Core Viewpoint - The proposed sale of Guaranty Bancshares, Inc. to Glacier Bancorp, Inc. is under investigation to assess whether the transaction adequately values Guaranty and if the process leading to this valuation was appropriate [1]. Group 1 - The transaction terms stipulate that shareholders of Guaranty will receive 1.0000 share of Glacier stock for each share of Guaranty owned, with potential adjustments under certain circumstances [1]. - Kahn Swick & Foti, LLC is investigating the adequacy of the consideration offered in the proposed sale [1]. - The investigation aims to determine if the proposed sale undervalues Guaranty Bancshares, Inc. [1].

```markdown [Part I. Financial Information](index=2&type=section&id=Part%20I.%20Financial%20Information) [Item 1 – Financial Statements](index=4&type=section&id=Item%201%20%E2%80%93%20Financial%20Statements) Presents Glacier Bancorp's unaudited consolidated financial statements and notes for Q2 2025 and FY2024 [Unaudited Condensed Consolidated Statements of Financial Condition](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total assets | $29,004,983 | $27,902,987 | | Total liabilities | $25,472,719 | $24,679,133 | | Total stockholders' equity | $3,532,264 | $3,223,854 | | Number of common stock shares outstanding | 118,550,475 | 113,401,955 | - Total assets increased by approximately **$1.1 billion** from December 31, 2024, to June 30, 2025, primarily driven by an increase in loans receivable[9](index=9&type=chunk) - Total liabilities increased by approximately **$793 million**, with non-interest bearing deposits and interest bearing deposits showing significant increases[9](index=9&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :-------------------------------------- | :-------------------------------------- | :------------------------------------ | :------------------------------------ | | Total interest income | $308,115 | $273,834 | $598,040 | $553,236 | | Total interest expense | $100,499 | $107,356 | $200,445 | $220,278 | | Net Interest Income | $207,616 | $166,478 | $397,595 | $332,958 | | Provision for credit losses | $20,267 | $3,518 | $28,081 | $11,767 | | Net Income | $52,781 | $44,708 | $107,349 | $77,335 | | Basic earnings per share | $0.45 | $0.39 | $0.93 | $0.68 | | Diluted earnings per share | $0.45 | $0.39 | $0.93 | $0.68 | | Dividends declared per share | $0.33 | $0.33 | $0.66 | $0.66 | - Net income for the three months ended June 30, 2025, increased by **18%** year-over-year, reaching **$52.8 million**[10](index=10&type=chunk) - For the six months ended June 30, 2025, net income increased by **38.8%** to **$107.3 million** compared to the same period in 2024[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :-------------------------------------- | :-------------------------------------- | :------------------------------------ | :------------------------------------ | | Net Income | $52,781 | $44,708 | $107,349 | $77,335 | | Total other comprehensive income, net of tax | $24,456 | $17,654 | $70,641 | $19,462 | | Total Comprehensive Income | $77,237 | $62,362 | $177,990 | $96,797 | - Total comprehensive income for the six months ended June 30, 2025, significantly increased to **$177.99 million**, up from **$96.80 million** in the prior year, primarily due to higher net income and a substantial increase in other comprehensive income from unrealized gains on available-for-sale securities[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) | Metric | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Balance at January 1 | $3,223,854 | $3,020,281 | | Net income | $107,349 | $77,335 | | Other comprehensive income | $70,641 | $19,462 | | Cash dividends declared | $(76,768) | $(75,033) | | Stock issued in connection with acquisitions | $204,987 | $92,385 | | Balance at June 30 | $3,532,264 | $3,137,445 | - Stockholders' equity increased by **$308.4 million** for the six months ended June 30, 2025, primarily driven by net income, other comprehensive income, and stock issued for acquisitions[18](index=18&type=chunk) - The acquisition of Bank of Idaho Holding Co. resulted in the issuance of **5,029,102 common shares**, contributing **$204.99 million** to paid-in capital[16](index=16&type=chunk)[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Net cash provided by operating activities | $138,479 | $5,943 | | Net cash provided by investing activities | $361,497 | $223,271 | | Net cash used in financing activities | $(432,877) | $(782,777) | | Net increase (decrease) in cash and cash equivalents | $67,099 | $(553,563) | | Cash, cash equivalents at end of period | $915,507 | $800,779 | - Net cash provided by operating activities significantly increased to **$138.48 million** in the first half of 2025 from **$5.94 million** in the prior year[20](index=20&type=chunk) - Net cash used in financing activities decreased substantially from **$(782.78) million** in H1 2024 to **$(432.88) million** in H1 2025, primarily due to a net increase in deposits and a decrease in FHLB advances[21](index=21&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Nature of Operations and Summary of Significant Accounting Policies](index=12&type=section&id=Note%201.%20Nature%20of%20Operations%20and%20Summary%20of%20Significant%20Accounting%20Policies) Details Glacier Bancorp's banking operations, key accounting policies, and the recent Bank of Idaho acquisition - Glacier Bancorp, Inc. operates as a single segment entity, the banking segment, for financial reporting purposes, with the CEO serving as the chief operating decision maker[31](index=31&type=chunk) - The Company completed the acquisition of Bank of Idaho Holding Co. (BOID) on April 30, 2025, with its results of operations included in consolidated financial statements from the acquisition date[30](index=30&type=chunk) - Material estimates susceptible to significant change include the allowance for credit losses on loans, valuation of debt securities, and goodwill impairment[26](index=26&type=chunk) [Note 2. Debt Securities](index=22&type=section&id=Note%202.%20Debt%20Securities) Details the **$7.23 billion** debt securities portfolio (AFS and HTM), with unrealized losses due to interest rate changes | Category | June 30, 2025 (Fair Value, in thousands) | December 31, 2024 (Fair Value, in thousands) | | :-------------------------------- | :------------------------------------- | :--------------------------------------- | | Total available-for-sale | $4,024,980 | $4,245,205 | | Total held-to-maturity | $2,871,520 | $2,968,570 | | Total debt securities | $6,896,500 | $7,213,775 | - Gross unrealized losses on available-for-sale securities totaled **$319.66 million** at June 30, 2025, primarily due to changes in interest rates and market spreads, not credit losses[104](index=104&type=chunk)[116](index=116&type=chunk) - All available-for-sale and held-to-maturity debt securities with unrealized loss positions at June 30, 2025, were determined to be investment grade, and no allowance for credit losses was recorded[114](index=114&type=chunk)[116](index=116&type=chunk)[120](index=120&type=chunk) [Note 3. Loans Receivable, Net](index=26&type=section&id=Note%203.%20Loans%20Receivable%2C%20Net) Breaks down the loan portfolio and ACL, which increased to **$226.80 million** due to the BOID acquisition | Loan Segment | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Residential real estate | $1,931,554 | $1,858,929 | | Commercial real estate | $11,935,109 | $10,963,713 | | Other commercial | $3,303,889 | $3,119,535 | | Home equity | $975,429 | $930,994 | | Other consumer | $386,759 | $388,678 | | Loans receivable, net | $18,305,941 | $17,055,808 | | Allowance for credit losses | $(226,799) | $(206,041) | - The Allowance for Credit Losses (ACL) increased to **$226.80 million** at June 30, 2025, from **$206.04 million** at December 31, 2024, primarily due to a **$14.59 million** provision for credit losses from the Bank of Idaho acquisition[123](index=123&type=chunk) | Loan Status | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total past due and non-accrual loans | $101,130 | $58,850 | | Current loans receivable | $18,431,610 | $17,202,999 | [Note 4. Leases](index=36&type=section&id=Note%204.%20Leases) Details operating and finance leases, with ROU assets of **$56.53 million** and liabilities of **$61.68 million** | Lease Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Net ROU assets (Finance) | $17,915 | $19,966 | | Net ROU assets (Operating) | $38,610 | $36,286 | | Lease liabilities (Finance) | $19,405 | $21,279 | | Lease liabilities (Operating) | $42,274 | $39,902 | | Weighted-average remaining lease term (Finance) | 11 years | 11 years | | Weighted-average remaining lease term (Operating) | 14 years | 15 years | | Lease Cost Component | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Finance lease cost | $2,510 | $2,631 | | Operating lease cost | $2,775 | $2,627 | | Short-term lease cost | $273 | $233 | | Variable lease cost | $948 | $755 | | Sublease income | $(29) | $(20) | | Total lease expense | $6,477 | $6,226 | [Note 5. Goodwill](index=37&type=section&id=Note%205.%20Goodwill) Goodwill increased to **$1.12 billion** due to the BOID acquisition; no impairment identified in 2024 | Metric | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net carrying value at beginning of period | $1,051,318 | $985,393 | | Acquisitions and adjustments | $70,083 | $38,369 | | Net carrying value at end of period | $1,121,401 | $1,023,762 | - Goodwill increased by **$70.08 million** in the first six months of 2025, primarily from the Bank of Idaho acquisition[139](index=139&type=chunk) - Accumulated impairment charges remained at **$40.16 million** as of June 30, 2025, with no new impairment identified in the 2024 annual test[139](index=139&type=chunk) [Note 6. Loan Servicing](index=38&type=section&id=Note%206.%20Loan%20Servicing) Details mortgage servicing rights, with a carrying value of **$11.74 million** and **$1.48 billion** in loans serviced | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Carrying value at end of period | $11,738 | $11,958 | | Principal balances of loans serviced for others | $1,481,486 | $1,507,439 | | Fair value of servicing rights | $17,427 | $17,902 | - The carrying value of mortgage servicing rights decreased slightly from **$11.96 million** at December 31, 2024, to **$11.74 million** at June 30, 2025, due to amortization exceeding additions[140](index=140&type=chunk) [Note 7. Variable Interest Entities](index=38&type=section&id=Note%207.%20Variable%20Interest%20Entities) Discusses consolidation of CDEs and LIHTC partnerships, and reporting of unconsolidated LIHTC investments - The Company consolidates CDEs and certain LIHTC partnerships where it is the primary beneficiary, with total consolidated VIE assets of **$204.47 million** and liabilities of **$86.99 million** at June 30, 2025[143](index=143&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk) - Unconsolidated LIHTC partnerships had carrying values of **$211.58 million** at June 30, 2025, with future unfunded equity commitments totaling **$88.74 million**[147](index=147&type=chunk) | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Amortization expense (unconsolidated LIHTCs) | $12,645 | $10,388 | | Tax credits and other tax benefits recognized | $15,570 | $13,610 | [Note 8. Securities Sold Under Agreements to Repurchase](index=40&type=section&id=Note%208.%20Securities%20Sold%20Under%20Agreements%20to%20Repurchase) Details repurchase agreements as a funding source, totaling **$1.98 billion**, secured by mortgage-backed securities | Collateral Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Residential mortgage-backed securities | $1,976,228 | $1,777,475 | - Securities sold under agreements to repurchase increased to **$1.98 billion** at June 30, 2025, from **$1.78 billion** at December 31, 2024[150](index=150&type=chunk) [Note 9. Derivatives and Hedging Activities](index=40&type=section&id=Note%209.%20Derivatives%20and%20Hedging%20Activities) Explains derivative use (interest rate caps and swaps) for managing interest rate risk and hedging loans - Interest rate caps, designated as cash flow hedges, matured on March 31, 2025, with a fair value of **$0** at June 30, 2025[151](index=151&type=chunk) - New interest rate swaps were entered into in Q4 2024 to hedge fixed rate debt securities, with a notional amount of **$1.63 billion** and an asset derivative fair value of **$4.09 million** at June 30, 2025[155](index=155&type=chunk)[156](index=156&type=chunk) | Derivative Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Interest rate locks (asset fair value) | $1,243 | $410 | | TBA hedge (liability fair value) | $559 | $169 (asset) | [Note 10. Other Expenses](index=42&type=section&id=Note%2010.%20Other%20Expenses) Itemizes 'Other expenses,' totaling **$49.86 million** for H1 2025, a **6%** decrease from lower M&A expenses | Expense Category | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Consulting and outside services | $9,876 | $10,012 | | Debit card expenses | $7,407 | $6,882 | | Loan expenses | $4,238 | $3,934 | | Mergers and acquisition expenses | $3,818 | $7,508 | | Employee expenses | $3,543 | $3,034 | | VIE amortization and other expenses | $3,407 | $4,162 | | Total other expenses | $49,864 | $53,099 | - Mergers and acquisition expenses decreased significantly from **$7.51 million** in H1 2024 to **$3.82 million** in H1 2025[158](index=158&type=chunk) [Note 11. Accumulated Other Comprehensive Loss](index=43&type=section&id=Note%2011.%20Accumulated%20Other%20Comprehensive%20Loss) AOCL improved from **$(309.30) million** to **$(238.66) million**, driven by **$68.99 million** in other comprehensive income | Component | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Balance at January 1 | $(309,296) | $(374,113) | | Net current period other comprehensive income (loss) | $70,641 | $19,462 | | Balance at June 30 | $(238,655) | $(354,651) | - The net current period other comprehensive income was **$70.64 million** for the six months ended June 30, 2025, a substantial increase from **$19.46 million** in the prior year[159](index=159&type=chunk) [Note 12. Earnings Per Share](index=43&type=section&id=Note%2012.%20Earnings%20Per%20Share) Basic and diluted EPS increased to **$0.93** for H1 2025, up from **$0.68** in the prior year | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income available to common stockholders | $52,781 | $44,708 | $107,349 | $77,335 | | Basic earnings per share | $0.45 | $0.39 | $0.93 | $0.68 | | Diluted earnings per share | $0.45 | $0.39 | $0.93 | $0.68 | | Average outstanding shares - basic | 116,890,776 | 113,390,539 | 115,180,489 | 112,941,341 | - Diluted EPS for the three months ended June 30, 2025, was **$0.45**, an increase from **$0.39** in the prior year period[161](index=161&type=chunk) [Note 13. Fair Value of Assets and Liabilities](index=44&type=section&id=Note%2013.%20Fair%20Value%20of%20Assets%20and%20Liabilities) Outlines fair value measurements for assets and liabilities using a three-level hierarchy | Asset/Liability | June 30, 2025 (Fair Value, in thousands) | December 31, 2024 (Fair Value, in thousands) | | :-------------------------------- | :------------------------------------- | :--------------------------------------- | | Total assets measured at fair value on a recurring basis | $4,078,047 | $4,288,851 | | Total liabilities measured at fair value on a recurring basis | $559 | $0 (asset) | | Collateral-dependent impaired loans, net of ACL (non-recurring) | $419 | $2,052 | - All recurring fair value measurements for assets and liabilities are classified within Level 2, indicating significant other observable inputs[173](index=173&type=chunk)[174](index=174&type=chunk) - Collateral-dependent impaired loans, measured on a non-recurring basis, are classified within Level 3, utilizing unobservable inputs like selling costs[177](index=177&type=chunk)[179](index=179&type=chunk) [Note 14. Mergers & Acquisitions](index=50&type=section&id=Note%2014.%20Mergers%20%26%20Acquisitions) Details the BOID acquisition for **$204.99 million** and the announced acquisition of Guaranty Bancshares - The acquisition of Bank of Idaho Holding Co. (BOID) on April 30, 2025, involved the issuance of **5,029,102 common shares** and **$2,000** in cash, totaling **$204.99 million** in consideration[189](index=189&type=chunk) | Acquired Assets/Liabilities (BOID) | April 30, 2025 (in thousands) | | :-------------------------------- | :---------------------------- | | Total identifiable assets acquired | $1,294,557 | | Liabilities assumed | $1,159,652 | | Goodwill recognized | $70,083 | | Loans receivable, net of ACL | $1,075,197 | | Deposits | $1,078,377 | - On June 24, 2025, the Company announced an agreement to acquire Guaranty Bancshares, Inc., with Guaranty having total assets of **$3.1 billion**, gross loans of **$2.1 billion**, and deposits of **$2.7 billion** as of June 30, 2025[196](index=196&type=chunk) [Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Reviews Glacier Bancorp's financial condition and operating results, including assets, liabilities, equity, and key metrics [FORWARD-LOOKING STATEMENTS](index=52&type=section&id=FORWARD-LOOKING%20STATEMENTS) Highlights forward-looking statements subject to business, economic, and competitive uncertainties and various risks - The Form 10-Q contains forward-looking statements subject to significant business, economic, and competitive uncertainties, including risks related to lending, monetary policies, regulatory changes, economic conditions, geopolitical instability, acquisitions, goodwill impairment, and cybersecurity[200](index=200&type=chunk) - The Company does not undertake any obligation to update or revise forward-looking statements, except as required by law[201](index=201&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=53&type=section&id=MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) [Financial Highlights](index=53&type=section&id=Financial%20Highlights) Reports Q2 2025 net income of **$52.8 million**, diluted EPS of **$0.45**, and details recent acquisitions | Metric | Q2 2025 | Q1 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Net income (in thousands) | $52,781 | $54,568 | $44,708 | $107,349 | $77,335 | | Basic earnings per share | $0.45 | $0.48 | $0.39 | $0.93 | $0.68 | | Diluted earnings per share | $0.45 | $0.48 | $0.39 | $0.93 | $0.68 | | Return on average assets (annualized) | 0.74 % | 0.80 % | 0.66 % | 0.77 % | 0.56 % | | Efficiency ratio | 62.08 % | 65.49 % | 67.97 % | 63.72 % | 71.17 % | - The current quarter's net income included **$3.2 million** in acquisition-related expenses and **$16.7 million** of credit loss expense from the BOID acquisition[204](index=204&type=chunk) - The acquisition of BOID added **$1.36 billion** in total assets, **$1.08 billion** in loans receivable, and **$1.08 billion** in deposits as of April 30, 2025[206](index=206&type=chunk)[207](index=207&type=chunk) [Market Conditions](index=54&type=section&id=Market%20Conditions) Monitors macroeconomic and geopolitical uncertainties, including inflation and market volatility - Current market conditions are characterized by macroeconomic and geopolitical uncertainties, including conflicts, trade policies, capital markets volatility, and inflation[208](index=208&type=chunk) - These factors may lead to slower or negative economic growth and a challenging business environment for banking customers[208](index=208&type=chunk) [Financial Condition Analysis](index=54&type=section&id=Financial%20Condition%20Analysis) Analyzes asset growth to **$29.00 billion**, deposit increase to **$21.63 billion**, and equity growth from BOID acquisition | Metric | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------ | :------------------------------- | | Total assets | $29,004,983 | $27,858,879 | $27,902,987 | | Total debt securities | $7,231,113 | $7,433,887 | $7,540,052 | | Loans receivable, net | $18,305,941 | $17,008,118 | $17,055,808 | | Total deposits | $21,628,502 | $20,634,050 | $20,546,994 | | Total liabilities | $25,472,719 | $24,571,271 | $24,679,133 | | Total stockholders' equity | $3,532,264 | $3,287,608 | $3,223,854 | | Tangible book value per common share | $19.79 | $19.28 | $18.71 | - The loan portfolio increased by **$1.31 billion** (**8%**) during Q2 2025, with an organic increase of **$239 million** (**6%** annualized) excluding the BOID acquisition[211](index=211&type=chunk) - Non-interest bearing deposits increased by **$493 million** (**8%**) from the prior quarter, representing **30%** of total deposits[212](index=212&type=chunk) [Operating Results for Three Months Ended June 30, 2025 Compared to March 31, 2025, and June 30, 2024](index=57&type=section&id=Operating%20Results%20for%20Three%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20March%2031%2C%202025%2C%20and%20June%2030%2C%202024) Reviews Q2 2025 operating results, highlighting increased net interest income and improved efficiency ratio | Metric | Q2 2025 (in thousands) | Q1 2025 (in thousands) | Q2 2024 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | :--------------------- | | Total net interest income | $207,616 | $189,979 | $166,478 | | Total non-interest income | $32,944 | $32,642 | $32,204 | | Total non-interest expense | $155,119 | $151,318 | $140,952 | | Provision for credit losses on loans | $18,009 | $6,154 | $5,066 | | Net interest margin (tax-equivalent) | 3.21 % | 3.04 % | 2.68 % | | Efficiency ratio | 62.08 % | 65.49 % | 67.97 % | - Net interest income increased by **$17.6 million** (**9%**) from Q1 2025 and **$41.1 million** (**25%**) from Q2 2024, primarily due to increased loan yields and decreased total cost of funding[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) - The current quarter's provision for credit loss expense of **$20.3 million** included **$14.6 million** from the BOID acquisition[226](index=226&type=chunk) [Operating Results for Six Months Ended June 30, 2025 Compared to June 30, 2024](index=60&type=section&id=Operating%20Results%20for%20Six%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20June%2030%2C%202024) Analyzes H1 2025 operating results, showing **19%** net interest income growth and a **139%** surge in credit loss provision | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | | Total net interest income | $397,595 | $332,958 | | Total non-interest income | $65,586 | $62,193 | | Total non-interest expense | $306,437 | $292,795 | | Provision for credit losses | $28,081 | $11,767 | | Net interest margin (tax-equivalent) | 3.12 % | 2.64 % | | Efficiency ratio | 63.72 % | 71.17 % | - Net interest income increased by **$64.6 million** (**19%**) in H1 2025, primarily from an **8%** increase in interest income and a **9%** decrease in interest expense[230](index=230&type=chunk)[231](index=231&type=chunk) - The provision for credit loss expense increased by **$16.3 million** (**139%**) in H1 2025, with **$16.7 million** attributed to the BOID acquisition[236](index=236&type=chunk) [ADDITIONAL MANAGEMENT'S DISCUSSION AND ANALYSIS](index=62&type=section&id=ADDITIONAL%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS) [Investment Activity](index=62&type=section&id=Investment%20Activity) Details the investment portfolio, primarily U.S. government and mortgage-backed securities, providing liquidity | Category | June 30, 2025 (Carrying Amount, in thousands) | December 31, 2024 (Carrying Amount,

Core Viewpoint - Glacier Bancorp (NYSE: GBCI) shares have remained flat over the past year, missing out on a significant equity market rally and are still below their post-election high [1] Company Performance - The stock has not participated in the broader market gains, indicating potential underperformance relative to peers [1] Investment Strategy - The article suggests a contrarian investment approach based on macro views and stock-specific turnaround stories to achieve outsized returns with a favorable risk/reward profile [1]

Financial Data and Key Metrics Changes - The company reported net income of $52.8 million for the second quarter, representing a 3% decline from the prior quarter but an 18% increase year-over-year [4][5] - Earnings per share increased by 15% compared to the same quarter last year [5] - Net interest income rose to $208 million, up 9% from the prior quarter and 25% year-over-year [6] - The net interest margin expanded to 3.21%, up 17 basis points from the first quarter and 53 basis points year-over-year [6][7] - Non-performing assets remained low at 0.17% of total assets, with net charge-offs at $1.6 million for the quarter [9] Business Line Data and Key Metrics Changes - The loan portfolio grew by $1.3 billion to $18.5 billion, an 8% increase from the prior quarter, with commercial real estate being a key driver [5] - Deposits increased to $21.6 billion, up 5% quarter-over-quarter, with non-interest bearing deposits rising by 8% [5][6] - Non-interest income totaled $32.9 million, slightly up from the first quarter and up 2% year-over-year [8] Market Data and Key Metrics Changes - The company successfully completed the acquisition of the Bank of Idaho, adding $1.4 billion in assets and expanding its presence in Idaho and Eastern Washington [3][4] - A definitive agreement was announced to acquire Guaranty Bancshares, a $3.1 billion bank, marking the company's first entry into Texas [4] Company Strategy and Development Direction - The company is focused on strategic expansion in the Southwest, with the acquisition of Guaranty Bancshares being a significant step [4] - The management emphasized disciplined expense management and maintaining a strong capital position as foundations for future growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued margin growth, expecting to see an increase of 15 to 17 basis points per quarter for the next couple of quarters [15] - The company noted strong organic loan growth and positive client sentiment, with fewer customers delaying decisions due to economic uncertainty [42] - Management indicated that they are looking to strengthen technology and operational efficiency to support growth [71][72] Other Important Information - The company declared its 161st consecutive quarterly dividend of $0.33 per share, reflecting its commitment to shareholder returns [10] - The efficiency ratio improved to 62.08%, down from 65.49% in the prior quarter, indicating positive operating leverage [8] Q&A Session Summary Question: Margin tracking and future expectations - Management indicated that they expect continued growth in margin, with a potential increase of 15 to 17 basis points per quarter [15][16] Question: Expense guidance and efficiency - Management provided insights on expense management, noting a reduction in core non-interest expense guidance for the upcoming quarters [20][23] Question: Loan yield expansion and core trends - Management quantified the impact of purchase accounting accretion on interest income, noting it contributed around four basis points this quarter [30][32] Question: Organic growth and competitive landscape - Management reported solid organic loan growth and optimistic client sentiment, with a strong production yield of 7.35% for the quarter [45][58] Question: Hiring opportunities and market conditions - Management discussed plans for hiring, focusing on operational support and potential talent acquisition in Texas due to market changes [47][49]

Financial Data and Key Metrics Changes - The company reported net income of $52.8 million for the second quarter, representing a 3% decline from the prior quarter but an 18% increase year-over-year [3][4] - Earnings per share increased by 15% compared to the same quarter last year [4] - Net interest income rose to $208 million, up 9% from the prior quarter and up 25% year-over-year [5] - The net interest margin expanded to 3.21%, up 17 basis points from the first quarter and up 53 basis points year-over-year [5][6] - Non-performing assets remained low at 0.17% of total assets, with net charge-offs at $1.6 million for the quarter [8] Business Line Data and Key Metrics Changes - The loan portfolio grew by $1.3 billion to $18.5 billion, an 8% increase from the prior quarter, with commercial real estate being a key driver [4] - Deposits increased to $21.6 billion, up 5% quarter-over-quarter, with non-interest bearing deposits rising by 8% [4][5] - Non-interest income totaled $32.9 million, up slightly from the first quarter and up 2% year-over-year [7] Market Data and Key Metrics Changes - The company successfully completed the acquisition of the Bank of Idaho, adding $1.4 billion in assets and expanding its presence in Idaho and Eastern Washington [2][3] - A definitive agreement was announced to acquire Guaranty Bancshares, a $3.1 billion bank, marking the company's first entry into Texas [3] Company Strategy and Development Direction - The company is focused on strategic expansion, particularly in the Southwest, with the acquisition of Guaranty Bancshares [3] - The integration of the Bank of Idaho is progressing smoothly, indicating a commitment to growth through acquisitions [3] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in net interest margin and loan yields, expecting to maintain a pace of increase for the next couple of quarters [12][13] - The company remains cautious in spending due to economic uncertainty and market volatility, but is optimistic about organic growth and customer sentiment [18][40] Other Important Information - The tangible book value per share increased to $19.79, up 8% year-over-year, and the company declared its 161st consecutive quarterly dividend of $0.33 per share [9] - The efficiency ratio improved to 62.08%, reflecting positive operating leverage [7] Q&A Session Summary Question: Margin tracking and future expectations - Management indicated continued growth in margin, expecting 15 to 17 basis points increase per quarter [12][13] Question: Expense guidance and efficiency - Management provided insights on expense management, indicating a reduction in core non-interest expense guidance for the upcoming quarters [19][20] Question: Organic growth and competitive landscape - Management noted solid organic loan growth and a positive outlook on client sentiment, with some competitive pressures on pricing but not on structure [39][42] Question: Hiring and operational opportunities - The company is looking to fill operational positions to support growth, with potential opportunities arising from market changes in Texas [45][46] Question: Loan growth and payoff pressure - Management acknowledged ongoing payoff pressure but expects it to abate towards the end of the year, maintaining a low to mid single-digit growth outlook [53][54]

Core Insights - Glacier Bancorp reported strong earnings per share (EPS) of $0.45, exceeding analyst estimates of $0.38, while revenue fell short at $208 million compared to the consensus of $242.02 million, indicating a mixed performance in Q2 2025 [1][2] - The company experienced significant growth in key banking metrics, including a 10% increase in loan portfolio to $18.5 billion and a 7.6% rise in total deposits to $21.63 billion, reflecting successful expansion strategies [6][8] - A notable concern is the sharp increase in non-performing assets (NPAs), which rose 170% year-over-year to $48.6 million, necessitating close monitoring of credit quality moving forward [8][11] Financial Performance - Diluted EPS increased by 15.4% year-over-year, while net income rose 18.2% to $52.8 million [2][5] - Net interest margin improved significantly to 3.21%, up from 2.68% a year earlier, indicating better returns on lending activities [2][5] - Total non-interest expenses grew by 10% year-over-year, with integration costs from acquisitions contributing to this increase [7] Business Strategy and Acquisitions - Glacier Bancorp focuses on traditional banking products and has a strategy of expanding through targeted acquisitions and organic growth, making it a significant player in the Rocky Mountain region [3][4] - The recent acquisition of Bank of Idaho has supported growth in loans and deposits, and a pending acquisition of Guaranty Bancshares in Texas is expected to further enhance its market presence [4][9] Future Outlook - Management projects a net interest margin between 3.20% and 3.25%, with potential increases due to recent acquisitions [10] - Loan growth is anticipated to continue in the low- to mid-single-digit percentage range, supported by a healthy pipeline [10] - Investors are advised to monitor trends in non-performing assets and credit loss provisions as the company expands into larger markets [11]

Financial Performance - Glacier Bancorp reported revenue of $240.56 million for the quarter ended June 2025, a year-over-year increase of 21.1% [1] - The EPS for the same period was $0.45, compared to $0.39 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $243.5 million, resulting in a surprise of -1.21% [1] - The company experienced an EPS surprise of -4.26%, with the consensus EPS estimate being $0.47 [1] Key Metrics - Efficiency Ratio stood at 62.1%, better than the average estimate of 64.6% based on three analysts [4] - Net charge-offs as a percentage of total loans were 0%, compared to the average estimate of 0.1% [4] - Net interest margin (tax-equivalent) was 3.2%, matching the average estimate of 3.2% [4] - Non-accrual loans totaled $35.36 million, below the average estimate of $39.65 million [4] - Total non-performing assets were $48.61 million, slightly above the average estimate of $46.46 million [4] - Average balances of total earning assets were $26.4 billion, close to the estimated $26.47 billion [4] - Total Non-Interest Income was $32.94 million, below the average estimate of $33.67 million [4] - Net Interest Income reached $207.62 million, exceeding the average estimate of $206.24 million [4] - Gain on sale of loans was $4.27 million, lower than the average estimate of $5.58 million [4] - Net interest income (tax-equivalent) was $211.08 million, above the average estimate of $208.81 million [4] Stock Performance - Shares of Glacier Bancorp returned +7.1% over the past month, outperforming the Zacks S&P 500 composite's +5.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Glacier Bancorp reported quarterly earnings of $0.45 per share, missing the Zacks Consensus Estimate of $0.47 per share, but showing an increase from $0.39 per share a year ago, indicating a mixed performance in earnings [1][2] Financial Performance - The company posted revenues of $240.56 million for the quarter ended June 2025, which was 1.21% below the Zacks Consensus Estimate, compared to $198.68 million in the same quarter last year [2] - Over the last four quarters, Glacier Bancorp has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Glacier Bancorp shares have declined approximately 8.6% since the beginning of the year, contrasting with the S&P 500's gain of 8.1% [3] - The current Zacks Rank for Glacier Bancorp is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.60 on revenues of $260.85 million, and for the current fiscal year, it is $2.20 on revenues of $1.03 billion [7] - The trend of estimate revisions for Glacier Bancorp was mixed ahead of the earnings release, which could change following the recent report [6] Industry Context - The Banks - West industry, to which Glacier Bancorp belongs, is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

[Executive Summary and Highlights](index=1&type=section&id=Highlights) [Second Quarter 2025 Highlights](index=1&type=section&id=2nd%20Quarter%202025%20Highlights) Glacier Bancorp, Inc. demonstrated strong Q2 2025 financial performance with significant growth in net interest income, loan portfolio, and net interest margin, alongside strategic acquisitions Key Financial Metrics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Diluted EPS | $0.45 | $0.48 | $0.39 | -6% | +15% | | Net Income | $52.8 million | $54.6 million | $44.7 million | -3% | +18% | | Net Interest Income | $208 million | $190 million | $166 million | +9% | +25% | | Loan Portfolio | $18.533 billion | - | - | +8% | - | | Total Deposits | $21.629 billion | - | - | +5% | - | | Non-interest Bearing Deposits | $6.594 billion | - | - | +8% | - | | Net Interest Margin (Tax-Equivalent) | 3.21% | 3.04% | 2.68% | +17 bps | +53 bps | | Loan Yield | 5.86% | 5.77% | 5.58% | +9 bps | +28 bps | - The company completed the acquisition of Bank of Idaho Holding Co., with total assets of **$1.4 billion**, marking its **26th bank acquisition** since 2000 and **12th transaction** in the past decade[2](index=2&type=chunk) - The company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., with total assets of **$3.1 billion**, expanding its presence in the Southwest and entering the Texas market for the first time[2](index=2&type=chunk) [First Half 2025 Highlights](index=2&type=section&id=First%20Half%202025%20Highlights) The company achieved strong financial growth in the first half of 2025, marked by significant increases in diluted EPS, net income, net interest income, and an improved net interest margin First Half Key Financial Metrics | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Diluted EPS | $0.93 | $0.68 | +37% | | Net Income | $107 million | $77.3 million | +39% | | Net Interest Income | $398 million | $333 million | +19% | | Loan Portfolio Growth | $1.271 billion | - | +7% | | Total Deposit Growth | $1.527 billion | - | +8% | | Net Interest Margin (Tax-Equivalent) | 3.12% | 2.64% | +48 bps | | Dividends Declared | $0.66/share | - | - | - In the first half of 2025, the loan portfolio organically grew by **$196 million**, an increase of **2%**[2](index=2&type=chunk) - Total deposits and repurchase agreements organically grew by **$202 million** in the first half of 2025, an increase of **1%**[2](index=2&type=chunk) [Financial Summary](index=3&type=section&id=Financial%20Summary) [Financial Summary Table](index=3&type=section&id=Financial%20Summary%20Table) This section presents key financial data for Q2 2025, Q1 2025, and Q2 2024, covering operating results, selected ratios, and other operational metrics, reflecting the company's profitability, asset quality, and efficiency Financial Summary Data | Metric | June 30, 2025 (USD thousands) | March 31, 2025 (USD thousands) | June 30, 2024 (USD thousands) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Operating Results** | | | | | | | Net Income | 52,781 | 54,568 | 44,708 | 107,349 | 77,335 | | Basic EPS | 0.45 | 0.48 | 0.39 | 0.93 | 0.68 | | Diluted EPS | 0.45 | 0.48 | 0.39 | 0.93 | 0.68 | | Dividends Declared Per Share | 0.33 | 0.33 | 0.33 | 0.66 | 0.66 | | **Selected Ratios and Other Data** | | | | | | | Return on Average Assets (Annualized) | 0.74 % | 0.80 % | 0.66 % | 0.77 % | 0.56 % | | Return on Average Equity (Annualized) | 6.13 % | 6.77 % | 5.77 % | 6.44 % | 5.01 % | | Efficiency Ratio | 62.08 % | 65.49 % | 67.97 % | 63.72 % | 71.17 % | | Loan to Deposit Ratio | 85.91 % | 83.64 % | 84.03 % | 85.91 % | 84.03 % | | Full-Time Equivalent Employees | 3,665 | 3,457 | 3,399 | 3,665 | 3,399 | | Number of Branches | 247 | 227 | 231 | 247 | 231 | | Number of ATMs | 300 | 286 | 286 | 300 | 286 | - Net income for Q2 2025 was **$52.8 million**, a **3%** (or **$1.8 million**) decrease quarter-over-quarter and an **18%** (or **$8.1 million**) increase year-over-year; diluted EPS was **$0.45**, a **6%** decrease quarter-over-quarter and a **15%** increase year-over-year[4](index=4&type=chunk) - This quarter included **$3.2 million** in acquisition-related expenses and **$16.7 million** in BOID acquisition credit loss expenses[4](index=4&type=chunk) [Acquisitions](index=3&type=section&id=Acquisitions) [Bank of Idaho Acquisition](index=3&type=section&id=Bank%20of%20Idaho%20Acquisition) The company completed the acquisition of Bank of Idaho Holding Co. on April 30, 2025, adding 15 branches and $1.4 billion in assets, expanding its operational footprint - The company completed the acquisition of Bank of Idaho Holding Co. on **April 30, 2025**, which operates **15 branches** in Eastern Idaho, Boise, and Eastern Washington[4](index=4&type=chunk) BOID Acquisition Preliminary Fair Value Estimates (as of April 30, 2025) | Item | Amount (USD thousands) | | :--- | :--- | | Total Assets | 1,369,764 | | Cash and Cash Equivalents | 26,127 | | Debt Securities | 139,974 | | Loans Receivable | 1,075,232 | | Non-interest Bearing Deposits | 271,385 | | Interest-Bearing Deposits | 806,992 | | Borrowings and Subordinated Debt | 71,932 | | Core Deposit Intangible | 19,758 | | Goodwill | 75,207 | [Guaranty Bancshares Acquisition Agreement](index=4&type=section&id=Guaranty%20Bancshares%20Acquisition%20Agreement) On June 24, 2025, the company announced an agreement to acquire Texas-based Guaranty Bancshares, Inc., expanding its Southwest presence and entering the Texas market - The company announced on **June 24, 2025**, the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., which had **$3.1 billion** in total assets, **$2.1 billion** in total loans, and **$2.7 billion** in total deposits as of June 30, 2025[6](index=6&type=chunk) - The acquisition is expected to close in the **fourth quarter of 2025**, with Guaranty operating as a new banking division of Glacier Bank[6](index=6&type=chunk) [Balance Sheet Analysis](index=4&type=section&id=Balance%20Sheet%20Analysis) [Asset Summary](index=4&type=section&id=Asset%20Summary) Total assets grew in Q2 2025, primarily due to robust loan portfolio expansion, despite a decrease in debt securities, while cash positions remained solid Asset Summary (USD thousands) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 915,507 | 981,485 | 800,779 | (65,978) | 114,728 | | Total Debt Securities | 7,231,113 | 7,433,887 | 7,899,944 | (202,774) | (668,831) | | Total Loans Receivable | 18,532,740 | 17,218,518 | 16,851,991 | 1,314,222 | 1,680,749 | | Allowance for Loan Losses | (226,799) | (210,400) | (200,955) | (16,399) | (25,844) | | Total Assets | 29,010,107 | 27,858,879 | 27,805,340 | 1,151,228 | 1,204,767 | - As of June 30, 2025, the loan portfolio was **$18.533 billion**, growing by **$1.314 billion** (**8%**) this quarter and **$1.681 billion** (**10%**) year-over-year[9](index=9&type=chunk) - Excluding the BOID acquisition, the loan portfolio organically grew by **$239 million** (**6% annualized**) this quarter; commercial real estate loans, excluding acquisitions, increased by **$250 million** (**2%**) this quarter[9](index=9&type=chunk) [Liability Summary](index=7&type=section&id=Liability%20Summary) Total liabilities increased in Q2 2025, driven by deposit growth and repurchase agreements, while FHLB borrowings significantly decreased, optimizing the funding structure Liability Summary (USD thousands) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Deposits | 21,628,502 | 20,634,050 | 20,101,759 | 994,452 | 1,526,743 | | Non-interest Bearing Deposits | 6,593,728 | 6,100,548 | 6,093,430 | 493,180 | 500,298 | | Repurchase Agreements | 1,976,228 | 1,849,070 | 1,629,504 | 127,158 | 346,724 | | Federal Home Loan Bank Advances | 1,255,088 | 1,520,000 | 2,350,000 | (264,912) | (1,094,912) | | Subordinated Debentures | 157,127 | 133,145 | 133,024 | 23,982 | 24,103 | | Total Liabilities | 25,472,719 | 24,571,271 | 24,667,895 | 901,448 | 804,824 | - As of June 30, 2025, total deposits were **$21.629 billion**, increasing by **$994 million** (**5%**) quarter-over-quarter and **$1.527 billion** (**8%**) year-over-year[16](index=16&type=chunk) - Subordinated debentures totaled **$157 million**, increasing by **$24 million** (**18%**) this quarter, primarily due to the BOID acquisition[17](index=17&type=chunk) [Stockholders' Equity Summary](index=8&type=section&id=Stockholders'%20Equity%20Summary) Stockholders' equity increased in Q2 2025, driven by BOID acquisition-related stock issuance, partially offset by goodwill and core deposit increases, with robust tangible common book value growth Stockholders' Equity Summary (USD thousands) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Common Stock Equity | 3,776,043 | 3,550,719 | 3,492,096 | 225,324 | 283,947 | | Accumulated Other Comprehensive Loss | (238,655) | (263,111) | (354,651) | 24,456 | 115,996 | | Total Stockholders' Equity | 3,537,388 | 3,287,608 | 3,137,445 | 249,780 | 399,943 | | Goodwill and Intangible Assets, Net | (1,191,474) | (1,099,229) | (1,066,790) | (92,245) | (124,684) | | Tangible Stockholders' Equity | 2,345,914 | 2,188,379 | 2,070,655 | 157,535 | 275,259 | | Stockholders' Equity to Total Assets Ratio | 12.19 % | 11.80 % | 11.28 % | - | - | | Tangible Stockholders' Equity to Tangible Total Assets Ratio | 8.43 % | 8.18 % | 7.74 % | - | - | | Book Value Per Share | $29.84 | $28.96 | $27.67 | $0.88 | $2.17 | | Tangible Book Value Per Share | $19.79 | $19.28 | $18.26 | $0.51 | $1.53 | - As of June 30, 2025, tangible stockholders' equity was **$2.346 billion**, increasing by **$158 million** (**7%**) quarter-over-quarter, primarily due to **$205 million** in company stock issued related to the BOID acquisition[19](index=19&type=chunk) - Tangible book value per share at quarter-end was **$19.79**, an increase of **$0.51** (**3%**) quarter-over-quarter and **$1.53** (**8%**) year-over-year[19](index=19&type=chunk) [Operating Results for Three Months Ended June 30, 2025](index=9&type=section&id=Operating%20Results%20for%20Three%20Months%20Ended%20June%2030%2C%202025) [Income Summary](index=9&type=section&id=Income%20Summary) Total revenue and net interest income grew in Q2 2025, with a slight increase in non-interest income, reflecting overall business expansion and improved profitability Income Summary (USD thousands) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Interest Income | 308,115 | 289,925 | 273,834 | 18,190 | 34,281 | | Interest Expense | 100,499 | 99,946 | 107,356 | 553 | (6,857) | | Total Net Interest Income | 207,616 | 189,979 | 166,478 | 17,637 | 41,138 | | Total Non-interest Income | 32,944 | 32,642 | 32,204 | 302 | 740 | | Total Revenue | 240,560 | 222,621 | 198,682 | 17,939 | 41,878 | | Net Interest Margin (Tax-Equivalent) | 3.21 % | 3.04 % | 2.68 % | - | - | [Net Interest Income](index=9&type=section&id=Net%20Interest%20Income) Net interest income significantly increased in Q2 2025, driven by higher loan yields, increased average loan portfolio, and declining total funding costs, expanding net interest margin - Net interest income for the quarter was **$208 million**, an increase of **$17.6 million** (**9%**) quarter-over-quarter and **$41.1 million** (**25%**) year-over-year[24](index=24&type=chunk) - Interest income for the quarter was **$308 million**, an increase of **$18.2 million** (**6%**) quarter-over-quarter and **$34.3 million** (**13%**) year-over-year, primarily due to higher loan yields and increased average loan portfolio balances[24](index=24&type=chunk) - Net interest margin (tax-equivalent) for the quarter was **3.21%**, an increase of **17 basis points** (from 3.04%) quarter-over-quarter and **53 basis points** (from 2.68%) year-over-year, driven by higher loan yields and lower total funding costs[26](index=26&type=chunk) [Non-interest Income](index=10&type=section&id=Non-interest%20Income) Non-interest income slightly increased in Q2 2025, driven by higher service charges and fees, though other income decreased due to prior quarter's bank-owned life insurance benefits - Total non-interest income for the quarter was **$32.9 million**, an increase of **$0.302 million** (**1%**) quarter-over-quarter and **$0.74 million** (**2%**) year-over-year[28](index=28&type=chunk) - Service charges and other fees were **$20.4 million**, an increase of **$1.6 million** (**8%**) quarter-over-quarter and **$0.983 million** (**5%**) year-over-year[28](index=28&type=chunk) - Other income was **$3.2 million**, a decrease of **$1.7 million** (**34%**) quarter-over-quarter, primarily due to **$1.1 million** in bank-owned life insurance benefits in the prior quarter[28](index=28&type=chunk) [Non-interest Expense](index=10&type=section&id=Non-interest%20Expense) Non-interest expense increased in Q2 2025, driven by higher compensation and employee benefits from acquisitions, while other expenses slightly decreased due to reduced acquisition-related costs Non-interest Expense Summary (USD thousands) | Item | June 30, 2025 | March 31, 2025 | June 30, 2024 | QoQ Change | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Compensation and Employee Benefits | 94,355 | 91,443 | 84,434 | 2,912 | 9,921 | | Occupancy and Equipment | 12,558 | 12,294 | 11,594 | 264 | 964 | | Advertising and Promotion | 4,394 | 4,144 | 4,362 | 250 | 32 | | Data Processing | 9,883 | 9,138 | 9,387 | 745 | 496 | | Other Real Estate and Foreclosed Assets | 26 | 63 | 149 | (37) | (123) | | Regulatory Assessments and Insurance | 5,847 | 5,534 | 5,393 | 313 | 454 | | Amortization of Intangible Assets | 3,624 | 3,270 | 3,017 | 354 | 607 | | Other Expenses | 24,432 | 25,432 | 22,616 | (1,000) | 1,816 | | Total Non-interest Expense | 155,119 | 151,318 | 140,952 | 3,801 | 14,167 | - Total non-interest expense for the quarter was **$155 million**, an increase of **$3.8 million** (**3%**) quarter-over-quarter and **$14.2 million** (**10%**) year-over-year[29](index=29&type=chunk) - Compensation and employee benefits were **$94.4 million**, an increase of **$2.9 million** (**3%**) quarter-over-quarter, primarily due to increased costs from acquisitions; a year-over-year increase of **$9.9 million** (**12%**) was driven by annual salary increases and increased headcount from acquisitions[29](index=29&type=chunk) [Federal and State Income Tax Expense](index=10&type=section&id=Federal%20and%20State%20Income%20Tax%20Expense) Income tax expense and effective tax rate both increased in Q2 2025, primarily due to reduced federal income tax credits and higher pre-tax income - Tax expense for Q2 2025 was **$12.4 million**, an increase of **$3.5 million** (**39%**) quarter-over-quarter and **$2.9 million** (**30%**) year-over-year[31](index=31&type=chunk) - The effective tax rate for the quarter was **19.0%**, up from **14.0%** in the prior quarter and **17.5%** in the prior year quarter[31](index=31&type=chunk) [Efficiency Ratio](index=11&type=section&id=Efficiency%20Ratio) The efficiency ratio continued to improve in Q2 2025, primarily due to net interest income growth outpacing non-interest expense growth - The efficiency ratio for the quarter was **62.08%**, lower than **65.49%** in the prior quarter and **67.97%** in the prior year quarter[33](index=33&type=chunk) - The decrease in the efficiency ratio was primarily due to net interest income growth exceeding non-interest expense growth[33](index=33&type=chunk) [Operating Results for Six Months Ended June 30, 2025](index=11&type=section&id=Operating%20Results%20for%20Six%20Months%20Ended%20June%2030%2C%202025) [Income Summary](index=11&type=section&id=Income%20Summary_H1) Total revenue and net interest income achieved significant growth in the first half of 2025, with non-interest income also steadily increasing, reflecting enhanced overall profitability Income Summary (USD thousands) | Item | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | Change Amount | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Interest Income | 598,040 | 553,236 | 44,804 | 8 % | | Interest Expense | 200,445 | 220,278 | (19,833) | (9)% | | Total Net Interest Income | 397,595 | 332,958 | 64,637 | 19 % | | Total Non-interest Income | 65,586 | 62,193 | 3,393 | 5 % | | Total Revenue | 463,181 | 395,151 | 68,030 | 17 % | | Net Interest Margin (Tax-Equivalent) | 3.12 % | 2.64 % | - | - | [Net Interest Income](index=11&type=section&id=Net%20Interest%20Income_H1) Net interest income significantly increased in H1 2025, driven by an expanded loan portfolio, higher loan yields, lower funding costs, and a shift towards higher-yielding earning assets - Net interest income for the first half of 2025 was **$398 million**, an increase of **$64.6 million** (**19%**) year-over-year, driven by increased interest income and decreased interest expense[36](index=36&type=chunk) - Interest income for the first half of 2025 was **$598 million**, an increase of **$44.8 million** (**8%**) year-over-year, primarily attributable to an increased loan portfolio and higher loan yields[36](index=36&type=chunk) - Net interest margin (tax-equivalent) for the first half of 2025 was **3.12%**, an increase of **48 basis points** (from 2.64%) year-over-year, driven by higher loan yields, lower funding costs, and a shift in earning asset mix towards higher-yielding loans[38](index=38&type=chunk)[39](index=39&type=chunk) [Non-interest Income](index=12&type=section&id=Non-interest%20Income_H1) Non-interest income grew in H1 2025, with increases in service charges, loan sales gains, and other income, primarily driven by bank-owned life insurance benefits - Non-interest income for the first half of 2025 was **$65.6 million**, an increase of **$3.4 million** (**5%**) year-over-year[40](index=40&type=chunk) - Service charges and other fees were **$39.2 million**, an increase of **$1.2 million** (**3%**) year-over-year[40](index=40&type=chunk) - Other income was **$8.0 million**, an increase of **$1.1 million** year-over-year, primarily due to **$1.1 million** in bank-owned life insurance benefits this year[40](index=40&type=chunk) [Non-interest Expense](index=12&type=section&id=Non-interest%20Expense_H1) Non-interest expense increased in H1 2025, mainly due to higher compensation and employee benefits, while regulatory assessments, insurance, and other expenses decreased from reduced acquisition-related costs Non-interest Expense Summary (USD thousands) | Item | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | Change Amount | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Compensation and Employee Benefits | 185,798 | 170,223 | 15,575 | 9 % | | Occupancy and Equipment | 24,852 | 23,477 | 1,375 | 6 % | | Advertising and Promotion | 8,538 | 8,345 | 193 | 2 % | | Data Processing | 19,021 | 18,546 | 475 | 3 % | | Other Real Estate and Foreclosed Assets | 89 | 174 | (85) | (49)% | | Regulatory Assessments and Insurance | 11,381 | 13,154 | (1,773) | (13)% | | Amortization of Core Deposit Intangible Assets | 6,894 | 5,777 | 1,117 | 19 % | | Other Expenses | 49,864 | 53,099 | (3,235) | (6)% | | Total Non-interest Expense | 306,437 | 292,795 | 13,642 | 5 % | - Compensation and employee benefits expense for the first half of 2025 was **$186 million**, an increase of **$15.6 million** (**9%**) year-over-year, driven by annual salary increases and increased headcount from acquisitions[41](index=41&type=chunk) - Other expenses were **$49.9 million**, a decrease of **$3.2 million** (**6%**) year-over-year, primarily due to a **$3.7 million** reduction in acquisition-related expenses[41](index=41&type=chunk) [Provision for Credit Losses](index=12&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses significantly increased in H1 2025, primarily due to the BOID acquisition, while net charge-offs decreased - Provision for credit losses expense for the first half of 2025 was **$28.1 million**, an increase of **$16.3 million** (**139%**) year-over-year[42](index=42&type=chunk) - The current year's provision for credit losses included **$16.7 million** from the BOID acquisition, compared to **$5.3 million** from the Wheatland Bank acquisition in the prior year period[42](index=42&type=chunk) - Net charge-offs for the first half of 2025 were **$3.4 million**, lower than **$6.0 million** in the first half of 2024[42](index=42&type=chunk) [Federal and State Income Tax Expense](index=12&type=section&id=Federal%20and%20State%20Income%20Tax%20Expense_H1) Income tax expense and effective tax rate both increased in H1 2025, primarily due to higher pre-tax income - Tax expense for the first half of 2025 was **$21.3 million**, an increase of **$8.1 million** (**61%**) year-over-year[43](index=43&type=chunk) - The effective tax rate for the first half of 2025 was **16.6%**, up from **14.6%** in the prior year period[43](index=43&type=chunk) [Efficiency Ratio](index=13&type=section&id=Efficiency%20Ratio_H1) The efficiency ratio significantly improved in H1 2025, primarily due to net interest income growth outpacing non-interest expense growth - The efficiency ratio for the first half of 2025 was **63.72%**, lower than **71.17%** in the first half of 2024[44](index=44&type=chunk) - The decrease in the efficiency ratio was primarily attributable to net interest income growth exceeding non-interest expense growth[44](index=44&type=chunk) [Credit Quality](index=5&type=section&id=Credit%20Quality) [Credit Quality Summary](index=5&type=section&id=Credit%20Quality%20Summary) Non-performing assets and early-stage delinquent loans increased in Q2 2025, while the allowance for credit losses to total loans remained stable, with BOID acquisition impacting the provision Credit Quality Summary (USD thousands) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Allowance for Credit Losses Balance | 226,799 | 210,400 | 200,955 | | Provision for Credit Losses | 24,163 | 6,154 | 14,157 | | Net Charge-offs | (7,236) | (3,897) | (8,430) | | Total Non-performing Loans | 48,606 | 39,338 | 18,008 | | Non-performing Assets as a Percentage of Subsidiary Assets | 0.17 % | 0.14 % | 0.06 % | | Allowance for Credit Losses as a Percentage of Non-performing Loans | 485 % | 551 % | 1,116 % | | Allowance for Credit Losses as a Percentage of Total Loans | 1.22 % | 1.22 % | 1.19 % | | Net Charge-offs as a Percentage of Total Loans | 0.02 % | 0.01 % | 0.04 % | | Accruing Loans 30-89 Days Past Due | 54,403 | 46,458 | 49,678 | - As of June 30, 2025, non-performing assets as a percentage of subsidiary assets were **0.17%**, up from **0.14%** in the prior quarter and **0.06%** in the prior year quarter; total non-performing assets were **$48.6 million**, a **24%** increase quarter-over-quarter and a **170%** increase year-over-year[10](index=10&type=chunk) - Provision for credit losses expense for the quarter was **$20.3 million**, including **$14.6 million** for loan credit losses and **$2.1 million** for unfunded loan commitment credit losses from the BOID acquisition[12](index=12&type=chunk) [Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio](index=6&type=section&id=Credit%20Quality%20Trends%20and%20Provision%20for%20Credit%20Losses%20on%20the%20Loan%20Portfolio) This section outlines loan portfolio credit quality trends, including quarterly changes in allowance for credit losses, net charge-offs, non-performing asset, and early-stage delinquent loan ratios Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio (USD thousands) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Provision for Loan Credit Losses | 18,009 | 6,154 | 6,041 | 6,981 | 5,066 | | Net Charge-offs | 1,645 | 1,795 | 5,170 | 2,766 | 2,890 | | Allowance for Credit Losses as a Percentage of Loans | 1.22 % | 1.22 % | 1.19 % | 1.19 % | 1.19 % | | Loans 30-89 Days Past Due as a Percentage of Loans | 0.29 % | 0.27 % | 0.19 % | 0.33 % | 0.29 % | | Non-performing Assets as a Percentage of Subsidiary Assets | 0.17 % | 0.14 % | 0.10 % | 0.10 % | 0.06 % | - Net charge-offs for the quarter were **$1.6 million**, lower than **$1.8 million** in the prior quarter and **$2.9 million** in the prior year quarter[14](index=14&type=chunk) - Net charge-offs for the quarter included **$1.5 million** in deposit overdraft net charge-offs and **$0.111 million** in net loan charge-offs[14](index=14&type=chunk) [Detailed Loan Portfolio and Credit Quality](index=20&type=section&id=Detailed%20Loan%20Portfolio%20and%20Credit%20Quality) [Loan Portfolio by Regulatory Classification](index=20&type=section&id=Loan%20Portfolio%20by%20Regulatory%20Classification) This section details the company's loan portfolio by regulatory classification, including amounts and quarterly/annual changes for each loan type, illustrating growth trends Loans Receivable by Regulatory Classification (USD thousands) | Loan Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | QoQ Change (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Custom and Owner-Occupied Construction | 254,790 | 233,584 | 242,844 | 9 % | 5 % | | Pre-Sold and Speculative Construction | 208,106 | 200,921 | 191,926 | 4 % | 8 % | | Land Development | 176,925 | 177,448 | 197,369 | — % | (10)% | | Total Commercial Real Estate | 7,813,522 | 7,236,696 | 7,251,134 | 8 % | 8 % | | Commercial and Industrial | 1,545,498 | 1,392,365 | 1,395,997 | 11 % | 11 % | | Agricultural | 1,167,611 | 1,016,081 | 1,024,520 | 15 % | 14 % | | Total 1-4 Family | 2,670,603 | 2,584,837 | 2,558,221 | 3 % | 4 % | | Multi-Family Residential | 975,785 | 874,071 | 895,242 | 12 % | 9 % | | Home Equity Lines of Credit | 1,048,595 | 989,043 | 1,005,783 | 6 % | 4 % | | Other Consumer | 197,744 | 188,388 | 209,457 | 5 % | (6)% | | Total Loans Receivable (Including Held for Sale) | 18,580,478 | 17,259,041 | 17,294,909 | 8 % | 7 % | [Credit Quality Summary by Regulatory Classification](index=21&type=section&id=Credit%20Quality%20Summary%20by%20Regulatory%20Classification) This section analyzes credit quality by regulatory classification, detailing non-performing assets, delinquent loans, and net charge-offs, revealing specific credit risk performance Non-performing Assets by Regulatory Classification (USD thousands) | Loan Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Custom and Owner-Occupied Construction | 235 | 194 | 198 | 206 | | Pre-Sold and Speculative Construction | 2,806 | 2,896 | 2,132 | 2,908 | | Land Development | 885 | 935 | 966 | — | | Total Commercial Real Estate | 5,618 | 5,836 | 5,214 | 2,249 | | Commercial and Industrial | 14,764 | 12,367 | 2,069 | 2,044 | | Agricultural | 6,603 | 2,382 | 2,335 | 2,442 | | Total 1-4 Family | 11,082 | 9,048 | 9,368 | 3,415 | | Multi-Family Residential | 398 | 400 | 389 | 385 | | Home Equity Lines of Credit | 4,016 | 3,479 | 3,465 | 2,145 | | Other Consumer | 921 | 1,003 | 955 | 1,089 | | Total | 48,606 | 39,338 | 27,786 | 18,008 | Accruing Loans 30-89 Days Past Due by Regulatory Classification (USD thousands) | Loan Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Custom and Owner-Occupied Construction | 385 | 786 | 969 | 1,323 | | Pre-Sold and Speculative Construction | — | — | 564 | 816 | | Land Development | 170 | — | 1,450 | — | | Total Commercial Real Estate | 17,709 | 4,132 | 7,904 | 12,445 | | Commercial and Industrial | 6,711 | 5,358 | 6,194 | 17,591 | | Agricultural | 8,243 | 5,731 | 744 | 5,288 | | Total 1-4 Family | 3,583 | 15,849 | 6,540 | 2,654 | | Home Equity Lines of Credit | 5,482 | 6,993 | 3,731 | 5,432 | | Other Consumer | 1,615 | 1,824 | 1,775 | 2,192 | | Total | 54,403 | 46,458 | 32,228 | 49,678 | Year-to-Date Net Charge-offs (Recoveries) by Regulatory Classification (USD thousands) | Loan Type | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Pre-Sold and Speculative Construction | 50 | — | (4) | (4) | | Land Development | (341) | (341) | 1,095 | (1) | | Total Commercial Real Estate | (9) | (7) | (71) | (75) | | Commercial and Industrial | 26 | 92 | 1,422 | 644 | | Agricultural | (109) | (1) | 64 | 68 | | Total 1-4 Family | (216) | (74) | (33) | (77) | | Home Equity Lines of Credit | (20) | (20) | 69 | 1 | | Other Consumer | 656 | 276 | 1,078 | 493 | | Other | 3,406 | 1,873 | 8,643 | 4,611 | | Total | 3,440 | 1,795 | 13,898 | 5,962 | [Corporate Information](index=8&type=section&id=Corporate%20Information) [Cash Dividends](index=8&type=section&id=Cash%20Dividends) The Board declared a **$0.33 per share** quarterly cash dividend, continuing the company's long history of payments, with future dividends subject to financial and macroeconomic factors - The Board of Directors declared a quarterly cash dividend of **$0.33 per share** on **June 24, 2025**, payable on **July 17, 2025**, to shareholders of record as of **July 8, 2025**[20](index=20&type=chunk) - This marks the company's **161st consecutive regular dividend** and its **49th cumulative dividend increase**[20](index=20&type=chunk) - Future cash dividends will depend on various factors, including net income, capital, asset quality, macroeconomic conditions, and regulatory considerations[20](index=20&type=chunk) [Forward-Looking Statements](index=13&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements based on management's current beliefs and expectations, subject to significant uncertainties that may cause actual results to differ materially - Forward-looking statements include, but are not limited to, statements about the company's plans, objectives, expectations, and intentions, which are not historical facts and are identified by words such as 'anticipate,' 'expect,' 'will,' 'intend,' 'plan,' 'believe,' 'should,' 'project,' 'seek,' 'estimate,' and similar expressions[45](index=45&type=chunk) - Factors that could cause actual results to differ from expectations include: loan-related risks, changes in monetary and fiscal policy, legislative or regulatory changes, general economic condition risks, geopolitical instability, acquisition integration risks, reduced demand for banking products and services, deterioration of bank reputation, changes in the competitive landscape, stock market volatility, reliance on the executive team, and cybersecurity and natural disaster risks[45](index=45&type=chunk)[49](index=49&type=chunk) [Conference Call Information](index=14&type=section&id=Conference%20Call%20Information) The company will host an investor conference call on July 25, 2025, with registration and webcast details provided - The investor conference call is scheduled for **Friday, July 25, 2025, at 11:00 AM Eastern Time**[47](index=47&type=chunk) - Investors can register via the provided link for dial-in instructions or participate via the webcast link[47](index=47&type=chunk) [About Glacier Bancorp, Inc.](index=14&type=section&id=About%20Glacier%20Bancorp%2C%20Inc.) Glacier Bancorp, Inc. is a NYSE-listed bank holding company, parent to Glacier Bank and its divisions operating across eight western states - Glacier Bancorp, Inc. (NYSE: GBCI) is a member of the **Russell 2000®** and **S&P MidCap 400®** indices[48](index=48&type=chunk) - The company is the parent of Glacier Bank and its banking divisions operating across **eight western states**, including Utah, Colorado, Idaho, Montana, Wyoming, Arizona, and Washington[48](index=48&type=chunk) [Financial Statements](index=15&type=section&id=Financial%20Statements) [Unaudited Condensed Consolidated Statements of Financial Condition](index=15&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) This section presents the unaudited condensed consolidated statements of financial condition, detailing assets, liabilities, and stockholders' equity as of various dates Unaudited Condensed Consolidated Statements of Financial Condition (USD thousands) | Item | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Cash and Cash Equivalents | 915,507 | 981,485 | 848,408 | 800,779 | | Total Debt Securities | 7,231,113 | 7,433,887 | 7,540,052 | 7,899,944 | | Loans Receivable, Net | 18,305,941 | 17,008,118 | 17,055,808 | 16,651,036 | | Goodwill | 1,126,525 | 1,051,318 | 1,051,318 | 1,023,762 | | Total Assets | 29,010,107 | 27,858,879 | 27,902,987 | 27,805,340 | | **Liabilities** | | | | | | Total Deposits | 21,628,502 | 20,634,050 | 20,546,994 | 20,101,759 | | Federal Home Loan Bank Advances | 1,255,088 | 1,520,000 | 1,800,000 | 2,350,000 | | Subordinated Debentures | 157,127 | 133,145 | 133,105 | 133,024 | | Total Liabilities | 25,472,719 | 24,571,271 | 24,679,133 | 24,667,895 | | **Stockholders' Equity** | | | | | | Total Stockholders' Equity | 3,537,388 | 3,287,608 | 3,223,854 | 3,137,445 | | Total Liabilities and Stockholders' Equity | 29,010,107 | 27,858,879 | 27,902,987 | 27,805,340 | [Unaudited Condensed Consolidated Statements of Operations](index=16&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the unaudited condensed consolidated statements of operations, detailing income and expenses for the three and six months ended June 30, 2025 and 2024 Unaudited Condensed Consolidated Statements of Operations (USD thousands) | Item | June 30, 2025 (Three Months) | March 31, 2025 (Three Months) | June 30, 2024 (Three Months) | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | 308,115 | 289,925 | 273,834 | 598,040 | 553,236 | | Total Interest Expense | 100,499 | 99,946 | 107,356 | 200,445 | 220,278 | | Net Interest Income | 207,616 | 189,979 | 166,478 | 397,595 | 332,958 | | Provision for Credit Losses | 20,267 | 7,814 | 3,518 | 28,081 | 11,767 | | Total Non-interest Income | 32,944 | 32,642 | 32,204 | 65,586 | 62,193 | | Total Non-interest Expense | 155,119 | 151,318 | 140,952 | 306,437 | 292,795 | | Income Before Income Taxes | 65,174 | 63,489 | 54,212 | 128,663 | 90,589 | | Federal and State Income Tax Expense | 12,393 | 8,921 | 9,504 | 21,314 | 13,254 | | Net Income | 52,781 | 54,568 | 44,708 | 107,349 | 77,335 | [Average Balance Sheets](index=17&type=section&id=Average%20Balance%20Sheets) This section provides average balance sheets for various periods, detailing average balances, interest, dividends, and yields/rates, offering foundational data for balance sheet and profitability analysis Average Balance Sheets (Three Months Ended June 30, 2025 vs March 31, 2025) (USD thousands) | Item | June 30, 2025 Average Balance | June 30, 2025 Interest & Dividends | June 30, 2025 Average Yield/Rate | March 31, 2025 Average Balance | March 31, 2025 Interest & Dividends | March 31, 2025 Average Yield/Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Loans | 18,161,429 | 265,536 | 5.86 % | 17,279,394 | 245,812 | 5.77 % | | Total Earning Assets | 26,401,636 | 311,580 | 4.73 % | 25,830,807 | 293,346 | 4.61 % | | Total Core Deposits | 21,047,529 | 65,503 | 1.25 % | 20,378,809 | 62,825 | 1.25 % | | Total Funding Liabilities | 24,678,671 | 100,499 | 1.63 % | 24,185,255 | 99,946 | 1.68 % | | Net Interest Income (Tax-Equivalent) | - | 211,081 | - | - | 193,400 | - | | Net Interest Margin (Tax-Equivalent) | - | - | 3.21 % | - | - | 3.04 % | Average Balance Sheets (Three Months Ended June 30, 2025 vs June 30, 2024) (USD thousands) | Item | June 30, 2025 Average Balance | June 30, 2025 Interest & Dividends | June 30, 2025 Average Yield/Rate | June 30, 2024 Average Balance | June 30, 2024 Interest & Dividends | June 30, 2024 Average Yield/Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Loans | 18,161,429 | 265,536 | 5.86 % | 16,827,829 | 233,282 | 5.58 % | | Total Earning Assets | 26,401,636 | 311,580 | 4.73 % | 25,577,983 | 277,854 | 4.37 % | | Total Core Deposits | 21,047,529 | 65,503 | 1.25 % | 20,105,206 | 67,802 | 1.36 % | | Total Funding Liabilities | 24,678,671 | 100,499 | 1.63 % | 23,939,344 | 107,356 | 1.80 % | | Net Interest Income (Tax-Equivalent) | - | 211,081 | - | - | 170,498 | - | | Net Interest Margin (Tax-Equivalent) | - | - | 3.21 % | - | - | 2.68 % | Average Balance Sheets (Six Months Ended June 30, 2025 vs June 30, 2024) (USD thousands) | Item | June 30, 2025 Average Balance | June 30, 2025 Interest & Dividends | June 30, 2025 Average Yield/Rate | June 30, 2024 Average Balance | June 30, 2024 Interest & Dividends | June 30, 2024 Average Yield/Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Loans | 17,722,848 | 511,348 | 5.82 % | 16,685,914 | 458,039 | 5.52 % | | Total Earning Assets | 26,117,798 | 604,926 | 4.67 % | 26,009,663 | 561,245 | 4.34 % | | Total Core Deposits | 20,715,016 | 128,328 | 1.25 % | 20,098,556 | 134,943 | 1.35 % | | Total Funding Liabilities | 24,433,326 | 200,445 | 1.65 % | 24,300,358 | 220,278 | 1.82 % | | Net Interest Income (Tax-Equivalent) | - | 404,481 | - | - | 340,967 | - | | Net Interest Margin (Tax-Equivalent) | - | - | 3.12 % | - | - | 2.64 % |

Core Highlights - The company reported a net income of $52.8 million for the second quarter of 2025, a decrease of 3 percent from the previous quarter but an increase of 18 percent year-over-year [2][3] - Diluted earnings per share for the current quarter was $0.45, down 6 percent from the prior quarter but up 15 percent from the same quarter last year [2][3] - The company completed the acquisition of Bank of Idaho Holding Co. and announced plans to acquire Guaranty Bancshares, Inc., expanding its presence in the southwest and entering Texas [2][5] Financial Performance - Net interest income for the current quarter was $208 million, an increase of 9 percent from the prior quarter and 25 percent from the same quarter last year [2][3] - The loan portfolio increased to $18.533 billion, up 8 percent from the prior quarter and 10 percent year-over-year [8] - Total deposits reached $21.629 billion, an increase of 5 percent from the prior quarter and 8 percent from the same quarter last year [2][16] Asset and Liability Management - The net interest margin for the current quarter was 3.21 percent, up 17 basis points from the prior quarter and 53 basis points from the same quarter last year [2][3] - Total assets as of June 30, 2025, were $29.010 billion, reflecting a year-over-year increase of 4 percent [7] - The company maintained a strong cash position of $916 million, a decrease from the prior quarter but an increase from the previous year [7][16] Credit Quality - The allowance for credit losses was 1.22 percent of total loans, consistent with the prior quarter and up from 1.19 percent a year ago [13][10] - Non-performing assets increased to $48.6 million, representing 0.17 percent of subsidiary assets, up from 0.14 percent in the prior quarter [10][11] - The current quarter provision for credit loss expense was $20.3 million, including $14.6 million related to loans from the acquisition of BOID [12][14] Shareholder Returns - The company declared a quarterly dividend of $0.33 per share, marking 161 consecutive quarterly dividends with 49 increases [2][3] - Tangible book value per common share increased to $19.79, up 3 percent from the prior quarter and 8 percent year-over-year [16]