About

Glacier Bancorp, Inc., a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA). Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition (Dollars in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Assets Cash on hand and in banks $ 268,746 342,105 246,525 Interest bearing cash deposits 579,662 645,728 1,107,817 Cash and cash equivalents 848,408 987,833 1,354,342 Debt securities, available-for-sale 4,245,205 4,436,578 4,785,719 Debt securities, held-to-maturity 3,294,847 3,348,698 3,502,411 Total debt securities 7,540,052 7,785,276 8,288,130 Loans held for sale, at fair value 33,060 46,126 15,691 Loans receivable 17,261,849 17,181,187 16,198,082 Allowance for credit losses (206,041 ) (205,170 ) (192,757 ) Loans receivable, net 17,055,808 16,976,017 16,005,325 Premises and equipment, net 468,220 466,977 421,791 Other real estate owned and foreclosed assets 1,164 633 1,503 Accrued interest receivable 99,262 114,121 94,526 Deferred tax asset 138,955 125,432 159,070 Intangibles, net 51,182 52,780 31,870 Goodwill 1,051,318 1,053,556 985,393 Non-marketable equity securities 99,669 98,285 12,755 Bank-owned life insurance 189,849 188,971 171,101 Other assets 326,040 309,762 201,132 Total assets $ 27,902,987 28,205,769 27,742,629 Liabilities Non-interest bearing deposits $ 6,136,709 6,407,728 6,022,980 Interest bearing deposits 14,410,285 14,307,036 13,906,187 Securities sold under agreements to repurchase 1,777,475 1,831,501 1,486,850 FHLB advances 1,800,000 1,800,000 — FRB Bank Term Funding — — 2,740,000 Other borrowed funds 83,341 84,168 81,695 Subordinated debentures 133,105 133,065 132,943 Accrued interest payable 33,626 35,382 125,907 Other liabilities 304,592 361,839 225,786 Total liabilities 24,679,133 24,960,719 24,722,348 Commitments and Contingent Liabilities — — — Stockholders’ Equity Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding — — — Common stock, $0.01 par value per share, 234,000,000 shares authorized 1,134 1,134 1,109 Paid-in capital 2,448,758 2,447,200 2,350,104 Retained earnings - substantially restricted 1,083,258 1,059,022 1,043,181 Accumulated other comprehensive loss (309,296 ) (262,306 ) (374,113 ) Total stockholders’ equity 3,223,854 3,245,050 3,020,281 Total liabilities and stockholders’ equity $ 27,902,987 28,205,769 27,742,629 Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations Three Months ended Year ended (Dollars in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Interest Income Investment securities $ 50,381 46,371 57,233 195,135 201,930 Residential real estate loans 23,960 23,118 19,820 89,596 71,328 Commercial loans 199,260 196,901 175,957 765,959 669,663 Consumer and other loans 23,435 23,188 20,486 89,160 74,734 Total interest income 297,036 289,578 273,496 1,139,850 1,017,655 Interest Expense Deposits 67,079 70,607 63,484 272,734 162,426 Securities sold under agreements to repurchase 14,822 14,737 12,229 55,723 36,414 Federal Home Loan Bank advances 21,848 22,344 — 72,620 26,910 FRB Bank Term Funding — — 30,228 27,097 93,388 Other borrowed funds 348 252 (372 ) 1,297 1,056 Subordinated debentures 1,496 1,407 1,471 5,747 5,779 Total interest expense 105,593 109,347 107,040 435,218 325,973 Net Interest Income 191,443 180,231 166,456 704,632 691,682 Provision for credit losses 8,534 8,005 3,013 28,306 14,795 Net interest income after provision for credit losses 182,909 172,226 163,443 676,326 676,887 Non-Interest Income Service charges and other fees 20,322 20,587 19,115 78,894 75,157 Miscellaneous loan fees and charges 4,541 4,970 4,484 18,694 16,935 Gain on sale of loans 3,926 4,898 2,228 16,855 12,202 Gain (loss) on sale of securities — 26 1,712 30 1,510 Other income 2,760 4,223 3,326 13,973 12,275 Total non-interest income 31,549 34,704 30,865 128,446 118,079 Non-Interest Expense Compensation and employee benefits 81,600 85,083 71,420 336,906 309,048 Occupancy and equipment 11,589 11,989 10,533 47,055 43,578 Advertising and promotions 3,725 4,062 3,410 16,132 15,430 Data processing 9,145 9,196 8,511 36,887 33,752 Other real estate owned and foreclosed assets 30 13 78 217 119 Regulatory assessments and insurance 5,890 5,150 12,435 24,194 28,712 Intangibles amortization 3,613 3,367 2,427 12,757 9,731 Other expenses 25,373 25,848 23,382 104,320 86,988 Total non-interest expense 140,965 144,708 132,196 578,468 527,358 Income Before Income Taxes 73,493 62,222 62,112 226,304 267,608 Federal and state income tax expense 11,739 11,167 7,796 36,160 44,681 Net Income $ 61,754 51,055 54,316 190,144 222,927 Glacier Bancorp, Inc. Average Balance Sheets Three Months ended December 31, 2024 September 30, 2024 (Dollars in thousands) Average Balance Interest & Dividends Average Yield/ Rate Average Balance Interest & Dividends Average Yield/ Rate Assets Residential real estate loans $ 1,885,146 $ 23,960 5.08 % $ 1,850,066 $ 23,118 5.00 % Commercial loans 1 14,059,864 200,956 5.69 % 13,957,304 198,556 5.66 % Consumer and other loans 1,324,341 23,435 7.04 % 1,324,142 23,188 6.97 % Total 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 assets 26,199,090 301,041 4.57 % 25,866,122 293,573 4.52 % Goodwill and intangibles 1,104,362 1,092,632 Non-earning assets 888,404 836,878 Total assets $ 28,191,856 $ 27,795,632 Liabilities Non-interest bearing deposits $ 6,343,443 $ — — % $ 6,237,166 $ — — % NOW and DDA accounts 5,491,451 15,768 1.14 % 5,314,459 16,221 1.21 % Savings accounts 2,824,126 5,316 0.75 % 2,829,203 5,699 0.80 % Money market deposit accounts 2,878,415 14,232 1.97 % 2,887,173 15,048 2.07 % Certificate accounts 3,174,923 31,716 3.97 % 3,211,842 33,597 4.16 % Total core deposits 20,712,358 67,032 1.29 % 20,479,843 70,565 1.37 % Wholesale deposits 6 3,654 47 4.95 % 3,122 42 5.47 % Repurchase agreements 1,866,705 14,821 3.16 % 1,723,553 14,738 3.40 % FHLB advances 1,800,000 21,848 4.75 % 1,828,533 22,344 4.78 % Subordinated debentures and other borrowed funds 216,874 1,845 3.38 % 219,472 1,658 3.01 % Total funding liabilities 24,599,591 105,593 1.71 % 24,254,523 109,347 1.79 % Other liabilities 369,700 336,906 Total liabilities 24,969,291 24,591,429 Stockholders’ Equity Stockholders’ equity 3,222,565 3,204,203 Total liabilities and stockholders’ equity $ 28,191,856 $ 27,795,632 Net interest income (tax-equivalent) $ 195,448 $ 184,226 Net interest spread (tax-equivalent) 2.86 % 2.73 % Net interest margin (tax-equivalent) 2.97 % 2.83 % ______________________________ 1 Includes tax effect of $1.7 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and September 30, 2024, respectively. 2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. 3 Includes tax effect of $2.1 million and $2.1 million on tax-exempt debt securities income for the three months ended December 31, 2024 and September 30, 2024, respectively. 4 Includes interest income of $9.2 million and $4.8 million on average interest-bearing cash balances of $759.7 million and $357.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively. 5 Includes tax effect of $203 thousand and $203 thousand on federal income tax credits for the three months ended December 31, 2024 and September 30, 2024, respectively. 6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities. Glacier Bancorp, Inc. Average Balance Sheets (continued) Three Months ended December 31, 2024 December 31, 2023 (Dollars in thousands) Average Balance Interest & Dividends Average Yield/ Rate Average Balance Interest & Dividends Average Yield/ Rate Assets Residential real estate loans $ 1,885,146 $ 23,960 5.08 % $ 1,700,598 $ 19,820 4.66 % Commercial loans 1 14,059,864 200,956 5.69 % 13,196,412 177,397 5.33 % Consumer and other loans 1,324,341 23,435 7.04 % 1,279,626 20,486 6.35 % Total 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 assets 26,199,090 301,041 4.57 % 26,369,319 277,106 4.17 % Goodwill and intangibles 1,104,362 1,018,423 Non-earning assets 888,404 487,979 Total assets $ 28,191,856 $ 27,875,721 Liabilities Non-interest bearing deposits $ 6,343,443 $ — — % $ 6,262,801 $ — — % NOW and DDA accounts 5,491,451 15,768 1.14 % 5,245,602 14,751 1.12 % Savings accounts 2,824,126 5,316 0.75 % 2,843,788 4,848 0.68 % Money market deposit accounts 2,878,415 14,232 1.97 % 2,911,054 13,600 1.85 % Certificate accounts 3,174,923 31,716 3.97 % 2,872,192 29,563 4.08 % Total core deposits 20,712,358 67,032 1.29 % 20,135,437 62,762 1.24 % Wholesale deposits 6 3,654 47 4.95 % 53,841 722 5.32 % Repurchase agreements 1,866,705 14,821 3.16 % 1,488,419 12,229 3.26 % FHLB advances 1,800,000 21,848 4.75 % — — — % FRB Bank Term Funding — — — % 2,740,000 30,228 4.38 % Subordinated debentures and other borrowed funds 216,874 1,845 3.38 % 211,570 1,099 2.06 % Total funding liabilities 24,599,591 105,593 1.71 % 24,629,267 107,040 1.72 % Other liabilities 369,700 332,740 Total liabilities 24,969,291 24,962,007 Stockholders’ Equity Stockholders’ equity 3,222,565 2,913,714 Total liabilities and stockholders’ equity $ 28,191,856 $ 27,875,721 Net interest income (tax-equivalent) $ 195,448 $ 170,066 Net interest spread (tax-equivalent) 2.86 % 2.45 % Net interest margin (tax-equivalent) 2.97 % 2.56 % ______________________________ 1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and 2023, respectively. 2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. 3 Includes tax effect of $2.1 million and $2.0 million on tax-exempt debt securities income for the three months ended December 31, 2024 and 2023, respectively. 4 Includes interest income of $9.2 million and $17.7 million on average interest-bearing cash balances of $759.7 million and $1.29 billion for the three months ended December 31, 2024 and 2023, respectively. 5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended December 31, 2024 and 2023, respectively. 6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities. Glacier Bancorp, Inc. Average Balance Sheets (continued) Year ended December 31, 2024 December 31, 2023 (Dollars in thousands) Average Balance Interest & Dividends Average Yield/ Rate Average Balance Interest & Dividends Average Yield/ Rate Assets Residential real estate loans $ 1,820,057 $ 89,596 4.92 % $ 1,603,600 $ 71,328 4.45 % Commercial loans 1 13,818,805 772,496 5.59 % 12,982,708 675,549 5.20 % Consumer and other loans 1,305,716 89,160 6.83 % 1,247,114 74,734 5.99 % Total 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 assets 26,021,197 1,155,859 4.44 % 25,871,371 1,033,330 3.99 % Goodwill and intangibles 1,079,404 1,022,052 Non-earning assets 773,322 504,698 Total assets $ 27,873,923 $ 27,398,121 Liabilities Non-interest bearing deposits $ 6,144,268 $ — — % $ 6,642,339 $ — — % NOW and DDA accounts 5,326,296 63,635 1.19 % 5,167,117 37,357 0.72 % Savings accounts 2,866,908 22,684 0.79 % 2,908,584 9,918 0.34 % Money market deposit accounts 2,904,461 58,140 2.00 % 3,166,914 42,254 1.33 % Certificate accounts 3,106,755 128,081 4.12 % 1,949,206 64,176 3.29 % Total core deposits 20,348,688 272,540 1.34 % 19,834,160 153,705 0.77 % Wholesale deposits 6 3,615 194 5.36 % 173,231 8,721 5.03 % Repurchase agreements 1,676,040 55,723 3.32 % 1,301,223 36,414 2.80 % FHLB advances 1,498,494 72,620 4.77 % 551,986 26,910 4.81 % FRB Bank Term Funding 617,377 27,097 4.39 % 2,133,658 93,388 4.38 % Subordinated debentures and other borrowed funds 219,839 7,044 3.20 % 209,567 6,835 3.26 % Total funding liabilities 24,364,053 435,218 1.79 % 24,203,825 325,973 1.35 % Other liabilities 351,825 275,359 Total liabilities 24,715,878 24,479,184 Stockholders’ Equity Stockholders’ equity 3,158,045 2,918,937 Total liabilities and stockholders’ equity $ 27,873,923 $ 27,398,121 Net interest income (tax-equivalent) $ 720,641 $ 707,357 Net interest spread (tax-equivalent) 2.65 % 2.64 % Net interest margin (tax-equivalent) 2.77 % 2.73 % ______________________________ 1 Includes tax effect of $6.5 million and $5.9 million on tax-exempt municipal loan and lease income for the year months ended December 31, 2024 and 2023, respectively. 2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. 3 Includes tax effect of $8.6 million and $8.9 million on tax-exempt debt securities income for the year months ended December 31, 2024 and 2023, respectively. 4 Includes interest income of $31.2 million and $42.2 million on average interest-bearing cash balances of $594.8 million and $791.5 million for the year months ended December 31, 2024 and 2023, respectively. 5 Includes tax effect of $832 thousand and $859 thousand on federal income tax credits for the year months ended December 31, 2024 and 2023, respectively. 6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities. Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification Loans Receivable, by Loan Type % Change from (Dollars in thousands) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Sep 30, 2024 Dec 31, 2023 Custom and owner occupied construction $ 242,844 $ 235,915 $ 290,572 3 % (16 )% Pre-sold and spec construction 191,926 203,610 236,596 (6 )% (19 )% Total residential construction 434,770 439,525 527,168 (1 )% (18 )% Land development 197,369 205,704 232,966 (4 )% (15 )% Consumer land or lots 187,024 189,705 187,545 (1 )% — % Unimproved land 113,532 109,237 87,739 4 % 29 % Developed lots for operative builders 61,661 67,140 56,142 (8 )% 10 % Commercial lots 99,243 98,644 87,185 1 % 14 % Other construction 693,461 689,638 900,547 1 % (23 )% Total land, lot, and other construction 1,352,290 1,360,068 1,552,124 (1 )% (13 )% Owner occupied 3,197,138 3,121,900 3,035,768 2 % 5 % Non-owner occupied 4,053,996 4,001,430 3,742,916 1 % 8 % Total commercial real estate 7,251,134 7,123,330 6,778,684 2 % 7 % Commercial and industrial 1,395,997 1,387,538 1,363,479 1 % 2 % Agriculture 1,024,520 1,047,320 772,458 (2 )% 33 % 1st lien 2,481,918 2,462,885 2,127,989 1 % 17 % Junior lien 76,303 77,029 47,230 (1 )% 62 % Total 1-4 family 2,558,221 2,539,914 2,175,219 1 % 18 % Multifamily residential 895,242 921,138 796,538 (3 )% 12 % Home equity lines of credit 1,005,783 1,004,300 979,891 — % 3 % Other consumer 209,457 221,517 229,154 (5 )% (9 )% Total consumer 1,215,240 1,225,817 1,209,045 (1 )% 1 % States and political subdivisions 983,601 993,871 834,947 (1 )% 18 % Other 183,894 188,792 204,111 (3 )% (10 )% Total loans receivable, including loans held for sale 17,294,909 17,227,313 16,213,773 — % 7 % Less loans held for 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. Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification Non-performing Assets, by Loan Type Non- Accrual Loans Accruing Loans 90 Days or More Past Due Other real estate owned and foreclosed assets (Dollars in thousands) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2024 Dec 31, 2024 Custom and owner occupied construction $ 198 202 214 198 — — Pre-sold and spec construction 2,132 3,705 763 813 1,319 — Total residential construction 2,330 3,907 977 1,011 1,319 — Land development 966 583 35 966 — — Consumer land or lots 78 458 96 78 — — Developed lots for operative builders 531 531 608 — 531 — Commercial lots 47 47 47 — 47 — Total land, lot and other construction 1,622 1,619 786 1,044 578 — Owner occupied 2,979 1,903 1,838 1,545 1,002 432 Non-owner occupied 2,235 1,335 11,016 1,582 — 653 Total commercial real estate 5,214 3,238 12,854 3,127 1,002 1,085 Commercial and Industrial 2,069 2,455 1,971 1,420 641 8 Agriculture 2,335 6,040 2,558 2,122 213 — 1st lien 9,053 6,065 2,664 7,457 1,596 — Junior lien 315 279 180 303 12 — Total 1-4 family 9,368 6,344 2,844 7,760 1,608 — Multifamily residential 389 392 395 389 — — Home equity lines of credit 3,465 2,867 2,043 2,826 639 — Other consumer 955 1,111 1,187 746 138 71 Total consumer 4,420 3,978 3,230 3,572 777 71 Other 39 148 16 — 39 — Total $ 27,786 28,121 25,631 20,445 6,177 1,164 Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued) Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from (Dollars in thousands) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Sep 30, 2024 Dec 31, 2023 Custom and owner occupied construction $ 969 $ 13 $ 2,549 7,354 % (62 )% Pre-sold and spec construction 564 1,250 1,219 (55 )% (54 )% Total residential construction 1,533 1,263 3,768 21 % (59 )% Land development 1,450 157 163 824 % 790 % Consumer land or lots 402 747 624 (46 )% (36 )% Unimproved land 36 39 — (8 )% n/m Developed lots for operative builders 214 — — n/m n/m Commercial lots — — 2,159 n/m (100 )% Total land, lot and other construction 2,102 943 2,946 123 % (29 )% Owner occupied 2,867 5,641 2,222 (49 )% 29 % Non-owner occupied 5,037 13,785 14,471 (63 )% (65 )% Total commercial real estate 7,904 19,426 16,693 (59 )% (53 )% Commercial and industrial 6,194 3,125 12,905 98 % (52 )% Agriculture 744 16,932 594 (96 )% 25 % 1st lien 6,326 6,275 3,768 1 % 68 % Junior lien 214 13 1 1,546 % 21,300 % Total 1-4 family 6,540 6,288 3,769 4 % 74 % Home equity lines of credit 3,731 4,567 4,518 (18 )% (17 )% Other consumer 1,775 2,227 3,264 (20 )% (46 )% Total consumer 5,506 6,794 7,782 (19 )% (29 )% Other 1,705 1,442 1,510 18 % 13 % Total $ 32,228 $ 56,213 $ 49,967 (43 )% (36 )% ______________________________ n/m - not measurable Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued) Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type Charge-Offs Recoveries (Dollars in thousands) Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2024 Pre-sold and spec construction $ (4 ) (4 ) (15 ) — 4 Land development 1,095 (21 ) (135 ) 1,128 33 Consumer land or lots (22 ) (21 ) (19 ) — 22 Unimproved land 1,338 5 — 1,338 — Commercial lots 319 319 — 319 — Other construction — — 889 — — Total land, lot and other construction 2,730 282 735 2,785 55 Owner occupied (73 ) (73 ) (59 ) — 73 Non-owner occupied 2 (3 ) 799 7 5 Total commercial real estate (71 ) (76 ) 740 7 78 Commercial and industrial 1,422 1,272 364 2,084 662 Agriculture 64 65 — 68 4 1st lien 32 (34 ) 66 71 39 Junior lien (65 ) (60 ) 24 10 75 Total 1-4 family (33 ) (94 ) 90 81 114 Multifamily residential — — (136 ) — — Home equity lines of credit 69 (31 ) (6 ) 140 71 Other consumer 1,078 753 1,097 1,494 416 Total consumer 1,147 722 1,091 1,634 487 Other 8,643 6,561 7,447 11,967 3,324 Total $ 13,898 8,728 10,316 18,626 4,728 Visit our website at www.glacierbancorp.com CONTACT: Randall M. Chesler, CEO (406) 751-4722 Ron J. Copher, CFO (406) 751-7706