January 23, 2025

4th Quarter 2024 Highlights:

•Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49 per share.

•Net income was $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent, from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the prior year fourth quarter net income of $54.3 million.

•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent.

•Net interest income was $191 million for the current quarter, an increase of $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and an increase of $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million.

•Non-interest expense was $141 million for the current quarter, a decrease of $3.7 million, or 3 percent, from the prior quarter.

•The loan portfolio of $17.262 billion increased $81 million, or 2 percent annualized, during the current quarter.

•The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.

•The total earning asset yield of 4.57 percent in the current quarter increased 5 basis points from the prior quarter earning asset yield of 4.52 percent and increased 40 basis points from the prior year fourth quarter earning asset yield of 4.17 percent.

•The total core deposit cost (including non-interest bearing deposits) of 1.29 percent in the current quarter decreased 8 basis point from the prior quarter total core deposit cost of 1.37 percent.

•The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis point from the prior quarter total cost of funding of 1.79 percent.

•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 159 consecutive quarterly dividends and has increased the dividend 49 times.

Year 2024 Highlights:

•Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the prior year net income of $223 million.

•Net interest income for 2024 was $705 million, an increase of $13.0 million, or 2 percent, from the prior year net interest income of $692 million.

•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current year was 2.77 percent, an increase of 4 basis points from the prior year net interest margin of 2.73.

•The loan portfolio increased $1.064 billion, or 7 percent, from the prior year end and organically increased $342 million, or 2 percent, during 2024.

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

•Dividends declared in 2024 were $1.32 per share.

•The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million.

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

Financial Summary

KALISPELL, Mont., Jan 23, 2025 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the $54.3 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49. The increase in net income compared to the prior quarter was primarily driven by an increase in net interest income and a decrease in non-interest expenses. The increase in net income compared to the prior year fourth quarter was due to the increase in net interest income which outpaced the increased costs associated with the acquisitions of Wheatland and RMB over the prior year fourth quarter. “The Glacier team once again delivered another strong quarter and year,” said Randy Chesler, President and Chief Executive Officer. “Our positive earnings trends should continue into 2025 and we look forward to optimizing these trends with our focus on the financial markets, our customers and employees.”

Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the $223 million net income for the prior year. Diluted earnings per share for 2024 was $1.68 per share, a decrease of $0.33 per share from the prior year diluted earnings per share of $2.01. The decrease in net income for the current year compared to the prior year was primarily due to the significant increase in funding costs and a $8.6 million increase in acquisition-related expenses. Acquisition-related expense was $9.9 million in the current year compared to $1.3 million in the prior year. In addition, the 2024 results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 20 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

Asset Summary

																											$ Change from
(Dollars in thousands)			Dec 31, 2024						Sep 30, 2024						Dec 31, 2023												Sep 30, 2024						Dec 31, 2023
Cash and cash equivalents			$	848,408					987,833						1,354,342												(139,425)						(505,934)
Debt securities, available-for-sale			4,245,205						4,436,578						4,785,719												(191,373)						(540,514)
Debt securities, held-to-maturity			3,294,847						3,348,698						3,502,411												(53,851)						(207,564)
Total debt securities			7,540,052						7,785,276						8,288,130												(245,224)						(748,078)
Loans receivable
Residential real estate			1,858,929						1,837,697						1,704,544												21,232						154,385
Commercial real estate			10,963,713						10,833,841						10,303,306												129,872						660,407
Other commercial			3,119,535						3,177,051						2,901,863												(57,516)						217,672
Home equity			930,994						931,440						888,013												(446)						42,981
Other consumer			388,678						401,158						400,356												(12,480)						(11,678)
Loans receivable			17,261,849						17,181,187						16,198,082												80,662						1,063,767
Allowance for credit losses			(206,041)						(205,170)						(192,757)												(871)						(13,284)
Loans receivable, net			17,055,808						16,976,017						16,005,325												79,791						1,050,483
Other assets			2,458,719						2,456,643						2,094,832												2,076						363,887
Total assets			$	27,902,987					28,205,769						27,742,629												(302,782)						160,358

Total debt securities of $7.540 billion at December 31, 2024 decreased $245 million, or 3 percent, during the current quarter and decreased $748 million, or 9 percent, from the prior year fourth quarter. Debt securities represented 27 percent of total assets at December 31, 2024 compared to 30 percent at December 31, 2023.

The loan portfolio of $17.262 billion at December 31, 2024 increased $81 million, or 2 percent annualized, during the current quarter and increased $1.064 billion, or 7 percent, from the prior year end. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $342 million, or 2 percent, during 2024. Excluding the acquisitions, the loan category with the largest dollar increase during 2024 was commercial real estate which increased $234 million, or 2 percent.

Credit Quality Summary

			At or for the Year ended						At or for the Nine Months ended						At or for the Year ended
(Dollars in thousands)			Dec 31, 2024						Sep 30, 2024						Dec 31, 2023
Allowance for credit losses
Balance at beginning of period			$	192,757					192,757						182,283
Acquisitions			3						3						—
Provision for credit losses			27,179						21,138						20,790
Charge-offs			(18,626)						(12,406)						(15,095)
Recoveries			4,728						3,678						4,779
Balance at end of period			$	206,041					205,170						192,757
Provision for credit losses
Loan portfolio			$	27,179					21,138						20,790
Unfunded loan commitments			1,127						(1,366)						(5,995)
Total provision for credit losses			$	28,306					19,772						14,795
Other real estate owned			$	1,085					432						1,032
Other foreclosed assets			79						201						471
Accruing loans 90 days or more past due			6,177						11,551						3,312
Non-accrual loans			20,445						15,937						20,816
Total non-performing assets			$	27,786					28,121						25,631
Non-performing assets as a percentage of subsidiary assets			0.10		%				0.10		%				0.09		%
Allowance for credit losses as a percentage of non-performing loans			774		%				730		%				799		%
Allowance for credit losses as a percentage of total loans			1.19		%				1.19		%				1.19		%
Net charge-offs as a percentage of total loans			0.08		%				0.05		%				0.06		%
Accruing loans 30-89 days past due			$	32,228					56,213						49,967
U.S. government guarantees included in non-performing assets			$	748					1,802						1,503

Non-performing assets as a percentage of subsidiary assets at December 31, 2024 was 0.10 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year fourth quarter. Non-performing assets of $27.8 million at December 31, 2024 decreased $335 thousand, or 1 percent, over the prior quarter and increased $2.2 million, or 8 percent, over the prior year fourth quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at December 31, 2024 were 0.19 percent compared to 0.33 percent for the prior quarter end and 0.31 percent for the prior year fourth quarter.

Early stage delinquencies of $32.2 million at December 31, 2024 decreased $24.0 million from the prior quarter and decreased $17.7 million from prior year fourth quarter.

The current quarter credit loss expense of $8.5 million included $6.0 million of provision for credit losses on loans and $2.5 million of provision for credit losses on unfunded commitments. For the current year, the provision for credit losses of $28.3 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at December 31, 2024 was 1.19 percent and remained unchanged from the prior year end. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

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

(Dollars in thousands)			Provision for Credit Losses Loans						Net Charge-Offs						ACL as a Percent of Loans						Accruing Loans 30-89 Days Past Due as a Percent of Loans						Non-Performing Assets to Total Subsidiary Assets
Fourth quarter 2024			$	6,041					$	5,170					1.19		%				0.19		%				0.10		%
Third quarter 2024			6,981						2,766						1.19		%				0.33		%				0.10		%
Second quarter 2024			5,066						2,890						1.19		%				0.29		%				0.06		%
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		%

Net charge-offs for the current quarter were $5.2 million compared to $2.8 million in the prior quarter and $3.7 million for the prior year fourth quarter. The increase in net charge-offs during the current quarter were primarily due to a few isolated loans. Net charge-offs of $5.2 million included $2.1 million in deposit overdraft net charge-offs and $3.1 million of net loan charge-offs.

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

Liability Summary

																											$ Change from
(Dollars in thousands)			Dec 31, 2024						Sep 30, 2024						Dec 31, 2023												Sep 30, 2024						Dec 31, 2023
Deposits
Non-interest bearing deposits			$	6,136,709					6,407,728						6,022,980												(271,019)						113,729
NOW and DDA accounts			5,543,512						5,363,476						5,321,257												180,036						222,255
Savings accounts			2,845,124						2,801,077						2,833,887												44,047						11,237
Money market deposit accounts			2,878,213						2,854,540						2,831,624												23,673						46,589
Certificate accounts			3,139,821						3,284,609						2,915,393												(144,788)						224,428
Core deposits, total			20,543,379						20,711,430						19,925,141												(168,051)						618,238
Wholesale deposits			3,615						3,334						4,026												281						(411)
Deposits, total			20,546,994						20,714,764						19,929,167												(167,770)						617,827
Repurchase agreements			1,777,475						1,831,501						1,486,850												(54,026)						290,625
Deposits and repurchase agreements, total			22,324,469						22,546,265						21,416,017												(221,796)						908,452
Federal Home Loan Bank advances			1,800,000						1,800,000						—												—						1,800,000
FRB Bank Term Funding			—						—						2,740,000												—						(2,740,000)
Other borrowed funds			83,341						84,168						81,695												(827)						1,646
Subordinated debentures			133,105						133,065						132,943												40						162
Other liabilities			338,218						397,221						351,693												(59,003)						(13,475)
Total liabilities			$	24,679,133					24,960,719						24,722,348												(281,586)						(43,215)

Total deposits of $20.547 billion at December 31, 2024 decreased $168 million, or 1 percent, from the prior quarter and increased $618 million, or 3 percent, from the prior year end. Total deposits organically decreased $396 million, or 2 percent, from the prior year end and total deposits and repurchase agreements organically decreased $109 million, or 51 basis points, from the prior year end. Non-interest bearing deposits represented 30 percent of total deposits at December 31, 2024 and December 31, 2023.

Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

Stockholders’ Equity Summary

																											$ Change from
(Dollars in thousands, except per share data)			Dec 31, 2024						Sep 30, 2024						Dec 31, 2023												Sep 30, 2024						Dec 31, 2023
Common equity			$	3,533,150					3,507,356						3,394,394												25,794						138,756
Accumulated other comprehensive loss			(309,296)						(262,306)						(374,113)												(46,990)						64,817
Total stockholders’ equity			3,223,854						3,245,050						3,020,281												(21,196)						203,573
Goodwill and intangibles, net			(1,102,500)						(1,106,336)						(1,017,263)												3,836						(85,237)
Tangible stockholders’ equity			$	2,121,354					2,138,714						2,003,018												(17,360)						118,336

Stockholders’ equity to total assets			11.55		%				11.50		%				10.89		%
Tangible stockholders’ equity to total tangible assets			7.92		%				7.89		%				7.49		%
Book value per common share			$	28.43					28.62						27.24												(0.19)						1.19
Tangible book value per common share			$	18.71					18.86						18.06												(0.15)						0.65

Tangible stockholders’ equity of $2.121 billion at December 31, 2024 decreased $17.4 million, or 1 percent, compared to the prior quarter and was primarily the result of an increase in unrealized loss on the available-for-sale debt securities which was partially offset by earnings retention. Tangible stockholders’ equity at December 31, 2024 increased $118 million, or 6 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and a decrease of $67.9 million in unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.71 at the current quarter end increased $0.65 per share, or 4 percent, from the prior year end.

Cash Dividends

On November 20, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable December 19, 2024 to shareholders of record on December 10, 2024. The dividend was the Company’s 159th 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
(Dollars in thousands)			Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023
Net interest income
Interest income			$	297,036					289,578						273,834						279,402						273,496
Interest expense			105,593						109,347						107,356						112,922						107,040
Total net interest income			191,443						180,231						166,478						166,480						166,456
Non-interest income
Service charges and other fees			20,322						20,587						19,422						18,563						19,115
Miscellaneous loan fees and charges			4,541						4,970						4,821						4,362						4,484
Gain on sale of loans			3,926						4,898						4,669						3,362						2,228
Gain (loss) on sale of securities			—						26						(12)						16						1,712
Other income			2,760						4,223						3,304						3,686						3,326
Total non-interest income			31,549						34,704						32,204						29,989						30,865
Total income			$	222,992					214,935						198,682						196,469						197,321
Net interest margin (tax-equivalent)			2.97		%				2.83		%				2.68		%				2.59		%				2.56		%
									$ Change from
(Dollars in thousands)									Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023
Net interest income
Interest income									$	7,458					23,202						17,634						23,540
Interest expense									(3,754)						(1,763)						(7,329)						(1,447)
Total net interest income									11,212						24,965						24,963						24,987
Non-interest income
Service charges and other fees									(265)						900						1,759						1,207
Miscellaneous loan fees and charges									(429)						(280)						179						57
Gain on sale of loans									(972)						(743)						564						1,698
Gain (loss) on sale of securities									(26)						12						(16)						(1,712)
Other income									(1,463)						(544)						(926)						(566)
Total non-interest income									(3,155)						(655)						1,560						684
Total income									$	8,057					24,310						26,523						25,671

Net interest income of $191 million for the current quarter increased $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and increased $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million. The current quarter interest income of $297 million increased $7.5 million, or 3 percent, over the prior quarter and was primarily driven by increased loan yields and increased average loan balances, coupled with increased average interest-bearing cash balances. The current quarter interest income increased $23.5 million, or 9 percent, over the prior year fourth quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.

The current quarter interest expense of $106 million decreased $3.8 million, or 3 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $1.4 million, or 1 percent, over the prior year fourth quarter and was primarily the result of lower average wholesale borrowings. Core deposit cost (including non-interest bearing deposits) was 1.29 percent for the current quarter compared to 1.37 percent in the prior quarter and 1.24 percent for the prior year fourth quarter. The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis points from the prior quarter and decreased 1 basis point from the prior year fourth quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and was primarily driven by a decrease in deposit costs and an increase in interest-bearing cash balances. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent and was primarily driven by an increase in loan yields which more than offset the increase in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.92 percent in the current quarter compared to 2.83 percent in the prior quarter and 2.56 in the prior year fourth quarter. “The Company was pleased with the 14 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer. “The remix of lower yield cash flow from the securities portfolio combined with the lower funding cost contributed to the improved net interest margin.”

Non-interest income for the current quarter totaled $31.5 million, which was a decrease of $3.2 million, or 9 percent, over the prior quarter and an increase of $684 thousand, or 2 percent, over the prior year fourth quarter. Service charges and other fees of $20.3 million for the current quarter decreased $265 thousand, or 1 percent, compared to the prior quarter and increased $1.2 million, or 6 percent, compared to the prior year fourth quarter. Gain on the sale of residential loans of $3.9 million for the current quarter decreased $972 thousand, or 20 percent, compared to the prior quarter and increased $1.7 million, or 76 percent, from the prior year fourth quarter. Included in the prior year fourth quarter gain on the sale of securities was $1.7 million gain on the sale of all of the Company’s Visa class B shares. Other income of $2.8 million decreased $1.5 million, or 35 percent, over the prior quarter primarily due to a $1.2 million gain on the sale of repossessed property during the prior quarter.

Non-interest Expense Summary

			Three Months ended
(Dollars in thousands)			Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023
Compensation and employee benefits			$	81,600					85,083						84,434						85,789						71,420
Occupancy and equipment			11,589						11,989						11,594						11,883						10,533
Advertising and promotions			3,725						4,062						4,362						3,983						3,410
Data processing			9,145						9,196						9,387						9,159						8,511
Other real estate owned and foreclosed assets			30						13						149						25						78
Regulatory assessments and insurance			5,890						5,150						5,393						7,761						12,435
Intangibles amortization			3,613						3,367						3,017						2,760						2,427
Other expenses			25,373						25,848						22,616						30,483						23,382
Total non-interest expense			$	140,965					144,708						140,952						151,843						132,196
									$ Change from
(Dollars in thousands)									Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023
Compensation and employee benefits									$	(3,483)					(2,834)						(4,189)						10,180
Occupancy and equipment									(400)						(5)						(294)						1,056
Advertising and promotions									(337)						(637)						(258)						315
Data processing									(51)						(242)						(14)						634
Other real estate owned and foreclosed assets									17						(119)						5						(48)
Regulatory assessments and insurance									740						497						(1,871)						(6,545)
Core deposit intangibles amortization									246						596						853						1,186
Other expenses									(475)						2,757						(5,110)						1,991
Total non-interest expense									$	(3,743)					13						(10,878)						8,769

Total non-interest expense of $141 million for the current quarter decreased $3.7 million, or 3 percent, over the prior quarter and increased $8.8 million, or 7 percent, over the prior year fourth quarter. Compensation and employee benefits of $81.6 million decreased by $3.5 million, or 4 percent, over the prior quarter and was primarily attributable to decreased performance-related compensation. Compensation and employee benefits increased $10.2 million, or 14 percent, from the prior year fourth quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB. Regulatory assessment and insurance of $5.9 million decreased $6.6 million from the prior year fourth quarter as a result of the $6.0 million expense related to the FDIC special assessment in the prior year fourth quarter.

Other expenses of $25.4 million increased $2.0 million, or 9 percent, from the prior year fourth quarter. The current quarter other expenses included $2.0 million of gains from the sale of former branch facilities and disposal of fixed assets. Acquisition-related expense was $491 thousand in the current quarter compared to $1.9 million in the prior quarter and $136 thousand in the prior year fourth quarter.

Tax expense during the fourth quarter of 2024 was $11.7 million, an increase of $572 thousand, or 5 percent, compared to the prior quarter and an increase of $3.9 million, or 51 percent, from the prior year fourth quarter.

The effective tax rate in the current quarter was 16.0 percent compared to 17.9 percent in the prior quarter and 12.6 percent in the prior year fourth quarter.

The efficiency ratio was 60.50 percent in the current quarter compared to 64.92 percent in the prior quarter and 65.20 percent in the prior year fourth quarter. The decrease from the prior quarter was principally driven by the increase in net interest income combined with a decrease in non-interest expense.

Income Summary

			Year ended
(Dollars in thousands)			Dec 31, 2024						Dec 31, 2023						$ Change						% Change
Net interest income
Interest income			$	1,139,850					$	1,017,655					$	122,195					12		%
Interest expense			435,218						325,973						109,245						34		%
Total net interest income			704,632						691,682						12,950						2		%
Non-interest income
Service charges and other fees			78,894						75,157						3,737						5		%
Miscellaneous loan fees and charges			18,694						16,935						1,759						10		%
Gain on sale of loans			16,855						12,202						4,653						38		%
Gain (loss) on sale of securities			30						1,510						(1,480)						(98)		%
Other income			13,973						12,275						1,698						14		%
Total non-interest income			128,446						118,079						10,367						9		%
Total Income			$	833,078					$	809,761					$	23,317					3		%
Net interest margin (tax-equivalent)			2.77		%				2.73		%

Net-interest income of $705 million for 2024 increased $13.0 million, or 2 percent, over 2023 and was primarily driven by increased interest income which outpaced the increase in interest expense. Interest income of $1.140 billion for 2024 increased $122 million, or 12 percent, from the prior year and was primarily attributable to the increases in the loan yields and increases in the average balance of the loan portfolio. The loan yield was 5.61 percent during 2024, an increase of 42 basis points from the prior year 5.19 percent.

Interest expense of $435 million for 2024 increased $109 million, or 34 percent, over the prior year and was primarily the result of higher interest rates on deposits and an increase in deposit balances. Core deposit cost (including non-interest bearing deposits) was 1.34 percent for 2024 compared to 0.77 percent for the prior year. The total funding cost (including non-interest bearing deposits) for 2024 was 1.79 percent, which was an increase of 44 basis points over the prior year funding cost of 1.35 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2024 was 2.77 percent, a 4 basis points increase from the net interest margin of 2.73 percent for the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.72 percent in the current year compared to 2.71 percent in the prior year.

Non-interest income of $128 million for 2024 increased $10.4 million, or 9 percent, over last year. Gain on sale of residential loans of $16.9 million for 2024 increased by $4.7 million, or 38 percent, over the prior year. Other income of $14.0 million for 2024 increased $1.7 million, or 14 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current year.

Non-interest Expense Summary

Total non-interest expense of $578 million for 2024 increased $51.1 million, or 10 percent, over the prior year. Compensation and employee benefits expense of $337 million in 2024 increased $27.9 million, or 9 percent, over the prior year and was driven by annual salary increases, increases in performance-related compensation and the acquisitions of Wheatland and RMB. Regulatory assessments and insurance expense of $24.2 million for 2024 decreased $4.5 million, or 16 percent, over the prior year which was principally due to the prior year $6.0 million expense related to the FDIC special assessment which had subsequent $1.0 million accrual adjustment increases in 2024. Other expenses of $104 million for 2024 increased $17.3 million, or 20 percent, from the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses and increased costs from the acquisition of Wheatland and RMB. The increase was partially offset by gains of $5.1 million from the sale of former branch facilities and disposal of fixed assets.

Provision for Credit Losses

The provision for credit loss expense was $28.3 million during 2024, an increase of $13.5 million, or 91 percent, over the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for 2024 were $13.9 million compared to $10.3 million in the prior year.

Tax expense of $36.2 million for 2024 decreased $8.5 million, or 19 percent, over the prior year. The effective tax rate for 2024 was 16.0 percent compared to 16.7 percent for the same period in the prior year.

The efficiency ratio was 66.71 percent for 2024 compared to 62.85 percent for 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense including costs associated with the acquisition of Wheatland and RMB .

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,” “will,” “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 an uncertain interest rate environment, inflationary pressures, the potential for significant changes in economic policies in the new administration, 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 pending or 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 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 technology 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 any of the foregoing; and

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

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

Conference Call Information

A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 24, 2025. 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

/BI48e927f557ce420692df4cbc5e0e77fb. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/qm4zr4ba.

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 (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

______________________________

1 Includes tax effect of $1.7 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and September 30, 2024, 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 $2.1 million and $2.1 million on tax-exempt debt securities income for the three months ended December 31, 2024 and September 30, 2024, respectively.

4     Includes interest income of $9.2 million and $4.8 million on average interest-bearing cash balances of $759.7 million and $357.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.

5 Includes tax effect of $203 thousand and $203 thousand on federal income tax credits for the three months ended December 31, 2024 and September 30, 2024, respectively.

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

			Three Months ended
			December 31, 2024																		December 31, 2023
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	1,885,146					$	23,960					5.08		%				$	1,700,598					$	19,820					4.66		%
Commercial loans 1			14,059,864						200,956						5.69		%				13,196,412						177,397						5.33		%
Consumer and other loans			1,324,341						23,435						7.04		%				1,279,626						20,486						6.35		%
Total loans 2			17,269,351						248,351						5.72		%				16,176,636						217,703						5.34		%
Tax-exempt debt securities 3			1,615,474						14,501						3.59		%				1,725,858						14,738						3.42		%
Taxable debt securities 4, 5			7,314,265						38,189						2.09		%				8,466,825						44,665						2.11		%
Total earning assets			26,199,090						301,041						4.57		%				26,369,319						277,106						4.17		%
Goodwill and intangibles			1,104,362																		1,018,423
Non-earning assets			888,404																		487,979
Total assets			$	28,191,856																	$	27,875,721
Liabilities
Non-interest bearing deposits			$	6,343,443					$	—					—		%				$	6,262,801					$	—					—		%
NOW and DDA accounts			5,491,451						15,768						1.14		%				5,245,602						14,751						1.12		%
Savings accounts			2,824,126						5,316						0.75		%				2,843,788						4,848						0.68		%
Money market deposit accounts			2,878,415						14,232						1.97		%				2,911,054						13,600						1.85		%
Certificate accounts			3,174,923						31,716						3.97		%				2,872,192						29,563						4.08		%
Total core deposits			20,712,358						67,032						1.29		%				20,135,437						62,762						1.24		%
Wholesale deposits 6			3,654						47						4.95		%				53,841						722						5.32		%
Repurchase agreements			1,866,705						14,821						3.16		%				1,488,419						12,229						3.26		%
FHLB advances			1,800,000						21,848						4.75		%				—						—						—		%
FRB Bank Term Funding			—						—						—		%				2,740,000						30,228						4.38		%
Subordinated debentures and other borrowed funds			216,874						1,845						3.38		%				211,570						1,099						2.06		%
Total funding liabilities			24,599,591						105,593						1.71		%				24,629,267						107,040						1.72		%
Other liabilities			369,700																		332,740
Total liabilities			24,969,291																		24,962,007
Stockholders’ Equity
Stockholders’ equity			3,222,565																		2,913,714
Total liabilities and stockholders’ equity			$	28,191,856																	$	27,875,721
Net interest income (tax-equivalent)									$	195,448																	$	170,066
Net interest spread (tax-equivalent)															2.86		%																2.45		%
Net interest margin (tax-equivalent)															2.97		%																2.56		%

______________________________

1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended December 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 $2.1 million and $2.0 million on tax-exempt debt securities income for the three months ended December 31, 2024 and 2023, respectively.

4     Includes interest income of $9.2 million and $17.7 million on average interest-bearing cash balances of $759.7 million and $1.29 billion for the three months ended December 31, 2024 and 2023, respectively.

5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended December 31, 2024 and 2023, respectively.

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

______________________________

1 Includes tax effect of $6.5 million and $5.9 million on tax-exempt municipal loan and lease income for the year months ended December 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 $8.6 million and $8.9 million on tax-exempt debt securities income for the year months ended December 31, 2024 and 2023, respectively.

4     Includes interest income of $31.2 million and $42.2 million on average interest-bearing cash balances of $594.8 million and $791.5 million for the year months ended December 31, 2024 and 2023, respectively.

5 Includes tax effect of $832 thousand and $859 thousand on federal income tax credits for the year months ended December 31, 2024 and 2023, respectively.

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