Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $75.6
million for the current quarter, a decrease of $2.2 million, or 3
percent, from the $77.8 million of net income for the prior year
third quarter. Diluted earnings per share for the current quarter
was $0.79 per share, a decrease of 2 percent from the prior year
third quarter diluted earnings per share of $0.81. The decrease in
third quarter earnings over the prior year was driven by a $21.6
million reduction in the gain on sale of residential mortgage loans
due to record gains in the prior year. “The Glacier team produced
very strong core loan and net interest income growth in the
quarter,” said Randy Chesler, President and Chief Executive
Officer. “We are excited to welcome the outstanding team at
Altabank to the Glacier family and are well positioned to
capitalize on our strengthening markets across the West.”
Net income for the nine months ended September
30, 2021 was $234 million, an increase of $49.5 million, or 27
percent, from the $185 million net income from the first nine
months in the prior year. Diluted earnings per share for the first
nine months of the current year was $2.45 per share, an increase of
26 percent, from the diluted earnings per share of $1.95 for the
same period last year.
On October 1, 2021, the Company announced the
completion of the acquisition of Altabancorp, the parent company of
Altabank, based in American Fork, Utah (collectively, “Alta”) and
the largest community bank in Utah. Alta provides banking services
to individuals and businesses in Utah with twenty-five banking
offices from Preston, Idaho to St. George, Utah. As of September
30, 2021, Alta had total assets of $3.648 billion, total loans of
$1.901 billion and total deposits of $3.279 billion. Upon closing
of the transaction, Alta became the Company’s seventeenth Bank
division.
Asset Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Cash and cash equivalents |
$ |
348,888 |
|
|
|
921,207 |
|
|
|
633,142 |
|
|
|
769,879 |
|
|
|
(572,319 |
) |
|
|
(284,254 |
) |
|
|
(420,991 |
) |
|
Debt securities,
available-for-sale |
7,390,580 |
|
|
|
6,147,143 |
|
|
|
5,337,814 |
|
|
|
4,125,548 |
|
|
|
1,243,437 |
|
|
|
2,052,766 |
|
|
|
3,265,032 |
|
|
Debt securities,
held-to-maturity |
1,128,299 |
|
|
|
1,024,730 |
|
|
|
189,836 |
|
|
|
193,509 |
|
|
|
103,569 |
|
|
|
938,463 |
|
|
|
934,790 |
|
|
Total debt securities |
8,518,879 |
|
|
|
7,171,873 |
|
|
|
5,527,650 |
|
|
|
4,319,057 |
|
|
|
1,347,006 |
|
|
|
2,991,229 |
|
|
|
4,199,822 |
|
|
Loans receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
781,538 |
|
|
|
734,838 |
|
|
|
802,508 |
|
|
|
862,614 |
|
|
|
46,700 |
|
|
|
(20,970 |
) |
|
|
(81,076 |
) |
|
Commercial real estate |
6,912,569 |
|
|
|
6,584,322 |
|
|
|
6,315,895 |
|
|
|
6,201,817 |
|
|
|
328,247 |
|
|
|
596,674 |
|
|
|
710,752 |
|
|
Other commercial |
2,598,616 |
|
|
|
2,932,419 |
|
|
|
3,054,817 |
|
|
|
3,593,322 |
|
|
|
(333,803 |
) |
|
|
(456,201 |
) |
|
|
(994,706 |
) |
|
Home equity |
660,920 |
|
|
|
648,800 |
|
|
|
636,405 |
|
|
|
646,850 |
|
|
|
12,120 |
|
|
|
24,515 |
|
|
|
14,070 |
|
|
Other consumer |
340,248 |
|
|
|
337,669 |
|
|
|
313,071 |
|
|
|
314,128 |
|
|
|
2,579 |
|
|
|
27,177 |
|
|
|
26,120 |
|
|
Loans receivable |
11,293,891 |
|
|
|
11,238,048 |
|
|
|
11,122,696 |
|
|
|
11,618,731 |
|
|
|
55,843 |
|
|
|
171,195 |
|
|
|
(324,840 |
) |
|
Allowance for credit losses |
(153,609 |
) |
|
|
(151,448 |
) |
|
|
(158,243 |
) |
|
|
(164,552 |
) |
|
|
(2,161 |
) |
|
|
4,634 |
|
|
|
10,943 |
|
|
Loans receivable, net |
11,140,282 |
|
|
|
11,086,600 |
|
|
|
10,964,453 |
|
|
|
11,454,179 |
|
|
|
53,682 |
|
|
|
175,829 |
|
|
|
(313,897 |
) |
|
Other assets |
1,305,970 |
|
|
|
1,308,353 |
|
|
|
1,378,961 |
|
|
|
1,382,952 |
|
|
|
(2,383 |
) |
|
|
(72,991 |
) |
|
|
(76,982 |
) |
|
Total assets |
$ |
21,314,019 |
|
|
|
20,488,033 |
|
|
|
18,504,206 |
|
|
|
17,926,067 |
|
|
|
825,986 |
|
|
|
2,809,813 |
|
|
|
3,387,952 |
|
|
Total debt securities of $8.519 billion at
September 30, 2021 increased $1.347 billion, or 19 percent, during
the current quarter and increased $4.200 billion, or 97 percent,
from the prior year third quarter. The Company continues to
selectively purchase debt securities with excess liquidity from the
increase in core deposits and SBA forgiveness of PPP loans. Debt
securities represented 40 percent of total assets at September
30, 2021 compared to 30 percent of total assets at December
30, 2020 and 24 percent of total assets at September
30, 2020.
The loan portfolio of $11.294 billion at
September 30, 2021 increased $55.8 million, or 50 basis points, in
the current quarter. Excluding the PPP loans, the loan portfolio
increased $382 million, or 14 percent annualized, during the
current quarter with the largest increase in commercial real estate
which increased $328 million.
The loan portfolio decreased $325 million, or 3
percent, from the prior year third quarter. Excluding the PPP
loans, the loan portfolio increased $755 million, or 7 percent,
from the prior year third quarter with the largest increase in
commercial real estate loans which increased $711 million, or 11
percent.
Credit Quality Summary
|
At or for the Nine Months ended |
|
At or for the Six Months ended |
|
At or for the Year ended |
|
At or for the Nine Months ended |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Allowance for credit losses |
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
158,243 |
|
|
158,243 |
|
|
124,490 |
|
|
124,490 |
|
Impact of adopting CECL |
— |
|
|
— |
|
|
3,720 |
|
|
3,720 |
|
Acquisitions |
— |
|
|
— |
|
|
49 |
|
|
49 |
|
Provision for credit losses |
(2,921 |
) |
|
(5,234 |
) |
|
37,637 |
|
|
39,165 |
|
Charge-offs |
(8,566 |
) |
|
(5,946 |
) |
|
(13,808 |
) |
|
(7,865 |
) |
Recoveries |
6,853 |
|
|
4,385 |
|
|
6,155 |
|
|
4,993 |
|
Balance at end of period |
$ |
153,609 |
|
|
151,448 |
|
|
158,243 |
|
|
164,552 |
|
Provision for credit
losses |
|
|
|
|
|
|
|
Loan portfolio |
$ |
(2,921 |
) |
|
(5,234 |
) |
|
37,637 |
|
|
39,165 |
|
Unfunded loan commitments |
(1,959 |
) |
|
(371 |
) |
|
2,128 |
|
|
2,135 |
|
Total provision for credit losses |
$ |
(4,880 |
) |
|
(5,605 |
) |
|
39,765 |
|
|
41,300 |
|
Other real estate owned |
$ |
88 |
|
|
705 |
|
|
1,182 |
|
|
4,742 |
|
Other foreclosed assets |
18 |
|
|
66 |
|
|
562 |
|
|
619 |
|
Accruing loans 90 days or more
past due |
5,172 |
|
|
4,220 |
|
|
1,725 |
|
|
2,952 |
|
Non-accrual loans |
45,901 |
|
|
48,050 |
|
|
31,964 |
|
|
36,350 |
|
Total non-performing assets |
$ |
51,179 |
|
|
53,041 |
|
|
35,433 |
|
|
44,663 |
|
Non-performing assets as a percentage of subsidiary assets |
0.24 |
% |
|
0.26 |
% |
|
0.19 |
% |
|
0.25 |
% |
Allowance for credit losses as a percentage of non-performing
loans |
301 |
% |
|
290 |
% |
|
470 |
% |
|
419 |
% |
Allowance for credit losses as a percentage of total loans |
1.36 |
% |
|
1.35 |
% |
|
1.42 |
% |
|
1.42 |
% |
Net charge-offs as a
percentage of total loans |
0.02 |
% |
|
0.01 |
% |
|
0.07 |
% |
|
0.03 |
% |
Accruing loans 30-89 days past
due |
$ |
26,002 |
|
|
12,076 |
|
|
22,721 |
|
|
17,631 |
|
Accruing troubled debt
restructurings |
$ |
36,666 |
|
|
37,667 |
|
|
42,003 |
|
|
39,999 |
|
Non-accrual troubled debt
restructurings |
$ |
2,820 |
|
|
3,179 |
|
|
3,507 |
|
|
7,579 |
|
U.S. government guarantees
included in non-performing assets |
$ |
4,116 |
|
|
4,186 |
|
|
3,011 |
|
|
4,411 |
|
Non-performing assets of $51.2 million at
September 30, 2021 decreased $1.9 million, or 4 percent, over the
prior quarter. Non-performing assets increased $6.5 million, or 15
percent, over the prior year third quarter. Non-performing assets
as a percentage of subsidiary assets at September 30, 2021 was 0.24
percent compared to 0.26 percent in the prior quarter and 0.25
percent in the prior year third quarter. Early stage delinquencies
(accruing loans 30-89 days past due) of $26.0 million at September
30, 2021 increased $13.9 million from the prior quarter with a
large portion of the increase primarily isolated to one credit
relationship. Early stage delinquencies increased $8.4 million from
the prior year third quarter. Early stage delinquencies as a
percentage of loans at September 30, 2021 was 0.23 percent, which
was an increase of 12 basis points from prior quarter and an 8
basis points increase from prior year third quarter.
The allowance for credit losses on loans (“ACL”)
as a percentage of total loans outstanding at September 30, 2021
was 1.36 percent which was a 1 basis point increase compared to the
prior quarter and a 6 basis point decrease from the prior year
third quarter. Excluding the PPP loans, the ACL as percentage of
loans was 1.40 percent compared to 1.43 percent in the prior
quarter and 1.62 percent in the prior year third quarter. The
decrease in the ACL as a percentage of total loans during the
current year was driven by the improvement in the economic
forecasts.
Credit Quality Trends and Provision for Credit Losses on the
Loan Portfolio
(Dollars in thousands) |
Provision for Credit Losses Loans |
|
Net Charge-Offs(Recoveries) |
|
ACLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
Third quarter 2021 |
$ |
2,313 |
|
|
|
$ |
152 |
|
|
|
1.36 |
% |
|
0.23 |
% |
|
0.24 |
% |
Second quarter 2021 |
(5,723 |
) |
|
|
(725 |
) |
|
|
1.35 |
% |
|
0.11 |
% |
|
0.26 |
% |
First quarter 2021 |
489 |
|
|
|
2,286 |
|
|
|
1.39 |
% |
|
0.40 |
% |
|
0.19 |
% |
Fourth quarter 2020 |
(1,528 |
) |
|
|
4,781 |
|
|
|
1.42 |
% |
|
0.20 |
% |
|
0.19 |
% |
Third quarter 2020 |
2,869 |
|
|
|
826 |
|
|
|
1.42 |
% |
|
0.15 |
% |
|
0.25 |
% |
Second quarter 2020 |
13,552 |
|
|
|
1,233 |
|
|
|
1.42 |
% |
|
0.22 |
% |
|
0.27 |
% |
First quarter 2020 |
22,744 |
|
|
|
813 |
|
|
|
1.49 |
% |
|
0.41 |
% |
|
0.26 |
% |
Fourth quarter 2019 |
— |
|
|
|
1,045 |
|
|
|
1.31 |
% |
|
0.24 |
% |
|
0.27 |
% |
The current quarter provision for credit loss
expense for loans was $2.3 million which was an increase of $8.0
million from the prior quarter provision for credit loss benefit of
$5.7 million and a $556 thousand decrease from the prior year third
quarter provision for credit loss expense of $2.9 million. The
increase in provision for credit losses for loans in the current
quarter compared to the prior quarter was primarily driven by
organic loan growth in the current quarter.
Net charge-offs for the current quarter were
$152 thousand compared to net recoveries of $725 thousand for the
prior quarter and net charge-offs $826 thousand from the same
quarter last year. Loan portfolio growth, composition, average loan
size, credit quality considerations, economic forecasts and other
environmental factors will continue to determine the level of the
provision for credit losses for loans.
PPP Loans
|
Three Months ended |
|
Nine Months ended |
(Dollars in thousands) |
Sep 30, 2021 |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
Sep 30, 2021 |
|
Sep 30, 2020 |
PPP interest income |
$ |
12,894 |
|
|
10,328 |
|
|
13,523 |
|
|
36,745 |
|
|
16,646 |
|
Deferred compensation on
originating PPP loans |
— |
|
|
1,522 |
|
|
5,213 |
|
|
6,735 |
|
|
8,850 |
|
Total PPP income impact |
$ |
12,894 |
|
|
11,850 |
|
|
18,736 |
|
|
43,480 |
|
|
25,496 |
|
(Dollars in thousands) |
Sep 30, 2021 |
|
Jun 30, 2021 |
|
Dec 31, 2020 |
|
Sep 30, 2020 |
PPP Round 1 loans |
$ |
56,048 |
|
|
176,498 |
|
|
909,173 |
|
|
1,448,417 |
|
PPP Round 2 loans |
312,865 |
|
|
518,107 |
|
|
— |
|
|
— |
|
Total PPP loans |
368,913 |
|
|
694,605 |
|
|
909,173 |
|
|
1,448,417 |
|
|
|
|
|
|
|
|
|
Net remaining fees - Round
1 |
485 |
|
|
1,313 |
|
|
17,605 |
|
|
36,099 |
|
Net remaining fees - Round
2 |
12,501 |
|
|
22,694 |
|
|
— |
|
|
— |
|
Total net remaining fees |
$ |
12,986 |
|
|
24,007 |
|
|
17,605 |
|
|
36,099 |
|
The SBA Round 2 PPP program ended in early May
of 2021 after the available funds were fully drawn upon. During the
first half of 2021, the Company originated $555 million of Round 2
PPP loans which generated $33.2 million of SBA deferred processing
fees and $6.7 million of deferred compensation costs for total net
deferred fees of $26.5 million.
During the current year, the SBA processing fees
received on Round 2 averaged 5.99 percent which compared to the
average of 3.75 percent received on Round 1 in the prior year. The
increase in the fee percentage received on Round 2 was the result
of an increase in the number of smaller loans which receive a
higher percentage fee.
The Company received $327 million in PPP loan
forgiveness during the current quarter and received $1.103 billion
in the first nine months of 2021. As of September 30, 2021, the
Company had $56 million, or 4 percent of the $1.472 billion of
Round 1 PPP loans originated in the prior year and had $313
million, or 56 percent of the $555 million of Round 2 PPP loans
originated in the current year.
The Company recognized $12.9 million of interest
income (including deferred fees and costs) from the Round 1 and
Round 2 PPP loans in the current quarter. The income recognized in
the current quarter included $10.5 million acceleration of net
deferred fees in interest income resulting from the SBA forgiveness
of loans. Net deferred fees remaining on the balance of the PPP
loans at September 30, 2021 were $13.0 million, which will be
recognized into interest income over the remaining life of the
loans or when the loans are forgiven in whole or in part by the
SBA.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is based
primarily on collateral type while the Company’s loan segments
presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,632,402 |
|
|
6,307,794 |
|
|
5,454,539 |
|
|
5,479,311 |
|
|
324,608 |
|
|
1,177,863 |
|
|
1,153,091 |
|
NOW and DDA accounts |
4,299,244 |
|
|
4,151,264 |
|
|
3,698,559 |
|
|
3,300,152 |
|
|
147,980 |
|
|
600,685 |
|
|
999,092 |
|
Savings accounts |
2,502,268 |
|
|
2,346,129 |
|
|
2,000,174 |
|
|
1,864,143 |
|
|
156,139 |
|
|
502,094 |
|
|
638,125 |
|
Money market deposit accounts |
3,123,425 |
|
|
2,990,021 |
|
|
2,627,336 |
|
|
2,557,294 |
|
|
133,404 |
|
|
496,089 |
|
|
566,131 |
|
Certificate accounts |
919,852 |
|
|
939,563 |
|
|
978,779 |
|
|
979,857 |
|
|
(19,711 |
) |
|
(58,927 |
) |
|
(60,005 |
) |
Core deposits, total |
17,477,191 |
|
|
16,734,771 |
|
|
14,759,387 |
|
|
14,180,757 |
|
|
742,420 |
|
|
2,717,804 |
|
|
3,296,434 |
|
Wholesale deposits |
26,123 |
|
|
26,121 |
|
|
38,142 |
|
|
119,131 |
|
|
2 |
|
|
(12,019 |
) |
|
(93,008 |
) |
Deposits, total |
17,503,314 |
|
|
16,760,892 |
|
|
14,797,529 |
|
|
14,299,888 |
|
|
742,422 |
|
|
2,705,785 |
|
|
3,203,426 |
|
Repurchase agreements |
1,040,939 |
|
|
995,201 |
|
|
1,004,583 |
|
|
965,668 |
|
|
45,738 |
|
|
36,356 |
|
|
75,271 |
|
Federal Home Loan Bank advances |
— |
|
|
— |
|
|
— |
|
|
7,318 |
|
|
— |
|
|
— |
|
|
(7,318 |
) |
Other borrowed funds |
33,671 |
|
|
33,556 |
|
|
33,068 |
|
|
32,967 |
|
|
115 |
|
|
603 |
|
|
704 |
|
Subordinated debentures |
132,580 |
|
|
132,540 |
|
|
139,959 |
|
|
139,918 |
|
|
40 |
|
|
(7,379 |
) |
|
(7,338 |
) |
Other liabilities |
215,899 |
|
|
211,889 |
|
|
222,026 |
|
|
225,219 |
|
|
4,010 |
|
|
(6,127 |
) |
|
(9,320 |
) |
Total liabilities |
$ |
18,926,403 |
|
|
18,134,078 |
|
|
16,197,165 |
|
|
15,670,978 |
|
|
792,325 |
|
|
2,729,238 |
|
|
3,255,425 |
|
Core deposits of $17.477 billion as of September
30, 2021 increased $742 million, or 18 percent annualized, from the
prior quarter and increased $3.296 billion, or 23 percent, from the
prior year third quarter. Non-interest bearing deposits of $6.632
billion as of September 30, 2021 increased $325 million, or 5
percent, from the prior quarter and increased $1.153 billion, or 21
percent, from the prior year third quarter. The unprecedented
increase in deposits over the prior eighteen months resulted from a
number of factors including the PPP loan proceeds deposited by
customers, federal stimulus deposits and the increase in customer
savings. Non-interest bearing deposits were 38 percent of total
core deposits at September 30, 2021 compared to 37 percent of total
core deposits at December 31, 2020 and 39 percent at September 30,
2020.
The low levels of borrowings, including
wholesale deposits and Federal Home Loan Bank (“FHLB”) advances,
reflected the significant increase in core deposits which funded
the asset growth.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands, except per share data) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Common equity |
$ |
2,309,957 |
|
|
2,263,513 |
|
|
2,163,951 |
|
|
2,123,991 |
|
|
46,444 |
|
|
146,006 |
|
|
185,966 |
|
Accumulated other comprehensive income |
77,659 |
|
|
90,442 |
|
|
143,090 |
|
|
131,098 |
|
|
(12,783 |
) |
|
(65,431 |
) |
|
(53,439 |
) |
Total stockholders’ equity |
2,387,616 |
|
|
2,353,955 |
|
|
2,307,041 |
|
|
2,255,089 |
|
|
33,661 |
|
|
80,575 |
|
|
132,527 |
|
Goodwill and core deposit intangible, net |
(562,058 |
) |
|
(564,546 |
) |
|
(569,522 |
) |
|
(572,134 |
) |
|
2,488 |
|
|
7,464 |
|
|
10,076 |
|
Tangible stockholders’ equity |
$ |
1,825,558 |
|
|
1,789,409 |
|
|
1,737,519 |
|
|
1,682,955 |
|
|
36,149 |
|
|
88,039 |
|
|
142,603 |
|
Stockholders’ equity to total
assets |
|
11.20 |
% |
|
11.49 |
% |
|
12.47 |
% |
|
12.58 |
% |
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity
to total tangible assets |
|
8.80 |
% |
|
8.98 |
% |
|
9.69 |
% |
|
9.70 |
% |
|
|
|
|
|
|
|
|
|
Book value per common
share |
$ |
25.00 |
|
|
24.65 |
|
|
24.18 |
|
|
23.63 |
|
|
0.35 |
|
|
0.82 |
|
|
1.37 |
|
Tangible book value per common
share |
$ |
19.11 |
|
|
18.74 |
|
|
18.21 |
|
|
17.64 |
|
|
0.37 |
|
|
0.90 |
|
|
1.47 |
|
Tangible stockholders’ equity of $1.826 billion at September 30,
2021 increased $36.1 million, or 2 percent, from the prior quarter
and increased $143 million, or 8 percent, from the prior year third
quarter and was due to earnings retention that more than offset the
decrease in other comprehensive income. The current year decrease
in both the stockholders’ equity to total assets ratio and the
tangible stockholders’ equity to tangible assets was the result of
the $2.991 billion increase in debt securities driven primarily by
the significant influx of deposits during the current year.
Tangible book value per common share of $19.11 at the current
quarter end increased $0.37 per share, or 2 percent, from the prior
quarter and increased $1.47 per share, or 8 percent, from a year
ago.
Cash DividendsOn September 30, 2021, the
Company’s Board of Directors declared a quarterly cash dividend of
$0.32 per share. The dividend was payable October 21, 2021 to
shareholders of record on October 12, 2021. The dividend was the
146th consecutive 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
September 30, 2021 Compared to
June 30, 2021, March 31, 2021, and September 30,
2020
Income Summary
|
Three Months ended |
$ Change from |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Mar 31,2021 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Mar 31,2021 |
|
Sep 30,2020 |
Net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
166,741 |
|
|
159,956 |
|
|
161,552 |
|
|
157,487 |
|
|
6,785 |
|
|
5,189 |
|
|
9,254 |
|
Interest expense |
4,128 |
|
|
4,487 |
|
|
4,740 |
|
|
6,084 |
|
|
(359 |
) |
|
(612 |
) |
|
(1,956 |
) |
Total net interest income |
162,613 |
|
|
155,469 |
|
|
156,812 |
|
|
151,403 |
|
|
7,144 |
|
|
5,801 |
|
|
11,210 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
15,154 |
|
|
13,795 |
|
|
12,792 |
|
|
13,404 |
|
|
1,359 |
|
|
2,362 |
|
|
1,750 |
|
Miscellaneous loan fees and charges |
2,592 |
|
|
2,923 |
|
|
2,778 |
|
|
2,084 |
|
|
(331 |
) |
|
(186 |
) |
|
508 |
|
Gain on sale of loans |
13,902 |
|
|
16,106 |
|
|
21,624 |
|
|
35,516 |
|
|
(2,204 |
) |
|
(7,722 |
) |
|
(21,614 |
) |
(Loss) gain on sale of investments |
(168 |
) |
|
(61 |
) |
|
284 |
|
|
24 |
|
|
(107 |
) |
|
(452 |
) |
|
(192 |
) |
Other income |
3,335 |
|
|
2,759 |
|
|
2,643 |
|
|
2,639 |
|
|
576 |
|
|
692 |
|
|
696 |
|
Total non-interest income |
34,815 |
|
|
35,522 |
|
|
40,121 |
|
|
53,667 |
|
|
(707 |
) |
|
(5,306 |
) |
|
(18,852 |
) |
Total income |
197,428 |
|
|
190,991 |
|
|
196,933 |
|
|
205,070 |
|
|
6,437 |
|
|
495 |
|
|
(7,642 |
) |
Net interest margin (tax-equivalent) |
3.39 |
% |
|
3.44 |
% |
|
3.74 |
% |
|
3.92 |
% |
|
|
|
|
|
|
Net Interest IncomeThe current quarter net
interest income of $163 million increased $7.1 million, or 5
percent, over the prior quarter and increased $11.2 million, or 7
percent, from the prior year third quarter. The current quarter
interest income of $167 million increased $6.8 million, or 4
percent, compared to the prior quarter and increased $9.3 million,
or 6 percent, over the prior year third quarter due to an increase
in interest income from the PPP loans and debt securities. The
interest income (which included deferred fees and deferred costs)
from the PPP loans was $12.9 million in the current quarter and
$10.3 million in the prior quarter and $9.3 million in the prior
year third quarter. Excluding the PPP loans, net interest income
was $150 million in the current quarter compared to $145 million in
the prior quarter and $142 million in the prior year third
quarter.
The current quarter interest expense of $4.1
million decreased $359 thousand, or 8 percent, over the prior
quarter and decreased $2.0 million, or 32 percent, over the prior
year third quarter primarily as result of a decrease in deposit
rates. During the current quarter, the total cost of funding
(including non-interest bearing deposits) of 9 basis points
declined 1 basis points from the prior quarter and declined 7 basis
points from the prior year third quarter with both decreases driven
by a decrease in rates in deposits and borrowings.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 3.39 percent compared to 3.44 percent in the
prior quarter and 3.92 in the prior year third quarter. The core
net interest margin, excluding 2 basis points of discount
accretion, 2 basis point from non-accrual interest and 18 basis
points increase from the PPP loans, was 3.17 percent compared to
3.33 in the prior quarter and 4.02 percent in the prior year third
quarter. The core net interest margin decreased 16 basis points in
the current quarter and decreased 85 basis points from the prior
third quarter due to a decrease in earning asset yields. Earning
asset yields have decreased due to the combined impact of the
significant increase in the debt securities and the lower yields on
both core loans and debt securities. Debt securities comprised 42.5
percent of the earning assets during the current quarter compared
to 39.4 percent in the prior quarter and 26.5 percent in the prior
year third quarter. Non-interest IncomeNon-interest income for the
current quarter totaled $34.8 million which was a decrease of $707
thousand, or 2 percent, over the prior quarter and a decrease of
$18.9 million, or 35 percent, over the same quarter last year.
Service charges and other fees increased $1.4 million from the
prior quarter and increased $1.8 million from the prior year third
quarter as a result of increased customer accounts and transaction
activity.
Gain on the sale of loans of $13.9 million for
the current quarter decreased $2.2 million, or 14 percent, compared
to the prior quarter and decreased $21.6 million, or 61 percent,
from the prior year third quarter. The current quarter mortgage
activity was lower than prior periods, but still remained at
historically strong levels.
Non-interest Expense Summary
|
Three Months ended |
$ Change from |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Mar 31,2021 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Mar 31,2021 |
|
Sep 30,2020 |
Compensation and employee benefits |
$ |
66,364 |
|
|
64,109 |
|
|
62,468 |
|
|
64,866 |
|
|
2,255 |
|
|
3,896 |
|
|
1,498 |
|
Occupancy and equipment |
9,412 |
|
|
9,208 |
|
|
9,515 |
|
|
9,369 |
|
|
204 |
|
|
(103 |
) |
|
43 |
|
Advertising and promotions |
3,236 |
|
|
2,906 |
|
|
2,371 |
|
|
2,779 |
|
|
330 |
|
|
865 |
|
|
457 |
|
Data processing |
5,135 |
|
|
5,661 |
|
|
5,206 |
|
|
5,597 |
|
|
(526 |
) |
|
(71 |
) |
|
(462 |
) |
Other real estate owned and
foreclosed assets |
142 |
|
|
48 |
|
|
12 |
|
|
186 |
|
|
94 |
|
|
130 |
|
|
(44 |
) |
Regulatory assessments and
insurance |
2,011 |
|
|
1,702 |
|
|
1,879 |
|
|
1,495 |
|
|
309 |
|
|
132 |
|
|
516 |
|
Core deposit intangibles
amortization |
2,488 |
|
|
2,488 |
|
|
2,488 |
|
|
2,612 |
|
|
— |
|
|
— |
|
|
(124 |
) |
Other expenses |
15,320 |
|
|
13,960 |
|
|
12,646 |
|
|
16,469 |
|
|
1,360 |
|
|
2,674 |
|
|
(1,149 |
) |
Total non-interest expense |
$ |
104,108 |
|
|
100,082 |
|
|
96,585 |
|
|
103,373 |
|
|
4,026 |
|
|
7,523 |
|
|
735 |
|
Total non-interest expense of $104 million for
the current quarter increased $4.0 million, or 4 percent, over the
prior quarter and increased $735 thousand, or 71 basis points, over
the prior year third quarter. Compensation and employee benefits
increased $2.3 million, or 4 percent, from the prior quarter and
increased $1.5 million from the prior year third quarter.
Other expenses of $15.3 million, increased $1.4
million, or 10 percent, from the prior quarter and decreased $1.1
million, or 7 percent, from the prior year third quarter. Current
quarter other expenses included acquisition-related expenses of
$472 thousand compared to $1.1 million in the prior quarter and
$793 thousand in the prior year third quarter.
Federal and State Income Tax ExpenseTax expense
during the third quarter of 2021 was $17.0 million, a decrease of
$2.0 million, or 10 percent, compared to the prior quarter and a
decrease of $1.8 million, or 9 percent, from the prior year third
quarter. The effective tax rate in the current quarter was 18.3
compared to 19.6 in the prior quarter and 19.4 percent in the prior
year third quarter.
Efficiency RatioThe efficiency ratio was 50.17
percent in the current quarter and 49.92 percent in the prior
quarter and 48.05 in the prior year third quarter. “The Bank
divisions are making do with less as increased hiring has taken
longer as the markets get back to normal,” said Ron Copher, Chief
Financial Officer. “Controlling non-interest expense growth has
helped the Company maintain an efficiency ratio below 50 percent
for the nine months of the current and prior year.” Excluding the
impact from the PPP loans, the efficiency ratio would have been
53.59 percent in the current quarter compared to 53.53 percent in
the prior quarter. Excluding the impact of PPP loans, the current
quarter efficiency ratio was an increase of 308 basis points from
the prior year third quarter efficiency ratio of 50.51 percent
which was primarily driven by the decrease in the gain on sale of
loans in the current quarter.
Operating Results for Nine Months Ended
September 30, 2021Compared to
September 30, 2020
Income Summary
|
Nine Months ended |
|
|
|
|
(Dollars in thousands) |
Sep 30,2021 |
|
Sep 30,2020 |
|
$ Change |
|
% Change |
Net interest income |
|
|
|
|
|
|
|
Interest income |
$ |
488,249 |
|
|
$ |
455,756 |
|
|
$ |
32,493 |
|
|
7 |
% |
Interest expense |
13,355 |
|
|
21,765 |
|
|
(8,410 |
) |
|
(39 |
)% |
Total net interest income |
474,894 |
|
|
433,991 |
|
|
40,903 |
|
|
9 |
% |
Non-interest income |
|
|
|
|
|
|
|
Service charges and other fees |
41,741 |
|
|
38,790 |
|
|
2,951 |
|
|
8 |
% |
Miscellaneous loan fees and charges |
8,293 |
|
|
5,051 |
|
|
3,242 |
|
|
64 |
% |
Gain on sale of loans |
51,632 |
|
|
73,236 |
|
|
(21,604 |
) |
|
(29 |
)% |
Gain on sale of investments |
55 |
|
|
1,015 |
|
|
(960 |
) |
|
(95 |
)% |
Other income |
8,737 |
|
|
10,071 |
|
|
(1,334 |
) |
|
(13 |
)% |
Total non-interest income |
110,458 |
|
|
128,163 |
|
|
(17,705 |
) |
|
(14 |
)% |
Total Income |
$ |
585,352 |
|
|
$ |
562,154 |
|
|
$ |
23,198 |
|
|
4 |
% |
Net interest margin
(tax-equivalent) |
3.52 |
% |
|
4.12 |
% |
|
|
|
|
Net Interest IncomeNet-interest income of $475
million for the first nine months of 2021 increased $40.9 million,
or 9 percent, over the same period in 2020. Interest income of $488
million for the first nine months of the current year increased
$32.5 million, or 7 percent, from the prior year and was primarily
attributable to a $25.4 million increase in income from commercial
loans, including $20.1 million from the PPP loans. Additionally,
interest income on debt securities increased $14.2 million, or 20
percent, over the prior year which resulted from the increased
volume of debt securities. Interest expense of $13.4 million for
the first nine months of 2021 decreased $8.4 million, or 39 percent
over the prior year primarily as a result of a decrease in the cost
of deposits. The total funding cost (including non-interest bearing
deposits) for the first nine months of 2021 was 10 basis points,
which decreased 12 basis points compared to 22 basis points in
first nine months of 2020.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, during the first nine
months of 2021 was 3.52 percent, a 60 basis points decrease from
the net interest margin of 4.12 percent for the same period in the
prior year. The core net interest margin, excluding 3 basis points
of discount accretion, 1 basis point of non-accrual interest and 13
basis points increase from the PPP loans, was 3.35 which was an 85
basis point decrease from the core margin of 4.20 percent in the
prior year. Although the Company was successful in reducing the
total cost of funding, it was not enough to outpace the lower
yields on core loans and debt securities driven by the current
interest rate environment and the shift in the earning asset mix to
lower yielding debt securities.
Non-interest IncomeNon-interest income of $110
million for the first nine months of 2021 decreased $17.7 million,
or 14 percent, over the same period last year. Service charges and
other fees of $41.7 million for the first nine months of 2021
increased $3.0 million, or 8 percent, from prior year as a result
of additional fees from increased customer accounts and transaction
activity. Miscellaneous loan fees and charges of $8.3 million
increased $3.2 million, or 64 percent, driven by increases in loan
servicing income and credit card interchange fees due to increased
activity. Gain on the sale of loans of $51.6 million for the first
nine months of 2021 decreased $21.6 million, or 29 percent,
compared to the same period last year which was the result of the
anticipated slowing of purchase and refinance activity after the
historically high levels in the prior year. Other income of $8.7
million decreased $1.3 million from the prior year and was
primarily the result of a gain of $2.4 million on the sale of a
former branch building in the first quarter of 2020.
Non-interest Expense Summary
|
Nine Months ended |
|
|
|
|
(Dollars in thousands) |
Sep 30,2021 |
|
Sep 30,2020 |
|
$ Change |
|
% Change |
Compensation and employee benefits |
$ |
192,941 |
|
|
$ |
182,507 |
|
|
$ |
10,434 |
|
|
|
6 |
% |
Occupancy and equipment |
28,135 |
|
|
27,945 |
|
|
190 |
|
|
|
1 |
% |
Advertising and promotions |
8,513 |
|
|
7,404 |
|
|
1,109 |
|
|
|
15 |
% |
Data processing |
16,002 |
|
|
15,921 |
|
|
81 |
|
|
|
1 |
% |
Other real estate owned and
foreclosed assets |
202 |
|
|
373 |
|
|
(171 |
) |
|
|
(46 |
)% |
Regulatory assessments and
insurance |
5,592 |
|
|
3,622 |
|
|
1,970 |
|
|
|
54 |
% |
Core deposit intangibles
amortization |
7,464 |
|
|
7,758 |
|
|
(294 |
) |
|
|
(4 |
)% |
Other expenses |
41,926 |
|
|
48,094 |
|
|
(6,168 |
) |
|
|
(13 |
)% |
Total non-interest expense |
$ |
300,775 |
|
|
$ |
293,624 |
|
|
$ |
7,151 |
|
|
|
2 |
% |
Total non-interest expense of $301 million for
the first nine months of 2021 increased $7.2 million, or 2 percent,
over the prior year same period. Compensation and employee benefits
for the first nine months of 2021 increased $10.4 million, or 6
percent, from last year due to the increased number of employees
from organic growth, increased performance-related compensation and
annual salary increases. Advertising and promotions for the first
nine months of 2021 increased $1.1 million, or 15 percent, from the
prior year. Regulatory assessment and insurance for the first nine
months of 2021 increased $2.0 million from the prior year same
period primarily as a result of the State of Montana waiving the
first semi-annual regulatory assessment of 2020 and Small Bank
assessment credits applied by the FDIC in the first quarter of
2020. Other expenses of $41.9 million, decreased $6.2 million, or
13 percent, from the prior year, primarily from a decrease in
acquisition-related expenses. Acquisition-related expenses were
$1.7 million in the current year compared to $7.3 million in the
prior year.
Provision for Credit Losses
The provision for credit loss benefit was $4.9
million for the first nine months of 2021, including provision for
credit loss benefit of $2.9 million on the loan portfolio and
credit loss benefit of $2.0 million on unfunded loan commitments.
The provision for credit loss benefit of $2.9 million on the loan
portfolio in the current year decreased $42.1 million over the
provision for credit loss expense of $39.2 million in the prior
year which was primarily attributable to changes in the economic
forecast related to COVID-19. Net charge-offs during the current
year were $1.7 million compared to $2.9 million during the prior
year.
Federal and State Income Tax ExpenseTax expense
of $55.4 million in the first nine months of 2021 increased $12.7
million, or 30 percent, over the prior year same period. The
effective tax rate for the first nine months of 2021 was 19.1
percent compared to 18.8 percent in the prior year same period.
Efficiency RatioThe efficiency ratio was 48.94
percent for the first nine months of 2021 compared to 49.83 percent
for the same period last year. Excluding the impact from the PPP
loans, the efficiency ratio was 53.34 in 2021 compared to 53.30 in
2020.
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;
- changes in the cost and scope of
insurance from the Federal Deposit Insurance Corporation and other
third parties;
- legislative or regulatory changes,
such as the those signaled by the Biden Administration, as well as
increased banking and consumer protection regulation that adversely
affect the Company’s business, both generally and as a result of
the Company exceeding $10 billion in total consolidated
assets;
- ability to complete pending or
prospective future acquisitions;
- 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 reputation of banks and the
financial services industry could deteriorate, which could
adversely affect the Company's ability to obtain and maintain
customers;
- competition among financial
institutions in the Company's markets may increase
significantly;
- 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;
- the projected business and
profitability of an expansion or the opening of a new branch could
be lower than expected;
- 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;
- material failure, 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;
- natural disasters, including fires,
floods, earthquakes, and other unexpected events;
- the Company’s success in managing
risks involved in the foregoing; and
- the 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 InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday,
October 22, 2021. The conference call will be accessible by
telephone and webcast. Interested individuals are invited to listen
to the call by dialing 877-561-2748 and conference ID 9278886. To
participate on the webcast, log on to:
https://edge.media-server.com/mmc/p/y8hi69ox. If you are unable to
participate during the live webcast, the call will be archived on
our website, www.glacierbancorp.com, or by calling 855-859-2056
with the ID 9278886 by October 29, 2021.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
(NASDAQ: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), North Cascades Bank (Chelan, WA),
The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT),
and Western Security Bank (Billings, MT).
CONTACT: Randall M. Chesler, CEO |
(406) 751-4722 |
Ron J. Copher, CFO |
(406) 751-7706 |
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Financial Condition
(Dollars in thousands, except
per share data) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Assets |
|
|
|
|
|
|
|
Cash on hand and in banks |
$ |
250,579 |
|
|
272,363 |
|
|
227,108 |
|
|
249,245 |
|
Federal funds sold |
— |
|
|
— |
|
|
— |
|
|
590 |
|
Interest bearing cash deposits |
98,309 |
|
|
648,844 |
|
|
406,034 |
|
|
520,044 |
|
Cash and cash equivalents |
348,888 |
|
|
921,207 |
|
|
633,142 |
|
|
769,879 |
|
Debt securities, available-for-sale |
7,390,580 |
|
|
6,147,143 |
|
|
5,337,814 |
|
|
4,125,548 |
|
Debt securities, held-to-maturity |
1,128,299 |
|
|
1,024,730 |
|
|
189,836 |
|
|
193,509 |
|
Total debt securities |
8,518,879 |
|
|
7,171,873 |
|
|
5,527,650 |
|
|
4,319,057 |
|
Loans held for sale, at fair value |
94,138 |
|
|
98,410 |
|
|
166,572 |
|
|
147,937 |
|
Loans receivable |
11,293,891 |
|
|
11,238,048 |
|
|
11,122,696 |
|
|
11,618,731 |
|
Allowance for credit losses |
(153,609 |
) |
|
(151,448 |
) |
|
(158,243 |
) |
|
(164,552 |
) |
Loans receivable, net |
11,140,282 |
|
|
11,086,600 |
|
|
10,964,453 |
|
|
11,454,179 |
|
Premises and equipment, net |
316,191 |
|
|
315,573 |
|
|
325,335 |
|
|
326,925 |
|
Other real estate owned and foreclosed assets |
106 |
|
|
771 |
|
|
1,744 |
|
|
5,361 |
|
Accrued interest receivable |
79,699 |
|
|
70,452 |
|
|
75,497 |
|
|
91,393 |
|
Core deposit intangible, net |
48,045 |
|
|
50,533 |
|
|
55,509 |
|
|
58,121 |
|
Goodwill |
514,013 |
|
|
514,013 |
|
|
514,013 |
|
|
514,013 |
|
Non-marketable equity securities |
10,021 |
|
|
10,019 |
|
|
10,023 |
|
|
10,366 |
|
Bank-owned life insurance |
123,729 |
|
|
123,035 |
|
|
123,763 |
|
|
123,095 |
|
Other assets |
120,028 |
|
|
125,547 |
|
|
106,505 |
|
|
105,741 |
|
Total assets |
$ |
21,314,019 |
|
|
20,488,033 |
|
|
18,504,206 |
|
|
17,926,067 |
|
Liabilities |
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,632,402 |
|
|
6,307,794 |
|
|
5,454,539 |
|
|
5,479,311 |
|
Interest bearing deposits |
10,870,912 |
|
|
10,453,098 |
|
|
9,342,990 |
|
|
8,820,577 |
|
Securities sold under agreements to repurchase |
1,040,939 |
|
|
995,201 |
|
|
1,004,583 |
|
|
965,668 |
|
FHLB advances |
— |
|
|
— |
|
|
— |
|
|
7,318 |
|
Other borrowed funds |
33,671 |
|
|
33,556 |
|
|
33,068 |
|
|
32,967 |
|
Subordinated debentures |
132,580 |
|
|
132,540 |
|
|
139,959 |
|
|
139,918 |
|
Accrued interest payable |
2,437 |
|
|
2,433 |
|
|
3,305 |
|
|
3,951 |
|
Deferred tax liability |
1,815 |
|
|
6,463 |
|
|
23,860 |
|
|
17,227 |
|
Other liabilities |
211,647 |
|
|
202,993 |
|
|
194,861 |
|
|
204,041 |
|
Total liabilities |
18,926,403 |
|
|
18,134,078 |
|
|
16,197,165 |
|
|
15,670,978 |
|
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, 117,187,500 shares
authorized |
955 |
|
|
955 |
|
|
954 |
|
|
954 |
|
Paid-in capital |
1,497,939 |
|
|
1,496,488 |
|
|
1,495,053 |
|
|
1,493,928 |
|
Retained earnings - substantially restricted |
811,063 |
|
|
766,070 |
|
|
667,944 |
|
|
629,109 |
|
Accumulated other comprehensive income |
77,659 |
|
|
90,442 |
|
|
143,090 |
|
|
131,098 |
|
Total stockholders’ equity |
2,387,616 |
|
|
2,353,955 |
|
|
2,307,041 |
|
|
2,255,089 |
|
Total liabilities and stockholders’ equity |
$ |
21,314,019 |
|
|
20,488,033 |
|
|
18,504,206 |
|
|
17,926,067 |
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
|
Three Months ended |
|
Nine Months ended |
(Dollars in thousands, except
per share data) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Mar 31,2021 |
|
Sep 30,2020 |
|
Sep 30,2021 |
|
Sep 30,2020 |
Interest
Income |
|
|
|
|
|
|
|
|
|
|
|
Debt securities |
$ |
30,352 |
|
|
28,730 |
|
|
27,306 |
|
|
25,381 |
|
|
86,388 |
|
|
72,228 |
|
Residential real estate loans |
9,885 |
|
|
9,541 |
|
|
10,146 |
|
|
11,592 |
|
|
29,572 |
|
|
35,216 |
|
Commercial loans |
115,533 |
|
|
110,829 |
|
|
113,541 |
|
|
109,514 |
|
|
339,903 |
|
|
314,541 |
|
Consumer and other loans |
10,971 |
|
|
10,856 |
|
|
10,559 |
|
|
11,000 |
|
|
32,386 |
|
|
33,771 |
|
Total interest income |
166,741 |
|
|
159,956 |
|
|
161,552 |
|
|
157,487 |
|
|
488,249 |
|
|
455,756 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
2,609 |
|
|
2,804 |
|
|
3,014 |
|
|
3,952 |
|
|
8,427 |
|
|
14,120 |
|
Securities sold under agreements to repurchase |
496 |
|
|
651 |
|
|
689 |
|
|
886 |
|
|
1,836 |
|
|
2,783 |
|
Federal Home Loan Bank advances |
— |
|
|
— |
|
|
— |
|
|
70 |
|
|
— |
|
|
684 |
|
Other borrowed funds |
178 |
|
|
177 |
|
|
174 |
|
|
173 |
|
|
529 |
|
|
473 |
|
Subordinated debentures |
845 |
|
|
855 |
|
|
863 |
|
|
1,003 |
|
|
2,563 |
|
|
3,705 |
|
Total interest expense |
4,128 |
|
|
4,487 |
|
|
4,740 |
|
|
6,084 |
|
|
13,355 |
|
|
21,765 |
|
Net Interest
Income |
162,613 |
|
|
155,469 |
|
|
156,812 |
|
|
151,403 |
|
|
474,894 |
|
|
433,991 |
|
Provision for credit losses |
725 |
|
|
(5,653 |
) |
|
48 |
|
|
5,186 |
|
|
(4,880 |
) |
|
41,300 |
|
Net interest income after provision for credit losses |
161,888 |
|
|
161,122 |
|
|
156,764 |
|
|
146,217 |
|
|
479,774 |
|
|
392,691 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
15,154 |
|
|
13,795 |
|
|
12,792 |
|
|
13,404 |
|
|
41,741 |
|
|
38,790 |
|
Miscellaneous loan fees and charges |
2,592 |
|
|
2,923 |
|
|
2,778 |
|
|
2,084 |
|
|
8,293 |
|
|
5,051 |
|
Gain on sale of loans |
13,902 |
|
|
16,106 |
|
|
21,624 |
|
|
35,516 |
|
|
51,632 |
|
|
73,236 |
|
(Loss) gain on sale of debt securities |
(168 |
) |
|
(61 |
) |
|
284 |
|
|
24 |
|
|
55 |
|
|
1,015 |
|
Other income |
3,335 |
|
|
2,759 |
|
|
2,643 |
|
|
2,639 |
|
|
8,737 |
|
|
10,071 |
|
Total non-interest income |
34,815 |
|
|
35,522 |
|
|
40,121 |
|
|
53,667 |
|
|
110,458 |
|
|
128,163 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
66,364 |
|
|
64,109 |
|
|
62,468 |
|
|
64,866 |
|
|
192,941 |
|
|
182,507 |
|
Occupancy and equipment |
9,412 |
|
|
9,208 |
|
|
9,515 |
|
|
9,369 |
|
|
28,135 |
|
|
27,945 |
|
Advertising and promotions |
3,236 |
|
|
2,906 |
|
|
2,371 |
|
|
2,779 |
|
|
8,513 |
|
|
7,404 |
|
Data processing |
5,135 |
|
|
5,661 |
|
|
5,206 |
|
|
5,597 |
|
|
16,002 |
|
|
15,921 |
|
Other real estate owned and foreclosed assets |
142 |
|
|
48 |
|
|
12 |
|
|
186 |
|
|
202 |
|
|
373 |
|
Regulatory assessments and insurance |
2,011 |
|
|
1,702 |
|
|
1,879 |
|
|
1,495 |
|
|
5,592 |
|
|
3,622 |
|
Core deposit intangibles amortization |
2,488 |
|
|
2,488 |
|
|
2,488 |
|
|
2,612 |
|
|
7,464 |
|
|
7,758 |
|
Other expenses |
15,320 |
|
|
13,960 |
|
|
12,646 |
|
|
16,469 |
|
|
41,926 |
|
|
48,094 |
|
Total non-interest expense |
104,108 |
|
|
100,082 |
|
|
96,585 |
|
|
103,373 |
|
|
300,775 |
|
|
293,624 |
|
Income Before Income
Taxes |
92,595 |
|
|
96,562 |
|
|
100,300 |
|
|
96,511 |
|
|
289,457 |
|
|
227,230 |
|
Federal and state income tax expense |
16,976 |
|
|
18,935 |
|
|
19,498 |
|
|
18,754 |
|
|
55,409 |
|
|
42,690 |
|
Net
Income |
$ |
75,619 |
|
|
77,627 |
|
|
80,802 |
|
|
77,757 |
|
|
234,048 |
|
|
184,540 |
|
Glacier Bancorp,
Inc.Average Balance Sheets
|
Three Months ended |
|
September 30, 2021 |
|
June 30, 2021 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
817,150 |
|
|
$ |
9,885 |
|
|
4.84 |
% |
|
$ |
825,467 |
|
|
$ |
9,541 |
|
|
4.62 |
% |
Commercial loans 1 |
9,468,440 |
|
|
116,963 |
|
|
4.90 |
% |
|
9,520,603 |
|
|
112,226 |
|
|
4.73 |
% |
Consumer and other loans |
974,582 |
|
|
10,971 |
|
|
4.47 |
% |
|
964,415 |
|
|
10,856 |
|
|
4.51 |
% |
Total loans 2 |
11,260,172 |
|
|
137,819 |
|
|
4.86 |
% |
|
11,310,485 |
|
|
132,623 |
|
|
4.70 |
% |
Tax-exempt debt securities 2 |
1,548,447 |
|
|
14,711 |
|
|
3.80 |
% |
|
1,548,323 |
|
|
14,740 |
|
|
3.81 |
% |
Taxable debt securities 4 |
6,767,418 |
|
|
18,896 |
|
|
1.12 |
% |
|
5,810,800 |
|
|
17,251 |
|
|
1.19 |
% |
Total earning assets |
19,576,037 |
|
|
171,426 |
|
|
3.47 |
% |
|
18,669,608 |
|
|
164,614 |
|
|
3.54 |
% |
Goodwill and intangibles |
563,257 |
|
|
|
|
|
|
565,749 |
|
|
|
|
|
Non-earning assets |
803,226 |
|
|
|
|
|
|
804,897 |
|
|
|
|
|
Total assets |
$ |
20,942,520 |
|
|
|
|
|
|
$ |
20,040,254 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,505,530 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
6,100,872 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
4,261,648 |
|
|
597 |
|
|
0.06 |
% |
|
4,073,819 |
|
|
600 |
|
|
0.06 |
% |
Savings accounts |
2,440,332 |
|
|
146 |
|
|
0.02 |
% |
|
2,295,334 |
|
|
141 |
|
|
0.02 |
% |
Money market deposit accounts |
3,041,634 |
|
|
814 |
|
|
0.11 |
% |
|
2,921,642 |
|
|
861 |
|
|
0.12 |
% |
Certificate accounts |
928,165 |
|
|
1,036 |
|
|
0.44 |
% |
|
955,694 |
|
|
1,181 |
|
|
0.50 |
% |
Total core deposits |
17,177,309 |
|
|
2,593 |
|
|
0.06 |
% |
|
16,347,361 |
|
|
2,783 |
|
|
0.07 |
% |
Wholesale deposits 5 |
26,117 |
|
|
16 |
|
|
0.24 |
% |
|
34,301 |
|
|
21 |
|
|
0.24 |
% |
Repurchase agreements |
988,283 |
|
|
495 |
|
|
0.20 |
% |
|
974,744 |
|
|
651 |
|
|
0.27 |
% |
Subordinated debentures and other borrowed funds |
166,151 |
|
|
1,024 |
|
|
2.44 |
% |
|
166,002 |
|
|
1,032 |
|
|
2.49 |
% |
Total funding liabilities |
18,357,860 |
|
|
4,128 |
|
|
0.09 |
% |
|
17,522,408 |
|
|
4,487 |
|
|
0.10 |
% |
Other liabilities |
182,573 |
|
|
|
|
|
|
168,613 |
|
|
|
|
|
Total liabilities |
18,540,433 |
|
|
|
|
|
|
17,691,021 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
955 |
|
|
|
|
|
|
955 |
|
|
|
|
|
Paid-in capital |
1,497,107 |
|
|
|
|
|
|
1,495,886 |
|
|
|
|
|
Retained earnings |
805,253 |
|
|
|
|
|
|
756,561 |
|
|
|
|
|
Accumulated other comprehensive income |
98,772 |
|
|
|
|
|
|
95,831 |
|
|
|
|
|
Total stockholders’ equity |
2,402,087 |
|
|
|
|
|
|
2,349,233 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
20,942,520 |
|
|
|
|
|
|
$ |
20,040,254 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
167,298 |
|
|
|
|
|
|
$ |
160,127 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
3.38 |
% |
|
|
|
|
|
3.44 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
3.39 |
% |
|
|
|
|
|
3.44 |
% |
______________________________
1 Includes tax effect of $1.4 million and $1.4
million on tax-exempt municipal loan and lease income for the three
months ended September 30, 2021 and June 30, 2021,
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 $3.0 million and $3.0
million on tax-exempt debt securities income for the three months
ended September 30, 2021 and June 30, 2021,
respectively.4 Includes tax effect of $255 thousand and $255
thousand on federal income tax credits for the three months ended
September 30, 2021 and June 30, 2021, respectively.5
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 |
|
September 30, 2021 |
|
September 30, 2020 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
817,150 |
|
|
$ |
9,885 |
|
|
4.84 |
% |
|
$ |
1,010,503 |
|
|
$ |
11,592 |
|
|
4.59 |
% |
Commercial loans 1 |
9,468,440 |
|
|
116,963 |
|
|
4.90 |
% |
|
9,636,631 |
|
|
110,847 |
|
|
4.58 |
% |
Consumer and other loans |
974,582 |
|
|
10,971 |
|
|
4.47 |
% |
|
957,284 |
|
|
11,000 |
|
|
4.57 |
% |
Total loans 2 |
11,260,172 |
|
|
137,819 |
|
|
4.86 |
% |
|
11,604,418 |
|
|
133,439 |
|
|
4.57 |
% |
Tax-exempt debt securities 3 |
1,548,447 |
|
|
14,711 |
|
|
3.80 |
% |
|
1,379,577 |
|
|
13,885 |
|
|
4.03 |
% |
Taxable debt securities 4 |
6,767,418 |
|
|
18,896 |
|
|
1.12 |
% |
|
2,809,545 |
|
|
14,568 |
|
|
2.07 |
% |
Total earning assets |
19,576,037 |
|
|
171,426 |
|
|
3.47 |
% |
|
15,793,540 |
|
|
161,892 |
|
|
4.08 |
% |
Goodwill and intangibles |
563,257 |
|
|
|
|
|
|
572,759 |
|
|
|
|
|
Non-earning assets |
803,226 |
|
|
|
|
|
|
794,165 |
|
|
|
|
|
Total assets |
$ |
20,942,520 |
|
|
|
|
|
|
$ |
17,160,464 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,505,530 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
5,171,984 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
4,261,648 |
|
|
597 |
|
|
0.06 |
% |
|
3,218,536 |
|
|
642 |
|
|
0.08 |
% |
Savings accounts |
2,440,332 |
|
|
146 |
|
|
0.02 |
% |
|
1,804,438 |
|
|
166 |
|
|
0.04 |
% |
Money market deposit accounts |
3,041,634 |
|
|
814 |
|
|
0.11 |
% |
|
2,453,659 |
|
|
1,161 |
|
|
0.19 |
% |
Certificate accounts |
928,165 |
|
|
1,036 |
|
|
0.44 |
% |
|
981,385 |
|
|
1,936 |
|
|
0.78 |
% |
Total core deposits |
17,177,309 |
|
|
2,593 |
|
|
0.06 |
% |
|
13,630,002 |
|
|
3,905 |
|
|
0.11 |
% |
Wholesale deposits 5 |
26,117 |
|
|
16 |
|
|
0.24 |
% |
|
86,852 |
|
|
47 |
|
|
0.22 |
% |
Repurchase agreements |
988,283 |
|
|
495 |
|
|
0.20 |
% |
|
1,049,002 |
|
|
2,062 |
|
|
0.78 |
% |
FHLB advances |
— |
|
|
— |
|
|
— |
% |
|
21,273 |
|
|
70 |
|
|
1.30 |
% |
Subordinated debentures and other borrowed funds |
166,151 |
|
|
1,024 |
|
|
2.44 |
% |
|
— |
|
|
— |
|
|
— |
% |
Total funding liabilities |
18,357,860 |
|
|
4,128 |
|
|
0.09 |
% |
|
14,787,129 |
|
|
6,084 |
|
|
0.16 |
% |
Other liabilities |
182,573 |
|
|
|
|
|
|
120,294 |
|
|
|
|
|
Total liabilities |
18,540,433 |
|
|
|
|
|
|
14,907,423 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
955 |
|
|
|
|
|
|
954 |
|
|
|
|
|
Paid-in capital |
1,497,107 |
|
|
|
|
|
|
1,493,353 |
|
|
|
|
|
Retained earnings |
805,253 |
|
|
|
|
|
|
622,099 |
|
|
|
|
|
Accumulated other comprehensive income |
98,772 |
|
|
|
|
|
|
136,635 |
|
|
|
|
|
Total stockholders’ equity |
2,402,087 |
|
|
|
|
|
|
2,253,041 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
20,942,520 |
|
|
|
|
|
|
$ |
17,160,464 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
167,298 |
|
|
|
|
|
|
$ |
155,808 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
3.38 |
% |
|
|
|
|
|
3.92 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
3.39 |
% |
|
|
|
|
|
3.92 |
% |
______________________________
1 Includes tax effect of $1.4 million and $1.3
million on tax-exempt municipal loan and lease income for the three
months ended September 30, 2021 and 2020, 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 $3.0 million and $2.8 million on tax-exempt debt
securities income for the three months ended September 30,
2021 and 2020, respectively.4 Includes tax effect of $255 thousand
and $266 thousand on federal income tax credits for the three
months ended September 30, 2021 and 2020, respectively.5
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)
|
Nine Months ended |
|
September 30, 2021 |
|
September 30, 2020 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
844,945 |
|
|
$ |
29,572 |
|
|
4.67 |
% |
|
$ |
1,013,072 |
|
|
$ |
35,216 |
|
|
4.63 |
% |
Commercial loans 1 |
9,467,329 |
|
|
344,117 |
|
|
4.86 |
% |
|
8,896,708 |
|
|
318,435 |
|
|
4.78 |
% |
Consumer and other loans |
963,002 |
|
|
32,386 |
|
|
4.50 |
% |
|
947,372 |
|
|
33,771 |
|
|
4.76 |
% |
Total loans 2 |
11,275,276 |
|
|
406,075 |
|
|
4.82 |
% |
|
10,857,152 |
|
|
387,422 |
|
|
4.77 |
% |
Tax-exempt debt securities 3 |
1,547,429 |
|
|
44,162 |
|
|
3.81 |
% |
|
1,237,779 |
|
|
37,542 |
|
|
4.04 |
% |
Taxable debt securities 4 |
5,771,573 |
|
|
51,998 |
|
|
1.20 |
% |
|
2,380,184 |
|
|
43,070 |
|
|
2.41 |
% |
Total earning assets |
18,594,278 |
|
|
502,235 |
|
|
3.61 |
% |
|
14,475,115 |
|
|
468,034 |
|
|
4.32 |
% |
Goodwill and intangibles |
565,724 |
|
|
|
|
|
|
562,533 |
|
|
|
|
|
Non-earning assets |
816,982 |
|
|
|
|
|
|
760,758 |
|
|
|
|
|
Total assets |
$ |
19,976,984 |
|
|
|
|
|
|
$ |
15,798,406 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
6,069,326 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
4,528,500 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
4,057,019 |
|
|
1,768 |
|
|
0.06 |
% |
|
2,971,702 |
|
|
2,244 |
|
|
0.10 |
% |
Savings accounts |
2,277,335 |
|
|
425 |
|
|
0.02 |
% |
|
1,670,722 |
|
|
580 |
|
|
0.05 |
% |
Money market deposit accounts |
2,895,362 |
|
|
2,540 |
|
|
0.12 |
% |
|
2,262,781 |
|
|
4,025 |
|
|
0.24 |
% |
Certificate accounts |
951,655 |
|
|
3,640 |
|
|
0.51 |
% |
|
986,807 |
|
|
6,940 |
|
|
0.94 |
% |
Total core deposits |
16,250,697 |
|
|
8,373 |
|
|
0.07 |
% |
|
12,420,512 |
|
|
13,789 |
|
|
0.15 |
% |
Wholesale deposits 5 |
32,787 |
|
|
55 |
|
|
0.22 |
% |
|
70,880 |
|
|
332 |
|
|
0.63 |
% |
Repurchase agreements |
988,092 |
|
|
1,835 |
|
|
0.25 |
% |
|
892,418 |
|
|
6,960 |
|
|
1.04 |
% |
FHLB advances |
— |
|
|
— |
|
|
— |
% |
|
103,700 |
|
|
684 |
|
|
0.87 |
% |
Subordinated debentures and other borrowed funds |
165,996 |
|
|
3,092 |
|
|
2.49 |
% |
|
— |
|
|
— |
|
|
— |
% |
Total funding liabilities |
17,437,572 |
|
|
13,355 |
|
|
0.10 |
% |
|
13,487,510 |
|
|
21,765 |
|
|
0.22 |
% |
Other liabilities |
181,640 |
|
|
|
|
|
|
149,423 |
|
|
|
|
|
Total liabilities |
17,619,212 |
|
|
|
|
|
|
13,636,933 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
955 |
|
|
|
|
|
|
947 |
|
|
|
|
|
Paid-in capital |
1,496,051 |
|
|
|
|
|
|
1,467,623 |
|
|
|
|
|
Retained earnings |
757,666 |
|
|
|
|
|
|
586,963 |
|
|
|
|
|
Accumulated other comprehensive income |
103,100 |
|
|
|
|
|
|
105,940 |
|
|
|
|
|
Total stockholders’ equity |
2,357,772 |
|
|
|
|
|
|
2,161,473 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
19,976,984 |
|
|
|
|
|
|
$ |
15,798,406 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
488,880 |
|
|
|
|
|
|
$ |
446,269 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
3.51 |
% |
|
|
|
|
|
4.10 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
3.52 |
% |
|
|
|
|
|
4.12 |
% |
______________________________
1 Includes tax effect of $4.2 million and $3.9
million on tax-exempt municipal loan and lease income for the nine
months ended September 30, 2021 and 2020, 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 $9.0 million and $7.6 million on tax-exempt debt
securities income for the nine months ended September 30, 2021
and 2020, respectively.4 Includes tax effect of $766 thousand and
$798 thousand on federal income tax credits for the nine months
ended September 30, 2021 and 2020, respectively.5 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) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Custom and owner occupied construction |
$ |
170,489 |
|
|
|
$ |
158,405 |
|
|
|
$ |
157,529 |
|
|
|
$ |
166,195 |
|
|
|
8 |
|
% |
|
8 |
|
% |
|
3 |
|
% |
Pre-sold and spec
construction |
188,668 |
|
|
|
163,740 |
|
|
|
148,845 |
|
|
|
157,242 |
|
|
|
15 |
|
% |
|
27 |
|
% |
|
20 |
|
% |
Total residential construction |
359,157 |
|
|
|
322,145 |
|
|
|
306,374 |
|
|
|
323,437 |
|
|
|
11 |
|
% |
|
17 |
|
% |
|
11 |
|
% |
Land development |
151,640 |
|
|
|
111,736 |
|
|
|
102,930 |
|
|
|
96,814 |
|
|
|
36 |
|
% |
|
47 |
|
% |
|
57 |
|
% |
Consumer land or lots |
143,977 |
|
|
|
138,292 |
|
|
|
123,747 |
|
|
|
122,019 |
|
|
|
4 |
|
% |
|
16 |
|
% |
|
18 |
|
% |
Unimproved land |
68,805 |
|
|
|
63,469 |
|
|
|
59,500 |
|
|
|
64,770 |
|
|
|
8 |
|
% |
|
16 |
|
% |
|
6 |
|
% |
Developed lots for operative builders |
33,487 |
|
|
|
27,143 |
|
|
|
30,449 |
|
|
|
30,871 |
|
|
|
23 |
|
% |
|
10 |
|
% |
|
8 |
|
% |
Commercial lots |
76,382 |
|
|
|
64,664 |
|
|
|
60,499 |
|
|
|
62,445 |
|
|
|
18 |
|
% |
|
26 |
|
% |
|
22 |
|
% |
Other construction |
562,223 |
|
|
|
554,548 |
|
|
|
555,375 |
|
|
|
537,105 |
|
|
|
1 |
|
% |
|
1 |
|
% |
|
5 |
|
% |
Total land, lot, and other construction |
1,036,514 |
|
|
|
959,852 |
|
|
|
932,500 |
|
|
|
914,024 |
|
|
|
8 |
|
% |
|
11 |
|
% |
|
13 |
|
% |
Owner occupied |
2,069,551 |
|
|
|
2,019,860 |
|
|
|
1,945,686 |
|
|
|
1,889,512 |
|
|
|
2 |
|
% |
|
6 |
|
% |
|
10 |
|
% |
Non-owner occupied |
2,561,777 |
|
|
|
2,436,672 |
|
|
|
2,290,512 |
|
|
|
2,259,062 |
|
|
|
5 |
|
% |
|
12 |
|
% |
|
13 |
|
% |
Total commercial real estate |
4,631,328 |
|
|
|
4,456,532 |
|
|
|
4,236,198 |
|
|
|
4,148,574 |
|
|
|
4 |
|
% |
|
9 |
|
% |
|
12 |
|
% |
Commercial and
industrial |
1,407,353 |
|
|
|
1,654,237 |
|
|
|
1,850,197 |
|
|
|
2,308,710 |
|
|
|
(15 |
) |
% |
|
(24 |
) |
% |
|
(39 |
) |
% |
Agriculture |
748,548 |
|
|
|
746,678 |
|
|
|
721,490 |
|
|
|
747,145 |
|
|
|
— |
|
% |
|
4 |
|
% |
|
— |
|
% |
1st lien |
1,159,265 |
|
|
|
1,105,579 |
|
|
|
1,228,867 |
|
|
|
1,256,111 |
|
|
|
5 |
|
% |
|
(6 |
) |
% |
|
(8 |
) |
% |
Junior lien |
36,942 |
|
|
|
38,029 |
|
|
|
41,641 |
|
|
|
43,355 |
|
|
|
(3 |
) |
% |
|
(11 |
) |
% |
|
(15 |
) |
% |
Total 1-4 family |
1,196,207 |
|
|
|
1,143,608 |
|
|
|
1,270,508 |
|
|
|
1,299,466 |
|
|
|
5 |
|
% |
|
(6 |
) |
% |
|
(8 |
) |
% |
Multifamily
residential |
373,022 |
|
|
|
398,499 |
|
|
|
391,895 |
|
|
|
359,030 |
|
|
|
(6 |
) |
% |
|
(5 |
) |
% |
|
4 |
|
% |
Home equity lines of
credit |
709,828 |
|
|
|
693,135 |
|
|
|
657,626 |
|
|
|
651,546 |
|
|
|
2 |
|
% |
|
8 |
|
% |
|
9 |
|
% |
Other consumer |
198,763 |
|
|
|
201,336 |
|
|
|
190,186 |
|
|
|
191,761 |
|
|
|
(1 |
) |
% |
|
5 |
|
% |
|
4 |
|
% |
Total consumer |
908,591 |
|
|
|
894,471 |
|
|
|
847,812 |
|
|
|
843,307 |
|
|
|
2 |
|
% |
|
7 |
|
% |
|
8 |
|
% |
States and political
subdivisions |
612,882 |
|
|
|
631,199 |
|
|
|
575,647 |
|
|
|
617,624 |
|
|
|
(3 |
) |
% |
|
6 |
|
% |
|
(1 |
) |
% |
Other |
114,427 |
|
|
|
129,237 |
|
|
|
156,647 |
|
|
|
205,351 |
|
|
|
(11 |
) |
% |
|
(27 |
) |
% |
|
(44 |
) |
% |
Total loans receivable, including loans held for sale |
11,388,029 |
|
|
|
11,336,458 |
|
|
|
11,289,268 |
|
|
|
11,766,668 |
|
|
|
— |
|
% |
|
1 |
|
% |
|
(3 |
) |
% |
Less loans held for
sale 1 |
(94,138 |
) |
|
|
(98,410 |
) |
|
|
(166,572 |
) |
|
|
(147,937 |
) |
|
|
(4 |
) |
% |
|
(43 |
) |
% |
|
(36 |
) |
% |
Total loans receivable |
$ |
11,293,891 |
|
|
|
$ |
11,238,048 |
|
|
|
$ |
11,122,696 |
|
|
|
$ |
11,618,731 |
|
|
|
— |
|
% |
|
2 |
|
% |
|
(3 |
) |
% |
______________________________
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-AccrualLoans |
|
AccruingLoans 90Daysor More PastDue |
|
Other real estate owned and foreclosed assets |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Sep 30,2021 |
|
Sep 30,2021 |
|
Sep 30,2021 |
Custom and owner occupied construction |
$ |
240 |
|
|
243 |
|
|
247 |
|
|
249 |
|
|
240 |
|
|
— |
|
|
— |
|
Land development |
31 |
|
|
279 |
|
|
342 |
|
|
450 |
|
|
31 |
|
|
— |
|
|
— |
|
Consumer land or lots |
186 |
|
|
190 |
|
|
201 |
|
|
223 |
|
|
186 |
|
|
— |
|
|
— |
|
Unimproved land |
166 |
|
|
178 |
|
|
294 |
|
|
417 |
|
|
166 |
|
|
— |
|
|
— |
|
Commercial lots |
— |
|
|
368 |
|
|
368 |
|
|
682 |
|
|
— |
|
|
— |
|
|
— |
|
Other construction |
276 |
|
|
— |
|
|
— |
|
|
— |
|
|
276 |
|
|
— |
|
|
— |
|
Total land, lot and other construction |
659 |
|
|
1,015 |
|
|
1,205 |
|
|
1,772 |
|
|
659 |
|
|
— |
|
|
— |
|
Owner occupied |
3,323 |
|
|
3,747 |
|
|
6,725 |
|
|
9,077 |
|
|
3,323 |
|
|
— |
|
|
— |
|
Non-owner occupied |
2,089 |
|
|
1,892 |
|
|
4,796 |
|
|
4,879 |
|
|
1,716 |
|
|
373 |
|
|
— |
|
Total commercial real estate |
5,412 |
|
|
5,639 |
|
|
11,521 |
|
|
13,956 |
|
|
5,039 |
|
|
373 |
|
|
— |
|
Commercial and
Industrial |
5,621 |
|
|
6,046 |
|
|
6,689 |
|
|
8,571 |
|
|
5,444 |
|
|
177 |
|
|
— |
|
Agriculture |
32,712 |
|
|
31,742 |
|
|
6,313 |
|
|
8,972 |
|
|
28,412 |
|
|
4,300 |
|
|
— |
|
1st lien |
3,178 |
|
|
4,186 |
|
|
5,353 |
|
|
6,559 |
|
|
3,091 |
|
|
87 |
|
|
— |
|
Junior lien |
166 |
|
|
272 |
|
|
301 |
|
|
986 |
|
|
166 |
|
|
— |
|
|
— |
|
Total 1-4 family |
3,344 |
|
|
4,458 |
|
|
5,654 |
|
|
7,545 |
|
|
3,257 |
|
|
87 |
|
|
— |
|
Multifamily
residential |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
2,393 |
|
|
2,653 |
|
|
2,939 |
|
|
2,903 |
|
|
2,224 |
|
|
81 |
|
|
88 |
|
Other consumer |
539 |
|
|
542 |
|
|
572 |
|
|
407 |
|
|
392 |
|
|
129 |
|
|
18 |
|
Total consumer |
2,932 |
|
|
3,195 |
|
|
3,511 |
|
|
3,310 |
|
|
2,616 |
|
|
210 |
|
|
106 |
|
Other |
259 |
|
|
703 |
|
|
293 |
|
|
288 |
|
|
234 |
|
|
25 |
|
|
— |
|
Total |
$ |
51,179 |
|
|
53,041 |
|
|
35,433 |
|
|
44,663 |
|
|
45,901 |
|
|
5,172 |
|
|
106 |
|
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Accruing 30-89 Days Delinquent Loans,
by Loan Type |
|
% Change from |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
Custom and owner occupied construction |
$ |
892 |
|
|
$ |
— |
|
|
$ |
788 |
|
|
$ |
448 |
|
|
n/m |
|
13 |
|
% |
|
99 |
|
% |
Pre-sold and spec
construction |
325 |
|
|
70 |
|
|
— |
|
|
— |
|
|
364 |
|
% |
|
n/m |
|
n/m |
Total residential construction |
1,217 |
|
|
70 |
|
|
788 |
|
|
448 |
|
|
1,639 |
|
% |
|
54 |
|
% |
|
172 |
|
% |
Land development |
276 |
|
|
— |
|
|
202 |
|
|
— |
|
|
n/m |
|
37 |
|
% |
|
n/m |
Consumer land or lots |
325 |
|
|
— |
|
|
71 |
|
|
220 |
|
|
n/m |
|
358 |
|
% |
|
48 |
|
% |
Unimproved land |
181 |
|
|
307 |
|
|
357 |
|
|
381 |
|
|
(41 |
) |
% |
|
(49 |
) |
% |
|
(52 |
) |
% |
Developed lots for operative builders |
59 |
|
|
— |
|
|
306 |
|
|
— |
|
|
n/m |
|
(81 |
) |
% |
|
n/m |
Other construction |
12,884 |
|
|
— |
|
|
— |
|
|
— |
|
|
n/m |
|
n/m |
|
n/m |
Total land, lot and other construction |
13,725 |
|
|
307 |
|
|
936 |
|
|
601 |
|
|
4,371 |
|
% |
|
1,366 |
|
% |
|
2,184 |
|
% |
Owner occupied |
1,933 |
|
|
2,243 |
|
|
3,432 |
|
|
3,163 |
|
|
(14 |
) |
% |
|
(44 |
) |
% |
|
(39 |
) |
% |
Non-owner occupied |
443 |
|
|
574 |
|
|
149 |
|
|
1,157 |
|
|
(23 |
) |
% |
|
197 |
|
% |
|
(62 |
) |
% |
Total commercial real estate |
2,376 |
|
|
2,817 |
|
|
3,581 |
|
|
4,320 |
|
|
(16 |
) |
% |
|
(34 |
) |
% |
|
(45 |
) |
% |
Commercial and
industrial |
1,581 |
|
|
2,947 |
|
|
1,814 |
|
|
2,354 |
|
|
(46 |
) |
% |
|
(13 |
) |
% |
|
(33 |
) |
% |
Agriculture |
1,032 |
|
|
837 |
|
|
1,553 |
|
|
2,795 |
|
|
23 |
|
% |
|
(34 |
) |
% |
|
(63 |
) |
% |
1st lien |
350 |
|
|
736 |
|
|
6,677 |
|
|
2,589 |
|
|
(52 |
) |
% |
|
(95 |
) |
% |
|
(86 |
) |
% |
Junior lien |
167 |
|
|
106 |
|
|
55 |
|
|
738 |
|
|
58 |
|
% |
|
204 |
|
% |
|
(77 |
) |
% |
Total 1-4 family |
517 |
|
|
842 |
|
|
6,732 |
|
|
3,327 |
|
|
(39 |
) |
% |
|
(92 |
) |
% |
|
(84 |
) |
% |
Home equity lines of
credit |
3,023 |
|
|
1,942 |
|
|
2,840 |
|
|
2,200 |
|
|
56 |
|
% |
|
6 |
|
% |
|
37 |
|
% |
Other consumer |
1,361 |
|
|
919 |
|
|
1,054 |
|
|
789 |
|
|
48 |
|
% |
|
29 |
|
% |
|
72 |
|
% |
Total consumer |
4,384 |
|
|
2,861 |
|
|
3,894 |
|
|
2,989 |
|
|
53 |
|
% |
|
13 |
|
% |
|
47 |
|
% |
States and political
subdivisions |
— |
|
|
— |
|
|
2,358 |
|
|
— |
|
|
n/m |
|
(100 |
) |
% |
|
n/m |
Other |
1,170 |
|
|
1,395 |
|
|
1,065 |
|
|
797 |
|
|
(16 |
) |
% |
|
10 |
|
% |
|
47 |
|
% |
Total |
$ |
26,002 |
|
|
$ |
12,076 |
|
|
$ |
22,721 |
|
|
$ |
17,631 |
|
|
115 |
|
% |
|
14 |
|
% |
|
47 |
|
% |
______________________________
n/m - not measurable
Glacier Bancorp,
Inc.Credit Quality Summary by Regulatory
Classification (continued)
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in thousands) |
Sep 30,2021 |
|
Jun 30,2021 |
|
Dec 31,2020 |
|
Sep 30,2020 |
|
Sep 30,2021 |
|
Sep 30,2021 |
Custom and owner occupied construction |
$ |
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
(9 |
) |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
(12 |
) |
|
|
(8 |
) |
|
|
(24 |
) |
|
|
(19 |
) |
|
|
— |
|
|
12 |
|
Total residential construction |
(12 |
) |
|
|
(8 |
) |
|
|
(33 |
) |
|
|
(28 |
) |
|
|
— |
|
|
12 |
|
Land development |
(163 |
) |
|
|
(77 |
) |
|
|
(106 |
) |
|
|
(63 |
) |
|
|
— |
|
|
163 |
|
Consumer land or lots |
(164 |
) |
|
|
(164 |
) |
|
|
(221 |
) |
|
|
(217 |
) |
|
|
3 |
|
|
167 |
|
Unimproved land |
(241 |
) |
|
|
(21 |
) |
|
|
(489 |
) |
|
|
(489 |
) |
|
|
— |
|
|
241 |
|
Commercial lots |
— |
|
|
|
— |
|
|
|
(55 |
) |
|
|
(5 |
) |
|
|
— |
|
|
— |
|
Total land, lot and other construction |
(568 |
) |
|
|
(262 |
) |
|
|
(871 |
) |
|
|
(774 |
) |
|
|
3 |
|
|
571 |
|
Owner occupied |
(410 |
) |
|
|
(70 |
) |
|
|
(168 |
) |
|
|
(82 |
) |
|
|
41 |
|
|
451 |
|
Non-owner occupied |
(356 |
) |
|
|
(503 |
) |
|
|
3,030 |
|
|
|
246 |
|
|
|
148 |
|
|
504 |
|
Total commercial real estate |
(766 |
) |
|
|
(573 |
) |
|
|
2,862 |
|
|
|
164 |
|
|
|
189 |
|
|
955 |
|
Commercial and
industrial |
(87 |
) |
|
|
(218 |
) |
|
|
1,533 |
|
|
|
740 |
|
|
|
481 |
|
|
568 |
|
Agriculture |
— |
|
|
|
(6 |
) |
|
|
337 |
|
|
|
309 |
|
|
|
12 |
|
|
12 |
|
1st lien |
(250 |
) |
|
|
(237 |
) |
|
|
69 |
|
|
|
(27 |
) |
|
|
42 |
|
|
292 |
|
Junior lien |
(511 |
) |
|
|
(475 |
) |
|
|
(211 |
) |
|
|
(169 |
) |
|
|
— |
|
|
511 |
|
Total 1-4 family |
(761 |
) |
|
|
(712 |
) |
|
|
(142 |
) |
|
|
(196 |
) |
|
|
42 |
|
|
803 |
|
Multifamily
residential |
(40 |
) |
|
|
(40 |
) |
|
|
(244 |
) |
|
|
(244 |
) |
|
|
— |
|
|
40 |
|
Home equity lines of
credit |
(601 |
) |
|
|
(23 |
) |
|
|
101 |
|
|
|
79 |
|
|
|
41 |
|
|
642 |
|
Other consumer |
145 |
|
|
|
74 |
|
|
|
307 |
|
|
|
233 |
|
|
|
369 |
|
|
224 |
|
Total consumer |
(456 |
) |
|
|
51 |
|
|
|
408 |
|
|
|
312 |
|
|
|
410 |
|
|
866 |
|
Other |
4,403 |
|
|
|
3,329 |
|
|
|
3,803 |
|
|
|
2,589 |
|
|
|
7,429 |
|
|
3,026 |
|
Total |
$ |
1,713 |
|
|
|
1,561 |
|
|
|
7,653 |
|
|
|
2,872 |
|
|
|
8,566 |
|
|
6,853 |
|
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