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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 8-K
____________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2025

____________________________________________________________
GLACIER BANCORP, INC.
(Exact name of registrant as specified in its charter)
____________________________________________________________
Montana000-1891181-0519541
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
49 Commons LoopKalispell,Montana59901
(Address of principal executive offices)(Zip Code)
(406)756-4200
(Registrant’s telephone number, including area code)
____________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGBCIThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 23, 2025, Glacier Bancorp, Inc. ("Company") issued a press release announcing its financial results for the quarter ended December 31, 2024. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the Exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits

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

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:January 23, 2025GLACIER BANCORP, INC.
/s/ Randall M. Chesler
By:Randall M. Chesler
President and Chief Executive Officer





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NEWS RELEASE
January 23, 2025
FOR IMMEDIATE RELEASECONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2024

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.
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•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.

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Financial Summary
 At or for the Three Months endedAt 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
113,401,955113,394,786113,394,092113,388,590110,888,942113,401,955110,888,942
Average outstanding shares - basic113,398,213113,394,758113,390,539112,492,142110,884,496113,170,157110,864,501
Average outstanding shares - diluted113,541,026113,473,107113,405,491112,554,402110,907,640113,243,427110,890,447
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 ratio60.50 %64.92 %67.97 %74.41 %65.20 %66.71 %62.85 %
Loan to deposit ratio84.17 %83.16 %84.03 %82.04 %81.36 %84.17 %81.36 %
Number of full time equivalent employees
3,4413,4343,3993,4383,2943,4413,294
Number of locations227232231232221227221
Number of ATMs284285286285275284275

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.
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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:

WheatlandRMB
(Dollars in thousands)January 31,
2024		July 19,
2024		Total
Total assets$777,705 $403,052 $1,180,757 
Cash and cash equivalents12,926 76,781 89,707 
Debt securities187,183 — 187,183 
Loans receivable450,403 271,569 721,972 
Non-interest bearing deposits277,651 93,534 371,185 
Interest bearing deposits339,304 303,156 642,460 
Borrowings58,500 4,305 62,805 
Core deposit intangible16,936 11,808 28,744 
Goodwill38,146 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-sale4,245,205 4,436,578 4,785,719 (191,373)(540,514)
Debt securities, held-to-maturity3,294,847 3,348,698 3,502,411 (53,851)(207,564)
Total debt securities7,540,052 7,785,276 8,288,130 (245,224)(748,078)
Loans receivable
Residential real estate1,858,929 1,837,697 1,704,544 21,232 154,385 
Commercial real estate10,963,713 10,833,841 10,303,306 129,872 660,407 
Other commercial3,119,535 3,177,051 2,901,863 (57,516)217,672 
Home equity930,994 931,440 888,013 (446)42,981 
Other consumer388,678 401,158 400,356 (12,480)(11,678)
Loans receivable17,261,849 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, net17,055,808 16,976,017 16,005,325 79,791 1,050,483 
Other assets2,458,719 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 

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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 endedAt or for the Nine Months endedAt 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 
Acquisitions3 3 — 
Provision for credit losses27,179 21,138 20,790 
Charge-offs(18,626)(12,406)(15,095)
Recoveries4,728 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 commitments1,127 (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 assets79 201 471 
Accruing loans 90 days or more past due6,177 11,551 3,312 
Non-accrual loans20,445 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 loans0.08 %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
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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 LoansNet Charge-OffsACL
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 20246,981 2,766 1.19 %0.33 %0.10 %
Second quarter 20245,066 2,890 1.19 %0.29 %0.06 %
First quarter 20249,091 3,072 1.19 %0.37 %0.09 %
Fourth quarter 20234,181 3,695 1.19 %0.31 %0.09 %
Third quarter 20235,095 2,209 1.19 %0.09 %0.15 %
Second quarter 20235,254 2,473 1.19 %0.16 %0.12 %
First quarter 20236,260 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.

6

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 accounts5,543,512 5,363,476 5,321,257 180,036 222,255 
Savings accounts2,845,124 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 accounts3,139,821 3,284,609 2,915,393 (144,788)224,428 
Core deposits, total20,543,379 20,711,430 19,925,141 (168,051)618,238 
Wholesale deposits3,615 3,334 4,026 281 (411)
Deposits, total20,546,994 20,714,764 19,929,167 (167,770)617,827 
Repurchase agreements1,777,475 1,831,501 1,486,850 (54,026)290,625 
Deposits and repurchase agreements, total22,324,469 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 funds83,341 84,168 81,695 (827)1,646 
Subordinated debentures133,105 133,065 132,943 40 162 
Other liabilities338,218 397,221 351,693 (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 

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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.

8

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 expense105,593 109,347 107,356 112,922 107,040 
Total net interest income191,443 180,231 166,478 166,480 166,456 
Non-interest income
Service charges and other fees
20,322 20,587 19,422 18,563 19,115 
Miscellaneous loan fees and charges4,541 4,970 4,821 4,362 4,484 
Gain on sale of loans3,926 4,898 4,669 3,362 2,228 
Gain (loss) on sale of securities— 26 (12)16 1,712 
Other income2,760 4,223 3,304 3,686 3,326 
Total non-interest income31,549 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 income11,212 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
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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.

10

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 equipment11,589 11,989 11,594 11,883 10,533 
Advertising and promotions3,725 4,062 4,362 3,983 3,410 
Data processing9,145 9,196 9,387 9,159 8,511 
Other real estate owned and foreclosed assets30 13 149 25 78 
Regulatory assessments and insurance5,890 5,150 5,393 7,761 12,435 
Intangibles amortization3,613 3,367 3,017 2,760 2,427 
Other expenses25,373 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$(3,483)(2,834)(4,189)10,180 
Occupancy and equipment(400)(5)(294)1,056 
Advertising and promotions(337)(637)(258)315 
Data processing(51)(242)(14)634 
Other real estate owned and foreclosed assets17 (119)5 (48)
Regulatory assessments and insurance740 497 (1,871)(6,545)
Core deposit intangibles amortization246 596 853 1,186 
Other expenses(475)2,757 (5,110)1,991 
Total non-interest expense$(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.
11

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 expense435,218 325,973 109,245 34 %
Total net interest income704,632 691,682 12,950 2 %
Non-interest income
Service charges and other fees78,894 75,157 3,737 5 %
Miscellaneous loan fees and charges18,694 16,935 1,759 10 %
Gain on sale of loans16,855 12,202 4,653 38 %
Gain (loss) on sale of securities30 1,510 (1,480)(98)%
Other income13,973 12,275 1,698 14 %
Total non-interest income128,446 118,079 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.


12

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 equipment47,055 43,578 3,477 8 %
Advertising and promotions16,132 15,430 702 5 %
Data processing36,887 33,752 3,135 9 %
Other real estate owned and foreclosed assets217 119 98 82 %
Regulatory assessments and insurance24,194 28,712 (4,518)(16)%
Core deposit intangibles amortization12,757 9,731 3,026 31 %
Other expenses104,320 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.
13

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;
14

•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).


15

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 deposits579,662 645,728 1,107,817 
Cash and cash equivalents848,408 987,833 1,354,342 
Debt securities, available-for-sale4,245,205 4,436,578 4,785,719 
Debt securities, held-to-maturity3,294,847 3,348,698 3,502,411 
Total debt securities7,540,052 7,785,276 8,288,130 
Loans held for sale, at fair value33,060 46,126 15,691 
Loans receivable17,261,849 17,181,187 16,198,082 
Allowance for credit losses(206,041)(205,170)(192,757)
Loans receivable, net17,055,808 16,976,017 16,005,325 
Premises and equipment, net468,220 466,977 421,791 
Other real estate owned and foreclosed assets1,164 633 1,503 
Accrued interest receivable99,262 114,121 94,526 
Deferred tax asset138,955 125,432 159,070 
Intangibles, net51,182 52,780 31,870 
Goodwill1,051,318 1,053,556 985,393 
Non-marketable equity securities99,669 98,285 12,755 
Bank-owned life insurance189,849 188,971 171,101 
Other assets326,040 309,762 201,132 
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 deposits14,410,285 14,307,036 13,906,187 
Securities sold under agreements to repurchase1,777,475 1,831,501 1,486,850 
FHLB advances1,800,000 1,800,000 — 
FRB Bank Term Funding— — 2,740,000 
Other borrowed funds83,341 84,168 81,695 
Subordinated debentures133,105 133,065 132,943 
Accrued interest payable33,626 35,382 125,907 
Other liabilities304,592 361,839 225,786 
Total liabilities24,679,133 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 capital2,448,758 2,447,200 2,350,104 
Retained earnings - substantially restricted1,083,258 1,059,022 1,043,181 
Accumulated other comprehensive loss(309,296)(262,306)(374,113)
Total stockholders’ equity3,223,854 3,245,050 3,020,281 
Total liabilities and stockholders’ equity$27,902,987 28,205,769 27,742,629 

16


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
 Three Months endedYear 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 loans23,960 23,118 19,820 89,596 71,328 
Commercial loans199,260 196,901 175,957 765,959 669,663 
Consumer and other loans23,435 23,188 20,486 89,160 74,734 
Total interest income297,036 289,578 273,496 1,139,850 1,017,655 
Interest Expense
Deposits67,079 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 advances21,848 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 debentures1,496 1,407 1,471 5,747 5,779 
Total interest expense105,593 109,347 107,040 435,218 325,973 
Net Interest Income191,443 180,231 166,456 704,632 691,682 
Provision for credit losses8,534 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 fees20,322 20,587 19,115 78,894 75,157 
Miscellaneous loan fees and charges4,541 4,970 4,484 18,694 16,935 
Gain on sale of loans3,926 4,898 2,228 16,855 12,202 
Gain (loss) on sale of securities— 26 1,712 30 1,510 
Other income2,760 4,223 3,326 13,973 12,275 
Total non-interest income31,549 34,704 30,865 128,446 118,079 
Non-Interest Expense
Compensation and employee benefits81,600 85,083 71,420 336,906 309,048 
Occupancy and equipment11,589 11,989 10,533 47,055 43,578 
Advertising and promotions3,725 4,062 3,410 16,132 15,430 
Data processing9,145 9,196 8,511 36,887 33,752 
Other real estate owned and foreclosed assets30 13 78 217 119 
Regulatory assessments and insurance
5,890 5,150 12,435 24,194 28,712 
Intangibles amortization3,613 3,367 2,427 12,757 9,731 
Other expenses25,373 25,848 23,382 104,320 86,988 
Total non-interest expense140,965 144,708 132,196 578,468 527,358 
Income Before Income Taxes73,493 62,222 62,112 226,304 267,608 
Federal and state income tax expense11,739 11,167 7,796 36,160 44,681 
Net Income$61,754 51,055 54,316 190,144 222,927 
17

Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
December 31, 2024September 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 loans 1
14,059,864 200,956 5.69 %13,957,304 198,556 5.66 %
Consumer and other loans1,324,341 23,435 7.04 %1,324,142 23,188 6.97 %
Total loans 2
17,269,351 248,351 5.72 %17,131,512 244,862 5.69 %
Tax-exempt debt securities 3
1,615,474 14,501 3.59 %1,660,643 14,710 3.54 %
Taxable debt securities 4, 5
7,314,265 38,189 2.09 %7,073,967 34,001 1.92 %
Total earning assets26,199,090 301,041 4.57 %25,866,122 293,573 4.52 %
Goodwill and intangibles1,104,362 1,092,632 
Non-earning assets888,404 836,878 
Total assets$28,191,856 $27,795,632 
Liabilities
Non-interest bearing deposits$6,343,443 $— — %$6,237,166 $— — %
NOW and DDA accounts5,491,451 15,768 1.14 %5,314,459 16,221 1.21 %
Savings accounts2,824,126 5,316 0.75 %2,829,203 5,699 0.80 %
Money market deposit accounts2,878,415 14,232 1.97 %2,887,173 15,048 2.07 %
Certificate accounts3,174,923 31,716 3.97 %3,211,842 33,597 4.16 %
Total core deposits20,712,358 67,032 1.29 %20,479,843 70,565 1.37 %
Wholesale deposits 6
3,654 47 4.95 %3,122 42 5.47 %
Repurchase agreements1,866,705 14,821 3.16 %1,723,553 14,738 3.40 %
FHLB advances1,800,000 21,848 4.75 %1,828,533 22,344 4.78 %
Subordinated debentures and other borrowed funds216,874 1,845 3.38 %219,472 1,658 3.01 %
Total funding liabilities24,599,591 105,593 1.71 %24,254,523 109,347 1.79 %
Other liabilities369,700 336,906 
Total liabilities24,969,291 24,591,429 
Stockholders’ Equity
Stockholders’ equity3,222,565 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.





18

Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Three Months ended
 December 31, 2024December 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 loans 1
14,059,864 200,956 5.69 %13,196,412 177,397 5.33 %
Consumer and other loans1,324,341 23,435 7.04 %1,279,626 20,486 6.35 %
Total loans 2
17,269,351 248,351 5.72 %16,176,636 217,703 5.34 %
Tax-exempt debt securities 3
1,615,474 14,501 3.59 %1,725,858 14,738 3.42 %
Taxable debt securities 4, 5
7,314,265 38,189 2.09 %8,466,825 44,665 2.11 %
Total earning assets26,199,090 301,041 4.57 %26,369,319 277,106 4.17 %
Goodwill and intangibles1,104,362 1,018,423 
Non-earning assets888,404 487,979 
Total assets$28,191,856 $27,875,721 
Liabilities
Non-interest bearing deposits$6,343,443 $— — %$6,262,801 $— — %
NOW and DDA accounts5,491,451 15,768 1.14 %5,245,602 14,751 1.12 %
Savings accounts2,824,126 5,316 0.75 %2,843,788 4,848 0.68 %
Money market deposit accounts2,878,415 14,232 1.97 %2,911,054 13,600 1.85 %
Certificate accounts3,174,923 31,716 3.97 %2,872,192 29,563 4.08 %
Total core deposits20,712,358 67,032 1.29 %20,135,437 62,762 1.24 %
Wholesale deposits 6
3,654 47 4.95 %53,841 722 5.32 %
Repurchase agreements1,866,705 14,821 3.16 %1,488,419 12,229 3.26 %
FHLB advances1,800,000 21,848 4.75 %— — — %
FRB Bank Term Funding— — — %2,740,000 30,228 4.38 %
Subordinated debentures and other borrowed funds216,874 1,845 3.38 %211,570 1,099 2.06 %
Total funding liabilities24,599,591 105,593 1.71 %24,629,267 107,040 1.72 %
Other liabilities369,700 332,740 
Total liabilities24,969,291 24,962,007 
Stockholders’ Equity
Stockholders’ equity3,222,565 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.

19

Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Year ended
December 31, 2024December 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 loans 1
13,818,805 772,496 5.59 %12,982,708 675,549 5.20 %
Consumer and other loans1,305,716 89,160 6.83 %1,247,114 74,734 5.99 %
Total loans 2
16,944,578 951,252 5.61 %15,833,422 821,611 5.19 %
Tax-exempt debt securities 3
1,675,732 59,479 3.55 %1,740,746 59,716 3.43 %
Taxable debt securities 4, 5
7,400,887 145,128 1.96 %8,297,203 152,003 1.83 %
Total earning assets26,021,197 1,155,859 4.44 %25,871,371 1,033,330 3.99 %
Goodwill and intangibles1,079,404 1,022,052 
Non-earning assets773,322 504,698 
Total assets$27,873,923 $27,398,121 
Liabilities
Non-interest bearing deposits$6,144,268 $— — %$6,642,339 $— — %
NOW and DDA accounts5,326,296 63,635 1.19 %5,167,117 37,357 0.72 %
Savings accounts2,866,908 22,684 0.79 %2,908,584 9,918 0.34 %
Money market deposit accounts2,904,461 58,140 2.00 %3,166,914 42,254 1.33 %
Certificate accounts3,106,755 128,081 4.12 %1,949,206 64,176 3.29 %
Total core deposits20,348,688 272,540 1.34 %19,834,160 153,705 0.77 %
Wholesale deposits 6
3,615 194 5.36 %173,231 8,721 5.03 %
Repurchase agreements1,676,040 55,723 3.32 %1,301,223 36,414 2.80 %
FHLB advances1,498,494 72,620 4.77 %551,986 26,910 4.81 %
FRB Bank Term Funding617,377 27,097 4.39 %2,133,658 93,388 4.38 %
Subordinated debentures and other borrowed funds219,839 7,044 3.20 %209,567 6,835 3.26 %
Total funding liabilities24,364,053 435,218 1.79 %24,203,825 325,973 1.35 %
Other liabilities351,825 275,359 
Total liabilities24,715,878 24,479,184 
Stockholders’ Equity
Stockholders’ equity3,158,045 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.
20

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 construction191,926 203,610 236,596 (6)%(19)%
Total residential construction
434,770 439,525 527,168 (1)%(18)%
Land development197,369 205,704 232,966 (4)%(15)%
Consumer land or lots187,024 189,705 187,545 (1)%— %
Unimproved land113,532 109,237 87,739 4 %29 %
Developed lots for operative builders
61,661 67,140 56,142 (8)%10 %
Commercial lots99,243 98,644 87,185 1 %14 %
Other construction693,461 689,638 900,547 1 %(23)%
Total land, lot, and other construction
1,352,290 1,360,068 1,552,124 (1)%(13)%
Owner occupied3,197,138 3,121,900 3,035,768 2 %5 %
Non-owner occupied4,053,996 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 industrial1,395,997 1,387,538 1,363,479 1 %2 %
Agriculture1,024,520 1,047,320 772,458 (2)%33 %
1st lien2,481,918 2,462,885 2,127,989 1 %17 %
Junior lien76,303 77,029 47,230 (1)%62 %
Total 1-4 family2,558,221 2,539,914 2,175,219 1 %18 %
Multifamily residential895,242 921,138 796,538 (3)%12 %
Home equity lines of credit1,005,783 1,004,300 979,891 — %3 %
Other consumer209,457 221,517 229,154 (5)%(9)%
Total consumer1,215,240 1,225,817 1,209,045 (1)%1 %
States and political subdivisions983,601 993,871 834,947 (1)%18 %
Other183,894 188,792 204,111 (3)%(10)%
Total loans receivable, including
  loans held for sale
17,294,909 17,227,313 16,213,773 — %7 %
Less loans held for sale 1
(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.

21

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 construction2,132 3,705 763 813 1,319 — 
Total residential construction
2,330 3,907 977 1,011 1,319 — 
Land development966 583 35 966 — — 
Consumer land or lots78 458 96 78 — — 
Developed lots for operative builders
531 531 608 — 531 — 
Commercial lots47 47 47 — 47 — 
Total land, lot and other construction
1,622 1,619 786 1,044 578 — 
Owner occupied2,979 1,903 1,838 1,545 1,002 432 
Non-owner occupied2,235 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 Industrial2,069 2,455 1,971 1,420 641 8 
Agriculture2,335 6,040 2,558 2,122 213 — 
1st lien9,053 6,065 2,664 7,457 1,596 — 
Junior lien315 279 180 303 12 — 
Total 1-4 family9,368 6,344 2,844 7,760 1,608 — 
Multifamily residential389 392 395 389 — — 
Home equity lines of credit3,465 2,867 2,043 2,826 639 — 
Other consumer955 1,111 1,187 746 138 71 
Total consumer4,420 3,978 3,230 3,572 777 71 
Other39 148 16 — 39 — 
Total$27,786 28,121 25,631 20,445 6,177 1,164 

22

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 construction564 1,250 1,219 (55)%(54)%
Total residential construction
1,533 1,263 3,768 21 %(59)%
Land development1,450 157 163 824 %790 %
Consumer land or lots402 747 624 (46)%(36)%
Unimproved land36 39 — (8)%n/m
Developed lots for operative builders
214 — — n/mn/m
Commercial lots— — 2,159 n/m(100)%
Total land, lot and other construction
2,102 943 2,946 123 %(29)%
Owner occupied2,867 5,641 2,222 (49)%29 %
Non-owner occupied5,037 13,785 14,471 (63)%(65)%
Total commercial real estate
7,904 19,426 16,693 (59)%(53)%
Commercial and industrial6,194 3,125 12,905 98 %(52)%
Agriculture744 16,932 594 (96)%25 %
1st lien6,326 6,275 3,768 1 %68 %
Junior lien214 13 1 1,546 %21,300 %
Total 1-4 family6,540 6,288 3,769 4 %74 %
Home equity lines of credit3,731 4,567 4,518 (18)%(17)%
Other consumer1,775 2,227 3,264 (20)%(46)%
Total consumer5,506 6,794 7,782 (19)%(29)%
Other1,705 1,442 1,510 18 %13 %
Total$32,228 $56,213 $49,967 (43)%(36)%
______________________________
n/m - not measurable


23

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
 Net Charge-Offs (Recoveries), Year-to-Date
Period Ending, By Loan Type		Charge-OffsRecoveries
(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 development1,095 (21)(135)1,128 33 
Consumer land or lots(22)(21)(19)— 22 
Unimproved land1,338 5 — 1,338 — 
Commercial lots319 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 occupied2 (3)799 7 5 
Total commercial real estate(71)(76)740 7 78 
Commercial and industrial1,422 1,272 364 2,084 662 
Agriculture64 65 — 68 4 
1st lien32 (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 credit69 (31)(6)140 71 
Other consumer1,078 753 1,097 1,494 416 
Total consumer1,147 722 1,091 1,634 487 
Other8,643 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
24
v3.24.4
Cover Page
Jan. 23, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
Entity Registrant Name GLACIER BANCORP, INC.
Entity Incorporation, State or Country Code MT
Entity File Number 000-18911
Entity Tax Identification Number 81-0519541
Entity Address, Address Line One 49 Commons Loop
Entity Address, City or Town Kalispell,
Entity Address, State or Province MT
Entity Address, Postal Zip Code 59901
City Area Code (406)
Local Phone Number 756-4200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol GBCI
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000868671
Amendment Flag false
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