Glacier Bancorp, Inc. Announces Results for the Quarter Ended September 30, 2015

HIGHLIGHTS:

  • Net income of $29.6 million for the current quarter, an increase of 1 percent from the prior quarter $29.3 million net income and an increase of 1 percent from the prior year third quarter net income of $29.3 million.
  • Current quarter diluted earnings per share of $0.39, compared to the prior quarter diluted earnings per share of $0.39 and the prior year third quarter diluted earnings per share of $0.40.
  • The loan portfolio increased $69 million, or 6 percent annualized, during the current quarter.
  • Non-interest bearing deposits of $1.894 billion, increased $162.7 million, or 9 percent, during the current quarter.
  • Dividend declared of $0.19 per share.  The dividend was the 122nd consecutive quarterly dividend declared by the Company.
  • The Company announced the definitive agreement to acquire Cañon National Bank, a community bank based in Cañon City, Colorado, with total assets of $260 million at September 30, 2015.

Results Summary

    Three Months ended   Nine Months ended
(Dollars in thousands, except per share data)   Sep 30,
 2015
  Jun 30,
 2015
  Mar 31,
 2015
  Sep 30,
 2014
  Sep 30,
 2015
  Sep 30,
 2014
                                       
Net income   $ 29,614     29,335     27,670     29,294     86,619     84,701  
Diluted earnings per share   $ 0.39     0.39     0.37     0.40     1.15     1.14  
Return on average assets (annualized)   1.36 %   1.39 %   1.36 %   1.46 %   1.37 %   1.44 %
Return on average equity (annualized)   10.93 %   11.05 %   10.72 %   11.30 %   10.90 %   11.27 %
                                     

KALISPELL, Mont., Oct. 22, 2015 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $29.6 million for the current quarter, an increase of $320 thousand, or 1 percent, from the $29.3 million of net income for the prior year third quarter.  Diluted earnings per share for the current quarter was $0.39 per share, a decrease of $0.01, or 3 percent, from the prior year third quarter diluted earnings per share of $0.40.  Included in the current quarter non-interest expense was $259 thousand of one-time acquisition and conversion related expenses.  “Once again this quarter we delivered solid performance metrics similar to what we have achieved over the past nine quarters,” said Mick Blodnick, President and Chief Executive Officer.  “Record top line revenues helped offset higher taxes in the third quarter and allowed us to generate another quarter of record earnings.  The growth in revenues came primarily from increases in interest on our investment and commercial loan portfolios as well as greater service charge fee income on deposit accounts,” Blodnick said.

Net income for the nine months ended September 30, 2015 was $86.6 million, an increase of $1.9 million, or 2 percent, from the $84.7 million of net income for the same period in the prior year.  Diluted earnings per share for the nine months ended September 30, 2015 was $1.15 per share, an increase of $0.01, or 1 percent, from the diluted earnings per share for the same period in the prior year.

On February 28, 2015, the Company completed the acquisition of Montana Community Banks, Inc. and its subsidiary, Community Bank, Inc. (collectively, “CB”).  The Company incurred $1.5 million of legal and professional expenses in connection with the CB acquisition and conversion during the current year.  Goodwill of $1.1 million resulted from the acquisition which was based on the estimated fair value of the assets acquired and liabilities assumed.  The Company’s results of operations and financial condition include the acquisition of CB from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired:

(Dollars in thousands) February 28,
 2015
     
Total assets $ 175,774    
Investment securities   42,350    
Loans receivable   84,689    
Non-interest bearing deposits   41,779    
Interest bearing deposits   105,041    
Federal Home Loan Bank advances and other borrowed funds   3,292    
     

Asset Summary

                  $ Change from
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
                                       
Cash and cash equivalents    $   242,835       355,719     442,409     282,097     (112,884 )   (199,574 )   (39,262 )
Investment securities, available-for-sale       2,530,994       2,361,830     2,387,428     2,398,196     169,164     143,566     132,798  
Investment securities, held-to-maturity       651,822       593,314     520,997     482,757     58,508     130,825     169,065  
Total investment securities       3,182,816       2,955,144     2,908,425     2,880,953     227,672     274,391     301,863  
                           
Loans receivable                           
Residential real estate       644,694       635,674     611,463     603,806     9,020     33,231     40,888  
Commercial       3,581,667       3,529,274     3,263,448     3,248,529     52,393     318,219     333,138  
Consumer and other       650,058       642,483     613,184     606,764     7,575     36,874     43,294  
Loans receivable       4,876,419       4,807,431     4,488,095     4,459,099     68,988     388,324     417,320  
Allowance for loan and lease losses       (130,768 )     (130,519 )   (129,753 )   (130,632 )   (249 )   (1,015 )   (136 )
Loans receivable, net       4,745,651       4,676,912     4,358,342     4,328,467     68,739     387,309     417,184  
                                           
Other assets       592,997       602,035     597,331     618,293     (9,038 )   (4,334 )   (25,296 )
Total assets   $   8,764,299       8,589,810     8,306,507     8,109,810     174,489     457,792     654,489  
                                         

Total investment securities of $3.183 billion at September 30, 2015 increased $228 million, or 8 percent, during the current quarter and increased $302 million, or 10 percent, from September 30, 2014.  The increase in the investment portfolio from the prior quarter and the prior year third quarter was the result of continuing to selectively purchase investment securities with the Company’s excess liquidity resulting from the sustained increase in deposits.  Investment securities represented 36 percent of total assets at September 30, 2015 compared to 35 percent at December 31, 2014 and 36 percent at September 30, 2014.

The Company continues to experience growth in the loan portfolio which increased $69.0 million, or 1 percent, during the current quarter.  The loan category with the largest dollar increase during the current quarter was commercial real estate loans which increased $46.6 million, or 2 percent.  The loan category with the largest percentage increase was residential construction (i.e., regulatory classification) which increased 10 percent over the prior quarter.  Excluding the CB acquisition, the loan portfolio increased $304 million, or 7 percent, since December 31, 2014 with $252 million of the increase coming from growth in commercial loans.  “Our loan growth was a little softer than what we had hoped for this quarter as a couple of large credits paid off,” Blodnick said.  “Loan production in the third quarter actually exceeded the first two quarters of the year, unfortunately so did pay offs.  The good news is the loan pipeline still looks decent as we head into what traditionally is a slower time of the year for loan production.  Hopefully, loan pay downs will slow down also,” Blodnick said.

Credit Quality Summary

  At or for the
Nine Months
ended
  At or for the
Six Months
ended
  At or for the
Year ended
  At or for the
Nine Months
ended
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
Allowance for loan and lease losses              
Balance at beginning of period $ 129,753     129,753     130,351     130,351  
Provision for loan losses 1,873     1,047     1,912     1,721  
Charge-offs (4,671 )   (2,598 )   (7,603 )   (5,567 )
Recoveries 3,813     2,317     5,093     4,127  
Balance at end of period $ 130,768     130,519     129,753     130,632  
                         
Other real estate owned $ 26,609     26,686     27,804     28,374  
Accruing loans 90 days or more past due 3,784     618     214     1,617  
Non-accrual loans 54,632     56,918     61,882     68,149  
Total non-performing assets 1 $ 85,025     84,222     89,900     98,140  
                       
Non-performing assets as a percentage of subsidiary assets 0.97 %   0.98 %   1.08 %   1.21 %
Allowance for loan and lease losses as a percentage of non-performing loans 224 %   227 %   209 %   187 %
Allowance for loan and lease losses as a percentage of total loans 2.68 %   2.71 %   2.89 %   2.93 %
Net charge-offs as a percentage of total loans 0.02 %   0.01 %   0.06 %   0.03 %
Accruing loans 30-89 days past due $ 17,822     28,474     25,904     17,570  
Accruing troubled debt restructurings $ 63,638     64,336     69,129     74,376  
Non-accrual troubled debt restructurings $ 27,442     32,664     33,714     37,482  

__________
1 As of September 30, 2015, non-performing assets have not been reduced by U.S. government guarantees of $2.0 million.

Non-performing assets at September 30, 2015 were $85.0 million, an increase of $803 thousand, or less than 1 percent, during the current quarter.  Non-performing assets at September 30, 2015 decreased $13.1 million, or 13 percent, from a year ago.  Land, lot and other construction loans (i.e., regulatory classification) continues to be the largest category of non-performing assets with $38.6 million, or 45 percent, at September 30, 2015.  The Company has continued to make progress by reducing this category the past few years and the category decreased $4.2 million, or 10 percent, from the prior quarter.  Early stage delinquencies (accruing loans 30-89 days past due) of $17.8 million at September 30, 2015 decreased $10.7 million from the prior quarter and increased $252 thousand from the prior year third quarter.

The allowance for loan and lease losses (“allowance”) was $131 million at September 30, 2015 and continued to remain stable compared to the prior periods.  The allowance was 2.68 percent of total loans outstanding at September 30, 2015 compared to 2.89 percent at December 31, 2014 and 2.93 percent for the same quarter last year. The reduction in the allowance as a percentage of total loans was driven primarily by loan growth, stabilizing credit quality, and no allowance carried over from bank acquisitions as a result of the acquired loans recorded at fair value.

Credit Quality Trends and Provision for Loan Losses

(Dollars in thousands)   Provision
for Loan
Losses
  Net
Charge-Offs
(Recoveries)
  ALLL
as a Percent
of Loans
  Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
  Non-Performing
Assets to
Total Subsidiary
Assets
                                   
Third quarter 2015   $ 826     $ 577     2.68 %   0.37 %   0.97 %
Second quarter 2015   282     (381 )   2.71 %   0.59 %   0.98 %
First quarter 2015   765     662     2.77 %   0.71 %   1.07 %
Fourth quarter 2014   191     1,070     2.89 %   0.58 %   1.08 %
Third quarter 2014   360     364     2.93 %   0.39 %   1.21 %
Second quarter 2014   239     332     3.11 %   0.44 %   1.30 %
First quarter 2014   1,122     744     3.20 %   1.05 %   1.37 %
Fourth quarter 2013   1,802     2,216     3.21 %   0.79 %   1.39 %
                               

Net charge-offs of loans for the current quarter were $577 thousand compared to net recoveries of $381 thousand for the prior quarter and net charge-offs of $364 thousand from the same quarter last year.  The current quarter provision for loan losses of $826 thousand increased $544 thousand from the prior quarter and increased $466 thousand from the prior year third quarter.  Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of the loan loss provision.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release.  The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

                  $ Change from
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
                                           
Non-interest bearing deposits $ 1,893,723     1,731,015     1,632,403     1,595,971     162,708     261,320     297,752  
Interest bearing deposits 4,779,456     4,827,642     4,712,809     4,510,840     (48,186 )   66,647     268,616  
Repurchase agreements 441,041     408,935     397,107     367,213     32,106     43,934     73,828  
Federal Home Loan Bank advances 329,299     329,470     296,944     366,866     (171 )   32,355     (37,567 )
Other borrowed funds 6,619     6,665     7,311     7,351     (46 )   (692 )   (732 )
Subordinated debentures 125,812     125,776     125,705     125,669     36     107     143  
Other liabilities 113,541     103,856     106,181     95,420     9,685     7,360     18,121  
Total liabilities $ 7,689,491     7,533,359     7,278,460     7,069,330     156,132     411,031     620,161  
                                           

The Company continues to generate strong increases in non-interest bearing deposits.  Non-interest bearing deposits of $1.894 billion at September 30, 2015, increased $163 million, or 9 percent, from the prior quarter.  Excluding the CB acquisition, non-interest bearing deposits increased $256 million, or 16 percent, from September 30, 2014.  Interest bearing deposits of $4.779 billion at September 30, 2015 included $190 million of wholesale deposits (i.e., brokered deposits classified as NOW, money market deposits and certificate accounts).  Excluding the decrease of $7.5 million in wholesale deposits, interest bearing deposits at September 30, 2015 decreased $40.6 million, or 1 percent, during the current quarter.  Excluding the CB acquisition, interest bearing deposits at September 30, 2015 increased $164 million, or 4 percent, from September 30, 2014.  “We continue to drive significant organic growth in non-interest bearing deposits, ” Blodnick said.  “The current quarter was by far the largest increase we have generated in this deposit category and even exceeds those quarters where we acquired a new bank.  It’s a testament to the great work done by all of our banks in adding to and maintaining  their market share.  This large low cost deposit base will serve us well when interest rates begin to rise,” Blodnick said.

Securities sold under agreements to repurchase (“repurchase agreements”) of $441 million at September 30, 2015 increased $32.1 million, or 8 percent, from the prior quarter and was primarily the result of additions to existing repurchase agreements.  Federal Home Loan Bank (“FHLB”) advances of $329 million at September 30, 2015 were unchanged for the current quarter and increased $32.4 million, or 11 percent, since December 31, 2014 as the Company took advantage of attractive term borrowings that were available from the FHLB of Seattle prior to the merger with FHLB of Des Moines during the second quarter of 2015.   FHLB advances decreased $37.6 million, or 10 percent, from September 30, 2014 as growth in deposits and continued balance sheet changes reduced the need for additional borrowings.

Stockholders’ Equity Summary

                    $ Change from
(Dollars in thousands, except per share data)   Sep 30,   Jun 30,   Dec 31,   Sep 30,   Jun 30,   Dec 31,   Sep 30,
          2015             2015             2014             2014         2015       2014       2014  
                                                         
Common equity   $       1,066,801             1,051,011             1,010,303             1,017,805         15,790       56,498       48,996  
Accumulated other comprehensive income         8,007             5,440             17,744             22,675         2,567       (9,737 )     (14,668 )
Total stockholders’ equity         1,074,808             1,056,451             1,028,047             1,040,480         18,357       46,761       34,328  
Goodwill and core deposit intangible, net         (141,624 )           (142,344 )           (140,606 )           (141,323 )       720       (1,018 )     (301 )
Tangible stockholders’ equity   $       933,184             914,107             887,441             899,157         19,077       45,743       34,027  
                                             
Stockholders’ equity to total assets         12.26 %           12.30           12.38           12.83              
Tangible stockholders’ equity to total tangible assets         10.82 %           10.82           10.87           11.28              
Book value per common share   $       14.23             13.99             13.70             13.87         0.24       0.53       0.36  
Tangible book value per common share   $       12.35             12.10             11.83             11.98         0.25       0.52       0.37  
Market price per share at end of period   $       26.39             29.42             27.77             25.86         (3.03 )     (1.38 )     0.53  
                                                         

Tangible stockholders’ equity of $933 million at September 30, 2015 increased $19.1 million, or 2 percent, from the prior quarter due primarily to earnings retention and an increase in accumulated other comprehensive income.  Tangible stockholders’ equity increased $34.0 million, or 4 percent, from a year ago the result of earnings retention and Company stock issued in connection with the CB acquisitions, both of which offset the decrease in accumulated other comprehensive income.  Tangible book value per common share of $12.35 increased $0.25 per share from the prior quarter and increased $0.37 per share from the prior year third quarter.

Cash Dividend

On September 30, 2015, the Company’s Board of Directors declared a cash dividend of $0.19 per share.  The dividend was payable October 22, 2015 to shareholders of record on October 13, 2015.  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 September 30, 2015
Compared to June 30, 2015 and September 30, 2014

Income Summary

  Three Months ended   $ Change from
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Mar 31,
 2015
  Sep 30,
 2014
  Jun 30,
 2015
  Mar 31,
 2015
  Sep 30,
 2014
Net interest income                          
Interest income $ 80,367     78,617     77,486     75,690     1,750     2,881     4,677  
Interest expense 7,309     7,369     7,382     6,430     (60 )   (73 )   879  
Total net interest income 73,058     71,248     70,104     69,260     1,810     2,954     3,798  
                           
Non-interest income                          
Service charges, loan fees, and other fees 16,030     15,445     14,156     15,661     585     1,874     369  
Gain on sale of loans 7,326     7,600     5,430     6,000     (274 )   1,896     1,326  
(Loss) gain on sale of investments (31 )   (98 )   5     (61 )   67     (36 )   30  
Other income 2,474     2,855     3,102     2,832     (381 )   (628 )   (358 )
Total non-interest income 25,799     25,802     22,693     24,432     (3 )   3,106     1,367  
                                           
  $ 98,857     97,050     92,797     93,692     1,807     6,060     5,165  
                                   
Net interest margin (tax-equivalent) 3.96 %   3.98 %   4.03 %   3.99 %            
                                   

Net Interest Income

In the current quarter, interest income of $80.4 million increased $1.8 million, or 2 percent from the prior quarter, such increase attributable to increases in interest income on commercial loans.  Income of $42.1 million on commercial loans increased $1.4 million, or 4 percent, from the prior quarter and was driven primarily by loan volume increases.  Interest income during the current quarter increased $4.7 million, or 6 percent, over the prior year third quarter and was also due to higher interest income on commercial loans.  The current quarter interest income on commercial loans increased $14.2 million, or 13 percent, over the prior year third quarter primarily the result of an increased volume in commercial loans.  Interest income of $22.4 million on investment securities increased $478 thousand, or 2 percent, over the prior quarter and decreased $357 thousand, or 2 percent, over the prior year third quarter.

The current quarter interest expense of $7.3 million decreased $60 thousand, or 1 percent, from the prior quarter.  The current quarter interest expense increased $879 thousand from the prior year third quarter, such increase attributed to the interest expense associated with the interest rate swap which started interest expense accruals in the fourth quarter of 2014.  The total cost of funding (including non-interest bearing deposits) for the current quarter was 39 basis points compared to 40 basis points for the prior quarter and 37 basis points in the prior year third quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.96 percent compared to 3.98 percent in the prior quarter. The 2 basis point decrease in the current quarter net interest margin was primarily driven by a 3 basis point reduction in the acquired loan fair value discount accretion.  Included in the current quarter net interest margin was 4 basis points related to the recovery of interest on loans previously placed on non-accrual compared to 1 basis point in the prior quarter.  The Company’s current quarter net interest margin decreased 3 basis points from the prior year third quarter net interest margin of 3.99 percent.  The reduction in the net interest margin from the prior year third quarter was the result of a 6 basis point increase in interest expense related to the interest rate swaps.  “The net interest margin for the current and sequential quarter and for the first nine months of the current year have remained stable compared to the year ago quarters and year ago nine month period as the Bank divisions have been disciplined in pricing loans and interest bearing deposits,” said Ron Copher, Chief Financial Officer.  “The growth in the non-interest bearing balances has served the Bank well to offset the higher interest expense associated with the interest rate swap.”

Non-interest Income

Non-interest income for the current quarter totaled $25.8 million which was stable compared to the prior quarter and an increase of $1.4 million, or 6 percent, over the same quarter last year.  Service fee income of $16.0 million, increased $585 thousand, or 4 percent, from the prior quarter and increased $369 thousand, or 2 percent, from the prior year third quarter with both increases the result of the increased number of deposit accounts.  Gain of $7.3 million on the sale of the residential loans in the current quarter decreased $274 thousand, or 4 percent, from the prior quarter and increased $1.3 million, or 22 percent, from the prior year third quarter as a result of an increase in mortgage purchase activity.  Other non-interest income for the current quarter decreased $381 thousand, or 13 percent, over the prior quarter the result of annual incentives received in the second quarter of 2015.  Other non-interest income decreased $358 thousand, or 13 percent, over the prior year third quarter due to a decrease in other real estate owned (“OREO”) income.   Included in other income was operating revenue of $19 thousand from OREO and a gain of $110 thousand from the sale of OREO, a combined total of $129 thousand for the current quarter compared to $323 thousand for the prior quarter and $406 thousand for the prior year third quarter.

Non-interest Expense Summary

  Three Months ended   $ Change from
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Mar 31,
 2015
  Sep 30,
 2014
  Jun 30,
 2015
  Mar 31,
 2015
  Sep 30,
 2014
                                           
Compensation and employee benefits $ 33,534     32,729     32,244     30,142     805     1,290     3,392  
Occupancy and equipment 7,887     7,810     7,362     6,961     77     525     926  
Advertising and promotions 2,459     2,240     1,927     2,141     219     532     318  
Data processing 1,258     1,593     1,249     1,472     (335 )   9     (214 )
Other real estate owned 1,047     1,377     758     602     (330 )   289     445  
Regulatory assessments and insurance 1,478     1,006     1,305     1,435     472     173     43  
Core deposit intangibles amortization 720     755     731     692     (35 )   (11 )   28  
Other expenses 10,729     12,435     9,921     10,793     (1,706 )   808     (64 )
                                         
Total non-interest expense $ 59,112     59,945     55,497     54,238     (833 )   3,615     4,874  
                                           

Compensation and employee benefits for the current quarter increased by $805 thousand, or 2 percent, from the prior quarter.  Compensation and employee benefits for the current quarter increased by $3.4 million, or 11 percent, from the prior year third quarter due to the increased number of employees from the CB acquisition and the First National Bank of the Rockies (“FNBR”) acquisition in August 2014, and annual salary increases.  Current quarter occupancy and equipment expense increased $926 thousand, or 13 percent, from the prior year third quarter as a result of added costs associated with the CB and FNBR acquisitions and equipment expense related to additional information technology infrastructure.  The current quarter advertising expense increased $219 thousand, or 10 percent, from the prior quarter and increased $318 thousand, or 15 percent, from the prior year third quarter as a result of the Company actively marketing to its customer base in certain market areas.  The current quarter data processing expense decreased $335 thousand, or 21 percent, from the prior quarter as a result of conversion related expenses and general increases during the prior quarter.  The current quarter data processing expense decreased $214 thousand, or 15 percent, from the prior year third quarter as a result of a decrease in outsourced data processing expense from an acquired bank in the prior year third quarter.  The current quarter OREO expense of $1.0 million was a decrease of $330 thousand from the prior quarter and included $559 thousand of operating expense, $452 thousand of fair value write-downs, and $37 thousand of loss from the sales of OREO.  Current quarter other expenses of $10.7 million decreased by $1.7 million, or 14 percent, from the prior quarter primarily from expenses connected with equity investments in New Market Tax Credits (“NMTC”) projects and conversion related expenses which were incurred in the second quarter of 2015.  The NMTC expenses were more than offset by the tax benefits included in federal income tax expense during the second quarter of 2015 which was the reason for the increase of $1.8 million in federal and state income tax during the current quarter.

Efficiency Ratio

The efficiency ratio for the current quarter was 54.32 percent compared to 55.91 percent in the prior quarter.  The  1.59 percent decrease in efficiency ratio resulted from decreases in expenses associated with NMTC projects and increases in net interest income primarily from volume increases in commercial loans and investment securities.  The current quarter efficiency ratio of 54.32 percent compares to 53.87 percent in the prior year third quarter.  The 45 basis point increase in efficiency ratio resulted from increases in non-interest expense driven by increased compensation and other operational expenses, which outpaced the increases in net interest income from an increase in earning assets.

Operating Results for Nine Months ended September 30, 2015
Compared to September 30, 2014

Income Summary

  Nine Months ended   $ Change   % Change
(Dollars in thousands) Sep 30,
 2015
  Sep 30,
 2014
 
Net interest income              
Interest income $ 236,470     $ 223,740     $ 12,730     6 %
Interest expense 22,060     19,598     2,462     13 %
Total net interest income 214,410     204,142     10,268     5 %
               
Non-interest income              
Service charges, loan fees, and other fees 45,631     43,656     1,975     5 %
Gain on sale of loans 20,356     14,373     5,983     42 %
Loss on sale of investments (124 )   (160 )   36     (23 )%
Other income 8,431     8,455     (24 )   %
Total non-interest income 74,294     66,324     7,970     12 %
  $ 288,704     $ 270,466     $ 18,238     7 %
                   
Net interest margin (tax-equivalent) 3.99 %   4.00 %        
                   

Net Interest Income

Interest income for the first nine months of the current year increased $12.7 million, or 6 percent, from the prior year first nine months and was principally due to an increase in income from commercial loans.  Current year interest income of $122 million on commercial loans increased $14.2 million, or 13 percent, from the prior year first nine months and was primarily the result of an increased volume of commercial loans.  Current year interest income of $67.4 million on investment securities decreased $3.6 million, or 5 percent, over the same period last year, as a result of a decreased rate on investment securities, although the tax effective yield adjustment reduced this decrease to $140 thousand.

Interest expense for the first nine months of the current year increased $2.5 million, or 13 percent, from the prior year first nine months and was primarily due to the interest expense associated with the interest rate swap which started interest expense accruals in the fourth quarter of 2014.  The total funding cost (including non-interest bearing deposits) for the first nine months of 2015 was 40 basis points compared to 39 basis points for the first nine months of 2014.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2015 was 3.99 percent, a decrease of 1 basis point from the prior year first nine months net interest margin of 4.00 percent.  The 1 basis point reduction was attributable to a combination of items including an increase in interest expense from the interest rate swaps which was partially offset by increases in higher yielding earning assets.

Non-interest Income

Non-interest income of $74.3 million for the first nine months of 2015 increased $8.0 million, or 12 percent, over the same period last year.  Service charges and other fees of $45.6 million for the first nine months of 2015 increased $2.0 million, or 5 percent, from the same period last year driven by the increased number of deposit accounts.  The gains of $20.4 million on the sale of residential loans for the first nine months of 2015 increased $6.0 million, or 42 percent, from the first nine months of 2014 resulting from an increase in mortgage refinancing and purchase activity.  Other income was unchanged from the nine month period last year.  Included in other income was operating revenue of $95 thousand from OREO and gains of $775 thousand from the sales of OREO, which totaled $870 thousand for the first nine months of 2015 compared to $1.8 million for the same period in the prior year.

Non-interest Expense Summary

  Nine Months ended              
(Dollars in thousands) Sep 30,
 2015
  Sep 30,
 2014
  $ Change % Change
                           
Compensation and employee benefits $ 98,507     $ 87,764     $ 10,743     12 %
Occupancy and equipment 23,059     20,307     2,752     14 %
Advertising and promotions 6,626     5,866     760     13 %
Data processing 4,100     4,792     (692 )   (14 )%
Other real estate owned 3,182     1,675     1,507     90 %
Regulatory assessments and insurance 3,789     4,055     (266 )   (7 )%
Core deposit intangible amortization 2,206     2,095     111     5 %
Other expenses 33,085     30,427     2,658     9 %
Total non-interest expense $ 174,554     $ 156,981     $ 17,573     11 %
                             

Compensation and employee benefits for the first nine months of 2015 increased $10.7 million, or 12 percent, from the same period last year due to the increased number of employees from the acquired banks, additional benefit costs and annual salary increases.  Occupancy and equipment expense increased $2.8 million, or 14 percent, as a result of increased costs associated with the CB and FNBR acquisitions and equipment expense related to additional information technology infrastructure. Outsourced data processing expense decreased $692 thousand, or 14 percent, from the prior year first nine months as a result of a decrease in conversion related expenses and outsourced data processing expense from an acquired bank.  OREO expense of $3.2 million in the first nine months of 2015 increased $1.5 million, or 90 percent, from the first nine months of the prior year.  OREO expenses tend to fluctuate based on the level of activity in various quarters.  OREO expense for the first nine months of 2015 included $1.4 million of operating expenses, $1.5 million of fair value write-downs, and $250 thousand of loss from the sales of OREO.  Other expense of $33.1 million for the first nine months of 2015 increased by $2.7 million, or 9 percent, from the first nine months of the prior year primarily due to increases in conversion and acquisition related expenses.

Provision for Loan Losses

The provision for loan losses was $1.9 million for the first nine months of 2015, an increase of $152 thousand, or 9 percent, from the same period in the prior year.  Net charged-off loans during the first nine months of 2015 were $858 thousand, a decrease of $582 thousand from the first nine months of 2014.

Efficiency Ratio

The efficiency ratio was 55.01 percent for the first nine months of 2015 and 54.03 percent for the first nine months of 2014.  The increase in the efficiency ratio resulted from compensation expense and increased costs from acquisitions outpacing the increase in net interest income and increases in gain on sale of loans.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 82 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and Bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown, all operating in Montana; as well as Mountain West Bank, Coeur d’Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell and First State Bank, Wheatland,   each operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; and Bank of the San Juans, Durango, operating in Colorado.

Forward-Looking Statements

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

  • the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;
  • changes in market interest rates, which could adversely affect the Company’s net interest income and profitability;
  • legislative or regulatory changes that adversely affect the Company’s business, ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;
  • costs or difficulties related to the completion and integration of acquisitions;
  • the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;
  • reduced demand for banking products and services;
  • the risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;
  • consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
  • dependence on the Chief Executive Officer, the senior management team and the Presidents of the Bank divisions;
  • potential interruption or breach in security of the Company’s systems; and
  • the Company’s success in managing risks involved in 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.

 
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
               
(Dollars in thousands, except per share data) September 30,
 2015
  June 30,
 2015
  December 31,
 2014
  September 30,
 2014
Assets              
Cash on hand and in banks $ 104,363     120,783     122,834     109,947  
Federal funds sold 2,210         1,025     488  
Interest bearing cash deposits 136,262     234,936     318,550     171,662  
Cash and cash equivalents 242,835     355,719     442,409     282,097  
Investment securities, available-for-sale 2,530,994     2,361,830     2,387,428     2,398,196  
Investment securities, held-to-maturity 651,822     593,314     520,997     482,757  
Total investment securities 3,182,816     2,955,144     2,908,425     2,880,953  
Loans held for sale 40,456     53,201     46,726     65,598  
Loans receivable 4,876,419     4,807,431     4,488,095     4,459,099  
Allowance for loan and lease losses (130,768 )   (130,519 )   (129,753 )   (130,632 )
Loans receivable, net 4,745,651     4,676,912     4,358,342     4,328,467  
Premises and equipment, net 185,864     186,858     179,175     178,509  
Other real estate owned 26,609     26,686     27,804     28,374  
Accrued interest receivable 46,786     44,563     40,587     42,981  
Deferred tax asset 55,095     56,571     41,737     44,452  
Core deposit intangible, net 10,781     11,501     10,900     11,617  
Goodwill 130,843     130,843     129,706     129,706  
Non-marketable equity securities 24,905     24,914     52,868     52,868  
Other assets 71,658     66,898     67,828     64,188  
Total assets $ 8,764,299     8,589,810     8,306,507     8,109,810  
Liabilities              
Non-interest bearing deposits $ 1,893,723     1,731,015     1,632,403     1,595,971  
Interest bearing deposits 4,779,456     4,827,642     4,712,809     4,510,840  
Securities sold under agreements to repurchase 441,041     408,935     397,107     367,213  
FHLB advances 329,299     329,470     296,944     366,866  
Other borrowed funds 6,619     6,665     7,311     7,351  
Subordinated debentures 125,812     125,776     125,705     125,669  
Accrued interest payable 3,641     3,790     4,155     3,058  
Other liabilities 109,900     100,066     102,026     92,362  
Total liabilities 7,689,491     7,533,359     7,278,460     7,069,330  
Stockholders’ Equity              
Preferred shares, $0.01 par value per share, 1,000,000  shares authorized, none issued or outstanding              
Common stock, $0.01 par value per share, 117,187,500  shares authorized 755     755     750     750  
Paid-in capital 720,639     720,073     708,356     707,821  
Retained earnings – substantially restricted 345,407     330,183     301,197     309,234  
Accumulated other comprehensive income 8,007     5,440     17,744     22,675  
Total stockholders’ equity 1,074,808     1,056,451     1,028,047     1,040,480  
Total liabilities and stockholders’ equity $ 8,764,299     8,589,810     8,306,507     8,109,810  
Number of common stock shares issued and outstanding 75,532,082     75,531,258     75,026,092     75,024,092  
                       

       
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations 
       
  Three Months ended   Nine Months ended
(Dollars in thousands, except per share data) September 30,
 2015
  June 30,
 2015
  September 30,
 2014
  September 30,
 2015
  September 30,
 2014
Interest Income                  
Investment securities $ 22,437     21,959     22,794     67,355     71,002  
Residential real estate loans 7,878     7,942     7,950     23,581     22,257  
Commercial loans 42,137     40,698     37,387     121,857     107,696  
Consumer and other loans 7,915     8,018     7,559     23,677     22,785  
Total interest income 80,367     78,617     75,690     236,470     223,740  
Interest Expense                  
Deposits 3,947     4,112     3,027     12,206     9,177  
Securities sold under agreements to repurchase 261     232     225     734     627  
Federal Home Loan Bank advances 2,273     2,217     2,356     6,685     7,317  
Federal funds purchased and other borrowed funds 21     15     34     63     135  
Subordinated debentures 807     793     788     2,372     2,342  
Total interest expense 7,309     7,369     6,430     22,060     19,598  
Net Interest Income 73,058     71,248     69,260     214,410     204,142  
Provision for loan losses 826     282     360     1,873     1,721  
Net interest income after provision for loan losses 72,232     70,966     68,900     212,537     202,421  
Non-Interest Income                  
Service charges and other fees 14,975     14,303     14,319     42,277     40,085  
Miscellaneous loan fees and charges 1,055     1,142     1,342     3,354     3,571  
Gain on sale of loans 7,326     7,600     6,000     20,356     14,373  
Loss on sale of investments (31 )   (98 )   (61 )   (124 )   (160 )
Other income 2,474     2,855     2,832     8,431     8,455  
Total non-interest income 25,799     25,802     24,432     74,294     66,324  
Non-Interest Expense                  
Compensation and employee benefits 33,534     32,729     30,142     98,507     87,764  
Occupancy and equipment 7,887     7,810     6,961     23,059     20,307  
Advertising and promotions 2,459     2,240     2,141     6,626     5,866  
Data processing 1,258     1,593     1,472     4,100     4,792  
Other real estate owned 1,047     1,377     602     3,182     1,675  
Regulatory assessments and insurance 1,478     1,006     1,435     3,789     4,055  
Core deposit intangibles amortization 720     755     692     2,206     2,095  
Other expenses 10,729     12,435     10,793     33,085     30,427  
Total non-interest expense 59,112     59,945     54,238     174,554     156,981  
Income Before Income Taxes 38,919     36,823     39,094     112,277     111,764  
Federal and state income tax expense 9,305     7,488     9,800     25,658     27,063  
Net Income $ 29,614     29,335     29,294     86,619     84,701  
Basic earnings per share $ 0.39     0.39     0.40     1.15     1.14  
Diluted earnings per share $ 0.39     0.39     0.40     1.15     1.14  
Dividends declared per share $ 0.19     0.19     0.17     0.56     0.50  
Average outstanding shares – basic 75,531,923     75,530,591     74,631,317     75,424,147     74,512,806  
Average outstanding shares – diluted 75,586,453     75,565,655     74,676,124     75,469,355     74,554,263  
                             

       
Glacier Bancorp, Inc.
Average Balance Sheet
       
  Three Months ended   Nine Months ended
  September 30, 2015   September 30, 2015
(Dollars in thousands) Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
  Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
Assets                      
Residential real estate loans $ 679,037     $ 7,878     4.64 %   $ 673,084     $ 23,581     4.67 %
Commercial loans 1 3,510,098     42,811     4.84 %   3,411,631     123,759     4.85 %
Consumer and other loans 639,155     7,915     4.91 %   625,726     23,677     5.06 %
Total loans 2 4,828,290     58,604     4.82 %   4,710,441     171,017     4.85 %
Tax-exempt investment securities 3 1,334,980     19,511     5.85 %   1,317,788     57,026     5.77 %
Taxable investment securities 4 1,930,378     10,063     2.09 %   1,894,572     30,472     2.14 %
Total earning assets 8,093,648     88,178     4.32 %   7,922,801     258,515     4.36 %
Goodwill and intangibles 142,031             141,851          
Non-earning assets 384,452             385,216          
Total assets $ 8,620,131             $ 8,449,868          
Liabilities                      
Non-interest bearing deposits $ 1,793,899     $     %   $ 1,702,459     $     %
NOW accounts 1,387,334     264     0.08 %   1,347,658     790     0.08 %
Savings accounts 763,430     90     0.05 %   740,905     263     0.05 %
Money market deposit accounts 1,349,244     514     0.15 %   1,330,212     1,544     0.16 %
Certificate accounts 1,125,276     1,657     0.58 %   1,147,820     5,284     0.62 %
Wholesale deposits 5 190,724     1,422     2.96 %   208,640     4,325     2.77 %
FHLB advances 329,797     2,273     2.70 %   315,068     6,685     2.80 %
Repurchase agreements and  other borrowed funds 512,807     1,089     0.84 %   504,787     3,169     0.84 %
Total funding liabilities 7,452,511     7,309     0.39 %   7,297,549     22,060     0.40 %
Other liabilities 92,955             90,300          
Total liabilities 7,545,466             7,387,849          
Stockholders’ Equity                      
Common stock 755             754          
Paid-in capital 720,325             717,424          
Retained earnings 344,768             329,630          
Accumulated other comprehensive income 8,817             14,211          
Total stockholders’ equity 1,074,665             1,062,019          
Total liabilities and stockholders’ equity $ 8,620,131             $ 8,449,868          
Net interest income (tax-equivalent)     $ 80,869             $ 236,455      
Net interest spread (tax-equivalent)         3.93 %           3.96 %
Net interest margin (tax-equivalent)         3.96 %           3.99 %

__________
1    Includes tax effect of $674 thousand and $1.9 million on tax-exempt municipal loan and lease income for the three and nine months ended September 30, 2015.
2   Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3    Includes tax effect of $6.8 million and $19.1 million on tax-exempt investment security income for the three and nine months ended September 30, 2015.
4    Includes tax effect of $362 thousand and $1.1 million on federal income tax credits for the three and nine months ended September 30, 2015.
5    Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts.

       
Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
       
  Loans Receivable, by Loan Type   % Change from
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
Custom and owner occupied construction $ 64,951     $ 56,460     $ 56,689     $ 59,121     15 %   15 %   10 %
Pre-sold and spec construction 46,921     45,063     47,406     44,085     4 %   (1 )%   6 %
Total residential construction 111,872     101,523     104,095     103,206     10 %   7 %   8 %
Land development 83,756     78,059     82,829     88,507     7 %   1 %   (5 )%
Consumer land or lots 98,490     98,365     101,818     99,003     %   (3 )%   (1 )%
Unimproved land 74,439     76,726     86,116     66,684     (3 )%   (14 )%   12 %
Developed lots for operative builders 13,697     13,673     14,126     15,471     %   (3 )%   (11 )%
Commercial lots 22,937     20,047     16,205     16,050     14 %   42 %   43 %
Other construction 122,347     126,966     150,075     149,207     (4 )%   (18 )%   (18 )%
Total land, lot, and other construction 415,666     413,836     451,169     434,922     %   (8 )%   (4 )%
Owner occupied 885,736     874,651     849,148     834,742     1 %   4 %   6 %
Non-owner occupied 739,057     718,024     674,381     658,429     3 %   10 %   12 %
Total commercial real estate 1,624,793     1,592,675     1,523,529     1,493,171     2 %   7 %   9 %
Commercial and industrial 619,688     635,259     547,910     573,617     (2 )%   13 %   8 %
Agriculture 386,523     374,258     310,785     317,506     3 %   24 %   22 %
1st lien 801,705     802,152     775,785     782,116     %   3 %   3 %
Junior lien 67,351     67,019     68,358     71,678     %   (1 )%   (6 )%
Total 1-4 family 869,056     869,171     844,143     853,794     %   3 %   2 %
Multifamily residential 189,944     195,674     160,426     168,760     (3 )%   18 %   13 %
Home equity lines of credit 359,605     356,077     334,788     322,442     1 %   7 %   12 %
Other consumer 154,095     147,427     133,773     139,045     5 %   15 %   11 %
Total consumer 513,700     503,504     468,561     461,487     2 %   10 %   11 %
Other 185,633     174,732     124,203     118,234     6 %   49 %   57 %
Total loans receivable, including loans held for sale 4,916,875     4,860,632     4,534,821     4,524,697     1 %   8 %   9 %
Less loans held for sale 1 (40,456 )   (53,201 )   (46,726 )   (65,598 )   (24 )%   (13 )%   (38 )%
Total loans receivable $ 4,876,419     $ 4,807,431     $ 4,488,095     $ 4,459,099     1 %   9 %   9 %

 _______

 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
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
  Sep 30,
 2015
Sep 30,
 2015
Sep 30,
 2015
Custom and owner occupied construction $ 1,048     1,079     1,132     1,164     1,048          
Pre-sold and spec construction     18     218     222              
Total residential construction 1,048     1,097     1,350     1,386     1,048          
Land development 17,719     20,405     20,842     24,803     7,769         9,950  
Consumer land or lots 2,430     2,647     3,581     3,451     1,105         1,325  
Unimproved land 12,055     12,580     14,170     13,659     8,607         3,448  
Developed lots for operative builders 492     848     1,318     1,672     270         222  
Commercial lots 1,631     2,050     2,660     2,697     241         1,390  
Other construction 4,244     4,244     5,151     5,154             4,244  
Total land, lot and other construction 38,571     42,774     47,722     51,436     17,992         20,579  
Owner occupied 12,719     13,057     13,574     14,913     8,220     1,444     3,055  
Non-owner occupied 3,833     3,179     3,013     3,768     2,713         1,120  
Total commercial real estate 16,552     16,236     16,587     18,681     10,933     1,444     4,175  
Commercial and industrial 5,110     5,805     4,375     4,833     4,868     199     43  
Agriculture 3,114     2,769     3,074     3,430     2,499     167     448  
1st lien 11,953     9,867     9,580     13,236     10,538     107     1,308  
Junior lien 660     739     442     481     660          
Total 1-4 family 12,613     10,606     10,022     13,717     11,198     107     1,308  
Multifamily residential         440     450              
Home equity lines of credit 6,013     4,742     6,099     3,985     5,991     22      
Other consumer 204     164     231     222     103     45     56  
Total consumer 6,217     4,906     6,330     4,207     6,094     67     56  
Other 1,800     29                 1,800      
Total $ 85,025     84,222     89,900     98,140     54,632     3,784     26,609  
                                           

       
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
       
  Accruing 30-89 Days Delinquent Loans, 
by Loan Type
  % Change from
(Dollars in thousands) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
Custom and owner occupied construction $ 138     $     $     $     n/m     n/m     n/m  
Pre-sold and spec construction 144         869     179     n/m     (83 )%   (20 )%
Total residential construction 282         869     179     n/m     (68 )%   58 %
Consumer land or lots 266     158     391     62     68 %   (32 )%   329 %
Unimproved land 304     755     267     1,177     (60 )%   14 %   (74 )%
Developed lots for operative builders             21     n/m     n/m     (100 )%
Commercial lots     66     21     106     (100 )%   (100 )%   (100 )%
Other construction             660     n/m     n/m     (100 )%
Total land, lot and other construction 570     979     679     2,026     (42 )%   (16 )%   (72 )%
Owner occupied 2,497     4,727     5,971     4,341     (47 )%   (58 )%   (42 )%
Non-owner occupied 5,529     8,257     3,131     266     (33 )%   77 %   1,979 %
Total commercial real estate 8,026     12,984     9,102     4,607     (38 )%   (12 )%   74 %
Commercial and industrial 2,774     6,760     2,915     3,376     (59 )%   (5 )%   (18 )%
Agriculture 867     353     994     152     146 %   (13 )%   470 %
1st lien 2,510     2,891     6,804     3,738     (13 )%   (63 )%   (33 )%
Junior lien 228     335     491     275     (32 )%   (54 )%   (17 )%
Total 1-4 family 2,738     3,226     7,295     4,013     (15 )%   (62 )%   (32 )%
Multifamily Residential 114     671         684     (83 )%   n/m     (83 )%
Home equity lines of credit 1,599     2,464     1,288     1,725     (35 )%   24 %   (7 )%
Other consumer 811     996     928     789     (19 )%   (13 )%   3 %
Total consumer 2,410     3,460     2,216     2,514     (30 )%   9 %   (4 )%
Other 41     41     1,834     19     %   (98 )%   116 %
Total $ 17,822     $ 28,474     $ 25,904     $ 17,570     (37 )%   (31 )%   1 %

_______

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) Sep 30,
 2015
  Jun 30,
 2015
  Dec 31,
 2014
  Sep 30,
 2014
  Sep 30,
 2015
Sep 30,
 2015
Pre-sold and spec construction $ (34 )   (23 )   (94 )   (58 )       34  
Land development (293 )   (807 )   (390 )   (319 )   828     1,121  
Consumer land or lots (8 )   (77 )   375     69     306     314  
Unimproved land (152 )   (86 )   52     (186 )       152  
Developed lots for operative builders (72 )   (98 )   (140 )   (125 )   51     123  
Commercial lots (5 )   (3 )   (6 )   (5 )       5  
Other construction (1 )   (1 )               1  
Total land, lot and other construction (531 )   (1,072 )   (109 )   (566 )   1,185     1,716  
Owner occupied 249     271     669     201     587     338  
Non-owner occupied 105     109     (162 )   (44 )   116     11  
Total commercial real estate 354     380     507     157     703     349  
Commercial and industrial 1,011     1,007     1,069     932     1,638     627  
Agriculture (8 )   (7 )   28     (1 )       8  
1st lien (80 )   (49 )   372     207     39     119  
Junior lien (106 )   (129 )   183     199     79     185  
Total 1-4 family (186 )   (178 )   555     406     118     304  
Multifamily residential (318 )   (29 )   138     138         318  
Home equity lines of credit 531     206     190     222     660     129  
Other consumer 39     (3 )   226     210     367     328  
Total consumer 570     203     416     432     1,027     457  
Total $ 858     281     2,510     1,440     4,671     3,813  
                                     

Visit our website at www.glacierbancorp.com

CONTACT: CONTACT:  Michael J. Blodnick
(406) 751-4701
Ron J. Copher
(406) 751-7706

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