Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

2nd Quarter 2025 Highlights:

• Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
• Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
• Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
• The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
• Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
• Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
• Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
• The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
• The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
• The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
• The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
• The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

First Half 2025 Highlights

• Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
• Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
• Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
• The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
• Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
• Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
• Dividends declared in the first half of 2025 were $0.66 per share.

Financial Summary

	At or for the Three Months ended										At or for the Six Months ended
(Dollars in thousands, except per share and market data)	Jun 30, 2025				Mar 31, 2025			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Operating results
Net income	$	52,781			54,568			44,708			107,349			77,335
Basic earnings per share	$	0.45			0.48			0.39			0.93			0.68
Diluted earnings per share	$	0.45			0.48			0.39			0.93			0.68
Dividends declared per share	$	0.33			0.33			0.33			0.66			0.66
Market value per share
Closing	$	43.08			44.22			37.32			43.08			37.32
High	$	44.70			52.81			40.18			52.81			42.75
Low	$	36.76			43.18			34.35			36.76			34.35
Selected ratios and other data
Number of common stock shares outstanding		118,550,475			113,517,944			113,394,092			118,550,475			113,394,092
Average outstanding shares - basic		116,890,776			113,451,199			113,390,539			115,180,489			112,941,341
Average outstanding shares - diluted		116,918,290			113,546,365			113,405,491			115,244,550			112,981,531
Return on average assets (annualized)		0.74	%		0.80	%		0.66	%		0.77	%		0.56	%
Return on average equity (annualized)		6.13	%		6.77	%		5.77	%		6.44	%		5.01	%
Efficiency ratio		62.08	%		65.49	%		67.97	%		63.72	%		71.17	%
Loan to deposit ratio		85.91	%		83.64	%		84.03	%		85.91	%		84.03	%
Number of full time equivalent employees		3,665			3,457			3,399			3,665			3,399
Number of locations		247			227			231			247			231
Number of ATMs		300			286			286			300			286

KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	BOID
(Dollars in thousands)	April 30, 2025
Total assets	$	1,369,764
Cash and cash equivalents		26,127
Debt securities		139,974
Loans receivable		1,075,232
Non-interest bearing deposits		271,385
Interest bearing deposits		806,992
Borrowings and subordinated debt		71,932
Core deposit intangible		19,758
Goodwill		75,207

On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

Asset Summary

														$ Change from
(Dollars in thousands)	Jun 30, 2025				Mar 31, 2025			Dec 31, 2024			Jun 30, 2024			Mar 31, 2025			Dec 31, 2024			Jun 30, 2024
Cash and cash equivalents	$	915,507			981,485			848,408			800,779			(65,978	)		67,099			114,728
Debt securities, available-for-sale		4,024,980			4,172,312			4,245,205			4,499,541			(147,332	)		(220,225	)		(474,561	)
Debt securities, held-to-maturity		3,206,133			3,261,575			3,294,847			3,400,403			(55,442	)		(88,714	)		(194,270	)
Total debt securities		7,231,113			7,433,887			7,540,052			7,899,944			(202,774	)		(308,939	)		(668,831	)
Loans receivable
Residential real estate		1,931,554			1,850,079			1,858,929			1,771,528			81,475			72,625			160,026
Commercial real estate		11,935,109			10,952,809			10,963,713			10,713,964			982,300			971,396			1,221,145
Other commercial		3,303,889			3,121,477			3,119,535			3,066,028			182,412			184,354			237,861
Home equity		975,429			920,132			930,994			905,884			55,297			44,435			69,545
Other consumer		386,759			374,021			388,678			394,587			12,738			(1,919	)		(7,828	)
Loans receivable		18,532,740			17,218,518			17,261,849			16,851,991			1,314,222			1,270,891			1,680,749
Allowance for credit losses		(226,799	)		(210,400	)		(206,041	)		(200,955	)		(16,399	)		(20,758	)		(25,844	)
Loans receivable, net		18,305,941			17,008,118			17,055,808			16,651,036			1,297,823			1,250,133			1,654,905
Other assets		2,557,546			2,435,389			2,458,719			2,453,581			122,157			98,827			103,965
Total assets	$	29,010,107			27,858,879			27,902,987			27,805,340			1,151,228			1,107,120			1,204,767

The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

Credit Quality Summary

	At or for the Six Months ended				At or for the Three Months ended			At or for the Year ended			At or for the Six Months ended
(Dollars in thousands)	Jun 30, 2025				Mar 31, 2025			Dec 31, 2024			Jun 30, 2024
Allowance for credit losses
Balance at beginning of period	$	206,041			206,041			192,757			192,757
Acquisitions		35			—			3			3
Provision for credit losses		24,163			6,154			27,179			14,157
Charge-offs		(7,236	)		(3,897	)		(18,626	)		(8,430	)
Recoveries		3,796			2,102			4,728			2,468
Balance at end of period	$	226,799			210,400			206,041			200,955
Provision for credit losses
Loan portfolio	$	24,163			6,154			27,179			14,157
Unfunded loan commitments		3,918			1,660			1,127			(2,390	)
Total provision for credit losses	$	28,081			7,814			28,306			11,767
Other real estate owned	$	1,737			1,085			1,085			432
Other foreclosed assets		142			68			79			198
Accruing loans 90 days or more past due		11,371			5,289			6,177			4,692
Non-accrual loans		35,356			32,896			20,445			12,686
Total non-performing assets	$	48,606			39,338			27,786			18,008
Non-performing assets as a percentage of subsidiary assets		0.17	%		0.14	%		0.10	%		0.06	%
Allowance for credit losses as a percentage of non-performing loans		485	%		551	%		774	%		1,116	%
Allowance for credit losses as a percentage of total loans		1.22	%		1.22	%		1.19	%		1.19	%
Net charge-offs as a percentage of total loans		0.02	%		0.01	%		0.08	%		0.04	%
Accruing loans 30-89 days past due	$	54,403			46,458			32,228			49,678
U.S. government guarantees included in non-performing assets	$	2,651			685			748			1,228

Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, 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
Second quarter 2025	$	18,009		$	1,645		1.22	%		0.29	%		0.17	%
First quarter 2025		6,154			1,795		1.22	%		0.27	%		0.14	%
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	%

Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

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

Liability Summary

										$ Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025			Dec 31, 2024			Jun 30, 2024
Deposits
Non-interest bearing deposits	$	6,593,728		6,100,548		6,136,709		6,093,430		493,180			457,019			500,298
NOW and DDA accounts		5,747,388		5,676,177		5,543,512		5,219,838		71,211			203,876			527,550
Savings accounts		2,956,387		2,896,378		2,845,124		2,862,034		60,009			111,263			94,353
Money market deposit accounts		3,089,115		2,816,874		2,878,213		2,858,850		272,241			210,902			230,265
Certificate accounts		3,238,576		3,140,333		3,139,821		3,064,613		98,243			98,755			173,963
Core deposits, total		21,625,194		20,630,310		20,543,379		20,098,765		994,884			1,081,815			1,526,429
Wholesale deposits		3,308		3,740		3,615		2,994		(432	)		(307	)		314
Deposits, total		21,628,502		20,634,050		20,546,994		20,101,759		994,452			1,081,508			1,526,743
Repurchase agreements		1,976,228		1,849,070		1,777,475		1,629,504		127,158			198,753			346,724
Deposits and repurchase agreements, total		23,604,730		22,483,120		22,324,469		21,731,263		1,121,610			1,280,261			1,873,467
Federal Home Loan Bank advances		1,255,088		1,520,000		1,800,000		2,350,000		(264,912	)		(544,912	)		(1,094,912	)
Other borrowed funds		81,771		82,443		83,341		88,149		(672	)		(1,570	)		(6,378	)
Subordinated debentures		157,127		133,145		133,105		133,024		23,982			24,022			24,103
Other liabilities		374,003		352,563		338,218		365,459		21,440			35,785			8,544
Total liabilities	$	25,472,719		24,571,271		24,679,133		24,667,895		901,448			793,586			804,824

Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

Stockholders’ Equity Summary

														$ Change from
(Dollars in thousands, except per share data)	Jun 30, 2025				Mar 31, 2025			Dec 31, 2024			Jun 30, 2024			Mar 31, 2025			Dec 31, 2024			Jun 30, 2024
Common equity	$	3,776,043			3,550,719			3,533,150			3,492,096			225,324			242,893			283,947
Accumulated other comprehensive loss		(238,655	)		(263,111	)		(309,296	)		(354,651	)		24,456			70,641			115,996
Total stockholders’ equity		3,537,388			3,287,608			3,223,854			3,137,445			249,780			313,534			399,943
Goodwill and intangibles, net		(1,191,474	)		(1,099,229	)		(1,102,500	)		(1,066,790	)		(92,245	)		(88,974	)		(124,684	)
Tangible stockholders’ equity	$	2,345,914			2,188,379			2,121,354			2,070,655			157,535			224,560			275,259
Stockholders’ equity to total assets		12.19	%		11.80	%		11.55	%		11.28	%
Tangible stockholders’ equity to total tangible assets		8.43	%		8.18	%		7.92	%		7.74	%
Book value per common share	$	29.84			28.96			28.43			27.67			0.88			1.41			2.17
Tangible book value per common share	$	19.79			19.28			18.71			18.26			0.51			1.08			1.53

Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

Cash Dividends
On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended June 30, 2025  Compared to March 31, 2025, and June 30, 2024

Income Summary

	Three Months ended										$ Change from
(Dollars in thousands)	Jun 30, 2025				Mar 31, 2025			Jun 30, 2024			Mar 31, 2025			Jun 30, 2024
Net interest income
Interest income	$	308,115			289,925			273,834			18,190			34,281
Interest expense		100,499			99,946			107,356			553			(6,857	)
Total net interest income		207,616			189,979			166,478			17,637			41,138
Non-interest income
Service charges and other fees		20,405			18,818			19,422			1,587			983
Miscellaneous loan fees and charges		5,067			4,664			4,821			403			246
Gain on sale of loans		4,273			4,311			4,669			(38	)		(396	)
Loss on sale of securities		—			—			(12	)		—			12
Other income		3,199			4,849			3,304			(1,650	)		(105	)
Total non-interest income		32,944			32,642			32,204			302			740
Total income	$	240,560			222,621			198,682			17,939			41,878
Net interest margin (tax-equivalent)		3.21	%		3.04	%		2.68	%

Net Interest Income
Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

Non-interest Income
Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

Non-interest Expense Summary

	Three Months ended							$ Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Jun 30, 2024		Mar 31, 2025			Jun 30, 2024
Compensation and employee benefits	$	94,355		91,443		84,434		2,912			9,921
Occupancy and equipment		12,558		12,294		11,594		264			964
Advertising and promotions		4,394		4,144		4,362		250			32
Data processing		9,883		9,138		9,387		745			496
Other real estate owned and foreclosed assets		26		63		149		(37	)		(123	)
Regulatory assessments and insurance		5,847		5,534		5,393		313			454
Intangibles amortization		3,624		3,270		3,017		354			607
Other expenses		24,432		25,432		22,616		(1,000	)		1,816
Total non-interest expense	$	155,119		151,318		140,952		3,801			14,167

Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

Federal and State Income Tax Expense
Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

Efficiency Ratio
The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

Operating Results for Six Months Ended June 30, 2025 Compared to June 30, 2024

Income Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2025				Jun 30, 2024				$ Change				% Change
Net interest income
Interest income	$	598,040			$	553,236			$	44,804			8	%
Interest expense		200,445				220,278				(19,833	)		(9)	%
Total net interest income		397,595				332,958				64,637			19	%
Non-interest income
Service charges and other fees		39,223				37,985				1,238			3	%
Miscellaneous loan fees and charges		9,731				9,183				548			6	%
Gain on sale of loans		8,584				8,031				553			7	%
Gain on sale of securities		—				4				(4	)		(100)	%
Other income		8,048				6,990				1,058			15	%
Total non-interest income		65,586				62,193				3,393			5	%
Total Income	$	463,181			$	395,151			$	68,030			17	%
Net interest margin (tax-equivalent)		3.12	%			2.64	%

Net Interest Income
Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

Non-interest Income
Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

Non-interest Expense Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2025			Jun 30, 2024			$ Change				% Change
Compensation and employee benefits	$	185,798		$	170,223		$	15,575			9	%
Occupancy and equipment		24,852			23,477			1,375			6	%
Advertising and promotions		8,538			8,345			193			2	%
Data processing		19,021			18,546			475			3	%
Other real estate owned and foreclosed assets		89			174			(85	)		(49)	%
Regulatory assessments and insurance		11,381			13,154			(1,773	)		(13)	%
Core deposit intangibles amortization		6,894			5,777			1,117			19	%
Other expenses		49,864			53,099			(3,235	)		(6)	%
Total non-interest expense	$	306,437		$	292,795		$	13,642			5	%

Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

Provision for Credit Losses
The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

Federal and State Income Tax Expense
Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

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, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
• risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
• risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
• costs or difficulties related to the completion and integration of pending or recently completed 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, July 25, 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-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

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).

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)	Jun 30, 2025				Mar 31, 2025			Dec 31, 2024			Jun 30, 2024
Assets
Cash on hand and in banks	$	375,398			322,253			268,746			271,107
Interest bearing cash deposits		540,109			659,232			579,662			529,672
Cash and cash equivalents		915,507			981,485			848,408			800,779
Debt securities, available-for-sale		4,024,980			4,172,312			4,245,205			4,499,541
Debt securities, held-to-maturity		3,206,133			3,261,575			3,294,847			3,400,403
Total debt securities		7,231,113			7,433,887			7,540,052			7,899,944
Loans held for sale, at fair value		47,738			40,523			33,060			39,745
Loans receivable		18,532,740			17,218,518			17,261,849			16,851,991
Allowance for credit losses		(226,799	)		(210,400	)		(206,041	)		(200,955	)
Loans receivable, net		18,305,941			17,008,118			17,055,808			16,651,036
Premises and equipment, net		426,801			411,095			411,968			391,266
Right-of-use assets, net		56,525			54,441			56,252			60,249
Other real estate owned and foreclosed assets		1,879			1,153			1,164			630
Accrued interest receivable		108,286			103,992			99,262			102,279
Deferred tax asset		114,528			122,942			138,955			155,834
Intangibles, net		64,949			47,911			51,182			43,028
Goodwill		1,126,525			1,051,318			1,051,318			1,023,762
Non-marketable equity securities		76,990			88,134			99,669			121,810
Bank-owned life insurance		191,623			191,044			189,849			187,793
Other assets		341,702			322,836			326,040			327,185
Total assets	$	29,010,107			27,858,879			27,902,987			27,805,340
Liabilities
Non-interest bearing deposits	$	6,593,728			6,100,548			6,136,709			6,093,430
Interest bearing deposits		15,034,774			14,533,502			14,410,285			14,008,329
Securities sold under agreements to repurchase		1,976,228			1,849,070			1,777,475			1,629,504
FHLB advances		1,255,088			1,520,000			1,800,000			2,350,000
Other borrowed funds		62,366			62,216			62,062			64,702
Finance lease liabilities		19,405			20,227			21,279			23,447
Subordinated debentures		157,127			133,145			133,105			133,024
Accrued interest payable		27,973			30,231			33,626			31,000
Operating lease liabilities		42,274			39,244			39,902			41,421
Other liabilities		303,756			283,088			264,690			293,038
Total liabilities		25,472,719			24,571,271			24,679,133			24,667,895
Commitments and Contingent Liabilities		—			—			—			—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—			—			—			—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,186			1,135			1,134			1,134
Paid-in capital		2,661,018			2,449,311			2,448,758			2,445,479
Retained earnings - substantially restricted		1,113,839			1,100,273			1,083,258			1,045,483
Accumulated other comprehensive loss		(238,655	)		(263,111	)		(309,296	)		(354,651	)
Total stockholders’ equity		3,537,388			3,287,608			3,223,854			3,137,445
Total liabilities and stockholders’ equity	$	29,010,107			27,858,879			27,902,987			27,805,340

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations
	Three Months ended								Six Months ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Jun 30, 2024			Jun 30, 2025		Jun 30, 2024
Interest Income
Investment securities	$	44,148		45,646		42,165			89,794		98,383
Residential real estate loans		25,361		24,275		21,754			49,636		42,518
Commercial loans		214,816		197,388		188,326			412,204		369,798
Consumer and other loans		23,790		22,616		21,589			46,406		42,537
Total interest income		308,115		289,925		273,834			598,040		553,236
Interest Expense
Deposits		65,569		62,865		67,852			128,434		135,048
Securities sold under agreements to repurchase		14,109		13,733		13,566			27,842		26,164
Federal Home Loan Bank advances		17,806		20,719		24,179			38,525		28,428
FRB Bank Term Funding		—		—		—			—		27,097
Other borrowed funds		400		402		353			802		697
Subordinated debentures		2,615		2,227		1,406			4,842		2,844
Total interest expense		100,499		99,946		107,356			200,445		220,278
Net Interest Income		207,616		189,979		166,478			397,595		332,958
Provision for credit losses		20,267		7,814		3,518			28,081		11,767
Net interest income after provision for credit losses		187,349		182,165		162,960			369,514		321,191
Non-Interest Income
Service charges and other fees		20,405		18,818		19,422			39,223		37,985
Miscellaneous loan fees and charges		5,067		4,664		4,821			9,731		9,183
Gain on sale of loans		4,273		4,311		4,669			8,584		8,031
(Loss) gain on sale of securities		—		—		(12	)		—		4
Other income		3,199		4,849		3,304			8,048		6,990
Total non-interest income		32,944		32,642		32,204			65,586		62,193
Non-Interest Expense
Compensation and employee benefits		94,355		91,443		84,434			185,798		170,223
Occupancy and equipment		12,558		12,294		11,594			24,852		23,477
Advertising and promotions		4,394		4,144		4,362			8,538		8,345
Data processing		9,883		9,138		9,387			19,021		18,546
Other real estate owned and foreclosed assets		26		63		149			89		174
Regulatory assessments and insurance		5,847		5,534		5,393			11,381		13,154
Intangibles amortization		3,624		3,270		3,017			6,894		5,777
Other expenses		24,432		25,432		22,616			49,864		53,099
Total non-interest expense		155,119		151,318		140,952			306,437		292,795
Income Before Income Taxes		65,174		63,489		54,212			128,663		90,589
Federal and state income tax expense		12,393		8,921		9,504			21,314		13,254
Net Income	$	52,781		54,568		44,708			107,349		77,335

Glacier Bancorp, Inc. Average Balance Sheets
	Three Months ended
	June 30, 2025									March 31, 2025
(Dollars in thousands)	Average Balance			Interest & Dividends			Average Yield/ Rate			Average Balance			Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514		$	25,361		5.23	%		$	1,885,497		$	24,275		5.15	%
Commercial loans 1		14,884,885			216,385		5.83	%			14,091,210			198,921		5.73	%
Consumer and other loans		1,336,030			23,790		7.14	%			1,302,687			22,616		7.04	%
Total loans 2		18,161,429			265,536		5.86	%			17,279,394			245,812		5.77	%
Tax-exempt debt securities 3		1,594,895			13,999		3.51	%			1,604,851			13,936		3.47	%
Taxable debt securities 4, 5		6,645,312			32,045		1.93	%			6,946,562			33,598		1.93	%
Total earning assets		26,401,636			311,580		4.73	%			25,830,807			293,346		4.61	%
Goodwill and intangibles		1,153,466									1,100,801
Non-earning assets		918,007									847,855
Total assets	$	28,473,109								$	27,779,463
Liabilities
Non-interest bearing deposits	$	6,256,245		$	—		—	%		$	5,989,490		$	—		—	%
NOW and DDA accounts		5,674,990			16,045		1.13	%			5,525,976			15,065		1.11	%
Savings accounts		2,904,389			5,402		0.75	%			2,861,675			5,159		0.73	%
Money market deposit accounts		3,000,487			15,389		2.06	%			2,849,470			13,526		1.93	%
Certificate accounts		3,211,418			28,667		3.58	%			3,152,198			29,075		3.74	%
Total core deposits		21,047,529			65,503		1.25	%			20,378,809			62,825		1.25	%
Wholesale deposits 6		5,618			66		4.67	%			3,600			40		4.53	%
Repurchase agreements		1,898,841			14,109		2.98	%			1,842,773			13,733		3.02	%
FHLB advances		1,494,781			17,806		4.71	%			1,744,000			20,719		4.75	%
Subordinated debentures and other borrowed funds		231,902			3,015		5.21	%			216,073			2,629		4.94	%
Total funding liabilities		24,678,671			100,499		1.63	%			24,185,255			99,946		1.68	%
Other liabilities		338,289									326,764
Total liabilities		25,016,960									24,512,019
Stockholders’ Equity
Stockholders’ equity		3,456,149									3,267,444
Total liabilities and stockholders’ equity	$	28,473,109								$	27,779,463
Net interest income (tax-equivalent)				$	211,081								$	193,400
Net interest spread (tax-equivalent)							3.10	%								2.93	%
Net interest margin (tax-equivalent)							3.21	%								3.04	%

______________________________

1	Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
2	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3	Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
4	Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
5	Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
6	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

 

Glacier Bancorp, Inc. Average Balance Sheets (continued)
	Three Months ended
	June 30, 2025									June 30, 2024
(Dollars in thousands)	Average Balance			Interest & Dividends			Average Yield/ Rate			Average Balance			Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514		$	25,361		5.23	%		$	1,796,787		$	21,754		4.84	%
Commercial loans 1		14,884,885			216,385		5.83	%			13,740,455			189,939		5.56	%
Consumer and other loans		1,336,030			23,790		7.14	%			1,290,587			21,589		6.73	%
Total loans 2		18,161,429			265,536		5.86	%			16,827,829			233,282		5.58	%
Tax-exempt debt securities 3		1,594,895			13,999		3.51	%			1,707,269			15,111		3.54	%
Taxable debt securities 4, 5		6,645,312			32,045		1.93	%			7,042,885			29,461		1.67	%
Total earning assets		26,401,636			311,580		4.73	%			25,577,983			277,854		4.37	%
Goodwill and intangibles		1,153,466									1,068,250
Non-earning assets		918,007									754,491
Total assets	$	28,473,109								$	27,400,724
Liabilities
Non-interest bearing deposits	$	6,256,245		$	—		—	%		$	6,026,709		$	—		—	%
NOW and DDA accounts		5,674,990			16,045		1.13	%			5,221,883			15,728		1.21	%
Savings accounts		2,904,389			5,402		0.75	%			2,914,538			6,014		0.83	%
Money market deposit accounts		3,000,487			15,389		2.06	%			2,904,438			14,467		2.00	%
Certificate accounts		3,211,418			28,667		3.58	%			3,037,638			31,593		4.18	%
Total core deposits		21,047,529			65,503		1.25	%			20,105,206			67,802		1.36	%
Wholesale deposits 6		5,618			66		4.67	%			3,726			50		5.50	%
Repurchase agreements		1,898,841			14,109		2.98	%			1,597,887			13,566		3.41	%
FHLB advances		1,494,781			17,806		4.71	%			2,007,747			24,179		4.76	%
Subordinated debentures and other borrowed funds		231,902			3,015		5.21	%			224,778			1,759		3.15	%
Total funding liabilities		24,678,671			100,499		1.63	%			23,939,344			107,356		1.80	%
Other liabilities		338,289									344,105
Total liabilities		25,016,960									24,283,449
Stockholders’ Equity
Stockholders’ equity		3,456,149									3,117,275
Total liabilities and stockholders’ equity	$	28,473,109								$	27,400,724
Net interest income (tax-equivalent)				$	211,081								$	170,498
Net interest spread (tax-equivalent)							3.10	%								2.57	%
Net interest margin (tax-equivalent)							3.21	%								2.68	%

______________________________

1	Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 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 $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
4	Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
5	Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
6	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

 

Glacier Bancorp, Inc. Average Balance Sheets (continued)
	Six Months ended
	June 30, 2025									June 30, 2024
(Dollars in thousands)	Average Balance			Interest & Dividends			Average Yield/ Rate			Average Balance			Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,913,157		$	49,636		5.19	%		$	1,771,985		$	42,518		4.80	%
Commercial loans 1		14,490,240			415,306		5.78	%			13,626,941			372,984		5.50	%
Consumer and other loans		1,319,451			46,406		7.09	%			1,286,988			42,537		6.65	%
Total loans 2		17,722,848			511,348		5.82	%			16,685,914			458,039		5.52	%
Tax-exempt debt securities 3		1,599,845			27,935		3.49	%			1,713,819			30,268		3.53	%
Taxable debt securities 4, 5		6,795,105			65,643		1.93	%			7,609,930			72,938		1.92	%
Total earning assets		26,117,798			604,926		4.67	%			26,009,663			561,245		4.34	%
Goodwill and intangibles		1,127,279									1,060,102
Non-earning assets		883,125									683,020
Total assets	$	28,128,202								$	27,752,785
Liabilities
Non-interest bearing deposits	$	6,123,604		$	—		—	%		$	5,996,627		$	—		—	%
NOW and DDA accounts		5,600,895			31,110		1.12	%			5,248,793			31,646		1.21	%
Savings accounts		2,883,150			10,561		0.74	%			2,907,594			11,669		0.81	%
Money market deposit accounts		2,925,396			28,915		1.99	%			2,926,366			28,860		1.98	%
Certificate accounts		3,181,971			57,742		3.66	%			3,019,176			62,768		4.18	%
Total core deposits		20,715,016			128,328		1.25	%			20,098,556			134,943		1.35	%
Wholesale deposits 6		4,615			106		4.62	%			3,846			105		5.50	%
Repurchase agreements		1,870,962			27,842		3.00	%			1,555,642			26,164		3.38	%
FHLB advances		1,618,702			38,525		4.73	%			1,179,251			28,428		4.77	%
FRB Bank Term Funding		—			—		—	%			1,241,538			27,097		4.39	%
Subordinated debentures and other borrowed funds		224,031			5,644		5.08	%			221,525			3,541		3.21	%
Total funding liabilities		24,433,326			200,445		1.65	%			24,300,358			220,278		1.82	%
Other liabilities		332,558									350,329
Total liabilities		24,765,884									24,650,687
Stockholders’ Equity
Stockholders’ equity		3,362,318									3,102,098
Total liabilities and stockholders’ equity	$	28,128,202								$	27,752,785
Net interest income (tax-equivalent)				$	404,481								$	340,967
Net interest spread (tax-equivalent)							3.02	%								2.52	%
Net interest margin (tax-equivalent)							3.12	%								2.64	%

______________________________

1	Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 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 $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
4	Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
5	Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
6	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification
	Loans Receivable, by Loan Type												% Change from
(Dollars in thousands)	Jun 30, 2025				Mar 31, 2025				Dec 31, 2024				Mar 31, 2025			Dec 31, 2024
Custom and owner occupied construction	$	254,790			$	233,584			$	242,844			9	%		5	%
Pre-sold and spec construction		208,106				200,921				191,926			4	%		8	%
Total residential construction		462,896				434,505				434,770			7	%		6	%
Land development		176,925				177,448				197,369			—	%		(10)	%
Consumer land or lots		229,823				197,553				187,024			16	%		23	%
Unimproved land		127,550				115,528				113,532			10	%		12	%
Developed lots for operative builders		73,053				64,782				61,661			13	%		18	%
Commercial lots		175,929				95,574				99,243			84	%		77	%
Other construction		753,056				714,151				693,461			5	%		9	%
Total land, lot, and other construction		1,536,336				1,365,036				1,352,290			13	%		14	%
Owner occupied		3,529,536				3,182,589				3,197,138			11	%		10	%
Non-owner occupied		4,283,986				4,054,107				4,053,996			6	%		6	%
Total commercial real estate		7,813,522				7,236,696				7,251,134			8	%		8	%
Commercial and industrial		1,545,498				1,392,365				1,395,997			11	%		11	%
Agriculture		1,167,611				1,016,081				1,024,520			15	%		14	%
First lien		2,590,433				2,499,494				2,481,918			4	%		4	%
Junior lien		80,170				85,343				76,303			(6)	%		5	%
Total 1-4 family		2,670,603				2,584,837				2,558,221			3	%		4	%
Multifamily residential		975,785				874,071				895,242			12	%		9	%
Home equity lines of credit		1,048,595				989,043				1,005,783			6	%		4	%
Other consumer		197,744				188,388				209,457			5	%		(6)	%
Total consumer		1,246,339				1,177,431				1,215,240			6	%		3	%
States and political subdivisions		973,145				1,001,058				983,601			(3)	%		(1)	%
Other		188,743				176,961				183,894			7	%		3	%
Total loans receivable, including loans held for sale		18,580,478				17,259,041				17,294,909			8	%		7	%
Less loans held for sale 1		(47,738	)			(40,523	)			(33,060	)		18	%		44	%
Total loans receivable	$	18,532,740			$	17,218,518			$	17,261,849			8	%		7	%

______________________________

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

 

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification
	Non-performing Assets, by Loan Type									Non- Accrual Loans		Accruing Loans 90 Days or More Past Due		Other real estate owned and foreclosed assets
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2025		Jun 30, 2025
Custom and owner occupied construction	$	235		194		198		206		189		46		—
Pre-sold and spec construction		2,806		2,896		2,132		2,908		2,043		763		—
Total residential construction		3,041		3,090		2,330		3,114		2,232		809		—
Land development		885		935		966		—		875		10		—
Consumer land or lots		460		173		78		429		164		296		—
Developed lots for operative builders		531		531		531		608		—		531		—
Commercial lots		47		47		47		47		—		47		—
Other construction		—		—		—		25		—		—		—
Total land, lot and other construction		1,923		1,686		1,622		1,109		1,039		884		—
Owner occupied		4,412		3,601		2,979		1,992		4,407		5		—
Non-owner occupied		1,206		2,235		2,235		257		—		—		1,206
Total commercial real estate		5,618		5,836		5,214		2,249		4,407		5		1,206
Commercial and Industrial		14,764		12,367		2,069		2,044		13,452		1,243		69
Agriculture		6,603		2,382		2,335		2,442		2,141		4,462		—
First lien		10,549		8,752		9,053		2,923		7,856		2,162		531
Junior lien		533		296		315		492		293		240		—
Total 1-4 family		11,082		9,048		9,368		3,415		8,149		2,402		531
Multifamily residential		398		400		389		385		398		—		—
Home equity lines of credit		4,016		3,479		3,465		2,145		2,834		1,182		—
Other consumer		921		1,003		955		1,089		704		144		73
Total consumer		4,937		4,482		4,420		3,234		3,538		1,326		73
Other		240		47		39		16		—		240		—
Total	$	48,606		39,338		27,786		18,008		35,356		11,371		1,879

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
	Accruing 30-89 Days Delinquent Loans, by Loan Type												% Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Jun 30, 2024			Mar 31, 2025			Dec 31, 2024			Jun 30, 2024
Custom and owner occupied construction	$	385		$	786		$	969		$	1,323		(51)	%		(60)	%		(71)	%
Pre-sold and spec construction		—			—			564			816		n/m			(100)	%		(100)	%
Total residential construction		385			786			1,533			2,139		(51)	%		(75)	%		(82)	%
Land development		170			—			1,450			—		n/m			(88)	%		n/m
Consumer land or lots		1,210			1,026			402			411		18	%		201	%		194	%
Unimproved land		75			32			36			158		134	%		108	%		(53)	%
Developed lots for operative builders		—			—			214			—		n/m			(100)	%		n/m
Commercial lots		—			189			—			21		(100)	%		n/m			(100)	%
Other construction		7,840			—			—			—		n/m			n/m			n/m
Total land, lot and other construction		9,295			1,247			2,102			590		645	%		342	%		1,475	%
Owner occupied		3,903			3,786			2,867			4,326		3	%		36	%		(10)	%
Non-owner occupied		13,806			346			5,037			8,119		3,890	%		174	%		70	%
Total commercial real estate		17,709			4,132			7,904			12,445		329	%		124	%		42	%
Commercial and industrial		6,711			5,358			6,194			17,591		25	%		8	%		(62)	%
Agriculture		8,243			5,731			744			5,288		44	%		1,008	%		56	%
First lien		3,583			14,826			6,326			2,637		(76)	%		(43)	%		36	%
Junior lien		—			1,023			214			17		(100)	%		(100)	%		(100)	%
Total 1-4 family		3,583			15,849			6,540			2,654		(77)	%		(45)	%		35	%
Home equity lines of credit		5,482			6,993			3,731			5,432		(22)	%		47	%		1	%
Other consumer		1,615			1,824			1,775			2,192		(11)	%		(9)	%		(26)	%
Total consumer		7,097			8,817			5,506			7,624		(20)	%		29	%		(7)	%
States and political subdivisions		—			3,220			—			—		(100)	%		n/m			n/m
Other		1,380			1,318			1,705			1,347		5	%		(19)	%		2	%
Total	$	54,403		$	46,458		$	32,228		$	49,678		17	%		69	%		10	%

______________________________

^{n/m - not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type													Charge-Offs		Recoveries
(Dollars in thousands)	Jun 30, 2025				Mar 31, 2025			Dec 31, 2024			Jun 30, 2024			Jun 30, 2025		Jun 30, 2025
Pre-sold and spec construction	$	50			—			(4	)		(4	)		51		1
Land development		(341	)		(341	)		1,095			(1	)		—		341
Consumer land or lots		(3	)		(3	)		(22	)		(22	)		—		3
Unimproved land		—			—			1,338			5			—		—
Commercial lots		—			—			319			319			—		—
Total land, lot and other construction		(344	)		(344	)		2,730			301			—		344
Owner occupied		(1	)		(1	)		(73	)		(73	)		—		1
Non-owner occupied		(8	)		(6	)		2			(2	)		—		8
Total commercial real estate		(9	)		(7	)		(71	)		(75	)		—		9
Commercial and industrial		26			92			1,422			644			827		801
Agriculture		(109	)		(1	)		64			68			—		109
First lien		(79	)		(69	)		32			(22	)		1		80
Junior lien		(137	)		(5	)		(65	)		(55	)		—		137
Total 1-4 family		(216	)		(74	)		(33	)		(77	)		1		217
Home equity lines of credit		(20	)		(20	)		69			1			10		30
Other consumer		656			276			1,078			493			789		133
Total consumer		636			256			1,147			494			799		163
Other		3,406			1,873			8,643			4,611			5,558		2,152
Total	$	3,440			1,795			13,898			5,962			7,236		3,796

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