Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $79.7
million for the current quarter, an increase of $29.0 million, or
57 percent, from the $50.7 million of net income for the prior year
fourth quarter. Diluted earnings per share for the current quarter
was $0.72 per share, an increase of 57 percent from the prior year
fourth quarter diluted earnings per share of $0.46. The $29.0
million net income increase over the prior year fourth quarter was
driven by a $24.2 million increase in interest income on loans and
a $21.8 million decrease in credit loss expense driven by the prior
year credit loss expense from the acquisition of Altabancorp and
its Altabank subsidiary (“Alta”) on October 1, 2021. Included in
the current quarter non-interest expense was a $2.5 million gain on
the sale of former branch buildings. “We were pleased to see
healthy loan growth, continued strong credit, increasing loan
yields and well managed expenses,” said Randy Chesler, President
and Chief Executive Officer. “The Glacier team had many important
accomplishments in 2022 and is ready and well positioned for 2023.”
Net income for 2022 was $303 million, an
increase of $18.4 million, or 6 percent, from the $285 million net
income for the prior year. Diluted earnings per share for 2022 was
$2.74 per share, a decrease of 4 percent from the prior year
earnings per share of $2.86. The $18.4 million increase in net
income over the prior year was driven by a $125.9 million increase
in net interest income from both organic loan growth and the
acquisition of Alta which more than offset the $43.0 million
decrease in gain on sale of loans, a $40.0 million decrease in PPP
related income, and an $84.0 million increase in non-interest
expense from the acquisition of Alta and increased operating
expenses.
Asset Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Cash and cash equivalents |
$ |
401,995 |
|
|
425,212 |
|
|
437,686 |
|
|
(23,217 |
) |
|
(35,691 |
) |
Debt securities,
available-for-sale |
|
5,307,307 |
|
|
5,755,076 |
|
|
9,170,849 |
|
|
(447,769 |
) |
|
(3,863,542 |
) |
Debt securities,
held-to-maturity |
|
3,715,052 |
|
|
3,756,634 |
|
|
1,199,164 |
|
|
(41,582 |
) |
|
2,515,888 |
|
Total debt securities |
|
9,022,359 |
|
|
9,511,710 |
|
|
10,370,013 |
|
|
(489,351 |
) |
|
(1,347,654 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
Residential real estate |
|
1,446,008 |
|
|
1,368,368 |
|
|
1,051,883 |
|
|
77,640 |
|
|
394,125 |
|
Commercial real estate |
|
9,797,047 |
|
|
9,582,989 |
|
|
8,630,831 |
|
|
214,058 |
|
|
1,166,216 |
|
Other commercial |
|
2,799,668 |
|
|
2,729,717 |
|
|
2,664,190 |
|
|
69,951 |
|
|
135,478 |
|
Home equity |
|
822,232 |
|
|
793,556 |
|
|
736,288 |
|
|
28,676 |
|
|
85,944 |
|
Other consumer |
|
381,857 |
|
|
376,603 |
|
|
348,839 |
|
|
5,254 |
|
|
33,018 |
|
Loans receivable |
|
15,246,812 |
|
|
14,851,233 |
|
|
13,432,031 |
|
|
395,579 |
|
|
1,814,781 |
|
Allowance for credit losses |
|
(182,283 |
) |
|
(178,191 |
) |
|
(172,665 |
) |
|
(4,092 |
) |
|
(9,618 |
) |
Loans receivable, net |
|
15,064,529 |
|
|
14,673,042 |
|
|
13,259,366 |
|
|
391,487 |
|
|
1,805,163 |
|
Other assets |
|
2,146,492 |
|
|
2,122,990 |
|
|
1,873,580 |
|
|
23,502 |
|
|
272,912 |
|
Total assets |
$ |
26,635,375 |
|
|
26,732,954 |
|
|
25,940,645 |
|
|
(97,579 |
) |
|
694,730 |
|
Total debt securities of $9.022 billion at
December 31, 2022 decreased $489 million, or 5 percent, during the
current quarter and decreased $1.348 billion, or 13 percent, from
the prior year end. The Company continues to selectively sell debt
securities to fund organic loan growth and the reduction in
deposits. Debt securities represented 34 percent of total assets at
December 31, 2022 compared to 40 percent at December 31,
2021.
Excluding the PPP loans, during the current
quarter the loan portfolio increased $397 million, or 11 percent
annualized, with the largest dollar increase in commercial real
estate which increased $214 million, or 9 percent annualized.
Excluding the PPP loans, the loan portfolio increased $1.974
billion, or 15 percent, from the prior year fourth quarter with the
largest dollar increase in commercial real estate loans which
increased $1.166 billion, or 14 percent.
Credit Quality Summary
|
At or for the Year ended |
|
At or for the Nine Months ended |
|
At or for the Year ended |
(Dollars in thousands) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Allowance for credit losses |
|
|
|
|
|
Balance at beginning of period |
$ |
172,665 |
|
|
172,665 |
|
|
158,243 |
|
Acquisitions |
|
— |
|
|
— |
|
|
371 |
|
Provision for credit losses |
|
17,433 |
|
|
11,373 |
|
|
16,380 |
|
Charge-offs |
|
(14,970 |
) |
|
(10,905 |
) |
|
(11,594 |
) |
Recoveries |
|
7,155 |
|
|
5,058 |
|
|
9,265 |
|
Balance at end of period |
$ |
182,283 |
|
|
178,191 |
|
|
172,665 |
|
Provision for credit
losses |
|
|
|
|
|
Loan portfolio |
$ |
17,433 |
|
|
11,373 |
|
|
16,380 |
|
Unfunded loan commitments |
|
2,530 |
|
|
2,466 |
|
|
6,696 |
|
Total provision for credit losses |
$ |
19,963 |
|
|
13,839 |
|
|
23,076 |
|
Other real estate owned |
$ |
— |
|
|
— |
|
|
— |
|
Other
foreclosed assets |
|
32 |
|
|
42 |
|
|
18 |
|
Accruing loans 90 days or more
past due |
|
1,559 |
|
|
2,524 |
|
|
17,141 |
|
Non-accrual loans |
|
31,151 |
|
|
32,493 |
|
|
50,532 |
|
Total non-performing assets |
$ |
32,742 |
|
|
35,059 |
|
|
67,691 |
|
Non-performing assets as a percentage of subsidiary assets |
|
0.12 |
% |
|
0.13 |
% |
|
0.26 |
% |
Allowance for credit losses as a percentage of non-performing
loans |
|
557 |
% |
|
508 |
% |
|
255 |
% |
Allowance for credit losses as a percentage of total loans |
|
1.20 |
% |
|
1.20 |
% |
|
1.29 |
% |
Net charge-offs as a
percentage of total loans |
|
0.05 |
% |
|
0.04 |
% |
|
0.02 |
% |
Accruing loans 30-89 days past
due |
$ |
20,967 |
|
|
10,922 |
|
|
50,566 |
|
Accruing troubled debt
restructurings |
$ |
35,220 |
|
|
37,608 |
|
|
34,591 |
|
Non-accrual troubled debt
restructurings |
$ |
2,355 |
|
|
2,355 |
|
|
2,627 |
|
U.S. government guarantees
included in non-performing assets |
$ |
2,312 |
|
|
4,930 |
|
|
4,028 |
|
Non-performing assets of $32.7 million at
December 31, 2022 decreased $2.3 million, or 7 percent, over the
prior quarter and decreased $34.9 million, or 52 percent, over
prior year fourth quarter. Non-performing assets as a percentage of
subsidiary assets at December 31, 2022 was 0.12 percent compared to
0.13 percent in the prior quarter and 0.26 percent in the prior
year fourth quarter.
Early stage delinquencies (accruing loans 30-89
days past due) of $21.0 million at December 31, 2022 increased
$10.0 million from the prior quarter and decreased $29.6 million
from the prior year fourth quarter. Early stage delinquencies as a
percentage of loans at December 31, 2022 was 14 basis points, which
compared to 7 basis points in the prior quarter and 38 basis points
from prior year fourth quarter.
The current quarter credit loss expense of $6.1
million included $6.1 million of credit loss expense from loans and
$65 thousand of credit loss expense from unfunded loan commitments.
The allowance for credit losses on loans (“ACL”) as a percentage of
total loans outstanding at December 31, 2022 was 1.20 percent which
was the same compared to the prior quarter and a 9 basis points
decrease from the prior year end.
Credit Quality Trends and Provision for Credit Losses on the
Loan Portfolio
(Dollars in thousands) |
Provision forCredit LossesLoans |
|
Net Charge-Offs(Recoveries) |
|
ACLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
Fourth quarter 2022 |
$ |
6,060 |
|
|
$ |
1,968 |
|
|
1.20 |
% |
|
0.14 |
% |
|
0.12 |
% |
Third
quarter 2022 |
|
8,382 |
|
|
|
3,154 |
|
|
1.20 |
% |
|
0.07 |
% |
|
0.13 |
% |
Second
quarter 2022 |
|
(1,353 |
) |
|
|
1,843 |
|
|
1.20 |
% |
|
0.12 |
% |
|
0.16 |
% |
First
quarter 2022 |
|
4,344 |
|
|
|
850 |
|
|
1.28 |
% |
|
0.12 |
% |
|
0.24 |
% |
Fourth
quarter 2021 |
|
19,301 |
|
|
|
616 |
|
|
1.29 |
% |
|
0.38 |
% |
|
0.26 |
% |
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 |
% |
Net charge-offs for the current quarter of $2.0
million compared to $3.2 million for the prior quarter and $616
thousand from the same quarter last year. Net charge-offs of $2.0
million included $2.1 million in deposit overdraft net charge-offs
and $91 thousand of net loan recoveries.
The current quarter provision for credit loss
expense for loans was $6.1 million which was a decrease of $2.3
million from the prior quarter. The prior year fourth quarter
credit loss expense of $19.3 million on the loan portfolio included
$18.1 million of provision for credit loss from the acquisition of
Alta to fully fund an allowance for credit losses post-acquisition.
Excluding the impact from the acquisition of Alta, the current
quarter provision for credit loss expense for loans increased $4.8
million from the prior year fourth quarter. 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.
Supplemental information regarding credit
quality and identification of the Company’s loan portfolio based on
regulatory classification is provided in the exhibits at the end of
this press release. The regulatory classification of loans is based
primarily on collateral type while the Company’s loan segments
presented herein are based on the purpose of the loan.
Liability Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Deposits |
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
7,690,751 |
|
8,294,363 |
|
7,779,288 |
|
(603,612 |
) |
|
(88,537 |
) |
NOW and DDA accounts |
|
5,330,614 |
|
5,462,707 |
|
5,301,832 |
|
(132,093 |
) |
|
28,782 |
|
Savings accounts |
|
3,200,321 |
|
3,305,333 |
|
3,180,046 |
|
(105,012 |
) |
|
20,275 |
|
Money market deposit accounts |
|
3,472,281 |
|
3,905,676 |
|
4,014,128 |
|
(433,395 |
) |
|
(541,847 |
) |
Certificate accounts |
|
880,589 |
|
907,560 |
|
1,036,077 |
|
(26,971 |
) |
|
(155,488 |
) |
Core deposits, total |
|
20,574,556 |
|
21,875,639 |
|
21,311,371 |
|
(1,301,083 |
) |
|
(736,815 |
) |
Wholesale deposits |
|
31,999 |
|
4,003 |
|
25,878 |
|
27,996 |
|
|
6,121 |
|
Deposits, total |
|
20,606,555 |
|
21,879,642 |
|
21,337,249 |
|
(1,273,087 |
) |
|
(730,694 |
) |
Repurchase agreements |
|
945,916 |
|
887,483 |
|
1,020,794 |
|
58,433 |
|
|
(74,878 |
) |
Federal Home Loan Bank advances |
|
1,800,000 |
|
705,000 |
|
— |
|
1,095,000 |
|
|
1,800,000 |
|
Other borrowed funds |
|
77,293 |
|
77,671 |
|
44,094 |
|
(378 |
) |
|
33,199 |
|
Subordinated debentures |
|
132,782 |
|
132,742 |
|
132,620 |
|
40 |
|
|
162 |
|
Other liabilities |
|
229,524 |
|
278,059 |
|
228,266 |
|
(48,535 |
) |
|
1,258 |
|
Total liabilities |
$ |
23,792,070 |
|
23,960,597 |
|
22,763,023 |
|
(168,527 |
) |
|
1,029,047 |
|
Core deposits of $20.575 billion decreased
$1.301 billion, or 6 percent, during the current quarter and
decreased $737 million, or 3 percent, from the prior year end.
Non-interest bearing deposits were 37 percent of total core
deposits at December 31, 2022 and December 31, 2021.
Federal Home Loan Bank (“FHLB”) advances
increased $1.095 billion during the current quarter and $1.800
billion during 2022 to support liquidity needs from organic loan
growth and the decrease in deposits.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands, except per share data) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Common equity |
$ |
3,312,097 |
|
|
3,267,505 |
|
|
3,150,263 |
|
|
44,592 |
|
161,834 |
|
Accumulated other comprehensive (loss) income |
|
(468,792 |
) |
|
(495,148 |
) |
|
27,359 |
|
|
26,356 |
|
(496,151 |
) |
Total stockholders’ equity |
|
2,843,305 |
|
|
2,772,357 |
|
|
3,177,622 |
|
|
70,948 |
|
(334,317 |
) |
Goodwill and core deposit intangible, net |
|
(1,026,994 |
) |
|
(1,029,658 |
) |
|
(1,037,652 |
) |
|
2,664 |
|
10,658 |
|
Tangible stockholders’ equity |
$ |
1,816,311 |
|
|
1,742,699 |
|
|
2,139,970 |
|
|
73,612 |
|
(323,659 |
) |
Stockholders’ equity to total assets |
|
10.67 |
% |
|
10.37 |
% |
|
12.25 |
% |
|
|
|
|
Tangible stockholders’ equity to total tangible assets |
|
7.09 |
% |
|
6.78 |
% |
|
8.59 |
% |
|
|
|
|
Book value per common share |
$ |
25.67 |
|
|
25.03 |
|
|
28.71 |
|
|
0.64 |
|
(3.04 |
) |
Tangible book value per common share |
$ |
16.40 |
|
|
15.73 |
|
|
19.33 |
|
|
0.67 |
|
(2.93 |
) |
Tangible stockholders’ equity of $1.816 billion
at December 31, 2022 increased $73.6 million, or 4 percent, from
the prior quarter which was primarily driven by earnings retention
and the decrease in the unrealized loss on the available-for-sale
(“AFS”) debt securities during the current quarter. Tangible
stockholders’ equity decreased by $324 million from the prior year
as a result of an increase in unrealized loss on the AFS debt
securities which resulted from the significant increase in interest
rates during the current year. Tangible book value per common share
of $16.40 at the current quarter end increased $0.67 per share, or
4 percent, from the prior quarter. The tangible book value per
common share decreased $2.93 per share, or 15 percent, from the
prior year fourth quarter primarily as a result of the increase in
the unrealized loss on AFS debt securities.
Cash DividendsOn November 16, 2022, the
Company’s Board of Directors declared a quarterly cash dividend of
$0.33 per share. The dividend was payable December 15, 2022 to
shareholders of record on December 6, 2022. The dividend was the
Company’s 151st consecutive regular dividend. Future cash dividends
will depend on a variety of factors, including net income, capital,
asset quality, general economic conditions and regulatory
considerations.
Operating Results for Three Months
Ended December 31,
2022 Compared to
September 30, 2022,
June 30, 2022,
March 31, 2022, and December 31,
2021
Income Summary
|
Three Months ended |
(Dollars in thousands) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2022 |
|
Mar 31,2022 |
|
Dec 31,2021 |
Net
interest income |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
225,085 |
|
|
|
214,402 |
|
|
199,637 |
|
|
190,516 |
|
|
192,825 |
|
Interest expense |
|
21,026 |
|
|
|
9,075 |
|
|
6,199 |
|
|
4,961 |
|
|
5,203 |
|
Total net interest income |
|
204,059 |
|
|
|
205,327 |
|
|
193,438 |
|
|
185,555 |
|
|
187,622 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
18,734 |
|
|
|
18,970 |
|
|
17,309 |
|
|
17,111 |
|
|
17,576 |
|
Miscellaneous loan fees and charges |
|
3,905 |
|
|
|
4,040 |
|
|
3,850 |
|
|
3,555 |
|
|
3,745 |
|
Gain on sale of loans |
|
2,175 |
|
|
|
3,846 |
|
|
4,996 |
|
|
9,015 |
|
|
11,431 |
|
Gain (loss) on sale of investments |
|
519 |
|
|
|
(85 |
) |
|
(260 |
) |
|
446 |
|
|
(693 |
) |
Other income |
|
3,150 |
|
|
|
3,635 |
|
|
2,385 |
|
|
3,436 |
|
|
2,303 |
|
Total non-interest income |
|
28,483 |
|
|
|
30,406 |
|
|
28,280 |
|
|
33,563 |
|
|
34,362 |
|
Total income |
|
232,542 |
|
|
|
235,733 |
|
|
221,718 |
|
|
219,118 |
|
|
221,984 |
|
Net interest margin
(tax-equivalent) |
|
3.30 |
% |
|
|
3.34 |
% |
|
3.23 |
% |
|
3.20 |
% |
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
|
|
Sep 30,2022 |
|
Jun 30,2022 |
|
Mar 31,2022 |
|
Dec 31,2021 |
Net
interest income |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
$ |
10,683 |
|
|
25,448 |
|
|
34,569 |
|
|
32,260 |
|
Interest expense |
|
|
|
11,951 |
|
|
14,827 |
|
|
16,065 |
|
|
15,823 |
|
Total net interest income |
|
|
|
(1,268 |
) |
|
10,621 |
|
|
18,504 |
|
|
16,437 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
|
(236 |
) |
|
1,425 |
|
|
1,623 |
|
|
1,158 |
|
Miscellaneous loan fees and charges |
|
|
|
(135 |
) |
|
55 |
|
|
350 |
|
|
160 |
|
Gain on sale of loans |
|
|
|
(1,671 |
) |
|
(2,821 |
) |
|
(6,840 |
) |
|
(9,256 |
) |
Gain (loss) on sale of investments |
|
|
|
604 |
|
|
779 |
|
|
73 |
|
|
1,212 |
|
Other income |
|
|
|
(485 |
) |
|
765 |
|
|
(286 |
) |
|
847 |
|
Total non-interest income |
|
|
|
(1,923 |
) |
|
203 |
|
|
(5,080 |
) |
|
(5,879 |
) |
Total income |
|
|
$ |
(3,191 |
) |
|
10,824 |
|
|
13,424 |
|
|
10,558 |
|
Net Interest IncomeThe current quarter net
interest income of $204 million decreased $1.3 million, or 1
percent, compared to the prior quarter and increased $16.4 million,
or 9 percent, from the prior year fourth quarter. The current
quarter interest income of $225 million increased $10.7 million, or
5 percent, over the prior quarter and was driven primarily by the
increase in the loan portfolio and an increase in loan yields. The
current quarter interest income increased $32.3 million, or 17
percent, over the prior year fourth quarter due to organic loan
growth and increased loan yields, which more than offset the $8.5
million decrease in interest income from the PPP loans.
The current quarter interest expense of $21.0
million increased $12.0 million, or 132 percent, over the prior
quarter and increased $15.8 million, or 304 percent, over the prior
year fourth quarter primarily the result of an increase in
borrowings to fund the Company’s loan growth and reduction in
deposits. Core deposit cost (including non-interest bearing
deposits) was 8 basis points for the current quarter compared to 6
basis points in the prior quarter and 7 basis points for the prior
year fourth quarter. The total cost of funding (including
non-interest bearing deposits) was 35 basis points in the current
quarter compared to 15 basis points in the prior quarter and 9
basis points in the prior year fourth quarter which was the result
of the increased borrowings and borrowing rates.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 3.30 percent compared to 3.34 percent in the
prior quarter and 3.21 percent in the prior year fourth quarter.
The core net interest margin, excluding discount accretion, the
impact from non-accrual interest and the impact from the PPP loans,
was 3.27 percent compared to 3.29 percent in the prior quarter and
3.04 percent in the prior year fourth quarter. The core net
interest margin decreased 2 basis points in the current quarter as
a result of increased borrowing costs. The core loan yield of 4.79
percent in the current quarter increased 19 basis points from the
prior quarter core loan yield of 4.60 percent and increased 36
basis points from the prior year fourth quarter core loan yield of
4.43 percent. “The Bank divisions have been excellent in pricing
loans at higher yields as interest rates have increased,” said Ron
Copher, Chief Financial Officer.
Non-interest IncomeNon-interest income for the
current quarter totaled $28.5 million which was a decrease of $1.9
million, or 6 percent, over the prior quarter and a decrease of
$5.9 million, or 17 percent, over the same quarter last year which
was primarily driven by the decrease in gain on sale of residential
loans. Gain on the sale of residential loans of $2.2 million for
the current quarter decreased $1.7 million, or 43 percent, compared
to the prior quarter and decreased $9.3 million, or 81 percent,
from the prior year fourth quarter. The current quarter mortgage
activity was lower than prior periods as a result of the continued
reduction in residential purchase and refinance activity as
mortgage rates continued to rise.
Non-interest Expense Summary
|
Three Months ended |
(Dollars in thousands) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Jun 30,2022 |
|
Mar 31,2022 |
|
Dec 31,2021 |
Compensation and employee
benefits |
$ |
79,814 |
|
|
80,612 |
|
|
79,803 |
|
|
79,074 |
|
|
77,703 |
|
Occupancy and equipment |
|
10,734 |
|
|
10,797 |
|
|
10,766 |
|
|
10,964 |
|
|
11,259 |
|
Advertising and promotions |
|
3,558 |
|
|
3,768 |
|
|
3,766 |
|
|
3,232 |
|
|
3,436 |
|
Data
processing |
|
8,079 |
|
|
7,716 |
|
|
7,553 |
|
|
7,475 |
|
|
7,468 |
|
Other
real estate owned and foreclosed assets |
|
5 |
|
|
66 |
|
|
6 |
|
|
— |
|
|
34 |
|
Regulatory assessments and insurance |
|
3,425 |
|
|
3,339 |
|
|
3,085 |
|
|
3,055 |
|
|
2,657 |
|
Core
deposit intangibles amortization |
|
2,664 |
|
|
2,665 |
|
|
2,665 |
|
|
2,664 |
|
|
2,807 |
|
Other
expenses |
|
20,700 |
|
|
21,097 |
|
|
21,877 |
|
|
23,844 |
|
|
28,683 |
|
Total non-interest expense |
$ |
128,979 |
|
|
130,060 |
|
|
129,521 |
|
|
130,308 |
|
|
134,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands) |
|
|
Sep 30,2022 |
|
Jun 30,2022 |
|
Mar 31,2022 |
|
Dec 31,2021 |
Compensation and employee
benefits |
|
|
$ |
(798 |
) |
|
11 |
|
|
740 |
|
|
2,111 |
|
Occupancy and equipment |
|
|
|
(63 |
) |
|
(32 |
) |
|
(230 |
) |
|
(525 |
) |
Advertising and promotions |
|
|
|
(210 |
) |
|
(208 |
) |
|
326 |
|
|
122 |
|
Data
processing |
|
|
|
363 |
|
|
526 |
|
|
604 |
|
|
611 |
|
Other
real estate owned and foreclosed assets |
|
|
|
(61 |
) |
|
(1 |
) |
|
5 |
|
|
(29 |
) |
Regulatory assessments and insurance |
|
|
|
86 |
|
|
340 |
|
|
370 |
|
|
768 |
|
Core
deposit intangibles amortization |
|
|
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
(143 |
) |
Other
expenses |
|
|
|
(397 |
) |
|
(1,177 |
) |
|
(3,144 |
) |
|
(7,983 |
) |
Total non-interest expense |
|
|
$ |
(1,081 |
) |
|
(542 |
) |
|
(1,329 |
) |
|
(5,068 |
) |
Total non-interest expense of $129 million for
the current quarter decreased $1.1 million, or 1 percent, over the
prior quarter. Excluding a current quarter $2.5 million gain on the
sale of former branch buildings included in other expenses, total
non-interest expense was $131 million for the current quarter which
increased $1.1 million or 1 percent, over the prior quarter which
was driven by several miscellaneous category increases.
Total non-interest expense for the current
quarter decreased $5.1 million, or 4 percent over the prior year
fourth quarter. Compensation and employee benefit expense of $79.8
million increased $2.1 million, or 3 percent, over the prior year
fourth quarter primarily from annual salary increases and benefit
adjustments which more than offset the decrease in commission
expense resulting from the slowing of mortgage loan sales. Other
expense of $20.7 million for the current quarter decreased $8.0
million or 28 percent from the prior year fourth quarter and was
the result of the decrease in acquisition-related expenses and the
current quarter gain on the sale of the former branch buildings.
Acquisition-related expenses was $804 thousand in the current
quarter compared to $892 thousand in the prior quarter and
$8.2 million in the prior year fourth quarter.
Federal and State Income Tax ExpenseTax expense
during the fourth quarter of 2022 was $17.8 million, a decrease of
$232 thousand, or 1 percent, compared to the prior quarter and an
increase of $8.5 million, or 92 percent, from the prior year fourth
quarter. The effective tax rate in the current quarter was 18.2
percent compared to 18.5 percent in the prior quarter and 15.5
percent in the prior year fourth quarter.
Efficiency RatioThe efficiency ratio was 53.18
percent in the current quarter compared to 52.76 percent in the
prior quarter and 57.68 percent in the prior year fourth
quarter. Excluding acquisition-related expenses, the efficiency
ratio would have been 52.84 percent in the current quarter compared
to 52.39 percent in the prior quarter and 54.09 percent in the
prior year fourth quarter.
Operating Results for Year Ended
December 31, 2022Compared to
December 31, 2021
Income Summary
|
Year ended |
|
|
(Dollars in thousands) |
Dec 31,2022 |
|
Dec 31,2021 |
|
$ Change |
|
% Change |
Net
interest income |
|
|
|
|
|
|
|
Interest income |
$ |
829,640 |
|
|
$ |
681,074 |
|
|
$ |
148,566 |
|
|
22 % |
Interest expense |
|
41,261 |
|
|
|
18,558 |
|
|
|
22,703 |
|
|
122 % |
Total net interest income |
|
788,379 |
|
|
|
662,516 |
|
|
|
125,863 |
|
|
19 % |
Non-interest income |
|
|
|
|
|
|
|
Service charges and other fees |
|
72,124 |
|
|
|
59,317 |
|
|
|
12,807 |
|
|
22 % |
Miscellaneous loan fees and charges |
|
15,350 |
|
|
|
12,038 |
|
|
|
3,312 |
|
|
28 % |
Gain on sale of loans |
|
20,032 |
|
|
|
63,063 |
|
|
|
(43,031 |
) |
|
(68) % |
Gain on sale of investments |
|
620 |
|
|
|
(638 |
) |
|
|
1,258 |
|
|
(197) % |
Other income |
|
12,606 |
|
|
|
11,040 |
|
|
|
1,566 |
|
|
14 % |
Total non-interest income |
|
120,732 |
|
|
|
144,820 |
|
|
|
(24,088 |
) |
|
(17) % |
Total Income |
$ |
909,111 |
|
|
$ |
807,336 |
|
|
$ |
101,775 |
|
|
13 % |
Net interest margin
(tax-equivalent) |
|
3.27 |
% |
|
|
3.42 |
% |
|
|
|
|
Net Interest IncomeNet-interest income of $788
million for 2022 increased $126 million, or 19 percent, over 2021.
Interest income of $830 million for the current year increased $149
million, or 22 percent, from the prior year and was primarily
attributable to the acquisition of Alta and organic loan
growth.
Interest expense of $41.3 million for 2022
increased $22.7 million, or 122 percent over the prior year and was
the result of increased borrowings and higher interest rates. Core
deposit cost (including non-interest bearing deposits) was 7 basis
points for both 2022 and 2021. The total funding cost (including
non-interest bearing deposits) for 2022 was 18 basis points, which
increased 8 basis points compared to 10 basis points in 2021 driven
by the increased borrowing rates.
The net interest margin as a percentage of
earning assets, on a tax-equivalent basis, during 2022 was 3.27
percent, a 15 basis points decrease from the net interest margin of
3.42 percent for the same period in the prior year. The core net
interest margin, excluding discount accretion, the impact from
non-accrual interest and the impact from the PPP loans, was 3.20
percent which was a 4 basis point decrease from the core margin of
3.24 percent in the prior year.
Non-interest IncomeNon-interest income of $120.7
million for 2022 decreased $24.1 million, or 17 percent, over the
same period last year and was principally due to the $43.0 million,
or 68 percent, decrease in gain on sale of residential loans.
Service charges and other fees of $72.1 million for 2022 increased
$12.8 million, or 22 percent, from the prior year same period as a
result of additional fees from increased customer accounts,
transaction activity and the acquisition of Alta. Miscellaneous
loan fees and charges increased $3.3 million, or 28 percent,
primarily driven by increases in credit card interchange fees due
to increased activity and the acquisition of Alta.
Non-interest Expense Summary
|
Year ended |
|
|
|
|
(Dollars in thousands) |
Dec 31,2022 |
|
Dec 31,2021 |
|
$ Change |
|
% Change |
Compensation and employee
benefits |
$ |
319,303 |
|
$ |
270,644 |
|
$ |
48,659 |
|
|
18 % |
Occupancy and equipment |
|
43,261 |
|
|
39,394 |
|
|
3,867 |
|
|
10 % |
Advertising and promotions |
|
14,324 |
|
|
11,949 |
|
|
2,375 |
|
|
20 % |
Data
processing |
|
30,823 |
|
|
23,470 |
|
|
7,353 |
|
|
31 % |
Other
real estate owned and foreclosed assets |
|
77 |
|
|
236 |
|
|
(159 |
) |
|
(67)% |
Regulatory assessments and insurance |
|
12,904 |
|
|
8,249 |
|
|
4,655 |
|
|
56 % |
Core
deposit intangibles amortization |
|
10,658 |
|
|
10,271 |
|
|
387 |
|
|
4 % |
Other
expenses |
|
87,518 |
|
|
70,609 |
|
|
16,909 |
|
|
24 % |
Total non-interest expense |
$ |
518,868 |
|
$ |
434,822 |
|
$ |
84,046 |
|
|
19 % |
Total non-interest expense of $519 million for
2022 increased $84.0 million, or 19 percent, over the prior year
and was primarily driven by the increased costs from the
acquisition of Alta. Total non-interest expense for Altabank
division in 2022 was $75.5 million, an increase of $56.7 million
over prior year non-interest expense of $18.9 million as a result
of the acquisition occurring in the fourth quarter of 2021.
Excluding the increase from the Altabank division, compensation and
employee benefits increased $22.0 million, or 8 percent, over the
prior year which was driven by annual salary increases and a
reduction in deferred compensation from loan originations which
more than offset the decrease in commission expense resulting from
the slowing of mortgage loan sales. Data processing expense of
$30.8 million for 2022, increased $7.4 million, or 31 percent, and
was driven by increases from the Altabank division and expenses
associated with technology infrastructure improvements. Other
expenses of $87.5 million for 2022, increased $16.9 million, or 24
percent, from the prior year which was driven by increased costs
from the Altabank division, general operating cost increases, and
outside services associated with technology infrastructure
improvements. Acquisition-related expenses were $10.0 million in
the current year compared to $9.8 million in the prior year.
Provision for Credit Losses
The provision for credit loss expense was $19.9
million for 2022, including provision for credit loss expense of
$17.4 million on the loan portfolio and credit loss expense of $2.5
million on unfunded loan commitments. The prior year credit loss
expense of $16.4 million on the loan portfolio included $18.1
million of provision for credit loss from the acquisition of Alta
to fully fund an allowance for credit losses post-acquisition.
Excluding the impact from the acquisition of Alta, the provision
for credit loss expense of $17.4 million on the loan portfolio in
the current year increased $19.1 million over the prior year which
was primarily attributable to organic loan growth during the
current year. Net charge-offs during the current year were $7.8
million compared to $2.3 million during the prior year.
Federal and State Income Tax ExpenseTax expense
of $67.1 for 2022 increased $2.4 million, or 4 percent, over the
prior year. The effective tax rate for 2022 was 18.1 percent
compared to 18.5 percent in the prior year.
Efficiency RatioThe efficiency ratio was 54.64
percent for 2022 compared to 51.35 percent for last year. Excluding
the impact from the PPP loans and acquisition related expenses, the
efficiency ratio was 53.88 in 2022 compared to 53.07 in 2021.
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,” “intends,”
“plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or
the negative version of those words 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 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 (express or implied) 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 in 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
Federal Reserve System or the Federal Reserve Board, which could
adversely affect the Company’s net interest income and margin,
overall profitability, and stockholders’ equity;
- legislative or regulatory changes,
as well as increased banking and consumer protection regulation,
that may adversely affect the Company’s business;
- 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;
- the effects from military action in
Ukraine, including the broader impacts to financial markets and
economic conditions; 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,
January 27, 2023. 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/BIc0df24de0cb44359909dc4a7bbc51bb5.
To participate on the webcast, log on to:
https://edge.media-server.com/mmc/p/2jvw627b. If you are unable to
participate during the live webcast, the call will be archived on
our website, www.glacierbancorp.com.
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), North Cascades Bank (Chelan, WA),
The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT),
and Western Security Bank (Billings, MT).
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Financial Condition
(Dollars in thousands, except
per share data) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Assets |
|
|
|
|
|
Cash on hand and in banks |
$ |
300,194 |
|
|
260,456 |
|
|
198,087 |
|
Interest bearing cash deposits |
|
101,801 |
|
|
164,756 |
|
|
239,599 |
|
Cash and cash equivalents |
|
401,995 |
|
|
425,212 |
|
|
437,686 |
|
Debt securities, available-for-sale |
|
5,307,307 |
|
|
5,755,076 |
|
|
9,170,849 |
|
Debt securities, held-to-maturity |
|
3,715,052 |
|
|
3,756,634 |
|
|
1,199,164 |
|
Total debt securities |
|
9,022,359 |
|
|
9,511,710 |
|
|
10,370,013 |
|
Loans held for sale, at fair value |
|
12,314 |
|
|
21,720 |
|
|
60,797 |
|
Loans receivable |
|
15,246,812 |
|
|
14,851,233 |
|
|
13,432,031 |
|
Allowance for credit losses |
|
(182,283 |
) |
|
(178,191 |
) |
|
(172,665 |
) |
Loans receivable, net |
|
15,064,529 |
|
|
14,673,042 |
|
|
13,259,366 |
|
Premises and equipment, net |
|
398,100 |
|
|
395,639 |
|
|
372,597 |
|
Other real estate owned and foreclosed assets |
|
32 |
|
|
42 |
|
|
18 |
|
Accrued interest receivable |
|
83,538 |
|
|
93,300 |
|
|
76,673 |
|
Deferred tax asset |
|
193,187 |
|
|
204,351 |
|
|
27,693 |
|
Core deposit intangible, net |
|
41,601 |
|
|
44,265 |
|
|
52,259 |
|
Goodwill |
|
985,393 |
|
|
985,393 |
|
|
985,393 |
|
Non-marketable equity securities |
|
82,015 |
|
|
38,215 |
|
|
10,020 |
|
Bank-owned life insurance |
|
169,068 |
|
|
168,187 |
|
|
167,671 |
|
Other assets |
|
181,244 |
|
|
171,878 |
|
|
120,459 |
|
Total assets |
$ |
26,635,375 |
|
|
26,732,954 |
|
|
25,940,645 |
|
Liabilities |
|
|
|
|
|
Non-interest bearing deposits |
$ |
7,690,751 |
|
|
8,294,363 |
|
|
7,779,288 |
|
Interest bearing deposits |
|
12,915,804 |
|
|
13,585,279 |
|
|
13,557,961 |
|
Securities sold under agreements to repurchase |
|
945,916 |
|
|
887,483 |
|
|
1,020,794 |
|
FHLB advances |
|
1,800,000 |
|
|
705,000 |
|
|
— |
|
Other borrowed funds |
|
77,293 |
|
|
77,671 |
|
|
44,094 |
|
Subordinated debentures |
|
132,782 |
|
|
132,742 |
|
|
132,620 |
|
Accrued interest payable |
|
4,331 |
|
|
2,740 |
|
|
2,409 |
|
Other liabilities |
|
225,193 |
|
|
275,319 |
|
|
225,857 |
|
Total liabilities |
|
23,792,070 |
|
|
23,960,597 |
|
|
22,763,023 |
|
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 and
117,187,500 shares authorized at December 31, 2022, and
December 31, 2021, respectively |
|
1,108 |
|
|
1,108 |
|
|
1,107 |
|
Paid-in capital |
|
2,344,005 |
|
|
2,342,452 |
|
|
2,338,814 |
|
Retained earnings - substantially restricted |
|
966,984 |
|
|
923,945 |
|
|
810,342 |
|
Accumulated other comprehensive (loss) income |
|
(468,792 |
) |
|
(495,148 |
) |
|
27,359 |
|
Total stockholders’ equity |
|
2,843,305 |
|
|
2,772,357 |
|
|
3,177,622 |
|
Total liabilities and stockholders’ equity |
$ |
26,635,375 |
|
|
26,732,954 |
|
|
25,940,645 |
|
Glacier Bancorp,
Inc.Unaudited Condensed Consolidated Statements of
Operations
|
Three Months ended |
|
Year ended |
(Dollars in thousands, except
per share data) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Dec 31,2022 |
|
Dec 31,2021 |
Interest Income |
|
|
|
|
|
|
|
|
|
Investment securities |
$ |
43,818 |
|
43,722 |
|
|
35,711 |
|
|
169,035 |
|
122,099 |
|
Residential real estate loans |
|
14,964 |
|
13,738 |
|
|
13,728 |
|
|
57,243 |
|
43,300 |
|
Commercial loans |
|
150,462 |
|
142,692 |
|
|
131,158 |
|
|
548,969 |
|
471,061 |
|
Consumer and other loans |
|
15,841 |
|
14,250 |
|
|
12,228 |
|
|
54,393 |
|
44,614 |
|
Total interest income |
|
225,085 |
|
214,402 |
|
|
192,825 |
|
|
829,640 |
|
681,074 |
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
Deposits |
|
4,642 |
|
3,279 |
|
|
3,708 |
|
|
14,526 |
|
12,135 |
|
Securities sold under agreements to repurchase |
|
1,765 |
|
675 |
|
|
467 |
|
|
3,200 |
|
2,303 |
|
Federal Home Loan Bank advances |
|
12,689 |
|
3,318 |
|
|
— |
|
|
17,317 |
|
— |
|
Other borrowed funds |
|
464 |
|
380 |
|
|
184 |
|
|
1,329 |
|
713 |
|
Subordinated debentures |
|
1,466 |
|
1,423 |
|
|
844 |
|
|
4,889 |
|
3,407 |
|
Total interest expense |
|
21,026 |
|
9,075 |
|
|
5,203 |
|
|
41,261 |
|
18,558 |
|
Net Interest
Income |
|
204,059 |
|
205,327 |
|
|
187,622 |
|
|
788,379 |
|
662,516 |
|
Provision for credit losses |
|
6,124 |
|
8,341 |
|
|
27,956 |
|
|
19,963 |
|
23,076 |
|
Net interest income after provision for credit losses |
|
197,935 |
|
196,986 |
|
|
159,666 |
|
|
768,416 |
|
639,440 |
|
Non-Interest
Income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
18,734 |
|
18,970 |
|
|
17,576 |
|
|
72,124 |
|
59,317 |
|
Miscellaneous loan fees and charges |
|
3,905 |
|
4,040 |
|
|
3,745 |
|
|
15,350 |
|
12,038 |
|
Gain on sale of loans |
|
2,175 |
|
3,846 |
|
|
11,431 |
|
|
20,032 |
|
63,063 |
|
Gain (loss) on sale of debt securities |
|
519 |
|
(85 |
) |
|
(693 |
) |
|
620 |
|
(638 |
) |
Other income |
|
3,150 |
|
3,635 |
|
|
2,303 |
|
|
12,606 |
|
11,040 |
|
Total non-interest income |
|
28,483 |
|
30,406 |
|
|
34,362 |
|
|
120,732 |
|
144,820 |
|
Non-Interest
Expense |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
79,814 |
|
80,612 |
|
|
77,703 |
|
|
319,303 |
|
270,644 |
|
Occupancy and equipment |
|
10,734 |
|
10,797 |
|
|
11,259 |
|
|
43,261 |
|
39,394 |
|
Advertising and promotions |
|
3,558 |
|
3,768 |
|
|
3,436 |
|
|
14,324 |
|
11,949 |
|
Data processing |
|
8,079 |
|
7,716 |
|
|
7,468 |
|
|
30,823 |
|
23,470 |
|
Other real estate owned and foreclosed assets |
|
5 |
|
66 |
|
|
34 |
|
|
77 |
|
236 |
|
Regulatory assessments and insurance |
|
3,425 |
|
3,339 |
|
|
2,657 |
|
|
12,904 |
|
8,249 |
|
Core deposit intangibles amortization |
|
2,664 |
|
2,665 |
|
|
2,807 |
|
|
10,658 |
|
10,271 |
|
Other expenses |
|
20,700 |
|
21,097 |
|
|
28,683 |
|
|
87,518 |
|
70,609 |
|
Total non-interest expense |
|
128,979 |
|
130,060 |
|
|
134,047 |
|
|
518,868 |
|
434,822 |
|
Income Before Income
Taxes |
|
97,439 |
|
97,332 |
|
|
59,981 |
|
|
370,280 |
|
349,438 |
|
Federal and state income tax expense |
|
17,762 |
|
17,994 |
|
|
9,272 |
|
|
67,078 |
|
64,681 |
|
Net
Income |
$ |
79,677 |
|
79,338 |
|
|
50,709 |
|
|
303,202 |
|
284,757 |
|
Glacier Bancorp,
Inc.Average Balance Sheets
|
Three Months ended |
|
December 31, 2022 |
|
September 30, 2022 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,424,550 |
|
|
$ |
14,964 |
|
4.20 |
% |
|
$ |
1,338,606 |
|
|
$ |
13,738 |
|
4.11 |
% |
Commercial loans 1 |
|
12,419,414 |
|
|
|
152,169 |
|
4.86 |
% |
|
|
12,146,551 |
|
|
|
144,357 |
|
4.72 |
% |
Consumer and other loans |
|
1,183,727 |
|
|
|
15,841 |
|
5.31 |
% |
|
|
1,156,305 |
|
|
|
14,250 |
|
4.89 |
% |
Total loans 2 |
|
15,027,691 |
|
|
|
182,974 |
|
4.83 |
% |
|
|
14,641,462 |
|
|
|
172,345 |
|
4.67 |
% |
Tax-exempt debt securities 3 |
|
1,960,007 |
|
|
|
17,877 |
|
3.65 |
% |
|
|
2,000,404 |
|
|
|
18,484 |
|
3.70 |
% |
Taxable debt securities 4 |
|
8,200,203 |
|
|
|
29,717 |
|
1.45 |
% |
|
|
8,426,933 |
|
|
|
29,297 |
|
1.39 |
% |
Total earning assets |
|
25,187,901 |
|
|
|
230,568 |
|
3.63 |
% |
|
|
25,068,799 |
|
|
|
220,126 |
|
3.48 |
% |
Goodwill and intangibles |
|
1,028,277 |
|
|
|
|
|
|
|
1,030,961 |
|
|
|
|
|
Non-earning assets |
|
436,260 |
|
|
|
|
|
|
|
604,754 |
|
|
|
|
|
Total assets |
$ |
26,652,438 |
|
|
|
|
|
|
$ |
26,704,514 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
8,010,053 |
|
|
$ |
— |
|
— |
% |
|
$ |
8,158,207 |
|
|
$ |
— |
|
— |
% |
NOW and DDA accounts |
|
5,388,062 |
|
|
|
1,077 |
|
0.08 |
% |
|
|
5,473,458 |
|
|
|
794 |
|
0.06 |
% |
Savings accounts |
|
3,255,091 |
|
|
|
355 |
|
0.04 |
% |
|
|
3,319,167 |
|
|
|
260 |
|
0.03 |
% |
Money market deposit accounts |
|
3,679,866 |
|
|
|
2,168 |
|
0.23 |
% |
|
|
3,999,758 |
|
|
|
1,483 |
|
0.15 |
% |
Certificate accounts |
|
882,490 |
|
|
|
834 |
|
0.37 |
% |
|
|
940,507 |
|
|
|
722 |
|
0.30 |
% |
Total core deposits |
|
21,215,562 |
|
|
|
4,434 |
|
0.08 |
% |
|
|
21,891,097 |
|
|
|
3,259 |
|
0.06 |
% |
Wholesale deposits 5 |
|
22,462 |
|
|
|
208 |
|
3.69 |
% |
|
|
3,946 |
|
|
|
20 |
|
2.05 |
% |
Repurchase agreements |
|
873,819 |
|
|
|
1,765 |
|
0.80 |
% |
|
|
917,104 |
|
|
|
675 |
|
0.29 |
% |
FHLB advances |
|
1,291,087 |
|
|
|
12,689 |
|
3.85 |
% |
|
|
541,630 |
|
|
|
3,318 |
|
2.40 |
% |
Subordinated debentures and other borrowed funds |
|
211,953 |
|
|
|
1,930 |
|
3.61 |
% |
|
|
202,383 |
|
|
|
1,803 |
|
3.54 |
% |
Total funding liabilities |
|
23,614,883 |
|
|
|
21,026 |
|
0.35 |
% |
|
|
23,556,160 |
|
|
|
9,075 |
|
0.15 |
% |
Other liabilities |
|
252,298 |
|
|
|
|
|
|
|
261,735 |
|
|
|
|
|
Total liabilities |
|
23,867,181 |
|
|
|
|
|
|
|
23,817,895 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,108 |
|
|
|
|
|
|
|
1,108 |
|
|
|
|
|
Paid-in capital |
|
2,343,157 |
|
|
|
|
|
|
|
2,341,648 |
|
|
|
|
|
Retained earnings |
|
946,195 |
|
|
|
|
|
|
|
920,372 |
|
|
|
|
|
Accumulated other comprehensive (loss) income |
|
(505,203 |
) |
|
|
|
|
|
|
(376,509 |
) |
|
|
|
|
Total stockholders’ equity |
|
2,785,257 |
|
|
|
|
|
|
|
2,886,619 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
26,652,438 |
|
|
|
|
|
|
$ |
26,704,514 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
209,542 |
|
|
|
|
|
$ |
211,051 |
|
|
Net
interest spread (tax-equivalent) |
|
|
|
|
3.28 |
% |
|
|
|
|
|
3.33 |
% |
Net
interest margin (tax-equivalent) |
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.34 |
% |
______________________________
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, 2022 and September 30, 2022,
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 $3.6 million and $3.8
million on tax-exempt debt securities income for the three months
ended December 31, 2022 and September 30, 2022,
respectively.4 Includes tax effect of $225 thousand and $225
thousand on federal income tax credits for the three months ended
December 31, 2022 and September 30, 2022, 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 |
|
December 31, 2022 |
|
December 31, 2021 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,424,550 |
|
|
$ |
14,964 |
|
4.20 |
% |
|
$ |
1,104,232 |
|
$ |
13,728 |
|
4.97 |
% |
Commercial loans 1 |
|
12,419,414 |
|
|
|
152,169 |
|
4.86 |
% |
|
|
11,184,129 |
|
|
132,561 |
|
4.70 |
% |
Consumer and other loans |
|
1,183,727 |
|
|
|
15,841 |
|
5.31 |
% |
|
|
1,082,341 |
|
|
12,228 |
|
4.48 |
% |
Total loans 2 |
|
15,027,691 |
|
|
|
182,974 |
|
4.83 |
% |
|
|
13,370,702 |
|
|
158,517 |
|
4.70 |
% |
Tax-exempt debt securities 3 |
|
1,960,007 |
|
|
|
17,877 |
|
3.65 |
% |
|
|
1,693,761 |
|
|
15,552 |
|
3.67 |
% |
Taxable debt securities 4 |
|
8,200,203 |
|
|
|
29,717 |
|
1.45 |
% |
|
|
8,709,938 |
|
|
23,555 |
|
1.08 |
% |
Total earning assets |
|
25,187,901 |
|
|
|
230,568 |
|
3.63 |
% |
|
|
23,774,401 |
|
|
197,624 |
|
3.30 |
% |
Goodwill and intangibles |
|
1,028,277 |
|
|
|
|
|
|
|
1,031,002 |
|
|
|
|
Non-earning assets |
|
436,260 |
|
|
|
|
|
|
|
950,923 |
|
|
|
|
Total assets |
$ |
26,652,438 |
|
|
|
|
|
|
$ |
25,756,326 |
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
8,010,053 |
|
|
$ |
— |
|
— |
% |
|
$ |
7,955,888 |
|
$ |
— |
|
— |
% |
NOW and DDA accounts |
|
5,388,062 |
|
|
|
1,077 |
|
0.08 |
% |
|
|
5,120,484 |
|
|
970 |
|
0.08 |
% |
Savings accounts |
|
3,255,091 |
|
|
|
355 |
|
0.04 |
% |
|
|
3,133,654 |
|
|
346 |
|
0.04 |
% |
Money market deposit accounts |
|
3,679,866 |
|
|
|
2,168 |
|
0.23 |
% |
|
|
3,883,818 |
|
|
1,374 |
|
0.14 |
% |
Certificate accounts |
|
882,490 |
|
|
|
834 |
|
0.37 |
% |
|
|
1,051,787 |
|
|
1,004 |
|
0.38 |
% |
Total core deposits |
|
21,215,562 |
|
|
|
4,434 |
|
0.08 |
% |
|
|
21,145,631 |
|
|
3,694 |
|
0.07 |
% |
Wholesale deposits 5 |
|
22,462 |
|
|
|
208 |
|
3.69 |
% |
|
|
26,104 |
|
|
14 |
|
0.21 |
% |
Repurchase agreements |
|
873,819 |
|
|
|
1,765 |
|
0.80 |
% |
|
|
1,015,369 |
|
|
467 |
|
0.18 |
% |
FHLB advances |
|
1,291,087 |
|
|
|
12,689 |
|
3.85 |
% |
|
|
— |
|
|
— |
|
— |
% |
Subordinated debentures and other borrowed funds |
|
211,953 |
|
|
|
1,930 |
|
3.61 |
% |
|
|
167,545 |
|
|
1,028 |
|
2.43 |
% |
Total funding liabilities |
|
23,614,883 |
|
|
|
21,026 |
|
0.35 |
% |
|
|
22,354,649 |
|
|
5,203 |
|
0.09 |
% |
Other liabilities |
|
252,298 |
|
|
|
|
|
|
|
199,207 |
|
|
|
|
Total liabilities |
|
23,867,181 |
|
|
|
|
|
|
|
22,553,856 |
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,108 |
|
|
|
|
|
|
|
1,107 |
|
|
|
|
Paid-in capital |
|
2,343,157 |
|
|
|
|
|
|
|
2,338,013 |
|
|
|
|
Retained earnings |
|
946,195 |
|
|
|
|
|
|
|
815,726 |
|
|
|
|
Accumulated other comprehensive (loss) income |
|
(505,203 |
) |
|
|
|
|
|
|
47,624 |
|
|
|
|
Total stockholders’ equity |
|
2,785,257 |
|
|
|
|
|
|
|
3,202,470 |
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
26,652,438 |
|
|
|
|
|
|
$ |
25,756,326 |
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
209,542 |
|
|
|
|
|
$ |
192,421 |
|
|
Net
interest spread (tax-equivalent) |
|
|
|
|
3.28 |
% |
|
|
|
|
|
3.21 |
% |
Net
interest margin (tax-equivalent) |
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.21 |
% |
______________________________
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, 2022 and 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 $3.6 million and $3.2 million on tax-exempt debt
securities income for the three months ended December 31, 2022
and 2021, respectively.4 Includes tax effect of $225 thousand and
$225 thousand on federal income tax credits for the three months
ended December 31, 2022 and 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)
|
Year ended |
|
December 31, 2022 |
|
December 31, 2021 |
(Dollars in thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
1,284,029 |
|
|
$ |
57,243 |
|
4.46 |
% |
|
$ |
910,300 |
|
$ |
43,300 |
|
4.76 |
% |
Commercial loans 1 |
|
11,902,971 |
|
|
|
555,244 |
|
4.66 |
% |
|
|
9,900,056 |
|
|
476,678 |
|
4.81 |
% |
Consumer and other loans |
|
1,131,000 |
|
|
|
54,393 |
|
4.81 |
% |
|
|
993,082 |
|
|
44,614 |
|
4.49 |
% |
Total loans 2 |
|
14,318,000 |
|
|
|
666,880 |
|
4.66 |
% |
|
|
11,803,438 |
|
|
564,592 |
|
4.78 |
% |
Tax-exempt debt securities 3 |
|
1,916,731 |
|
|
|
70,438 |
|
3.67 |
% |
|
|
1,584,313 |
|
|
59,713 |
|
3.77 |
% |
Taxable debt securities 4 |
|
8,546,792 |
|
|
|
113,952 |
|
1.33 |
% |
|
|
6,512,202 |
|
|
75,553 |
|
1.16 |
% |
Total earning assets |
|
24,781,523 |
|
|
|
851,270 |
|
3.44 |
% |
|
|
19,899,953 |
|
|
699,858 |
|
3.52 |
% |
Goodwill and intangibles |
|
1,032,263 |
|
|
|
|
|
|
|
683,000 |
|
|
|
|
Non-earning assets |
|
603,401 |
|
|
|
|
|
|
|
850,742 |
|
|
|
|
Total assets |
$ |
26,417,187 |
|
|
|
|
|
|
$ |
21,433,695 |
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
8,005,821 |
|
|
$ |
— |
|
— |
% |
|
$ |
6,544,843 |
|
$ |
— |
|
— |
% |
NOW and DDA accounts |
|
5,387,277 |
|
|
|
3,439 |
|
0.06 |
% |
|
|
4,325,071 |
|
|
2,737 |
|
0.06 |
% |
Savings accounts |
|
3,270,799 |
|
|
|
1,191 |
|
0.04 |
% |
|
|
2,493,174 |
|
|
771 |
|
0.03 |
% |
Money market deposit accounts |
|
3,926,737 |
|
|
|
6,401 |
|
0.16 |
% |
|
|
3,144,507 |
|
|
3,914 |
|
0.12 |
% |
Certificate accounts |
|
955,829 |
|
|
|
3,249 |
|
0.34 |
% |
|
|
976,894 |
|
|
4,643 |
|
0.48 |
% |
Total core deposits |
|
21,546,463 |
|
|
|
14,280 |
|
0.07 |
% |
|
|
17,484,489 |
|
|
12,065 |
|
0.07 |
% |
Wholesale deposits 5 |
|
11,862 |
|
|
|
246 |
|
2.07 |
% |
|
|
31,103 |
|
|
70 |
|
0.22 |
% |
Repurchase agreements |
|
920,955 |
|
|
|
3,200 |
|
0.35 |
% |
|
|
994,968 |
|
|
2,302 |
|
0.23 |
% |
FHLB advances |
|
584,562 |
|
|
|
17,317 |
|
2.92 |
% |
|
|
— |
|
|
— |
|
— |
% |
Subordinated debentures and other borrowed funds |
|
196,139 |
|
|
|
6,218 |
|
3.17 |
% |
|
|
166,386 |
|
|
4,121 |
|
2.48 |
% |
Total funding liabilities |
|
23,259,981 |
|
|
|
41,261 |
|
0.18 |
% |
|
|
18,676,946 |
|
|
18,558 |
|
0.10 |
% |
Other liabilities |
|
249,832 |
|
|
|
|
|
|
|
186,068 |
|
|
|
|
Total liabilities |
|
23,509,813 |
|
|
|
|
|
|
|
18,863,014 |
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
1,107 |
|
|
|
|
|
|
|
993 |
|
|
|
|
Paid-in capital |
|
2,340,952 |
|
|
|
|
|
|
|
1,708,271 |
|
|
|
|
Retained earnings |
|
897,587 |
|
|
|
|
|
|
|
772,300 |
|
|
|
|
Accumulated other comprehensive income |
|
(332,272 |
) |
|
|
|
|
|
|
89,117 |
|
|
|
|
Total stockholders’ equity |
|
2,907,374 |
|
|
|
|
|
|
|
2,570,681 |
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
26,417,187 |
|
|
|
|
|
|
$ |
21,433,695 |
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
810,009 |
|
|
|
|
|
$ |
681,300 |
|
|
Net
interest spread (tax-equivalent) |
|
|
|
|
3.26 |
% |
|
|
|
|
|
3.42 |
% |
Net
interest margin (tax-equivalent) |
|
|
|
|
3.27 |
% |
|
|
|
|
|
3.42 |
% |
______________________________
1 Includes tax effect of $6.3 million and $5.6
million on tax-exempt municipal loan and lease income for the nine
months ended December 31, 2022 and 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 $14.5 million and $12.2 million on tax-exempt debt
securities income for the nine months ended December 31, 2022
and 2021, respectively.4 Includes tax effect of $901 thousand and
$990 thousand on federal income tax credits for the nine months
ended December 31, 2022 and 2021, 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) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Custom and owner occupied
construction |
$ |
298,461 |
|
|
$ |
288,977 |
|
|
$ |
263,758 |
|
|
3% |
|
13% |
Pre-sold
and spec construction |
|
297,895 |
|
|
|
291,146 |
|
|
|
257,568 |
|
|
2% |
|
16% |
Total residential construction |
|
596,356 |
|
|
|
580,123 |
|
|
|
521,326 |
|
|
3% |
|
14% |
Land development |
|
219,842 |
|
|
|
217,878 |
|
|
|
185,200 |
|
|
1% |
|
19% |
Consumer
land or lots |
|
206,604 |
|
|
|
204,241 |
|
|
|
173,305 |
|
|
1% |
|
19% |
Unimproved land |
|
104,662 |
|
|
|
101,684 |
|
|
|
81,064 |
|
|
3% |
|
29% |
Developed lots for operative builders |
|
60,987 |
|
|
|
62,800 |
|
|
|
41,840 |
|
|
(3)% |
|
46% |
Commercial lots |
|
93,952 |
|
|
|
94,395 |
|
|
|
99,418 |
|
|
— |
|
(5)% |
Other
construction |
|
938,406 |
|
|
|
893,846 |
|
|
|
762,970 |
|
|
5% |
|
23% |
Total land, lot, and other construction |
|
1,624,453 |
|
|
|
1,574,844 |
|
|
|
1,343,797 |
|
|
3% |
|
21% |
Owner occupied |
|
2,833,469 |
|
|
|
2,811,614 |
|
|
|
2,645,841 |
|
|
1% |
|
7% |
Non-owner occupied |
|
3,531,673 |
|
|
|
3,448,044 |
|
|
|
3,056,658 |
|
|
2% |
|
16% |
Total commercial real estate |
|
6,365,142 |
|
|
|
6,259,658 |
|
|
|
5,702,499 |
|
|
2% |
|
12% |
Commercial and
industrial |
|
1,377,888 |
|
|
|
1,308,272 |
|
|
|
1,463,022 |
|
|
5% |
|
(6)% |
Agriculture |
|
735,553 |
|
|
|
770,282 |
|
|
|
751,185 |
|
|
(5)% |
|
(2)% |
1st lien |
|
1,808,502 |
|
|
|
1,738,151 |
|
|
|
1,393,267 |
|
|
4% |
|
30% |
Junior
lien |
|
40,445 |
|
|
|
36,677 |
|
|
|
34,830 |
|
|
10% |
|
16% |
Total 1-4 family |
|
1,848,947 |
|
|
|
1,774,828 |
|
|
|
1,428,097 |
|
|
4% |
|
29% |
Multifamily
residential |
|
622,185 |
|
|
|
574,366 |
|
|
|
545,001 |
|
|
8% |
|
14% |
Home equity lines of
credit |
|
872,899 |
|
|
|
841,143 |
|
|
|
761,990 |
|
|
4% |
|
15% |
Other
consumer |
|
220,035 |
|
|
|
219,036 |
|
|
|
207,513 |
|
|
— |
|
6% |
Total consumer |
|
1,092,934 |
|
|
|
1,060,179 |
|
|
|
969,503 |
|
|
3% |
|
13% |
States and political
subdivisions |
|
797,656 |
|
|
|
776,875 |
|
|
|
615,251 |
|
|
3% |
|
30% |
Other |
|
198,012 |
|
|
|
193,526 |
|
|
|
153,147 |
|
|
2% |
|
29% |
Total loans receivable, including loans held for sale |
|
15,259,126 |
|
|
|
14,872,953 |
|
|
|
13,492,828 |
|
|
3% |
|
13% |
Less loans held for
sale 1 |
|
(12,314) |
|
|
|
(21,720) |
|
|
|
(60,797) |
|
|
(43)% |
|
(80)% |
Total loans receivable |
$ |
15,246,812 |
|
|
$ |
14,851,233 |
|
|
$ |
13,432,031 |
|
|
3% |
|
14% |
______________________________
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 realestate ownedandforeclosedassets |
(Dollars in thousands) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Dec 31,2022 |
|
Dec 31,2022 |
|
Dec 31,2022 |
Custom and owner occupied
construction |
$ |
224 |
|
227 |
|
237 |
|
224 |
|
— |
|
— |
Pre-sold
and spec construction |
|
389 |
|
1,016 |
|
— |
|
389 |
|
— |
|
— |
Total residential construction |
|
613 |
|
1,243 |
|
237 |
|
613 |
|
— |
|
— |
Land development |
|
138 |
|
149 |
|
250 |
|
138 |
|
— |
|
— |
Consumer
land or lots |
|
278 |
|
285 |
|
309 |
|
145 |
|
133 |
|
— |
Unimproved land |
|
78 |
|
94 |
|
124 |
|
78 |
|
— |
|
— |
Developed lots for operative builders |
|
251 |
|
255 |
|
— |
|
251 |
|
— |
|
— |
Other
construction |
|
12,884 |
|
12,884 |
|
12,884 |
|
12,884 |
|
— |
|
— |
Total land, lot and other construction |
|
13,629 |
|
13,667 |
|
13,567 |
|
13,496 |
|
133 |
|
— |
Owner occupied |
|
2,076 |
|
2,687 |
|
3,918 |
|
1,763 |
|
313 |
|
— |
Non-owner occupied |
|
805 |
|
820 |
|
6,063 |
|
805 |
|
— |
|
— |
Total commercial real estate |
|
2,881 |
|
3,507 |
|
9,981 |
|
2,568 |
|
313 |
|
— |
Commercial and
Industrial |
|
3,326 |
|
3,453 |
|
3,066 |
|
2,760 |
|
542 |
|
24 |
Agriculture |
|
2,574 |
|
4,102 |
|
29,151 |
|
2,574 |
|
— |
|
— |
1st lien |
|
2,678 |
|
2,149 |
|
2,870 |
|
2,444 |
|
234 |
|
— |
Junior
lien |
|
166 |
|
139 |
|
136 |
|
159 |
|
7 |
|
— |
Total 1-4 family |
|
2,844 |
|
2,288 |
|
3,006 |
|
2,603 |
|
241 |
|
— |
Multifamily
residential |
|
4,535 |
|
4,635 |
|
6,548 |
|
4,535 |
|
— |
|
— |
Home equity lines of
credit |
|
1,393 |
|
1,550 |
|
1,563 |
|
1,255 |
|
138 |
|
— |
Other
consumer |
|
911 |
|
555 |
|
460 |
|
747 |
|
156 |
|
8 |
Total consumer |
|
2,304 |
|
2,105 |
|
2,023 |
|
2,002 |
|
294 |
|
8 |
Other |
|
36 |
|
59 |
|
112 |
|
— |
|
36 |
|
— |
Total |
$ |
32,742 |
|
35,059 |
|
67,691 |
|
31,151 |
|
1,559 |
|
32 |
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 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Sep 30,2022 |
|
Dec 31,2021 |
Custom and owner occupied
construction |
$ |
1,082 |
|
$ |
427 |
|
$ |
1,243 |
|
153% |
|
(13)% |
Pre-sold and spec
construction |
|
1,712 |
|
|
— |
|
|
443 |
|
n/m |
|
286% |
Total residential construction |
|
2,794 |
|
|
427 |
|
|
1,686 |
|
554% |
|
66% |
Land development |
|
— |
|
|
596 |
|
|
— |
|
(100)% |
|
n/m |
Consumer land or lots |
|
442 |
|
|
— |
|
|
149 |
|
n/m |
|
197% |
Unimproved land |
|
120 |
|
|
36 |
|
|
305 |
|
233% |
|
(61)% |
Developed lots for operative builders |
|
958 |
|
|
30 |
|
|
— |
|
3,093% |
|
n/m |
Commercial lots |
|
47 |
|
|
2,158 |
|
|
— |
|
(98)% |
|
n/m |
Other
construction |
|
209 |
|
|
— |
|
|
30,788 |
|
n/m |
|
(99)% |
Total land, lot and other construction |
|
1,776 |
|
|
2,820 |
|
|
31,242 |
|
(37)% |
|
(94)% |
Owner occupied |
|
3,478 |
|
|
527 |
|
|
1,739 |
|
560% |
|
100% |
Non-owner occupied |
|
496 |
|
|
— |
|
|
1,558 |
|
n/m |
|
(68)% |
Total commercial real estate |
|
3,974 |
|
|
527 |
|
|
3,297 |
|
654% |
|
21% |
Commercial and
industrial |
|
3,439 |
|
|
2,087 |
|
|
4,732 |
|
65% |
|
(27)% |
Agriculture |
|
1,367 |
|
|
641 |
|
|
459 |
|
113% |
|
198% |
1st lien |
|
2,174 |
|
|
761 |
|
|
2,197 |
|
186% |
|
(1)% |
Junior
lien |
|
190 |
|
|
72 |
|
|
87 |
|
164% |
|
118% |
Total 1-4 family |
|
2,364 |
|
|
833 |
|
|
2,284 |
|
184% |
|
4% |
Multifamily
Residential |
|
492 |
|
|
— |
|
|
— |
|
n/m |
|
n/m |
Home equity lines of
credit |
|
1,182 |
|
|
1,004 |
|
|
1,994 |
|
18% |
|
(41)% |
Other
consumer |
|
1,824 |
|
|
1,089 |
|
|
1,681 |
|
67% |
|
9% |
Total consumer |
|
3,006 |
|
|
2,093 |
|
|
3,675 |
|
44% |
|
(18)% |
States and political
subdivisions |
|
28 |
|
|
— |
|
|
1,733 |
|
n/m |
|
(98)% |
Other |
|
1,727 |
|
|
1,494 |
|
|
1,458 |
|
16% |
|
18% |
Total |
$ |
20,967 |
|
$ |
10,922 |
|
$ |
50,566 |
|
92% |
|
(59)% |
______________________________
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) |
Dec 31,2022 |
|
Sep 30,2022 |
|
Dec 31,2021 |
|
Dec 31,2022 |
|
Dec 31,2022 |
Custom and owner occupied
construction |
$ |
17 |
|
|
17 |
|
|
— |
|
|
17 |
|
— |
Pre-sold and spec
construction |
|
(15 |
) |
|
(12 |
) |
|
(15 |
) |
|
— |
|
15 |
Total residential construction |
|
2 |
|
|
5 |
|
|
(15 |
) |
|
17 |
|
15 |
Land development |
|
(34 |
) |
|
(24 |
) |
|
(233 |
) |
|
— |
|
34 |
Consumer
land or lots |
|
(46 |
) |
|
(46 |
) |
|
(165 |
) |
|
— |
|
46 |
Unimproved land |
|
— |
|
|
— |
|
|
(241 |
) |
|
— |
|
— |
Total land, lot and other construction |
|
(80 |
) |
|
(70 |
) |
|
(639 |
) |
|
— |
|
80 |
Owner occupied |
|
555 |
|
|
229 |
|
|
(423 |
) |
|
1,968 |
|
1,413 |
Non-owner occupied |
|
(242 |
) |
|
(4 |
) |
|
(357 |
) |
|
— |
|
242 |
Total commercial real estate |
|
313 |
|
|
225 |
|
|
(780 |
) |
|
1,968 |
|
1,655 |
Commercial and
industrial |
|
(70 |
) |
|
395 |
|
|
41 |
|
|
1,659 |
|
1,729 |
Agriculture |
|
(7 |
) |
|
(5 |
) |
|
(20 |
) |
|
— |
|
7 |
1st lien |
|
(109 |
) |
|
(99 |
) |
|
(331 |
) |
|
— |
|
109 |
Junior
lien |
|
(302 |
) |
|
(303 |
) |
|
(650 |
) |
|
6 |
|
308 |
Total 1-4 family |
|
(411 |
) |
|
(402 |
) |
|
(981 |
) |
|
6 |
|
417 |
Multifamily
residential |
|
136 |
|
|
— |
|
|
(40 |
) |
|
203 |
|
67 |
Home equity lines of
credit |
|
(91 |
) |
|
(98 |
) |
|
(621 |
) |
|
85 |
|
176 |
Other
consumer |
|
451 |
|
|
257 |
|
|
236 |
|
|
658 |
|
207 |
Total consumer |
|
360 |
|
|
159 |
|
|
(385 |
) |
|
743 |
|
383 |
Other |
|
7,572 |
|
|
5,540 |
|
|
5,148 |
|
|
10,374 |
|
2,802 |
Total |
$ |
7,815 |
|
|
5,847 |
|
|
2,329 |
|
|
14,970 |
|
7,155 |
Visit our website at www.glacierbancorp.com
CONTACT: Randall M. Chesler, CEO(406) 751-4722Ron J. Copher,
CFO(406) 751-7706
Glacier Bancorp (NYSE:GBCI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Glacier Bancorp (NYSE:GBCI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024