StockNews.AI
GBCI
StockNews.AI
117 days

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

1. GBCI net income decreased 12% from last quarter but increased 67% YoY. 2. Diluted earnings per share fell to $0.48, up 66% YoY. 3. Net interest margin rose to 3.04%, signaling improved profitability. 4. Total deposits increased 2% annualized, reflecting steady growth. 5. GBCI announced acquisition of Bank of Idaho, boosting its market presence.

Earnings
-4.25%Current Return
VS
+0.73%S&P 500
$42.6204/24 04:35 PM EDTEvent Start
$40.8104/25 10:53 PM EDTLatest Updated
48m saved
Insight
Article

FAQ

Why Bullish?

Despite quarterly income decline, significant year-over-year growth highlights resilience and potential future gains. The increase in net interest margin and ongoing deposit growth are positive indicators of financial health.

How important is it?

The article discusses crucial financial results and an acquisition, which are critical for investors. Changes in net income and deposits directly reflect GBCI's market standing.

Why Short Term?

Market may respond quickly to acquisition news and earnings insights. High uncertainty about economic conditions could influence immediate stock response.

Related Companies

BOID
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 

Related News