Equibles

8-K

GLACIER BANCORP, INC. (GBCI)

8-K 2021-04-22 For: 2021-04-22
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Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________

FORM 8-K

____________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2021

____________________________________________________________

GLACIER BANCORP, INC.

(Exact name of registrant as specified in its charter)

____________________________________________________________

Montana 000-18911 81-0519541
(State or other jurisdiction <br>of incorporation) (Commission <br>File Number) (IRS Employer <br>Identification No.)
49 Commons Loop Kalispell, Montana 59901
--- --- --- ---
(Address of principal executive offices) (Zip Code)
(406) 756-4200
--- ---
(Registrant’s telephone number, including area code)

____________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value GBCI NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 22, 2021, Glacier Bancorp, Inc. ("Company") issued a press release announcing its financial results for the quarter ended March 31, 2021. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein in its entirety by reference.

The information in this Item 2.02 and the Exhibit attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits

99.1    Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2021

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 22, 2021 GLACIER BANCORP, INC.
/s/ Randall M. Chesler
By: Randall M. Chesler
President and Chief Executive Officer

Document

gbci_logoxstatesxmayx20191.jpg

NEWS RELEASE

April 22, 2021

FOR IMMEDIATE RELEASE CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER ENDED MARCH 31, 2021

1st Quarter 2021 Highlights:

•Net income of $80.8 million, an increase of $37.5 million, or 86 percent, over the prior year first quarter net income of $43.3 million.

•Diluted earnings per share of $0.85, an increase of 85 percent from the prior year first quarter diluted earnings per share of $0.46.

•Gain on sale of loans of $21.6 million, increased $9.8 million, or 82 percent, compared to the prior year first quarter.

•Non-interest expense of $96.6 million, decreased $14.6 million, or 13 percent, compared to the prior quarter and increased $1.1 million, or 1 percent, from the prior year first quarter.

•Bank loan modifications related to the coronavirus disease of 2019 (“COVID-19”) decreased $13.5 million from the prior quarter and decreased $1.433 billion from the second quarter of 2020 to $81.3 million, or 79 basis points of loans excluding the Payroll Protection Program (“PPP”) loans.

•Non-performing assets as a percentage of subsidiary assets was 0.19 percent, which compared to 0.19 percent in the prior quarter and 0.26 percent in the prior year first quarter.

•Core deposits increased $1.307 billion, or 35 percent annualized, during the current quarter and increased $4.571 billion, or 40 percent, from the prior year first quarter.

•The loan portfolio increased $147 million, or 5 percent annualized, in the current quarter and increased $1.182 billion, or 12 percent, from the prior year first quarter.

•The Company funded 6,500 PPP loans in the amount of $487 million during the current quarter.

•The Company received $426 million in PPP loan forgiveness from the U.S. Small Business Administration (“SBA”) during the current quarter.

•Declared a quarterly dividend of $0.31 per share, an increase of $0.01 per share or 3 percent over the prior quarter regular dividend. The Company has declared 144 consecutive quarterly dividends and has increased the dividend 47 times.

Financial Summary

At or for the Three Months ended
(Dollars in thousands, except per share and market data) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020
Operating results
Net income $ 80,802 81,860 43,339
Basic earnings per share $ 0.85 0.86 0.46
Diluted earnings per share $ 0.85 0.86 0.46
Dividends declared per share 1 $ 0.31 0.45 0.29
Market value per share
Closing $ 57.08 46.01 34.01
High $ 67.35 47.05 46.10
Low $ 44.55 31.29 26.66
Selected ratios and other data
Number of common stock shares outstanding 95,501,819 95,426,364 95,408,274
Average outstanding shares - basic 95,465,801 95,418,958 93,287,670
Average outstanding shares - diluted 95,546,922 95,492,258 93,359,792
Return on average assets (annualized) 1.73 % 1.78 % 1.25 %
Return on average equity (annualized) 14.12 % 14.27 % 8.52 %
Efficiency ratio 46.75 % 50.34 % 54.65 %
Dividend payout ratio 2 36.47 % 52.33 % 63.04 %
Loan to deposit ratio 70.72 % 76.29 % 88.10 %
Number of full time equivalent employees 2,994 2,970 2,955
Number of locations 193 193 192
Number of ATMs 250 250 247

______________________

1 Includes a special dividend declared of $0.15 per share for the three months ended December 31, 2020.

2 Excluding the special dividend, the dividend payout ratio was 34.88 percent the three months ended December 31, 2020.

KALISPELL, Mont., Apr 22, 2021 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $80.8 million for the current quarter, an increase of $37.5 million, or 86 percent, from the $43.3 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.85 per share, an increase of 85 percent from the prior year first quarter diluted earnings per share of $0.46. “The Glacier team got off to a strong start in 2021 and is well positioned for the rest of the year. We believe our markets are among the strongest in the country and that our unique business model will continue to enable our Company to grow by delivering superior service to new and existing customers,” said Randy Chesler, President and Chief Executive Officer.

Asset Summary

Change from
(Dollars in thousands) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,2020
Cash and cash equivalents $ 878,450 633,142 273,441 245,308
Debt securities, available-for-sale 5,853,315 5,337,814 3,429,890 515,501
Debt securities, held-to-maturity 588,751 189,836 203,814 398,915
Total debt securities 6,442,066 5,527,650 3,633,704 914,416
Loans receivable
Residential real estate 745,097 802,508 957,830 (57,411)
Commercial real estate 6,474,701 6,315,895 5,928,303 158,806
Other commercial 3,100,584 3,054,817 2,239,878 45,767
Home equity 625,369 636,405 652,942 (11,036)
Other consumer 324,178 313,071 309,253 11,107
Loans receivable 11,269,929 11,122,696 10,088,206 147,233
Allowance for credit losses (156,446) (158,243) (150,190) 1,797
Loans receivable, net 11,113,483 10,964,453 9,938,016 149,030
Other assets 1,336,553 1,378,961 1,313,223 (42,408)
Total assets $ 19,770,552 18,504,206 15,158,384 1,266,346

All values are in US Dollars.

Total debt securities of $6.442 billion at March 31, 2021 increased $914 million, or 17 percent, during the current quarter and increased $2.808 billion, or 77 percent, from the prior year first quarter. The Company continues to purchase debt securities with excess liquidity from the increase in core deposits and SBA forgiveness of PPP loans. Debt securities represented 33 percent of total assets at March 31, 2021 compared to 30 percent of total assets at December 30, 2020 and 24 percent of total assets at March 31, 2020.

The loan portfolio of $11.270 billion at March 31, 2021 increased $147 million, or 5 percent annualized, in the current quarter. Excluding the PPP loans, the loan portfolio increased $80.6 million, or 3 percent annualized, during the current quarter with the largest increase in commercial real estate loans which increased $159 million, or 3 percent.

The loan portfolio increased $1.182 billion, or 12 percent, from the prior year first quarter. Excluding the PPP loans, the loan portfolio increased $206 million, or 2 percent, from the prior year first quarter with the largest increase in commercial real estate loans which increased $546 million, or 9 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,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020
Allowance for credit losses
Balance at beginning of period $ 158,243 124,490 124,490
Impact of adopting CECL — 3,720 3,720
Acquisitions — 49 49
Provision for credit losses 489 37,637 22,744
Charge-offs (4,246) (13,808) (2,567)
Recoveries 1,960 6,155 1,754
Balance at end of period $ 156,446 158,243 150,190
Provision for credit losses
Loan portfolio $ 489 37,637 22,744
Unfunded loan commitments (441) 2,128 (3,559)
Total provision for credit losses $ 48 39,765 19,185
Other real estate owned $ 2,965 1,744 4,748
Accruing loans 90 days or more past due 3,733 1,725 6,624
Non-accrual loans 29,887 31,964 28,006
Total non-performing assets $ 36,585 35,433 39,378
Non-performing assets as a percentage of subsidiary assets 0.19 % 0.19 % 0.26 %
Allowance for credit losses as a percentage of non-performing loans 465 % 470 % 434 %
Allowance for credit losses as a percentage of total loans 1.39 % 1.42 % 1.49 %
Net charge-offs as a percentage of total loans 0.02 % 0.07 % 0.01 %
Accruing loans 30-89 days past due $ 44,616 22,721 41,375
Accruing troubled debt restructurings $ 41,345 42,003 44,371
Non-accrual troubled debt restructurings $ 4,702 3,507 6,911
U.S. government guarantees included in non-performing assets $ 2,778 3,011 3,204

Non-performing assets of $36.6 million at March 31, 2021 increased $1.2 million, or 3 basis points, over the prior quarter and decreased $2.8 million, or 7 percent, over the prior year first quarter. Non-performing assets as a percentage of subsidiary assets at March 31, 2021 was 0.19 percent. Excluding the government guaranteed PPP loans, the non-performing assets as a percentage of subsidiary assets at March 31, 2021 was 0.19 percent, a decrease of 1 basis point from the prior quarter and 7 basis points decrease from the prior year first quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $44.6 million at March 31, 2021 increased $21.9 million from the prior quarter with the increase primarily isolated to one credit relationship. Early stage delinquencies increased $3.2 million from the prior year first quarter. Early stage delinquencies as a percentage of loans at March 31, 2021 was 0.40 percent, which was an increase of 20 basis points from prior quarter and a 1 basis point decrease from prior year first quarter. Excluding PPP loans, early stage delinquencies as a percentage of loans at March 31, 2021 was 0.43 percent, which was an increase of 21 basis points from prior quarter and a 2 basis points increase from prior year first quarter.

The current quarter provision for credit loss expense on loans of $489 thousand was an increase of $2.0 million from the prior quarter provision for credit loss benefit of $1.5 million and a $22.3 million decrease from the

prior year first quarter provision for credit loss expense of $22.7 million. The higher levels of provision for credit losses in the prior year first quarter was from credit losses related to COVID-19 and an additional $4.8 of provision for credit losses related to the acquisition of State Bank Corp. (“SBAZ”). The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at March 31, 2021 was 1.39 percent which was a 3 basis points decrease compared to the prior quarter. Excluding the PPP loans, the ACL as percentage of loans was 1.51 percent compared to 1.55 percent in as of the prior quarter and 1.49 percent in the prior year first quarter.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands) Provision for Credit Losses Loans Net<br>Charge-Offs ACL<br>as a Percent<br>of Loans Accruing<br>Loans 30-89<br>Days Past Due<br>as a Percent of<br>Loans Non-Performing<br>Assets to<br>Total Subsidiary<br>Assets
First quarter 2021 $ 489 $ 2,286 1.39 % 0.40 % 0.19 %
Fourth quarter 2020 (1,528) 4,781 1.42 % 0.20 % 0.19 %
Third quarter 2020 2,869 826 1.42 % 0.15 % 0.25 %
Second quarter 2020 13,552 1,233 1.42 % 0.22 % 0.27 %
First quarter 2020 22,744 813 1.49 % 0.41 % 0.26 %
Fourth quarter 2019 — 1,045 1.31 % 0.24 % 0.27 %
Third quarter 2019 — 3,519 1.32 % 0.31 % 0.40 %
Second quarter 2019 — 732 1.46 % 0.43 % 0.41 %

Net charge-offs for the current quarter were $2.3 million compared to $4.8 million for the prior quarter and $813 thousand from the same quarter last year. 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.

PPP Loans

March 31, 2021
(Dollars in thousands) Number of <br>PPP Loans Round 1 PPP 2020 Loans Round 2 PPP 2021 Loans Total PPP Loans Total Loans<br>Receivable, Net of PPP Loans PPP Loans as a Percent of Total Loans<br>Receivable, Net of PPP Loans
Residential real estate — $ — — — 745,097 — %
Commercial real estate and other commercial
Real estate rental and leasing 684 14,795 13,970 28,765 3,614,584 0.80 %
Accommodation and food services 1,324 48,140 130,304 178,444 664,115 26.87 %
Healthcare 1,165 150,949 53,041 203,990 835,975 24.40 %
Manufacturing 506 20,013 25,002 45,015 181,641 24.78 %
Retail and wholesale trade 850 39,275 24,616 63,891 496,052 12.88 %
Construction 1,426 62,445 81,326 143,771 765,959 18.77 %
Other 5,148 153,592 158,323 311,915 2,041,167 15.28 %
Home equity and other consumer — — — — 949,548 — %
Total 11,103 $ 489,209 486,582 975,791 10,294,138 9.48 %

During the current quarter, the Company originated $487 million of Round 2 PPP loans which generated $27.7 million of SBA processing fees and $5.2 million of deferred compensation costs for total net deferred fees of $22.5 million. During the current quarter, the SBA processing fees received on Round 2 averaged 5.67 percent which compared to the average of 3.75 percent received on Round 1 in the prior year. The increase in the fee received was the result of an increase in the number of smaller loans which receive a higher percentage fee and the change in the SBA fee schedule for loans under $50 thousand.

The Company continued to submit applications to the SBA for Round 1 PPP loan forgiveness which resulted in a $426 million decrease in PPP loans during the current quarter. As of March 31, 2021, the Company had $489 million or 33 percent of the $1.472 billion of Round 1 PPP loans originated in the prior year.

The Company recognized $13.5 million of interest income (including deferred fees and costs) from the Round 1 and Round 2 PPP loans in the current quarter. The income recognized in the current quarter included $7.8 million acceleration of net deferred fees in interest income resulting from the SBA forgiveness of loans. Net deferred fees remaining on the balance of PPP loans at March 31, 2021 were $28.1 million, which will be recognized into interest income over the remaining life of the loans or when the loans are forgiven in whole or in part by the SBA.

COVID-19 Bank Loan Modifications

March 31, 2021 December 31, 2020
(Dollars in thousands) Total Loans Receivable, Net of PPP Loans Amount of Unexpired Original Loan Modifications Amount of <br>Re-deferral Loan Modifications Amount of <br>Remaining Loan <br>Modifications Loan Modifications as a Percent of Total Loans<br>Receivable, Net of PPP Loans Amount of <br>Remaining Loan <br>Modifications Loan Modifications as a Percent of Total Loans<br>Receivable, Net of PPP Loans
Residential real estate $ 745,097 2,080 3,840 5,920 0.79 % $ 4,322 0.54 %
Commercial real estate <br>  and other commercial
Real estate rental <br>  and leasing 3,614,584 32,889 4,333 37,222 1.03 % 43,313 1.24 %
Accommodation and <br>  food services 664,115 269 14,641 14,910 2.25 % 22,054 3.35 %
Healthcare 835,975 4,013 6,482 10,495 1.26 % 1,131 0.14 %
Manufacturing 181,641 828 1,541 2,369 1.30 % 9,488 5.20 %
Retail and wholesale <br>  trade 496,052 932 408 1,340 0.27 % 2,655 0.56 %
Construction 765,959 764 — 764 0.10 % 927 0.12 %
Other 2,041,167 1,871 5,816 7,687 0.38 % 10,255 0.50 %
Home equity and other <br>  consumer 949,548 640 — 640 0.07 % 705 0.07 %
Total $ 10,294,138 44,286 37,061 81,347 0.79 % $ 94,850 0.93 %

In response to COVID-19, the Company modified 3,054 loans in the amount of $1.515 billion during the second quarter of 2020. These modifications were primarily short-term payment deferrals under six months. During the second half of 2020, the majority of the modified loan deferral periods expired, and the loans returned to regular payment status. As of March 31, 2021, $81.3 million of the modifications, or 79 basis points of the $10.294 billion of loans, net of the PPP loans, remain in the deferral period, a reduction of $13.5 million in the current quarter and a reduction of $1.433 billion from the $1.515 billion of the original loan modifications in the second quarter.

In addition to the Bank loan modifications presented above, the state of Montana created the Montana Loan Deferment Program for only Montana-based businesses and was implemented only in the third quarter of 2020. Cares Act Funds were used to provide interest payments upfront and directly to lenders on behalf of participating borrowers to convert existing commercial loans to interest only status, resulting in the deferral of principal and interest for a period of six to twelve months. None of the interest payments are required to be repaid by the borrowers, thus providing a grant to the borrowers. This program was unique to Montana, had minimal qualification requirements, and required that participating lenders modify eligible loans to conform to the program in order for borrowers to qualify for the grant. As of March 31, 2021, the Company had $272 million in eligible loans benefiting from this grant program, which was 2.6 percent of total loans receivable, net of PPP loans. Given the unique nature of the Montana only grant program, the $272 million was not included in the Bank loan modifications presented above.

COVID-19 Higher Risk Industries - Enhanced Monitoring

March 31, 2021 December 31, 2020
(Dollars in thousands) Enhanced Monitoring Total Loans Receivable, Net of PPP Loans Percent of Total Loans Receivable, Net of PPP Loans Amount of Unexpired Original <br>Loan Modifications Amount of <br>Re-deferral Loan Modifications Amount of <br>Remaining Loan <br>Modifications Loan Modifications as a Percent of Enhanced Monitoring Loans<br>Receivable, Net of PPP Loans Amount of <br>Remaining Loan <br>Modifications Percent of Total Loans Receivable, Net of PPP Loans Loan Modifications as a Percent of Enhanced Monitoring Loans<br>Receivable, Net of PPP Loans
Hotel and motel $ 423,606 4.12 % — 11,845 11,845 2.80 % $ 14,032 4.20 % 3.27 %
Restaurant 158,246 1.54 % 269 2,796 3,065 1.94 % 7,999 1.51 % 5.19 %
Travel and tourism 23,638 0.23 % — — — — % — 0.22 % — %
Gaming 13,971 0.14 % — — — — % — 0.14 % — %
Oil and gas 23,334 0.23 % — — — — % 1,435 0.23 % 6.20 %
Total $ 642,795 6.24 % 269 14,641 14,910 2.32 % $ 23,466 6.29 % 3.65 %

Excluding the PPP loans, the Company has $643 million, or 6 percent, of its total loan portfolio with direct exposure to industries for which it has identified as higher risk, requiring enhanced monitoring. As of March 31, 2021, $14.9 million, or 2.32 percent, of the loans in the higher risk industries have modifications which was a reduction of $8.60 million, or 36 percent, from the $23.5 million of modifications at the end of the prior quarter. The Company continues to conduct enhanced portfolio reviews and monitoring for potential credit deterioration.

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.

Liability Summary

Change from
(Dollars in thousands) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,2020
Deposits
Non-interest bearing deposits $ 6,040,440 5,454,539 3,875,848 585,901
NOW and DDA accounts 4,035,455 3,698,559 2,860,563 336,896
Savings accounts 2,206,592 2,000,174 1,578,062 206,418
Money market deposit accounts 2,817,708 2,627,336 2,155,203 190,372
Certificate accounts 965,986 978,779 1,025,237 (12,793)
Core deposits, total 16,066,181 14,759,387 11,494,913 1,306,794
Wholesale deposits 38,143 38,142 62,924 1
Deposits, total 16,104,324 14,797,529 11,557,837 1,306,795
Repurchase agreements 996,878 1,004,583 580,335 (7,705)
Federal Home Loan Bank advances — — 513,055 —
Other borrowed funds 33,452 33,068 32,499 384
Subordinated debentures 132,499 139,959 139,916 (7,460)
Other liabilities 208,014 222,026 198,098 (14,012)
Total liabilities $ 17,475,167 16,197,165 13,021,740 1,278,002

All values are in US Dollars.

Core deposits of $16.066 billion as of March 31, 2021 increased $1.307 billion, or 35 percent annualized, from the prior quarter and increased $4.571 billion, or 40 percent, from the prior year first quarter. Non-interest bearing deposits of $6.040 billion as of March 31, 2021 increased $586 million, or 11 percent, from the prior quarter and increased $2.165 billion, or 56 percent, from the prior year first quarter. The last twelve months unprecedented increase in deposits resulted from a number of factors including the PPP loan proceeds deposited by customers, federal stimulus deposits and the increase in customer savings. Non-interest bearing deposits were 38 percent of total core deposits at March 31, 2021 compared to 37 percent of total core deposits at December 31, 2020 and 34 percent at March 31, 2020.

During the current quarter, the Company paid off $7.5 million of subordinated debt. The current and prior quarter low levels of borrowings, including wholesale deposits and Federal Home Loan Bank (“FHLB”) advances, were reflective of the significant increase in core deposits which funded the asset growth.

Stockholders’ Equity Summary

Change from
(Dollars in thousands, except per share data) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,2020
Common equity $ 2,215,465 2,163,951 2,036,920 51,514
Accumulated other comprehensive income 79,920 143,090 99,724 (63,170)
Total stockholders’ equity 2,295,385 2,307,041 2,136,644 (11,656)
Goodwill and core deposit intangible, net (567,034) (569,522) (576,701) 2,488
Tangible stockholders’ equity $ 1,728,351 1,737,519 1,559,943 (9,168)

All values are in US Dollars.

Stockholders’ equity to total assets 11.61 % 12.47 % 14.10 %
Tangible stockholders’ equity to total tangible assets 9.00 % 9.69 % 10.70 %
Book value per common share $ 24.03 24.18 22.39 (0.15) 1.64
Tangible book value per common share $ 18.10 18.21 16.35 (0.11) 1.75

Tangible stockholders’ equity of $1.728 billion at March 31, 2021 decreased $9.2 million, or 5 basis points, from the prior quarter and was primarily the result of a decrease in the unrealized gain on the available-for-sale debt securities during the current quarter which was driven by an increase in interest rates. The current year decrease in both the stockholder’s equity to total assets ratio and the tangible stockholders’ equity to total tangible assets ratio was primarily the result of the $1.266 billion increase in total assets driven by the increase of $914 million in debt securities.

Tangible stockholders’ equity increased $168 million over the prior year first quarter, which was the result of earnings retention. Excluding the impact from PPP Loans, the tangible stockholders’ equity to total assets was 9.48 percent which was a 1.22 percent decrease from prior year first quarter and was due to adding $2.8 billion in debt securities. Tangible book value per common share of $18.10 at the current quarter end decreased $0.11 per share from the prior quarter and increased $1.75 per share from a year ago.

Cash Dividends

On March 31, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.31 per share. The dividend was payable April 22, 2021 to shareholders of record on April 13, 2021. The dividend was the 144th consecutive 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, 2021

Compared to December 31, 2020, and March 31, 2020

Income Summary

Three Months ended $ Change from
(Dollars in thousands) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,<br>2020 Mar 31,<br>2020
Net interest income
Interest income $ 161,552 171,308 142,865 (9,756) 18,687
Interest expense 4,740 5,550 8,496 (810) (3,756)
Total net interest income 156,812 165,758 134,369 (8,946) 22,443
Non-interest income
Service charges and other fees 12,792 13,713 14,020 (921) (1,228)
Miscellaneous loan fees and charges 2,778 2,293 1,285 485 1,493
Gain on sale of loans 21,624 26,214 11,862 (4,590) 9,762
Gain on sale of investments 284 124 863 160 (579)
Other income 2,643 2,360 5,242 283 (2,599)
Total non-interest income 40,121 44,704 33,272 (4,583) 6,849
Total income 196,933 210,462 167,641 (13,529) 29,292
Net interest margin (tax-equivalent) 3.74 % 4.03 % 4.36 %

Net Interest Income

The current quarter net interest income of $157 million decreased $8.9 million, or 5 percent, over the prior quarter and increased $22.4 million, or 17 percent, from the prior year first quarter. The current quarter interest income of $162 million decreased $9.8 million, or 6 percent, compared to the prior quarter due to a decrease in income from PPP loans. The current quarter interest income increased $18.7 million, or 13 percent, over the prior year first quarter due to an increase in income from PPP loans and debt securities. The interest income (which included deferred fees and deferred costs) from the PPP loans was $13.5 million in the current quarter and $21.5 million in the prior quarter.

The current quarter interest expense of $4.7 million decreased $810 thousand, or 15 percent, over the prior quarter and decreased $3.8 million, or 44 percent, over the prior year first quarter primarily as result of a decrease in deposit rates and borrowing interest rates. During the current quarter, the total cost of funding (including non-interest bearing deposits) of 12 basis points declined 2 basis points in the current quarter and 17 basis points from the prior year first quarter with both decreases driven by a decrease in rates in deposits and borrowings.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.74 percent compared to 4.03 percent in the prior quarter and 4.36 in the prior year first quarter. The core net interest margin, excluding 4 basis points of discount accretion, 1 basis point from non-accrual interest and 13 basis points increase from the PPP loans, was 3.56 percent compared to 3.76 in the prior quarter and 4.30 percent in the prior year first quarter. The core net interest margin decreased 20 basis points in the current quarter and decreased 74 basis points from the prior year first quarter due to a decrease in earning asset yields. Earning asset yields have decreased from the combined impact of the significant increase in the lower yielding debt securities and the decrease in yields on both loans and debt securities. Debt securities comprised 35.7 percent of the earning assets during the current quarter compared to 31.8 percent in the prior quarter and 23.5 percent in the prior year first quarter.

Non-interest Income

Non-interest income for the current quarter totaled $40.1 million which was a decrease of $4.6 million, or 10 percent, over the prior quarter and an increase of $6.8 million, or 21 percent, over the same quarter last year. Service charges and other fees decreased $921 thousand from the prior quarter and decreased $1.2 million from the prior year first quarter as a result of decreased overdraft activity. Gain on the sale of loans of $21.6 million for the current quarter decreased $4.6 million, or 18 percent, compared to the prior quarter, although remained at elevated levels as a result of the current low interest rate environment. Gain on sale of loans increased $9.8 million, or 82 percent, from the prior year first quarter due to the increase in purchase and refinance activity driven by the decrease in interest rates. Other income of $2.6 million decreased $2.6 million, or 50 percent, from the prior year first quarter as a result of a $2.4 million gain on the sale of a former branch building in the prior year.

Non-interest Expense Summary

Three Months ended $ Change from
(Dollars in thousands) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,<br>2020 Mar 31,<br>2020
Compensation and employee benefits $ 62,468 70,540 59,660 (8,072) 2,808
Occupancy and equipment 9,515 9,728 9,219 (213) 296
Advertising and promotions 2,371 2,797 2,487 (426) (116)
Data processing 5,206 5,211 5,282 (5) (76)
Other real estate owned 12 550 112 (538) (100)
Regulatory assessments and insurance 1,879 1,034 1,090 845 789
Core deposit intangibles amortization 2,488 2,612 2,533 (124) (45)
Other expenses 12,646 18,715 15,104 (6,069) (2,458)
Total non-interest expense $ 96,585 111,187 95,487 (14,602) 1,098

Total non-interest expense of $96.6 million for the current quarter decreased $14.6 million, or 13 percent, over the prior quarter and increased $1.1 million, or 1 percent, over the prior year first quarter. Compensation and employee benefits decreased $8.1 million, or 11 percent, from the prior quarter which was primarily driven by the $5.2 million increase in deferred compensation on originating Round 2 PPP loans. Compensation and employee benefits increased by $2.8 million, or 5 percent, from the prior year first quarter which was due to increased real estate commissions, increased employees from acquisitions and organic growth which more than offset the decreased expense from originating PPP loans. Regulatory assessment and insurance increased $845 thousand from the prior quarter primarily due to an accrual adjustment in the prior quarter for waiver of the State of Montana regulatory semi-annual assessment for the second half of 2020. Regulatory assessment and insurance increased $789 thousand from the prior year first quarter primarily due to $530 thousand in Small Bank Assessment credits applied in the prior year first quarter. Other expenses of $12.6 million, decreased $6.1 million, or 32 percent, from the prior quarter and decreased $2.5 million, or 16 percent, from the prior year first quarter. Current quarter other expenses included acquisition-related expenses of $104 thousand compared to $501 thousand in the prior quarter and $2.8 million in the prior year first quarter.

Federal and State Income Tax Expense

Tax expense during the first quarter of 2021 was $19.5 million, an increase of $548 thousand, or 3 percent, compared to the prior quarter and an increase of $9.9 million, or 102 percent, from the prior year first quarter. The effective tax rate in the current and prior quarter was 19 percent compared to 18 percent in the prior year first quarter.

Efficiency Ratio

The efficiency ratio was 46.75 percent in the current quarter and 50.34 percent in the prior quarter. “The Bank divisions continue to focus on controlling non-interest expenses,” said Ron Copher, Chief Financial Officer. “We were pleased with the improvement in the efficiency ratio during the current quarter.” Excluding the impact from the PPP loans, the efficiency ratio would have been 52.89 percent in the current quarter, which was a 307 basis points decrease from the prior quarter efficiency ratio of 55.96 percent and was driven by the decrease in non-interest expense, including a $5.2 increase in deferred compensation on originating the PPP loans, that more than offset the decrease in net interest income and gain on sale of loans. Excluding the current year impact from the PPP loans, the current quarter efficiency ratio of 52.89 which was a decrease of 176 basis points the prior year first quarter efficiency ratio of 54.65 percent and was primarily from the increase in gain on sale of loans and 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 management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning. 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 subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:

•the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;

•changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;

•changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties;

•legislative or regulatory changes, such as the those signaled by the Biden Administration, as well as increased banking and consumer protection regulation that adversely affect the Company’s business, both generally and as a result of the Company exceeding $10 billion in total consolidated assets;

•ability to complete pending or prospective future acquisitions;

•costs or difficulties related to the completion and integration of acquisitions;

•the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;

•reduced demand for banking products and services;

•the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain and maintain customers;

•competition among financial institutions in the Company's markets may increase significantly;

•the risks presented by continued 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 the Company through acquisitions;

•the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;

•consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;

•dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions;

•material failure, potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures;

•natural disasters, including fires, floods, earthquakes, and other unexpected events;

•the Company’s success in managing risks involved in the foregoing; and

•the 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, April 23, 2021. The conference call will be accessible by telephone and webcast. Interested individuals are invited to listen to the call by dialing 877-561-2748 and conference ID 8356937. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/2wjr73e8. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 8356937 by April 30, 2021.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. (NASDAQ: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: 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), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT).

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020
Assets
Cash on hand and in banks $ 227,745 227,108 204,373
Interest bearing cash deposits 650,705 406,034 69,068
Cash and cash equivalents 878,450 633,142 273,441
Debt securities, available-for-sale 5,853,315 5,337,814 3,429,890
Debt securities, held-to-maturity 588,751 189,836 203,814
Total debt securities 6,442,066 5,527,650 3,633,704
Loans held for sale, at fair value 118,731 166,572 94,619
Loans receivable 11,269,929 11,122,696 10,088,206
Allowance for credit losses (156,446) (158,243) (150,190)
Loans receivable, net 11,113,483 10,964,453 9,938,016
Premises and equipment, net 322,354 325,335 324,230
Other real estate owned 2,965 1,744 4,748
Accrued interest receivable 79,331 75,497 68,525
Core deposit intangible, net 53,021 55,509 63,346
Goodwill 514,013 514,013 513,355
Non-marketable equity securities 10,022 10,023 30,597
Bank-owned life insurance 122,843 123,763 121,685
Other assets 113,273 106,505 92,118
Total assets $ 19,770,552 18,504,206 15,158,384
Liabilities
Non-interest bearing deposits $ 6,040,440 5,454,539 3,875,848
Interest bearing deposits 10,063,884 9,342,990 7,681,989
Securities sold under agreements to repurchase 996,878 1,004,583 580,335
FHLB advances — — 513,055
Other borrowed funds 33,452 33,068 32,499
Subordinated debentures 132,499 139,959 139,916
Accrued interest payable 2,590 3,305 4,713
Deferred tax liability 3,116 23,860 15,210
Other liabilities 202,308 194,861 178,175
Total liabilities 17,475,167 16,197,165 13,021,740
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, 117,187,500 shares authorized 955 954 954
Paid-in capital 1,495,438 1,495,053 1,491,651
Retained earnings - substantially restricted 719,072 667,944 544,315
Accumulated other comprehensive income 79,920 143,090 99,724
Total stockholders’ equity 2,295,385 2,307,041 2,136,644
Total liabilities and stockholders’ equity $ 19,770,552 18,504,206 15,158,384

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations

Three Months ended
(Dollars in thousands, except per share data) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020
Interest Income
Debt securities $ 27,306 27,388 21,014
Residential real estate loans 10,146 11,176 11,526
Commercial loans 113,541 121,956 98,684
Consumer and other loans 10,559 10,788 11,641
Total interest income 161,552 171,308 142,865
Interest Expense
Deposits 3,014 3,500 5,581
Securities sold under agreements to<br><br>repurchase 689 818 989
Federal Home Loan Bank advances — 49 346
Other borrowed funds 174 173 128
Subordinated debentures 863 1,010 1,452
Total interest expense 4,740 5,550 8,496
Net Interest Income 156,812 165,758 134,369
Provision for credit losses 48 (1,535) 19,185
Net interest income after provision for credit losses 156,764 167,293 115,184
Non-Interest Income
Service charges and other fees 12,792 13,713 14,020
Miscellaneous loan fees and charges 2,778 2,293 1,285
Gain on sale of loans 21,624 26,214 11,862
Gain on sale of debt securities 284 124 863
Other income 2,643 2,360 5,242
Total non-interest income 40,121 44,704 33,272
Non-Interest Expense
Compensation and employee benefits 62,468 70,540 59,660
Occupancy and equipment 9,515 9,728 9,219
Advertising and promotions 2,371 2,797 2,487
Data processing 5,206 5,211 5,282
Other real estate owned 12 550 112
Regulatory assessments and insurance 1,879 1,034 1,090
Core deposit intangibles amortization 2,488 2,612 2,533
Other expenses 12,646 18,715 15,104
Total non-interest expense 96,585 111,187 95,487
Income Before Income Taxes 100,300 100,810 52,969
Federal and state income tax expense 19,498 18,950 9,630
Net Income $ 80,802 81,860 43,339

Glacier Bancorp, Inc.

Average Balance Sheets

Three Months ended
March 31, 2021 December 31, 2020
(Dollars in thousands) Average<br>Balance Interest &<br>Dividends Average<br>Yield/<br>Rate Average<br>Balance Interest &<br>Dividends Average<br>Yield/<br>Rate
Assets
Residential real estate loans $ 893,052 $ 10,146 4.54 % $ 984,942 $ 11,176 4.54 %
Commercial loans 1 9,412,281 114,928 4.95 % 9,535,228 123,327 5.15 %
Consumer and other loans 949,736 10,559 4.51 % 951,379 10,788 4.51 %
Total loans 2 11,255,069 135,633 4.89 % 11,471,549 145,291 5.04 %
Tax-exempt debt securities 2 1,545,484 14,710 3.81 % 1,511,725 14,659 3.88 %
Taxable debt securities 4 4,713,936 15,851 1.35 % 3,838,896 15,957 1.66 %
Total earning assets 17,514,489 166,194 3.85 % 16,822,170 175,907 4.16 %
Goodwill and intangibles 568,222 570,771
Non-earning assets 843,305 853,518
Total assets $ 18,926,016 $ 18,246,459
Liabilities
Non-interest bearing deposits $ 5,591,531 $ — — % $ 5,498,744 $ — — %
NOW and DDA accounts 3,830,856 570 0.06 % 3,460,923 607 0.07 %
Savings accounts 2,092,517 138 0.03 % 1,935,476 162 0.03 %
Money market deposit accounts 2,719,267 865 0.13 % 2,635,653 1,052 0.16 %
Certificate accounts 971,584 1,422 0.59 % 984,100 1,629 0.66 %
Total core deposits 15,205,755 2,995 0.08 % 14,514,896 3,450 0.09 %
Wholesale deposits 5 38,076 19 0.20 % 100,329 50 0.20 %
Repurchase agreements 1,001,394 689 0.28 % 969,263 819 0.34 %
FHLB advances — — — % 6,540 49 2.93 %
Subordinated debentures and other borrowed funds 165,830 1,037 2.54 % 172,936 1,182 2.72 %
Total funding liabilities 16,411,055 4,740 0.12 % 15,763,964 5,550 0.14 %
Other liabilities 193,858 199,771
Total liabilities 16,604,913 15,963,735
Stockholders’ Equity
Common stock 955 954
Paid-in capital 1,495,138 1,494,422
Retained earnings 710,137 657,906
Accumulated other comprehensive income 114,873 129,442
Total stockholders’ equity 2,321,103 2,282,724
Total liabilities and stockholders’ equity $ 18,926,016 $ 18,246,459
Net interest income (tax-equivalent) $ 161,454 $ 170,357
Net interest spread (tax-equivalent) 3.73 % 4.02 %
Net interest margin (tax-equivalent) 3.74 % 4.03 %

______________________________

1 Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and December 31, 2020, 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 $3.0 million and $3.0 million on tax-exempt debt securities income for the three months ended March 31, 2021 and December 31, 2020, respectively.

4 Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended March 31, 2021 and December 31, 2020, respectively.

5 Wholesale 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, 2021 March 31, 2020
(Dollars in thousands) Average<br>Balance Interest &<br>Dividends Average<br>Yield/<br>Rate Average<br>Balance Interest &<br>Dividends Average<br>Yield/<br>Rate
Assets
Residential real estate loans $ 893,052 $ 10,146 4.54 % $ 980,647 $ 11,526 4.70 %
Commercial loans 1 9,412,281 114,928 4.95 % 7,809,482 99,956 5.15 %
Consumer and other loans 949,736 10,559 4.51 % 926,924 11,641 5.05 %
Total loans 2 11,255,069 135,633 4.89 % 9,717,053 123,123 5.10 %
Tax-exempt debt securities 3 1,545,484 14,710 3.81 % 930,601 9,409 4.04 %
Taxable debt securities 4 4,713,936 15,851 1.35 % 2,059,581 13,772 2.67 %
Total earning assets 17,514,489 166,194 3.85 % 12,707,235 146,304 4.63 %
Goodwill and intangibles 568,222 539,431
Non-earning assets 843,305 690,338
Total assets $ 18,926,016 $ 13,937,004
Liabilities
Non-interest bearing deposits $ 5,591,531 $ — — % $ 3,672,959 $ — — %
NOW and DDA accounts 3,830,856 570 0.06 % 2,675,152 915 0.14 %
Savings accounts 2,092,517 138 0.03 % 1,518,809 239 0.06 %
Money market deposit accounts 2,719,267 865 0.13 % 2,031,799 1,624 0.32 %
Certificate accounts 971,584 1,422 0.59 % 965,908 2,595 1.08 %
Total core deposits 15,205,755 2,995 0.08 % 10,864,627 5,373 0.20 %
Wholesale deposits 5 38,076 19 0.20 % 57,110 208 1.46 %
Repurchase agreements 1,001,394 689 0.28 % 542,822 989 0.73 %
FHLB advances — — — % 108,672 346 1.26 %
Subordinated debentures and other borrowed funds 165,830 1,037 2.54 % 169,965 1,580 3.74 %
Total funding liabilities 16,411,055 4,740 0.12 % 11,743,196 8,496 0.29 %
Other liabilities 193,858 147,361
Total liabilities 16,604,913 11,890,557
Stockholders’ Equity
Common stock 955 933
Paid-in capital 1,495,138 1,417,004
Retained earnings 710,137 562,951
Accumulated other comprehensive income 114,873 65,559
Total stockholders’ equity 2,321,103 2,046,447
Total liabilities and stockholders’ equity $ 18,926,016 $ 13,937,004
Net interest income (tax-equivalent) $ 161,454 $ 137,808
Net interest spread (tax-equivalent) 3.73 % 4.34 %
Net interest margin (tax-equivalent) 3.74 % 4.36 %

______________________________

1 Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and 2020, 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 $3.0 million and $1.9 million on tax-exempt debt securities income for the three months ended March 31, 2021 and 2020, respectively.

4 Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended March 31, 2021 and 2020, respectively.

5 Wholesale 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,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,<br>2020 Mar 31,<br>2020
Custom and owner occupied construction $ 153,226 $ 157,529 $ 172,238 (3) % (11) %
Pre-sold and spec construction 154,312 148,845 180,799 4 % (15) %
Total residential construction 307,538 306,374 353,037 — % (13) %
Land development 103,960 102,930 101,644 1 % 2 %
Consumer land or lots 133,409 123,747 121,082 8 % 10 %
Unimproved land 62,002 59,500 65,355 4 % (5) %
Developed lots for operative builders 27,310 30,449 32,661 (10) % (16) %
Commercial lots 61,289 60,499 59,023 1 % 4 %
Other construction 604,326 555,375 453,403 9 % 33 %
Total land, lot, and other construction 992,296 932,500 833,168 6 % 19 %
Owner occupied 1,973,309 1,945,686 1,813,284 1 % 9 %
Non-owner occupied 2,372,644 2,290,512 2,200,664 4 % 8 %
Total commercial real estate 4,345,953 4,236,198 4,013,948 3 % 8 %
Commercial and industrial 1,883,438 1,850,197 1,151,817 2 % 64 %
Agriculture 728,579 721,490 694,444 1 % 5 %
1st lien 1,130,339 1,228,867 1,213,232 (8) % (7) %
Junior lien 35,230 41,641 49,071 (15) % (28) %
Total 1-4 family 1,165,569 1,270,508 1,262,303 (8) % (8) %
Multifamily residential 380,172 391,895 352,379 (3) % 8 %
Home equity lines of credit 664,800 657,626 656,953 1 % 1 %
Other consumer 191,152 190,186 180,832 1 % 6 %
Total consumer 855,952 847,812 837,785 1 % 2 %
States and political subdivisions 546,086 575,647 566,953 (5) % (4) %
Other 183,077 156,647 116,991 17 % 56 %
Total loans receivable, including<br><br>loans held for sale 11,388,660 11,289,268 10,182,825 1 % 12 %
Less loans held for sale 1 (118,731) (166,572) (94,619) (29) % 25 %
Total loans receivable $ 11,269,929 $ 11,122,696 $ 10,088,206 1 % 12 %

______________________________

1 Loans held for sale are primarily 1st lien 1-4 family loans.

Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification

Non-performing Assets, by Loan Type Non-<br>Accrual<br>Loans Accruing<br>Loans 90<br>Days<br>or More Past<br>Due Other<br>Real Estate<br>Owned
(Dollars in thousands) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Mar 31,<br>2021 Mar 31,<br>2021 Mar 31,<br>2021
Custom and owner occupied construction $ 246 247 188 246 — —
Pre-sold and spec construction — — 96 — — —
Total residential construction 246 247 284 246 — —
Land development 330 342 1,432 82 — 248
Consumer land or lots 325 201 471 198 — 127
Unimproved land 243 294 680 197 — 46
Commercial lots 368 368 529 — — 368
Other construction — — — — — —
Total land, lot and other construction 1,266 1,205 3,112 477 — 789
Owner occupied 5,272 6,725 5,269 5,152 — 120
Non-owner occupied 4,615 4,796 5,133 4,615 — —
Total commercial real estate 9,887 11,521 10,402 9,767 — 120
Commercial and industrial 6,100 6,689 5,438 5,536 129 435
Agriculture 8,392 6,313 7,263 5,502 2,890 —
1st lien 4,303 5,353 8,410 4,115 188 —
Junior lien 290 301 640 262 28 —
Total 1-4 family 4,593 5,654 9,050 4,377 216 —
Multifamily residential — — 402 — — —
Home equity lines of credit 3,614 2,939 2,617 2,684 — 930
Other consumer 1,017 572 520 866 151 —
Total consumer 4,631 3,511 3,137 3,550 151 930
Other 1,470 293 290 432 347 691
Total $ 36,585 35,433 39,378 29,887 3,733 2,965

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,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Dec 31,<br>2020 Mar 31,<br>2020
Custom and owner occupied construction $ 963 $ 788 $ 2,176 22 % (56) %
Pre-sold and spec construction — — 328 n/m (100) %
Total residential construction 963 788 2,504 22 % (62) %
Land development — 202 840 (100) % (100) %
Consumer land or lots 215 71 321 203 % (33) %
Unimproved land 334 357 934 (6) % (64) %
Developed lots for operative builders — 306 — (100) % n/m
Commercial lots — — 216 n/m (100) %
Other construction 1,520 — — n/m n/m
Total land, lot and other construction 2,069 936 2,311 121 % (10) %
Owner occupied 1,784 3,432 3,235 (48) % (45) %
Non-owner occupied 2,407 149 4,764 1,515 % (49) %
Total commercial real estate 4,191 3,581 7,999 17 % (48) %
Commercial and industrial 2,063 1,814 6,122 14 % (66) %
Agriculture 25,458 1,553 6,210 1,539 % 310 %
1st lien 5,984 6,677 7,419 (10) % (19) %
Junior lien 18 55 795 (67) % (98) %
Total 1-4 family 6,002 6,732 8,214 (11) % (27) %
Home equity lines of credit 1,223 2,840 5,549 (57) % (78) %
Other consumer 519 1,054 1,456 (51) % (64) %
Total consumer 1,742 3,894 7,005 (55) % (75) %
States and political subdivisions 375 2,358 — (84) % n/m
Other 1,753 1,065 1,010 65 % 74 %
Total $ 44,616 $ 22,721 $ 41,375 96 % 8 %

______________________________

n/m - not measurable

Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)

Net Charge-Offs (Recoveries), Year-to-Date<br>Period Ending, By Loan Type Charge-Offs Recoveries
(Dollars in thousands) Mar 31,<br>2021 Dec 31,<br>2020 Mar 31,<br>2020 Mar 31,<br>2021 Mar 31,<br>2021
Custom and owner occupied construction $ — (9) — — —
Pre-sold and spec construction (7) (24) (6) — 7
Total residential construction (7) (33) (6) — 7
Land development (75) (106) (275) — 75
Consumer land or lots (141) (221) 3 — 141
Unimproved land (21) (489) (37) — 21
Commercial lots — (55) (1) — —
Total land, lot and other construction (237) (871) (310) — 237
Owner occupied (54) (168) (16) — 54
Non-owner occupied (505) 3,030 (20) — 505
Total commercial real estate (559) 2,862 (36) — 559
Commercial and industrial 80 1,533 61 168 88
Agriculture (1) 337 36 4 5
1st lien 5 69 14 41 36
Junior lien (47) (211) (110) — 47
Total 1-4 family (42) (142) (96) 41 83
Multifamily residential — (244) (43) — —
Home equity lines of credit 25 101 (103) 41 16
Other consumer 46 307 88 119 73
Total consumer 71 408 (15) 160 89
Other 2,981 3,803 1,222 3,873 892
Total $ 2,286 7,653 813 4,246 1,960

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