Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

1st Quarter 2025 Highlights: Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share.Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million.The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent.Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter.The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent.The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent.The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent.The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.3 billion as of March 31, 2025. This will be the Company’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years. Financial Summary At or for the Three Months ended(Dollars in thousands, except per share and market data)Mar 31,2025 Dec 31,2024 Mar 31,2024Operating results Net income$54,568 61,754 32,627 Basic earnings per share$0.48 0.54 0.29 Diluted earnings per share$0.48 0.54 0.29 Dividends declared per share$0.33 0.33 0.33 Market value per share Closing$44.22 50.22 40.28 High$52.81 60.67 42.75 Low$43.18 43.70 34.74 Selected ratios and other data Number of common stock shares outstanding 113,517,944 113,401,955 113,388,590 Average outstanding shares - basic 113,451,199 113,398,213 112,492,142 Average outstanding shares - diluted 113,546,365 113,541,026 112,554,402 Return on average assets (annualized) 0.80% 0.87% 0.47%Return on average equity (annualized) 6.77% 7.62% 4.25%Efficiency ratio 65.49% 60.50% 74.41%Loan to deposit ratio 83.64% 84.17% 82.04%Number of full time equivalent employees 3,457 3,441 3,438 Number of locations 227 227 232 Number of ATMs 286 284 285 KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. “We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow,” said Randy Chesler, President and Chief Executive Officer. “While uncertainty about the economy persists, we remain optimistic about our customers’ ability to quickly adapt to a changing environment.” On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders. Asset Summary $ Change from(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Cash and cash equivalents$981,485 848,408 788,660 133,077 192,825 Debt securities, available-for-sale 4,172,312 4,245,205 4,629,073 (72,893) (456,761)Debt securities, held-to-maturity 3,261,575 3,294,847 3,451,583 (33,272) (190,008)Total debt securities 7,433,887 7,540,052 8,080,656 (106,165) (646,769)Loans receivable Residential real estate 1,850,079 1,858,929 1,752,514 (8,850) 97,565 Commercial real estate 10,952,809 10,963,713 10,672,269 (10,904) 280,540 Other commercial 3,121,477 3,119,535 3,030,608 1,942 90,869 Home equity 920,132 930,994 883,062 (10,862) 37,070 Other consumer 374,021 388,678 394,049 (14,657) (20,028)Loans receivable 17,218,518 17,261,849 16,732,502 (43,331) 486,016 Allowance for credit losses (210,400) (206,041) (198,779) (4,359) (11,621)Loans receivable, net 17,008,118 17,055,808 16,533,723 (47,690) 474,395 Other assets 2,435,389 2,458,719 2,419,131 (23,330) 16,258 Total assets$27,858,879 27,902,987 27,822,170 (44,108) 36,709 The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024. The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent. Credit Quality Summary At or for the Three Months ended At or for the Year ended At or for the Three Months ended(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024Allowance for credit losses Balance at beginning of period$206,041 192,757 192,757 Acquisitions — 3 3 Provision for credit losses 6,154 27,179 9,091 Charge-offs (3,897) (18,626) (4,295)Recoveries 2,102 4,728 1,223 Balance at end of period$210,400 206,041 198,779 Provision for credit losses Loan portfolio$6,154 27,179 9,091 Unfunded loan commitments 1,660 1,127 (842)Total provision for credit losses$7,814 28,306 8,249 Other real estate owned$1,085 1,085 432 Other foreclosed assets 68 79 459 Accruing loans 90 days or more past due 5,289 6,177 3,796 Non-accrual loans 32,896 20,445 20,738 Total non-performing assets$39,338 27,786 25,425 Non-performing assets as a percentage of subsidiary assets 0.14% 0.10% 0.09%Allowance for credit losses as a percentage of non-performing loans 551% 774% 810%Allowance for credit losses as a percentage of total loans 1.22% 1.19% 1.19%Net charge-offs as a percentage of total loans 0.01% 0.08% 0.02%Accruing loans 30-89 days past due$46,458 32,228 62,423 U.S. government guarantees included in non-performing assets$685 748 1,490 Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship. Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter. The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio (Dollars in thousands)Provision for Credit Losses Loans Net Charge-Offs ACLas a Percentof Loans AccruingLoans 30-89Days Past Dueas a Percent ofLoans Non-PerformingAssets toTotal SubsidiaryAssetsFirst quarter 2025$6,154 $1,795 1.22% 0.27% 0.14%Fourth quarter 2024 6,041 5,170 1.19% 0.19% 0.10%Third quarter 2024 6,981 2,766 1.19% 0.33% 0.10%Second quarter 2024 5,066 2,890 1.19% 0.29% 0.06%First quarter 2024 9,091 3,072 1.19% 0.37% 0.09%Fourth quarter 2023 4,181 3,695 1.19% 0.31% 0.09%Third quarter 2023 5,095 2,209 1.19% 0.09% 0.15%Second quarter 2023 5,254 2,473 1.19% 0.16% 0.12% Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries. Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan. Liability Summary $ Change from(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Deposits Non-interest bearing deposits$6,100,548 6,136,709 6,055,069 (36,161) 45,479 NOW and DDA accounts 5,676,177 5,543,512 5,376,605 132,665 299,572 Savings accounts 2,896,378 2,845,124 2,949,908 51,254 (53,530)Money market deposit accounts 2,816,874 2,878,213 3,002,942 (61,339) (186,068)Certificate accounts 3,140,333 3,139,821 3,039,190 512 101,143 Core deposits, total 20,630,310 20,543,379 20,423,714 86,931 206,596 Wholesale deposits 3,740 3,615 3,809 125 (69)Deposits, total 20,634,050 20,546,994 20,427,523 87,056 206,527 Repurchase agreements 1,849,070 1,777,475 1,540,008 71,595 309,062 Deposits and repurchase agreements, total 22,483,120 22,324,469 21,967,531 158,651 515,589 Federal Home Loan Bank advances 1,520,000 1,800,000 2,140,157 (280,000) (620,157)Other borrowed funds 82,443 83,341 88,814 (898) (6,371)Subordinated debentures 133,145 133,105 132,984 40 161 Other liabilities 352,563 338,218 381,977 14,345 (29,414)Total liabilities$24,571,271 24,679,133 24,711,463 (107,862) (140,192) Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank (“FHLB”) advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter. Stockholders’ Equity Summary $ Change from(Dollars in thousands, except per share data)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Common equity$3,550,719 3,533,150 3,483,012 17,569 67,707 Accumulated other comprehensive loss (263,111) (309,296) (372,305) 46,185 109,194 Total stockholders’ equity 3,287,608 3,223,854 3,110,707 63,754 176,901 Goodwill and intangibles, net (1,099,229) (1,102,500) (1,069,808) 3,271 (29,421)Tangible stockholders’ equity$2,188,379 2,121,354 2,040,899 67,025 147,480 Stockholders’ equity to total assets 11.80% 11.55% 11.18% Tangible stockholders’ equity to total tangible assets 8.18% 7.92% 7.63% Book value per common share$28.96 28.43 27.43 0.53 1.53 Tangible book value per common share$19.28 18.71 18.00 0.57 1.28 Tangible stockholders’ equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders’ equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter. Cash DividendsOn March 26, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company’s 160th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations. Operating Results for Three Months Ended March 31, 2025 Compared to December 31, 2024, and March 31, 2024 Income Summary Three Months ended $ Change from(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Net interest income Interest income$289,925 297,036 279,402 (7,111) 10,523 Interest expense 99,946 105,593 112,922 (5,647) (12,976)Total net interest income 189,979 191,443 166,480 (1,464) 23,499 Non-interest income Service charges and other fees 18,818 20,322 18,563 (1,504) 255 Miscellaneous loan fees and charges 4,664 4,541 4,362 123 302 Gain on sale of loans 4,311 3,926 3,362 385 949 Gain on sale of securities — — 16 — (16)Other income 4,849 2,760 3,686 2,089 1,163 Total non-interest income 32,642 31,549 29,989 1,093 2,653 Total income$222,621 222,992 196,469 (371) 26,152 Net interest margin (tax-equivalent) 3.04% 2.97% 2.59% Net Interest IncomeNet interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent. The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. “The Company’s net interest margin increased for the fifth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter.” Non-interest IncomeNon-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance. Non-interest Expense Summary Three Months ended $ Change from(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Compensation and employee benefits$91,443 81,600 85,789 9,843 5,654 Occupancy and equipment 12,294 11,589 11,883 705 411 Advertising and promotions 4,144 3,725 3,983 419 161 Data processing 9,138 9,145 9,159 (7) (21)Other real estate owned and foreclosed assets 63 30 25 33 38 Regulatory assessments and insurance 5,534 5,890 7,761 (356) (2,227)Intangibles amortization 3,270 3,613 2,760 (343) 510 Other expenses 25,432 25,373 30,483 59 (5,051)Total non-interest expense$151,318 140,965 151,843 10,353 (525) Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment. Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter. Federal and State Income Tax Expense Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense. Efficiency RatioThe efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net interest income. Forward-Looking Statements This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release: risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration;risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions;costs or difficulties related to the completion and integration of pending or future acquisitions;impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;success in managing risks involved in any of the foregoing; andeffects of any reputational damage to the Company resulting from any of the foregoing. The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement. Conference Call InformationA conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb. About Glacier Bancorp, Inc.Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA). CONTACT: Randall M. Chesler, CEO(406) 751-4722Ron J. Copher, CFO(406) 751-7706 Glacier Bancorp, Inc.Unaudited Condensed Consolidated Statements of Financial Condition (Dollars in thousands, except per share data)Mar 31,2025 Dec 31,2024 Mar 31,2024Assets Cash on hand and in banks$322,253 268,746 232,064 Interest bearing cash deposits 659,232 579,662 556,596 Cash and cash equivalents 981,485 848,408 788,660 Debt securities, available-for-sale 4,172,312 4,245,205 4,629,073 Debt securities, held-to-maturity 3,261,575 3,294,847 3,451,583 Total debt securities 7,433,887 7,540,052 8,080,656 Loans held for sale, at fair value 40,523 33,060 27,035 Loans receivable 17,218,518 17,261,849 16,732,502 Allowance for credit losses (210,400) (206,041) (198,779)Loans receivable, net 17,008,118 17,055,808 16,533,723 Premises and equipment, net 411,095 411,968 379,826 Right-of-use assets, net 54,441 56,252 63,447 Other real estate owned and foreclosed assets 1,153 1,164 891 Accrued interest receivable 103,992 99,262 106,063 Deferred tax asset 122,942 138,955 161,327 Intangibles, net 47,911 51,182 46,046 Goodwill 1,051,318 1,051,318 1,023,762 Non-marketable equity securities 88,134 99,669 111,129 Bank-owned life insurance 191,044 189,849 186,625 Other assets 322,836 326,040 312,980 Total assets$27,858,879 27,902,987 27,822,170 Liabilities Non-interest bearing deposits$6,100,548 6,136,709 6,055,069 Interest bearing deposits 14,533,502 14,410,285 14,372,454 Securities sold under agreements to repurchase 1,849,070 1,777,475 1,540,008 FHLB advances 1,520,000 1,800,000 2,140,157 Other borrowed funds 82,443 83,341 88,814 Subordinated debentures 133,145 133,105 132,984 Accrued interest payable 30,231 33,626 32,584 Other liabilities 322,332 304,592 349,393 Total liabilities 24,571,271 24,679,133 24,711,463 Commitments and Contingent Liabilities — — — Stockholders’ Equity Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding — — — Common stock, $0.01 par value per share, 234,000,000 shares authorized 1,135 1,134 1,134 Paid-in capital 2,449,311 2,448,758 2,443,584 Retained earnings - substantially restricted 1,100,273 1,083,258 1,038,294 Accumulated other comprehensive loss (263,111) (309,296) (372,305)Total stockholders’ equity 3,287,608 3,223,854 3,110,707 Total liabilities and stockholders’ equity$27,858,879 27,902,987 27,822,170 Glacier Bancorp, Inc.Unaudited Condensed Consolidated Statements of Operations Three Months ended(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024Interest Income Investment securities$45,646 50,381 56,218Residential real estate loans 24,275 23,960 20,764Commercial loans 197,388 199,260 181,472Consumer and other loans 22,616 23,435 20,948Total interest income 289,925 297,036 279,402Interest Expense Deposits 62,865 67,079 67,196Securities sold under agreements to repurchase 13,733 14,822 12,598Federal Home Loan Bank advances 20,719 21,848 4,249FRB Bank Term Funding — — 27,097Other borrowed funds 402 348 344Subordinated debentures 2,227 1,496 1,438Total interest expense 99,946 105,593 112,922Net Interest Income 189,979 191,443 166,480Provision for credit losses 7,814 8,534 8,249Net interest income after provision for credit losses 182,165 182,909 158,231Non-Interest Income Service charges and other fees 18,818 20,322 18,563Miscellaneous loan fees and charges 4,664 4,541 4,362Gain on sale of loans 4,311 3,926 3,362Gain on sale of securities — — 16Other income 4,849 2,760 3,686Total non-interest income 32,642 31,549 29,989Non-Interest Expense Compensation and employee benefits 91,443 81,600 85,789Occupancy and equipment 12,294 11,589 11,883Advertising and promotions 4,144 3,725 3,983Data processing 9,138 9,145 9,159Other real estate owned and foreclosed assets 63 30 25Regulatory assessments and insurance 5,534 5,890 7,761Intangibles amortization 3,270 3,613 2,760Other expenses 25,432 25,373 30,483Total non-interest expense 151,318 140,965 151,843Income Before Income Taxes 63,489 73,493 36,377Federal and state income tax expense 8,921 11,739 3,750Net Income$54,568 61,754 32,627 Glacier Bancorp, Inc.Average Balance Sheets Three Months ended March 31, 2025 December 31, 2024(Dollars in thousands)AverageBalance Interest &Dividends AverageYield/Rate AverageBalance Interest &Dividends AverageYield/RateAssets Residential real estate loans$1,885,497 $24,275 5.15% $1,885,146 $23,960 5.08%Commercial loans 1 14,091,210 198,921 5.73% 14,059,864 200,956 5.69%Consumer and other loans 1,302,687 22,616 7.04% 1,324,341 23,435 7.04%Total loans 2 17,279,394 245,812 5.77% 17,269,351 248,351 5.72%Tax-exempt debt securities 3 1,604,851 13,936 3.47% 1,615,474 14,501 3.59%Taxable debt securities 4, 5 6,946,562 33,598 1.93% 7,314,265 38,189 2.09%Total earning assets 25,830,807 293,346 4.61% 26,199,090 301,041 4.57%Goodwill and intangibles 1,100,801 1,104,362 Non-earning assets 847,855 888,404 Total assets$27,779,463 $28,191,856 Liabilities Non-interest bearing deposits$5,989,490 $— —% $6,343,443 $— —%NOW and DDA accounts 5,525,976 15,065 1.11% 5,491,451 15,768 1.14%Savings accounts 2,861,675 5,159 0.73% 2,824,126 5,316 0.75%Money market deposit accounts 2,849,470 13,526 1.93% 2,878,415 14,232 1.97%Certificate accounts 3,152,198 29,075 3.74% 3,174,923 31,716 3.97%Total core deposits 20,378,809 62,825 1.25% 20,712,358 67,032 1.29%Wholesale deposits 6 3,600 40 4.53% 3,654 47 4.95%Repurchase agreements 1,842,773 13,733 3.02% 1,866,705 14,821 3.16%FHLB advances 1,744,000 20,719 4.75% 1,800,000 21,848 4.75%Subordinated debentures and other borrowed funds 216,073 2,629 4.94% 216,874 1,845 3.38%Total funding liabilities 24,185,255 99,946 1.68% 24,599,591 105,593 1.71%Other liabilities 326,764 369,700 Total liabilities 24,512,019 24,969,291 Stockholders’ Equity Stockholders’ equity 3,267,444 3,222,565 Total liabilities and stockholders’ equity$27,779,463 $28,191,856 Net interest income (tax-equivalent) $193,400 $195,448 Net interest spread (tax-equivalent) 2.93% 2.86%Net interest margin (tax-equivalent) 3.04% 2.97% ______________________________ 1Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 31, 2024, respectively.2Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.3Includes tax effect of $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively.4Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively.5Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 31, 2024, respectively.6Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities. Glacier Bancorp, Inc.Average Balance Sheets (continued) Three Months ended March 31, 2025 March 31, 2024(Dollars in thousands)AverageBalance Interest &Dividends AverageYield/Rate AverageBalance Interest &Dividends AverageYield/RateAssets Residential real estate loans$1,885,497 $24,275 5.15% $1,747,184 $20,764 4.75%Commercial loans 1 14,091,210 198,921 5.73% 13,513,426 183,045 5.45%Consumer and other loans 1,302,687 22,616 7.04% 1,283,388 20,948 6.56%Total loans 2 17,279,394 245,812 5.77% 16,543,998 224,757 5.46%Tax-exempt debt securities 3 1,604,851 13,936 3.47% 1,720,370 15,157 3.52%Taxable debt securities 4, 5 6,946,562 33,598 1.93% 8,176,974 43,477 2.13%Total earning assets 25,830,807 293,346 4.61% 26,441,342 283,391 4.31%Goodwill and intangibles 1,100,801 1,051,954 Non-earning assets 847,855 611,550 Total assets$27,779,463 $28,104,846 Liabilities Non-interest bearing deposits$5,989,490 $— —% $5,966,546 $— —%NOW and DDA accounts 5,525,976 15,065 1.11% 5,275,703 15,918 1.21%Savings accounts 2,861,675 5,159 0.73% 2,900,649 5,655 0.78%Money market deposit accounts 2,849,470 13,526 1.93% 2,948,294 14,393 1.96%Certificate accounts 3,152,198 29,075 3.74% 3,000,713 31,175 4.18%Total core deposits 20,378,809 62,825 1.25% 20,091,905 67,141 1.34%Wholesale deposits 6 3,600 40 4.53% 3,965 55 5.50%Repurchase agreements 1,842,773 13,733 3.02% 1,513,397 12,598 3.35%FHLB advances 1,744,000 20,719 4.75% 350,754 4,249 4.79%FRB Bank Term Funding — — —% 2,483,077 27,097 4.39%Subordinated debentures and other borrowed funds 216,073 2,629 4.94% 218,271 1,782 3.28%Total funding liabilities 24,185,255 99,946 1.68% 24,661,369 112,922 1.84%Other liabilities 326,764 356,554 Total liabilities 24,512,019 25,017,923 Stockholders’ Equity Stockholders’ equity 3,267,444 3,086,923 Total liabilities and stockholders’ equity$27,779,463 $28,104,846 Net interest income (tax-equivalent) $193,400 $170,469 Net interest spread (tax-equivalent) 2.93% 2.47%Net interest margin (tax-equivalent) 3.04% 2.59% ______________________________ 1Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 2024, respectively.2Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.3Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively.4Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively.5Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, respectively.6Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities. Glacier Bancorp, Inc.Loan Portfolio by Regulatory Classification Loans Receivable, by Loan Type % Change from(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Custom and owner occupied construction$233,584 $242,844 $273,835 (4)% (15)%Pre-sold and spec construction 200,921 191,926 223,294 5% (10)%Total residential construction 434,505 434,770 497,129 —% (13)%Land development 177,448 197,369 215,828 (10)% (18)%Consumer land or lots 197,553 187,024 188,635 6% 5%Unimproved land 115,528 113,532 103,032 2% 12%Developed lots for operative builders 64,782 61,661 47,591 5% 36%Commercial lots 95,574 99,243 92,748 (4)% 3%Other construction 714,151 693,461 915,782 3% (22)%Total land, lot, and other construction 1,365,036 1,352,290 1,563,616 1% (13)%Owner occupied 3,182,589 3,197,138 3,057,348 —% 4%Non-owner occupied 4,054,107 4,053,996 3,920,696 —% 3%Total commercial real estate 7,236,696 7,251,134 6,978,044 —% 4%Commercial and industrial 1,392,365 1,395,997 1,371,201 —% 2%Agriculture 1,016,081 1,024,520 929,420 (1)% 9%First lien 2,499,494 2,481,918 2,276,638 1% 10%Junior lien 85,343 76,303 51,579 12% 65%Total 1-4 family 2,584,837 2,558,221 2,328,217 1% 11%Multifamily residential 874,071 895,242 881,117 (2)% (1)%Home equity lines of credit 989,043 1,005,783 947,652 (2)% 4%Other consumer 188,388 209,457 223,566 (10)% (16)%Total consumer 1,177,431 1,215,240 1,171,218 (3)% 1%States and political subdivisions 1,001,058 983,601 848,454 2% 18%Other 176,961 183,894 191,121 (4)% (7)%Total loans receivable, including loans held for sale 17,259,041 17,294,909 16,759,537 —% 3%Less loans held for sale 1 (40,523) (33,060) (27,035) 23% 50%Total loans receivable$17,218,518 $17,261,849 $16,732,502 —% 3% ______________________________ 1Loans held for sale are primarily first lien 1-4 family loans. Glacier Bancorp, Inc.Credit Quality Summary by Regulatory Classification Non-performing Assets, by Loan Type Non-AccrualLoans AccruingLoans 90Daysor More PastDue Other real estate owned and foreclosed assets(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Mar 31,2025 Mar 31,2025 Mar 31,2025Custom and owner occupied construction$194 198 210 194 — —Pre-sold and spec construction 2,896 2,132 1,049 2,133 763 —Total residential construction 3,090 2,330 1,259 2,327 763 —Land development 935 966 28 935 — —Consumer land or lots 173 78 144 173 — —Developed lots for operative builders 531 531 608 — 531 —Commercial lots 47 47 2,205 — 47 —Total land, lot and other construction 1,686 1,622 2,985 1,108 578 —Owner occupied 3,601 2,979 1,501 3,073 96 432Non-owner occupied 2,235 2,235 8,853 1,582 — 653Total commercial real estate 5,836 5,214 10,354 4,655 96 1,085Commercial and Industrial 12,367 2,069 1,698 11,640 727 —Agriculture 2,382 2,335 2,855 2,090 292 —First lien 8,752 9,053 2,930 6,796 1,956 —Junior lien 296 315 69 296 — —Total 1-4 family 9,048 9,368 2,999 7,092 1,956 —Multifamily residential 400 389 395 400 — —Home equity lines of credit 3,479 3,465 1,892 2,726 753 —Other consumer 1,003 955 927 858 77 68Total consumer 4,482 4,420 2,819 3,584 830 68Other 47 39 61 — 47 —Total$39,338 27,786 25,425 32,896 5,289 1,153 Glacier Bancorp, Inc.Credit Quality Summary by Regulatory Classification (continued) Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Dec 31,2024 Mar 31,2024Custom and owner occupied construction$786 $969 $4,784 (19)% (84)%Pre-sold and spec construction — 564 1,181 (100)% (100)%Total residential construction 786 1,533 5,965 (49)% (87)%Land development — 1,450 59 (100)% (100)%Consumer land or lots 1,026 402 332 155% 209%Unimproved land 32 36 575 (11)% (94)%Developed lots for operative builders — 214 — (100)% n/mCommercial lots 189 — 1,225 n/m (85)%Other construction — — 1,248 n/m (100)%Total land, lot and other construction 1,247 2,102 3,439 (41)% (64)%Owner occupied 3,786 2,867 2,991 32% 27%Non-owner occupied 346 5,037 18,118 (93)% (98)%Total commercial real estate 4,132 7,904 21,109 (48)% (80)%Commercial and industrial 5,358 6,194 14,806 (13)% (64)%Agriculture 5,731 744 3,922 670% 46%First lien 14,826 6,326 5,626 134% 164%Junior lien 1,023 214 145 378% 606%Total 1-4 family 15,849 6,540 5,771 142% 175%Home equity lines of credit 6,993 3,731 3,668 87% 91%Other consumer 1,824 1,775 1,948 3% (6)%Total consumer 8,817 5,506 5,616 60% 57%States and political subdivisions 3,220 — — n/m n/mOther 1,318 1,705 1,795 (23)% (27)%Total$46,458 $32,228 $62,423 44% (26)% ______________________________ n/m - not measurable Glacier Bancorp, Inc.Credit Quality Summary by Regulatory Classification (continued) Net Charge-Offs (Recoveries), Year-to-DatePeriod Ending, By Loan Type Charge-Offs Recoveries(Dollars in thousands)Mar 31,2025 Dec 31,2024 Mar 31,2024 Mar 31,2025 Mar 31,2025Pre-sold and spec construction$— (4) (4) — —Pre-sold and spec construction$— (4) (4) — —Land development (341) 1,095 (1) — 341Consumer land or lots (3) (22) (1) — 3Unimproved land — 1,338 — — —Commercial lots — 319 — — —Total land, lot and other construction (344) 2,730 (2) — 344Owner occupied (1) (73) (3) — 1Non-owner occupied (6) 2 (1) — 6Total commercial real estate (7) (71) (4) — 7Commercial and industrial 92 1,422 328 421 329Agriculture (1) 64 68 — 1First lien (69) 32 (4) — 69Junior lien (5) (65) (5) — 5Total 1-4 family (74) (33) (9) — 74Home equity lines of credit (20) 69 5 — 20Other consumer 276 1,078 251 331 55Total consumer 256 1,147 256 331 75Other 1,873 8,643 2,439 3,145 1,272Total$1,795 13,898 3,072 3,897 2,102 Visit our website at www.glacierbancorp.com

Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

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