Other expenses 104,320  86,988  17,332  20%
    Total non-interest expense$578,468 $527,358 $51,110  10%


    Total non-interest expense of $578 million for 2024 increased $51.1 million, or 10 percent, over the prior year. Compensation and employee benefits expense of $337 million in 2024 increased $27.9 million, or 9 percent, over the prior year and was driven by annual salary increases, increases in performance-related compensation and the acquisitions of Wheatland and RMB. Regulatory assessments and insurance expense of $24.2 million for 2024 decreased $4.5 million, or 16 percent, over the prior year which was principally due to the prior year $6.0 million expense related to the FDIC special assessment which had subsequent $1.0 million accrual adjustment increases in 2024. Other expenses of $104 million for 2024 increased $17.3 million, or 20 percent, from the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses and increased costs from the acquisition of Wheatland and RMB. The increase was partially offset by gains of $5.1 million from the sale of former branch facilities and disposal of fixed assets.

    Provision for Credit Losses

    The provision for credit loss expense was $28.3 million during 2024, an increase of $13.5 million, or 91 percent, over the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for 2024 were $13.9 million compared to $10.3 million in the prior year.

    Federal and State Income Tax Expense
    Tax expense of $36.2 million for 2024 decreased $8.5 million, or 19 percent, over the prior year. The effective tax rate for 2024 was 16.0 percent compared to 16.7 percent for the same period in the prior year.

    Efficiency Ratio
    The efficiency ratio was 66.71 percent for 2024 compared to 62.85 percent for 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense including costs associated with the acquisition of Wheatland and RMB.

    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 the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. 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 based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, the potential for significant changes in economic policies in the new administration, and geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of 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.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 24, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI48e927f557ce420692df4cbc5e0e77fb. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/qm4zr4ba.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

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

    (Dollars in thousands, except per share data)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023
    Assets     
    Cash on hand and in banks$268,746  342,105  246,525 
    Interest bearing cash deposits 579,662  645,728  1,107,817 
    Cash and cash equivalents 848,408  987,833  1,354,342 
    Debt securities, available-for-sale 4,245,205  4,436,578  4,785,719 
    Debt securities, held-to-maturity 3,294,847  3,348,698  3,502,411 
    Total debt securities 7,540,052  7,785,276  8,288,130 
    Loans held for sale, at fair value 33,060  46,126  15,691 
    Loans receivable 17,261,849  17,181,187  16,198,082 
    Allowance for credit losses (206,041) (205,170) (192,757)
    Loans receivable, net 17,055,808  16,976,017  16,005,325 
    Premises and equipment, net 468,220  466,977  421,791 
    Other real estate owned and foreclosed assets 1,164  633  1,503 
    Accrued interest receivable 99,262  114,121  94,526 
    Deferred tax asset 138,955  125,432  159,070 
    Intangibles, net 51,182  52,780  31,870 
    Goodwill 1,051,318  1,053,556  985,393 
    Non-marketable equity securities 99,669  98,285  12,755 
    Bank-owned life insurance 189,849  188,971  171,101 
    Other assets 326,040  309,762  201,132 
    Total assets$27,902,987  28,205,769  27,742,629 
    Liabilities     
    Non-interest bearing deposits$6,136,709  6,407,728  6,022,980 
    Interest bearing deposits 14,410,285  14,307,036  13,906,187 
    Securities sold under agreements to repurchase 1,777,475  1,831,501  1,486,850 
    FHLB advances 1,800,000  1,800,000  — 
    FRB Bank Term Funding —  —  2,740,000 
    Other borrowed funds 83,341  84,168  81,695 
    Subordinated debentures 133,105  133,065  132,943 
    Accrued interest payable 33,626  35,382  125,907 
    Other liabilities 304,592  361,839  225,786 
    Total liabilities 24,679,133  24,960,719  24,722,348 
    Commitments and Contingent Liabilities —  —  — 
    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, 234,000,000 shares authorized 1,134  1,134  1,109 
    Paid-in capital 2,448,758  2,447,200  2,350,104 
    Retained earnings - substantially restricted 1,083,258  1,059,022  1,043,181 
    Accumulated other comprehensive loss (309,296) (262,306) (374,113)
    Total stockholders’ equity 3,223,854  3,245,050  3,020,281 
    Total liabilities and stockholders’ equity$27,902,987  28,205,769  27,742,629 


    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations

     Three Months ended Year ended
    (Dollars in thousands, except per share data)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2023
    Interest Income         
    Investment securities$50,381 46,371 57,233  195,135 201,930
    Residential real estate loans 23,960 23,118 19,820  89,596 71,328
    Commercial loans 199,260 196,901 175,957  765,959 669,663
    Consumer and other loans 23,435 23,188 20,486  89,160 74,734
    Total interest income 297,036 289,578 273,496  1,139,850 1,017,655
    Interest Expense         
    Deposits 67,079 70,607 63,484  272,734 162,426
    Securities sold under agreements to
    repurchase    		 14,822 14,737 12,229  55,723 36,414
    Federal Home Loan Bank advances 21,848 22,344 —  72,620 26,910
    FRB Bank Term Funding — — 30,228  27,097 93,388
    Other borrowed funds 348 252 (372) 1,297 1,056
    Subordinated debentures 1,496 1,407 1,471  5,747 5,779
    Total interest expense 105,593 109,347 107,040  435,218 325,973
    Net Interest Income 191,443 180,231 166,456  704,632 691,682
    Provision for credit losses 8,534 8,005 3,013  28,306 14,795
    Net interest income after provision for credit losses 182,909 172,226 163,443  676,326 676,887
    Non-Interest Income         
    Service charges and other fees 20,322 20,587 19,115  78,894 75,157
    Miscellaneous loan fees and charges 4,541 4,970 4,484  18,694 16,935
    Gain on sale of loans 3,926 4,898 2,228  16,855 12,202
    Gain (loss) on sale of securities — 26 1,712  30 1,510
    Other income 2,760 4,223 3,326  13,973 12,275
    Total non-interest income 31,549 34,704 30,865  128,446 118,079
    Non-Interest Expense         
    Compensation and employee benefits 81,600 85,083 71,420  336,906 309,048
    Occupancy and equipment 11,589 11,989 10,533  47,055 43,578
    Advertising and promotions 3,725 4,062 3,410  16,132 15,430
    Data processing 9,145 9,196 8,511  36,887 33,752
    Other real estate owned and foreclosed assets 30 13 78  217 119
    Regulatory assessments and insurance 5,890 5,150 12,435  24,194 28,712
    Intangibles amortization 3,613 3,367 2,427  12,757 9,731
    Other expenses 25,373 25,848 23,382  104,320 86,988
    Total non-interest expense 140,965 144,708 132,196  578,468 527,358
    Income Before Income Taxes 73,493 62,222 62,112  226,304 267,608
    Federal and state income tax expense 11,739 11,167 7,796  36,160 44,681
    Net Income$61,754 51,055 54,316  190,144 222,927


    Glacier Bancorp, Inc.
    Average Balance Sheets

     Three Months ended
     December 31, 2024 September 30, 2024
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,885,146 $23,960 5.08% $1,850,066 $23,118 5.00%
    Commercial loans1 14,059,864  200,956 5.69%  13,957,304  198,556 5.66%
    Consumer and other loans 1,324,341  23,435 7.04%  1,324,142  23,188 6.97%
    Total loans2 17,269,351  248,351 5.72%  17,131,512  244,862 5.69%
    Tax-exempt debt securities3 1,615,474  14,501 3.59%  1,660,643  14,710 3.54%
    Taxable debt securities4, 5 7,314,265  38,189 2.09%  7,073,967  34,001 1.92%
    Total earning assets 26,199,090  301,041 4.57%  25,866,122  293,573 4.52%
    Goodwill and intangibles 1,104,362      1,092,632    
    Non-earning assets 888,404      836,878    
    Total assets$28,191,856     $27,795,632    
    Liabilities           
    Non-interest bearing deposits$6,343,443 $— —% $6,237,166 $— —%
    NOW and DDA accounts 5,491,451  15,768 1.14%  5,314,459  16,221 1.21%
    Savings accounts 2,824,126  5,316 0.75%  2,829,203  5,699 0.80%
    Money market deposit accounts 2,878,415  14,232 1.97%  2,887,173  15,048 2.07%
    Certificate accounts 3,174,923  31,716 3.97%  3,211,842  33,597 4.16%
    Total core deposits 20,712,358  67,032 1.29%  20,479,843  70,565 1.37%
    Wholesale deposits6 3,654  47 4.95%  3,122  42 5.47%
    Repurchase agreements 1,866,705  14,821 3.16%  1,723,553  14,738 3.40%
    FHLB advances 1,800,000  21,848 4.75%  1,828,533  22,344 4.78%
    Subordinated debentures and other borrowed funds 216,874  1,845 3.38%  219,472  1,658 3.01%
    Total funding liabilities 24,599,591  105,593 1.71%  24,254,523  109,347 1.79%
    Other liabilities 369,700      336,906    
    Total liabilities 24,969,291      24,591,429    
    Stockholders’ Equity           
    Stockholders’ equity 3,222,565      3,204,203    
    Total liabilities and stockholders’ equity$28,191,856     $27,795,632    
    Net interest income (tax-equivalent)  $195,448     $184,226  
    Net interest spread (tax-equivalent)    2.86%     2.73%
    Net interest margin (tax-equivalent)    2.97%     2.83%

    ______________________________

    1 Includes tax effect of $1.7 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and September 30, 2024, respectively.
    2 Total loans are gross of the allowance for credit 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 $2.1 million and $2.1 million on tax-exempt debt securities income for the three months ended December 31, 2024 and September 30, 2024, respectively.
    4 Includes interest income of $9.2 million and $4.8 million on average interest-bearing cash balances of $759.7 million and $357.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.
    5 Includes tax effect of $203 thousand and $203 thousand on federal income tax credits for the three months ended December 31, 2024 and September 30, 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)

     Three Months ended
     December 31, 2024 December 31, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,885,146 $23,960 5.08% $1,700,598 $19,820 4.66%
    Commercial loans1 14,059,864  200,956 5.69%  13,196,412  177,397 5.33%
    Consumer and other loans 1,324,341  23,435 7.04%  1,279,626  20,486 6.35%
    Total loans2 17,269,351  248,351 5.72%  16,176,636  217,703 5.34%
    Tax-exempt debt securities3 1,615,474  14,501 3.59%  1,725,858  14,738 3.42%
    Taxable debt securities4, 5 7,314,265  38,189 2.09%  8,466,825  44,665 2.11%
    Total earning assets 26,199,090  301,041 4.57%  26,369,319  277,106 4.17%
    Goodwill and intangibles 1,104,362      1,018,423    
    Non-earning assets 888,404      487,979    
    Total assets$28,191,856     $27,875,721    
    Liabilities           
    Non-interest bearing deposits$6,343,443 $— —% $6,262,801 $— —%
    NOW and DDA accounts 5,491,451  15,768 1.14%  5,245,602  14,751 1.12%
    Savings accounts 2,824,126  5,316 0.75%  2,843,788  4,848 0.68%
    Money market deposit accounts 2,878,415  14,232 1.97%  2,911,054  13,600 1.85%
    Certificate accounts 3,174,923  31,716 3.97%  2,872,192  29,563 4.08%
    Total core deposits 20,712,358  67,032 1.29%  20,135,437  62,762 1.24%
    Wholesale deposits6 3,654  47 4.95%  53,841  722 5.32%
    Repurchase agreements 1,866,705  14,821 3.16%  1,488,419  12,229 3.26%
    FHLB advances 1,800,000  21,848 4.75%  —  — —%
    FRB Bank Term Funding —  — —%  2,740,000  30,228 4.38%
    Subordinated debentures and other borrowed funds 216,874  1,845 3.38%  211,570  1,099 2.06%
    Total funding liabilities 24,599,591  105,593 1.71%  24,629,267  107,040 1.72%
    Other liabilities 369,700      332,740    
    Total liabilities 24,969,291      24,962,007    
    Stockholders’ Equity           
    Stockholders’ equity 3,222,565      2,913,714    
    Total liabilities and stockholders’ equity$28,191,856     $27,875,721    
    Net interest income (tax-equivalent)  $195,448     $170,066  
    Net interest spread (tax-equivalent)    2.86%     2.45%
    Net interest margin (tax-equivalent)    2.97%     2.56%

    ______________________________

    1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit 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 $2.1 million and $2.0 million on tax-exempt debt securities income for the three months ended December 31, 2024 and 2023, respectively.
    4 Includes interest income of $9.2 million and $17.7 million on average interest-bearing cash balances of $759.7 million and $1.29 billion for the three months ended December 31, 2024 and 2023, respectively.
    5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended December 31, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)

     Year ended
     December 31, 2024 December 31, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,820,057 $89,596 4.92% $1,603,600 $71,328 4.45%
    Commercial loans1 13,818,805  772,496 5.59%  12,982,708  675,549 5.20%
    Consumer and other loans 1,305,716  89,160 6.83%  1,247,114  74,734 5.99%
    Total loans2 16,944,578  951,252 5.61%  15,833,422  821,611 5.19%
    Tax-exempt debt securities3 1,675,732  59,479 3.55%  1,740,746  59,716 3.43%
    Taxable debt securities4, 5 7,400,887  145,128 1.96%  8,297,203  152,003 1.83%
    Total earning assets 26,021,197  1,155,859 4.44%  25,871,371  1,033,330 3.99%
    Goodwill and intangibles 1,079,404      1,022,052    
    Non-earning assets 773,322      504,698    
    Total assets$27,873,923     $27,398,121    
    Liabilities           
    Non-interest bearing deposits$6,144,268 $— —% $6,642,339 $— —%
    NOW and DDA accounts 5,326,296  63,635 1.19%  5,167,117  37,357 0.72%
    Savings accounts 2,866,908  22,684 0.79%  2,908,584  9,918 0.34%
    Money market deposit accounts 2,904,461  58,140 2.00%  3,166,914  42,254 1.33%
    Certificate accounts 3,106,755  128,081 4.12%  1,949,206  64,176 3.29%
    Total core deposits 20,348,688  272,540 1.34%  19,834,160  153,705 0.77%
    Wholesale deposits6 3,615  194 5.36%  173,231  8,721 5.03%
    Repurchase agreements 1,676,040  55,723 3.32%  1,301,223  36,414 2.80%
    FHLB advances 1,498,494  72,620 4.77%  551,986  26,910 4.81%
    FRB Bank Term Funding 617,377  27,097 4.39%  2,133,658  93,388 4.38%
    Subordinated debentures and other borrowed funds 219,839  7,044 3.20%  209,567  6,835 3.26%
    Total funding liabilities 24,364,053  435,218 1.79%  24,203,825  325,973 1.35%
    Other liabilities 351,825      275,359    
    Total liabilities 24,715,878      24,479,184    
    Stockholders’ Equity           
    Stockholders’ equity 3,158,045      2,918,937    
    Total liabilities and stockholders’ equity$27,873,923     $27,398,121    
    Net interest income (tax-equivalent)  $720,641     $707,357  
    Net interest spread (tax-equivalent)    2.65%     2.64%
    Net interest margin (tax-equivalent)    2.77%     2.73%

    ______________________________

    1 Includes tax effect of $6.5 million and $5.9 million on tax-exempt municipal loan and lease income for the year months ended December 31, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit 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 $8.6 million and $8.9 million on tax-exempt debt securities income for the year months ended December 31, 2024 and 2023, respectively.
    4 Includes interest income of $31.2 million and $42.2 million on average interest-bearing cash balances of $594.8 million and $791.5 million for the year months ended December 31, 2024 and 2023, respectively.
    5 Includes tax effect of $832 thousand and $859 thousand on federal income tax credits for the year months ended December 31, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification

     Loans Receivable, by Loan Type % Change from
    (Dollars in thousands)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2024    		 Dec 31,
    2023
    Custom and owner occupied construction$242,844  $235,915  $290,572  3% (16)%
    Pre-sold and spec construction 191,926   203,610   236,596  (6)% (19)%
    Total residential construction 434,770   439,525   527,168  (1)% (18)%
    Land development 197,369   205,704   232,966  (4)% (15)%
    Consumer land or lots 187,024   189,705   187,545  (1)% —%
    Unimproved land 113,532   109,237   87,739  4% 29%
    Developed lots for operative builders 61,661   67,140   56,142  (8)% 10%
    Commercial lots 99,243   98,644   87,185  1% 14%
    Other construction 693,461   689,638   900,547  1% (23)%
    Total land, lot, and other construction 1,352,290   1,360,068   1,552,124  (1)% (13)%
    Owner occupied 3,197,138   3,121,900   3,035,768  2% 5%
    Non-owner occupied 4,053,996   4,001,430   3,742,916  1% 8%
    Total commercial real estate 7,251,134   7,123,330   6,778,684  2% 7%
    Commercial and industrial 1,395,997   1,387,538   1,363,479  1% 2%
    Agriculture 1,024,520   1,047,320   772,458  (2)% 33%
    1st lien 2,481,918   2,462,885   2,127,989  1% 17%
    Junior lien 76,303   77,029   47,230  (1)% 62%
    Total 1-4 family 2,558,221   2,539,914   2,175,219  1% 18%
    Multifamily residential 895,242   921,138   796,538  (3)% 12%
    Home equity lines of credit 1,005,783   1,004,300   979,891  —% 3%
    Other consumer 209,457   221,517   229,154  (5)% (9)%
    Total consumer 1,215,240   1,225,817   1,209,045  (1)% 1%
    States and political subdivisions 983,601   993,871   834,947  (1)% 18%
    Other 183,894   188,792   204,111  (3)% (10)%
    Total loans receivable, including
    loans held for sale    		 17,294,909   17,227,313   16,213,773  —% 7%
    Less loans held for sale1 (33,060)  (46,126)  (15,691) (28)% 111%
    Total loans receivable$17,261,849  $17,181,187  $16,198,082  —% 7%

    ______________________________

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

    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
    and foreclosed
    assets
    (Dollars in thousands)Dec 31,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024    		 Dec 31,
    2024
    Custom and owner occupied construction$198 202 214 198 — —
    Pre-sold and spec construction 2,132 3,705 763 813 1,319 —
    Total residential construction 2,330 3,907 977 1,011 1,319 —
    Land development 966 583 35 966 — —
    Consumer land or lots 78 458 96 78 — —
    Developed lots for operative builders 531 531 608 — 531 —
    Commercial lots 47 47 47 — 47 —
    Total land, lot and other construction 1,622 1,619 786 1,044 578 —
    Owner occupied 2,979 1,903 1,838 1,545 1,002 432
    Non-owner occupied 2,235 1,335 11,016 1,582 — 653
    Total commercial real estate 5,214 3,238 12,854 3,127 1,002 1,085
    Commercial and Industrial 2,069 2,455 1,971 1,420 641 8
    Agriculture 2,335 6,040 2,558 2,122 213 —
    1st lien 9,053 6,065 2,664 7,457 1,596 —
    Junior lien 315 279 180 303 12 —
    Total 1-4 family 9,368 6,344 2,844 7,760 1,608 —
    Multifamily residential 389 392 395 389 — —
    Home equity lines of credit 3,465 2,867 2,043 2,826 639 —
    Other consumer 955 1,111 1,187 746 138 71
    Total consumer 4,420 3,978 3,230 3,572 777 71
    Other 39 148 16 — 39 —
    Total$27,786 28,121 25,631 20,445 6,177 1,164


    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,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Sep 30,
    2024    		 Dec 31,
    2023
    Custom and owner occupied construction$969 $13 $2,549 7,354% (62)%
    Pre-sold and spec construction 564  1,250  1,219 (55)% (54)%
    Total residential construction 1,533  1,263  3,768 21% (59)%
    Land development 1,450  157  163 824% 790%
    Consumer land or lots 402  747  624 (46)% (36)%
    Unimproved land 36  39  — (8)% n/m 
    Developed lots for operative builders 214  —  — n/m  n/m 
    Commercial lots —  —  2,159 n/m  (100)%
    Total land, lot and other construction 2,102  943  2,946 123% (29)%
    Owner occupied 2,867  5,641  2,222 (49)% 29%
    Non-owner occupied 5,037  13,785  14,471 (63)% (65)%
    Total commercial real estate 7,904  19,426  16,693 (59)% (53)%
    Commercial and industrial 6,194  3,125  12,905 98% (52)%
    Agriculture 744  16,932  594 (96)% 25%
    1st lien 6,326  6,275  3,768 1% 68%
    Junior lien 214  13  1 1,546% 21,300%
    Total 1-4 family 6,540  6,288  3,769 4% 74%
    Home equity lines of credit 3,731  4,567  4,518 (18)% (17)%
    Other consumer 1,775  2,227  3,264 (20)% (46)%
    Total consumer 5,506  6,794  7,782 (19)% (29)%
    Other 1,705  1,442  1,510 18% 13%
    Total$32,228 $56,213 $49,967 (43)% (36)%

    ______________________________

    n/m - not measurable

    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,
    2024    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Dec 31,
    2024    		 Dec 31,
    2024
    Pre-sold and spec construction$(4) (4) (15) — 4
    Land development 1,095  (21) (135) 1,128 33
    Consumer land or lots (22) (21) (19) — 22
    Unimproved land 1,338  5  —  1,338 —
    Commercial lots 319  319  —  319 —
    Other construction —  —  889  — —
    Total land, lot and other construction 2,730  282  735  2,785 55
    Owner occupied (73) (73) (59) — 73
    Non-owner occupied 2  (3) 799  7 5
    Total commercial real estate (71) (76) 740  7 78
    Commercial and industrial 1,422  1,272  364  2,084 662
    Agriculture 64  65  —  68 4
    1st lien 32  (34) 66  71 39
    Junior lien (65) (60) 24  10 75
    Total 1-4 family (33) (94) 90  81 114
    Multifamily residential —  —  (136) — —
    Home equity lines of credit 69  (31) (6) 140 71
    Other consumer 1,078  753  1,097  1,494 416
    Total consumer 1,147  722  1,091  1,634 487
    Other 8,643  6,561  7,447  11,967 3,324
    Total$13,898  8,728  10,316  18,626 4,728


    Visit our website at     www.glacierbancorp.com

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706


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