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

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Glacier Bancorp, Inc.
·34 min read
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  • 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

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

%

______________________________

1 Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and December 31, 2020, respectively.
2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3 Includes tax effect of $3.0 million and $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

%

______________________________

1 Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and 2020, respectively.
2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3 Includes tax effect of $3.0 million and $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