April 18, 2024

1st Quarter 2024 Highlights:

•Net income was $32.6 million for the current quarter, a decrease of $21.7 million, or 40 percent, from the prior quarter net income of $54.3 million and a decrease of $28.6 million, or 47 percent, from the prior year first quarter net income of $61.2 million. The current quarter included a total of $13.3 million related to credit loss expense from the acquisition of Wheatland Bank, acquisition-related expense and increased expense from the Federal Deposit Insurance Corporation (“FDIC”) special assessment.

•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.59 percent, an increase of 3 basis points from the prior quarter net interest margin of 2.56 percent.

•Interest income of $279 million in the current quarter increased $5.9 million, or 2 percent, over the prior quarter and increased $47.5 million, or 20 percent, over the prior year first quarter.

•The loan portfolio of $16.733 billion increased $534 million, or 3 percent, during the current quarter.

•The loan yield for the current quarter of 5.46 percent increased 12 basis points compared to 5.34 percent in the prior quarter and increased 44 basis points from the prior year first quarter loan yield of 5.02 percent.

•Total deposits of $20.428 billion increased $498 million, or 3 percent, during the current quarter and increased $279 million, or 1 percent, from the prior year first quarter.

•The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current quarter through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.

•Non-performing assets of $25.4 million at March 31, 2024 decreased $206 thousand, or 1 percent, from the prior quarter and decreased $6.6 million, or 20 percent, from the prior year first quarter.

•Stockholders’ equity of $3.111 billion increased $90.4 million, or 3 percent, during the current quarter and increased $184 million, or 6 percent, over the prior year first quarter.

•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 156 consecutive quarterly dividends and has increased the dividend 49 times.

•The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

•The Company announced a purchase and assumption agreement with Heartland Bank (“HTLF”) to purchase six Montana branches from its Rocky Mountain Bank division including the deposits, loans, owned real estate and fixed assets associated with the branches.

Financial Summary

KALISPELL, Mont., Apr 18, 2024 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $32.6 million for the current quarter, a decrease of $28.6 million, or 47 percent, from the $61.2 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.29 per share, a decrease of 47 percent from the prior year first quarter diluted earnings per share of $0.55. The decrease in net income compared to the prior year first quarter was primarily due to the significant increase in funding costs over the year combined with the increased costs associated with the acquisition of Wheatland Bank. The current quarter included $5.7 million of acquisition-related expense and $6.1 million of credit loss expense from the acquisition of Wheatland Bank. Included in the current quarter non-interest expense was $1.5 million related to the FDIC increased loss estimates from the special assessment pursuant to a systemic risk determination. “We are pleased to see our margin grow in the quarter and believe this positive trend will continue during 2024,” said Randy Chesler, President and Chief Executive Officer. “We remain very confident in the quality of our loan portfolio and were pleased to welcome Wheatland Bank to the Company and announce the acquisition of the six Rocky Mountain Bank branches in Montana from Heartland Financial.”

On January 31, 2024, the Company completed the acquisition of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington and was combined with the North Cascades Bank division, with combined operations under the name Wheatland Bank, division of Glacier Bank. The Company’s results of operations and financial condition include the Wheatland acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

During the current quarter, the Company announced the signing of a purchase and assumption agreement to purchase six Montana branches from the Rocky Mountain Bank division of HTLF. The branches will join Glacier Bank divisions operating in Montana. The branch acquisition is subject to regulatory approvals and other customary conditions of closing and is expected to be completed in the third quarter of 2024.

Asset Summary

																											$ Change from
(Dollars in thousands)			Mar 31, 2024						Dec 31, 2023						Mar 31, 2023												Dec 31, 2023						Mar 31, 2023
Cash and cash equivalents			$	788,660					1,354,342						1,529,534												(565,682)						(740,874)
Debt securities, available-for-sale			4,629,073						4,785,719						5,198,313												(156,646)						(569,240)
Debt securities, held-to-maturity			3,451,583						3,502,411						3,664,393												(50,828)						(212,810)
Total debt securities			8,080,656						8,288,130						8,862,706												(207,474)						(782,050)
Loans receivable
Residential real estate			1,752,514						1,704,544						1,508,403												47,970						244,111
Commercial real estate			10,672,269						10,303,306						9,992,019												368,963						680,250
Other commercial			3,030,608						2,901,863						2,804,104												128,745						226,504
Home equity			883,062						888,013						829,844												(4,951)						53,218
Other consumer			394,049						400,356						384,242												(6,307)						9,807
Loans receivable			16,732,502						16,198,082						15,518,612												534,420						1,213,890
Allowance for credit losses			(198,779)						(192,757)						(186,604)												(6,022)						(12,175)
Loans receivable, net			16,533,723						16,005,325						15,332,008												528,398						1,201,715
Other assets			2,419,131						2,094,832						2,078,186												324,299						340,945
Total assets			$	27,822,170					27,742,629						27,802,434												79,541						19,736

The $789 million cash balance at March 31, 2024 decreased $566 million during the current quarter as cash was utilized to partially fund the maturity of the BTFP. Total debt securities of $8.081 billion at March 31, 2024 decreased $207 million during the current quarter and decreased $782 million, or 9 percent, from the prior year end.

Debt securities represented 29 percent of total assets at March 31, 2024 compared to 30 percent at December 31, 2023 and 32 percent at March 31, 2023.

The loan portfolio of $16.733 billion at March 31, 2024 increased $534 million, or 3 percent, during the current quarter and increased $1.214 billion, or 8 percent, from the prior year. Excluding the Wheatland acquisition, the loan portfolio increased $84.0 million, or 2 percent annualized, with the largest increase in commercial real estate, which increased $63.9 million, or 2 percent annualized. Excluding the Wheatland acquisition, the loan portfolio increased $763 million, or 5 percent, from the prior year first quarter with the largest increase in commercial real estate loans, which increased $375 million, or 4 percent.

Credit Quality Summary

			At or for the Three Months ended						At or for the Year ended						At or for the Three Months ended
(Dollars in thousands)			Mar 31, 2024						Dec 31, 2023						Mar 31, 2023
Allowance for credit losses
Balance at beginning of period			$	192,757					182,283						182,283
Acquisitions			3						—						—
Provision for credit losses			9,091						20,790						6,260
Charge-offs			(4,295)						(15,095)						(3,293)
Recoveries			1,223						4,779						1,354
Balance at end of period			$	198,779					192,757						186,604
Provision for credit losses
Loan portfolio			$	9,091					20,790						6,260
Unfunded loan commitments			(842)						(5,995)						(790)
Total provision for credit losses			$	8,249					14,795						5,470
Other real estate owned			$	432					1,032						—
Other foreclosed assets			459						471						31
Accruing loans 90 days or more past due			3,796						3,312						3,545
Non-accrual loans			20,738						20,816						28,403
Total non-performing assets			$	25,425					25,631						31,979
Non-performing assets as a percentage of subsidiary assets			0.09		%				0.09		%				0.12		%
Allowance for credit losses as a percentage of non-performing loans			810		%				799		%				584		%
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			0.02		%				0.06		%				0.01		%
Accruing loans 30-89 days past due			$	62,423					49,967						24,993
U.S. government guarantees included in non-performing assets			$	1,490					1,503						2,071

Non-performing assets of $25.4 million at March 31, 2024 decreased $206 thousand, or 1 percent, over the prior quarter and decreased $6.6 million, or 20 percent, over the prior year first quarter. Non-performing assets as a percentage of subsidiary assets at March 31, 2024 was 0.09 percent compared to 0.09 percent in the prior quarter and 0.12 percent in the prior year first quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $62.4 million at March 31, 2024 increased $12.5 million from the prior quarter and increased $37.4 million from prior year first quarter. The increase over the prior period was primarily isolated to one credit relationship of $18.1 million. Early stage delinquencies as a percentage of loans at March 31, 2024 were 0.37 percent compared to 0.31 percent for the prior quarter end and 0.16 percent for the prior year first quarter.

The current quarter credit loss expense of $8.2 million included $5.3 million of provision for credit losses on loans and $818 thousand of provision for credit loss on unfunded loan commitments from the acquisition of Wheatland. Excluding the acquisition of Wheatland, the current quarter credit loss expense was $2.1 million, including a $3.8 million credit loss expense from loans and $1.7 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 March 31, 2024 and December 31, 2023 was 1.19 percent compared to 1.20 percent at March 31, 2023.

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
First quarter 2024			$	9,091					$	3,072					1.19		%				0.37		%				0.09		%
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		%

Net charge-offs for the current quarter were $3.1 million compared to $3.7 million in the prior quarter and $1.9 million for the prior year first quarter. Net charge-offs of $3.1 million included $2.4 million in deposit overdraft net charge-offs and $626 thousand of net loan charge-offs.

Excluding the acquisition of Wheatland, the current quarter provision for credit loss expense for loans was $3.8 million, which was a decrease of $361 thousand from the prior quarter and a $2.4 million decrease from the prior year first 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)			Mar 31, 2024						Dec 31, 2023						Mar 31, 2023												Dec 31, 2023						Mar 31, 2023
Deposits
Non-interest bearing deposits			$	6,055,069					6,022,980						7,001,241												32,089						(946,172)
NOW and DDA accounts			5,376,605						5,321,257						5,156,709												55,348						219,896
Savings accounts			2,949,908						2,833,887						2,985,351												116,021						(35,443)
Money market deposit accounts			3,002,942						2,831,624						3,429,123												171,318						(426,181)
Certificate accounts			3,039,190						2,915,393						1,155,494												123,797						1,883,696
Core deposits, total			20,423,714						19,925,141						19,727,918												498,573						695,796
Wholesale deposits			3,809						4,026						420,390												(217)						(416,581)
Deposits, total			20,427,523						19,929,167						20,148,308												498,356						279,215
Repurchase agreements			1,540,008						1,486,850						1,191,323												53,158						348,685
Deposits and repurchase agreements, total			21,967,531						21,416,017						21,339,631												551,514						627,900
Federal Home Loan Bank advances			2,140,157						—						335,000												2,140,157						1,805,157
FRB Bank Term Funding			—						2,740,000						2,740,000												(2,740,000)						(2,740,000)
Other borrowed funds			88,814						81,695						76,185												7,119						12,629
Subordinated debentures			132,984						132,943						132,822												41						162
Other liabilities			381,977						351,693						251,892												30,284						130,085
Total liabilities			$	24,711,463					24,722,348						24,875,530												(10,885)						(164,067)

Total deposits of $20.428 billion at March 31, 2024 increased $498 million, or 3 percent, during the current quarter and increased $279 million, or 1 percent, from the prior year first quarter. Excluding the Wheatland acquisition, total deposits decreased $119 million, or 1 percent, during the current quarter and decreased $338 million, or 2 percent, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at both March 31, 2024 and December 31, 2023 compared to 35 percent at March 31, 2023.

Upon maturity in the current quarter, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash, resulting in a net reduction of $600 million in borrowings. The FHLB borrowings of $2.140 billion at quarter end included $340 million of overnight borrowings and $1.800 billion in term borrowings that will mature between March of 2025 and March of 2026 at a weighted average rate of 4.75 percent and a FHLB dividend adjusted weighted average rate of 4.41 percent compared to 4.38 percent for the matured BTFP borrowings.

Stockholders’ Equity Summary

																											$ Change from
(Dollars in thousands, except per share data)			Mar 31, 2024						Dec 31, 2023						Mar 31, 2023												Dec 31, 2023						Mar 31, 2023
Common equity			$	3,483,012					3,394,394						3,337,132												88,618						145,880
Accumulated other comprehensive loss			(372,305)						(374,113)						(410,228)												1,808						37,923
Total stockholders’ equity			3,110,707						3,020,281						2,926,904												90,426						183,803
Goodwill and core deposit intangible, net			(1,069,808)						(1,017,263)						(1,024,545)												(52,545)						(45,263)
Tangible stockholders’ equity			$	2,040,899					2,003,018						1,902,359												37,881						138,540

Stockholders’ equity to total assets			11.18		%				10.89		%				10.53		%
Tangible stockholders’ equity to total tangible assets			7.63		%				7.49		%				7.10		%
Book value per common share			$	27.43					27.24						26.40												0.19						1.03
Tangible book value per common share			$	18.00					18.06						17.16												(0.06)						0.84

Tangible stockholders’ equity of $2.041 billion at March 31, 2024 increased $37.9 million, or 2 percent, compared to the prior quarter and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland. The increase was partially offset by the increase in goodwill and core deposits associated the acquisition of Wheatland. Tangible book value per common share of $18.00 at the current quarter end decreased $0.06 per share, or 33 basis points, from the prior quarter and increased $0.84 per share, or 5 percent, from the prior year first quarter.

Cash Dividends

On March 27, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 18, 2024 to shareholders of record on April 9, 2024. The dividend was the Company’s 156th 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.

Income Summary

			Three Months ended																		$ Change from
(Dollars in thousands)			Mar 31, 2024						Dec 31, 2023						Mar 31, 2023																		Dec 31, 2023						Mar 31, 2023
Net interest income
Interest income			$	279,402					273,496						231,888																		5,906						47,514
Interest expense			112,922						107,040						45,696																		5,882						67,226
Total net interest income			166,480						166,456						186,192																		24						(19,712)
Non-interest income
Service charges and other fees			18,563						19,115						17,771																		(552)						792
Miscellaneous loan fees and charges			4,362						4,484						3,967																		(122)						395
Gain on sale of loans			3,362						2,228						2,400																		1,134						962
Gain (loss) on sale of securities			16						1,712						(114)																		(1,696)						130
Other income			3,686						3,326						3,871																		360						(185)
Total non-interest income			29,989						30,865						27,895																		(876)						2,094
Total income			$	196,469					197,321						214,087																		(852)						(17,618)
Net interest margin (tax-equivalent)			2.59		%				2.56		%				3.08		%

Net Interest Income

The current quarter interest income of $279 million increased $5.9 million, or 2 percent, over the prior quarter and increased $47.5 million, or 20 percent, from the prior year first quarter. Both increases were primarily driven by the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.46 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.34 percent and increased 44 basis points from the prior year first quarter loan yield of 5.02 percent.

The current quarter interest expense of $113 million increased $5.9 million, or 6 percent, over the prior quarter and increased $67.2 million, or 147 percent, over the prior year first quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.34 percent for the current quarter compared to 1.24 percent in the prior quarter and 0.23 percent for the prior year first quarter. The increase in core deposit costs during the current quarter of 10 basis points was the smallest increase since the fourth quarter of 2022. The total cost of funding (including non-interest bearing deposits) was 1.84 percent in the current quarter compared to 1.72 percent in the prior quarter and 0.79 percent in the prior year first quarter, which was the result of the increased deposit and borrowing rates.

The current quarter experienced an increase in the net interest margin for the first time since the third quarter of 2022. The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.59 percent compared to 2.56 percent in the prior quarter and was primarily driven by the increase in loan yields outpacing the increase in deposit costs. Excluding the 3 basis points from discount accretion and the 1 basis point from recovery of non-accrual interest, the core net interest margin was 2.55 percent compared to 2.54 in the prior quarter and 3.07 percent in the prior year first quarter.

Non-interest Income

Non-interest income for the current quarter totaled $30.0 million, which was a decrease of $876 thousand, or 3 percent, over the prior quarter. Gain on the sale of residential loans of $3.4 million for the current quarter increased $1.1 million, or 51 percent, compared to the prior quarter and increased $962 thousand, or 40 percent, from the prior year first quarter.

Included in the prior 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																		$ Change from
(Dollars in thousands)			Mar 31, 2024						Dec 31, 2023						Mar 31, 2023																		Dec 31, 2023						Mar 31, 2023
Compensation and employee benefits			$	85,789					71,420						81,477																		14,369						4,312
Occupancy and equipment			11,883						10,533						11,665																		1,350						218
Advertising and promotions			3,983						3,410						4,235																		573						(252)
Data processing			9,159						8,511						8,109																		648						1,050
Other real estate owned and foreclosed assets			25						78						12																		(53)						13
Regulatory assessments and insurance			7,761						12,435						4,903																		(4,674)						2,858
Core deposit intangibles amortization			2,760						2,427						2,449																		333						311
Other expenses			30,483						23,382						22,132																		7,101						8,351
Total non-interest expense			$	151,843					132,196						134,982																		19,647						16,861

Total non-interest expense of $152 million for the current quarter increased $19.6 million, or 15 percent, over the prior quarter and increased $16.9 million, or 12 percent, over the prior year first quarter. In the prior quarter, the FDIC issued a special assessment for the estimated losses associated with the bank failures in March of 2023 and FDIC loss estimates were again increased by $1.5 million in the current quarter from $6.0 million in the prior quarter. Included in the current quarter was a total of $10.7 million of non-interest expense associated with the Wheatland acquisition, including $5.0 million in operating expenses and $5.7 million in acquisition-related expenses. Excluding the $10.7 million impact of the Wheatland acquisition and the $1.5 million FDIC special assessment, non-interest expense for the current quarter was $139.6 million. Excluding the $6.0 million FDIC special assessment, $459 thousand of acquisition-related expenses, and $6.0 million reduction in accrued performance-related compensation, non-interest expense for the prior quarter was $131.7 million. As adjusted, total non-interest expense of $139.6 million for the current quarter increased $7.9 million, or 6 percent, over the prior quarter non-interest expense of $131.7 million, and an increase of $5.0 million, or 4 percent, over the prior year first quarter.

Compensation and employee benefits expense of $85.8 million for the current quarter increased $14.4 million, or 20 percent, from the prior quarter and increased $4.3 million, or 5 percent, over the prior year first quarter which was driven by the acquisition of Wheatland, annual salary increases and increases in other benefits. Excluding the prior quarter $6.0 million accrual reduction and the $2.2 million compensation from the Wheatland acquisition, compensation and employee benefit expenses for the current quarter increased $6.2 million, or 8 percent over the prior quarter.

Other expense of $30.5 million increased $7.1 million, or 30 percent, from the prior quarter and increased $8.4 million from the prior year first quarter with both increases primarily attributable to increased acquisition-related expenses. Included in other expenses was acquisition-related expenses of $5.7 million in the current quarter, $459 thousand in the prior quarter and $352 thousand in the prior year first quarter. “The Company was excellent in controlling non-interest expenses in a challenging environment including the inflationary pressures that persist,” said Ron Copher, Chief Financial Officer.

Federal and State Income Tax Expense

Tax expense during the first quarter of 2024 was $3.8 million, a decrease of $4.0 million, or 52 percent, compared to the prior quarter and a decrease of $8.7 million, or 70 percent, from the prior year first quarter.

The effective tax rate in the current quarter was 10.3 percent compared to 12.6 percent in the prior quarter and 16.9 percent in the prior year first quarter. The current quarter decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal income tax credits and a decrease in pre-tax income.

Efficiency Ratio

The efficiency ratio was 74.4 percent in the current quarter compared to 65.20 percent in the prior quarter and 60.39 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the increased operating costs, including acquisition-related costs, from the Wheatland acquisition. The increase in the efficiency ratio from prior year first quarter was the combined impact of the expenses related to the Wheatland acquisition and a decrease in net 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, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;

•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, April 19, 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/BId550ca03e5d445a9891dc7564271bdf4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ah79xpra. 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), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

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1 Includes tax effect of $1.6 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2024 and December 31, 2023, respectively.

2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.

3 Includes tax effect of $2.2 million and $2.0 million on tax-exempt debt securities income for the three months ended March 31, 2024 and December 31, 2023, respectively.

4     Includes interest income of $15.3 million and $17.7 million on average interest-bearing cash balances of $1.12 billion and $1.29 billion for the three months ended March 31, 2024 and December 31, 2023, respectively.

5 Includes tax effect of $215 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2024 and December 31, 2023, respectively.

6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

			Three Months ended
			March 31, 2024																		March 31, 2023
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	1,747,184					$	20,764					4.75		%				$	1,493,938					$	15,838					4.24		%
Commercial loans 1			13,513,426						183,045						5.45		%				12,655,551						157,456						5.05		%
Consumer and other loans			1,283,388						20,948						6.56		%				1,207,315						16,726						5.62		%
Total loans 2			16,543,998						224,757						5.46		%				15,356,804						190,020						5.02		%
Tax-exempt debt securities 3			1,720,370						15,157						3.52		%				1,761,533						16,030						3.64		%
Taxable debt securities 4, 5			8,176,974						43,477						2.13		%				8,052,662						31,084						1.54		%
Total earning assets			26,441,342						283,391						4.31		%				25,170,999						237,134						3.82		%
Goodwill and intangibles			1,051,954																		1,025,716
Non-earning assets			611,550																		478,962
Total assets			$	28,104,846																	$	26,675,677
Liabilities
Non-interest bearing deposits			$	5,966,546					$	—					—		%				$	7,274,228					$	—					—		%
NOW and DDA accounts			5,275,703						15,918						1.21		%				5,080,175						2,271						0.18		%
Savings accounts			2,900,649						5,655						0.78		%				3,107,559						514						0.07		%
Money market deposit accounts			2,948,294						14,393						1.96		%				3,468,953						5,834						0.68		%
Certificate accounts			3,000,713						31,175						4.18		%				984,770						2,584						1.06		%
Total core deposits			20,091,905						67,141						1.34		%				19,915,685						11,203						0.23		%
Wholesale deposits 6			3,965						55						5.50		%				120,468						1,342						4.52		%
Repurchase agreements			1,513,397						12,598						3.35		%				1,035,582						4,606						1.80		%
FHLB advances			350,754						4,249						4.79		%				1,990,833						23,605						4.74		%
FRB Bank Term Funding			2,483,077						27,097						4.39		%				280,944						3,032						4.32		%
Subordinated debentures and other borrowed funds			218,271						1,782						3.28		%				209,547						1,908						3.69		%
Total funding liabilities			24,661,369						112,922						1.84		%				23,553,059						45,696						0.79		%
Other liabilities			356,554																		217,245
Total liabilities			25,017,923																		23,770,304
Stockholders’ Equity
Stockholders’ equity			3,086,923																		2,905,373
Total liabilities and stockholders’ equity			$	28,104,846																	$	26,675,677
Net interest income (tax-equivalent)									$	170,469																	$	191,438
Net interest spread (tax-equivalent)															2.47		%																3.03		%
Net interest margin (tax-equivalent)															2.59		%																3.08		%

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1 Includes tax effect of $1.6 million and $1.8 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2024 and 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 $2.2 million and $3.3 million on tax-exempt debt securities income for the three months ended March 31, 2024 and 2023, respectively.

4     Includes interest income of $15.3 million and $2.1 million on average interest-bearing cash balances of $1.12 billion and $176.9 million for the three months ended March 31, 2024 and 2023, respectively.

5 Includes tax effect of $215 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2024 and 2023, respectively.

6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

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1 Loans held for sale are primarily 1st lien 1-4 family loans.