Glacier Bancorp(GBCI) - 2025 Q2 - Quarterly Results

Executive Summary and Highlights Second Quarter 2025 Highlights 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] - 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] First Half 2025 Highlights 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] - Total deposits and repurchase agreements organically grew by $202 million in the first half of 2025, an increase of 1%[2] Financial Summary Financial Summary Table 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] - This quarter included $3.2 million in acquisition-related expenses and $16.7 million in BOID acquisition credit loss expenses[4] Acquisitions Bank of Idaho Acquisition 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] 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 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] - The acquisition is expected to close in the fourth quarter of 2025, with Guaranty operating as a new banking division of Glacier Bank[6] Balance Sheet Analysis Asset Summary 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] - 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] Liability Summary 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] - Subordinated debentures totaled $157 million, increasing by $24 million (18%) this quarter, primarily due to the BOID acquisition[17] Stockholders' Equity Summary 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] - 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] Operating Results for Three Months Ended June 30, 2025 Income Summary 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 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] - 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] - 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] Non-interest Income 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] - 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] - 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] Non-interest Expense 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] - 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] Federal and State Income Tax Expense 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] - 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] Efficiency Ratio 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] - The decrease in the efficiency ratio was primarily due to net interest income growth exceeding non-interest expense growth[33] Operating Results for Six Months Ended June 30, 2025 Income Summary 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 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] - 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] - 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][39] Non-interest Income 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] - Service charges and other fees were $39.2 million, an increase of $1.2 million (3%) year-over-year[40] - 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] Non-interest Expense 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] - 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] Provision for Credit Losses 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] - 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] - 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] Federal and State Income Tax Expense 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] - The effective tax rate for the first half of 2025 was 16.6%, up from 14.6% in the prior year period[43] Efficiency Ratio 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] - The decrease in the efficiency ratio was primarily attributable to net interest income growth exceeding non-interest expense growth[44] Credit Quality Credit Quality Summary 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] - 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] Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio 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] - 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] Detailed Loan Portfolio and Credit Quality Loan Portfolio by Regulatory Classification 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 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 Cash Dividends 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] - This marks the company's 161st consecutive regular dividend and its 49th cumulative dividend increase[20] - Future cash dividends will depend on various factors, including net income, capital, asset quality, macroeconomic conditions, and regulatory considerations[20] Forward-Looking Statements 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] - 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][49] Conference Call Information 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] - Investors can register via the provided link for dial-in instructions or participate via the webcast link[47] About Glacier Bancorp, Inc. 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] - 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] Financial Statements Unaudited Condensed Consolidated Statements of Financial Condition 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 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 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 % |