Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2023

Glacier Bancorp, Inc.

2nd Quarter 2023 Highlights:

• Net income was $55.0 million for the current quarter, a decrease of $6.2 million, or 10 percent, from the prior quarter net income of $61.2 million. Net income for the current quarter decreased $21.4 million, or 28 percent, from the prior year second quarter net income of $76.4 million.

• Interest income of $247 million in the current quarter increased $15.5 million, or 7 percent, over the prior quarter interest income of $232 million. Interest income in the current quarter increased $47.7 million, or 24 percent, over the prior year second quarter.

• Total deposits and retail repurchase agreements of $21.365 billion at the current quarter end increased $25.5 million, or 12 basis points, during the current quarter.

• The loan portfolio of $15.955 billion, increased $436 million, or 11 percent annualized, during the current quarter.

• The loan yield for the current quarter of 5.12 percent, increased 10 basis points, compared to 5.02 percent in the prior quarter and increased 60 basis points from the prior year second quarter loan yield of 4.52 percent.

• Non-performing assets as a percentage of subsidiary assets was 0.12 percent in the current and prior quarter, compared to 0.16 percent in the prior year second quarter.

• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 153 consecutive quarterly dividends and has increased the dividend 49 times.
  

First Half 2023 Highlights

• Net Income for the first half of 2023 was $116 million, a decrease of $28.0 million, or 19 percent, from the $144 million net income for the first half of the prior year.

• Interest income for the first six months of 2023 was $479 million, an increase of $89.1 million, or 23 percent over the first half of the prior year interest income of $390 million.

• The loan portfolio of $15.955 billion, increased $708 million, or 9 percent annualized, during the first half of the current year. The loan portfolio, excluding the Paycheck Protection Program (“PPP”) loans, increased $1.121 billion, or 17 percent annualized, during the first half of the prior year.

• The loan yield was 5.07 percent for the first half of the current year, an increase of 51 basis points from the first half of the prior year loan yield of 4.56 percent.

• Stockholders’ equity of $2.927 billion increased $83.2 million, or 3 percent, during the first six months of the current year.

• Dividends declared in the first half of 2023 were $0.66 per share.

Financial Summary

	At or for the Three Months ended										At or for the Six Months ended
(Dollars in thousands, except per share and market data)	Jun 30, 2023				Mar 31, 2023			Jun 30, 2022			Jun 30, 2023			Jun 30, 2022
Operating results
Net income	$	54,955			61,211			76,392			116,166			144,187
Basic earnings per share	$	0.50			0.55			0.69			1.05			1.30
Diluted earnings per share	$	0.50			0.55			0.69			1.05			1.30
Dividends declared per share	$	0.33			0.33			0.33			0.66			0.66
Market value per share
Closing	$	31.17			42.01			47.42			31.17			47.42
High	$	42.21			50.03			51.40			50.03			60.69
Low	$	26.77			37.07			44.43			26.77			44.43
Selected ratios and other data
Number of common stock shares outstanding		110,873,887			110,868,713			110,766,287			110,873,887			110,766,287
Average outstanding shares - basic		110,870,964			110,824,648			110,765,379			110,847,806			110,745,017
Average outstanding shares - diluted		110,875,535			110,881,708			110,794,982			110,879,654			110,799,368
Return on average assets (annualized)		0.81%			0.93%			1.16%			0.87%			1.11%
Return on average equity (annualized)		7.52%			8.54%			10.55%			8.03%			9.76%
Efficiency ratio		62.73%			60.39%			55.74%			61.52%			56.42%
Dividend payout		66.00%			60.00%			47.83%			62.86%			50.77%
Loan to deposit ratio		79.92%			77.09%			66.26%			79.92%			66.26%
Number of full time equivalent employees		3,369			3,390			3,439			3,369			3,439
Number of locations		222			222			224			222			224
Number of ATMs		274			263			274			274			274

KALISPELL, Mont., July 20, 2023 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $55.0 million for the current quarter, a decrease of $21.4 million, or 28 percent, from the $76.4 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.50 per share, a decrease of 28 percent from the prior year second quarter diluted earnings per share of $0.69. The decrease in net income compared to the prior quarter and prior year second quarter is primarily due to the continued increase in funding costs. “The growth in total deposits and repurchase agreements this quarter underscores the effectiveness of our team in successfully meeting the needs of local deposit relationships in this highly competitive environment,” said Randy Chesler, President and Chief Executive Officer. “Our deep local relationships, strong capital position and consistent financial performance helped set the stage for this growth.”

Net income for the six months ended June 30, 2023 was $116 million, a decrease of $28.0 million, or 19 percent, from the $144 million for the first six months in the prior year. Diluted earnings per share for the first half of 2023 was $1.05 per share, a decrease of 19 percent from the prior year first half diluted earnings per share of $1.30.

Asset Summary

														$ Change from
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Cash and cash equivalents	$	1,051,320			1,529,534			401,995			415,406			(478,214	)		649,325			635,914
Debt securities, available-for-sale		4,999,820			5,198,313			5,307,307			6,209,199			(198,493	)		(307,487	)		(1,209,379	)
Debt securities, held-to-maturity		3,608,289			3,664,393			3,715,052			3,788,486			(56,104	)		(106,763	)		(180,197	)
Total debt securities		8,608,109			8,862,706			9,022,359			9,997,685			(254,597	)		(414,250	)		(1,389,576	)
Loans receivable
Residential real estate		1,588,175			1,508,403			1,446,008			1,261,119			79,772			142,167			327,056
Commercial real estate		10,220,751			9,992,019			9,797,047			9,310,070			228,732			423,704			910,681
Other commercial		2,888,810			2,804,104			2,799,668			2,685,392			84,706			89,142			203,418
Home equity		862,240			829,844			822,232			773,582			32,396			40,008			88,658
Other consumer		394,986			384,242			381,857			369,592			10,744			13,129			25,394
Loans receivable		15,954,962			15,518,612			15,246,812			14,399,755			436,350			708,150			1,555,207
Allowance for credit losses		(189,385	)		(186,604	)		(182,283	)		(172,963	)		(2,781	)		(7,102	)		(16,422	)
Loans receivable, net		15,765,577			15,332,008			15,064,529			14,226,792			433,569			701,048			1,538,785
Other assets		2,102,673			2,078,186			2,146,492			2,050,122			24,487			(43,819	)		52,551
Total assets	$	27,527,679			27,802,434			26,635,375			26,690,005			(274,755	)		892,304			837,674

Total debt securities of $8.608 billion at June 30, 2023 decreased $255 million, or 3 percent, during the current quarter and decreased $1.390 billion, or 14 percent, from the prior year second quarter. The Company continues to utilize cash flow from the securities portfolio to primarily fund loan growth. Debt securities represented 31 percent of total assets at June 30, 2023, compared to 34 percent at December 31, 2022, and 37 percent at June 30, 2022.

The loan portfolio of $15.955 billion increased $436 million, or 11 percent annualized, during the current quarter with the largest dollar increase in commercial real estate which increased $229 million, or 9 percent annualized. The loan portfolio increased $1.555 billion, or 11 percent, from the prior year second quarter with the largest dollar increase in commercial real estate loans which increased $911 million, or 10 percent.

Credit Quality Summary

	At or for the Six Months ended				At or for the Three Months ended			At or for the Year ended			At or for the Six Months ended
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Allowance for credit losses
Balance at beginning of period	$	182,283			182,283			172,665			172,665
Provision for credit losses		11,514			6,260			17,433			2,991
Charge-offs		(7,083	)		(3,293	)		(14,970	)		(7,040	)
Recoveries		2,671			1,354			7,155			4,347
Balance at end of period	$	189,385			186,604			182,283			172,963
Provision for credit losses
Loan portfolio	$	11,514			6,260			17,433			2,991
Unfunded loan commitments		(3,271	)		(790	)		2,530			2,507
Total provision for credit losses	$	8,243			5,470			19,963			5,498
Other real estate owned	$	—			—			—			—
Other foreclosed assets		52			31			32			379
Accruing loans 90 days or more past due		3,876			3,545			1,559			5,064
Non-accrual loans		28,094			28,403			31,151			38,523
Total non-performing assets	$	32,022			31,979			32,742			43,966
Non-performing assets as a percentage of subsidiary assets		0.12	%		0.12	%		0.12	%		0.16	%
Allowance for credit losses as a percentage of non-performing loans		592	%		584	%		557	%		393	%
Allowance for credit losses as a percentage of total loans		1.19	%		1.20	%		1.20	%		1.20	%
Net charge-offs as a percentage of total loans		0.03	%		0.01	%		0.05	%		0.02	%
Accruing loans 30-89 days past due	$	24,863			24,993			20,967			16,588
U.S. government guarantees included in non-performing assets	$	1,035			2,071			2,312			5,888

Non-performing assets of $32.0 million at June 30, 2023 decreased $11.9 million, or 27 percent, over the prior year second quarter. Non-performing assets as a percentage of subsidiary assets at June 30, 2023 and March 31, 2023 was 0.12 percent compared to 0.16 percent in the prior year second quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $24.9 million at June 30, 2023 increased $8.3 million from the prior year second quarter. Early stage delinquencies as a percentage of loans at June 30, 2023 and March 31, 2023 was 0.16 percent, which compared to 0.12 percent from prior year second quarter.

The current quarter credit loss expense of $2.8 million included $5.3 million of credit loss expense from loans and $2.5 million of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at June 30, 2023 was 1.19 percent, compared to 1.20 percent in the prior quarter and the prior year second quarter.

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

(Dollars in thousands)	Provision for Credit Losses Loans				Net Charge-Offs (Recoveries)				ACL as a Percent of Loans			Accruing Loans 30-89 Days Past Due as a Percent of Loans			Non-Performing Assets to Total Subsidiary Assets
Second quarter 2023	$	5,254			$	2,473			1.19	%		0.16	%		0.12	%
First quarter 2023		6,260				1,939			1.20	%		0.16	%		0.12	%
Fourth quarter 2022		6,060				1,968			1.20	%		0.14	%		0.12	%
Third quarter 2022		8,382				3,154			1.20	%		0.07	%		0.13	%
Second quarter 2022		(1,353	)			1,843			1.20	%		0.12	%		0.16	%
First quarter 2022		4,344				850			1.28	%		0.12	%		0.24	%
Fourth quarter 2021		19,301				616			1.29	%		0.38	%		0.26	%
Third quarter 2021		2,313				152			1.36	%		0.23	%		0.24	%

Net charge-offs for the current quarter were $2.5 million compared to $2.0 million in the prior quarter and $1.8 million for the prior year second quarter. Net charge-offs of $2.5 million included $1.7 million in deposit overdraft net charge-offs and $773 thousand of net loan charge-offs.

The current quarter provision for credit loss expense for loans was $5.3 million which was a decrease of $1.0 million from the prior quarter and a $6.6 million increase from the prior year second quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

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)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Deposits
Non-interest bearing deposits	$	6,458,394			7,001,241			7,690,751			8,061,304			(542,847	)		(1,232,357	)		(1,602,910	)
NOW and DDA accounts		5,154,442			5,156,709			5,330,614			5,432,333			(2,267	)		(176,172	)		(277,891	)
Savings accounts		2,808,571			2,985,351			3,200,321			3,296,561			(176,780	)		(391,750	)		(487,990	)
Money market deposit accounts		3,094,302			3,429,123			3,472,281			4,021,102			(334,821	)		(377,979	)		(926,800	)
Certificate accounts		2,014,104			1,155,494			880,589			968,382			858,610			1,133,515			1,045,722
Core deposits, total		19,529,813			19,727,918			20,574,556			21,779,682			(198,105	)		(1,044,743	)		(2,249,869	)
Wholesale deposits		478,417			420,390			31,999			4,001			58,027			446,418			474,416
Deposits, total		20,008,230			20,148,308			20,606,555			21,783,683			(140,078	)		(598,325	)		(1,775,453	)
Repurchase agreements		1,356,862			1,191,323			945,916			968,197			165,539			410,946			388,665
Deposits and repurchase agreements, total		21,365,092			21,339,631			21,552,471			22,751,880			25,461			(187,379	)		(1,386,788	)
Federal Home Loan Bank advances		—			335,000			1,800,000			580,000			(335,000	)		(1,800,000	)		(580,000	)
FRB Bank Term Funding		2,740,000			2,740,000			—			—			—			2,740,000			2,740,000
Other borrowed funds		75,819			76,185			77,293			66,200			(366	)		(1,474	)		9,619
Subordinated debentures		132,863			132,822			132,782			132,701			41			81			162
Other liabilities		287,379			251,892			229,524			262,985			35,487			57,855			24,394
Total liabilities	$	24,601,153			24,875,530			23,792,070			23,793,766			(274,377	)		809,083			807,387

During the current quarter, the Company continued to focus on its diversified deposit and repurchase agreement product offerings. Total deposits and retail repurchase agreements of $21.365 billion at the current quarter end increased $25.5 million, or 12 basis points, during the current quarter. Non-interest bearing deposits were 33 percent of total core deposits at June 30, 2023 compared to 37 percent at December 31, 2022 and June 30, 2022.

During the current quarter, the Company fully paid off its higher rate Federal Home Loan Bank (“FHLB”) advances. The Company’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. The Company has available liquidity of $15.1 billion including cash, borrowing capacity from the FHLB and Federal Reserve facilities, unpledged securities, brokered deposits, and other sources.

Stockholders’ Equity Summary

														$ Change from
(Dollars in thousands, except per share data)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022			Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Common equity	$	3,357,313			3,337,132			3,312,097			3,223,451			20,181			45,216			133,862
Accumulated other comprehensive loss		(430,787	)		(410,228	)		(468,792	)		(327,212	)		(20,559	)		38,005			(103,575	)
Total stockholders’ equity		2,926,526			2,926,904			2,843,305			2,896,239			(378	)		83,221			30,287
Goodwill and core deposit intangible, net		(1,022,118	)		(1,024,545	)		(1,026,994	)		(1,032,323	)		2,427			4,876			10,205
Tangible stockholders’ equity	$	1,904,408			1,902,359			1,816,311			1,863,916			2,049			88,097			40,492

Stockholders’ equity to total assets		10.63	%		10.53	%		10.67	%		10.85	%
Tangible stockholders’ equity to total tangible assets		7.18	%		7.10	%		7.09	%		7.26	%
Book value per common share	$	26.40			26.40			25.67			26.15			—			0.73			0.25
Tangible book value per common share	$	17.18			17.16			16.40			16.83			0.02			0.78			0.35

Tangible stockholders’ equity was $1.904 billion at June 30, 2023 increased $2.0 million, or 1 basis point, compared to the prior quarter and increased $88.0 million, or 5 percent, from the prior year end, which was primarily due to earnings retention and the decrease in the net unrealized loss (after-tax) on the AFS debt securities. Tangible book value per common share of $17.18 at the current quarter end increased $0.78 per share, or 5 percent, from the prior year end. The tangible book value per common share increased $0.35 per share from the prior year second quarter.

Cash Dividends
On June 28, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The current quarter dividend of $0.33 per share was consistent with the dividend declared in the prior quarter and the prior year second quarter. The dividend was payable July 20, 2023 to shareholders of record on July 11, 2023. The dividend was the Company’s 153rd consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended June 30, 2023 
Compared to March 31, 2023, and June 30, 2022

Income Summary

	Three Months ended										$ Change from
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023			Jun 30, 2022			Mar 31, 2023			Jun 30, 2022
Net interest income
Interest income	$	247,365			231,888			199,637			15,477			47,728
Interest expense		75,385			45,696			6,199			29,689			69,186
Total net interest income		171,980			186,192			193,438			(14,212	)		(21,458	)
Non-interest income
Service charges and other fees		18,967			17,771			17,309			1,196			1,658
Miscellaneous loan fees and charges		4,162			3,967			3,850			195			312
Gain on sale of loans		3,528			2,400			4,996			1,128			(1,468	)
Loss on sale of debt securities		(23	)		(114	)		(260	)		91			237
Other income		2,445			3,871			2,385			(1,426	)		60
Total non-interest income		29,079			27,895			28,280			1,184			799...
Total income		201,059			214,087			221,718			(13,028	)		(20,659	)
Net interest margin (tax-equivalent)		2.74	%		3.08	%		3.23	%

Net Interest Income
The current quarter interest income of $247 million increased $15.5 million, or 7 percent, over the prior quarter and was driven primarily by the increase in the loan portfolio and an increase in loan yields. The current quarter interest income increased $47.7 million, or 24 percent, over the prior year second quarter also due to loan growth and increased loan yields. The loan yield of 5.12 percent in the current quarter increased 10 basis points from the prior quarter loan yield of 5.02 percent and increased 60 basis points from the prior year second quarter loan yield of 4.52 percent.

The current quarter interest expense of $75.4 million increased $29.7 million, or 65 percent, over the prior quarter and increased $69.2 million, or 1,116 percent, over the prior year second quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 0.57 percent for the current quarter compared to 0.23 percent in the prior quarter and 0.06 percent for the prior year second quarter. The total cost of funding (including non-interest bearing deposits) was 1.26 percent in the current quarter compared to 0.79 percent in the prior quarter and 0.11 percent in the prior year second quarter which was the result of the increased deposit and borrowing rates.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.74 percent compared to 3.08 percent in the prior quarter and 3.23 percent in the prior year second quarter. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 2.72 percent compared to 3.07 percent in the prior quarter and 3.16 percent in the prior year second quarter. The core net interest margin decreased 35 basis points in the current quarter primarily as a result of increased deposit and borrowing rates.

Non-interest Income
Non-interest income for the current quarter totaled $29.1 million which was an increase of $1.2 million, or 4 percent, over the prior quarter which was primarily driven by an increase in service charges and gain on the sale of residential loans. Gain on the sale of residential loans of $3.5 million for the current quarter increased $1.1 million, or 47 percent, compared to the prior quarter and decreased $1.5 million, or 29 percent, from the prior year second quarter. Service charges and other fees of $19.0 million in the current quarter increased $1.2 million, or 7 percent, over the prior quarter and increased $1.7 million, or 10 percent, over the prior year second quarter.

Non-interest Expense Summary

	Three Months ended										$ Change from
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023			Jun 30, 2022			Mar 31, 2023			Jun 30, 2022
Compensation and employee benefits	$	78,764			81,477			79,803			(2,713	)		(1,039	)
Occupancy and equipment		10,827			11,665			10,766			(838	)		61
Advertising and promotions		3,733			4,235			3,766			(502	)		(33	)
Data processing		8,402			8,109			7,553			293			849
Other real estate owned and foreclosed assets		14			12			6			2			8
Regulatory assessments and insurance		5,314			4,903			3,085			411			2,229
Core deposit intangibles amortization		2,427			2,449			2,665			(22	)		(238	)
Other expenses		21,123			22,132			21,877			(1,009	)		(754	)
Total non-interest expense	$	130,604			134,982			129,521			(4,378	)		1,083

Total non-interest expense of $131 million for the current quarter decreased $4.4 million, or 3 percent, over the prior quarter and increased $1.1 million, or 1 percent, over the prior year second quarter. Compensation and employee benefits expense of $78.8 million for the current quarter decreased $2.7 million, or 3 percent, from the prior quarter and decreased $1.0 million, or 1 percent, over the prior year second quarter which was driven primarily by decreases in accrued expenses for employee benefits. Regulatory assessments and insurance of $5.3 million, increased $2.2 million, or 72 percent, over the prior year second quarter and was primarily due to the FDIC uniformly increasing all depository institutions premiums beginning in the prior quarter. “The current quarter reduction in non-interest expense is primarily due to reductions in compensation and related benefits as the Company continues to closely monitor staffing levels and improve operating efficiencies,” said Ron Copher, Chief Financial Officer.

Federal and State Income Tax Expense
Tax expense during the second quarter of 2023 was $12.7 million, a decrease of $303 thousand, or 2 percent, compared to the prior quarter and a decrease of $4.6 million, or 27 percent, from the prior year second quarter. The effective tax rate in the current quarter was 18.8 percent compared to 16.9 percent in the prior quarter and 18.5 percent in the prior year second quarter.

Efficiency Ratio
The efficiency ratio was 62.73 percent in the current quarter compared to 60.39 percent in the prior quarter and 55.74 percent in the prior year second quarter. The increase the from prior quarter and prior year second quarter was primarily attributable to the increase in interest expense in the current quarter.

Operating Results for Six Months Ended June 30, 2023
Compared to June 30, 2022

Income Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2023				Jun 30, 2022				$ Change				% Change
Net interest income
Interest income	$	479,253			$	390,153			$	89,100			23	%
Interest expense		121,081				11,160				109,921			985	%
Total net interest income		358,172				378,993				(20,821	)		(5	)%
Non-interest income
Service charges and other fees		36,738				34,420				2,318			7	%
Miscellaneous loan fees and charges		8,129				7,405				724			10	%
Gain on sale of loans		5,928				14,011				(8,083	)		(58	)%
(Loss) gain on sale of debt securities		(137	)			186				(323	)		(174	)%
Other income		6,316				5,821				495			9	%
Total non-interest income		56,974				61,843				(4,869	)		(8	)%
Total Income	$	415,146			$	440,836			$	(25,690	)		(6	)%
Net interest margin (tax-equivalent)		2.91	%			3.21	%

Net Interest Income
Net-interest income of $358 million for the first half of 2023 decreased $20.8 million, or 5 percent, over the same period of 2022 and was primarily driven by increased interest expense. Interest income of $479 million for the first six months in the current year increased $89.1 million, or 23 percent, from the same period in the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.07 percent for the first half of the current year, an increase of 51 basis points from the first half of the prior year loan yield of 4.56 percent.

Interest expense of $121.1 million for the first half of 2023 increased $110 million, or 985 percent, over the same period in the prior year and was the result of increased borrowings and higher interest rates on borrowings and deposits. Core deposit cost (including non-interest bearing deposits) was 0.40 percent for the first half of 2023 compared to 0.06 percent for the same period in 2022. The total funding cost (including non-interest bearing deposits) for the first six months of the current year was 1.03 percent, which was an increase of 93 basis points over the prior year first half of 0.10 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2023 was 2.91 percent, a 30 basis points decrease from the net interest margin of 3.21 percent for the same period in the prior year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 2.90 percent, which was a 21 basis points decrease from the core margin of 3.11 percent in the prior year.

Non-interest Income
Non-interest income of $57.0 million for the first half of 2023 decreased $4.9 million, or 8 percent, over the same period last year and was principally due to the decrease in gain on sale of residential loans which was partially offset by the increase in service charges and other fees.
Non-interest Expense Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2023				Jun 30, 2022				$ Change				% Change
Compensation and employee benefits	$	160,241			$	158,877			$	1,364			1	%
Occupancy and equipment		22,492				21,730				762			4	%
Advertising and promotions		7,968				6,998				970			14	%
Data processing		16,511				15,028				1,483			10	%
Other real estate owned and foreclosed assets		26				6				20			333	%
Regulatory assessments and insurance		10,217				6,140				4,077			66	%
Core deposit intangibles amortization		4,876				5,329				(453	)		(9	)%
Other expenses		43,255				45,721				(2,466	)		(5	)%
Total non-interest expense	$	265,586			$	259,829			$	5,757			2	%

Total non-interest expense of $266 million for the first six months of 2023 increased $5.8 million, or 2 percent, over the same period in the prior year. Regulatory assessments and insurance of $10.2 million for the first half of 2023 increased $4.1 million, or 66 percent, over the prior year and was primarily due to the FDIC uniformly increasing all depository institutions premiums beginning in 2023. Other expense of $43.3 million for the first half of 2023 decreased $2.5 million, or 5 percent, from the first half of the prior year and was primarily due to the decrease in acquisition-related expenses along with changes in several miscellaneous categories. Acquisition-related expenses were $563 thousand in the first half of the current year compared to $8.3 million in the same period of last year.

Provision for Credit Losses
The provision for credit loss expense was $8.2 million for the first half of 2023 increased $2.7 million, or 50 percent, over the same period of the prior year. The provision for credit loss expense for the first half of 2023 included provision for credit loss expense of $11.5 million on the loan portfolio and credit loss benefit of $3.3 million on the unfunded loan commitments. Net charge-offs during the first half of the current year were $4.4 million compared to $2.7 million during the same period of the prior year.

Federal and State Income Tax Expense
Tax expense of $25.2 million for the first half of 2023 decreased $6.2 million, or 20 percent, over the first six months of the prior year. The effective tax rate for first half of 2023 was 17.8 percent compared to 17.8 percent for the first half of 2022.

Efficiency Ratio
The efficiency ratio was 61.52 percent for the first six months of 2023 compared to 56.42 percent for the same period last year. The increase from the prior year was primarily attributable to the increase in interest expense in the current year.

Forward-Looking Statements  
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

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

• changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;

• legislative or regulatory changes, including increased banking and consumer protection regulations, that may adversely affect the Company’s business;

• risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the war in Ukraine;

• risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;

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

• impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;

• reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;

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

• changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;

• risks presented by 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 through acquisitions;

• risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;

• material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;

• risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;

• success in managing risks involved in the foregoing; and

• effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 21, 2023. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI19db5b01086643a5bde0e9f301e797ea. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/6gianovu. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), 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)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Assets
Cash on hand and in banks	$	285,920			290,960			300,194			293,541
Interest bearing cash deposits		765,400			1,238,574			101,801			121,865
Cash and cash equivalents		1,051,320			1,529,534			401,995			415,406
Debt securities, available-for-sale		4,999,820			5,198,313			5,307,307			6,209,199
Debt securities, held-to-maturity		3,608,289			3,664,393			3,715,052			3,788,486
Total debt securities		8,608,109			8,862,706			9,022,359			9,997,685
Loans held for sale, at fair value		35,006			14,461			12,314			33,837
Loans receivable		15,954,962			15,518,612			15,246,812			14,399,755
Allowance for credit losses		(189,385	)		(186,604	)		(182,283	)		(172,963	)
Loans receivable, net		15,765,577			15,332,008			15,064,529			14,226,792
Premises and equipment, net		405,407			399,740			398,100			386,198
Other real estate owned and foreclosed assets		52			31			32			379
Accrued interest receivable		88,351			90,642			83,538			80,339
Deferred tax asset		179,815			172,453			193,187			147,263
Core deposit intangible, net		36,725			39,152			41,601			46,930
Goodwill		985,393			985,393			985,393			985,393
Non-marketable equity securities		10,014			23,414			82,015			33,215
Bank-owned life insurance		169,195			168,235			169,068			168,231
Other assets		192,715			184,665			181,244			168,337
Total assets	$	27,527,679			27,802,434			26,635,375			26,690,005
Liabilities
Non-interest bearing deposits	$	6,458,394			7,001,241			7,690,751			8,061,304
Interest bearing deposits		13,549,836			13,147,067			12,915,804			13,722,379
Securities sold under agreements to repurchase		1,356,862			1,191,323			945,916			968,197
FHLB advances		—			335,000			1,800,000			580,000
FRB Bank Term Funding		2,740,000			2,740,000			—			—
Other borrowed funds		75,819			76,185			77,293			66,200
Subordinated debentures		132,863			132,822			132,782			132,701
Accrued interest payable		47,742			8,968			4,331			2,334
Other liabilities		239,637			242,924			225,193			260,651
Total liabilities		24,601,153			24,875,530			23,792,070			23,793,766
Commitments and Contingent Liabilities		—			—			—			—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—			—			—			—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,109			1,109			1,108			1,108
Paid-in capital		2,346,422			2,344,514			2,344,005			2,341,097
Retained earnings - substantially restricted		1,009,782			991,509			966,984			881,246
Accumulated other comprehensive loss		(430,787	)		(410,228	)		(468,792	)		(327,212	)
Total stockholders’ equity		2,926,526			2,926,904			2,843,305			2,896,239
Total liabilities and stockholders’ equity	$	27,527,679			27,802,434			26,635,375			26,690,005

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations
	Three Months ended										Six Months ended
(Dollars in thousands, except per share data)	Jun 30, 2023				Mar 31, 2023			Jun 30, 2022			Jun 30, 2023			Jun 30, 2022
Interest Income
Investment securities	$	47,658			43,642			42,841			91,300			81,495
Residential real estate loans		17,076			15,838			13,026			32,914			28,541
Commercial loans		164,587			155,682			131,259			320,269			255,815
Consumer and other loans		18,044			16,726			12,511			34,770			24,302
Total interest income		247,365			231,888			199,637			479,253			390,153
Interest Expense
Deposits		31,700			12,545			3,141			44,245			6,605
Securities sold under agreements to repurchase		8,607			4,606			367			13,213			760
Federal Home Loan Bank advances		3,305			23,605			1,298			26,910			1,310
FRB Bank Term Funding		29,899			3,032			—			32,931			—
Other borrowed funds		443			496			264			939			484
Subordinated debentures		1,431			1,412			1,129			2,843			2,001
Total interest expense		75,385			45,696			6,199			121,081			11,160
Net Interest Income		171,980			186,192			193,438			358,172			378,993
Provision for credit losses		2,773			5,470			(1,533	)		8,243			5,498
Net interest income after provision for credit losses		169,207			180,722			194,971			349,929			373,495
Non-Interest Income
Service charges and other fees		18,967			17,771			17,309			36,738			34,420
Miscellaneous loan fees and charges		4,162			3,967			3,850			8,129			7,405
Gain on sale of loans		3,528			2,400			4,996			5,928			14,011
(Loss) gain on sale of debt securities		(23	)		(114	)		(260	)		(137	)		186
Other income		2,445			3,871			2,385			6,316			5,821
Total non-interest income		29,079			27,895			28,280			56,974			61,843
Non-Interest Expense
Compensation and employee benefits		78,764			81,477			79,803			160,241			158,877
Occupancy and equipment		10,827			11,665			10,766			22,492			21,730
Advertising and promotions		3,733			4,235			3,766			7,968			6,998
Data processing		8,402			8,109			7,553			16,511			15,028
Other real estate owned and foreclosed assets		14			12			6			26			6
Regulatory assessments and insurance		5,314			4,903			3,085			10,217			6,140
Core deposit intangibles amortization		2,427			2,449			2,665			4,876			5,329
Other expenses		21,123			22,132			21,877			43,255			45,721
Total non-interest expense		130,604			134,982			129,521			265,586			259,829
Income Before Income Taxes		67,682			73,635			93,730			141,317			175,509
Federal and state income tax expense		12,727			12,424			17,338			25,151			31,322
Net Income	$	54,955			61,211			76,392			116,166			144,187

Glacier Bancorp, Inc. Average Balance Sheets
	Three Months ended
	June 30, 2023											March 31, 2023
(Dollars in thousands)	Average Balance				Interest & Dividends				Average Yield/ Rate			Average Balance				Interest & Dividends				Average Yield/ Rate
Assets
Residential real estate loans	$	1,567,136			$	17,076			4.36	%		$	1,493,938			$	15,838			4.24	%
Commercial loans 1		12,950,934				165,874			5.14	%			12,655,551				157,456			5.05	%
Consumer and other loans		1,236,763				18,044			5.85	%			1,207,315				16,726			5.62	%
Total loans 2		15,754,833				200,994			5.12	%			15,356,804				190,020			5.02	%
Tax-exempt debt securities 3		1,743,852				14,462			3.32	%			1,761,533				16,030			3.64	%
Taxable debt securities 4		8,177,551				35,202			1.72	%			8,052,662				31,084			1.54	%
Total earning assets		25,676,236				250,658			3.92	%			25,170,999				237,134			3.82	%
Goodwill and intangibles		1,023,291											1,025,716
Non-earning assets		523,349											478,962
Total assets	$	27,222,876										$	26,675,677
Liabilities
Non-interest bearing deposits	$	6,584,082			$	—			—	%		$	7,274,228			$	—			—	%
NOW and DDA accounts		5,108,421				7,429			0.58	%			5,080,175				2,271			0.18	%
Savings accounts		2,846,015				1,064			0.15	%			3,107,559				514			0.07	%
Money market deposit accounts		3,256,007				10,174			1.25	%			3,468,953				5,834			0.68	%
Certificate accounts		1,451,218				8,878			2.45	%			984,770				2,584			1.06	%
Total core deposits		19,245,743				27,545			0.57	%			19,915,685				11,203			0.23	%
Wholesale deposits 5		330,655				4,155			5.04	%			120,468				1,342			4.52	%
Repurchase agreements		1,273,045				8,607			2.71	%			1,035,582				4,606			1.80	%
FHLB advances		245,055				3,305			5.33	%			1,990,833				23,605			4.74	%
FRB Bank Term Funding		2,740,000				29,899			4.38	%			280,944				3,032			4.32	%
Subordinated debentures and other borrowed funds		208,804				1,874			3.60	%			209,547				1,908			3.69	%
Total funding liabilities		24,043,302				75,385			1.26	%			23,553,059				45,696			0.79	%
Other liabilities		247,319											217,245
Total liabilities		24,290,621											23,770,304
Stockholders’ Equity
Common stock		1,108											1,108
Paid-in capital		2,345,438											2,344,301
Retained earnings		1,017,456											998,340
Accumulated other comprehensive loss		(431,747	)										(438,376	)
Total stockholders’ equity		2,932,255											2,905,373
Total liabilities and stockholders’ equity	$	27,222,876										$	26,675,677
Net interest income (tax-equivalent)					$	175,273										$	191,438
Net interest spread (tax-equivalent)									2.66	%										3.03	%
Net interest margin (tax-equivalent)									2.74	%										3.08	%

______________________________
_{¹ Includes tax effect of $1.3 million and $1.8 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2023 and March 31, 2023, respectively.
² Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³ Includes tax effect of $1.8 million and $3.3 million on tax-exempt debt securities income for the three months ended June 30, 2023 and March 31, 2023, respectively.
⁴ Includes tax effect of $214 thousand and $215 thousand on federal income tax credits for the three months ended June 30, 2023 and March 31, 2023, respectively.
⁵ Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.}

Glacier Bancorp, Inc. Average Balance Sheets (continued)
	Three Months ended
	June 30, 2023											June 30, 2022
(Dollars in thousands)	Average Balance				Interest & Dividends				Average Yield/ Rate			Average Balance				Interest & Dividends				Average Yield/ Rate
Assets
Residential real estate loans	$	1,567,136			$	17,076			4.36	%		$	1,229,013			$	13,026			4.24	%
Commercial loans 1		12,950,934				165,874			5.14	%			11,712,381				132,799			4.55	%
Consumer and other loans		1,236,763				18,044			5.85	%			1,107,396				12,511			4.53	%
Total loans 2		15,754,833				200,994			5.12	%			14,048,790				158,336			4.52	%
Tax-exempt debt securities 3		1,743,852				14,462			3.32	%			1,979,865				18,413			3.72	%
Taxable debt securities 4		8,177,551				35,202			1.72	%			8,685,641				28,473			1.31	%
Total earning assets		25,676,236				250,658			3.92	%			24,714,296				205,222			3.33	%
Goodwill and intangibles		1,023,291											1,033,601
Non-earning assets		523,349											619,671
Total assets	$	27,222,876										$	26,367,568
Liabilities
Non-interest bearing deposits	$	6,584,082			$	—			—	%		$	7,991,993			$	—			—	%
NOW and DDA accounts		5,108,421				7,429			0.58	%			5,405,470				723			0.05	%
Savings accounts		2,846,015				1,064			0.15	%			3,261,798				244			0.03	%
Money market deposit accounts		3,256,007				10,174			1.25	%			3,999,582				1,369			0.14	%
Certificate accounts		1,451,218				8,878			2.45	%			982,397				797			0.33	%
Total core deposits		19,245,743				27,545			0.57	%			21,641,240				3,133			0.06	%
Wholesale deposits 5		330,655				4,155			5.04	%			3,877				8			0.71	%
Repurchase agreements		1,273,045				8,607			2.71	%			923,459				367			0.16	%
FHLB advances		245,055				3,305			5.33	%			476,978				1,298			1.08	%
FRB Bank Term Funding		2,740,000				29,899			4.38	%			—				—			—	%
Subordinated debentures and other borrowed funds		208,804				1,874			3.60	%			190,072				1,393			2.94	%
Total funding liabilities		24,043,302				75,385			1.26	%			23,235,626				6,199			0.11	%
Other liabilities		247,319											235,814
Total liabilities		24,290,621											23,471,440
Stockholders’ Equity
Common stock		1,108											1,108
Paid-in capital		2,345,438											2,340,059
Retained earnings		1,017,456											875,276
Accumulated other comprehensive loss		(431,747	)										(320,315	)
Total stockholders’ equity		2,932,255											2,896,128
Total liabilities and stockholders’ equity	$	27,222,876										$	26,367,568
Net interest income (tax-equivalent)					$	175,273										$	199,023
Net interest spread (tax-equivalent)									2.66	%										3.22	%
Net interest margin (tax-equivalent)									2.74	%										3.23	%

______________________________
_{¹ Includes tax effect of $1.3 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2023 and 2022, 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 $1.8 million and $3.8 million on tax-exempt debt securities income for the three months ended June 30, 2023 and 2022, respectively.
⁴ Includes tax effect of $214 thousand and $226 thousand on federal income tax credits for the three months ended June 30, 2023 and 2022, respectively.
⁵ Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.}

Glacier Bancorp, Inc. Average Balance Sheets (continued)
	Six Months ended
	June 30, 2023											June 30, 2022
(Dollars in thousands)	Average Balance				Interest & Dividends				Average Yield/ Rate			Average Balance				Interest & Dividends				Average Yield/ Rate
Assets
Residential real estate loans	$	1,530,739			$	32,914			4.30	%		$	1,184,864			$	28,541			4.82	%
Commercial loans 1		12,804,058				323,330			5.09	%			11,516,661				258,718			4.53	%
Consumer and other loans		1,222,121				34,770			5.74	%			1,091,338				24,302			4.49	%
Total loans 2		15,556,918				391,014			5.07	%			13,792,863				311,561			4.56	%
Tax-exempt debt securities 3		1,752,644				30,492			3.48	%			1,852,204				34,077			3.68	%
Taxable debt securities 4		8,115,452				66,286			1.63	%			8,783,881				54,938			1.25	%
Total earning assets		25,425,014				487,792			3.87	%			24,428,948				400,576			3.31	%
Goodwill and intangibles		1,024,497											1,034,951
Non-earning assets		501,278											687,668
Total assets	$	26,950,789										$	26,151,567
Liabilities
Non-interest bearing deposits	$	6,927,248			$	—			—	%		$	7,926,215			$	—			—	%
NOW and DDA accounts		5,094,376				9,700			0.38	%			5,343,074				1,568			0.06	%
Savings accounts		2,976,065				1,578			0.11	%			3,254,197				576			0.04	%
Money market deposit accounts		3,361,892				16,008			0.96	%			4,015,102				2,750			0.14	%
Certificate accounts		1,219,282				11,462			1.90	%			1,000,893				1,694			0.34	%
Total core deposits		19,578,863				38,748			0.40	%			21,539,481				6,588			0.06	%
Wholesale deposits 5		226,142				5,497			4.90	%			10,497				17			0.31	%
Repurchase agreements		1,154,970				13,213			2.31	%			946,872				760			0.16	%
FHLB advances		1,113,122				26,910			4.81	%			247,265				1,310			1.05	%
FRB Bank Term Funding		1,517,265				32,931			4.38	%			—				—			—	%
Subordinated debentures and other borrowed funds		209,174				3,782			3.65	%			184,927				2,485			2.71	%
Total funding liabilities		23,799,536				121,081			1.03	%			22,929,042				11,160			0.10	%
Other liabilities		232,365											242,528
Total liabilities		24,031,901											23,171,570
Stockholders’ Equity
Common stock		1,108											1,107
Paid-in capital		2,344,872											2,339,476
Retained earnings		1,007,951											861,302
Accumulated other comprehensive income		(435,043	)										(221,888	)
Total stockholders’ equity		2,918,888											2,979,997
Total liabilities and stockholders’ equity	$	26,950,789										$	26,151,567
Net interest income (tax-equivalent)					$	366,711										$	389,416
Net interest spread (tax-equivalent)									2.84	%										3.21	%
Net interest margin (tax-equivalent)									2.91	%										3.21	%

______________________________
_{¹ Includes tax effect of $3.1 million and $2.9 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2023 and 2022, 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 $5.0 million and $7.1 million on tax-exempt debt securities income for the six months ended June 30, 2023 and 2022, respectively.
⁴ Includes tax effect of $429 thousand and $451 thousand on federal income tax credits for the six months ended June 30, 2023 and 2022, respectively.
⁵ Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.}

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification
	Loans Receivable, by Loan Type																% Change from
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Jun 30, 2022				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Custom and owner occupied construction	$	315,651			$	295,604			$	298,461			$	282,916			7	%		6	%		12	%
Pre-sold and spec construction		306,440				312,715				297,895				269,568			(2	)%		3	%		14	%
Total residential construction		622,091				608,319				596,356				552,484			2	%		4	%		13	%
Land development		238,897				230,823				219,842				201,607			3	%		9	%		18	%
Consumer land or lots		182,251				187,498				206,604				197,394			(3	)%		(12	)%		(8	)%
Unimproved land		91,157				104,811				104,662				101,266			(13	)%		(13	)%		(10	)%
Developed lots for operative builders		65,134				69,896				60,987				68,087			(7	)%		7	%		(4	)%
Commercial lots		94,334				91,780				93,952				95,958			3	%		—	%		(2	)%
Other construction		1,039,192				965,244				938,406				931,000			8	%		11	%		12	%
Total land, lot, and other construction		1,710,965				1,650,052				1,624,453				1,595,312			4	%		5	%		7	%
Owner occupied		2,934,724				2,885,798				2,833,469				2,747,152			2	%		4	%		7	%
Non-owner occupied		3,714,531				3,631,158				3,531,673				3,333,915			2	%		5	%		11	%
Total commercial real estate		6,649,255				6,516,956				6,365,142				6,081,067			2	%		4	%		9	%
Commercial and industrial		1,370,393				1,353,919				1,377,888				1,353,248			1	%		(1	)%		1	%
Agriculture		770,378				715,863				735,553				758,394			8	%		5	%		2	%
1st lien		1,956,205				1,864,294				1,808,502				1,596,878			5	%		8	%		23	%
Junior lien		46,616				42,397				40,445				34,149			10	%		15	%		37	%
Total 1-4 family		2,002,821				1,906,691				1,848,947				1,631,027			5	%		8	%		23	%
Multifamily residential		664,859				649,148				622,185				562,480			2	%		7	%		18	%
Home equity lines of credit		940,048				893,037				872,899				820,721			5	%		8	%		15	%
Other consumer		231,519				224,125				220,035				213,943			3	%		5	%		8	%
Total consumer		1,171,567				1,117,162				1,092,934				1,034,664			5	%		7	%		13	%
States and political subdivisions		812,688				806,878				797,656				695,396			1	%		2	%		17	%
Other		214,951				208,085				198,012				169,520			3	%		9	%		27	%
Total loans receivable, including loans held for sale		15,989,968				15,533,073				15,259,126				14,433,592			3	%		5	%		11	%
Less loans held for sale 1		(35,006	)			(14,461	)			(12,314	)			(33,837	)		142	%		184	%		3	%
Total loans receivable	$	15,954,962			$	15,518,612			$	15,246,812			$	14,399,755			3	%		5	%		11	%

______________________________
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- Accrual Loans			Accruing Loans 90 Days or More Past Due			Other real estate owned and foreclosed assets
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022			Jun 30, 2023			Jun 30, 2023			Jun 30, 2023
Custom and owner occupied construction	$	219			220			224			230			219			—			—
Pre-sold and spec construction		1,548			1,548			389			389			—			1,548			—
Total residential construction		1,767			1,768			613			619			219			1,548			—
Land development		118			129			138			197			118			—			—
Consumer land or lots		239			112			278			157			106			133			—
Unimproved land		43			51			78			107			43			—			—
Developed lots for operative builders		608			607			251			260			—			608			—
Commercial lots		188			188			—			—			141			47			—
Other construction		12,884			12,884			12,884			12,884			12,884			—			—
Total land, lot and other construction		14,080			13,971			13,629			13,605			13,292			788			—
Owner occupied		2,251			2,682			2,076			4,013			2,132			119			—
Non-owner occupied		4,450			4,544			805			1,491			4,450			—			—
Total commercial real estate		6,701			7,226			2,881			5,504			6,582			119			—
Commercial and Industrial		1,339			2,001			3,326			5,741			827			505			7
Agriculture		2,564			2,573			2,574			9,169			2,564			—			—
1st lien		2,794			2,015			2,678			2,196			2,686			108			—
Junior lien		273			111			166			200			53			220			—
Total 1-4 family		3,067			2,126			2,844			2,396			2,739			328			—
Multifamily residential		—			—			4,535			4,765			—			—			—
Home equity lines of credit		1,256			1,225			1,393			1,684			1,045			211			—
Other consumer		1,116			1,062			911			466			826			245			45
Total consumer		2,372			2,287			2,304			2,150			1,871			456			45
Other		132			27			36			17			—			132			—
Total	$	32,022			31,979			32,742			43,966			28,094			3,876			52

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
	Accruing 30-89 Days Delinquent Loans,  by Loan Type																% Change from
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023				Dec 31, 2022				Jun 30, 2022				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022
Custom and owner occupied construction	$	324			$	1,624			$	1,082			$	2,046			(80	)%		(70	)%		(84	)%
Pre-sold and spec construction		129				—				1,712				602			n/m			(92	)%		(79	)%
Total residential construction		453				1,624				2,794				2,648			(72	)%		(84	)%		(83	)%
Land development		244				946				—				365			(74	)%		n/m			(33	)%
Consumer land or lots		565				668				442				337			(15	)%		28	%		68	%
Unimproved land		—				—				120				590			n/m			(100	)%		(100	)%
Developed lots for operative builders		—				—				958				—			n/m			(100	)%		n/m
Commercial lots		3,404				—				47				—			n/m			7,143	%		n/m
Other construction		1,114				5,264				209				—			(79	)%		433	%		n/m
Total land, lot and other construction		5,327				6,878				1,776				1,292			(23	)%		200	%		312	%
Owner occupied		1,053				1,783				3,478				1,560			(41	)%		(70	)%		(33	)%
Non-owner occupied		8,595				429				496				123			1,903	%		1,633	%		6,888	%
Total commercial real estate		9,648				2,212				3,974				1,683			336	%		143	%		473	%
Commercial and industrial		2,096				3,677				3,439				5,969			(43	)%		(39	)%		(65	)%
Agriculture		871				947				1,367				851			(8	)%		(36	)%		2	%
1st lien		1,115				3,321				2,174				329			(66	)%		(49	)%		239	%
Junior lien		385				385				190				105			—	%		103	%		267	%
Total 1-4 family		1,500				3,706				2,364				434			(60	)%		(37	)%		246	%
Multifamily Residential		—				201				492				—			(100	)%		(100	)		n/m
Home equity lines of credit		2,021				2,804				1,182				1,071			(28	)%		71	%		89	%
Other consumer		1,714				1,598				1,824				1,140			7	%		(6	)%		50	%
Total consumer		3,735				4,402				3,006				2,211			(15	)%		24	%		69	%
States and political subdivisions		—				—				28				7			n/m			(100	)%		(100	)%
Other		1,233				1,346				1,727				1,493			(8	)%		(29	)%		(17	)%
Total	$	24,863			$	24,993			$	20,967			$	16,588			(1	)%		19	%		50	%

______________________________
_{^{n/m - not measurable}}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type													Charge-Offs			Recoveries
(Dollars in thousands)	Jun 30, 2023				Mar 31, 2023			Dec 31, 2022			Jun 30, 2022			Jun 30, 2023			Jun 30, 2023
Custom and owner occupied construction	$	—			—			17			—			—			—
Pre-sold and spec construction		(8	)		(4	)		(15	)		(8	)		—			8
Total residential construction		(8	)		(4	)		2			(8	)		—			8
Land development		(132	)		—			(34	)		(21	)		—			132
Consumer land or lots		(14	)		—			(46	)		(10	)		—			14
Unimproved land		—			—			—			(1	)		—			—
Total land, lot and other construction		(146	)		—			(80	)		(32	)		—			146
Owner occupied		(76	)		(68	)		555			229			16			92
Non-owner occupied		299			298			(242	)		(3	)		305			6
Total commercial real estate		223			230			313			226			321			98
Commercial and industrial		(18	)		(382	)		(70	)		(458	)		523			541
Agriculture		—			—			(7	)		(4	)		—			—
1st lien		101			44			(109	)		(56	)		111			10
Junior lien		38			(5	)		(302	)		(297	)		49			11
Total 1-4 family		139			39			(411	)		(353	)		160			21
Multifamily residential		—			—			136			—			—			—
Home equity lines of credit		56			(39	)		(91	)		(51	)		102			46
Other consumer		401			125			451			166			531			130
Total consumer		457			86			360			115			633			176
Other		3,765			1,970			7,572			3,207			5,446			1,681
Total	$	4,412			1,939			7,815			2,693			7,083			2,671

Visit our website at www.glacierbancorp.com

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