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8-K

GLACIER BANCORP, INC. (GBCI)

8-K 2020-10-22 For: 2020-10-22
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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): October 22, 2020

____________________________________________________________

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 October 22, 2020, Glacier Bancorp, Inc. ("Company") issued a press release announcing its financial results for the quarter ended September 30, 2020. 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    Press Release dated October 22, 2020, announcing financial results for the quarter ended September 30, 2020.

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: October 22, 2020 GLACIER BANCORP, INC.
/s/ Randall M. Chesler
By: Randall M. Chesler
President and Chief Executive Officer

Document

gbcilogostatesmay20191.jpg

NEWS RELEASE

October 22, 2020

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 AND PERIOD ENDED SEPTEMBER 30, 2020

3rd Quarter 2020 Highlights:

•Net income of $77.8 million for the current quarter, an increase of $26.2 million, or 51 percent, over the prior year third quarter net income of $51.6 million.

•Current quarter diluted earnings per share of $0.81, an increase of 42 percent from the prior year third quarter diluted earnings per share of $0.57.

•The loan portfolio organically increased $165 million, or 1 percent, in the current quarter and increased $1.626 billion, or 17 percent, from the prior year third quarter.

•Core deposits increased $868 million, or 7 percent, during the current quarter, with non-interest bearing deposit growth of $436 million, or 9 percent. Core deposits organically increased $2.8 billion, or 26 percent, compared to the prior year third quarter, with non-interest bearing deposit growth of $1.6 billion, or 41 percent.

•Gain on sale of loans of $35.5 million, increased $9.7 million, or 37 percent, over the prior quarter and increased $25.1 million, or 243 percent, compared to the prior year third quarter.

•Interest expense of $6.1 million decreased $1.1 million, or 15 percent, over the prior quarter and decreased $4.9 million, or 44 percent, compared to the prior year third quarter.

•Bank loan modifications related to the coronavirus disease of 2019 (“COVID-19”) decreased $1.049 billion during the current quarter to $466 million, or 4.58 percent of loans excluding PPP loans.

•Non-performing assets as a percentage of subsidiary assets was 0.25 percent, which compared to 0.27 percent in the prior quarter and 0.40 percent in the prior year third quarter.

•Early stage delinquencies (accruing 30-89 days past due) as a percentage of loans in the current quarter was 0.15 percent, which compared to 0.22 percent in the prior quarter and 0.31 percent in the prior year third quarter.

•Declared a quarterly dividend of $0.30 per share, an increase of $0.01 per share or 3 percent over the prior quarter dividend. The Company has declared 142 consecutive quarterly dividends and has increased the dividend 46 times.

Year-to-Date 2020 Highlights:

•Net income of $185 million for the first nine months of 2020, an increase of $31.4 million, or 21 percent, over the first nine months of 2019 net income of $153 million.

•Diluted earnings per share of $1.95, an increase of 11 percent from the prior year first nine months diluted earnings per share of $1.76.

•The Company originated U.S. Small Business Administration (“SBA”) Payroll Protection Program (“PPP”) loans for businesses in its communities. The Company originated 16,090 PPP loans in the amount of $1.472 billion.

•The loan portfolio organically grew $1.654 billion, or 17 percent, during the first nine months of 2020. Excluding PPP loans, the loan portfolio organically increased $206 million, or 2 percent during the first nine months of 2020.

•Core deposits organically increased $2.9 billion, or 27 percent, during the first nine months of 2020, with non-interest bearings deposit growth of $1.6 billion, or 44 percent.

•Gain on sale of loans of $73.2 million, increased $49.3 million, or 206 percent, compared to the prior year first nine months.

•Dividends declared of $0.88 per share, an increase of $0.06 per share, or 7 percent, over the prior year first nine months dividends of $0.82.

•On February 29, 2020, the Company completed the acquisition of State Bank Corp., the parent company of State Bank of Arizona, a community bank based in Lake Havasu City, Arizona with total assets of $744 million.

•During the current year, S&P Dow Jones Indices selected the Company to transition from the S&P SmallCap 600® to the S&P MidCap 400®.

Financial Highlights

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,<br>2020 Jun 30,<br>2020 Mar 31,<br>2020 Sep 30,<br>2019 Sep 30,<br>2020 Sep 30,<br>2019
Operating results
Net income $ 77,757 63,444 43,339 51,610 184,540 153,134
Basic earnings per share $ 0.81 0.67 0.46 0.57 1.95 1.76
Diluted earnings per share $ 0.81 0.66 0.46 0.57 1.95 1.76
Dividends declared per share $ 0.30 0.29 0.29 0.29 0.88 0.82
Market value per share
Closing $ 32.05 35.29 34.01 40.46 32.05 40.46
High $ 38.13 46.54 46.10 42.61 46.54 45.47
Low $ 30.05 30.30 26.66 37.70 26.66 37.58
Selected ratios and other data
Number of common stock shares outstanding 95,413,743 95,409,061 95,408,274 92,180,618 95,413,743 92,180,618
Average outstanding shares - basic 95,411,656 95,405,493 93,287,670 90,294,811 94,704,198 86,911,402
Average outstanding shares - diluted 95,442,576 95,430,403 93,359,792 90,449,195 94,747,894 87,082,178
Return on average assets (annualized) 1.80 % 1.57 % 1.25 % 1.55 % 1.56 % 1.63 %
Return on average equity (annualized) 13.73 % 11.68 % 8.52 % 10.92 % 11.40 % 12.17 %
Efficiency ratio 49.16 % 49.29 % 52.55 % 65.95 % 50.21 % 58.82 %
Dividend payout ratio 37.04 % 43.28 % 63.04 % 50.88 % 45.13 % 46.59 %
Loan to deposit ratio 82.29 % 86.45 % 88.10 % 88.71 % 82.29 % 88.71 %
Number of full time equivalent employees 2,946 2,954 2,955 2,802 2,946 2,802
Number of locations 193 192 192 182 193 182
Number of ATMs 250 251 247 238 250 238

KALISPELL, Mont., Oct 22, 2020 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $77.8 million for the current quarter, an increase of $26.2 million, or 51 percent, from the $51.6 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.81 per share, an increase of 42 percent from the prior year third quarter diluted earnings per share of $0.57. Included in the current quarter was $793 thousand of acquisition-related expenses. “The Glacier team continues to do an outstanding job managing through a constantly changing and uncertain operating landscape while taking care of employees, customers and communities,” said Randy Chesler, President and Chief Executive Officer. “We are encouraged by the credit performance we see in our portfolio and believe that, in addition to our conservative credit culture, we are helped by the strong markets in which we operate as well as the increased movement into our markets as technology and business practices allow more people to consider different places to live.”

Net income for the nine months ended September 30, 2020 was $185 million, an increase of $31.4 million, or 21 percent, from the $153 million net income from the first nine months of the prior year. Diluted earnings per share for the first nine months of the current year was $1.95 per share, an increase of 11 percent, from the diluted earnings per share of $1.76 for the same period last year.

The Company continues to navigate through the coronavirus disease of 2019 (“COVID-19”) pandemic to ensure the safety of its employees and customers along with monitoring credit quality and protecting shareholder value. The Company’s geographic footprint has experienced varying levels of exposure and impact from COVID-19 and the Company’s pandemic team remains flexible in responding to the changing conditions in all the markets that it serves.

In order to meet the needs of customers impacted by the pandemic, during the second quarter of 2020 the Company modified 3,054 loans in the amount of $1.515 billion primarily with short-term payment deferrals under six months. The majority of these modified loan deferral periods expired and the loans returned to regular payment status with only $466 million loans, or 5 percent, remaining deferred as of September 30, 2020.

In addition, the Company originated SBA PPP loans for businesses in its communities. The Company originated 16,090 PPP loans in the amount of $1.472 billion during the current year. During the current quarter, these loans provided an additional $9.3 million of interest income (including net deferred fees and costs) and $438 thousand of deferred compensation costs for a total increase in income of $9.8 million ($7.3 million net of tax).

On February 29, 2020, the Company completed the acquisition of State Bank Corp., the parent company of State Bank of Arizona, a community bank based in Lake Havasu City, Arizona (collectively, “SBAZ”). SBAZ provides banking services to individuals and businesses in Arizona with ten banking offices located in Bullhead City, Cottonwood, Kingman, Lake Havasu City, Phoenix, Prescott Valley and Prescott. Upon closing of the transaction, SBAZ merged into the Company's Foothills Bank division, which expanded the Company's footprint in Arizona to cover all major markets in the state and be a leading community bank in Arizona.

The Company’s results of operations and financial condition include the SBAZ acquisition and the following table discloses the preliminary fair value estimates of selected classifications of assets and liabilities acquired:

State Bank Corp.
(Dollars in thousands) February 29,<br>2020
Total assets $ 745,420
Debt securities 142,174
Loans receivable 451,702
Non-interest bearing deposits 141,620
Interest bearing deposits 461,669
Borrowings 10,904

Asset Summary

Change from
(Dollars in thousands) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Jun 30,2020 Sep 30,<br>2019
Cash and cash equivalents $ 769,879 547,610 330,961 406,384 222,269 363,495
Debt securities, available-for-sale 4,125,548 3,533,950 2,575,252 2,459,036 591,598 1,666,512
Debt securities, held-to-maturity 193,509 203,275 224,611 234,992 (9,766) (41,483)
Total debt securities 4,319,057 3,737,225 2,799,863 2,694,028 581,832 1,625,029
Loans receivable
Residential real estate 862,614 903,198 926,388 936,877 (40,584) (74,263)
Commercial real estate 6,201,817 6,047,692 5,579,307 5,548,174 154,125 653,643
Other commercial 3,593,322 3,547,249 2,094,254 2,145,257 46,073 1,448,065
Home equity 646,850 654,392 617,201 615,781 (7,542) 31,069
Other consumer 314,128 300,847 295,660 294,999 13,281 19,129
Loans receivable 11,618,731 11,453,378 9,512,810 9,541,088 165,353 2,077,643
Allowance for credit losses (164,552) (162,509) (124,490) (125,535) (2,043) (39,017)
Loans receivable, net 11,454,179 11,290,869 9,388,320 9,415,553 163,310 2,038,626
Other assets 1,382,952 1,330,944 1,164,855 1,202,827 52,008 180,125
Total assets $ 17,926,067 16,906,648 13,683,999 13,718,792 1,019,419 4,207,275

All values are in US Dollars.

Total debt securities of $4.319 billion at September 30, 2020 increased $582 million, or 16 percent, during the current quarter and increased $1.625 billion, or 60 percent, from the prior year third quarter. The Company continues to purchase debt securities with the excess liquidity produced from the increase in core deposits. Debt securities represented 24 percent of total assets at September 30, 2020 compared to 20 percent at December 31, 2019 and 20 percent of total assets at September 30, 2019.

The loan portfolio of $11.619 billion increased $165 million, or 1 percent, during the current quarter with the largest increase in commercial real estate which increased $154 million, or 3 percent. Excluding the PPP loans and the SBAZ acquisition, the loan portfolio increased $178 million, or 2 percent, since the prior year third quarter with the largest increase in commercial real estate loans which increased $318 million, or 6 percent.

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,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019
Allowance for credit losses
Balance at beginning of period $ 124,490 124,490 131,239 131,239
Impact of adopting CECL 3,720 3,720 — —
Acquisitions 49 49 — —
Credit loss expense 39,165 36,296 57 57
Charge-offs (7,865) (5,235) (15,178) (12,090)
Recoveries 4,993 3,189 8,372 6,329
Balance at end of period $ 164,552 162,509 124,490 125,535
Other real estate owned $ 5,361 4,743 5,142 7,148
Accruing loans 90 days or more past due 2,952 6,071 1,412 7,912
Non-accrual loans 36,350 35,157 30,883 40,017
Total non-performing assets $ 44,663 45,971 37,437 55,077
Non-performing assets as a percentage of subsidiary assets 0.25 % 0.27 % 0.27 % 0.40 %
Allowance for credit losses as a percentage of non-performing loans 419 % 394 % 385 % 262 %
Allowance for credit losses as a percentage of total loans 1.42 % 1.42 % 1.31 % 1.32 %
Net charge-offs as a percentage of total loans 0.03 % 0.02 % 0.07 % 0.06 %
Accruing loans 30-89 days past due $ 17,631 25,225 23,192 29,954
Accruing troubled debt restructurings $ 39,999 41,759 34,055 32,949
Non-accrual troubled debt restructurings $ 7,579 8,204 3,346 6,723
U.S. government guarantees included in non-performing assets $ 4,411 3,305 1,786 3,000

Non-performing assets of $44.7 million at September 30, 2020 decreased $1.3 million, or 3 percent, over the prior quarter and decreased $10.4 million, or 19 percent, over the prior year third quarter. Non-performing assets as a percentage of subsidiary assets at September 30, 2020 was 0.25 percent. Excluding the government guaranteed PPP loans, the non-performing assets as a percentage of subsidiary assets at September 30, 2020 was 0.27 percent, a decrease of 3 basis points from the prior quarter, and a decrease of 13 basis points from the prior year third quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $17.6 million at September 30, 2020 decreased $7.6 million from the prior quarter and decreased $12.3 million from the prior year third quarter. Early stage delinquencies as a percentage of loans at September 30, 2020 was 0.15 percent, which was a decrease of 7 basis points from prior quarter and a 16 basis points decrease from prior year third quarter. Excluding PPP loans, early stage delinquencies as a percentage of loans at September 30, 2020 was 0.17 percent, which was a decrease of 8 basis points from prior quarter and a 14 basis points decrease from prior year third quarter.

The current quarter credit loss expense was $2.9 million, a decrease of $10.7 million from the prior quarter credit loss expense of $13.6 million. The current year-to-date credit loss expense was $39.2 million and primarily attributable to credit loss expense related to COVID-19 and an additional $4.8 million of credit loss expense related to the SBAZ acquisition. The allowance for credit losses (“ACL”) as a percentage of total loans outstanding at September 30, 2020 was 1.42 percent which remained unchanged compared to the prior quarter. Excluding the PPP loans, the ACL as percentage of loans was 1.62 percent which also remained unchanged compared to the prior quarter.

Credit Quality Trends and Credit Loss Expense

(Dollars in thousands) Credit Loss Expense 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
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 %
First quarter 2019 57 1,510 1.56 % 0.44 % 0.42 %
Fourth quarter 2018 1,246 2,542 1.58 % 0.41 % 0.47 %

Net charge-offs for the current quarter were $826 thousand compared to $1.2 million for the prior quarter and $3.5 million 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 credit loss expense.

PPP Loans

September 30, 2020
(Dollars in thousands) Number of <br>PPP Loans Amount of <br>PPP Loans Total Loans<br>Receivable, Net of PPP Loans PPP Loans (Amount) as a Percent of Total Loans<br>Receivable, Net of PPP Loans
Residential real estate — $ — 862,614 — %
Commercial real estate and other commercial
Real estate rental and leasing 1,221 64,647 3,361,074 1.92 %
Accommodation and food services 1,502 160,295 644,627 24.87 %
Healthcare 1,928 288,612 826,809 34.91 %
Manufacturing 830 80,483 193,216 41.65 %
Retail and wholesale trade 1,672 168,837 471,115 35.84 %
Construction 2,297 214,652 774,069 27.73 %
Other 6,640 470,891 2,075,812 22.68 %
Home equity and other consumer — — 960,978 — %
Total 16,090 $ 1,448,417 10,170,314 14.24 %

The PPP loan originations generated $55.2 million of SBA processing fees, or an average of 3.75 percent, and $8.9 million of deferred compensation costs for total net deferred fees of $46.3 million. Net deferred fees remaining on the PPP loans at September 30, 2020 were $36.1 million, which will be recognized into interest income over the life of the loans, generally two years, or when the loans are forgiven in whole or part by the SBA. The Company has actively been working with its customers to submit applications to the SBA for forgiveness of the loans and the Company started receiving forgiveness payments in the fourth quarter of 2020.

COVID-19 Bank Loan Modifications

September 30, 2020 June 30, 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 (Amount) as a Percent of Total Loans<br>Receivable, Net of PPP Loans Amount of <br>Remaining Loan <br>Modifications Loan Modifications (Amount) as a Percent of Total Loans<br>Receivable, Net of PPP Loans
Residential real estate $ 862,614 28,571 — 28,571 3.31 % $ 66,395 7.35 %
Commercial real estate <br> and other commercial
Real estate rental <br> and leasing 3,361,074 163,103 43,735 206,838 6.15 % 587,609 18.11 %
Accommodation and <br> food services 644,627 69,328 12,854 82,182 12.75 % 395,882 61.41 %
Healthcare 826,809 29,136 14,117 43,253 5.23 % 126,808 16.01 %
Manufacturing 193,216 15,263 3,296 18,559 9.61 % 49,338 24.41 %
Retail and wholesale <br> trade 471,115 13,299 2,554 15,853 3.36 % 46,623 9.78 %
Construction 774,069 13,337 1,188 14,525 1.88 % 38,751 5.06 %
Other 2,075,812 23,146 27,442 50,588 2.44 % 192,060 9.40 %
Home equity and other <br> consumer 960,978 5,767 — 5,767 0.60 % 11,326 1.19 %
Total $ 10,170,314 360,950 105,186 466,136 4.58 % $ 1,514,792 15.11 %

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 third quarter of 2020, the majority of the modified loan deferral periods expired, and the loans returned to regular payment status. During the current quarter, the re-deferral rate was 9.12 percent for modified loans whose original deferral period had expired, with no industry category exceeding 20 percent. As of September 30, 2020, $466 million of the modifications, or 4.58 percent of the $10.170 billion of loans, net of the PPP loans, remain in the deferral period, a reduction of $1.049 billion from the $1.515 billion of loan modifications at the end of the prior 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. 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 September 30, 2020, the Company had $237 million in eligible loans benefiting from this grant program, which was 2.33 percent of total loans receivable, net of PPP loans. Given the unique nature of the Montana only grant program, the $237 million was not included in the Bank loan modifications presented above.

COVID-19 Higher Risk Industries - Enhanced Monitoring

September 30, 2020 June 30, 2020
(Dollars in thousands) Enhanced Monitoring 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 (Amount) as a Percent of Enhanced Monitoring Loans<br>Receivable, Net of PPP Loans Amount of <br>Remaining Loan <br>Modifications Percent of Loans Receivable, Net of PPP Loans Loan Modifications (Amount) as a Percent of Enhanced Monitoring Loans<br>Receivable, Net of PPP Loans
Hotel and motel $ 422,500 4.15 % 44,091 6,679 50,770 12.02 % $ 300,747 4.20 % 71.34 %
Restaurant 138,944 1.37 % 12,977 6,175 19,152 13.78 % 76,632 1.50 % 50.91 %
Travel and tourism 19,726 0.19 % 4,605 397 5,002 25.36 % 7,845 0.21 % 37.79 %
Gaming 14,500 0.14 % 1,101 — 1,101 7.59 % 9,214 0.15 % 60.95 %
Oil and gas 22,178 0.22 % 1,474 — 1,474 6.65 % 6,013 0.23 % 26.43 %
Total $ 617,848 6.08 % 64,248 13,251 77,499 12.54 % $ 400,451 6.29 % 63.49 %

Excluding the PPP loans, the Company has $618 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 September 30, 2020, $77.5 million have modifications, which was a reduction of $323 million, or 81 percent, from the $400 million of modifications at the end of the prior quarter. During the current quarter the re-deferral rate was 3.94 percent for modified loans whose original deferral period had expired, with no industry category exceeding 15 percent. 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) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Jun 30,2020 Sep 30,<br>2019
Deposits
Non-interest bearing deposits $ 5,479,311 5,043,704 3,696,627 3,772,766 435,607 1,706,545
NOW and DDA accounts 3,300,152 3,113,863 2,645,404 2,592,483 186,289 707,669
Savings accounts 1,864,143 1,756,503 1,485,487 1,472,465 107,640 391,678
Money market deposit accounts 2,557,294 2,403,641 1,937,141 1,940,517 153,653 616,777
Certificate accounts 979,857 995,536 958,501 955,765 (15,679) 24,092
Core deposits, total 14,180,757 13,313,247 10,723,160 10,733,996 867,510 3,446,761
Wholesale deposits 119,131 68,285 53,297 134,629 50,846 (15,498)
Deposits, total 14,299,888 13,381,532 10,776,457 10,868,625 918,356 3,431,263
Repurchase agreements 965,668 881,227 569,824 558,752 84,441 406,916
Federal Home Loan Bank advances 7,318 37,963 38,611 8,707 (30,645) (1,389)
Other borrowed funds 32,967 32,546 28,820 14,808 421 18,159
Subordinated debentures 139,918 139,917 139,914 139,913 1 5
Other liabilities 225,219 229,748 169,640 174,586 (4,529) 50,633
Total liabilities $ 15,670,978 14,702,933 11,723,266 11,765,391 968,045 3,905,587

All values are in US Dollars.

Core deposits of $14.181 billion as of September 30, 2020 increased $868 million, or 7 percent, from the prior quarter. Excluding the SBAZ acquisition, core deposits increased $2.843 billion, or 26 percent, from the prior year third quarter, with non-interest bearing deposits increasing $1.565 billion, or 41 percent. The current year significant increase in deposits was attributable to a number of factors including the PPP loan proceeds deposited by customers and the increase in customer savings rate. Non-interest bearing deposits were 39 percent of total core deposits at September 30, 2020 compared to 35 percent of total core deposits at September 30, 2019.

Federal Home Loan Bank (“FHLB”) advances of $7.3 million at September 30, 2020 decreased $31 million from the prior quarter and decreased $1.4 million from the prior year third quarter. The low level of FHLB advances was the result of the significant increase in core deposits which funded loans and debt security growth. FHLB advances will continue to fluctuate as necessary for balance sheet growth and to supplement liquidity needs of the Company.

Stockholders’ Equity Summary

Change from
(Dollars in thousands, except per share data) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Jun 30,2020 Sep 30,<br>2019
Common equity $ 2,123,991 2,073,806 1,920,507 1,905,306 50,185 218,685
Accumulated other comprehensive income 131,098 129,909 40,226 48,095 1,189 83,003
Total stockholders’ equity 2,255,089 2,203,715 1,960,733 1,953,401 51,374 301,688
Goodwill and core deposit intangible, net (572,134) (574,088) (519,704) (522,274) 1,954 (49,860)
Tangible stockholders’ equity $ 1,682,955 1,629,627 1,441,029 1,431,127 53,328 251,828

All values are in US Dollars.

Stockholders’ equity to total assets 12.58 % 13.03 % 14.33 % 14.24 %
Tangible stockholders’ equity to total tangible assets 9.70 % 9.98 % 10.95 % 10.84 %
Book value per common share $ 23.63 23.10 21.25 21.19 0.53 2.38 2.44
Tangible book value per common share $ 17.64 17.08 15.61 15.53 0.56 2.03 2.11

Tangible stockholders’ equity of $1.683 billion at September 30, 2020 increased $53 million, or 3 percent, from the prior quarter and was primarily the result of earnings retention. Tangible stockholders’ equity increased $252 million over the prior year third quarter, which was the result of $112 million of Company stock issued for the acquisitions of SBAZ and an increase in other comprehensive income and earnings retention. These increases more than offset the increase in goodwill and core deposit intangible associated with the acquisition. 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 adding $1.448 billion of PPP loans. Tangible book value per common share of $17.64 at the current quarter end increased $0.56 per share from the prior quarter and increased $2.11 per share from a year ago.

Cash Dividends

On September 30, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share. The dividend was payable October 22, 2020 to shareholders of record on October 13, 2020. The dividend was the 142nd consecutive dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

S&P MidMidCap 400® Index

During the second quarter of 2020, S&P Dow Jones Indices selected the Company to transition from the S&P SmallCap 600® to the S&P MidCap 400®. S&P MidCap 400® index consists of 400 companies that are chosen with regard to market capitalization, liquidity and industry representations.

Operating Results for Three Months Ended September 30, 2020

Compared to June 30, 2020 and March 31, 2020

Income Summary

Three Months ended $ Change from
(Dollars in thousands) Sep 30,<br>2020 Jun 30,<br>2020 Mar 31,<br>2020 Sep 30,<br>2019 Jun 30,<br>2020 Mar 31,<br>2020 Sep 30,<br>2019
Net interest income
Interest income $ 157,487 155,404 142,865 142,395 2,083 14,622 15,092
Interest expense 6,084 7,185 8,496 10,947 (1,101) (2,412) (4,863)
Total net interest income 151,403 148,219 134,369 131,448 3,184 17,034 19,955
Non-interest income
Service charges and other fees 13,404 11,366 14,020 15,138 2,038 (616) (1,734)
Miscellaneous loan fees and charges 2,084 1,682 1,285 1,775 402 799 309
Gain on sale of loans 35,516 25,858 11,862 10,369 9,658 23,654 25,147
Gain on sale of investments 24 128 863 13,811 (104) (839) (13,787)
Other income 2,639 2,190 5,242 1,956 449 (2,603) 683
Total non-interest income 53,667 41,224 33,272 43,049 12,443 20,395 10,618
Total income 205,070 189,443 167,641 174,497 15,627 37,429 30,573
Net interest margin (tax-equivalent) 3.92 % 4.12 % 4.36 % 4.42 %

Net Interest Income

The current quarter net interest income of $151 million increased $3.2 million, or 2 percent, over the prior quarter and increased $20.0 million, or 15 percent, from the prior year third quarter. The current quarter interest income of $157 million increased $2.1 million, or 1 percent, compared to the prior quarter which was driven by an increase in income from commercial loans primarily from the PPP loans. The current quarter interest income

increased $15.1 million, or 11 percent, over prior year third quarter and was due to an increase in income from commercial loans and an increase in income on debt securities. Included in interest income was interest from the PPP loans of $9.3 million in the current quarter and $7.3 million in the prior quarter.

The current quarter interest expense of $6.1 million decreased $1.1 million, or 15 percent, over the prior quarter primarily as result of a decrease in deposit rates and borrowing interest rates. Current quarter interest expense decreased $4.9 million, or 44 percent, over prior year third quarter which was due to the decrease in higher cost borrowings and a decrease in deposit rates. During the current quarter, the total cost of funding (including non-interest bearing deposits) declined 5 basis points to 16 basis points compared to 21 basis points for the prior quarter primarily as a result of a decrease in rates on both deposits and borrowings. The total cost of funding decreased 23 basis points from the prior year third quarter and was attributable to a decrease in rates and a shift from higher cost borrowings to low cost deposits.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.92 percent compared to 4.12 percent in the prior quarter. The core net interest margin, excluding 2 basis points of discount accretion, 1 basis point of non-accrual interest, and 13 basis points of income from the PPP loans, was 4.02 percent compared to 4.21 in the prior quarter and 4.35 percent in the prior year third quarter. The Company experienced a 19 basis points decrease in the core net interest margin during the current quarter from decreased yields on loans and debt securities which were partially offset by the decrease in the cost of funding. The core net interest margin decreased 33 basis points from the prior year third quarter primarily from a decrease in earning asset yields, primarily loan yields, that outpaced the decrease in the total cost of funding. “The Bank divisions’ reduction in the cost of interest bearing deposits and repurchase agreements while increasing non-interest bearing deposits enabled the total cost of funding to decline by 5 basis points in the current quarter,” said Ron Copher, Chief Financial Officer.

Non-interest Income

Non-interest income for the current quarter totaled $53.7 million which was an increase of $12.4 million, or 30 percent, over the prior quarter and an increase of $10.6 million, or 25 percent, over the same quarter last year. Service charges and other fees of $13.4 million for the current quarter increased $2.0 million, or 18 percent, from the prior quarter. Service charges and other fees decreased $1.7 million from the prior year third quarter due to the decreased overdraft activity. Gain on the sale of loans of $35.5 million for the current quarter increased $9.7 million, or 37 percent, compared to the prior quarter and increased $25.1 million, or 242 percent, from the prior year third quarter due to the significant increase in refinance activity driven by the decrease in interest rates.

During the prior year third quarter, the Company terminated $260 million notional pay-fixed interest rate swaps and corresponding debt along with the sale of $308 million of available-for-sale debt securities. Sale of the investment securities resulted in a gain of $13.8 million in the prior year third quarter. Offsetting the gain was a $10 million loss recognized on the early termination of the interest swaps and a $3.5 million write-off of deferred prepayment penalties on FHLB borrowings.

Non-interest Expense Summary

Three Months ended $ Change from
(Dollars in thousands) Sep 30,<br>2020 Jun 30,<br>2020 Mar 31,<br>2020 Sep 30,<br>2019 Jun 30,<br>2020 Mar 31,<br>2020 Sep 30,<br>2019
Compensation and employee benefits $ 64,866 57,981 59,660 62,509 6,885 5,206 2,357
Occupancy and equipment 9,369 9,357 9,219 8,731 12 150 638
Advertising and promotions 2,779 2,138 2,487 2,719 641 292 60
Data processing 5,597 5,042 5,282 4,466 555 315 1,131
Other real estate owned 186 75 112 166 111 74 20
Regulatory assessments and insurance 1,495 1,037 1,090 593 458 405 902
Loss on termination of hedging activities — — — 13,528 — — (13,528)
Core deposit intangibles amortization 2,612 2,613 2,533 2,360 (1) 79 252
Other expenses 18,786 19,898 11,545 15,603 (1,112) 7,241 3,183
Total non-interest expense $ 105,690 98,141 91,928 110,675 7,549 13,762 (4,985)

Total non-interest expense of $106 million for the current quarter increased $7.5 million, or 8 percent, over the prior quarter and decreased $5.0 million, or 5 percent, over the prior year third quarter. Compensation and employee benefits increased by $6.9 million, or 12 percent, from the prior quarter which was primarily driven by the decrease in deferring compensation on originating the PPP loans which was $438 thousand in the current quarter compared to $8.4 million in the prior quarter. Compensation and employee benefits increased $2.4 million, or 4 percent, from the prior year third quarter primarily due to an increased number of employees driven by acquisitions and organic growth which more than offset the decrease from the $5.4 million of stock compensation expense in the prior year third quarter related to the Heritage Bancorp acquisition. Occupancy and equipment expense increased $638 thousand, or 7 percent, over the prior year third quarter primarily as a result of increased costs from acquisitions. Data processing expense increased $555 thousand, or 11 percent, over the prior quarter and increased $1.1 million, or 25 percent over the prior year third quarter as a result of the increased cost from acquisitions along with increased investment in technology infrastructure. Regulatory assessment and insurance increased $458 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 first half of 2020. Regulatory assessment and insurance increased $902 thousand from the prior year third quarter quarter primarily due to $1.3 million in Small Bank Assessment credits applied in the prior year third quarter. The prior year loss on termination of hedging activities included $3.5 million write-off of the remaining unamortized deferred prepayment penalties on FHLB debt and a $10 million loss on the termination of pay-fixed interest rate swaps with notional amount of $260 million in the prior year third quarter.

Other expenses of $18.8 million, decreased $1.1 million, or 6 percent, from the prior quarter primarily due to a decrease in acquisition-related expenses. Other expenses increased $3.2 million, or 20 percent, over the prior year third quarter and was driven primarily from an increase in expense related to unfunded loan commitments. Current quarter other expenses included acquisition-related expenses of $793 thousand compared to $3.7 million in the prior quarter and $2.1 million in the prior year third quarter. Expense related to unfunded loan commitments was $2.3 million in the current quarter compared to $3.4 million in the prior quarter and no expense in the prior year third quarter. Also included in the current quarter other expenses was $1.9 million for third party consulting regarding improvements in technology, product and service offerings.

Federal and State Income Tax Expense

Tax expense during the third quarter of 2020 was $18.8 million, an increase of $4.5 million, or 31 percent, compared to the prior quarter and an increase of $6.5 million, or 54 percent, from the prior year third quarter.

The effective tax rate in the current quarter was 19 percent compared to 18 percent in the prior quarter and 19 percent prior year third quarter.

Efficiency Ratio

The efficiency ratio was 49.16 percent in the current quarter and 49.29 percent in the prior quarter. Excluding the impact from the PPP loans, the efficiency ratio would have been 51.67 percent in the current quarter, which was a 406 basis points decrease from the prior quarter efficiency ratio of 55.73 percent and was primarily due to the increase in gain on sale of loans. The prior year third quarter efficiency was 65.95 and excluding the impact from the termination of the cash flow hedges and the accelerated stock compensation expense, the efficiency ratio would have been 54.41 percent. Excluding these adjustments, the current quarter efficiency ratio decreased 274 basis points from the prior year third quarter efficiency ratio which was also driven by the increased gain on sale of loans.

Operating Results for Nine Months Ended September 30, 2020

Compared to September 30, 2019

Income Summary

Nine Months ended
(Dollars in thousands) Sep 30,<br>2020 Sep 30,<br>2019 Change % Change
Net interest income
Interest income $ 455,756 $ 400,896 14 %
Interest expense 21,765 33,940 (12,175) (36) %
Total net interest income 433,991 366,956 67,035 18 %
Non-interest income
Service charges and other fees 38,790 53,178 (14,388) (27) %
Miscellaneous loan fees and charges 5,051 3,934 1,117 28 %
Gain on sale of loans 73,236 23,929 49,307 206 %
Gain on sale of investments 1,015 14,158 (13,143) (93) %
Other income 10,071 7,158 2,913 41 %
Total non-interest income 128,163 102,357 25,806 25 %
$ 562,154 $ 469,313 20 %
Net interest margin (tax-equivalent) 4.12 % 4.36 %

All values are in US Dollars.

Net Interest Income

Net-interest income of $434 million for the first nine months of 2020 increased $67.0 million, or 18 percent, over the first nine months of 2019. Interest income of $456 million for the first nine months of 2020 increased $54.9 million, or 14 percent, from the first nine months of 2019 and was primarily attributable to a $45.7 million increase in income from commercial loans, including $16.6 million from the PPP loans. Interest expense of $21.8 million for the first nine months of 2020 decreased $12.2 million, or 36 percent over the prior year same period primarily as a result of decreased higher cost FHLB advances and the decrease in the cost of deposits and borrowings. The total funding cost (including non-interest bearing deposits) for the first nine months of 2020 was 22 basis points, which decreased 20 basis points, or 48 percent, compared to 42 basis points for the first nine months of 2019.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2020 was 4.12 percent, a 24 basis points decrease from the net interest margin of 4.36 percent for the first nine

months of 2019. The core net interest margin, excluding 3 basis points of discount accretion, 1 basis point of non-accrual interest, and 9 basis points of income from the PPP loans was 4.17 compared to a core margin of 4.29 percent in the prior year first nine months. Although the Company was successful in reducing the cost of funding, it was not enough to outpace the decrease in yields on loans and debt securities driven by the current interest rate environment.

Non-interest Income

Non-interest income of $128 million for the first nine months of 2020 increased $25.8 million, or 25 percent, over the same period last year. Service charges and other fees of $38.8 million for 2020 year-to-date decreased $14.4 million, or 27 percent, from the same period prior year as a result of a decrease in overdraft activity and the impact of the Durbin Amendment. As of July 1, 2019, the Company became subject to the Durbin Amendment which established limits on the amount of interchange fees that can be charged to merchants for debit card processing. Gain on the sale of loans of $73.2 million for the first nine months of 2020, increased $49.3 million, or 206 percent, compared to the prior year as a result significant increase in refinance activity driven by the decrease in interest rates. Other income increased $2.9 million from the prior year and was primarily the result of a gain of $2.4 million on the sale of a former branch building in the first quarter of 2020.

Non-interest Expense Summary

Nine Months ended
(Dollars in thousands) Sep 30,<br>2020 Sep 30,<br>2019 Change % Change
Compensation and employee benefits $ 182,507 $ 167,210 9 %
Occupancy and equipment 27,945 25,348 2,597 10 %
Advertising and promotions 7,404 7,874 (470) (6) %
Data processing 15,921 12,420 3,501 28 %
Other real estate owned 373 496 (123) (25) %
Regulatory assessments and insurance 3,622 3,726 (104) (3) %
Loss on termination of hedging activities — 13,528 (13,528) (100) %
Core deposit intangibles amortization 7,758 5,919 1,839 31 %
Other expenses 50,229 43,154 7,075 16 %
Total non-interest expense $ 295,759 $ 279,675 6 %

All values are in US Dollars.

Total non-interest expense of $296 million for the first nine months of 2020 increased $16.1 million, or 6 percent, over the prior year same period. Compensation and employee benefits for the first nine months of 2020 increased $15.3 million, or 9 percent, from the same period last year due to the increased number of employees from acquisitions and organic growth and annual salary increases which more than offset the $8.9 million deferral of compensation cost from the PPP loans in the current year and the $5.4 million of stock compensation expense in the prior year from the Heritage Bancorp acquisition. Occupancy and equipment expense for the first nine months of 2020 increased $2.6 million, or 10 percent from the prior year primarily from increased cost from acquisitions. Data processing expense for the first nine months of 2020 increased $3.5 million, or 28 percent, from the prior year as a result of the increased costs from acquisitions along with increased investment in technology infrastructure. Other expenses of $50.2 million, increased $7.1 million, or 16 percent, from the prior year and was primarily driven by an increase in expense related to unfunded loan commitments and an increase in acquisition-related expenses. Acquisition-related expenses were $7.3 million in the current year first nine months compared to $4.1 million in the prior year first nine months. In the current year-to-date period, there was $2.1 million of expense related to unfunded loan commitments which was primarily attributable to the economic forecast related to COVID-19.

Credit Loss Expense

The credit loss expense was $39.2 million for the first nine months of 2020, an increase of $39.1 million from the same period in the prior year, this increase was primarily attributable to changes in the economic forecast related to COVID-19. Net charge-offs during the first nine months of 2020 were $2.9 million compared to $5.8 million during the same period in 2019.

Federal and State Income Tax Expense

Tax expense of $42.7 million in the first nine months of 2020 increased $6.2 million, or 17 percent, over the prior year same period. The effective tax rate year-to-date in 2020 and 2019 was 19 percent.

Efficiency Ratio

The efficiency ratio was 50.21 percent for the first nine months of 2020. Excluding the impact from the PPP loans, the efficiency ratio would have been 53.30 percent. The prior year first nine months efficiency ratio was 58.82 and excluding the impact from the termination of the cash flow hedges and the accelerated stock compensation expense, the efficiency ratio would have been 54.74 percent. Excluding these adjustments, the current year efficiency ratio decreased 144 basis points from the prior year efficiency ratio which was driven by the increased gain on sale of loans and increase in net interest income that more than offset the decrease in service fee income from the Durbin Amendment and increases in compensation 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 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 recently adopted CARES Act addressing the economic effects of the COVID-19 pandemic, 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, October 23, 2020. 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 1497135. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/or6wd4fi. 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 1497135 by November 6, 2020.

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) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019
Assets
Cash on hand and in banks $ 249,245 212,681 198,639 233,623
Federal funds sold 590 — — —
Interest bearing cash deposits 520,044 334,929 132,322 172,761
Cash and cash equivalents 769,879 547,610 330,961 406,384
Debt securities, available-for-sale 4,125,548 3,533,950 2,575,252 2,459,036
Debt securities, held-to-maturity 193,509 203,275 224,611 234,992
Total debt securities 4,319,057 3,737,225 2,799,863 2,694,028
Loans held for sale, at fair value 147,937 115,345 69,194 100,441
Loans receivable 11,618,731 11,453,378 9,512,810 9,541,088
Allowance for credit losses (164,552) (162,509) (124,490) (125,535)
Loans receivable, net 11,454,179 11,290,869 9,388,320 9,415,553
Premises and equipment, net 326,925 326,005 310,309 307,590
Other real estate owned 5,361 4,743 5,142 7,148
Accrued interest receivable 91,393 77,363 56,047 63,294
Deferred tax asset — — 2,037 —
Core deposit intangible, net 58,121 60,733 63,286 65,852
Goodwill 514,013 513,355 456,418 456,422
Non-marketable equity securities 10,366 11,592 11,623 10,427
Bank-owned life insurance 123,095 122,388 109,428 108,814
Other assets 105,741 99,420 81,371 82,839
Total assets $ 17,926,067 16,906,648 13,683,999 13,718,792
Liabilities
Non-interest bearing deposits $ 5,479,311 5,043,704 3,696,627 3,772,766
Interest bearing deposits 8,820,577 8,337,828 7,079,830 7,095,859
Securities sold under agreements to repurchase 965,668 881,227 569,824 558,752
FHLB advances 7,318 37,963 38,611 8,707
Other borrowed funds 32,967 32,546 28,820 14,808
Subordinated debentures 139,918 139,917 139,914 139,913
Accrued interest payable 3,951 4,211 4,686 4,435
Deferred tax liability 17,227 25,213 —
Other liabilities 204,041 200,324 164,954 170,151
Total liabilities 15,670,978 14,702,933 11,723,266 11,765,391
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 954 954 923 922
Paid-in capital 1,493,928 1,492,817 1,378,534 1,375,785
Retained earnings - substantially restricted 629,109 580,035 541,050 528,599
Accumulated other comprehensive income 131,098 129,909 40,226 48,095
Total stockholders’ equity 2,255,089 2,203,715 1,960,733 1,953,401
Total liabilities and stockholders’ equity $ 17,926,067 16,906,648 13,683,999 13,718,792

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations

Three Months ended Nine Months ended
(Dollars in thousands, except per share data) Sep 30,<br>2020 Jun 30,<br>2020 Mar 31,<br>2020 Sep 30,<br>2019 Sep 30,<br>2020 Sep 30,<br>2019
Interest Income
Debt securities $ 25,381 25,833 21,014 21,357 72,228 64,600
Residential real estate loans 11,592 12,098 11,526 12,156 35,216 34,345
Commercial loans 109,514 106,343 98,684 97,224 314,541 268,806
Consumer and other loans 11,000 11,130 11,641 11,658 33,771 33,145
Total interest income 157,487 155,404 142,865 142,395 455,756 400,896
Interest Expense
Deposits 3,952 4,587 5,581 6,214 14,120 17,179
Securities sold under agreements to<br><br>repurchase 886 908 989 999 2,783 2,687
Federal Home Loan Bank advances 70 268 346 2,035 684 8,937
Other borrowed funds 173 172 128 47 473 123
Subordinated debentures 1,003 1,250 1,452 1,652 3,705 5,014
Total interest expense 6,084 7,185 8,496 10,947 21,765 33,940
Net Interest Income 151,403 148,219 134,369 131,448 433,991 366,956
Credit loss expense 2,869 13,552 22,744 — 39,165 57
Net interest income after credit loss expense 148,534 134,667 111,625 131,448 394,826 366,899
Non-Interest Income
Service charges and other fees 13,404 11,366 14,020 15,138 38,790 53,178
Miscellaneous loan fees and charges 2,084 1,682 1,285 1,775 5,051 3,934
Gain on sale of loans 35,516 25,858 11,862 10,369 73,236 23,929
Gain on sale of debt securities 24 128 863 13,811 1,015 14,158
Other income 2,639 2,190 5,242 1,956 10,071 7,158
Total non-interest income 53,667 41,224 33,272 43,049 128,163 102,357
Non-Interest Expense
Compensation and employee benefits 64,866 57,981 59,660 62,509 182,507 167,210
Occupancy and equipment 9,369 9,357 9,219 8,731 27,945 25,348
Advertising and promotions 2,779 2,138 2,487 2,719 7,404 7,874
Data processing 5,597 5,042 5,282 4,466 15,921 12,420
Other real estate owned 186 75 112 166 373 496
Regulatory assessments and insurance 1,495 1,037 1,090 593 3,622 3,726
Loss on termination of hedging activities — — — 13,528 — 13,528
Core deposit intangibles amortization 2,612 2,613 2,533 2,360 7,758 5,919
Other expenses 18,786 19,898 11,545 15,603 50,229 43,154
Total non-interest expense 105,690 98,141 91,928 110,675 295,759 279,675
Income Before Income Taxes 96,511 77,750 52,969 63,822 227,230 189,581
Federal and state income tax expense 18,754 14,306 9,630 12,212 42,690 36,447
Net Income $ 77,757 63,444 43,339 51,610 184,540 153,134

Glacier Bancorp, Inc.

Average Balance Sheets

Three Months ended
September 30, 2020 June 30, 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 $ 1,010,503 $ 11,592 4.59 % $ 1,048,095 $ 12,098 4.62 %
Commercial loans ^1^ 9,636,631 110,847 4.58 % 9,235,881 107,632 4.69 %
Consumer and other loans 957,284 11,000 4.57 % 957,798 11,130 4.67 %
Total loans ^2^ 11,604,418 133,439 4.57 % 11,241,774 130,860 4.68 %
Tax-exempt investment securities ^2^ 1,379,577 13,885 4.03 % 1,401,603 14,248 4.07 %
Taxable investment securities ^4^ 2,809,545 14,568 2.07 % 2,266,707 14,730 2.60 %
Total earning assets 15,793,540 161,892 4.08 % 14,910,084 159,838 4.31 %
Goodwill and intangibles 572,759 575,296
Non-earning assets 794,165 797,403
Total assets $ 17,160,464 $ 16,282,783
Liabilities
Non-interest bearing deposits $ 5,171,984 $ — — % $ 4,733,485 $ — — %
NOW and DDA accounts 3,218,536 642 0.08 % 3,018,706 687 0.09 %
Savings accounts 1,804,438 166 0.04 % 1,687,448 175 0.04 %
Money market deposit accounts 2,453,659 1,161 0.19 % 2,300,787 1,240 0.22 %
Certificate accounts 981,385 1,936 0.78 % 1,013,188 2,408 0.96 %
Total core deposits 13,630,002 3,905 0.11 % 12,753,614 4,510 0.14 %
Wholesale deposits ^5^ 86,852 47 0.22 % 68,503 77 0.46 %
FHLB advances 21,273 70 1.30 % 182,061 268 0.58 %
Repurchase agreements and other borrowed funds 1,049,002 2,062 0.78 % 913,744 2,330 1.03 %
Total funding liabilities 14,787,129 6,084 0.16 % 13,917,922 7,185 0.21 %
Other liabilities 120,294 180,935
Total liabilities 14,907,423 14,098,857
Stockholders’ Equity
Common stock 954 954
Paid-in capital 1,493,353 1,492,230
Retained earnings 622,099 575,455
Accumulated other comprehensive income 136,635 115,287
Total stockholders’ equity 2,253,041 2,183,926
Total liabilities and stockholders’ equity $ 17,160,464 $ 16,282,783
Net interest income (tax-equivalent) $ 155,808 $ 152,653
Net interest spread (tax-equivalent) 3.92 % 4.10 %
Net interest margin (tax-equivalent) 3.92 % 4.12 %

______________________________

^1^Includes tax effect of $1.3 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2020 and June 30, 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 $2.8 million and $2.9 million on tax-exempt debt securities income for the three months ended September 30, 2020 and June 30, 2020, respectively.

^4^Includes tax effect of $266 thousand and $266 thousand on federal income tax credits for the three months ended September 30, 2020 and June 30, 2020, respectively.

^5^Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.

Glacier Bancorp, Inc.

Average Balance Sheets (continued)

Three Months ended
September 30, 2020 September 30, 2019
(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 $ 1,010,503 $ 11,592 4.59 % $ 994,906 $ 12,156 4.89 %
Commercial loans ^1^ 9,636,631 110,847 4.58 % 7,378,337 98,465 5.29 %
Consumer and other loans 957,284 11,000 4.57 % 906,148 11,658 5.10 %
Total loans ^2^ 11,604,418 133,439 4.57 % 9,279,391 122,279 5.23 %
Tax-exempt debt securities ^3^ 1,379,577 13,885 4.03 % 899,914 9,280 4.13 %
Taxable debt securities ^4^ 2,809,545 14,568 2.07 % 1,917,045 14,250 2.97 %
Total earning assets 15,793,540 161,892 4.08 % 12,096,350 145,809 4.78 %
Goodwill and intangibles 572,759 429,191
Non-earning assets 794,165 672,550
Total assets $ 17,160,464 $ 13,198,091
Liabilities
Non-interest bearing deposits $ 5,171,984 $ — — % $ 3,513,908 $ — — %
NOW and DDA accounts 3,218,536 642 0.08 % 2,473,375 1,091 0.17 %
Savings accounts 1,804,438 166 0.04 % 1,445,323 270 0.07 %
Money market deposit accounts 2,453,659 1,161 0.19 % 1,845,184 1,540 0.33 %
Certificate accounts 981,385 1,936 0.78 % 929,441 2,412 1.03 %
Total core deposits 13,630,002 3,905 0.11 % 10,207,231 5,313 0.21 %
Wholesale deposits ^5^ 86,852 47 0.22 % 146,339 901 2.44 %
FHLB advances 21,273 70 1.30 % 222,449 2,035 3.58 %
Repurchase agreements and other borrowed funds 1,049,002 2,062 0.78 % 645,426 2,698 1.66 %
Total funding liabilities 14,787,129 6,084 0.16 % 11,221,445 10,947 0.39 %
Other liabilities 120,294 101,806
Total liabilities 14,907,423 11,323,251
Stockholders’ Equity
Common stock 954 903
Paid-in capital 1,493,353 1,292,182
Retained earnings 622,099 531,181
Accumulated other comprehensive income 136,635 50,574
Total stockholders’ equity 2,253,041 1,874,840
Total liabilities and stockholders’ equity $ 17,160,464 $ 13,198,091
Net interest income (tax-equivalent) $ 155,808 $ 134,862
Net interest spread (tax-equivalent) 3.92 % 4.39 %
Net interest margin (tax-equivalent) 3.92 % 4.42 %

______________________________

^1^Includes tax effect of $1.3 million and $1.2 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2020 and 2019, 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 $2.8 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2020 and 2019, respectively.

^4^Includes tax effect of $266 thousand and $275 thousand on federal income tax credits for the three months ended September 30, 2020 and 2019, respectively.

^5^Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.

Glacier Bancorp, Inc.

Average Balance Sheets (continued)

Nine Months ended
September 30, 2020 September 30, 2019
(Dollars in thousands) Average Balance Interest & Dividends Average Yield/ Rate Average Balance Interest & Dividends Average Yield/ Rate
Assets
Residential real estate loans $ 1,013,072 $ 35,216 4.63 % $ 950,516 $ 34,345 4.82 %
Commercial loans ^1^ 8,896,708 318,435 4.78 % 6,905,151 272,269 5.27 %
Consumer and other loans 947,372 33,771 4.76 % 871,544 33,145 5.08 %
Total loans ^2^ 10,857,152 387,422 4.77 % 8,727,211 339,759 5.21 %
Tax-exempt debt securities ^3^ 1,237,779 37,542 4.04 % 938,998 29,212 4.15 %
Taxable debt securities ^4^ 2,380,184 43,070 2.41 % 1,891,560 42,225 2.98 %
Total earning assets 14,475,115 468,034 4.32 % 11,557,769 411,196 4.76 %
Goodwill and intangibles 562,533 373,207
Non-earning assets 760,758 593,011
Total assets $ 15,798,406 $ 12,523,987
Liabilities
Non-interest bearing deposits $ 4,528,500 $ — — % $ 3,182,783 $ — — %
NOW and DDA accounts 2,971,702 2,244 0.10 % 2,396,828 3,037 0.17 %
Savings accounts 1,670,722 580 0.05 % 1,398,539 757 0.07 %
Money market deposit accounts 2,262,781 4,025 0.24 % 1,733,245 3,675 0.28 %
Certificate accounts 986,807 6,940 0.94 % 912,283 6,648 0.97 %
Total core deposits 12,420,512 13,789 0.15 % 9,623,678 14,117 0.20 %
Wholesale deposits ^5^ 70,880 332 0.63 % 159,314 3,062 2.57 %
FHLB advances 103,700 684 0.87 % 349,998 8,937 3.37 %
Repurchase agreements and other borrowed funds 892,418 6,960 1.04 % 598,907 7,824 1.75 %
Total funding liabilities 13,487,510 21,765 0.22 % 10,731,897 33,940 0.42 %
Other liabilities 149,423 109,090
Total liabilities 13,636,933 10,840,987
Stockholders’ Equity
Common stock 947 870
Paid-in capital 1,467,623 1,152,076
Retained earnings 586,963 501,158
Accumulated other comprehensive income 105,940 28,896
Total stockholders’ equity 2,161,473 1,683,000
Total liabilities and stockholders’ equity $ 15,798,406 $ 12,523,987
Net interest income (tax-equivalent) $ 446,269 $ 377,256
Net interest spread (tax-equivalent) 4.10 % 4.34 %
Net interest margin (tax-equivalent) 4.12 % 4.36 %

______________________________

^1^Includes tax effect of $3.9 million and $3.5 million on tax-exempt municipal loan and lease income for the six months ended September 30, 2020 and 2019, 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 $7.6 million and $6.0 million on tax-exempt debt securities income for the six months ended September 30, 2020 and 2019, respectively.

^4^Includes tax effect of $798 thousand and $863 thousand on federal income tax credits for the six months ended September 30, 2020 and 2019, respectively.

^5^Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.

Glacier Bancorp, Inc.

Loan Portfolio by Regulatory Classification

Loans Receivable, by Loan Type % Change from
(Dollars in thousands) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019
Custom and owner occupied construction $ 166,195 $ 177,172 $ 143,479 $ 147,626 (6) % 16 % 13 %
Pre-sold and spec construction 157,242 161,964 180,539 207,596 (3) % (13) % (24) %
Total residential construction 323,437 339,136 324,018 355,222 (5) % — % (9) %
Land development 96,814 94,667 101,592 103,090 2 % (5) % (6) %
Consumer land or lots 122,019 120,015 125,759 128,668 2 % (3) % (5) %
Unimproved land 64,770 63,459 62,563 71,467 2 % 4 % (9) %
Developed lots for operative builders 30,871 26,647 17,390 13,782 16 % 78 % 124 %
Commercial lots 62,445 60,563 46,408 64,904 3 % 35 % (4) %
Other construction 537,105 477,922 478,368 443,947 12 % 12 % 21 %
Total land, lot, and other construction 914,024 843,273 832,080 825,858 8 % 10 % 11 %
Owner occupied 1,889,512 1,855,994 1,667,526 1,666,211 2 % 13 % 13 %
Non-owner occupied 2,259,062 2,238,586 2,017,375 2,023,262 1 % 12 % 12 %
Total commercial real estate 4,148,574 4,094,580 3,684,901 3,689,473 1 % 13 % 12 %
Commercial and industrial 2,308,710 2,342,081 991,580 1,009,310 (1) % 133 % 129 %
Agriculture 747,145 714,227 701,363 718,255 5 % 7 % 4 %
1st lien 1,256,111 1,227,514 1,186,889 1,208,096 2 % 6 % 4 %
Junior lien 43,355 47,121 53,571 53,931 (8) % (19) % (20) %
Total 1-4 family 1,299,466 1,274,635 1,240,460 1,262,027 2 % 5 % 3 %
Multifamily residential 359,030 343,870 342,498 350,622 4 % 5 % 2 %
Home equity lines of credit 651,546 655,492 617,900 612,775 (1) % 5 % 6 %
Other consumer 191,761 181,402 174,643 171,633 6 % 10 % 12 %
Total consumer 843,307 836,894 792,543 784,408 1 % 6 % 8 %
States and political subdivisions 617,624 581,673 533,023 471,599 6 % 16 % 31 %
Other 205,351 198,354 139,538 174,755 4 % 47 % 18 %
Total loans receivable, including<br><br>loans held for sale 11,766,668 11,568,723 9,582,004 9,641,529 2 % 23 % 22 %
Less loans held for sale ^1^ (147,937) (115,345) (69,194) (100,441) 28 % 114 % 47 %
Total loans receivable $ 11,618,731 $ 11,453,378 $ 9,512,810 $ 9,541,088 1 % 22 % 22 %

______________________________

^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) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Sep 30,<br>2020 Sep 30,<br>2020 Sep 30,<br>2020
Custom and owner occupied construction $ 249 440 185 283 249 — —
Pre-sold and spec construction — — 743 1,219 — — —
Total residential construction 249 440 928 1,502 249 — —
Land development 450 659 852 1,006 202 — 248
Consumer land or lots 223 427 330 828 61 — 162
Unimproved land 417 663 1,181 8,781 270 — 147
Commercial lots 682 529 529 575 153 — 529
Other construction — — — — — — —
Total land, lot and other construction 1,772 2,278 2,892 11,190 686 — 1,086
Owner occupied 9,077 9,424 4,608 8,251 7,338 — 1,739
Non-owner occupied 4,879 5,482 8,229 9,271 4,879 — —
Total commercial real estate 13,956 14,906 12,837 17,522 12,217 — 1,739
Commercial and industrial 8,571 5,039 5,297 6,135 7,614 396 561
Agriculture 8,972 11,087 2,288 3,469 7,011 1,961 —
1st lien 6,559 7,634 8,671 9,420 4,698 217 1,644
Junior lien 986 746 569 669 815 171 —
Total 1-4 family 7,545 8,380 9,240 10,089 5,513 388 1,644
Multifamily residential — 92 201 206 — — —
Home equity lines of credit 2,903 3,048 2,618 3,553 2,550 80 273
Other consumer 407 412 837 1,098 241 108 58
Total consumer 3,310 3,460 3,455 4,651 2,791 188 331
Other 288 289 299 313 269 19 —
Total $ 44,663 45,971 37,437 55,077 36,350 2,952 5,361

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,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019
Custom and owner occupied construction $ 448 $ — $ 637 $ 49 n/m (30) % 814 %
Pre-sold and spec construction — — 148 8 n/m (100) % (100) %
Total residential construction 448 — 785 57 n/m (43) % 686 %
Land development — — — 1,282 n/m n/m (100) %
Consumer land or lots 220 248 672 836 (11) % (67) % (74) %
Unimproved land 381 411 558 8 (7) % (32) % 4,663 %
Developed lots for operative builders — — 2 — n/m (100) % n/m
Commercial lots — 153 — — (100) n/m n/m
Other construction — — — 142 n/m n/m (100)
Total land, lot and other construction 601 812 1,232 2,268 (26) % (51) % (74) %
Owner occupied 3,163 1,512 3,052 2,949 109 % 4 % 7 %
Non-owner occupied 1,157 966 1,834 1,286 20 % (37) % (10) %
Total commercial real estate 4,320 2,478 4,886 4,235 74 % (12) % 2 %
Commercial and industrial 2,354 4,127 2,036 12,780 (43) % 16 % (82) %
Agriculture 2,795 12,084 4,298 1,290 (77) % (35) % 117 %
1st lien 2,589 656 4,711 2,521 295 % (45) % 3 %
Junior lien 738 160 624 715 361 % 18 % 3 %
Total 1-4 family 3,327 816 5,335 3,236 308 % (38) % 3 %
Home equity lines of credit 2,200 3,330 2,352 4,162 (34) % (6) % (47) %
Other consumer 789 739 1,187 1,388 7 % (34) % (43) %
Total consumer 2,989 4,069 3,539 5,550 (27) % (16) % (46) %
States and political subdivisions — 124 — — (100) n/m n/m
Other 797 715 1,081 389 11 % (26) % 105 %
Total $ 17,631 $ 25,225 $ 23,192 $ 29,954 (30) % (24) % (41) %

______________________________

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) Sep 30,<br>2020 Jun 30,<br>2020 Dec 31,<br>2019 Sep 30,<br>2019 Sep 30,<br>2020 Sep 30,<br>2020
Custom and owner occupied construction $ (9) — 98 — — 9
Pre-sold and spec construction (19) (12) (18) (12) — 19
Total residential construction (28) (12) 80 (12) — 28
Land development (63) (50) (30) (25) — 63
Consumer land or lots (217) (17) (138) (160) 7 224
Unimproved land (489) (287) (311) (271) — 489
Developed lots for operative builders — — (18) (18) — —
Commercial lots (5) (3) (6) (4) — 5
Other construction — — (142) (142) — —
Total land, lot and other construction (774) (357) (645) (620) 7 781
Owner occupied (82) (49) (479) (35) 52 134
Non-owner occupied 246 115 2,015 1,861 295 49
Total commercial real estate 164 66 1,536 1,826 347 183
Commercial and industrial 740 576 1,472 1,066 1,317 577
Agriculture 309 33 21 (32) 315 6
1st lien (27) — (12) 189 21 48
Junior lien (169) (129) (303) (254) 28 197
Total 1-4 family (196) (129) (315) (65) 49 245
Multifamily residential (244) (43) — — — 244
Home equity lines of credit 79 24 19 (25) 310 231
Other consumer 233 161 603 380 445 212
Total consumer 312 185 622 355 755 443
Other 2,589 1,727 4,035 3,243 5,075 2,486
Total $ 2,872 2,046 6,806 5,761 7,865 4,993

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26

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