Home / Top News / Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2021

Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2021

  • Net income of $80.8 million, an increase of $37.5 million, or 86 percent, over the prior year first quarter net income of $43.3 million.
  • Diluted earnings per share of $0.85, an increase of 85 percent from the prior year first quarter diluted earnings per share of $0.46.
  • Gain on sale of loans of $21.6 million, increased $9.8 million, or 82 percent, compared to the prior year first quarter.
  • Non-interest expense of $96.6 million, decreased $14.6 million, or 13 percent, compared to the prior quarter and increased $1.1 million, or 1 percent, from the prior year first quarter.
  • Bank loan modifications related to the coronavirus disease of 2019 (“COVID-19”) decreased $13.5 million from the prior quarter and decreased $1.433 billion from the second quarter of 2020 to $81.3 million, or 79 basis points of loans excluding the Payroll Protection Program (“PPP”) loans. 
  • Non-performing assets as a percentage of subsidiary assets was 0.19 percent, which compared to 0.19 percent in the prior quarter and 0.26 percent in the prior year first quarter.
  • Core deposits increased $1.307 billion, or 35 percent annualized, during the current quarter and increased $4.571 billion, or 40 percent, from the prior year first quarter.
  • The loan portfolio increased $147 million, or 5 percent annualized, in the current quarter and increased $1.182 billion, or 12 percent, from the prior year first quarter.
  • The Company funded 6,500 PPP loans in the amount of $487 million during the current quarter.
  • The Company received $426 million in PPP loan forgiveness from the U.S. Small Business Administration (“SBA”) during the current quarter. 
  • Declared a quarterly dividend of $0.31 per share, an increase of $0.01 per share or 3 percent over the prior quarter regular dividend.  The Company has declared 144 consecutive quarterly dividends and has increased the dividend 47 times.

Financial Summary 

  At or for the Three Months ended
(Dollars in thousands, except per share and market data) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
Operating results          
Net income $ 80,802     81,860     43,339  
Basic earnings per share $ 0.85     0.86     0.46  
Diluted earnings per share $ 0.85     0.86     0.46  
Dividends declared per share 1 $ 0.31     0.45     0.29  
Market value per share          
Closing $ 57.08     46.01     34.01  
High $ 67.35     47.05     46.10  
Low $ 44.55     31.29     26.66  
Selected ratios and other data          
Number of common stock shares outstanding 95,501,819   95,426,364   95,408,274
Average outstanding shares – basic 95,465,801   95,418,958   93,287,670
Average outstanding shares – diluted 95,546,922   95,492,258   93,359,792
Return on average assets (annualized) 1.73 %   1.78 %   1.25 %
Return on average equity (annualized) 14.12 %   14.27 %   8.52 %
Efficiency ratio 46.75 %   50.34 %   54.65 %
Dividend payout ratio 2 36.47 %   52.33 %   63.04 %
Loan to deposit ratio 70.72 %   76.29 %   88.10 %
Number of full time equivalent employees 2,994   2,970   2,955
Number of locations 193   193   192
Number of ATMs 250   250   247

______________________
1 Includes a special dividend declared of $0.15 per share for the three months ended December 31, 2020. 
2 Excluding the special dividend, the dividend payout ratio was 34.88 percent the three months ended December 31, 2020.

KALISPELL, Mont., April 22, 2021 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $80.8 million for the current quarter, an increase of $37.5 million, or 86 percent, from the $43.3 million of net income for the prior year first quarter.  Diluted earnings per share for the current quarter was $0.85 per share, an increase of 85 percent from the prior year first quarter diluted earnings per share of $0.46.  “The Glacier team got off to a strong start in 2021 and is well positioned for the rest of the year.  We believe our markets are among the strongest in the country and that our unique business model will continue to enable our Company to grow by delivering superior service to new and existing customers,” said Randy Chesler, President and Chief Executive Officer.

Asset Summary

              $ Change from
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Cash and cash equivalents $ 878,450     633,142     273,441     245,308     605,009  
Debt securities, available-for-sale 5,853,315     5,337,814     3,429,890     515,501     2,423,425  
Debt securities, held-to-maturity 588,751     189,836     203,814     398,915     384,937  
Total debt securities 6,442,066     5,527,650     3,633,704     914,416     2,808,362  
Loans receivable                  
Residential real estate 745,097     802,508     957,830     (57,411 )   (212,733 )
Commercial real estate 6,474,701     6,315,895     5,928,303     158,806     546,398  
Other commercial 3,100,584     3,054,817     2,239,878     45,767     860,706  
Home equity 625,369     636,405     652,942     (11,036 )   (27,573 )
Other consumer 324,178     313,071     309,253     11,107     14,925  
Loans receivable 11,269,929     11,122,696     10,088,206     147,233     1,181,723  
Allowance for credit losses (156,446 )   (158,243 )   (150,190 )   1,797     (6,256 )
Loans receivable, net 11,113,483     10,964,453     9,938,016     149,030     1,175,467  
Other assets 1,336,553     1,378,961     1,313,223     (42,408 )   23,330  
Total assets $ 19,770,552     18,504,206     15,158,384     1,266,346     4,612,168  

Total debt securities of $6.442 billion at March 31, 2021 increased $914 million, or 17 percent, during the current quarter and increased $2.808 billion, or 77 percent, from the prior year first quarter.  The Company continues to purchase debt securities with excess liquidity from the increase in core deposits and SBA forgiveness of PPP loans.  Debt securities represented 33 percent of total assets at March 31, 2021 compared to 30 percent of total assets at December 30, 2020 and 24 percent of total assets at March 31, 2020.

The loan portfolio of $11.270 billion at March 31, 2021 increased $147 million, or 5 percent annualized, in the current quarter.  Excluding the PPP loans, the loan portfolio increased $80.6 million, or 3 percent annualized, during the current quarter with the largest increase in commercial real estate loans which increased $159 million, or 3 percent.

The loan portfolio increased $1.182 billion, or 12 percent, from the prior year first quarter.  Excluding the PPP loans, the loan portfolio increased $206 million, or 2 percent, from the prior year first quarter with the largest increase in commercial real estate loans which increased $546 million, or 9 percent.

Credit Quality Summary

  At or for the Three Months ended   At or for the Year ended   At or for the Three Months ended
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
Allowance for credit losses          
Balance at beginning of period $ 158,243     124,490     124,490  
Impact of adopting CECL     3,720     3,720  
Acquisitions     49     49  
Provision for credit losses 489     37,637     22,744  
Charge-offs (4,246 )   (13,808 )   (2,567 )
Recoveries 1,960     6,155     1,754  
Balance at end of period $ 156,446     158,243     150,190  
Provision for credit losses          
Loan portfolio $ 489     37,637     22,744  
Unfunded loan commitments (441 )   2,128     (3,559 )
Total provision for credit losses $ 48     39,765     19,185  
Other real estate owned $ 2,965     1,744     4,748  
Accruing loans 90 days or more past due 3,733     1,725     6,624  
Non-accrual loans 29,887     31,964     28,006  
Total non-performing assets $ 36,585     35,433     39,378  
Non-performing assets as a percentage of subsidiary assets 0.19 %   0.19 %   0.26 %
Allowance for credit losses as a percentage of non-performing loans 465 %   470 %   434 %
Allowance for credit losses as a percentage of total loans 1.39 %   1.42 %   1.49 %
Net charge-offs as a percentage of total loans 0.02 %   0.07 %   0.01 %
Accruing loans 30-89 days past due $ 44,616     22,721     41,375  
Accruing troubled debt restructurings $ 41,345     42,003     44,371  
Non-accrual troubled debt restructurings $ 4,702     3,507     6,911  
U.S. government guarantees included in non-performing assets $ 2,778     3,011     3,204  

Non-performing assets of $36.6 million at March 31, 2021 increased $1.2 million, or 3 basis points, over the prior quarter and decreased $2.8 million, or 7 percent, over the prior year first quarter.  Non-performing assets as a percentage of subsidiary assets at March 31, 2021 was 0.19 percent.  Excluding the government guaranteed PPP loans, the non-performing assets as a percentage of subsidiary assets at March 31, 2021 was 0.19 percent, a decrease of 1 basis point from the prior quarter and 7 basis points decrease from the prior year first quarter. 

Early stage delinquencies (accruing loans 30-89 days past due) of $44.6 million at March 31, 2021 increased $21.9 million from the prior quarter with the increase primarily isolated to one credit relationship.  Early stage delinquencies increased $3.2 million from the prior year first quarter.  Early stage delinquencies as a percentage of loans at March 31, 2021 was 0.40 percent, which was an increase of 20 basis points from prior quarter and a 1 basis point decrease from prior year first quarter.  Excluding PPP loans, early stage delinquencies as a percentage of loans at March 31, 2021 was 0.43 percent, which was an increase of 21 basis points from prior quarter and a 2 basis points increase from prior year first quarter.

The current quarter provision for credit loss expense on loans of $489 thousand was an increase of $2.0 million from the prior quarter provision for credit loss benefit of $1.5 million and a $22.3 million decrease from the prior year first quarter provision for credit loss expense of $22.7 million.  The higher levels of provision for credit losses in the prior year first quarter was from credit losses related to COVID-19 and an additional $4.8 of provision for credit losses related to the acquisition of State Bank Corp. (“SBAZ”).  The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at March 31, 2021 was 1.39 percent which was a 3 basis points decrease compared to the prior quarter.  Excluding the PPP loans, the ACL as percentage of loans was 1.51 percent compared to 1.55 percent in as of the prior quarter and 1.49 percent in the prior year first quarter.  

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

(Dollars in thousands) Provision for Credit Losses Loans   Net
Charge-Offs
  ACL
as a Percent
of Loans
  Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
  Non-Performing
Assets to
Total Subsidiary
Assets
First quarter 2021 $ 489     $ 2,286     1.39 %   0.40 %   0.19 %
Fourth quarter 2020 (1,528 )   4,781     1.42 %   0.20 %   0.19 %
Third quarter 2020 2,869     826     1.42 %   0.15 %   0.25 %
Second quarter 2020 13,552     1,233     1.42 %   0.22 %   0.27 %
First quarter 2020 22,744     813     1.49 %   0.41 %   0.26 %
Fourth quarter 2019     1,045     1.31 %   0.24 %   0.27 %
Third quarter 2019     3,519     1.32 %   0.31 %   0.40 %
Second quarter 2019     732     1.46 %   0.43 %   0.41 %

Net charge-offs for the current quarter were $2.3 million compared to $4.8 million for the prior quarter and $813 thousand from the same quarter last year.  Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

PPP Loans

  March 31, 2021
(Dollars in thousands) Number of
PPP Loans
  Round 1 PPP 2020 Loans   Round 2 PPP 2021 Loans   Total PPP Loans   Total Loans
Receivable, Net of PPP Loans
  PPP Loans as a Percent of Total Loans
Receivable, Net of PPP Loans
Residential real estate     $             745,097     %
Commercial real estate and other commercial                      
Real estate rental and leasing 684     14,795     13,970     28,765     3,614,584     0.80 %
Accommodation and food services 1,324     48,140     130,304     178,444     664,115     26.87 %
Healthcare 1,165     150,949     53,041     203,990     835,975     24.40 %
Manufacturing 506     20,013     25,002     45,015     181,641     24.78 %
Retail and wholesale trade 850     39,275     24,616     63,891     496,052     12.88 %
Construction 1,426     62,445     81,326     143,771     765,959     18.77 %
Other 5,148     153,592     158,323     311,915     2,041,167     15.28 %
Home equity and other consumer                 949,548     %
Total 11,103     $ 489,209     486,582     975,791     10,294,138     9.48 %

During the current quarter, the Company originated $487 million of Round 2 PPP loans which generated $27.7 million of SBA processing fees and $5.2 million of deferred compensation costs for total net deferred fees of $22.5 million.  During the current quarter, the SBA processing fees received on Round 2 averaged 5.67 percent which compared to the average of 3.75 percent received on Round 1 in the prior year.  The increase in the fee received was the result of an increase in the number of smaller loans which receive a higher percentage fee and the change in the SBA fee schedule for loans under $50 thousand.

The Company continued to submit applications to the SBA for Round 1 PPP loan forgiveness which resulted in a $426 million decrease in PPP loans during the current quarter.  As of March 31, 2021, the Company had $489 million or 33 percent of the $1.472 billion of Round 1 PPP loans originated in the prior year. 

The Company recognized $13.5 million of interest income (including deferred fees and costs) from the Round 1 and Round 2 PPP loans in the current quarter.  The income recognized in the current quarter included $7.8 million acceleration of net deferred fees in interest income resulting from the SBA forgiveness of loans.  Net deferred fees remaining on the balance of PPP loans at March 31, 2021 were $28.1 million, which will be recognized into interest income over the remaining life of the loans or when the loans are forgiven in whole or in part by the SBA. 

COVID-19 Bank Loan Modifications

  March 31, 2021   December 31, 2020
(Dollars in thousands) Total Loans Receivable, Net of PPP Loans   Amount of Unexpired Original Loan Modifications   Amount of
Re-deferral Loan Modifications
  Amount of
Remaining Loan
Modifications
  Loan Modifications as a Percent of Total Loans
Receivable, Net of PPP Loans
  Amount of
Remaining Loan
Modifications
  Loan Modifications as a Percent of Total Loans
Receivable, Net of PPP Loans
Residential real estate $ 745,097     2,080     3,840     5,920     0.79 %   $ 4,322     0.54 %
Commercial real estate and other commercial                          
Real estate rental and leasing 3,614,584     32,889     4,333     37,222     1.03 %   43,313     1.24 %
Accommodation and food services 664,115     269     14,641     14,910     2.25 %   22,054     3.35 %
Healthcare 835,975     4,013     6,482     10,495     1.26 %   1,131     0.14 %
Manufacturing 181,641     828     1,541     2,369     1.30 %   9,488     5.20 %
Retail and wholesale trade 496,052     932     408     1,340     0.27 %   2,655     0.56 %
Construction 765,959     764         764     0.10 %   927     0.12 %
Other 2,041,167     1,871     5,816     7,687     0.38 %   10,255     0.50 %
Home equity and other consumer 949,548     640         640     0.07 %   705     0.07 %
Total $ 10,294,138     44,286     37,061     81,347     0.79 %   $ 94,850     0.93 %

In response to COVID-19, the Company modified 3,054 loans in the amount of $1.515 billion during the second quarter of 2020.  These modifications were primarily short-term payment deferrals under six months.  During the second half of 2020, the majority of the modified loan deferral periods expired, and the loans returned to regular payment status.  As of March 31, 2021, $81.3 million of the modifications, or 79 basis points of the $10.294 billion of loans, net of the PPP loans, remain in the deferral period, a reduction of $13.5 million in the current quarter and a reduction of $1.433 billion from the $1.515 billion of the original loan modifications in the second quarter.

In addition to the Bank loan modifications presented above, the state of Montana created the Montana Loan Deferment Program for only Montana-based businesses and was implemented only in the third quarter of 2020.  Cares Act Funds were used to provide interest payments upfront and directly to lenders on behalf of participating borrowers to convert existing commercial loans to interest only status, resulting in the deferral of principal and interest for a period of six to twelve months.  None of the interest payments are required to be repaid by the borrowers, thus providing a grant to the borrowers.  This program was unique to Montana, had minimal qualification requirements, and required that participating lenders modify eligible loans to conform to the program in order for borrowers to qualify for the grant.  As of March 31, 2021, the Company had $272 million in eligible loans benefiting from this grant program, which was 2.6 percent of total loans receivable, net of PPP loans.  Given the unique nature of the Montana only grant program, the $272 million was not included in the Bank loan modifications presented above.

COVID-19 Higher Risk Industries – Enhanced Monitoring

  March 31, 2021   December 31, 2020
(Dollars in thousands) Enhanced Monitoring Total Loans Receivable, Net of PPP Loans   Percent of Total Loans Receivable, Net of PPP Loans   Amount of Unexpired Original
Loan Modifications
  Amount of
Re-deferral Loan Modifications
  Amount of
Remaining Loan
Modifications
  Loan Modifications as a Percent of Enhanced Monitoring Loans
Receivable, Net of PPP Loans
  Amount of
Remaining Loan
Modifications
  Percent of Total Loans Receivable, Net of PPP Loans   Loan Modifications as a Percent of Enhanced Monitoring Loans
Receivable, Net of PPP Loans
Hotel and motel $ 423,606     4.12 %       11,845     11,845     2.80 %   $ 14,032     4.20 %   3.27 %
Restaurant 158,246     1.54 %   269     2,796     3,065     1.94 %   7,999     1.51 %   5.19 %
Travel and tourism 23,638     0.23 %               %       0.22 %   %
Gaming 13,971     0.14 %               %       0.14 %   %
Oil and gas 23,334     0.23 %               %   1,435     0.23 %   6.20 %
Total $ 642,795     6.24 %   269     14,641     14,910     2.32 %   $ 23,466     6.29 %   3.65 %

Excluding the PPP loans, the Company has $643 million, or 6 percent, of its total loan portfolio with direct exposure to industries for which it has identified as higher risk, requiring enhanced monitoring.  As of March 31, 2021, $14.9 million, or 2.32 percent, of the loans in the higher risk industries have modifications which was a reduction of $8.60 million, or 36 percent,  from the $23.5 million of modifications at the end of the prior quarter.  The Company continues to conduct enhanced portfolio reviews and monitoring for potential credit deterioration.

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) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Deposits                  
Non-interest bearing deposits $ 6,040,440     5,454,539     3,875,848     585,901     2,164,592  
NOW and DDA accounts 4,035,455     3,698,559     2,860,563     336,896     1,174,892  
Savings accounts 2,206,592     2,000,174     1,578,062     206,418     628,530  
Money market deposit accounts 2,817,708     2,627,336     2,155,203     190,372     662,505  
Certificate accounts 965,986     978,779     1,025,237     (12,793 )   (59,251 )
Core deposits, total 16,066,181     14,759,387     11,494,913     1,306,794     4,571,268  
Wholesale deposits 38,143     38,142     62,924     1     (24,781 )
Deposits, total 16,104,324     14,797,529     11,557,837     1,306,795     4,546,487  
Repurchase agreements 996,878     1,004,583     580,335     (7,705 )   416,543  
Federal Home Loan Bank advances         513,055         (513,055 )
Other borrowed funds 33,452     33,068     32,499     384     953  
Subordinated debentures 132,499     139,959     139,916     (7,460 )   (7,417 )
Other liabilities 208,014     222,026     198,098     (14,012 )   9,916  
Total liabilities $ 17,475,167     16,197,165     13,021,740     1,278,002     4,453,427  

Core deposits of $16.066 billion as of March 31, 2021 increased $1.307 billion, or 35 percent annualized, from the prior quarter and increased $4.571 billion, or 40 percent, from the prior year first quarter.  Non-interest bearing deposits of $6.040 billion as of March 31, 2021 increased $586 million, or 11 percent, from the prior quarter and increased $2.165 billion, or 56 percent, from the prior year first quarter.  The last twelve months unprecedented increase in deposits resulted from a number of factors including the PPP loan proceeds deposited by customers, federal stimulus deposits and the increase in customer savings.  Non-interest bearing deposits were 38 percent of total core deposits at March 31, 2021 compared to 37 percent of total core deposits at December 31, 2020 and 34 percent at March 31, 2020.

During the current quarter, the Company paid off $7.5 million of subordinated debt.  The current and prior quarter low levels of borrowings, including wholesale deposits and Federal Home Loan Bank (“FHLB”) advances, were reflective of the significant increase in core deposits which funded the asset growth.

Stockholders’ Equity Summary

              $ Change from
(Dollars in thousands, except per share data) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Common equity $ 2,215,465     2,163,951     2,036,920     51,514     178,545  
Accumulated other comprehensive income 79,920     143,090     99,724     (63,170 )   (19,804 )
Total stockholders’ equity 2,295,385     2,307,041     2,136,644     (11,656 )   158,741  
Goodwill and core deposit intangible, net (567,034 )   (569,522 )   (576,701 )   2,488     9,667  
Tangible stockholders’ equity $ 1,728,351     1,737,519     1,559,943     (9,168 )   168,408  
                               
Stockholders’ equity to total assets   11.61 %   12.47 %   14.10 %            
Tangible stockholders’ equity to total tangible assets   9.00 %   9.69 %   10.70 %            
Book value per common share $ 24.03     24.18     22.39     (0.15 )   1.64  
Tangible book value per common share $ 18.10     18.21     16.35     (0.11 )   1.75  

Tangible stockholders’ equity of $1.728 billion at March 31, 2021 decreased $9.2 million, or 5 basis points, from the prior quarter and was primarily the result of a decrease in the unrealized gain on the available-for-sale debt securities during the current quarter which was driven by an increase in interest rates.  The current year decrease in both the stockholder’s equity to total assets ratio and the tangible stockholders’ equity to total tangible assets ratio was primarily the result of the $1.266 billion increase in total assets driven by the increase of $914 million in debt securities.  

Tangible stockholders’ equity increased $168 million over the prior year first quarter, which was the result of earnings retention.  Excluding the impact from PPP Loans, the tangible stockholders’ equity to total assets was 9.48 percent which was a 1.22 percent decrease from prior year first quarter and was due to adding $2.8 billion in debt securities.  Tangible book value per common share of $18.10 at the current quarter end decreased $0.11 per share from the prior quarter and increased $1.75 per share from a year ago.

Cash Dividends
On March 31, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.31 per share.  The dividend was payable April 22, 2021 to shareholders of record on April 13, 2021. The dividend was the 144th consecutive dividend.  Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations. 

Operating Results for Three Months Ended March 31, 2021 
Compared to December 31, 2020, and March 31, 2020

Income Summary

  Three Months ended   $ Change from
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Net interest income                  
Interest income $ 161,552     171,308     142,865     (9,756 )   18,687  
Interest expense 4,740     5,550     8,496     (810 )   (3,756 )
Total net interest income 156,812     165,758     134,369     (8,946 )   22,443  
Non-interest income                  
Service charges and other fees 12,792     13,713     14,020     (921 )   (1,228 )
Miscellaneous loan fees and charges 2,778     2,293     1,285     485     1,493  
Gain on sale of loans 21,624     26,214     11,862     (4,590 )   9,762  
Gain on sale of investments 284     124     863     160     (579 )
Other income 2,643     2,360     5,242     283     (2,599 )
Total non-interest income 40,121     44,704     33,272     (4,583 )   6,849  
Total income 196,933     210,462     167,641     (13,529 )   29,292  
Net interest margin (tax-equivalent) 3.74 %   4.03 %   4.36 %        

Net Interest Income
The current quarter net interest income of $157 million decreased $8.9 million, or 5 percent, over the prior quarter and increased $22.4 million, or 17 percent, from the prior year first quarter.  The current quarter interest income of $162 million decreased $9.8 million, or 6 percent, compared to the prior quarter due to a decrease in income from PPP loans.  The current quarter interest income increased $18.7 million, or 13 percent, over the prior year first quarter due to an increase in income from PPP loans and debt securities.  The interest income (which included deferred fees and deferred costs) from the PPP loans was  $13.5 million in the current quarter and $21.5 million in the prior quarter.  

The current quarter interest expense of $4.7 million decreased $810 thousand, or 15 percent, over the prior quarter and decreased $3.8 million, or 44 percent, over the prior year first quarter primarily as result of a decrease in deposit rates and borrowing interest rates.  During the current quarter, the total cost of funding (including non-interest bearing deposits) of 12 basis points declined 2 basis points in the current quarter and 17 basis points from the prior year first quarter with both decreases driven by a decrease in rates in deposits and borrowings.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.74 percent compared to 4.03 percent in the prior quarter and 4.36 in the prior year first quarter.  The core net interest margin, excluding 4 basis points of discount accretion, 1 basis point from non-accrual interest and 13 basis points increase from the PPP loans, was 3.56 percent compared to 3.76 in the prior quarter and 4.30 percent in the prior year first quarter.  The core net interest margin decreased 20 basis points in the current quarter and decreased 74 basis points from the prior year first quarter due to a decrease in earning asset yields.  Earning asset yields have decreased from the combined impact of the significant increase in the lower yielding debt securities and the decrease in yields on both loans and debt securities.  Debt securities comprised 35.7 percent of the earning assets during the current quarter compared to 31.8 percent in the prior quarter and 23.5 percent in the prior year first quarter. 

Non-interest Income
Non-interest income for the current quarter totaled $40.1 million which was a decrease of $4.6 million, or 10 percent, over the prior quarter and an increase of $6.8 million, or 21 percent, over the same quarter last year.  Service charges and other fees decreased $921 thousand from the prior quarter and decreased $1.2 million from the prior year first quarter as a result of decreased overdraft activity.  Gain on the sale of loans of $21.6 million for the current quarter decreased $4.6 million, or 18 percent, compared to the prior quarter, although remained at elevated levels as a result of the current low interest rate environment.  Gain on sale of loans increased $9.8 million, or 82 percent, from the prior year first quarter due to the increase in purchase and refinance activity driven by the decrease in interest rates.  Other income of $2.6 million decreased $2.6 million, or 50 percent, from the prior year first quarter as a result of a $2.4 million gain on the sale of a former branch building in the prior year. 

Non-interest Expense Summary

  Three Months ended   $ Change from
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Compensation and employee benefits $ 62,468     70,540     59,660     (8,072 )   2,808  
Occupancy and equipment 9,515     9,728     9,219     (213 )   296  
Advertising and promotions 2,371     2,797     2,487     (426 )   (116 )
Data processing 5,206     5,211     5,282     (5 )   (76 )
Other real estate owned 12     550     112     (538 )   (100 )
Regulatory assessments and insurance 1,879     1,034     1,090     845     789  
Core deposit intangibles amortization 2,488     2,612     2,533     (124 )   (45 )
Other expenses 12,646     18,715     15,104     (6,069 )   (2,458 )
Total non-interest expense $ 96,585     111,187     95,487     (14,602 )   1,098  

Total non-interest expense of $96.6 million for the current quarter decreased $14.6 million, or 13 percent, over the prior quarter and increased $1.1 million, or 1 percent, over the prior year first quarter.  Compensation and employee benefits decreased $8.1 million, or 11 percent, from the prior quarter which was primarily driven by the $5.2 million increase in deferred compensation on originating Round 2 PPP loans.  Compensation and employee benefits increased by $2.8 million, or 5 percent, from the prior year first quarter which was due to increased real estate commissions, increased employees from acquisitions and organic growth which more than offset the decreased expense from originating PPP loans.  Regulatory assessment and insurance increased $845 thousand from the prior quarter primarily due to an accrual adjustment in the prior quarter for waiver of the State of Montana regulatory semi-annual assessment for the second half of 2020.  Regulatory assessment and insurance increased $789 thousand from the prior year first quarter primarily due to $530 thousand in Small Bank Assessment credits applied in the prior year first quarter.  Other expenses of $12.6 million, decreased $6.1 million, or 32 percent, from the prior quarter and decreased $2.5 million, or 16 percent, from the prior year first quarter.  Current quarter other expenses included acquisition-related expenses of $104 thousand compared to $501 thousand in the prior quarter and $2.8 million in the prior year first quarter. 

Federal and State Income Tax Expense
Tax expense during the first quarter of 2021 was $19.5 million, an increase of $548 thousand, or 3 percent, compared to the prior quarter and an increase of $9.9 million, or 102 percent, from the prior year first quarter.  The effective tax rate in the current and prior quarter was 19 percent compared to 18 percent in the prior year first quarter.

Efficiency Ratio
The efficiency ratio was 46.75 percent in the current quarter and 50.34 percent in the prior quarter.  “The Bank divisions continue to focus on controlling non-interest expenses,” said Ron Copher, Chief Financial Officer.  “We were pleased with the improvement in the efficiency ratio during the current quarter.”  Excluding the impact from the PPP loans, the efficiency ratio would have been 52.89 percent in the current quarter, which was a 307 basis points decrease from the prior quarter efficiency ratio of 55.96 percent and was driven by the decrease in non-interest expense, including a $5.2 increase in deferred compensation on originating the PPP loans, that more than offset the decrease in net interest income and gain on sale of loans.  Excluding the current year impact from the PPP loans, the current quarter efficiency ratio of 52.89 which was a decrease of 176 basis points the prior year first quarter efficiency ratio of 54.65 percent and was primarily from the increase in gain on sale of loans and net interest income.

Forward-Looking Statements 
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include, but are not limited to, statements about management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning.  These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.  The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:

  • the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;
  • changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;
  • changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties;
  • legislative or regulatory changes, such as the those signaled by the Biden Administration, as well as increased banking and consumer protection regulation that adversely affect the Company’s business, both generally and as a result of the Company exceeding $10 billion in total consolidated assets;
  • ability to complete pending or prospective future acquisitions;
  • costs or difficulties related to the completion and integration of acquisitions;
  • the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;
  • reduced demand for banking products and services;
  • the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company’s ability to obtain and maintain customers;
  • competition among financial institutions in the Company’s markets may increase significantly;
  • the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;
  • the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;
  • consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
  • dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions;
  • material failure, potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures;
  • natural disasters, including fires, floods, earthquakes, and other unexpected events;
  • the Company’s success in managing risks involved in the foregoing; and
  • the effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 23, 2021. The conference call will be accessible by telephone and webcast. Interested individuals are invited to listen to the call by dialing 877-561-2748 and conference ID 8356937. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/2wjr73e8. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 8356937 by April 30, 2021.

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

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

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

(Dollars in thousands, except per share data) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
Assets          
Cash on hand and in banks $ 227,745     227,108     204,373  
Interest bearing cash deposits 650,705     406,034     69,068  
Cash and cash equivalents 878,450     633,142     273,441  
Debt securities, available-for-sale 5,853,315     5,337,814     3,429,890  
Debt securities, held-to-maturity 588,751     189,836     203,814  
Total debt securities 6,442,066     5,527,650     3,633,704  
Loans held for sale, at fair value 118,731     166,572     94,619  
Loans receivable 11,269,929     11,122,696     10,088,206  
Allowance for credit losses (156,446 )   (158,243 )   (150,190 )
Loans receivable, net 11,113,483     10,964,453     9,938,016  
Premises and equipment, net 322,354     325,335     324,230  
Other real estate owned 2,965     1,744     4,748  
Accrued interest receivable 79,331     75,497     68,525  
Core deposit intangible, net 53,021     55,509     63,346  
Goodwill 514,013     514,013     513,355  
Non-marketable equity securities 10,022     10,023     30,597  
Bank-owned life insurance 122,843     123,763     121,685  
Other assets 113,273     106,505     92,118  
Total assets $ 19,770,552     18,504,206     15,158,384  
Liabilities          
Non-interest bearing deposits $ 6,040,440     5,454,539     3,875,848  
Interest bearing deposits 10,063,884     9,342,990     7,681,989  
Securities sold under agreements to repurchase 996,878     1,004,583     580,335  
FHLB advances         513,055  
Other borrowed funds 33,452     33,068     32,499  
Subordinated debentures 132,499     139,959     139,916  
Accrued interest payable 2,590     3,305     4,713  
Deferred tax liability 3,116     23,860     15,210  
Other liabilities 202,308     194,861     178,175  
Total liabilities 17,475,167     16,197,165     13,021,740  
Commitments and Contingent Liabilities          
Stockholders’ Equity          
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding          
Common stock, $0.01 par value per share, 117,187,500 shares authorized 955     954     954  
Paid-in capital 1,495,438     1,495,053     1,491,651  
Retained earnings – substantially restricted 719,072     667,944     544,315  
Accumulated other comprehensive income 79,920     143,090     99,724  
Total stockholders’ equity 2,295,385     2,307,041     2,136,644  
Total liabilities and stockholders’ equity $ 19,770,552     18,504,206     15,158,384  

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

  Three Months ended
(Dollars in thousands, except per share data) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
Interest Income          
Debt securities $ 27,306     27,388     21,014  
Residential real estate loans 10,146     11,176     11,526  
Commercial loans 113,541     121,956     98,684  
Consumer and other loans 10,559     10,788     11,641  
Total interest income 161,552     171,308     142,865  
Interest Expense          
Deposits 3,014     3,500     5,581  
Securities sold under agreements to repurchase 689     818     989  
Federal Home Loan Bank advances     49     346  
Other borrowed funds 174     173     128  
Subordinated debentures 863     1,010     1,452  
Total interest expense 4,740     5,550     8,496  
Net Interest Income 156,812     165,758     134,369  
Provision for credit losses 48     (1,535 )   19,185  
Net interest income after provision for credit losses 156,764     167,293     115,184  
Non-Interest Income          
Service charges and other fees 12,792     13,713     14,020  
Miscellaneous loan fees and charges 2,778     2,293     1,285  
Gain on sale of loans 21,624     26,214     11,862  
Gain on sale of debt securities 284     124     863  
Other income 2,643     2,360     5,242  
Total non-interest income 40,121     44,704     33,272  
Non-Interest Expense          
Compensation and employee benefits 62,468     70,540     59,660  
Occupancy and equipment 9,515     9,728     9,219  
Advertising and promotions 2,371     2,797     2,487  
Data processing 5,206     5,211     5,282  
Other real estate owned 12     550     112  
Regulatory assessments and insurance 1,879     1,034     1,090  
Core deposit intangibles amortization 2,488     2,612     2,533  
Other expenses 12,646     18,715     15,104  
Total non-interest expense 96,585     111,187     95,487  
Income Before Income Taxes 100,300     100,810     52,969  
Federal and state income tax expense 19,498     18,950     9,630  
Net Income $ 80,802     81,860     43,339  

Glacier Bancorp, Inc.
Average Balance Sheets

  Three Months ended
  March 31, 2021   December 31, 2020
(Dollars in thousands) Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
  Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
Assets                      
Residential real estate loans $ 893,052     $ 10,146     4.54 %   $ 984,942     $ 11,176     4.54 %
Commercial loans 1 9,412,281     114,928     4.95 %   9,535,228     123,327     5.15 %
Consumer and other loans 949,736     10,559     4.51 %   951,379     10,788     4.51 %
Total loans 2 11,255,069     135,633     4.89 %   11,471,549     145,291     5.04 %
Tax-exempt debt securities 2 1,545,484     14,710     3.81 %   1,511,725     14,659     3.88 %
Taxable debt securities 4 4,713,936     15,851     1.35 %   3,838,896     15,957     1.66 %
Total earning assets 17,514,489     166,194     3.85 %   16,822,170     175,907     4.16 %
Goodwill and intangibles 568,222             570,771          
Non-earning assets 843,305             853,518          
Total assets $ 18,926,016             $ 18,246,459          
Liabilities                      
Non-interest bearing deposits $ 5,591,531     $     %   $ 5,498,744     $     %
NOW and DDA accounts 3,830,856     570     0.06 %   3,460,923     607     0.07 %
Savings accounts 2,092,517     138     0.03 %   1,935,476     162     0.03 %
Money market deposit accounts 2,719,267     865     0.13 %   2,635,653     1,052     0.16 %
Certificate accounts 971,584     1,422     0.59 %   984,100     1,629     0.66 %
Total core deposits 15,205,755     2,995     0.08 %   14,514,896     3,450     0.09 %
Wholesale deposits 5 38,076     19     0.20 %   100,329     50     0.20 %
Repurchase agreements 1,001,394     689     0.28 %   969,263     819     0.34 %
FHLB advances         %   6,540     49     2.93 %
Subordinated debentures and other borrowed funds 165,830     1,037     2.54 %   172,936     1,182     2.72 %
Total funding liabilities 16,411,055     4,740     0.12 %   15,763,964     5,550     0.14 %
Other liabilities 193,858             199,771          
Total liabilities 16,604,913             15,963,735          
Stockholders’ Equity                      
Common stock 955             954          
Paid-in capital 1,495,138             1,494,422          
Retained earnings 710,137             657,906          
Accumulated other comprehensive income 114,873             129,442          
Total stockholders’ equity 2,321,103             2,282,724          
   Total liabilities and stockholders’ equity $ 18,926,016             $ 18,246,459          
Net interest income (tax-equivalent)     $ 161,454             $ 170,357      
Net interest spread (tax-equivalent)         3.73 %           4.02 %
Net interest margin (tax-equivalent)         3.74 %           4.03 %

______________________________

Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and December 31, 2020, respectively.
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3  Includes tax effect of $3.0 million and $3.0 million on tax-exempt debt securities income for the three months ended March 31, 2021 and December 31, 2020, respectively.
4  Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended March 31, 2021 and December 31, 2020, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


Glacier Bancorp, Inc.
Average Balance Sheets (continued)

  Three Months ended
  March 31, 2021   March 31, 2020
(Dollars in thousands) Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
  Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
Assets                      
Residential real estate loans $ 893,052     $ 10,146     4.54 %   $ 980,647     $ 11,526     4.70 %
Commercial loans 1 9,412,281     114,928     4.95 %   7,809,482     99,956     5.15 %
Consumer and other loans 949,736     10,559     4.51 %   926,924     11,641     5.05 %
Total loans 2 11,255,069     135,633     4.89 %   9,717,053     123,123     5.10 %
Tax-exempt debt securities 3 1,545,484     14,710     3.81 %   930,601     9,409     4.04 %
Taxable debt securities 4 4,713,936     15,851     1.35 %   2,059,581     13,772     2.67 %
Total earning assets 17,514,489     166,194     3.85 %   12,707,235     146,304     4.63 %
Goodwill and intangibles 568,222             539,431          
Non-earning assets 843,305             690,338          
Total assets $ 18,926,016             $ 13,937,004          
Liabilities                      
Non-interest bearing deposits $ 5,591,531     $     %   $ 3,672,959     $     %
NOW and DDA accounts 3,830,856     570     0.06 %   2,675,152     915     0.14 %
Savings accounts 2,092,517     138     0.03 %   1,518,809     239     0.06 %
Money market deposit accounts 2,719,267     865     0.13 %   2,031,799     1,624     0.32 %
Certificate accounts 971,584     1,422     0.59 %   965,908     2,595     1.08 %
Total core deposits 15,205,755     2,995     0.08 %   10,864,627     5,373     0.20 %
Wholesale deposits 5 38,076     19     0.20 %   57,110     208     1.46 %
Repurchase agreements 1,001,394     689     0.28 %   542,822     989     0.73 %
FHLB advances         %   108,672     346     1.26 %
Subordinated debentures and other borrowed funds 165,830     1,037     2.54 %   169,965     1,580     3.74 %
Total funding liabilities 16,411,055     4,740     0.12 %   11,743,196     8,496     0.29 %
Other liabilities 193,858             147,361          
Total liabilities 16,604,913             11,890,557          
Stockholders’ Equity                      
Common stock 955             933          
Paid-in capital 1,495,138             1,417,004          
Retained earnings 710,137             562,951          
Accumulated other comprehensive income 114,873             65,559          
Total stockholders’ equity 2,321,103             2,046,447          
Total liabilities and stockholders’ equity $ 18,926,016             $ 13,937,004          
Net interest income (tax-equivalent)     $ 161,454             $ 137,808      
Net interest spread (tax-equivalent)         3.73 %           4.34 %
Net interest margin (tax-equivalent)         3.74 %           4.36 %

______________________________

Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and 2020, respectively.
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3  Includes tax effect of $3.0 million and $1.9 million on tax-exempt debt securities income for the three months ended March 31, 2021 and 2020, respectively.
4  Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended March 31, 2021 and 2020, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

  Loans Receivable, by Loan Type % Change from
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Custom and owner occupied construction $ 153,226     $ 157,529     $ 172,238     (3 )%   (11 )%
Pre-sold and spec construction 154,312     148,845     180,799     4 %   (15 )%
Total residential construction 307,538     306,374     353,037     %   (13 )%
Land development 103,960     102,930     101,644     1 %   2 %
Consumer land or lots 133,409     123,747     121,082     8 %   10 %
Unimproved land 62,002     59,500     65,355     4 %   (5 )%
Developed lots for operative builders 27,310     30,449     32,661     (10 )%   (16 )%
Commercial lots 61,289     60,499     59,023     1 %   4 %
Other construction 604,326     555,375     453,403     9 %   33 %
Total land, lot, and other construction 992,296     932,500     833,168     6 %   19 %
Owner occupied 1,973,309     1,945,686     1,813,284     1 %   9 %
Non-owner occupied 2,372,644     2,290,512     2,200,664     4 %   8 %
Total commercial real estate 4,345,953     4,236,198     4,013,948     3 %   8 %
Commercial and industrial 1,883,438     1,850,197     1,151,817     2 %   64 %
Agriculture 728,579     721,490     694,444     1 %   5 %
1st lien 1,130,339     1,228,867     1,213,232     (8 )%   (7 )%
Junior lien 35,230     41,641     49,071     (15 )%   (28 )%
Total 1-4 family 1,165,569     1,270,508     1,262,303     (8 )%   (8 )%
Multifamily residential 380,172     391,895     352,379     (3 )%   8 %
Home equity lines of credit 664,800     657,626     656,953     1 %   1 %
Other consumer 191,152     190,186     180,832     1 %   6 %
Total consumer 855,952     847,812     837,785     1 %   2 %
States and political subdivisions 546,086     575,647     566,953     (5 )%   (4 )%
Other 183,077     156,647     116,991     17 %   56 %
Total loans receivable, including loans held for sale 11,388,660     11,289,268     10,182,825     1 %   12 %
Less loans held for sale 1 (118,731 )   (166,572 )   (94,619 )   (29 )%   25 %
Total loans receivable $ 11,269,929     $ 11,122,696     $ 10,088,206     1 %   12 %

______________________________

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
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Mar 31,
2021
  Mar 31,
2021
  Mar 31,
2021
Custom and owner occupied construction $ 246     247     188     246          
Pre-sold and spec construction         96              
Total residential construction 246     247     284     246          
Land development 330     342     1,432     82         248  
Consumer land or lots 325     201     471     198         127  
Unimproved land 243     294     680     197         46  
Commercial lots 368     368     529             368  
Other construction                      
Total land, lot and other construction 1,266     1,205     3,112     477         789  
Owner occupied 5,272     6,725     5,269     5,152         120  
Non-owner occupied 4,615     4,796     5,133     4,615          
Total commercial real estate 9,887     11,521     10,402     9,767         120  
Commercial and industrial 6,100     6,689     5,438     5,536     129     435  
Agriculture 8,392     6,313     7,263     5,502     2,890      
1st lien 4,303     5,353     8,410     4,115     188      
Junior lien 290     301     640     262     28      
Total 1-4 family 4,593     5,654     9,050     4,377     216      
Multifamily residential         402              
Home equity lines of credit 3,614     2,939     2,617     2,684         930  
Other consumer 1,017     572     520     866     151      
Total consumer 4,631     3,511     3,137     3,550     151     930  
Other 1,470     293     290     432     347     691  
Total $ 36,585     35,433     39,378     29,887     3,733     2,965  


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

  Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from
(Dollars in thousands) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Dec 31,
2020
  Mar 31,
2020
Custom and owner occupied construction $ 963     $ 788     $ 2,176     22 %   (56 )%
Pre-sold and spec construction         328     n/m   (100 )%
Total residential construction 963     788     2,504     22 %   (62 )%
Land development     202     840     (100 )%   (100 )%
Consumer land or lots 215     71     321     203 %   (33 )%
Unimproved land 334     357     934     (6 )%   (64 )%
Developed lots for operative builders     306         (100 )%   n/m
Commercial lots         216     n/m   (100 )%
Other construction 1,520             n/m   n/m
Total land, lot and other construction 2,069     936     2,311     121 %   (10 )%
Owner occupied 1,784     3,432     3,235     (48 )%   (45 )%
Non-owner occupied 2,407     149     4,764     1,515 %   (49 )%
Total commercial real estate 4,191     3,581     7,999     17 %   (48 )%
Commercial and industrial 2,063     1,814     6,122     14 %   (66 )%
Agriculture 25,458     1,553     6,210     1,539 %   310 %
1st lien 5,984     6,677     7,419     (10 )%   (19 )%
Junior lien 18     55     795     (67 )%   (98 )%
Total 1-4 family 6,002     6,732     8,214     (11 )%   (27 )%
Home equity lines of credit 1,223     2,840     5,549     (57 )%   (78 )%
Other consumer 519     1,054     1,456     (51 )%   (64 )%
Total consumer 1,742     3,894     7,005     (55 )%   (75 )%
States and political subdivisions 375     2,358         (84 )%   n/m
Other 1,753     1,065     1,010     65 %   74 %
Total $ 44,616     $ 22,721     $ 41,375     96 %   8 %

______________________________

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) Mar 31,
2021
  Dec 31,
2020
  Mar 31,
2020
  Mar 31,
2021
  Mar 31,
2021
Custom and owner occupied construction $     (9 )            
Pre-sold and spec construction (7 )   (24 )   (6 )       7  
Total residential construction (7 )   (33 )   (6 )       7  
Land development (75 )   (106 )   (275 )       75  
Consumer land or lots (141 )   (221 )   3         141  
Unimproved land (21 )   (489 )   (37 )       21  
Developed lots for operative builders                  
Commercial lots     (55 )   (1 )        
Total land, lot and other construction (237 )   (871 )   (310 )       237  
Owner occupied (54 )   (168 )   (16 )       54  
Non-owner occupied (505 )   3,030     (20 )       505  
Total commercial real estate (559 )   2,862     (36 )       559  
Commercial and industrial 80     1,533     61     168     88  
Agriculture (1 )   337     36     4     5  
1st lien 5     69     14     41     36  
Junior lien (47 )   (211 )   (110 )       47  
Total 1-4 family (42 )   (142 )   (96 )   41     83  
Multifamily residential     (244 )   (43 )        
Home equity lines of credit 25     101     (103 )   41     16  
Other consumer 46     307     88     119     73  
Total consumer 71     408     (15 )   160     89  
Other 2,981     3,803     1,222     3,873     892  
Total $ 2,286     7,653     813     4,246     1,960  

Visit our website at www.glacierbancorp.com

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