Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended December 31, 2023

Glacier Bancorp, Inc.

4th Quarter 2023 Highlights:

• Net income was $54.3 million for the current quarter, an increase of $1.9 million, or 4 percent, from the prior quarter net income of $52.4 million. Net income for the current quarter decreased $25.4 million, or 32 percent, from the prior year fourth quarter net income of $79.7 million, which was primarily driven by an increase in cost of funds.

• Interest income of $273 million in the current quarter increased $8.6 million, or 3 percent, over the prior quarter interest income of $265 million. Interest income in the current quarter increased $48.4 million, or 22 percent, over the prior year fourth quarter.

• The loan portfolio of $16.198 billion increased $63.0 million, or 2 percent annualized, during the current quarter.

• The loan yield for the current quarter of 5.34 percent, increased 7 basis points, compared to 5.27 percent in the prior quarter and increased 51 basis points from the prior year fourth quarter loan yield of 4.83 percent.

• Non-performing assets of $25.6 million at December 31, 2023 decreased $16.7 million, or 39 percent, over the prior quarter and decreased $7.1 million, or 22 percent, over the prior year end.

• Stockholders’ equity of $3.020 billion increased $146 million, or 5 percent, during the current quarter and increased $177 million, or 6 percent, over the prior year end.

• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 155 consecutive quarterly dividends and has increased the dividend 49 times.
  

Year 2023 Highlights

• Net income for 2023 was $223 million, a decrease of $80.3 million, or 26 percent, from $303 million for the prior year. The decrease was primarily attributable to a $96.7 million decrease in net interest income driven by a significant increase in the cost of funds.

• Interest income for the current year was $1.018 billion, an increase of $188 million, or 23 percent over the prior year interest income of $830 million.

• The loan portfolio of $16.198 billion increased $951 million, or 6 percent, during the current year.

• The loan yield was 5.19 percent for the current year, an increase of 53 basis points from the prior year loan yield of 4.66 percent.

• Although the banking industry experienced a significant outflow of deposits, the Company’s core deposits and retail repurchase agreements decreased $108 million, or 50 basis points, from the prior year end.

• Dividends declared in 2023 were $1.32 per share.

• The Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $728 million as of December 31, 2023. The acquisition is expected to be completed January 31, 2024.
  

Financial Summary

	At or for the Three Months ended																At or for the Year ended
(Dollars in thousands, except per share and market data)	Dec 31, 2023				Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Dec 31, 2023			Dec 31, 2022
Operating results
Net income	$	54,316			52,445			54,955			61,211			79,677			222,927			303,202
Basic earnings per share	$	0.49			0.47			0.50			0.55			0.72			2.01			2.74
Diluted earnings per share	$	0.49			0.47			0.50			0.55			0.72			2.01			2.74
Dividends declared per share	$	0.33			0.33			0.33			0.33			0.33			1.32			1.32
Market value per share
Closing	$	41.32			28.50			31.17			42.01			49.42			41.32			49.42
High	$	44.06			36.45			42.21			50.03			59.70			50.03			60.69
Low	$	27.36			26.84			26.77			37.07			48.64			26.77			44.43
Selected ratios and other data
Number of common stock shares outstanding		110,888,942			110,879,365			110,873,887			110,868,713			110,777,780			110,888,942			110,777,780
Average outstanding shares - basic		110,884,496			110,877,534			110,870,964			110,824,648			110,773,084			110,864,501			110,757,473
Average outstanding shares - diluted		110,907,640			110,886,959			110,875,535			110,881,708			110,872,127			110,890,447			110,827,933
Return on average assets (annualized)		0.77	%		0.75	%		0.81	%		0.93	%		1.19	%		0.81	%		1.15	%
Return on average equity (annualized)		7.40	%		7.12	%		7.52	%		8.54	%		11.35	%		7.64	%		10.43	%
Efficiency ratio		65.20	%		63.31	%		62.73	%		60.39	%		53.18	%		62.85	%		54.64	%
Dividend payout		67.35	%		70.21	%		66.00	%		60.00	%		45.83	%		65.67	%		48.18	%
Loan to deposit ratio		81.36	%		79.25	%		79.92	%		77.09	%		74.05	%		81.36	%		74.05	%
Number of full time equivalent employees		3,294			3,314			3,369			3,390			3,390			3,294			3,390
Number of locations		221			221			222			222			221			221			221
Number of ATMs		275			274			274			263			265			275			265

KALISPELL, Mont., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.3 million for the current quarter, a decrease of $25.4 million, or 32 percent, from the $79.7 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.49 per share, a decrease of 32 percent from the prior year fourth quarter diluted earnings per share of $0.72. The decrease in net income compared to the prior year fourth quarter was primarily due to the increase in funding costs, which outpaced the increase in interest income. Included in the current quarter non-interest expense was $6.0 million related to the Federal Deposit Insurance Corporation (“FDIC”) special assessment pursuant to a systemic risk determination. “The Glacier team wrapped up a strong fourth quarter and 2023 despite industry turmoil throughout the year. We are pleased to see many positive business trends developing in all our Divisions and we are well positioned to grow in 2024 and beyond” said Randy Chesler, President and Chief Executive Officer.

Net income for 2023 was $223 million, a decrease of $80.3 million, or 26 percent, from $303 million for the prior year, which was primarily driven by the increase in cost of funds outpacing the increase in interest income. Diluted earnings per share for 2023 was $2.01 per share, a decrease of 27 percent from the prior year diluted earnings per share of $2.74.

The Company’s previously announced agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), headquartered in Spokane, Washington, has received all required regulatory and shareholder approvals and is expected to be completed January 31, 2024. Wheatland has 14 branches in eastern Washington with total assets of $728 million, total loans of $469 million and total deposits of $623 million as of December 31, 2023.

Asset Summary

											$ Change from
(Dollars in thousands)	Dec 31, 2023				Sep 30, 2023			Dec 31, 2022			Sep 30, 2023			Dec 31, 2022
Cash and cash equivalents	$	1,354,342			1,672,094			401,995			(317,752	)		952,347
Debt securities, available-for-sale		4,785,719			4,741,738			5,307,307			43,981			(521,588	)
Debt securities, held-to-maturity		3,502,411			3,553,805			3,715,052			(51,394	)		(212,641	)
Total debt securities		8,288,130			8,295,543			9,022,359			(7,413	)		(734,229	)
Loans receivable
Residential real estate		1,704,544			1,653,777			1,446,008			50,767			258,536
Commercial real estate		10,303,306			10,292,446			9,797,047			10,860			506,259
Other commercial		2,901,863			2,916,785			2,799,668			(14,922	)		102,195
Home equity		888,013			869,963			822,232			18,050			65,781
Other consumer		400,356			402,075			381,857			(1,719	)		18,499
Loans receivable		16,198,082			16,135,046			15,246,812			63,036			951,270
Allowance for credit losses		(192,757	)		(192,271	)		(182,283	)		(486	)		(10,474	)
Loans receivable, net		16,005,325			15,942,775			15,064,529			62,550			940,796
Other assets		2,094,832			2,153,149			2,146,492			(58,317	)		(51,660	)
Total assets	$	27,742,629			28,063,561			26,635,375			(320,932	)		1,107,254

The Company continued to maintain a strong cash position of $1.354 billion at December 31, 2023 which was an increase of $952 million over the prior year end. Total debt securities of $8.288 billion at December 31, 2023 decreased $7.4 million during the current quarter and decreased $734 million, or 8 percent, from the prior year end. Debt securities represented 30 percent of total assets at December 31, 2023, compared to 34 percent at December 31, 2022
   
The loan portfolio of $16.198 billion increased $63.0 million, or 2 percent annualized, during the current quarter with the largest dollar increase in residential real estate, which increased $50.8 million, or 3 percent. The loan portfolio increased $951 million, or 6 percent, from the prior year end with the largest dollar increase in commercial real estate loans, which increased $506 million, or 5 percent.

Credit Quality Summary

	At or for the Year ended				At or for the Nine Months ended			At or for the Year ended
(Dollars in thousands)	Dec 31, 2023				Sep 30, 2023			Dec 31, 2022
Allowance for credit losses
Balance at beginning of period	$	182,283			182,283			172,665
Provision for credit losses		20,790			16,609			17,433
Charge-offs		(15,095	)		(10,284	)		(14,970	)
Recoveries		4,779			3,663			7,155
Balance at end of period	$	192,757			192,271			182,283
Provision for credit losses
Loan portfolio	$	20,790			16,609			17,433
Unfunded loan commitments		(5,995	)		(4,827	)		2,530
Total provision for credit losses	$	14,795			11,782			19,963
Other real estate owned	$	1,032			—			—
Other foreclosed assets		471			48			32
Accruing loans 90 days or more past due		3,312			3,855			1,559
Non-accrual loans		20,816			38,380			31,151
Total non-performing assets	$	25,631			42,283			32,742
Non-performing assets as a percentage of subsidiary assets		0.09	%		0.15	%		0.12	%
Allowance for credit losses as a percentage of non-performing loans		799	%		455	%		557	%
Allowance for credit losses as a percentage of total loans		1.19	%		1.19	%		1.20	%
Net charge-offs as a percentage of total loans		0.06	%		0.04	%		0.05	%
Accruing loans 30-89 days past due	$	49,967			15,253			20,967
U.S. government guarantees included in non-performing assets	$	1,503			1,057			2,312

Non-performing assets of $25.6 million at December 31, 2023 decreased $16.7 million, or 39 percent, over the prior quarter and increased $7.1 million, or 22 percent, over the prior year end. Non-performing assets as a percentage of subsidiary assets at December 31, 2023 was 0.09 percent compared to 0.15 percent in the prior quarter and 0.12 percent in the prior year fourth quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $50.0 million at December 31, 2023 increased $34.7 million from the prior quarter and increased $29.0 million from prior year end. The current quarter increase included a $13 million loan that was brought current shortly after quarter end. The remaining early stage delinquencies was driven by seasonality and a few isolated loans. Early stage delinquencies as a percentage of loans at December 31, 2023 were 0.31 percent compared to 0.09 percent for the prior quarter end and 0.14 percent for the prior year end.

The current quarter credit loss expense of $3.0 million included $4.2 million of credit loss expense from loans and $1.2 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 December 31, 2023 was 1.19 percent compared to 1.20 percent in the prior year fourth 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
Fourth quarter 2023	$	4,181			$	3,695		1.19	%		0.31	%		0.09	%
Third quarter 2023		5,095				2,209		1.19	%		0.09	%		0.15	%
Second quarter 2023		5,254				2,473		1.19	%		0.16	%		0.12	%
First quarter 2023		6,260				1,939		1.20	%		0.16	%		0.12	%
Fourth quarter 2022		6,060				1,968		1.20	%		0.14	%		0.12	%
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	%

Net charge-offs for the current quarter were $3.7 million compared to $2.2 million in the prior quarter and $2.0 million for the prior year fourth quarter. Net charge-offs of $3.7 million included $2.0 million in deposit overdraft net charge-offs and $1.7 million of net loan charge-offs.

The current quarter provision for credit loss expense for loans was $4.2 million, which was a decrease of $914 thousand from the prior quarter and a $1.9 million decrease from the prior year fourth 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)	Dec 31, 2023			Sep 30, 2023		Dec 31, 2022		Sep 30, 2023			Dec 31, 2022
Deposits
Non-interest bearing deposits	$	6,022,980		6,465,353		7,690,751		(442,373	)		(1,667,771	)
NOW and DDA accounts		5,321,257		5,253,367		5,330,614		67,890			(9,357	)
Savings accounts		2,833,887		2,872,362		3,200,321		(38,475	)		(366,434	)
Money market deposit accounts		2,831,624		2,994,631		3,472,281		(163,007	)		(640,657	)
Certificate accounts		2,915,393		2,742,017		880,589		173,376			2,034,804
Core deposits, total		19,925,141		20,327,730		20,574,556		(402,589	)		(649,415	)
Wholesale deposits		4,026		67,434		31,999		(63,408	)		(27,973	)
Deposits, total		19,929,167		20,395,164		20,606,555		(465,997	)		(677,388	)
Repurchase agreements		1,486,850		1,499,696		945,916		(12,846	)		540,934
Deposits and repurchase agreements, total		21,416,017		21,894,860		21,552,471		(478,843	)		(136,454	)
Federal Home Loan Bank advances		—		—		1,800,000		—			(1,800,000	)
FRB Bank Term Funding		2,740,000		2,740,000		—		—			2,740,000
Other borrowed funds		81,695		73,752		77,293		7,943			4,402
Subordinated debentures		132,943		132,903		132,782		40			161
Other liabilities		351,693		347,452		229,524		4,241			122,169
Total liabilities	$	24,722,348		25,188,967		23,792,070		(466,619	)		930,278

During the current year, the Company experienced unprecedented fluctuations in the deposit balances and higher deposit rates, primarily due to the volatile interest rate environment. As a result of the Company’s focus on diversified deposits and repurchase agreements, core deposits and retail repurchase agreements decreased $108 million, or 50 basis points, from the prior year end. Total core deposits of $19.9 billion at the current quarter end decreased $403 million, or 2 percent, during the current quarter. Non-interest bearing deposits represented 30 percent of total core deposits at December 31, 2023 compared to 37 percent at December 31, 2022.

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 $15.0 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)	Dec 31, 2023				Sep 30, 2023			Dec 31, 2022			Sep 30, 2023		Dec 31, 2022
Common equity	$	3,394,394			3,374,961			3,312,097			19,433		82,297
Accumulated other comprehensive loss		(374,113	)		(500,367	)		(468,792	)		126,254		94,679
Total stockholders’ equity		3,020,281			2,874,594			2,843,305			145,687		176,976
Goodwill and core deposit intangible, net		(1,017,263	)		(1,019,690	)		(1,026,994	)		2,427		9,731
Tangible stockholders’ equity	$	2,003,018			1,854,904			1,816,311			148,114		186,707

Stockholders’ equity to total assets		10.89	%		10.24	%		10.67	%
Tangible stockholders’ equity to total tangible assets		7.49	%		6.86	%		7.09	%
Book value per common share	$	27.24			25.93			25.67			1.31		1.57
Tangible book value per common share	$	18.06			16.73			16.40			1.33		1.66

Tangible stockholders’ equity of $2.003 billion at December 31, 2023 increased $148 million, or 8 percent, compared to the prior quarter and was primarily due to a decrease in net unrealized losses (after-tax) on available-for-sale (“AFS”) debt securities during the current quarter. Tangible stockholders’ equity increased $187 million, or 10 percent, from December 31, 2022, which was primarily due to earnings retention and a decrease in net unrealized losses (after-tax) on AFS debt securities. Tangible book value per common share of $18.06 at the current quarter end increased $1.33 per share, or 8 percent, from the prior quarter. The tangible book value per common share increased $1.66 per share, or 10 percent, from the prior year end.

Cash Dividends
On November 15, 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 fourth quarter. The dividend was payable December 14, 2023 to shareholders of record on December 5, 2023. The dividend was the Company’s 155th 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 December 31, 2023 
Compared to September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022

Income Summary

	Three Months ended
(Dollars in thousands)	Dec 31, 2023				Sep 30, 2023				Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Net interest income
Interest income	$	273,496				264,906			247,365			231,888			225,085
Interest expense		107,040				97,852			75,385			45,696			21,026
Total net interest income		166,456				167,054			171,980			186,192			204,059
Non-interest income
Service charges and other fees		19,115				19,304			18,967			17,771			18,734
Miscellaneous loan fees and charges		4,484				4,322			4,162			3,967			3,905
Gain on sale of loans		2,228				4,046			3,528			2,400			2,175
Gain (loss) on sale of securities		1,712				(65	)		(23	)		(114	)		519
Other income		3,326				2,633			2,445			3,871			3,150
Total non-interest income		30,865				30,240			29,079			27,895			28,483
Total income	$	197,321				197,294			201,059			214,087			232,542
Net interest margin (tax-equivalent)		2.56	%			2.58	%		2.74	%		3.08	%		3.30	%
					$ Change from
(Dollars in thousands)					Sep 30, 2023				Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Net interest income
Interest income					$	8,590			26,131			41,608			48,411
Interest expense						9,188			31,655			61,344			86,014
Total net interest income						(598	)		(5,524	)		(19,736	)		(37,603	)
Non-interest income
Service charges and other fees						(189	)		148			1,344			381
Miscellaneous loan fees and charges						162			322			517			579
Gain on sale of loans						(1,818	)		(1,300	)		(172	)		53
Gain (loss) on sale of securities						1,777			1,735			1,826			1,193
Other income						693			881			(545	)		176
Total non-interest income						625			1,786			2,970			2,382
Total income					$	27			(3,738	)		(16,766	)		(35,221	)

Net Interest Income
The current quarter interest income of $273 million increased $8.6 million, or 3 percent, over the prior quarter and was driven primarily by the increase in the loan yields and an increase in average balances of the loan portfolio and interest-bearing cash. The current quarter interest income increased $48.4 million, or 22 percent, over the prior year fourth quarter and was principally due to loan growth and increased loan yields. The loan yield of 5.34 percent in the current quarter increased 7 basis points from the prior quarter loan yield of 5.27 percent and increased 51 basis points from the prior year fourth quarter loan yield of 4.83 percent.

The current quarter interest expense of $107 million increased $9.2 million, or 9 percent, over the prior quarter and increased $86.0 million, or 409 percent, over the prior year fourth quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.24 percent for the current quarter compared to 1.03 percent in the prior quarter and 0.08 percent for the prior year fourth quarter. The total cost of funding (including non-interest bearing deposits) was 1.72 percent in the current quarter compared to 1.58 percent in the prior quarter and 0.35 percent in the prior year fourth 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 2.56 percent compared to 2.58 percent in the prior quarter and 3.30 percent in the prior year fourth quarter. Although the net interest margin has been negatively impacted by the increase in interest rates during the current year, the Company continued to experience a slower pace in the decline in the net interest margin during the current quarter. The current quarter decrease in net interest margin was 2 basis points compared to a decrease of 16 basis points during the prior quarter.

Non-interest Income
Non-interest income for the current quarter totaled $30.9 million, which was an increase of $625 thousand, or 2 percent, over the prior quarter. Gain on the sale of residential loans of $2.2 million for the current quarter decreased $1.8 million, or 45 percent, compared to the prior quarter and increased $53 thousand, or 2 percent, from the prior year fourth quarter. Included in the current quarter gain on sale of securities was $1.7 million of gain on the sale of all of the Company’s Visa class B shares.

Non-interest Expense Summary

	Three Months ended
(Dollars in thousands)	Dec 31, 2023			Sep 30, 2023				Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Compensation and employee benefits	$	71,420			77,387			78,764			81,477			79,814
Occupancy and equipment		10,533			10,553			10,827			11,665			10,734
Advertising and promotions		3,410			4,052			3,733			4,235			3,558
Data processing		8,511			8,730			8,402			8,109			8,079
Other real estate owned and foreclosed assets		78			15			14			12			5
Regulatory assessments and insurance		12,435			6,060			5,314			4,903			3,425
Core deposit intangibles amortization		2,427			2,428			2,427			2,449			2,664
Other expenses		23,382			20,351			21,123			22,132			20,700
Total non-interest expense	$	132,196			129,576			130,604			134,982			128,979
				$ Change from
(Dollars in thousands)				Sep 30, 2023				Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Compensation and employee benefits				$	(5,967	)		(7,344	)		(10,057	)		(8,394	)
Occupancy and equipment					(20	)		(294	)		(1,132	)		(201	)
Advertising and promotions					(642	)		(323	)		(825	)		(148	)
Data processing					(219	)		109			402			432
Other real estate owned and foreclosed assets					63			64			66			73
Regulatory assessments and insurance					6,375			7,121			7,532			9,010
Core deposit intangibles amortization					(1	)		—			(22	)		(237	)
Other expenses					3,031			2,259			1,250			2,682
Total non-interest expense				$	2,620			1,592			(2,786	)		3,217

Total non-interest expense of $132 million for the current quarter increased $2.6 million, or 2 percent, over the prior quarter and increased $3.2 million, or 2 percent, over the prior year fourth quarter. Compensation and employee benefits expense of $71.4 million for the current quarter decreased $6.0 million, or 8 percent, from the prior quarter and decreased $8.4 million, or 11 percent, over the prior year fourth quarter, which was driven primarily by a decrease in performance-related compensation including in real estate commissions. The Company has also benefited during the year from increased operating efficiencies and a decrease in staffing. Included in the current quarter regulatory assessment and insurance expense was a $6.0 million expense related to the FDIC special assessment pursuant to a systemic risk determination. Excluding the FDIC special assessment, the $6.4 million regulatory assessments and insurance expense in the current quarter increased $3.0 million, or 88 percent, over the prior year fourth quarter and was primarily due to the FDIC uniformly increasing all depository institutions premiums at the beginning of the current year. Other expense of $23.4 million, increased $3.0 million, or 15 percent, from the prior quarter and was driven by several miscellaneous category increases. Other expense for the current quarter increased $2.7 million, or 13 percent, from the prior year fourth quarter and was primarily attributable to a $2.5 million gain on the sale of a former branch building in the prior year fourth quarter. “The reduction in non-interest expense in the current quarter was primarily due to the reduction in accrued performance-based compensation. In addition, the Company continues to improve operating efficiencies while monitoring staffing levels,” said Ron Copher, Chief Financial Officer.

Federal and State Income Tax Expense
Tax expense during the fourth quarter of 2023 was $7.8 million, a decrease of $3.9 million, or 34 percent, compared to the prior quarter and a decrease of $10.0 million, or 56 percent, from the prior year fourth quarter. The effective tax rate in the current quarter was 12.6 percent compared to 18.3 percent in the prior quarter and 18.2 percent in the prior year fourth quarter. The current quarter decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the blended state tax rate.

Efficiency Ratio
The efficiency ratio was 65.2 percent in the current quarter compared to 63.31 percent in the prior quarter and 53.18 percent in the prior year fourth quarter. The increase from the prior quarter was principally driven by the FDIC special assessment and the decrease in the gain on the sale of residential loans. The increase from the prior year fourth quarter was primarily attributable to the increase in interest expense, which outpaced the increase in interest income.

Operating Results for Year Ended December 31, 2023
Compared to December 31, 2022

Income Summary

	Year ended
(Dollars in thousands)	Dec 31, 2023				Dec 31, 2022				$ Change				% Change
Net interest income
Interest income	$	1,017,655			$	829,640			$	188,015			23%
Interest expense		325,973				41,261				284,712			690%
Total net interest income		691,682				788,379				(96,697	)		(12)%
Non-interest income
Service charges and other fees		75,157				72,124				3,033			4%
Miscellaneous loan fees and charges		16,935				15,350				1,585			10%
Gain on sale of loans		12,202				20,032				(7,830	)		(39)%
Gain on sale of securities		1,510				620				890			144%
Other income		12,275				12,606				(331	)		(3)%
Total non-interest income		118,079				120,732				(2,653	)		(2)%
Total Income	$	809,761			$	909,111			$	(99,350	)		(11)%
Net interest margin (tax-equivalent)		2.73	%			3.27	%

Net Interest Income
Net-interest income of $692 million for 2023 decreased $96.7 million, or 12 percent, over 2022 and was primarily driven by increased interest expense. Interest income of $1.018 billion for 2023 increased $188 million, or 23 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.19 percent for 2023, an increase of 53 basis points from the prior year loan yield of 4.66 percent.

Interest expense of $326 million for 2023 increased $285 million, or 690 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 0.77 percent for 2023 compared to 0.07 percent for the prior year. The total funding cost (including non-interest bearing deposits) for 2023 was 1.35 percent, which was an increase of 117 basis points over the prior year funding cost of 0.18 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2023 was 2.73 percent, a 54 basis points decrease from the net interest margin of 3.27 percent for the prior year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the Paycheck Protection Program loans, was 2.71 percent for 2023, which was a 49 basis points decrease from the core margin of 3.20 percent in the same period of the prior year.

Non-interest Income  
Non-interest income of $118 million for 2023 decreased $2.7 million, or 2 percent, over the same period last year and was primarily due to the decrease in gain on sale of residential loans, which was partially offset by the increase in service charges and other fees. Miscellaneous loan fees of $16.9 million increased $1.6 million for 2023, or 10 percent, which was primarily driven by increased credit card interchange fees due to increased activity. Gain on sale of residential loans of $12.2 million in 2023 decreased by $7.8 million, or 39 percent, over the prior year, primarily as result of the reduction in residential purchase and refinance activity as mortgage rates significantly increased during 2023.

Non-interest Expense Summary

	Year ended
(Dollars in thousands)	Dec 31, 2023			Dec 31, 2022			$ Change				% Change
Compensation and employee benefits	$	309,048		$	319,303		$	(10,255)			(3)%
Occupancy and equipment		43,578			43,261			317			1%
Advertising and promotions		15,430			14,324			1,106			8%
Data processing		33,752			30,823			2,929			10%
Other real estate owned and foreclosed assets		119			77			42			55%
Regulatory assessments and insurance		28,712			12,904			15,808			123%
Core deposit intangibles amortization		9,731			10,658			(927)			(9)%
Other expenses		86,988			87,518			(530)			(1)%
Total non-interest expense	$	527,358		$	518,868		$	8,490			2%

Total non-interest expense of $527 million for 2023 increased $8.5 million, or 2 percent, over the same period in the prior year. Compensation and employee benefits expense of $309 million in 2023 decreased $10.3 million, or 3 percent, over the prior year and was driven by a decrease in accrued performance-related compensation and a decrease in real estate commissions. Regulatory assessments and insurance of $28.7 million for 2023 increased $15.8 million, or 123 percent, over the prior year and was primarily due to the $6.0 million FDIC special assessment and the FDIC uniformly increasing all depository institutions premiums beginning in 2023. Other expense of $87.0 million for 2023 decreased $530 thousand, or 1 percent, from the prior year and included changes in several miscellaneous categories. Acquisition-related expenses were $1.3 million in 2023 compared to $10.0 million in 2022.

Provision for Credit Losses

The provision for credit loss expense was $14.8 million for 2023, a decrease of $5.2 million, or 26 percent, over the same period in the prior year. The provision for credit loss expense for 2023 included provision for credit loss expense of $20.8 million on the loan portfolio and credit loss benefit of $6.0 million on the unfunded loan commitments. Net charge-offs during 2023 were $10.3 million compared to $7.8 million during 2022.

Federal and State Income Tax Expense
Tax expense of $44.7 million for 2023 decreased $22.4 million, or 33 percent, over the prior year. The effective tax rate for 2023 was 16.7 percent compared to 18.1 percent for the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of a decrease in the pre-tax income, an increase in federal tax credits and a decrease in the blended state tax rate.

Efficiency Ratio
The efficiency ratio was 62.85 percent for 2023 compared to 54.64 percent for 2022. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income.

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

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

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

• legislative or regulatory changes, including increased FDIC insurance rates and assessments or 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 wars in Ukraine and the Middle East;

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

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

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

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

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

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

• risks presented by 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, January 26, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI418b19026885468085e5f5ca09a5f67e. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/2w5869im. 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)	Dec 31, 2023				Sep 30, 2023			Dec 31, 2022
Assets
Cash on hand and in banks	$	246,525			264,067			300,194
Interest bearing cash deposits		1,107,817			1,408,027			101,801
Cash and cash equivalents		1,354,342			1,672,094			401,995
Debt securities, available-for-sale		4,785,719			4,741,738			5,307,307
Debt securities, held-to-maturity		3,502,411			3,553,805			3,715,052
Total debt securities		8,288,130			8,295,543			9,022,359
Loans held for sale, at fair value		15,691			29,027			12,314
Loans receivable		16,198,082			16,135,046			15,246,812
Allowance for credit losses		(192,757	)		(192,271	)		(182,283	)
Loans receivable, net		16,005,325			15,942,775			15,064,529
Premises and equipment, net		421,791			415,343			398,100
Other real estate owned and foreclosed assets		1,503			48			32
Accrued interest receivable		94,526			104,476			83,538
Deferred tax asset		159,070			203,745			193,187
Core deposit intangible, net		31,870			34,297			41,601
Goodwill		985,393			985,393			985,393
Non-marketable equity securities		12,755			11,330			82,015
Bank-owned life insurance		171,101			170,175			169,068
Other assets		201,132			199,315			181,244
Total assets	$	27,742,629			28,063,561			26,635,375
Liabilities
Non-interest bearing deposits	$	6,022,980			6,465,353			7,690,751
Interest bearing deposits		13,906,187			13,929,811			12,915,804
Securities sold under agreements to repurchase		1,486,850			1,499,696			945,916
FHLB advances		—			—			1,800,000
FRB Bank Term Funding		2,740,000			2,740,000			—
Other borrowed funds		81,695			73,752			77,293
Subordinated debentures		132,943			132,903			132,782
Accrued interest payable		125,907			91,874			4,331
Other liabilities		225,786			255,578			225,193
Total liabilities		24,722,348			25,188,967			23,792,070
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
Paid-in capital		2,350,104			2,348,305			2,344,005
Retained earnings - substantially restricted		1,043,181			1,025,547			966,984
Accumulated other comprehensive loss		(374,113	)		(500,367	)		(468,792	)
Total stockholders’ equity		3,020,281			2,874,594			2,843,305
Total liabilities and stockholders’ equity	$	27,742,629			28,063,561			26,635,375

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

	Three Months ended									Year ended
(Dollars in thousands, except per share data)	Dec 31, 2023				Sep 30, 2023			Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Interest Income
Investment securities	$	57,233			53,397			43,818		201,930		169,035
Residential real estate loans		19,820			18,594			14,964		71,328		57,243
Commercial loans		175,957			173,437			150,462		669,663		548,969
Consumer and other loans		20,486			19,478			15,841		74,734		54,393
Total interest income		273,496			264,906			225,085		1,017,655		829,640
Interest Expense
Deposits		63,484			54,697			4,642		162,426		14,526
Securities sold under agreements to repurchase		12,229			10,972			1,765		36,414		3,200
Federal Home Loan Bank advances		—			—			12,689		26,910		17,317
FRB Bank Term Funding		30,228			30,229			—		93,388		—
Other borrowed funds		(372	)		489			464		1,056		1,329
Subordinated debentures		1,471			1,465			1,466		5,779		4,889
Total interest expense		107,040			97,852			21,026		325,973		41,261
Net Interest Income		166,456			167,054			204,059		691,682		788,379
Provision for credit losses		3,013			3,539			6,124		14,795		19,963
Net interest income after provision for credit losses		163,443			163,515			197,935		676,887		768,416
Non-Interest Income
Service charges and other fees		19,115			19,304			18,734		75,157		72,124
Miscellaneous loan fees and charges		4,484			4,322			3,905		16,935		15,350
Gain on sale of loans		2,228			4,046			2,175		12,202		20,032
Gain (loss) on sale of securities		1,712			(65	)		519		1,510		620
Other income		3,326			2,633			3,150		12,275		12,606
Total non-interest income		30,865			30,240			28,483		118,079		120,732
Non-Interest Expense
Compensation and employee benefits		71,420			77,387			79,814		309,048		319,303
Occupancy and equipment		10,533			10,553			10,734		43,578		43,261
Advertising and promotions		3,410			4,052			3,558		15,430		14,324
Data processing		8,511			8,730			8,079		33,752		30,823
Other real estate owned and foreclosed assets		78			15			5		119		77
Regulatory assessments and insurance		12,435			6,060			3,425		28,712		12,904
Core deposit intangibles amortization		2,427			2,428			2,664		9,731		10,658
Other expenses		23,382			20,351			20,700		86,988		87,518
Total non-interest expense		132,196			129,576			128,979		527,358		518,868
Income Before Income Taxes		62,112			64,179			97,439		267,608		370,280
Federal and state income tax expense		7,796			11,734			17,762		44,681		67,078
Net Income	$	54,316			52,445			79,677		222,927		303,202

Glacier Bancorp, Inc.
Average Balance Sheets

	Three Months ended
	December 31, 2023									September 30, 2023
(Dollars in thousands)	Average Balance				Interest & Dividends			Average Yield/ Rate		Average Balance				Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,700,598			$	19,820		4.66%		$	1,649,947			$	18,594		4.51%
Commercial loans 1		13,196,412				177,397		5.33%			13,120,479				174,822		5.29%
Consumer and other loans		1,279,626				20,486		6.35%			1,263,775				19,478		6.11%
Total loans 2		16,176,636				217,703		5.34%			16,034,201				212,894		5.27%
Tax-exempt debt securities 3		1,725,858				14,738		3.42%			1,732,227				14,486		3.34%
Taxable debt securities 4		8,466,825				44,665		2.11%			8,485,157				41,052		1.94%
Total earning assets		26,369,319				277,106		4.17%			26,251,585				268,432		4.06%
Goodwill and intangibles		1,018,423									1,020,868
Non-earning assets		487,979									528,145
Total assets	$	27,875,721								$	27,800,598
Liabilities
Non-interest bearing deposits	$	6,262,801			$	—		—%		$	6,461,350			$	—		—%
NOW and DDA accounts		5,245,602				14,751		1.12%			5,231,741				12,906		0.98%
Savings accounts		2,843,788				4,848		0.68%			2,840,620				3,492		0.49%
Money market deposit accounts		2,911,054				13,600		1.85%			3,039,177				12,646		1.65%
Certificate accounts		2,872,192				29,563		4.08%			2,462,266				23,151		3.73%
Total core deposits		20,135,437				62,762		1.24%			20,035,154				52,195		1.03%
Wholesale deposits 5		53,841				722		5.32%			188,523				2,502		5.27%
Repurchase agreements		1,488,419				12,229		3.26%			1,401,765				10,972		3.11%
FHLB advances		—				—		—%			—				—		—%
FRB Bank Term Funding		2,740,000				30,228		4.38%			2,740,000				30,229		4.38%
Subordinated debentures and other borrowed funds		211,570				1,099		2.06%			208,336				1,954		3.72%
Total funding liabilities		24,629,267				107,040		1.72%			24,573,778				97,852		1.58%
Other liabilities		332,740									302,564
Total liabilities		24,962,007									24,876,342
Stockholders’ Equity
Common stock		1,109									1,109
Paid-in capital		2,349,177									2,347,323
Retained earnings		1,034,258									1,035,276
Accumulated other comprehensive loss		(470,830	)								(459,452	)
Total stockholders’ equity		2,913,714									2,924,256
Total liabilities and stockholders’ equity	$	27,875,721								$	27,800,598
Net interest income (tax-equivalent)					$	170,066								$	170,580
Net interest spread (tax-equivalent)								2.45%									2.48%
Net interest margin (tax-equivalent)								2.56%									2.58%

______________________________

¹ Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2023 and September 30, 2023, respectively.
² Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³ Includes tax effect of $2.0 million and $1.9 million on tax-exempt debt securities income for the three months ended December 31, 2023 and September 30, 2023, respectively.
⁴ Includes tax effect of $215 thousand and $215 thousand on federal income tax credits for the three months ended December 31, 2023 and September 30, 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
	December 31, 2023									December 31, 2022
(Dollars in thousands)	Average Balance				Interest & Dividends			Average Yield/ Rate		Average Balance				Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,700,598			$	19,820		4.66%		$	1,424,550			$	14,964		4.20%
Commercial loans 1		13,196,412				177,397		5.33%			12,419,414				152,169		4.86%
Consumer and other loans		1,279,626				20,486		6.35%			1,183,727				15,841		5.31%
Total loans 2		16,176,636				217,703		5.34%			15,027,691				182,974		4.83%
Tax-exempt debt securities 3		1,725,858				14,738		3.42%			1,960,007				17,877		3.65%
Taxable debt securities 4		8,466,825				44,665		2.11%			8,200,203				29,717		1.45%
Total earning assets		26,369,319				277,106		4.17%			25,187,901				230,568		3.63%
Goodwill and intangibles		1,018,423									1,028,277
Non-earning assets		487,979									436,260
Total assets	$	27,875,721								$	26,652,438
Liabilities
Non-interest bearing deposits	$	6,262,801			$	—		—%		$	8,010,053			$	—		—%
NOW and DDA accounts		5,245,602				14,751		1.12%			5,388,062				1,077		0.08%
Savings accounts		2,843,788				4,848		0.68%			3,255,091				355		0.04%
Money market deposit accounts		2,911,054				13,600		1.85%			3,679,866				2,168		0.23%
Certificate accounts		2,872,192				29,563		4.08%			882,490				834		0.37%
Total core deposits		20,135,437				62,762		1.24%			21,215,562				4,434		0.08%
Wholesale deposits 5		53,841				722		5.32%			22,462				208		3.69%
Repurchase agreements		1,488,419				12,229		3.26%			873,819				1,765		0.80%
FHLB advances		—				—		—%			1,291,087				12,689		3.85%
FRB Bank Term Funding		2,740,000				30,228		4.38%			—				—		—%
Subordinated debentures and other borrowed funds		211,570				1,099		2.06%			211,953				1,930		3.61%
Total funding liabilities		24,629,267				107,040		1.72%			23,614,883				21,026		0.35%
Other liabilities		332,740									252,298
Total liabilities		24,962,007									23,867,181
Stockholders’ Equity
Common stock		1,109									1,108
Paid-in capital		2,349,177									2,343,157
Retained earnings		1,034,258									946,195
Accumulated other comprehensive loss		(470,830	)								(505,203	)
Total stockholders’ equity		2,913,714									2,785,257
Total liabilities and stockholders’ equity	$	27,875,721								$	26,652,438
Net interest income (tax-equivalent)					$	170,066								$	209,542
Net interest spread (tax-equivalent)								2.45%									3.28%
Net interest margin (tax-equivalent)								2.56%									3.30%

______________________________

¹ Includes tax effect of $1.4 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 31, 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 $2.0 million and $3.6 million on tax-exempt debt securities income for the three months ended December 31, 2023 and 2022, respectively.
⁴ Includes tax effect of $215 thousand and $225 thousand on federal income tax credits for the three months ended December 31, 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)

	Year ended
	December 31, 2023									December 31, 2022
(Dollars in thousands)	Average Balance				Interest & Dividends			Average Yield/ Rate		Average Balance				Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,603,600			$	71,328		4.45%		$	1,284,029			$	57,243		4.46%
Commercial loans 1		12,982,708				675,549		5.20%			11,902,971				555,244		4.66%
Consumer and other loans		1,247,114				74,734		5.99%			1,131,000				54,393		4.81%
Total loans 2		15,833,422				821,611		5.19%			14,318,000				666,880		4.66%
Tax-exempt debt securities 3		1,740,746				59,716		3.43%			1,916,731				70,438		3.67%
Taxable debt securities 4		8,297,203				152,003		1.83%			8,546,792				113,952		1.33%
Total earning assets		25,871,371				1,033,330		3.99%			24,781,523				851,270		3.44%
Goodwill and intangibles		1,022,052									1,032,263
Non-earning assets		504,698									603,401
Total assets	$	27,398,121								$	26,417,187
Liabilities
Non-interest bearing deposits	$	6,642,339			$	—		—%		$	8,005,821			$	—		—%
NOW and DDA accounts		5,167,117				37,357		0.72%			5,387,277				3,439		0.06%
Savings accounts		2,908,584				9,918		0.34%			3,270,799				1,191		0.04%
Money market deposit accounts		3,166,914				42,254		1.33%			3,926,737				6,401		0.16%
Certificate accounts		1,949,206				64,176		3.29%			955,829				3,249		0.34%
Total core deposits		19,834,160				153,705		0.77%			21,546,463				14,280		0.07%
Wholesale deposits 5		173,231				8,721		5.03%			11,862				246		2.07%
Repurchase agreements		1,301,223				36,414		2.80%			920,955				3,200		0.35%
FHLB advances		551,986				26,910		4.81%			584,562				17,317		2.92%
FRB Bank Term Funding		2,133,658				93,388		4.38%			—				—		—%
Subordinated debentures and other borrowed funds		209,567				6,835		3.26%			196,139				6,218		3.17%
Total funding liabilities		24,203,825				325,973		1.35%			23,259,981				41,261		0.18%
Other liabilities		275,359									249,832
Total liabilities		24,479,184									23,509,813
Stockholders’ Equity
Common stock		1,109									1,107
Paid-in capital		2,346,575									2,340,952
Retained earnings		1,021,469									897,587
Accumulated other comprehensive loss		(450,216	)								(332,272	)
Total stockholders’ equity		2,918,937									2,907,374
Total liabilities and stockholders’ equity	$	27,398,121								$	26,417,187
Net interest income (tax-equivalent)					$	707,357								$	810,009
Net interest spread (tax-equivalent)								2.64%									3.26%
Net interest margin (tax-equivalent)								2.73%									3.27%

______________________________

¹ Includes tax effect of $5.9 million and $6.3 million on tax-exempt municipal loan and lease income for the year ended December 31, 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 $8.9 million and $14.5 million on tax-exempt debt securities income for the year ended December 31, 2023 and 2022, respectively.
⁴ Includes tax effect of $859 thousand and $901 thousand on federal income tax credits for the year ended December 31, 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)	Dec 31, 2023				Sep 30, 2023				Dec 31, 2022				Sep 30, 2023		Dec 31, 2022
Custom and owner occupied construction	$	290,572			$	306,106			$	298,461			(5)%		(3)%
Pre-sold and spec construction		236,596				287,048				297,895			(18)%		(21)%
Total residential construction		527,168				593,154				596,356			(11)%		(12)%
Land development		232,966				234,995				219,842			(1)%		6%
Consumer land or lots		187,545				184,685				206,604			2%		(9)%
Unimproved land		87,739				87,089				104,662			1%		(16)%
Developed lots for operative builders		56,142				62,485				60,987			(10)%		(8)%
Commercial lots		87,185				84,194				93,952			4%		(7)%
Other construction		900,547				982,384				938,406			(8)%		(4)%
Total land, lot, and other construction		1,552,124				1,635,832				1,624,453			(5)%		(4)%
Owner occupied		3,035,768				2,976,821				2,833,469			2%		7%
Non-owner occupied		3,742,916				3,765,266				3,531,673			(1)%		6%
Total commercial real estate		6,778,684				6,742,087				6,365,142			1%		6%
Commercial and industrial		1,363,479				1,363,198				1,377,888			—%		(1)%
Agriculture		772,458				785,208				735,553			(2)%		5%
1st lien		2,127,989				2,054,497				1,808,502			4%		18%
Junior lien		47,230				47,490				40,445			(1)%		17%
Total 1-4 family		2,175,219				2,101,987				1,848,947			3%		18%
Multifamily residential		796,538				714,822				622,185			11%		28%
Home equity lines of credit		979,891				950,204				872,899			3%		12%
Other consumer		229,154				233,980				220,035			(2)%		4%
Total consumer		1,209,045				1,184,184				1,092,934			2%		11%
States and political subdivisions		834,947				833,618				797,656			—%		5%
Other		204,111				209,983				198,012			(3)%		3%
Total loans receivable, including loans held for sale		16,213,773				16,164,073				15,259,126			—%		6%
Less loans held for sale 1		(15,691	)			(29,027	)			(12,314	)		(46)%		27%
Total loans receivable	$	16,198,082			$	16,135,046			$	15,246,812			—%		6%

______________________________

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)	Dec 31, 2023			Sep 30, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2023		Dec 31, 2023
Custom and owner occupied construction	$	214		219		224		214		—		—
Pre-sold and spec construction		763		763		389		—		763		—
Total residential construction		977		982		613		214		763		—
Land development		35		80		138		35		—		—
Consumer land or lots		96		314		278		96		—		—
Unimproved land		—		36		78		—		—		—
Developed lots for operative builders		608		608		251		—		608		—
Commercial lots		47		188		—		—		47		—
Other construction		—		12,884		12,884		—		—		—
Total land, lot and other construction		786		14,110		13,629		131		655		—
Owner occupied		1,838		1,445		2,076		821		—		1,017
Non-owner occupied		11,016		15,105		805		10,757		259		—
Total commercial real estate		12,854		16,550		2,881		11,578		259		1,017
Commercial and Industrial		1,971		1,367		3,326		1,245		575		151
Agriculture		2,558		2,450		2,574		2,557		1		—
1st lien		2,664		2,766		2,678		2,533		116		15
Junior lien		180		363		166		144		36		—
Total 1-4 family		2,844		3,129		2,844		2,677		152		15
Multifamily residential		395		—		4,535		—		395		—
Home equity lines of credit		2,043		1,612		1,393		1,778		265		—
Other consumer		1,187		942		911		636		231		320
Total consumer		3,230		2,554		2,304		2,414		496		320
Other		16		1,141		36		—		16		—
Total	$	25,631		42,283		32,742		20,816		3,312		1,503

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans,  by Loan Type									% Change from
(Dollars in thousands)	Dec 31, 2023			Sep 30, 2023			Dec 31, 2022			Sep 30, 2023		Dec 31, 2022
Custom and owner occupied construction	$	2,549		$	—		$	1,082		n/m		136%
Pre-sold and spec construction		1,219			599			1,712		104%		(29)%
Total residential construction		3,768			599			2,794		529%		35%
Land development		163			44			—		270%		n/m
Consumer land or lots		624			528			442		18%		41%
Unimproved land		—			87			120		(100)%		(100)%
Developed lots for operative builders		—			—			958		n/m		(100)%
Commercial lots		2,159			1,245			47		73%		4,494%
Other construction		—			—			209		n/m		(100)%
Total land, lot and other construction		2,946			1,904			1,776		55%		66%
Owner occupied		2,222			652			3,478		241%		(36)%
Non-owner occupied		14,471			213			496		6,694%		2,818%
Total commercial real estate		16,693			865			3,974		1,830%		320%
Commercial and industrial		12,905			2,946			3,439		338%		275%
Agriculture		594			604			1,367		(2)%		(57)%
1st lien		3,768			1,006			2,174		275%		73%
Junior lien		1			355			190		(100)%		(99)%
Total 1-4 family		3,769			1,361			2,364		177%		59%
Multifamily Residential		—			—			492		n/m		(100)%
Home equity lines of credit		4,518			3,638			1,182		24%		282%
Other consumer		3,264			1,821			1,824		79%		79%
Total consumer		7,782			5,459			3,006		43%		159%
States and political subdivisions		—			—			28		n/m		(100)%
Other		1,510			1,515			1,727		—%		(13)%
Total	$	49,967		$	15,253		$	20,967		228%		138%

______________________________

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)	Dec 31, 2023				Sep 30, 2023			Dec 31, 2022			Dec 31, 2023		Dec 31, 2023
Custom and owner occupied construction	$	—			—			17			—		—
Pre-sold and spec construction		(15	)		(12	)		(15	)		—		15
Total residential construction		(15	)		(12	)		2			—		15
Land development		(135	)		(134	)		(34	)		—		135
Consumer land or lots		(19	)		(14	)		(46	)		—		19
Other construction		889			—			—			889		—
Total land, lot and other construction		735			(148	)		(80	)		889		154
Owner occupied		(59	)		(104	)		555			66		125
Non-owner occupied		799			500			(242	)		807		8
Total commercial real estate		740			396			313			873		133
Commercial and industrial		364			(11	)		(70	)		1,040		676
Agriculture		—			—			(7	)		—		—
1st lien		66			98			(109	)		110		44
Junior lien		24			32			(302	)		49		25
Total 1-4 family		90			130			(411	)		159		69
Multifamily residential		(136	)		—			136			—		136
Home equity lines of credit		(6	)		20			(91	)		129		135
Other consumer		1,097			816			451			1,368		271
Total consumer		1,091			836			360			1,497		406
Other		7,447			5,430			7,572			10,637		3,190
Total	$	10,316			6,621			7,815			15,095		4,779

Visit our website at www.glacierbancorp.com

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