1st Quarter 2018 Highlights:
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $38.6
million for the current quarter, an increase of $7.3 million, or 23
percent, from the $31.3 million of net income for the prior year
first quarter. Diluted earnings per share for the current
quarter was $0.48 per share, an increase of $0.07, or 17 percent,
from the prior year first quarter diluted earnings per share of
$0.41. Included in the current quarter was $1.8 million of
acquisition-related expenses. “I am very pleased to see the
Glacier team post solid gains across all of our Company’s key
performance metrics. This was accomplished during one of the
busiest quarters in the Company’s history, closing two of our
largest acquisitions while continuing to grow our core business,”
said Randy Chesler, President and Chief Executive Officer.
On February 28, 2018, the Company completed
the acquisition of Inter-Mountain Bancorp, Inc., the holding
company for First Security Bank, a community bank in Bozeman,
Montana (collectively, “FSB”). On January 31, 2018, the
Company completed the acquisition of Columbine Capital Corp., the
holding company for Collegiate Peaks Bank, a community bank in
Buena Vista, Colorado (collectively, “Collegiate”). The
Company’s results of operations and financial condition include the
acquisitions beginning on the acquisition dates and the following
table discloses the preliminary fair value estimates of selected
classifications of assets and liabilities acquired:
|
FSB |
|
Collegiate |
|
|
(Dollars in
thousands) |
February 28, 2018 |
|
January 31, 2018 |
|
Total |
Total assets |
$ |
1,109,684 |
|
|
551,198 |
|
|
1,660,882 |
|
Debt securities |
271,865 |
|
|
42,177 |
|
|
314,042 |
|
Loans receivable |
627,767 |
|
|
354,252 |
|
|
982,019 |
|
Non-interest bearing
deposits |
301,468 |
|
|
170,022 |
|
|
471,490 |
|
Interest bearing
deposits |
576,118 |
|
|
267,149 |
|
|
843,267 |
|
Borrowings |
36,880 |
|
|
12,509 |
|
|
49,389 |
|
|
|
|
|
|
|
|
|
|
Asset Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Cash and cash
equivalents |
$ |
451,048 |
|
|
200,004 |
|
|
234,004 |
|
|
251,044 |
|
|
217,044 |
|
Debt securities,
available-for-sale |
2,154,845 |
|
|
1,778,243 |
|
|
2,314,521 |
|
|
376,602 |
|
|
(159,676 |
) |
Debt securities,
held-to-maturity |
634,413 |
|
|
648,313 |
|
|
667,388 |
|
|
(13,900 |
) |
|
(32,975 |
) |
Total
debt securities |
2,789,258 |
|
|
2,426,556 |
|
|
2,981,909 |
|
|
362,702 |
|
|
(192,651 |
) |
Loans receivable |
|
|
|
|
|
|
|
|
|
Residential real estate |
831,021 |
|
|
720,728 |
|
|
685,458 |
|
|
110,293 |
|
|
145,563 |
|
Commercial real estate |
4,251,003 |
|
|
3,577,139 |
|
|
3,056,372 |
|
|
673,864 |
|
|
1,194,631 |
|
Other
commercial |
1,839,293 |
|
|
1,579,353 |
|
|
1,462,110 |
|
|
259,940 |
|
|
377,183 |
|
Home
equity |
489,879 |
|
|
457,918 |
|
|
433,554 |
|
|
31,961 |
|
|
56,325 |
|
Other
consumer |
258,834 |
|
|
242,686 |
|
|
239,480 |
|
|
16,148 |
|
|
19,354 |
|
Loans
receivable |
7,670,030 |
|
|
6,577,824 |
|
|
5,876,974 |
|
|
1,092,206 |
|
|
1,793,056 |
|
Allowance
for loan and lease losses |
(127,608 |
) |
|
(129,568 |
) |
|
(129,226 |
) |
|
1,960 |
|
|
1,618 |
|
Loans
receivable, net |
7,542,422 |
|
|
6,448,256 |
|
|
5,747,748 |
|
|
1,094,166 |
|
|
1,794,674 |
|
Other assets |
876,050 |
|
|
631,533 |
|
|
590,247 |
|
|
244,517 |
|
|
285,803 |
|
Total
assets |
$ |
11,658,778 |
|
|
9,706,349 |
|
|
9,553,908 |
|
|
1,952,429 |
|
|
2,104,870 |
|
|
The Company successfully executed its strategy
to stay below $10 billion in total assets as of December 31,
2017 to delay the impact of the Durbin Amendment for one additional
year. The Durbin Amendment, which was passed as part of
Dodd-Frank, establishes limits on the amount of interchange fees
that can be charged to merchants for debit card processing and will
reduce the Company’s service charge fee income in the future.
As a result, the Company’s annual service charge fee income is
expected to decline by approximately $14 - $16 million (pre-tax)
beginning July 2019. During the current quarter, the Company
surpassed $10 billion in total assets ending the quarter at $11.659
billion, which was an increase of $1.952 billion, or 20 percent,
from the prior quarter resulting from the current quarter
acquisitions along with organic growth in loans and debt
securities.
Total debt securities of $2.789 billion at March
31, 2018 increased $363 million, or 15 percent, during the current
quarter and decreased $192.7 million, or 6 percent, from the prior
year first quarter. The current quarter increase was
primarily due to the addition of the acquired banks. Debt
securities represented 24 percent of total assets at March
31, 2018 compared to 31 percent of total assets at
March 31, 2017.
The loan portfolio increased $110 million, or 7
percent annualized, during the current quarter, excluding the FSB
and Collegiate acquisitions. The loan category with the
largest increase was commercial real estate loans which increased
$56.0 million, or 2 percent. Excluding the current quarter
acquisitions and the prior year acquisition of Foothills Bank
(“Foothills”), the loan portfolio increased $519 million, or 9
percent, since March 31, 2017 and was primarily driven by growth in
commercial real estate loans, which increased $346 million, or 11
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, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Allowance for loan and
lease losses |
|
|
|
|
|
Balance
at beginning of period |
$ |
129,568 |
|
|
129,572 |
|
|
129,572 |
|
Provision
for loan losses |
795 |
|
|
10,824 |
|
|
1,598 |
|
Charge-offs |
(5,007 |
) |
|
(19,331 |
) |
|
(4,229 |
) |
Recoveries |
2,252 |
|
|
8,503 |
|
|
2,285 |
|
Balance
at end of period |
$ |
127,608 |
|
|
129,568 |
|
|
129,226 |
|
Other real estate
owned |
$ |
14,132 |
|
|
14,269 |
|
|
17,771 |
|
Accruing loans 90 days
or more past due |
5,402 |
|
|
6,077 |
|
|
3,028 |
|
Non-accrual loans |
54,449 |
|
|
44,833 |
|
|
50,674 |
|
Total
non-performing assets |
$ |
73,983 |
|
|
65,179 |
|
|
71,473 |
|
Non-performing assets
as a percentage of subsidiary assets |
0.64 |
% |
|
0.68 |
% |
|
0.75 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
213 |
% |
|
255 |
% |
|
241 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
1.66 |
% |
|
1.97 |
% |
|
2.20 |
% |
Net charge-offs as a
percentage of total loans |
0.04 |
% |
|
0.17 |
% |
|
0.03 |
% |
Accruing loans 30-89
days past due |
$ |
44,963 |
|
|
37,687 |
|
|
39,160 |
|
Accruing troubled debt
restructurings |
$ |
41,649 |
|
|
38,491 |
|
|
38,955 |
|
Non-accrual troubled
debt restructurings |
$ |
13,289 |
|
|
23,709 |
|
|
19,479 |
|
U.S. government
guarantees included in non-performing assets |
$ |
4,548 |
|
|
2,513 |
|
|
1,690 |
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets at March 31, 2018 were
$74.0 million, an increase of $8.8 million, or 14 percent, from
December 31, 2017. Non-performing assets as a percentage of
subsidiary assets at March 31, 2018 was 0.64 percent which was a
decrease of 4 basis points from the prior year end of 0.68 percent
and a decrease of 11 basis points from prior year first
quarter. Early stage delinquencies (accruing loans 30-89 days
past due) of $45.0 million at March 31, 2018 increased $7.3 million
from the prior quarter and increased $5.8 million from the prior
year which was also attributable to the acquired banks. Early
stage delinquencies as a percentage of loans at March 31, 2018 was
0.59 percent which was an increase of 2 basis points from the prior
year end and a decrease of 8 basis points from prior year first
quarter. The allowance for loan and lease losses
(“allowance”) as a percent of total loans outstanding at March 31,
2018 was 1.66 percent, a decrease of 31 basis points from 1.97
percent at December 31, 2017. This decrease was
primarily driven by the addition of loans from new acquisitions, as
they are added to the portfolio on a fair value basis and as a
result do not require an allowance.
Credit Quality Trends and Provision for Loan
Losses
(Dollars in
thousands) |
Provisionfor LoanLosses |
|
Net Charge-Offs (Recoveries) |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
First quarter 2018 |
$ |
795 |
|
|
$ |
2,755 |
|
|
1.66 |
% |
|
0.59 |
% |
|
0.64 |
% |
Fourth quarter
2017 |
2,886 |
|
|
2,894 |
|
|
1.97 |
% |
|
0.57 |
% |
|
0.68 |
% |
Third quarter 2017 |
3,327 |
|
|
3,628 |
|
|
1.99 |
% |
|
0.45 |
% |
|
0.67 |
% |
Second quarter
2017 |
3,013 |
|
|
2,362 |
|
|
2.05 |
% |
|
0.49 |
% |
|
0.70 |
% |
First quarter 2017 |
1,598 |
|
|
1,944 |
|
|
2.20 |
% |
|
0.67 |
% |
|
0.75 |
% |
Fourth quarter
2016 |
1,139 |
|
|
4,101 |
|
|
2.28 |
% |
|
0.45 |
% |
|
0.76 |
% |
Third quarter 2016 |
626 |
|
|
478 |
|
|
2.37 |
% |
|
0.49 |
% |
|
0.84 |
% |
Second quarter
2016 |
— |
|
|
(2,315 |
) |
|
2.46 |
% |
|
0.44 |
% |
|
0.82 |
% |
Net charge-offs for the current quarter were
$2.8 million compared to $2.9 million for the prior quarter and
$1.9 million from the same quarter last year. Current quarter
provision for loan losses was $795 thousand, compared to $2.9
million in the prior quarter and $1.6 million in the prior year
first quarter. Loan portfolio growth, composition, average
loan size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
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, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Deposits |
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,811,469 |
|
|
2,311,902 |
|
|
2,049,476 |
|
|
499,567 |
|
|
761,993 |
|
NOW and
DDA accounts |
2,400,693 |
|
|
1,695,246 |
|
|
1,596,353 |
|
|
705,447 |
|
|
804,340 |
|
Savings
accounts |
1,328,047 |
|
|
1,082,604 |
|
|
1,035,023 |
|
|
245,443 |
|
|
293,024 |
|
Money
market deposit accounts |
1,778,068 |
|
|
1,512,693 |
|
|
1,516,731 |
|
|
265,375 |
|
|
261,337 |
|
Certificate accounts |
955,105 |
|
|
817,259 |
|
|
941,628 |
|
|
137,846 |
|
|
13,477 |
|
Core
deposits, total |
9,273,382 |
|
|
7,419,704 |
|
|
7,139,211 |
|
|
1,853,678 |
|
|
2,134,171 |
|
Wholesale
deposits |
145,463 |
|
|
160,043 |
|
|
340,946 |
|
|
(14,580 |
) |
|
(195,483 |
) |
Deposits,
total |
9,418,845 |
|
|
7,579,747 |
|
|
7,480,157 |
|
|
1,839,098 |
|
|
1,938,688 |
|
Repurchase
agreements |
395,794 |
|
|
362,573 |
|
|
497,187 |
|
|
33,221 |
|
|
(101,393 |
) |
Federal Home Loan Bank
advances |
155,057 |
|
|
353,995 |
|
|
211,627 |
|
|
(198,938 |
) |
|
(56,570 |
) |
Other borrowed
funds |
8,204 |
|
|
8,224 |
|
|
8,894 |
|
|
(20 |
) |
|
(690 |
) |
Subordinated
debentures |
134,061 |
|
|
126,135 |
|
|
126,027 |
|
|
7,926 |
|
|
8,034 |
|
Other liabilities |
92,793 |
|
|
76,618 |
|
|
94,776 |
|
|
16,175 |
|
|
(1,983 |
) |
Total
liabilities |
$ |
10,204,754 |
|
|
8,507,292 |
|
|
8,418,668 |
|
|
1,697,462 |
|
|
1,786,086 |
|
|
The Company added back $395 million of deposits
during the current quarter that were previously moved off balance
sheet as part of its strategy to stay below $10 billion in total
assets through December 31, 2017. Excluding the acquisitions
and deposits moved back onto the balance sheet, core deposits
increased $143 million, or 2 percent, from the prior quarter.
Excluding acquisitions, core deposit increased $523 million, or 7
percent, from the prior year first quarter. Excluding
acquisitions, non-interest bearing deposits increased $28.1
million, or 1 percent, from prior quarter and increased $193
million, or 9 percent, from the prior year.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $396 million at March 31, 2018
increased $33.2 million, or 9 percent, from the prior quarter and
decreased $101 million, or 20 percent, from the prior year first
quarter. Federal Home Loan Bank (“FHLB”) advances of $155
million at March 31, 2018, decreased $199 million over prior
quarter as that higher cost of funding was replaced with the
deposits brought back onto the balance sheet.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in thousands,
except per share data) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Common equity |
$ |
1,471,047 |
|
|
1,201,036 |
|
|
1,139,652 |
|
|
270,011 |
|
|
331,395 |
|
Accumulated other
comprehensive loss |
(17,023 |
) |
|
(1,979 |
) |
|
(4,412 |
) |
|
(15,044 |
) |
|
(12,611 |
) |
Total
stockholders’ equity |
1,454,024 |
|
|
1,199,057 |
|
|
1,135,240 |
|
|
254,967 |
|
|
318,784 |
|
Goodwill and core
deposit intangible, net |
(343,991 |
) |
|
(191,995 |
) |
|
(158,799 |
) |
|
(151,996 |
) |
|
(185,192 |
) |
Tangible
stockholders’ equity |
$ |
1,110,033 |
|
|
1,007,062 |
|
|
976,441 |
|
|
102,971 |
|
|
133,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to
total assets |
|
12.47 |
% |
|
12.35 |
% |
|
11.88 |
% |
|
|
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
|
9.81 |
% |
|
10.58 |
% |
|
10.39 |
% |
|
|
|
|
|
|
Book value per common
share |
$ |
17.21 |
|
|
15.37 |
|
|
14.82 |
|
|
1.84 |
|
|
2.39 |
|
Tangible book value per
common share |
$ |
13.13 |
|
|
12.91 |
|
|
12.74 |
|
|
0.22 |
|
|
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity of $1.110 billion
at March 31, 2018 increased $103 million compared to the prior
quarter which was the result of earnings retention, $181 million
and $69.8 million of Company stock issued for the acquisitions of
FSB and Collegiate, respectively; these increases more than offset
the increase in goodwill and core deposit intangibles associated
with the acquisitions. Tangible book value per common share
at quarter end increased $0.22 per share from the prior quarter and
increased $0.39 per share from a year ago.
Cash DividendOn March 28, 2018, the Company’s
Board of Directors declared a quarterly cash dividend of $0.23 per
share, an increase of $0.02 per share, or 10 percent from the prior
quarter. The dividend was payable April 19, 2018 to
shareholders of record on April 10, 2018. 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, 2018 Compared to
December 31, 2017 and March 31, 2017
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Net interest
income |
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
103,066 |
|
|
96,898 |
|
|
87,628 |
|
|
6,168 |
|
|
15,438 |
|
Interest
expense |
7,774 |
|
|
7,072 |
|
|
7,366 |
|
|
702 |
|
|
408 |
|
Total net interest income |
95,292 |
|
|
89,826 |
|
|
80,262 |
|
|
5,466 |
|
|
15,030 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
16,871 |
|
|
17,282 |
|
|
15,633 |
|
|
(411 |
) |
|
1,238 |
|
Miscellaneous loan fees and charges |
1,477 |
|
|
1,077 |
|
|
980 |
|
|
400 |
|
|
497 |
|
Gain on
sale of loans |
6,097 |
|
|
7,408 |
|
|
6,358 |
|
|
(1,311 |
) |
|
(261 |
) |
Loss on
sale of investments |
(333 |
) |
|
(115 |
) |
|
(100 |
) |
|
(218 |
) |
|
(233 |
) |
Other
income |
1,974 |
|
|
2,057 |
|
|
2,818 |
|
|
(83 |
) |
|
(844 |
) |
Total non-interest income |
26,086 |
|
|
27,709 |
|
|
25,689 |
|
|
(1,623 |
) |
|
397 |
|
Total income |
$ |
121,378 |
|
|
117,535 |
|
|
105,951 |
|
|
3,843 |
|
|
15,427 |
|
Net interest margin
(tax-equivalent) |
4.10 |
% |
|
4.23 |
% |
|
4.03 |
% |
|
|
|
|
|
Net Interest IncomeIn the current quarter,
interest income of $103 million increased $6.2 million, or 6
percent, from the prior quarter and increased $15.4 million, or 18
percent, over the prior year first quarter with both increases
primarily attributable to the increase in interest income from
commercial loans. Interest income on commercial loans
increased $4.2 million, or 7 percent, from the prior quarter and
increased $15.5 million, or 31 percent, from the prior year first
quarter.
The current quarter interest expense of $7.8
million increased $702 thousand, or 10 percent, from the prior
quarter and increased $408 thousand, or 6 percent, from the prior
year first quarter. The total cost of funding (including
non-interest bearing deposits) for the current quarter was 35 basis
points compared to 33 basis points for the prior quarter and 37
basis points for the prior year first quarter. The 2 basis
points increase from the prior quarter was driven by the $395
million of higher cost deposits brought back onto the balance sheet
during the current quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.10 percent compared to 4.23 percent in the
prior quarter. The 13 basis points decrease in the net
interest margin was primarily the result of a 15 basis points
decrease in the tax benefit related to the tax effect on certain
earning assets as a result of the lower federal income tax rate in
the current year. The current quarter net interest margin
increased 7 basis points over the prior year first quarter net
interest margin of 4.03 percent even though there was a current
quarter decrease of 15 basis points driven by the decrease in the
federal income tax rate. The increase in the core margin from
the prior year first quarter resulted from the remix of earning
assets to higher yielding loans and stable funding costs.
“The low cost core deposit funding base of Collegiate Peaks Bank
and First Security Bank adds significant value to the Company,
especially in higher interest rate environments,” said Ron Copher,
Chief Financial Officer.
Non-interest IncomeNon-interest income for the
current quarter totaled $26.1 million, a decrease of $1.6 million,
or 6 percent, from the prior quarter and an increase of $397
thousand, or 2 percent, over the same quarter last year.
Service charges and other fees of $16.9 million, increased $1.2
million, or 8 percent, from the prior year first quarter primarily
due to the increased number of accounts. Gain on sale of
loans decreased $1.3 million, or 18 percent, from the prior quarter
and decreased $261 thousand from the prior year first quarter as a
result of decreased refinance and purchase activity. Other
income of $2.0 million, decreased $844 thousand, or 30 percent,
from the prior year first quarter due to the decrease in gain on
sale of other real estate owned (“OREO”). Gain on sale
of OREO during the first quarter of 2018 was $72.7 thousand
compared to $967 thousand in the prior year first quarter.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Compensation and
employee benefits |
$ |
45,721 |
|
|
40,465 |
|
|
39,246 |
|
|
5,256 |
|
|
6,475 |
|
Occupancy and
equipment |
7,274 |
|
|
6,925 |
|
|
6,646 |
|
|
349 |
|
|
628 |
|
Advertising and
promotions |
2,170 |
|
|
2,024 |
|
|
1,973 |
|
|
146 |
|
|
197 |
|
Data processing |
3,967 |
|
|
3,970 |
|
|
3,124 |
|
|
(3 |
) |
|
843 |
|
Other real estate
owned |
72 |
|
|
377 |
|
|
273 |
|
|
(305 |
) |
|
(201 |
) |
Regulatory assessments
and insurance |
1,206 |
|
|
1,069 |
|
|
1,061 |
|
|
137 |
|
|
145 |
|
Core deposit
intangibles amortization |
1,056 |
|
|
614 |
|
|
601 |
|
|
442 |
|
|
455 |
|
Other expenses |
12,161 |
|
|
12,922 |
|
|
10,420 |
|
|
(761 |
) |
|
1,741 |
|
Total
non-interest expense |
$ |
73,627 |
|
|
68,366 |
|
|
63,344 |
|
|
5,261 |
|
|
10,283 |
|
|
Compensation and employee benefits increased by
$5.3 million, or 13 percent, from the prior year fourth quarter due
to annual salary increases and the increased number of employees
from acquisitions. Occupancy and equipment expense increased
$349 thousand, or 5 percent, over the prior quarter and increased
$628 thousand, or 9 percent, over the prior year first quarter and
was attributable to the acquisitions. Data processing expense
increased $843 thousand, or 27 percent, from the prior year first
quarter as a result of acquisitions and volume driven cost
increases. Other expenses increased $1.7 million, or 17
percent from the prior year first quarter primarily from an
increase in acquisition related expenses from the two acquisitions
during the current quarter. Acquisition related expenses were
$1.8 million during the current quarter compared to $936 thousand
in the prior quarter and $83 thousand in the prior year first
quarter.
Federal and State Income Tax ExpenseTax expense
during the first quarter of 2018 was $8.4 million, which is a
decrease of $1.4 million, or 14 percent, from the prior year first
quarter and was attributable to the decrease in the federal income
tax rate driven by the Tax Act. The effective tax rate in the
first quarter of 2018 was 18 percent compared to 24 percent in the
prior year first quarter. Tax expense decreased $22.9 million
from the prior quarter due to the one-time $19.7 million
revaluation of the Company’s net deferred tax asset and a decrease
in the federal income tax rate in the current year. Excluding
the impact of the revaluation of the deferred tax asset, the
effective federal and state income tax rate for the Company was 25
percent in the prior quarter.
Efficiency RatioThe current quarter efficiency
ratio was 57.8 percent, a 378 basis points increase from the prior
quarter efficiency ratio of 54.02 percent. The increase
included 230 basis points related to the combined impact of the
decrease in the federal income tax rate and the increase in
acquisition related expenses.
Forward-Looking StatementsThis 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, including 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,
limit certain sources of revenue, or increase cost of
operations;
- 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 InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday, April
20, 2018. The conference call will be accessible by telephone
and through the internet. Interested individuals are invited to
listen to the call by dialing 877-561-2748 and conference ID
7466239. To participate on the webcast, log on to:
https://edge.media-server.com/m6/p/zzte4xtt. 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 7466239 by May 4, 2018.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
is the parent company for Glacier Bank, Kalispell and its bank
divisions: First Security Bank of Missoula; Valley Bank of Helena;
Western Security Bank, Billings; First Bank of Montana, Lewistown;
and First Security Bank of Bozeman, all located in Montana; as well
as Mountain West Bank, Coeur d’Alene, operating in Idaho, Utah and
Washington; First Bank, Powell, operating in Wyoming and Utah;
Citizens Community Bank, Pocatello, operating in Idaho; Bank of the
San Juans, Durango; and Collegiate Peaks Bank, Buena Vista both
operating in Colorado; First State Bank, Wheatland, operating in
Wyoming; North Cascades Bank, Chelan, operating in Washington; and
The Foothills Bank, Yuma, operating in Arizona.
|
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Financial Condition |
|
(Dollars
in thousands, except per share data) |
March 31, 2018 |
|
December 31, 2017 |
|
March 31, 2017 |
Assets |
|
|
|
|
|
Cash on
hand and in banks |
$ |
140,625 |
|
|
139,948 |
|
|
124,501 |
|
Federal
funds sold |
230 |
|
|
— |
|
|
190 |
|
Interest
bearing cash deposits |
310,193 |
|
|
60,056 |
|
|
109,313 |
|
Cash and cash equivalents |
451,048 |
|
|
200,004 |
|
|
234,004 |
|
Debt
securities, available-for-sale |
2,154,845 |
|
|
1,778,243 |
|
|
2,314,521 |
|
Debt
securities, held-to-maturity |
634,413 |
|
|
648,313 |
|
|
667,388 |
|
Total debt securities |
2,789,258 |
|
|
2,426,556 |
|
|
2,981,909 |
|
Loans
held for sale, at fair value |
37,058 |
|
|
38,833 |
|
|
25,649 |
|
Loans
receivable |
7,670,030 |
|
|
6,577,824 |
|
|
5,876,974 |
|
Allowance
for loan and lease losses |
(127,608 |
) |
|
(129,568 |
) |
|
(129,226 |
) |
Loans receivable, net |
7,542,422 |
|
|
6,448,256 |
|
|
5,747,748 |
|
Premises
and equipment, net |
238,491 |
|
|
177,348 |
|
|
175,283 |
|
Other
real estate owned |
14,132 |
|
|
14,269 |
|
|
17,771 |
|
Accrued
interest receivable |
54,376 |
|
|
44,462 |
|
|
48,043 |
|
Deferred
tax asset |
32,929 |
|
|
38,344 |
|
|
64,575 |
|
Core
deposit intangible, net |
54,456 |
|
|
14,184 |
|
|
11,746 |
|
Goodwill |
289,535 |
|
|
177,811 |
|
|
147,053 |
|
Non-marketable equity securities |
21,910 |
|
|
29,884 |
|
|
23,944 |
|
Bank-owned life insurance |
81,787 |
|
|
59,351 |
|
|
50,335 |
|
Other
assets |
51,376 |
|
|
37,047 |
|
|
25,848 |
|
Total assets |
$ |
11,658,778 |
|
|
9,706,349 |
|
|
9,553,908 |
|
Liabilities |
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,811,469 |
|
|
2,311,902 |
|
|
2,049,476 |
|
Interest
bearing deposits |
6,607,376 |
|
|
5,267,845 |
|
|
5,430,681 |
|
Securities sold under agreements to repurchase |
395,794 |
|
|
362,573 |
|
|
497,187 |
|
FHLB
advances |
155,057 |
|
|
353,995 |
|
|
211,627 |
|
Other
borrowed funds |
8,204 |
|
|
8,224 |
|
|
8,894 |
|
Subordinated debentures |
134,061 |
|
|
126,135 |
|
|
126,027 |
|
Accrued
interest payable |
3,740 |
|
|
3,450 |
|
|
3,467 |
|
Other
liabilities |
89,053 |
|
|
73,168 |
|
|
91,309 |
|
Total liabilities |
10,204,754 |
|
|
8,507,292 |
|
|
8,418,668 |
|
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 |
845 |
|
|
780 |
|
|
766 |
|
Paid-in
capital |
1,048,860 |
|
|
797,997 |
|
|
749,381 |
|
Retained
earnings - substantially restricted |
421,342 |
|
|
402,259 |
|
|
389,505 |
|
Accumulated other comprehensive loss |
(17,023 |
) |
|
(1,979 |
) |
|
(4,412 |
) |
Total stockholders’ equity |
1,454,024 |
|
|
1,199,057 |
|
|
1,135,240 |
|
Total liabilities and stockholders’ equity |
$ |
11,658,778 |
|
|
9,706,349 |
|
|
9,553,908 |
|
|
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
Three Months ended |
(Dollars
in thousands, except per share data) |
March 31, 2018 |
|
December 31, 2017 |
|
March 31, 2017 |
Interest
Income |
|
|
|
|
|
Debt
securities |
$ |
20,142 |
|
|
18,663 |
|
|
21,939 |
|
Residential real estate loans |
8,785 |
|
|
8,520 |
|
|
7,918 |
|
Commercial loans |
65,515 |
|
|
61,329 |
|
|
49,970 |
|
Consumer
and other loans |
8,624 |
|
|
8,386 |
|
|
7,801 |
|
Total interest income |
103,066 |
|
|
96,898 |
|
|
87,628 |
|
Interest
Expense |
|
|
|
|
|
Deposits |
3,916 |
|
|
3,288 |
|
|
4,440 |
|
Securities sold under agreements to repurchase |
485 |
|
|
496 |
|
|
382 |
|
Federal
Home Loan Bank advances |
2,089 |
|
|
2,106 |
|
|
1,510 |
|
Other
borrowed funds |
16 |
|
|
24 |
|
|
15 |
|
Subordinated debentures |
1,268 |
|
|
1,158 |
|
|
1,019 |
|
Total interest expense |
7,774 |
|
|
7,072 |
|
|
7,366 |
|
Net Interest
Income |
95,292 |
|
|
89,826 |
|
|
80,262 |
|
Provision
for loan losses |
795 |
|
|
2,886 |
|
|
1,598 |
|
Net interest income after provision for loan
losses |
94,497 |
|
|
86,940 |
|
|
78,664 |
|
Non-Interest
Income |
|
|
|
|
|
Service
charges and other fees |
16,871 |
|
|
17,282 |
|
|
15,633 |
|
Miscellaneous loan fees and charges |
1,477 |
|
|
1,077 |
|
|
980 |
|
Gain on
sale of loans |
6,097 |
|
|
7,408 |
|
|
6,358 |
|
Loss on
sale of debt securities |
(333 |
) |
|
(115 |
) |
|
(100 |
) |
Other
income |
1,974 |
|
|
2,057 |
|
|
2,818 |
|
Total non-interest income |
26,086 |
|
|
27,709 |
|
|
25,689 |
|
Non-Interest
Expense |
|
|
|
|
|
Compensation and employee benefits |
45,721 |
|
|
40,465 |
|
|
39,246 |
|
Occupancy
and equipment |
7,274 |
|
|
6,925 |
|
|
6,646 |
|
Advertising and promotions |
2,170 |
|
|
2,024 |
|
|
1,973 |
|
Data
processing |
3,967 |
|
|
3,970 |
|
|
3,124 |
|
Other
real estate owned |
72 |
|
|
377 |
|
|
273 |
|
Regulatory assessments and insurance |
1,206 |
|
|
1,069 |
|
|
1,061 |
|
Core
deposit intangibles amortization |
1,056 |
|
|
614 |
|
|
601 |
|
Other
expenses |
12,161 |
|
|
12,922 |
|
|
10,420 |
|
Total non-interest expense |
73,627 |
|
|
68,366 |
|
|
63,344 |
|
Income Before
Income Taxes |
46,956 |
|
|
46,283 |
|
|
41,009 |
|
Federal
and state income tax expense |
8,397 |
|
|
31,327 |
|
|
9,754 |
|
Net
Income |
$ |
38,559 |
|
|
14,956 |
|
|
31,255 |
|
|
Glacier Bancorp, Inc. |
Average Balance Sheets |
|
|
Three Months ended |
|
March 31, 2018 |
|
March 31, 2017 |
(Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
783,817 |
|
|
$ |
8,785 |
|
|
4.48 |
% |
|
$ |
709,432 |
|
|
$ |
7,918 |
|
|
4.46 |
% |
Commercial loans 1 |
5,551,619 |
|
|
66,474 |
|
|
4.86 |
% |
|
4,372,299 |
|
|
51,335 |
|
|
4.76 |
% |
Consumer
and other loans |
719,153 |
|
|
8,624 |
|
|
4.86 |
% |
|
672,480 |
|
|
7,801 |
|
|
4.70 |
% |
Total
loans 2 |
7,054,589 |
|
|
83,883 |
|
|
4.82 |
% |
|
5,754,211 |
|
|
67,054 |
|
|
4.73 |
% |
Tax-exempt debt securities 3 |
1,093,736 |
|
|
12,795 |
|
|
4.68 |
% |
|
1,245,358 |
|
|
17,761 |
|
|
5.70 |
% |
Taxable
debt securities 4 |
1,654,318 |
|
|
10,273 |
|
|
2.48 |
% |
|
1,857,335 |
|
|
10,575 |
|
|
2.28 |
% |
Total
earning assets |
9,802,643 |
|
|
106,951 |
|
|
4.42 |
% |
|
8,856,904 |
|
|
95,390 |
|
|
4.37 |
% |
Goodwill
and intangibles |
219,463 |
|
|
|
|
|
|
159,089 |
|
|
|
|
|
Non-earning assets |
390,857 |
|
|
|
|
|
|
369,274 |
|
|
|
|
|
Total
assets |
$ |
10,412,963 |
|
|
|
|
|
|
$ |
9,385,267 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
2,472,151 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,970,654 |
|
|
$ |
— |
|
|
— |
% |
NOW and
DDA accounts |
2,011,464 |
|
|
818 |
|
|
0.16 |
% |
|
1,575,928 |
|
|
247 |
|
|
0.06 |
% |
Savings
accounts |
1,184,807 |
|
|
193 |
|
|
0.07 |
% |
|
1,015,108 |
|
|
146 |
|
|
0.06 |
% |
Money
market deposit accounts |
1,631,863 |
|
|
719 |
|
|
0.18 |
% |
|
1,490,198 |
|
|
565 |
|
|
0.15 |
% |
Certificate accounts |
876,425 |
|
|
1,319 |
|
|
0.61 |
% |
|
953,527 |
|
|
1,333 |
|
|
0.57 |
% |
Wholesale
deposits 5 |
149,577 |
|
|
867 |
|
|
2.35 |
% |
|
332,255 |
|
|
2,149 |
|
|
2.62 |
% |
FHLB
advances |
224,847 |
|
|
2,089 |
|
|
3.72 |
% |
|
271,225 |
|
|
1,510 |
|
|
2.23 |
% |
Repurchase agreements and other borrowed funds |
521,641 |
|
|
1,769 |
|
|
1.38 |
% |
|
562,628 |
|
|
1,416 |
|
|
1.02 |
% |
Total
funding liabilities |
9,072,775 |
|
|
7,774 |
|
|
0.35 |
% |
|
8,171,523 |
|
|
7,366 |
|
|
0.37 |
% |
Other
liabilities |
25,973 |
|
|
|
|
|
|
81,419 |
|
|
|
|
|
Total
liabilities |
9,098,748 |
|
|
|
|
|
|
8,252,942 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
808 |
|
|
|
|
|
|
766 |
|
|
|
|
|
Paid-in
capital |
906,030 |
|
|
|
|
|
|
748,851 |
|
|
|
|
|
Retained
earnings |
420,552 |
|
|
|
|
|
|
389,798 |
|
|
|
|
|
Accumulated other comprehensive loss |
(13,175 |
) |
|
|
|
|
|
(7,090 |
) |
|
|
|
|
Total
stockholders’ equity |
1,314,215 |
|
|
|
|
|
|
1,132,325 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
10,412,963 |
|
|
|
|
|
|
$ |
9,385,267 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
99,177 |
|
|
|
|
|
|
$ |
88,024 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
4.07 |
% |
|
|
|
|
|
4.00 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.10 |
% |
|
|
|
|
|
4.03 |
% |
______________________________
1 Includes tax effect of $959 thousand and
$1.4 million on tax-exempt municipal loan and lease income for the
three months ended March 31, 2018 and 2017,
respectively.2 Total loans are gross of the allowance for loan
and lease 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 $2.6 million
and $6.1 million on tax-exempt debt securities income for the three
months ended March 31, 2018 and 2017,
respectively.4 Includes tax effect of $304 thousand and $338
thousand on federal income tax credits for the three months ended
March 31, 2018 and 2017, 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) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Custom and owner
occupied construction |
$ |
140,440 |
|
|
$ |
109,555 |
|
|
$ |
92,835 |
|
|
28 |
% |
|
51 |
% |
Pre-sold and spec
construction |
100,376 |
|
|
72,160 |
|
|
68,736 |
|
|
39 |
% |
|
46 |
% |
Total residential construction |
240,816 |
|
|
181,715 |
|
|
161,571 |
|
|
33 |
% |
|
49 |
% |
Land development |
76,528 |
|
|
82,398 |
|
|
78,042 |
|
|
(7 |
)% |
|
(2 |
)% |
Consumer land or
lots |
119,469 |
|
|
102,289 |
|
|
94,840 |
|
|
17 |
% |
|
26 |
% |
Unimproved land |
68,862 |
|
|
65,753 |
|
|
66,857 |
|
|
5 |
% |
|
3 |
% |
Developed lots for
operative builders |
13,093 |
|
|
14,592 |
|
|
13,046 |
|
|
(10 |
)% |
|
— |
% |
Commercial lots |
43,232 |
|
|
23,770 |
|
|
26,639 |
|
|
82 |
% |
|
62 |
% |
Other construction |
420,632 |
|
|
391,835 |
|
|
272,184 |
|
|
7 |
% |
|
55 |
% |
Total land, lot, and other construction |
741,816 |
|
|
680,637 |
|
|
551,608 |
|
|
9 |
% |
|
34 |
% |
Owner occupied |
1,292,206 |
|
|
1,132,833 |
|
|
988,544 |
|
|
14 |
% |
|
31 |
% |
Non-owner occupied |
1,449,166 |
|
|
1,186,066 |
|
|
964,913 |
|
|
22 |
% |
|
50 |
% |
Total commercial real estate |
2,741,372 |
|
|
2,318,899 |
|
|
1,953,457 |
|
|
18 |
% |
|
40 |
% |
Commercial and
industrial |
865,574 |
|
|
751,221 |
|
|
739,475 |
|
|
15 |
% |
|
17 |
% |
Agriculture |
620,342 |
|
|
450,616 |
|
|
411,094 |
|
|
38 |
% |
|
51 |
% |
1st lien |
1,014,361 |
|
|
877,335 |
|
|
839,387 |
|
|
16 |
% |
|
21 |
% |
Junior lien |
66,288 |
|
|
51,155 |
|
|
54,801 |
|
|
30 |
% |
|
21 |
% |
Total 1-4 family |
1,080,649 |
|
|
928,490 |
|
|
894,188 |
|
|
16 |
% |
|
21 |
% |
Multifamily
residential |
219,310 |
|
|
189,342 |
|
|
162,636 |
|
|
16 |
% |
|
35 |
% |
Home equity lines of
credit |
481,204 |
|
|
440,105 |
|
|
405,309 |
|
|
9 |
% |
|
19 |
% |
Other consumer |
162,171 |
|
|
148,247 |
|
|
153,159 |
|
|
9 |
% |
|
6 |
% |
Total consumer |
643,375 |
|
|
588,352 |
|
|
558,468 |
|
|
9 |
% |
|
15 |
% |
States and
political subdivisions |
421,252 |
|
|
383,252 |
|
|
329,461 |
|
|
10 |
% |
|
28 |
% |
Other |
132,582 |
|
|
144,133 |
|
|
140,665 |
|
|
(8 |
)% |
|
(6 |
)% |
Total
loans receivable, including loans held for sale |
7,707,088 |
|
|
6,616,657 |
|
|
5,902,623 |
|
|
16 |
% |
|
31 |
% |
Less loans held
for sale 1 |
(37,058 |
) |
|
(38,833 |
) |
|
(25,649 |
) |
|
(5 |
)% |
|
44 |
% |
Total
loans receivable |
$ |
7,670,030 |
|
|
$ |
6,577,824 |
|
|
$ |
5,876,974 |
|
|
17 |
% |
|
31 |
% |
______________________________
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-AccrualLoans |
|
AccruingLoans 90 Days or More Past
Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Mar 31, 2018 |
|
Mar 31, 2018 |
|
Mar 31, 2018 |
Custom and owner
occupied construction |
$ |
48 |
|
|
48 |
|
|
— |
|
|
— |
|
|
— |
|
|
48 |
|
Pre-sold and spec
construction |
492 |
|
|
38 |
|
|
227 |
|
|
492 |
|
|
— |
|
|
— |
|
Total residential construction |
540 |
|
|
86 |
|
|
227 |
|
|
492 |
|
|
— |
|
|
48 |
|
Land development |
7,802 |
|
|
7,888 |
|
|
8,856 |
|
|
775 |
|
|
— |
|
|
7,027 |
|
Consumer land or
lots |
1,622 |
|
|
1,861 |
|
|
1,728 |
|
|
743 |
|
|
— |
|
|
879 |
|
Unimproved land |
10,294 |
|
|
10,866 |
|
|
12,017 |
|
|
8,638 |
|
|
— |
|
|
1,656 |
|
Developed lots for
operative builders |
83 |
|
|
116 |
|
|
116 |
|
|
— |
|
|
— |
|
|
83 |
|
Commercial lots |
1,312 |
|
|
1,312 |
|
|
1,255 |
|
|
260 |
|
|
— |
|
|
1,052 |
|
Other construction |
319 |
|
|
151 |
|
|
— |
|
|
181 |
|
|
— |
|
|
138 |
|
Total land, lot and other construction |
21,432 |
|
|
22,194 |
|
|
23,972 |
|
|
10,597 |
|
|
— |
|
|
10,835 |
|
Owner occupied |
12,594 |
|
|
13,848 |
|
|
17,956 |
|
|
10,483 |
|
|
552 |
|
|
1,559 |
|
Non-owner occupied |
5,346 |
|
|
4,584 |
|
|
3,194 |
|
|
4,751 |
|
|
— |
|
|
595 |
|
Total commercial real estate |
17,940 |
|
|
18,432 |
|
|
21,150 |
|
|
15,234 |
|
|
552 |
|
|
2,154 |
|
Commercial and
industrial |
6,313 |
|
|
5,294 |
|
|
4,466 |
|
|
4,956 |
|
|
1,312 |
|
|
45 |
|
Agriculture |
10,476 |
|
|
3,931 |
|
|
1,878 |
|
|
8,481 |
|
|
1,995 |
|
|
— |
|
1st lien |
8,717 |
|
|
9,261 |
|
|
10,047 |
|
|
7,706 |
|
|
676 |
|
|
335 |
|
Junior lien |
4,271 |
|
|
567 |
|
|
1,335 |
|
|
3,979 |
|
|
242 |
|
|
50 |
|
Total 1-4 family |
12,988 |
|
|
9,828 |
|
|
11,382 |
|
|
11,685 |
|
|
918 |
|
|
385 |
|
Multifamily
residential |
652 |
|
|
— |
|
|
388 |
|
|
652 |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
3,312 |
|
|
3,292 |
|
|
6,008 |
|
|
2,207 |
|
|
465 |
|
|
640 |
|
Other consumer |
330 |
|
|
322 |
|
|
202 |
|
|
145 |
|
|
160 |
|
|
25 |
|
Total consumer |
3,642 |
|
|
3,614 |
|
|
6,210 |
|
|
2,352 |
|
|
625 |
|
|
665 |
|
States and
political subdivisions |
— |
|
|
1,800 |
|
|
1,800 |
|
|
— |
|
|
— |
|
|
— |
|
Total |
$ |
73,983 |
|
|
65,179 |
|
|
71,473 |
|
|
54,449 |
|
|
5,402 |
|
|
14,132 |
|
|
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, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
Custom and owner
occupied construction |
$ |
611 |
|
|
$ |
300 |
|
|
$ |
380 |
|
|
104 |
% |
|
61 |
% |
Pre-sold and spec
construction |
267 |
|
|
102 |
|
|
488 |
|
|
162 |
% |
|
(45 |
)% |
Total residential construction |
878 |
|
|
402 |
|
|
868 |
|
|
118 |
% |
|
1 |
% |
Land development |
585 |
|
|
— |
|
|
— |
|
|
n/m |
|
|
n/m |
|
Consumer land or
lots |
485 |
|
|
353 |
|
|
432 |
|
|
37 |
% |
|
12 |
% |
Unimproved land |
889 |
|
|
662 |
|
|
938 |
|
|
34 |
% |
|
(5 |
)% |
Developed lots for
operative builders |
464 |
|
|
7 |
|
|
— |
|
|
6,529 |
% |
|
n/m |
|
Commercial lots |
194 |
|
|
108 |
|
|
258 |
|
|
80 |
% |
|
(25 |
)% |
Other construction |
76 |
|
|
— |
|
|
7,125 |
|
|
n/m |
|
|
(99 |
)% |
Total land, lot and other construction |
2,693 |
|
|
1,130 |
|
|
8,753 |
|
|
138 |
% |
|
(69 |
)% |
Owner occupied |
13,904 |
|
|
4,726 |
|
|
6,686 |
|
|
194 |
% |
|
108 |
% |
Non-owner occupied |
3,842 |
|
|
2,399 |
|
|
405 |
|
|
60 |
% |
|
849 |
% |
Total commercial real estate |
17,746 |
|
|
7,125 |
|
|
7,091 |
|
|
149 |
% |
|
150 |
% |
Commercial and
industrial |
5,746 |
|
|
6,472 |
|
|
6,796 |
|
|
(11 |
)% |
|
(15 |
)% |
Agriculture |
3,845 |
|
|
3,205 |
|
|
3,567 |
|
|
20 |
% |
|
8 |
% |
1st lien |
9,597 |
|
|
10,865 |
|
|
7,132 |
|
|
(12 |
)% |
|
35 |
% |
Junior lien |
240 |
|
|
4,348 |
|
|
848 |
|
|
(94 |
)% |
|
(72 |
)% |
Total 1-4 family |
9,837 |
|
|
15,213 |
|
|
7,980 |
|
|
(35 |
)% |
|
23 |
% |
Multifamily
Residential |
— |
|
|
— |
|
|
2,028 |
|
|
n/m |
|
|
(100 |
)% |
Home equity lines of
credit |
2,316 |
|
|
1,962 |
|
|
703 |
|
|
18 |
% |
|
229 |
% |
Other consumer |
1,849 |
|
|
2,109 |
|
|
1,317 |
|
|
(12 |
)% |
|
40 |
% |
Total consumer |
4,165 |
|
|
4,071 |
|
|
2,020 |
|
|
2 |
% |
|
106 |
% |
Other |
53 |
|
|
69 |
|
|
57 |
|
|
(23 |
)% |
|
(7 |
)% |
Total |
$ |
44,963 |
|
|
$ |
37,687 |
|
|
$ |
39,160 |
|
|
19 |
% |
|
15 |
% |
______________________________
n/m - not measurable
|
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification (continued) |
|
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in
thousands) |
Mar 31, 2018 |
|
Dec 31, 2017 |
|
Mar 31, 2017 |
|
Mar 31, 2018 |
|
Mar 31, 2018 |
Pre-sold and spec
construction |
$ |
(339 |
) |
|
(23 |
) |
|
(11 |
) |
|
17 |
|
|
356 |
|
Total residential construction |
(339 |
) |
|
(23 |
) |
|
(11 |
) |
|
17 |
|
|
356 |
|
Land development |
(5 |
) |
|
(143 |
) |
|
(33 |
) |
|
— |
|
|
5 |
|
Consumer land or
lots |
(3 |
) |
|
222 |
|
|
(57 |
) |
|
169 |
|
|
172 |
|
Unimproved land |
(73 |
) |
|
(304 |
) |
|
(96 |
) |
|
— |
|
|
73 |
|
Developed lots for
operative builders |
— |
|
|
(107 |
) |
|
(5 |
) |
|
— |
|
|
— |
|
Commercial lots |
(2 |
) |
|
(6 |
) |
|
(2 |
) |
|
— |
|
|
2 |
|
Other construction |
— |
|
|
389 |
|
|
— |
|
|
— |
|
|
— |
|
Total land, lot and other construction |
(83 |
) |
|
51 |
|
|
(193 |
) |
|
169 |
|
|
252 |
|
Owner occupied |
962 |
|
|
3,908 |
|
|
795 |
|
|
1,000 |
|
|
38 |
|
Non-owner occupied |
(47 |
) |
|
368 |
|
|
(1 |
) |
|
15 |
|
|
62 |
|
Total commercial real estate |
915 |
|
|
4,276 |
|
|
794 |
|
|
1,015 |
|
|
100 |
|
Commercial and
industrial |
1,430 |
|
|
883 |
|
|
344 |
|
|
1,539 |
|
|
109 |
|
Agriculture |
(2 |
) |
|
9 |
|
|
(3 |
) |
|
— |
|
|
2 |
|
1st lien |
(65 |
) |
|
(23 |
) |
|
(15 |
) |
|
4 |
|
|
69 |
|
Junior lien |
(29 |
) |
|
719 |
|
|
(16 |
) |
|
— |
|
|
29 |
|
Total 1-4 family |
(94 |
) |
|
696 |
|
|
(31 |
) |
|
4 |
|
|
98 |
|
Multifamily
residential |
(6 |
) |
|
(230 |
) |
|
— |
|
|
— |
|
|
6 |
|
Home equity lines of
credit |
(32 |
) |
|
272 |
|
|
12 |
|
|
12 |
|
|
44 |
|
Other consumer |
73 |
|
|
505 |
|
|
(11 |
) |
|
142 |
|
|
69 |
|
Total consumer |
41 |
|
|
777 |
|
|
1 |
|
|
154 |
|
|
113 |
|
Other |
893 |
|
|
4,389 |
|
|
1,043 |
|
|
2,109 |
|
|
1,216 |
|
Total |
$ |
2,755 |
|
|
10,828 |
|
|
1,944 |
|
|
5,007 |
|
|
2,252 |
|
|
Visit our website at www.glacierbancorp.com
CONTACT:
Randall M. Chesler, CEO |
(406)
751-4722 |
Ron J.
Copher, CFO |
(406)
751-7706 |
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