Glacier Bancorp Inc.

10/24/2024 | Press release | Distributed by Public on 10/24/2024 14:37

GLACIER BANCORP, INC. ANNOUNCES RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30, 2024 Form 8 K

GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30, 2024

3rd Quarter 2024 Highlights:
•Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
•Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
•Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
•The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
•Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
•Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
•The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
•The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
•Stockholders' equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
1

•The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division ("RMB") of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

Year-to-date 2024 Highlights:
•Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
•Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
•The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months of 2024.
•The $2.740 billion of FRB Bank Term Funding ("BTFP") was paid off during the current year through a combination of Federal Home Loan Bank ("FHLB") advances and cash.
•Dividends declared in the first nine months of 2024 were $0.99 per share.
•The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, "Wheatland"), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

2


Financial Summary
At or for the Three Months ended At or for the Nine months ended
(Dollars in thousands, except per share and market data)
Sep 30,
2024 		Jun 30,
2024 		Mar 31,
2024 		Sep 30,
2023 		Sep 30,
2024 		Sep 30,
2023
Operating results
Net income $ 51,055 44,708 32,627 52,445 128,390 168,611
Basic earnings per share $ 0.45 0.39 0.29 0.47 1.14 1.52
Diluted earnings per share $ 0.45 0.39 0.29 0.47 1.13 1.52
Dividends declared per share $ 0.33 0.33 0.33 0.33 0.99 0.99
Market value per share
Closing $ 45.70 37.32 40.28 28.50 45.70 28.50
High $ 47.71 40.18 42.75 36.45 47.71 50.03
Low $ 35.57 34.35 34.74 26.84 34.35 26.77
Selected ratios and other data
Number of common stock shares outstanding
113,394,786 113,394,092 113,388,590 110,879,365 113,394,786 110,879,365
Average outstanding shares - basic 113,394,758 113,390,539 112,492,142 110,877,534 113,093,583 110,857,788
Average outstanding shares - diluted 113,473,107 113,405,491 112,554,402 110,886,959 113,137,861 110,882,718
Return on average assets (annualized) 0.73 % 0.66 % 0.47 % 0.75 % 0.62 % 0.83 %
Return on average equity (annualized) 6.34 % 5.77 % 4.25 % 7.12 % 5.47 % 7.72 %
Efficiency ratio 64.92 % 67.97 % 74.41 % 63.31 % 68.98 % 62.10 %
Loan to deposit ratio 83.16 % 84.03 % 82.04 % 79.25 % 83.16 % 79.25 %
Number of full time equivalent employees
3,434 3,399 3,438 3,314 3,434 3,314
Number of locations 232 231 232 221 232 221
Number of ATMs 279 286 285 274 279 274

KALISPELL, Mont., Oct 24, 2024 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. "Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth," said Randy Chesler, President and Chief Executive Officer. "We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team."

Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

3

On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company's results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

Wheatland RMB
(Dollars in thousands) January 31,
2024 		July 19,
2024 		Total
Total assets $ 777,659 $ 403,052 $ 1,180,711
Cash and cash equivalents 12,926 76,781 89,707
Debt securities 187,183 - 187,183
Loans receivable 450,403 271,569 721,972
Non-interest bearing deposits 277,651 93,534 371,185
Interest bearing deposits 339,304 303,156 642,460
Borrowings 58,500 4,305 62,805
Core deposit intangible 16,936 9,794 26,730
Goodwill 38,369 29,794 68,163

Asset Summary
$ Change from
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Cash and cash equivalents $ 987,833 800,779 1,354,342 1,672,094 187,054 (366,509) (684,261)
Debt securities, available-for-sale 4,436,578 4,499,541 4,785,719 4,741,738 (62,963) (349,141) (305,160)
Debt securities, held-to-maturity 3,348,698 3,400,403 3,502,411 3,553,805 (51,705) (153,713) (205,107)
Total debt securities 7,785,276 7,899,944 8,288,130 8,295,543 (114,668) (502,854) (510,267)
Loans receivable
Residential real estate 1,837,697 1,771,528 1,704,544 1,653,777 66,169 133,153 183,920
Commercial real estate 10,833,841 10,713,964 10,303,306 10,292,446 119,877 530,535 541,395
Other commercial 3,177,051 3,066,028 2,901,863 2,916,785 111,023 275,188 260,266
Home equity 931,440 905,884 888,013 869,963 25,556 43,427 61,477
Other consumer 401,158 394,587 400,356 402,075 6,571 802 (917)
Loans receivable 17,181,187 16,851,991 16,198,082 16,135,046 329,196 983,105 1,046,141
Allowance for credit losses
(205,170) (200,955) (192,757) (192,271) (4,215) (12,413) (12,899)
Loans receivable, net 16,976,017 16,651,036 16,005,325 15,942,775 324,981 970,692 1,033,242
Other assets 2,456,643 2,453,581 2,094,832 2,153,149 3,062 361,811 303,494
Total assets $ 28,205,769 27,805,340 27,742,629 28,063,561 400,429 463,140 142,208

4

Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.
The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

Credit Quality Summary
At or for the Nine Months ended At or for the Six Months ended At or for the Year ended At or for the Nine Months ended
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Allowance for credit losses
Balance at beginning of period $ 192,757 192,757 182,283 182,283
Acquisitions 3 3 - -
Provision for credit losses 21,138 14,157 20,790 16,609
Charge-offs (12,406) (8,430) (15,095) (10,284)
Recoveries 3,678 2,468 4,779 3,663
Balance at end of period $ 205,170 200,955 192,757 192,271
Provision for credit losses
Loan portfolio $ 21,138 14,157 20,790 16,609
Unfunded loan commitments (1,366) (2,390) (5,995) (4,827)
Total provision for credit losses $ 19,772 11,767 14,795 11,782
Other real estate owned $ 432 432 1,032 -
Other foreclosed assets 201 198 471 48
Accruing loans 90 days or more past due 11,551 4,692 3,312 3,855
Non-accrual loans 15,937 12,686 20,816 38,380
Total non-performing assets $ 28,121 18,008 25,631 42,283
Non-performing assets as a percentage of subsidiary assets
0.10 % 0.06 % 0.09 % 0.15 %
Allowance for credit losses as a percentage of non-performing loans
730 % 1,116 % 799 % 455 %
Allowance for credit losses as a percentage of total loans
1.19 % 1.19 % 1.19 % 1.19 %
Net charge-offs as a percentage of total loans 0.05 % 0.04 % 0.06 % 0.04 %
Accruing loans 30-89 days past due $ 56,213 49,678 49,967 15,253
U.S. government guarantees included in non-performing assets $ 1,802 1,228 1,503 1,057

Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third
5

quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

The allowance for credit losses on loans ("ACL") as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts 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 ACL
as a Percent
of Loans 		Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans 		Non-Performing
Assets to
Total Subsidiary
Assets
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 %
First quarter 2023 6,260 1,939 1.20 % 0.16 % 0.12 %
Fourth quarter 2022 6,060 1,968 1.20 % 0.14 % 0.12 %

Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company's loan portfolio based on regulatory classification 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.

6

Liability Summary
$ Change from
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Deposits
Non-interest bearing deposits $ 6,407,728 6,093,430 6,022,980 6,465,353 314,298 384,748 (57,625)
NOW and DDA accounts 5,363,476 5,219,838 5,321,257 5,253,367 143,638 42,219 110,109
Savings accounts 2,801,077 2,862,034 2,833,887 2,872,362 (60,957) (32,810) (71,285)
Money market deposit accounts
2,854,540 2,858,850 2,831,624 2,994,631 (4,310) 22,916 (140,091)
Certificate accounts 3,284,609 3,064,613 2,915,393 2,742,017 219,996 369,216 542,592
Core deposits, total 20,711,430 20,098,765 19,925,141 20,327,730 612,665 786,289 383,700
Wholesale deposits 3,334 2,994 4,026 67,434 340 (692) (64,100)
Deposits, total 20,714,764 20,101,759 19,929,167 20,395,164 613,005 785,597 319,600
Repurchase agreements 1,831,501 1,629,504 1,486,850 1,499,696 201,997 344,651 331,805
Deposits and repurchase agreements, total 22,546,265 21,731,263 21,416,017 21,894,860 815,002 1,130,248 651,405
Federal Home Loan Bank advances
1,800,000 2,350,000 - - (550,000) 1,800,000 1,800,000
FRB Bank Term Funding - - 2,740,000 2,740,000 - (2,740,000) (2,740,000)
Other borrowed funds 84,168 88,149 81,695 73,752 (3,981) 2,473 10,416
Subordinated debentures 133,065 133,024 132,943 132,903 41 122 162
Other liabilities 397,221 365,459 351,693 347,452 31,762 45,528 49,769
Total liabilities $ 24,960,719 24,667,895 24,722,348 25,188,967 292,824 238,371 (228,248)

Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

7

Stockholders' Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Common equity $ 3,507,356 3,492,096 3,394,394 3,374,961 15,260 112,962 132,395
Accumulated other comprehensive loss
(262,306) (354,651) (374,113) (500,367) 92,345 111,807 238,061
Total stockholders' equity
3,245,050 3,137,445 3,020,281 2,874,594 107,605 224,769 370,456
Goodwill and intangibles, net
(1,106,336) (1,066,790) (1,017,263) (1,019,690) (39,546) (89,073) (86,646)
Tangible stockholders' equity
$ 2,138,714 2,070,655 2,003,018 1,854,904 68,059 135,696 283,810
Stockholders' equity to total assets
11.50 % 11.28 % 10.89 % 10.24 %
Tangible stockholders' equity to total tangible assets
7.89 % 7.74 % 7.49 % 6.86 %
Book value per common share
$ 28.62 27.67 27.24 25.93 0.95 1.38 2.69
Tangible book value per common share
$ 18.86 18.26 18.06 16.73 0.60 0.80 2.13

Tangible stockholders' equity of $2.139 billion at September 30, 2024 increased $68.1 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 which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders' equity at September 30, 2024 increased $136 million, or 7 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

Cash Dividends
On September 24, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company's 158th 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.

8

Operating Results for Three Months Ended September 30, 2024
Compared to June 30, 2024, March 31, 2024 and September 30, 2023

Income Summary
Three Months ended $ Change from
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Mar 31,
2024 		Sep 30,
2023 		Jun 30,
2024 		Mar 31,
2024 		Sep 30,
2023
Net interest income
Interest income $ 289,578 273,834 279,402 264,906 15,744 10,176 24,672
Interest expense 109,347 107,356 112,922 97,852 1,991 (3,575) 11,495
Total net interest income 180,231 166,478 166,480 167,054 13,753 13,751 13,177
Non-interest income
Service charges and other fees
20,587 19,422 18,563 19,304 1,165 2,024 1,283
Miscellaneous loan fees and charges 4,970 4,821 4,362 4,322 149 608 648
Gain on sale of loans 4,898 4,669 3,362 4,046 229 1,536 852
Gain (loss) on sale of securities 26 (12) 16 (65) 38 10 91
Other income 4,223 3,304 3,686 2,633 919 537 1,590
Total non-interest income 34,704 32,204 29,989 30,240 2,500 4,715 4,464
Total income $ 214,935 198,682 196,469 197,294 16,253 18,466 17,641
Net interest margin (tax-equivalent)
2.83 % 2.68 % 2.59 % 2.58 %

Net Interest Income
The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily the result of the increased deposit rates.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. "The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio," said Ron Copher, Chief Financial Officer. "In addition, the growth in
9

non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin."

Non-interest Income
Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary
Three Months ended $ Change from
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Mar 31,
2024 		Sep 30,
2023 		Jun 30,
2024 		Mar 31,
2024 		Sep 30,
2023
Compensation and employee benefits $ 85,083 84,434 85,789 77,387 649 (706) 7,696
Occupancy and equipment 11,989 11,594 11,883 10,553 395 106 1,436
Advertising and promotions 4,062 4,362 3,983 4,052 (300) 79 10
Data processing 9,196 9,387 9,159 8,730 (191) 37 466
Other real estate owned and foreclosed assets 13 149 25 15 (136) (12) (2)
Regulatory assessments and insurance 5,150 5,393 7,761 6,060 (243) (2,611) (910)
Intangibles amortization 3,367 3,017 2,760 2,428 350 607 939
Other expenses 25,848 22,616 30,483 20,351 3,232 (4,635) 5,497
Total non-interest expense $ 144,708 140,952 151,843 129,576 3,756 (7,135) 15,132

Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

Federal and State Income Tax Expense
Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.
10


Efficiency Ratio
The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

Operating Results for Nine Months Ended September 30, 2024
Compared to September 30, 2023

Income Summary
Nine months ended
(Dollars in thousands) Sep 30,
2024 		Sep 30,
2023 		$ Change % Change
Net interest income
Interest income $ 842,814 $ 744,159 $ 98,655 13 %
Interest expense 329,625 218,933 110,692 51 %
Total net interest income 513,189 525,226 (12,037) (2) %
Non-interest income
Service charges and other fees 58,572 56,042 2,530 5 %
Miscellaneous loan fees and charges 14,153 12,451 1,702 14 %
Gain on sale of loans 12,929 9,974 2,955 30 %
Gain (loss) on sale of securities 30 (202) 232 (115) %
Other income 11,213 8,949 2,264 25 %
Total non-interest income 96,897 87,214 9,683 11 %
Total Income $ 610,086 $ 612,440 $ (2,354) - %
Net interest margin (tax-equivalent) 2.70 % 2.79 %

Net Interest Income
Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

11

Non-interest Income
Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.
Non-interest Expense Summary
Nine months ended
(Dollars in thousands) Sep 30,
2024 		Sep 30,
2023 		$ Change % Change
Compensation and employee benefits $ 255,306 $ 237,628 $ 17,678 7 %
Occupancy and equipment 35,466 33,045 2,421 7 %
Advertising and promotions 12,407 12,020 387 3 %
Data processing 27,742 25,241 2,501 10 %
Other real estate owned and foreclosed assets 187 41 146 356 %
Regulatory assessments and insurance 18,304 16,277 2,027 12 %
Core deposit intangibles amortization 9,144 7,304 1,840 25 %
Other expenses 78,947 63,606 15,341 24 %
Total non-interest expense $ 437,503 $ 395,162 $ 42,341 11 %

Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

Provision for Credit Losses
The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

Federal and State Income Tax Expense
Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

12

Efficiency Ratio
The efficiency ratio was 68.98 percent for the first nine months of 2024 compared to 62.10 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

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," "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 a uncertain interest rate environment, inflationary pressures, and 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 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 technological 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;
13

•success in managing risks involved in the foregoing; and
•effects 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 Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 25, 2024. 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.vevent.com/register/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

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 of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

14

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Assets
Cash on hand and in banks $ 342,105 271,107 246,525 264,067
Interest bearing cash deposits 645,728 529,672 1,107,817 1,408,027
Cash and cash equivalents 987,833 800,779 1,354,342 1,672,094
Debt securities, available-for-sale 4,436,578 4,499,541 4,785,719 4,741,738
Debt securities, held-to-maturity 3,348,698 3,400,403 3,502,411 3,553,805
Total debt securities 7,785,276 7,899,944 8,288,130 8,295,543
Loans held for sale, at fair value 46,126 39,745 15,691 29,027
Loans receivable 17,181,187 16,851,991 16,198,082 16,135,046
Allowance for credit losses (205,170) (200,955) (192,757) (192,271)
Loans receivable, net 16,976,017 16,651,036 16,005,325 15,942,775
Premises and equipment, net 466,977 451,515 421,791 415,343
Other real estate owned and foreclosed assets 633 630 1,503 48
Accrued interest receivable 114,121 102,279 94,526 104,476
Deferred tax asset 125,432 155,834 159,070 203,745
Intangibles, net 52,780 43,028 31,870 34,297
Goodwill 1,053,556 1,023,762 985,393 985,393
Non-marketable equity securities 98,285 121,810 12,755 11,330
Bank-owned life insurance 188,971 187,793 171,101 170,175
Other assets 309,762 327,185 201,132 199,315
Total assets $ 28,205,769 27,805,340 27,742,629 28,063,561
Liabilities
Non-interest bearing deposits $ 6,407,728 6,093,430 6,022,980 6,465,353
Interest bearing deposits 14,307,036 14,008,329 13,906,187 13,929,811
Securities sold under agreements to repurchase 1,831,501 1,629,504 1,486,850 1,499,696
FHLB advances 1,800,000 2,350,000 - -
FRB Bank Term Funding - - 2,740,000 2,740,000
Other borrowed funds 84,168 88,149 81,695 73,752
Subordinated debentures 133,065 133,024 132,943 132,903
Accrued interest payable 35,382 31,000 125,907 91,874
Other liabilities 361,839 334,459 225,786 255,578
Total liabilities 24,960,719 24,667,895 24,722,348 25,188,967
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
1,134 1,134 1,109 1,109
Paid-in capital 2,447,200 2,445,479 2,350,104 2,348,305
Retained earnings - substantially restricted 1,059,022 1,045,483 1,043,181 1,025,547
Accumulated other comprehensive loss (262,306) (354,651) (374,113) (500,367)
Total stockholders' equity 3,245,050 3,137,445 3,020,281 2,874,594
Total liabilities and stockholders' equity $ 28,205,769 27,805,340 27,742,629 28,063,561

15


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended Nine months ended
(Dollars in thousands, except per share data) Sep 30,
2024 		Jun 30,
2024 		Mar 31,
2024 		Sep 30,
2023 		Sep 30,
2024 		Sep 30,
2023
Interest Income
Investment securities $ 46,371 42,165 56,218 53,397 144,754 144,697
Residential real estate loans 23,118 21,754 20,764 18,594 65,636 51,508
Commercial loans 196,901 188,326 181,472 173,437 566,699 493,706
Consumer and other loans 23,188 21,589 20,948 19,478 65,725 54,248
Total interest income 289,578 273,834 279,402 264,906 842,814 744,159
Interest Expense
Deposits 70,607 67,852 67,196 54,697 205,655 98,942
Securities sold under agreements to
repurchase
14,737 13,566 12,598 10,972 40,901 24,185
Federal Home Loan Bank advances 22,344 24,179 4,249 - 50,772 26,910
FRB Bank Term Funding - - 27,097 30,229 27,097 63,160
Other borrowed funds
252 353 344 489 949 1,428
Subordinated debentures 1,407 1,406 1,438 1,465 4,251 4,308
Total interest expense 109,347 107,356 112,922 97,852 329,625 218,933
Net Interest Income 180,231 166,478 166,480 167,054 513,189 525,226
Provision for credit losses 8,005 3,518 8,249 3,539 19,772 11,782
Net interest income after provision for credit losses
172,226 162,960 158,231 163,515 493,417 513,444
Non-Interest Income
Service charges and other fees 20,587 19,422 18,563 19,304 58,572 56,042
Miscellaneous loan fees and charges 4,970 4,821 4,362 4,322 14,153 12,451
Gain on sale of loans 4,898 4,669 3,362 4,046 12,929 9,974
Gain (loss) on sale of securities 26 (12) 16 (65) 30 (202)
Other income 4,223 3,304 3,686 2,633 11,213 8,949
Total non-interest income 34,704 32,204 29,989 30,240 96,897 87,214
Non-Interest Expense
Compensation and employee benefits 85,083 84,434 85,789 77,387 255,306 237,628
Occupancy and equipment 11,989 11,594 11,883 10,553 35,466 33,045
Advertising and promotions 4,062 4,362 3,983 4,052 12,407 12,020
Data processing 9,196 9,387 9,159 8,730 27,742 25,241
Other real estate owned and foreclosed assets 13 149 25 15 187 41
Regulatory assessments and insurance
5,150 5,393 7,761 6,060 18,304 16,277
Intangibles amortization 3,367 3,017 2,760 2,428 9,144 7,304
Other expenses 25,848 22,616 30,483 20,351 78,947 63,606
Total non-interest expense 144,708 140,952 151,843 129,576 437,503 395,162
Income Before Income Taxes 62,222 54,212 36,377 64,179 152,811 205,496
Federal and state income tax expense 11,167 9,504 3,750 11,734 24,421 36,885
Net Income $ 51,055 44,708 32,627 52,445 128,390 168,611

16

Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
September 30, 2024 June 30, 2024
(Dollars in thousands) Average
Balance 		Interest &
Dividends 		Average
Yield/
Rate 		Average
Balance 		Interest &
Dividends 		Average
Yield/
Rate
Assets
Residential real estate loans $ 1,850,066 $ 23,118 5.00 % $ 1,796,787 $ 21,754 4.84 %
Commercial loans 1
13,957,304 198,556 5.66 % 13,740,455 189,939 5.56 %
Consumer and other loans 1,324,142 23,188 6.97 % 1,290,587 21,589 6.73 %
Total loans 2
17,131,512 244,862 5.69 % 16,827,829 233,282 5.58 %
Tax-exempt debt securities 3
1,660,643 14,710 3.54 % 1,707,269 15,111 3.54 %
Taxable debt securities 4, 5
7,073,967 34,001 1.92 % 7,042,885 29,461 1.67 %
Total earning assets 25,866,122 293,573 4.52 % 25,577,983 277,854 4.37 %
Goodwill and intangibles 1,092,632 1,068,250
Non-earning assets 836,878 754,491
Total assets $ 27,795,632 $ 27,400,724
Liabilities
Non-interest bearing deposits $ 6,237,166 $ - - % $ 6,026,709 $ - - %
NOW and DDA accounts 5,314,459 16,221 1.21 % 5,221,883 15,728 1.21 %
Savings accounts 2,829,203 5,699 0.80 % 2,914,538 6,014 0.83 %
Money market deposit accounts 2,887,173 15,048 2.07 % 2,904,438 14,467 2.00 %
Certificate accounts 3,211,842 33,597 4.16 % 3,037,638 31,593 4.18 %
Total core deposits 20,479,843 70,565 1.37 % 20,105,206 67,802 1.36 %
Wholesale deposits 6
3,122 42 5.47 % 3,726 50 5.50 %
Repurchase agreements 1,723,553 14,738 3.40 % 1,597,887 13,566 3.41 %
FHLB advances 1,828,533 22,344 4.78 % 2,007,747 24,179 4.76 %
Subordinated debentures and other borrowed funds 219,472 1,658 3.01 % 224,778 1,759 3.15 %
Total funding liabilities 24,254,523 109,347 1.79 % 23,939,344 107,356 1.80 %
Other liabilities 336,906 344,105
Total liabilities 24,591,429 24,283,449
Stockholders' Equity
Stockholders' equity 3,204,203 3,117,275
Total liabilities and stockholders' equity $ 27,795,632 $ 27,400,724
Net interest income (tax-equivalent) $ 184,226 $ 170,498
Net interest spread (tax-equivalent) 2.73 % 2.57 %
Net interest margin (tax-equivalent) 2.83 % 2.68 %
______________________________
1 Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 2024, respectively.
2 Total 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.
3 Includes tax effect of $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
5 Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 2024, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
17

Average Balance Sheets (continued)
Three Months ended
September 30, 2024 September 30, 2023
(Dollars in thousands) Average
Balance 		Interest &
Dividends 		Average
Yield/
Rate 		Average
Balance 		Interest &
Dividends 		Average
Yield/
Rate
Assets
Residential real estate loans $ 1,850,066 $ 23,118 5.00 % $ 1,649,947 $ 18,594 4.51 %
Commercial loans 1
13,957,304 198,556 5.66 % 13,120,479 174,822 5.29 %
Consumer and other loans 1,324,142 23,188 6.97 % 1,263,775 19,478 6.11 %
Total loans 2
17,131,512 244,862 5.69 % 16,034,201 212,894 5.27 %
Tax-exempt debt securities 3
1,660,643 14,710 3.54 % 1,732,227 14,486 3.34 %
Taxable debt securities 4, 5
7,073,967 34,001 1.92 % 8,485,157 41,052 1.94 %
Total earning assets 25,866,122 293,573 4.52 % 26,251,585 268,432 4.06 %
Goodwill and intangibles 1,092,632 1,020,868
Non-earning assets 836,878 528,145
Total assets $ 27,795,632 $ 27,800,598
Liabilities
Non-interest bearing deposits $ 6,237,166 $ - - % $ 6,461,350 $ - - %
NOW and DDA accounts 5,314,459 16,221 1.21 % 5,231,741 12,906 0.98 %
Savings accounts 2,829,203 5,699 0.80 % 2,840,620 3,492 0.49 %
Money market deposit accounts 2,887,173 15,048 2.07 % 3,039,177 12,646 1.65 %
Certificate accounts 3,211,842 33,597 4.16 % 2,462,266 23,151 3.73 %
Total core deposits 20,479,843 70,565 1.37 % 20,035,154 52,195 1.03 %
Wholesale deposits 6
3,122 42 5.47 % 188,523 2,502 5.27 %
Repurchase agreements 1,723,553 14,738 3.40 % 1,401,765 10,972 3.11 %
FHLB advances 1,828,533 22,344 4.78 % - - - %
FRB Bank Term Funding - - - % 2,740,000 30,229 4.38 %
Subordinated debentures and other borrowed funds 219,472 1,658 3.01 % 208,336 1,954 3.72 %
Total funding liabilities 24,254,523 109,347 1.79 % 24,573,778 97,852 1.58 %
Other liabilities 336,906 302,564
Total liabilities 24,591,429 24,876,342
Stockholders' Equity
Stockholders' equity 3,204,203 2,924,256
Total liabilities and stockholders' equity
$ 27,795,632 $ 27,800,598
Net interest income (tax-equivalent) $ 184,226 $ 170,580
Net interest spread (tax-equivalent) 2.73 % 2.48 %
Net interest margin (tax-equivalent) 2.83 % 2.58 %
______________________________
1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
2 Total 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.
3 Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
4 Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

18

Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Nine Months ended
September 30, 2024 September 30, 2023
(Dollars in thousands) Average
Balance 		Interest &
Dividends 		Average
Yield/
Rate 		Average
Balance 		Interest &
Dividends 		Average
Yield/
Rate
Assets
Residential real estate loans $ 1,798,202 $ 65,636 4.87 % $ 1,570,911 $ 51,508 4.37 %
Commercial loans 1
13,737,866 571,540 5.56 % 12,910,691 498,152 5.16 %
Consumer and other loans 1,299,463 65,725 6.76 % 1,236,158 54,248 5.87 %
Total loans 2
16,835,531 702,901 5.58 % 15,717,760 603,908 5.14 %
Tax-exempt debt securities 3
1,695,965 44,978 3.54 % 1,745,764 44,978 3.44 %
Taxable debt securities 4, 5
7,429,971 106,939 1.92 % 8,240,041 107,338 1.74 %
Total earning assets 25,961,467 854,818 4.40 % 25,703,565 756,224 3.93 %
Goodwill and intangibles 1,071,024 1,023,274
Non-earning assets 734,681 510,332
Total assets $ 27,767,172 $ 27,237,171
Liabilities
Non-interest bearing deposits $ 6,077,392 $ - - % $ 6,770,242 $ - - %
NOW and DDA accounts 5,270,842 47,866 1.21 % 5,140,668 22,606 0.59 %
Savings accounts 2,881,273 17,368 0.81 % 2,930,420 5,070 0.23 %
Money market deposit accounts 2,913,206 43,907 2.01 % 3,253,138 28,654 1.18 %
Certificate accounts 3,083,866 96,365 4.17 % 1,638,163 34,613 2.82 %
Total core deposits 20,226,579 205,506 1.36 % 19,732,631 90,943 0.62 %
Wholesale deposits 6
3,603 149 5.49 % 213,465 7,999 5.01 %
Repurchase agreements 1,612,021 40,901 3.39 % 1,238,139 24,185 2.61 %
FHLB advances 1,397,258 50,772 4.77 % 738,004 26,910 4.81 %
FRB Bank Term Funding 824,672 27,097 4.39 % 1,929,322 63,160 4.38 %
Subordinated debentures and other borrowed funds 220,835 5,200 3.15 % 208,891 5,737 3.67 %
Total funding liabilities 24,284,968 329,625 1.81 % 24,060,452 218,934 1.22 %
Other liabilities 345,822 256,022
Total liabilities 24,630,790 24,316,474
Stockholders' Equity
Stockholders' equity 3,136,382 2,920,697
Total liabilities and stockholders' equity $ 27,767,172 $ 27,237,171
Net interest income (tax-equivalent) $ 525,193 $ 537,290
Net interest spread (tax-equivalent) 2.59 % 2.71 %
Net interest margin (tax-equivalent) 2.70 % 2.79 %
______________________________
1 Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
2 Total 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.
3 Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
4 Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
5 Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
19

Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
Loans Receivable, by Loan Type % Change from
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Custom and owner occupied construction
$ 235,915 $ 233,978 $ 290,572 $ 306,106 1 % (19) % (23) %
Pre-sold and spec construction 203,610 198,219 236,596 287,048 3 % (14) % (29) %
Total residential construction
439,525 432,197 527,168 593,154 2 % (17) % (26) %
Land development 205,704 209,794 232,966 234,995 (2) % (12) % (12) %
Consumer land or lots 189,705 190,781 187,545 184,685 (1) % 1 % 3 %
Unimproved land 109,237 108,763 87,739 87,089 - % 25 % 25 %
Developed lots for operative builders
67,140 57,140 56,142 62,485 18 % 20 % 7 %
Commercial lots 98,644 99,036 87,185 84,194 - % 13 % 17 %
Other construction 689,638 810,536 900,547 982,384 (15) % (23) % (30) %
Total land, lot, and other construction
1,360,068 1,476,050 1,552,124 1,635,832 (8) % (12) % (17) %
Owner occupied 3,121,900 3,087,814 3,035,768 2,976,821 1 % 3 % 5 %
Non-owner occupied 4,001,430 3,941,786 3,742,916 3,765,266 2 % 7 % 6 %
Total commercial real estate
7,123,330 7,029,600 6,778,684 6,742,087 1 % 5 % 6 %
Commercial and industrial 1,387,538 1,400,896 1,363,479 1,363,198 (1) % 2 % 2 %
Agriculture 1,047,320 962,384 772,458 785,208 9 % 36 % 33 %
1st lien 2,462,885 2,353,912 2,127,989 2,054,497 5 % 16 % 20 %
Junior lien 77,029 56,049 47,230 47,490 37 % 63 % 62 %
Total 1-4 family 2,539,914 2,409,961 2,175,219 2,101,987 5 % 17 % 21 %
Multifamily residential 921,138 1,027,962 796,538 714,822 (10) % 16 % 29 %
Home equity lines of credit 1,004,300 974,000 979,891 950,204 3 % 2 % 6 %
Other consumer 221,517 220,755 229,154 233,980 - % (3) % (5) %
Total consumer 1,225,817 1,194,755 1,209,045 1,184,184 3 % 1 % 4 %
States and political subdivisions 993,871 777,426 834,947 833,618 28 % 19 % 19 %
Other 188,792 180,505 204,111 209,983 5 % (8) % (10) %
Total loans receivable, including
loans held for sale
17,227,313 16,891,736 16,213,773 16,164,073 2 % 6 % 7 %
Less loans held for sale 1
(46,126) (39,745) (15,691) (29,027) 16 % 194 % 59 %
Total loans receivable $ 17,181,187 $ 16,851,991 $ 16,198,082 $ 16,135,046 2 % 6 % 6 %
______________________________
1 Loans held for sale are primarily 1st lien 1-4 family loans.

20

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

Non-performing Assets, by Loan Type 		Non-
Accrual
Loans 		Accruing
Loans 90
Days
or More Past
Due 		Other real estate owned and foreclosed assets
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Sep 30,
2024 		Sep 30,
2024 		Sep 30,
2024
Custom and owner occupied construction
$ 202 206 214 219 202 - -
Pre-sold and spec construction 3,705 2,908 763 763 2,942 763 -
Total residential construction
3,907 3,114 977 982 3,144 763 -
Land development 583 - 35 80 22 561 -
Consumer land or lots 458 429 96 314 241 217 -
Unimproved land - - - 36 - - -
Developed lots for operative builders
531 608 608 608 - 531 -
Commercial lots 47 47 47 188 - 47 -
Other construction - 25 - 12,884 - - -
Total land, lot and other construction
1,619 1,109 786 14,110 263 1,356 -
Owner occupied 1,903 1,992 1,838 1,445 662 809 432
Non-owner occupied 1,335 257 11,016 15,105 1,335 - -
Total commercial real estate
3,238 2,249 12,854 16,550 1,997 809 432
Commercial and Industrial 2,455 2,044 1,971 1,367 1,408 1,047 -
Agriculture 6,040 2,442 2,558 2,450 2,164 3,876 -
1st lien 6,065 2,923 2,664 2,766 3,724 2,341 -
Junior lien 279 492 180 363 279 - -
Total 1-4 family 6,344 3,415 2,844 3,129 4,003 2,341 -
Multifamily residential 392 385 395 - 392 - -
Home equity lines of credit 2,867 2,145 2,043 1,612 1,903 964 -
Other consumer 1,111 1,089 1,187 942 663 247 201
Total consumer 3,978 3,234 3,230 2,554 2,566 1,211 201
Other 148 16 16 1,141 - 148 -
Total $ 28,121 18,008 25,631 42,283 15,937 11,551 633

21

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023
Custom and owner occupied construction
$ 13 $ 1,323 $ 2,549 $ - (99) % (99) % n/m
Pre-sold and spec construction 1,250 816 1,219 599 53 % 3 % 109 %
Total residential construction
1,263 2,139 3,768 599 (41) % (66) % 111 %
Land development 157 - 163 44 n/m (4) % 257 %
Consumer land or lots 747 411 624 528 82 % 20 % 41 %
Unimproved land 39 158 - 87 (75) % n/m (55) %
Commercial lots - - 2,159 1,245 n/m (100) % (100) %
Other construction - 21 - - (100) % n/m n/m
Total land, lot and other construction
943 590 2,946 1,904 60 % (68) % (50) %
Owner occupied 5,641 4,326 2,222 652 30 % 154 % 765 %
Non-owner occupied 13,785 8,119 14,471 213 70 % (5) % 6,372 %
Total commercial real estate
19,426 12,445 16,693 865 56 % 16 % 2,146 %
Commercial and industrial 3,125 17,591 12,905 2,946 (82) % (76) % 6 %
Agriculture 16,932 5,288 594 604 220 % 2,751 % 2,703 %
1st lien 6,275 2,637 3,768 1,006 138 % 67 % 524 %
Junior lien 13 17 1 355 (24) % 1,200 % (96) %
Total 1-4 family 6,288 2,654 3,769 1,361 137 % 67 % 362 %
Home equity lines of credit 4,567 5,432 4,518 3,638 (16) % 1 % 26 %
Other consumer 2,227 2,192 3,264 1,821 2 % (32) % 22 %
Total consumer 6,794 7,624 7,782 5,459 (11) % (13) % 24 %
Other 1,442 1,347 1,510 1,515 7 % (5) % (5) %
Total $ 56,213 $ 49,678 $ 49,967 $ 15,253 13 % 13 % 269 %
______________________________
n/m - not measurable

22

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Net Charge-Offs (Recoveries), Year-to-Date
Period Ending, By Loan Type 		Charge-Offs Recoveries
(Dollars in thousands) Sep 30,
2024 		Jun 30,
2024 		Dec 31,
2023 		Sep 30,
2023 		Sep 30,
2024 		Sep 30,
2024
Pre-sold and spec construction $ (4) (4) (15) (12) - 4
Land development (21) (1) (135) (134) - 21
Consumer land or lots (21) (22) (19) (14) - 21
Unimproved land 5 5 - - 5 -
Commercial lots 319 319 - - 319 -
Other construction - - 889 - - -
Total land, lot and other construction
282 301 735 (148) 324 42
Owner occupied (73) (73) (59) (104) - 73
Non-owner occupied (3) (2) 799 500 - 3
Total commercial real estate (76) (75) 740 396 - 76
Commercial and industrial 1,272 644 364 (11) 1,839 567
Agriculture 65 68 - - 68 3
1st lien (34) (22) 66 98 - 34
Junior lien (60) (55) 24 32 10 70
Total 1-4 family (94) (77) 90 130 10 104
Multifamily residential - - (136) - - -
Home equity lines of credit (31) 1 (6) 20 35 66
Other consumer 753 493 1,097 816 1,056 303
Total consumer 722 494 1,091 836 1,091 369
Other 6,561 4,611 7,447 5,430 9,074 2,513
Total $ 8,728 5,962 10,316 6,621 12,406 3,678

Visit our website atwww.glacierbancorp.com
23