Glacier Bancorp, Inc. (NYSE:GBCI) Q4 2020 Earnings Conference Call January 29, 2021 11:00 AM ET Company Participants Randall Chesler - President, CEO & Director Ronald Copher - EVP, CFO & Secretary Tom Dolan - Chief Credit Administrator Conference Call Participants Jeffrey Rulis - D.A. Davidson & Co. Michael Young - Truist Securities Jackie Bohlen - KBW Matthew Clark - Piper Sandler & Co. Operator Good afternoon, ladies and gentlemen, and welcome to the Glacier Bancorp Fourth Quarter Earnings Conference Cal ...

Financial Data and Key Metrics Changes - The company reported a net income of $11.3 million for Q3 2020, compared to $10.3 million in Q2 2020 and $11.1 million in Q3 2019 [30] - Diluted earnings per share were $0.60 for Q3 2020, up from $0.55 in Q2 2020 and $0.59 in Q3 2019 [31] - Total assets grew by $731 million or 30% year-over-year to $3.2 billion at the end of the quarter [34] - Total deposits increased by $615 million or 29% to $2.72 billion at September 30 [34] Business Line Data and Key Metrics Changes - Loans held for investment grew by $22 million or 1.3% to $1.7 billion at September 30 [37] - Non-interest income increased by $1.7 million or 37% to $6.1 million for Q3 compared to $4.5 million for the same period a year earlier, primarily due to a significant increase in mortgage banking income [60] - Non-interest expense was $16.9 million for Q3, compared to $16.1 million for the same period a year earlier [63] Market Data and Key Metrics Changes - The unemployment rate in Utah was 5% at September 30, significantly lower than the national rate of 7.9% [27] - Nationally, total jobs decreased by 6.4% year-over-year at September 30, while Utah jobs decreased only 0.9% [28] Company Strategy and Development Direction - The company aims to continue providing financial relief to clients impacted by the pandemic and plans to participate in additional funding for SBA PPP loans [7] - There is a focus on enhancing technology and operational efficiency to improve client experience and reduce costs [66] - The company is actively looking for acquisition opportunities to leverage its platform and expand its market presence [91] Management's Comments on Operating Environment and Future Outlook - Management expects asset quality trends to deteriorate and charge-offs to increase beginning in 2021 as government stimulus effects wane [22] - The company believes its allowance for credit losses is adequate to cover expected losses, but will continue to monitor macroeconomic conditions closely [23] - Management expressed confidence in the strength of the balance sheet and the ability to withstand the negative effects of the pandemic [24] Other Important Information - The Board of Directors declared a quarterly dividend payment of $0.15 per common share, continuing a trend of over 50 years of dividend payments [32] - The allowance for credit losses increased by $11 million or 36% to $41.5 million at September 30 [38] Q&A Session Summary Question: What was the average rate on new loans for this quarter? - The average rate on new loans was around 5% for the quarter [75] Question: What is the outlook for loan growth and pipeline heading into the fourth quarter? - The company has enhanced its credit process and expects to see continued production growth, although the fourth quarter is typically slower [78] Question: How does the company plan to drive operating leverage while maintaining a high-touch client experience? - The company is committed to technology investments and believes that expanding its commercial lending platform will help drive growth [88] Question: What are the company's thoughts on capital return and buybacks? - The company is focused on organic growth first, followed by acquisitions, and will consider buybacks as credit conditions stabilize [104]

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201%20%E2%80%93%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Glacier Bancorp, Inc., detailing financial condition, operations, and cash flows, including notes on CECL adoption [Unaudited Condensed Consolidated Statements of Financial Condition](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Total assets grew to **$17.93 billion** from **$13.68 billion**, driven by increased loans and debt securities, with total deposits reaching **$14.30 billion** Condensed Consolidated Statements of Financial Condition (Selected Items) | Financial Item | September 30, 2020 ($ in thousands) | December 31, 2019 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$17,926,067** | **$13,683,999** | | Cash and cash equivalents | $769,879 | $330,961 | | Total debt securities | $4,319,057 | $2,799,863 | | Loans receivable, net | $11,454,179 | $9,388,320 | | Goodwill | $514,013 | $456,418 | | **Total Liabilities** | **$15,670,978** | **$11,723,266** | | Total deposits | $14,299,888 | $10,776,457 | | **Total Stockholders' Equity** | **$2,255,089** | **$1,960,733** | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2020 net income increased **51%** to **$77.8 million**, with diluted EPS at **$0.81**, driven by higher net interest income and loan sale gains Key Operating Results (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $151,403 | $131,448 | $433,991 | $366,956 | | Credit loss expense | $2,869 | $— | $39,165 | $57 | | Total non-interest income | $53,667 | $43,049 | $128,163 | $102,357 | | **Net Income** | **$77,757** | **$51,610** | **$184,540** | **$153,134** | | **Diluted EPS** | **$0.81** | **$0.57** | **$1.95** | **$1.76** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Details significant accounting policies, including CECL adoption resulting in a **$12.3 million** reduction to retained earnings, and the **SBAZ acquisition** - The company adopted the new CECL accounting standard (ASU 2016-13) on January 1, 2020, using a modified retrospective approach, resulting in a net reduction of **$12,347,000** in retained earnings, reflecting an increase in the allowance for credit losses on loans and off-balance sheet exposures[72](index=72&type=chunk) - On February 29, 2020, the company acquired State Bank Corp. (SBAZ) for a preliminary value of **$125.9 million**, paid through stock and cash, resulting in **$57.6 million** of goodwill and adding approximately **$745 million** in assets and **$603 million** in deposits[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) Allowance for Credit Losses (ACL) Activity - YTD Sep 30, 2020 (in thousands) | Category | Balance at Jan 1, 2020 | Impact of CECL Adoption | Credit Loss Expense | Net Charge-offs | Balance at Sep 30, 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total** | **$124,490** | **$3,720** | **$39,165** | **($2,872)** | **$164,552** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=47&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial performance and condition, highlighting strong earnings growth, COVID-19 impacts including **PPP loans**, and core deposit growth - Net income for Q3 2020 was **$77.8 million** (**$0.81** per diluted share), a **51%** increase from Q3 2019, driven by strong net interest income and a significant increase in gain on sale of loans[166](index=166&type=chunk) - The company actively managed the impact of the COVID-19 pandemic by originating **16,090 PPP loans** totaling **$1.472 billion** and providing short-term payment deferrals on **$1.515 billion** of loans, of which only **$466 million** remained deferred as of September 30, 2020[169](index=169&type=chunk)[170](index=170&type=chunk) - Core deposits increased by **$2.84 billion** (**26%**) year-over-year, excluding the SBAZ acquisition, attributed to PPP loan proceeds and an increased customer savings rate, allowing the company to fund asset growth and reduce higher-cost borrowings[176](index=176&type=chunk) Credit Quality Metrics | Metric | Q3 2020 | Q2 2020 | Q3 2019 | | :--- | :--- | :--- | :--- | | Credit Loss Expense ($ in thousands) | $2,869 | $13,552 | $0 | | Net Charge-offs ($ in thousands) | $826 | $1,233 | $3,519 | | Non-Performing Assets to Subsidiary Assets (%) | 0.25% | 0.27% | 0.40% | | ACL as a % of Total Loans (%) | 1.42% | 1.42% | 1.32% | [Quantitative and Qualitative Disclosure about Market Risk](index=81&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) No material changes in the company's market risk profile were identified compared to the 2019 Annual Report on Form 10-K - There were no material changes in the company's market risk profile from the disclosures made in the 2019 Annual Report on Form 10-K[275](index=275&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[276](index=276&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the third quarter of 2020[277](index=277&type=chunk) [Part II. Other Information](index=81&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=81&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) Pending legal proceedings are not expected to materially affect the company's financial condition or results of operations - The company states that pending legal proceedings are not expected to have a material adverse effect on its financial condition or operations[279](index=279&type=chunk) [Risk Factors](index=81&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) A new material risk factor addresses the COVID-19 pandemic's potential adverse impact on customers, operations, and stock price due to market volatility - A new material risk factor has been added concerning the effects of the COVID-19 pandemic, which could adversely impact customers' future results and the company's stock price due to unprecedented market volatility and economic disruption[281](index=281&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=82&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - The company reported no unregistered sales of equity securities or use of proceeds during the period[282](index=282&type=chunk) [Other Information](index=82&type=section&id=Item%205%20%E2%80%93%20Other%20Information) Provides material updates to the regulatory environment, detailing recent COVID-19 related legislation including the CARES Act and PPP - The company highlights new legislation related to COVID-19, including the CARES Act and the Paycheck Protection Program, as material updates to its regulatory environment[284](index=284&type=chunk) [Exhibits](index=83&type=section&id=Item%206%20%E2%80%93%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Interactive Data Files (XBRL) - The report includes required CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as XBRL data files[287](index=287&type=chunk)

Investor Presentation Q3-2020 Len Williams, President and Chief Executive Officer Mark Olson, EVP and Chief Financial Officer October 28, 2020 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, including, but not limited to: § The duration and impact of the COVID-19 pandemic; § Changes in general economic conditions, either nationa ...

INVESTOR PRESENTATION September 2020 Forward-Looking Statements 1 This presentation 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," " ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________ FORM 10-Q ____________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 000 ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 000-18911 ____________________________________________________________ GLACIER BANCORP, INC. (Exact name of registrant as specified in its charter) ____________________________________________________________ Montana 81-0519541 (State or other jurisdiction of incorporation or organization) (I ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________________________________________________ FORM 10-K ________________________________________________________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Commission file number 000-18911 ________________________ ...