Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2022

3rd Quarter 2022 Highlights:

Net income was $79.3 million for the current quarter, an increase of $2.9 million, or 5 percent, from the prior quarter net income of $76.4 million. Net income for the current quarter increased $3.7 million, or 5 percent, over the prior year third quarter net income of $75.6 million as a result of organic and acquisition growth.
The loan portfolio, excluding the Paycheck Protection Program ("PPP") loans, grew $457 million, or 13 percent annualized, in the current quarter.
Core deposits increased $96.0 million, or 2 percent annualized, during the current quarter.
Non-interest bearing deposits increased $233 million, or 12 percent annualized, during the current quarter.
Net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.34 percent compared to 3.23 percent in the prior quarter. The core net interest margin for the current quarter was 3.29 percent, an increase of 13 basis points from 3.16 percent in the prior quarter.
The loan yield for the current quarter of 4.67 percent, increased 15 basis points, compared to 4.52 percent in the prior quarter.
Net interest income, on a tax-equivalent basis, was $211 million in the current quarter which increased $12.0 million, or 6 percent, over the prior quarter net interest income of $199 million.
Non-performing assets as a percentage of subsidiary assets was 0.13 percent in the current quarter compared to 0.16 percent in the prior quarter.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 150 consecutive quarterly dividends and has increased the dividend 49 times.

Year-to-date 2022 Highlights:

Net income of $224 million for the first nine months of 2022 decreased $10.5 million, or 5 percent, compared to the prior year first nine months net income. The current year included a decrease of $38.3 million in PPP related income, a $33.8 million decrease in gain on the sale of residential loans, and an increase of $18.7 million in provision for credit loss expense.
The loan portfolio, excluding the PPP loans, organically grew $1.578 billion, or 16 percent annualized, in the first nine months of 2022.
Core deposits increased $564 million, or 4 percent annualized, during the first nine months of 2022.
Non-interest bearing deposits increased $515 million, or 9 percent annualized, during the first nine months of 2022.
Net interest income, on a tax-equivalent basis, was $600 million in the first nine months of 2022 which increased $111 million, or 23 percent, over the first nine months of 2021 net interest income of $489 million.
Dividends declared in the first nine months of 2022 were $0.99 per share, an increase of $0.04 per share, or 4 percent, over the prior year first nine months dividends of $0.95.

Financial Summary

	At or for the Three Months ended									At or for the Nine Months ended
(Dollars in thousands, except per share and market data)	Sep 30, 2022			Jun 30, 2022		Mar 31, 2022		Sep 30, 2021		Sep 30, 2022		Sep 30, 2021
Operating results
Net income	$	79,338		76,392		67,795		75,619		223,525		234,048
Basic earnings per share	$	0.72		0.69		0.61		0.79		2.02		2.45
Diluted earnings per share	$	0.72		0.69		0.61		0.79		2.02		2.45
Dividends declared per share	$	0.33		0.33		0.33		0.32		0.99		0.95
Market value per share
Closing	$	49.13		47.42		50.28		55.35		49.13		55.35
High	$	56.10		51.40		60.69		56.84		60.69		67.35
Low	$	46.08		44.43		49.61		48.62		44.43		44.55
Selected ratios and other data
Number of common stock shares outstanding		110,766,954		110,766,287		110,763,316		95,512,659		110,766,954		95,512,659
Average outstanding shares - basic		110,766,502		110,765,379		110,724,655		95,510,772		110,752,231		95,494,211
Average outstanding shares - diluted		110,833,594		110,794,982		110,800,001		95,586,202		110,811,267		95,573,519
Return on average assets (annualized)		1.18	%	1.16	%	1.06	%	1.43	%	1.13	%	1.57	%
Return on average equity (annualized)		10.94	%	10.55	%	8.97	%	12.49	%	10.14	%	13.27	%
Efficiency ratio		52.76	%	55.74	%	57.11	%	50.17	%	55.14	%	48.94	%
Dividend payout		45.83	%	47.83	%	54.10	%	40.51	%	49.01	%	38.78	%
Loan to deposit ratio		67.98	%	66.26	%	63.52	%	65.06	%	67.98	%	65.06	%
Number of full time equivalent employees		3,396		3,439		3,439		2,978		3,396		2,978
Number of locations		222		224		223		194		222		194
Number of ATMs		272		274		273		250		272		250

KALISPELL, Mont., Oct. 20, 2022 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $79.3 million for the current quarter, an increase of $3.7 million, or 5 percent, from the $75.6 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.72 per share, a decrease of 9 percent from the prior year third quarter diluted earnings per share of $0.79. The $3.7 million increase in third quarter earnings over the prior year third quarter was driven primarily by the acquisition of Altabancorp and its Altabank subsidiary ("Alta") and organic loan growth which more than offset the $10.1 million decrease in gain on the sale of residential loans, a $12.7 million decrease in the PPP related income and an increase of $7.6 million of provision for credit loss. "We are very pleased to see another quarter of high quality growth in deposits and loans. Our margin continues to increase, reflecting higher interest rates, and credit quality remains pristine," said Randy Chesler, President and Chief Executive Officer. "We are well prepared for an economic downturn and remain very confident in the resiliency of the markets we serve and the quality of our loan portfolio."

Net income for the nine months ended September 30, 2022 was $224 million, a decrease of $10.5 million, or 5 percent, from the $234 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2022 was $2.02 per share, a decrease of 18 percent from the prior year first nine months earnings per share of $2.45. The $10.5 million decrease in net income over the prior year first nine months was driven primarily by a $38.3 million decrease in the PPP related income, a $33.8 million decrease in gain on the sale of residential loans, an increase of $18.7 million of provision for credit loss, and a $7.5 million increase in acquisition-related expenses which more than offset the net income increases from organic growth and the acquisition of Alta on October 1, 2021.

Asset Summary

										$ Change from
(Dollars in thousands)	Sep 30, 2022			Jun 30, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Cash and cash equivalents	$	425,212		415,406		437,686		348,888		9,806		(12,474	)	76,324
Debt securities, available-for-sale		5,755,076		6,209,199		9,170,849		7,390,580		(454,123	)	(3,415,773	)	(1,635,504	)
Debt securities, held-to-maturity		3,756,634		3,788,486		1,199,164		1,128,299		(31,852	)	2,557,470		2,628,335
Total debt securities		9,511,710		9,997,685		10,370,013		8,518,879		(485,975	)	(858,303	)	992,831
Loans receivable
Residential real estate		1,368,368		1,261,119		1,051,883		781,538		107,249		316,485		586,830
Commercial real estate		9,582,989		9,310,070		8,630,831		6,912,569		272,919		952,158		2,670,420
Other commercial		2,729,717		2,685,392		2,664,190		2,598,616		44,325		65,527		131,101
Home equity		793,556		773,582		736,288		660,920		19,974		57,268		132,636
Other consumer		376,603		369,592		348,839		340,248		7,011		27,764		36,355
Loans receivable		14,851,233		14,399,755		13,432,031		11,293,891		451,478		1,419,202		3,557,342
Allowance for credit losses		(178,191	)	(172,963	)	(172,665	)	(153,609	)	(5,228	)	(5,526	)	(24,582	)
Loans receivable, net		14,673,042		14,226,792		13,259,366		11,140,282		446,250		1,413,676		3,532,760
Other assets		2,122,990		2,050,122		1,873,580		1,305,970		72,868		249,410		817,020
Total assets	$	26,732,954		26,690,005		25,940,645		21,314,019		42,949		792,309		5,418,935

Total debt securities of $9.512 billion at September 30, 2022 decreased $486 million, or 5 percent, during the current quarter and increased $993 million, or 12 percent, from the prior year third quarter. Debt securities represented 36 percent of total assets at September 30, 2022 compared to 40 percent at December 31, 2021 and 40 percent of total assets at September 30, 2021.

Excluding the PPP loans, during the current quarter the loan portfolio increased $457 million, or 13 percent annualized, with the largest dollar increase in commercial real estate which increased $273 million, or 12 percent annualized. Excluding the PPP loans and loans from the acquisition of Alta, the loan portfolio increased $2.026 billion, or 19 percent, from the prior year third quarter with the largest dollar increase in commercial real estate loans which increased $1.267 billion, or 18 percent.

As of September 30, 2022, the Company had $10.1 million of PPP loans remaining. In the current quarter, the Company recognized $222 thousand of interest income (including deferred fees and costs) from the PPP loans. Net deferred fees remaining on the balance of the PPP loans at September 30, 2022 was $181 thousand.

Credit Quality Summary

	At or for the Nine Months ended			At or for the Six Months ended		At or for the Year ended		At or for the Nine Months ended
(Dollars in thousands)	Sep 30, 2022			Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Allowance for credit losses
Balance at beginning of period	$	172,665		172,665		158,243		158,243
Acquisitions		-		-		371		-
Provision for credit losses		11,373		2,991		16,380		(2,921	)
Charge-offs		(10,905	)	(7,040	)	(11,594	)	(8,566	)
Recoveries		5,058		4,347		9,265		6,853
Balance at end of period	$	178,191		172,963		172,665		153,609
Provision for credit losses
Loan portfolio	$	11,373		2,991		16,380		(2,921	)
Unfunded loan commitments		2,466		2,507		6,696		(1,959	)
Total provision for credit losses	$	13,839		5,498		23,076		(4,880	)
Other real estate owned	$	-		-		-		88
Other foreclosed assets		42		379		18		18
Accruing loans 90 days or more past due		2,524		5,064		17,141		5,172
Non-accrual loans		32,493		38,523		50,532		45,901
Total non-performing assets	$	35,059		43,966		67,691		51,179
Non-performing assets as a percentage of subsidiary assets		0.13	%	0.16	%	0.26	%	0.24	%
Allowance for credit losses as a percentage of non-performing loans		508	%	393	%	255	%	301	%
Allowance for credit losses as a percentage of total loans		1.20	%	1.20	%	1.29	%	1.36	%
Net charge-offs as a percentage of total loans		0.04	%	0.02	%	0.02	%	0.02	%
Accruing loans 30-89 days past due	$	10,922		16,588		50,566		26,002
Accruing troubled debt restructurings	$	37,608		33,859		34,591		36,666
Non-accrual troubled debt restructurings	$	2,355		2,427		2,627		2,820
U.S. government guarantees included in non-performing assets	$	4,930		5,888		4,028		4,116

Non-performing assets of $35.1 million at September 30, 2022 decreased $8.9 million, or 20 percent, over the prior quarter and decreased $16.1 million, or 31 percent, over prior year third quarter. Non-performing assets as a percentage of subsidiary assets at September 30, 2022 was 0.13 percent compared to 0.16 percent in the prior quarter and 0.24 percent in the prior year third quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $10.9 million at September 30, 2022 decreased $5.7 million from the prior quarter and decreased $15.1 million from the prior year third quarter. Early stage delinquencies as a percentage of loans at September 30, 2022 was 7 basis points, which compared to 12 basis points in the prior quarter and 23 basis points from prior year third quarter.

The current quarter credit loss expense of $8.3 million included $8.4 million of credit loss expense from loans and $41 thousand of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans ("ACL") as a percentage of total loans outstanding at September 30, 2022 was 1.20 percent which was the same compared to the prior quarter and a 16 basis points decrease from the prior year third quarter.

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

(Dollars in thousands)	Provision for Credit Losses Loans			Net Charge-Offs (Recoveries)			ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
Third quarter 2022	$	8,382		$	3,154		1.20	%	0.07	%	0.13	%
Second quarter 2022		(1,353	)		1,843		1.20	%	0.12	%	0.16	%
First quarter 2022		4,344			850		1.28	%	0.12	%	0.24	%
Fourth quarter 2021		19,301			616		1.29	%	0.38	%	0.26	%
Third quarter 2021		2,313			152		1.36	%	0.23	%	0.24	%
Second quarter 2021		(5,723	)		(725	)	1.35	%	0.11	%	0.26	%
First quarter 2021		489			2,286		1.39	%	0.40	%	0.19	%
Fourth quarter 2020		(1,528	)		4,781		1.42	%	0.20	%	0.19	%

Net charge-offs for the current quarter of $3.2 million compared to $1.8 million for the prior quarter and $152 thousand from the same quarter last year. Net charge-offs of $3.2 million included $2.2 million in deposit overdraft net charge-offs and $962 thousand of loan net charge-offs. The current quarter provision for credit loss expense for loans was $8.4 million which was an increase of $9.7 million from the prior quarter which was driven by the organic loan growth and current quarter charged-off loans. Current quarter provision for credit loss expense for loans increased $6.1 million from the prior year third quarter provision for credit loss expense of $2.3 million. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

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

Liability Summary

						$ Change from
(Dollars in thousands)	Sep 30, 2022		Jun 30, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Deposits
Non-interest bearing deposits	$	8,294,363	8,061,304	7,779,288	6,632,402	233,059		515,075		1,661,961
NOW and DDA accounts		5,462,707	5,432,333	5,301,832	4,299,244	30,374		160,875		1,163,463
Savings accounts		3,305,333	3,296,561	3,180,046	2,502,268	8,772		125,287		803,065
Money market deposit accounts		3,905,676	4,021,102	4,014,128	3,123,425	(115,426	)	(108,452	)	782,251
Certificate accounts		907,560	968,382	1,036,077	919,852	(60,822	)	(128,517	)	(12,292	)
Core deposits, total		21,875,639	21,779,682	21,311,371	17,477,191	95,957		564,268		4,398,448
Wholesale deposits		4,003	4,001	25,878	26,123	2		(21,875	)	(22,120	)
Deposits, total		21,879,642	21,783,683	21,337,249	17,503,314	95,959		542,393		4,376,328
Repurchase agreements		887,483	968,197	1,020,794	1,040,939	(80,714	)	(133,311	)	(153,456	)
Federal Home Loan Bank advances		705,000	580,000	-	-	125,000		705,000		705,000
Other borrowed funds		77,671	66,200	44,094	33,671	11,471		33,577		44,000
Subordinated debentures		132,742	132,701	132,620	132,580	41		122		162
Other liabilities		278,059	262,985	228,266	215,899	15,074		49,793		62,160
Total liabilities	$	23,960,597	23,793,766	22,763,023	18,926,403	166,831		1,197,574		5,034,194

Core deposits of $21.876 billion increased $96.0 million, or 2 percent annualized, during the current quarter and non-interest bearing deposits increased $233 million, or 12 percent annualized, during the current quarter. Excluding the Alta acquisition, core deposits increased $1.125 billion, or 6 percent, from the prior year third quarter. Non-interest bearing deposits were 38 percent of total core deposits at September 30, 2022 compared to 37 percent at December 31, 2021 and 38 percent at September 30, 2021.

Federal Home Loan Bank ("FHLB") advances increased $125 million during the current quarter and $705 million during the first nine months of 2022 to support liquidity needs driven by the increase in the loan portfolio.

Stockholders' Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Common equity	$	3,267,505		3,223,451		3,150,263		2,309,957		44,054		117,242		957,548
Accumulated other comprehensive (loss) income		(495,148	)	(327,212	)	27,359		77,659		(167,936	)	(522,507	)	(572,807	)
Total stockholders' equity		2,772,357		2,896,239		3,177,622		2,387,616		(123,882	)	(405,265	)	384,741
Goodwill and core deposit intangible, net		(1,029,658	)	(1,032,323	)	(1,037,652	)	(562,058	)	2,665		7,994		(467,600	)
Tangible stockholders' equity	$	1,742,699		1,863,916		2,139,970		1,825,558		(121,217	)	(397,271	)	(82,859	)

Stockholders' equity to total assets		10.37	%	10.85	%	12.25	%	11.20	%
Tangible stockholders' equity to total tangible assets		6.78	%	7.26	%	8.59	%	8.80	%
Book value per common share	$	25.03		26.15		28.71		25.00		(1.12	)	(3.68	)	0.03
Tangible book value per common share	$	15.73		16.83		19.33		19.11		(1.10	)	(3.60	)	(3.38	)

Tangible stockholders' equity of $1.743 billion at September 30, 2022 decreased $121.2 million, or 7 percent, from the prior quarter which was primarily driven by the increase in the unrealized loss on the available-for-sale ("AFS") debt securities during the current quarter which was due to a continued increase in interest rates. Tangible stockholders' equity at September 30, 2022 decreased $82.9 million, or 5 percent, from the prior year third quarter which was due to a significant increase in the unrealized loss on the AFS debt securities and increases in goodwill and core deposit intangibles from the Alta acquisition which was partially offset by the $840 million of Company common stock issued for the acquisition of Alta. Tangible book value per common share of $15.73 at the current quarter end decreased $1.10 per share, or 7 percent, from the prior quarter and decreased $3.38 per share, or 18 percent, from the prior year third quarter primarily as a result of the increase in the unrealized loss on AFS debt securities.

Cash Dividends
On September 28, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 20, 2022 to shareholders of record on October 11, 2022. The dividend was the Company's 150th consecutive 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 September 30, 2022
Compared to June 30, 2022, March 31, 2022 and September 30, 2021

Income Summary

	Three Months ended									$ Change from
(Dollars in thousands)	Sep 30, 2022			Jun 30, 2022		Mar 31, 2022		Sep 30, 2021		Jun 30, 2022		Mar 31, 2022		Sep 30, 2021
Net interest income
Interest income	$	214,402		199,637		190,516		166,741		14,765		23,886		47,661
Interest expense		9,075		6,199		4,961		4,128		2,876		4,114		4,947
Total net interest income		205,327		193,438		185,555		162,613		11,889		19,772		42,714
Non-interest income
Service charges and other fees		18,970		17,309		17,111		15,154		1,661		1,859		3,816
Miscellaneous loan fees and charges		4,040		3,850		3,555		2,592		190		485		1,448
Gain on sale of loans		3,846		4,996		9,015		13,902		(1,150	)	(5,169	)	(10,056	)
(Loss) Gain on sale of investments		(85	)	(260	)	446		(168	)	175		(531	)	83
Other income		3,635		2,385		3,436		3,335		1,250		199		300
Total non-interest income		30,406		28,280		33,563		34,815		2,126		(3,157	)	(4,409	)
Total income		235,733		221,718		219,118		197,428		14,015		16,615		38,305
Net interest margin (tax-equivalent)		3.34	%	3.23	%	3.20	%	3.39	%

Net Interest Income
The current quarter net interest income of $205 million increased $11.9 million, or 6 percent, compared to the prior quarter and increased $42.7 million, or 26 percent, from the prior year third quarter. The current quarter interest income of $214 million increased $14.8 million, or 7 percent, over the prior quarter and was driven primarily by the increase in the loan portfolio and an increase in loan portfolio yields. The current quarter interest income increased $47.7 million over the prior year third quarter primarily due to $30.9 million of interest income from Altabank division and organic loan growth, which more than offset the $12.7 million decrease in interest income from the PPP loans. The current quarter net interest income, on a tax equivalent basis, was $211 million.

The current quarter interest expense of $9.1 million increased $2.9 million, or 46 percent, over the prior quarter and increased $4.9 million, or 120 percent, over the prior year third quarter primarily the result of an increase in borrowings to support the Company's liquidity needs. Core deposit cost was 6 basis points in each of the current quarter, prior quarter and the prior year third quarter. The total cost of funding (including non-interest bearing deposits) was 15 basis points in the current quarter compared to 11 basis points in the prior quarter and 9 basis points in the prior year third quarter which was driven by the increased borrowings and borrowing rates.

The Company's net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.34 percent compared to 3.23 percent in the prior quarter and 3.39 percent in the prior year third quarter. The core net interest margin, excluding 4 basis points of discount accretion, 1 basis point from non-accrual interest and no impact from the PPP loans, was 3.29 percent compared to 3.16 in the prior quarter and 3.17 percent in the prior year third quarter. The core net interest margin increased 13 basis points in the current quarter as a result of increased core loan yields which more than offset the increase in borrowing yields. The core loan yield of 4.60 percent in the current quarter increased 19 basis points from the prior quarter core loan yield of 4.41 percent. "The increase in net interest margin - reported and core - reflects the success our Bank divisions have had in pricing loans as interest rates have increased," said Ron Copher, Chief Financial Officer. "In addition, the Bank divisions have done well in growing low-cost core deposits, especially non-interest bearing deposits."

Non-interest Income
Non-interest income for the current quarter totaled $30.4 million which was an increase of $2.1 million, or 8 percent, over the prior quarter. Non-interest income for the current quarter decreased $4.4 million, or 13 percent, over the same quarter last year with the decrease primarily driven by the decrease in gain on sale of residential loans. Gain on the sale of residential loans of $3.8 million for the current quarter decreased $1.2 million, or 23 percent, compared to the prior quarter and decreased $10.1 million, or 72 percent, from the prior year third quarter. The current quarter mortgage activity was lower than prior periods as a result of the continued reduction in residential purchase and refinance activity as mortgage rates continued to rise.

Non-interest Expense Summary

	Three Months ended					$ Change from
(Dollars in thousands)	Sep 30, 2022		Jun 30, 2022	Mar 31, 2022	Sep 30, 2021	Jun 30, 2022		Mar 31, 2022		Sep 30, 2021
Compensation and employee benefits	$	80,612	79,803	79,074	66,364	809		1,538		14,248
Occupancy and equipment		10,797	10,766	10,964	9,412	31		(167	)	1,385
Advertising and promotions		3,768	3,766	3,232	3,236	2		536		532
Data processing		7,716	7,553	7,475	5,135	163		241		2,581
Other real estate owned and foreclosed assets		66	6	-	142	60		66		(76	)
Regulatory assessments and insurance		3,339	3,085	3,055	2,011	254		284		1,328
Core deposit intangibles amortization		2,665	2,665	2,664	2,488	-		1		177
Other expenses		21,097	21,877	23,844	15,320	(780	)	(2,747	)	5,777
Total non-interest expense	$	130,060	129,521	130,308	104,108	539		(248	)	25,952

Total non-interest expense of $130 million for the current quarter increased $539 thousand, or 42 basis points, over the prior quarter. Acquisition-related expenses was $892 thousand in the current quarter compared to $2.1 million in the prior quarter and $472 thousand in the prior year third quarter.

Total non-interest expense increased $26.0 million, or 25 percent, over the prior year third quarter which was primarily driven by the acquisition of Alta. Excluding $17.5 million of non-interest expense from the Altabank division and acquisition-related expenses, non-interest expense increased $8.1 million, or 8 percent, from the prior year third quarter. The increase includes $5.8 million from compensation and employee benefits driven by the increased number of employees and annual salary increases, and a $1.7 million increase in data processing expenses.

Federal and State Income Tax Expense
Tax expense during the third quarter of 2022 was $18.0 million, an increase of $656 thousand, or 4 percent, compared to the prior quarter and an increase of $1.0 million, or 6 percent, from the prior year third quarter. The effective tax rate in the current and prior quarter was 18.5 percent compared to 18.3 in the prior year third quarter.

Efficiency Ratio
The efficiency ratio was 52.76 percent in the current quarter compared to 55.74 percent in the prior quarter and 50.17 in the prior year third quarter. Excluding acquisition-related expenses, the efficiency ratio would have been 52.39 percent in the current quarter compared to 54.84 percent in the prior quarter and 49.94 percent in the prior year third quarter. The increase in the efficiency ratio from the prior year third quarter was driven by the decrease in gain on the sale of residential loans.

Operating Results for Nine Months Ended September 30, 2022
Compared to September 30, 2021

Income Summary

	Nine Months ended
(Dollars in thousands)	Sep 30, 2022			Sep 30, 2021			$ Change			% Change
Net interest income
Interest income	$	604,555		$	488,249		$	116,306		24	%
Interest expense		20,235			13,355			6,880		52	%
Total net interest income		584,320			474,894			109,426		23	%
Non-interest income
Service charges and other fees		53,390			41,741			11,649		28	%
Miscellaneous loan fees and charges		11,445			8,293			3,152		38	%
Gain on sale of loans		17,857			51,632			(33,775	)	(65	)%
Gain on sale of investments		101			55			46		84	%
Other income		9,456			8,737			719		8	%
Total non-interest income		92,249			110,458			(18,209	)	(16	)%
Total Income	$	676,569		$	585,352		$	91,217		16	%
Net interest margin (tax-equivalent)		3.26	%		3.52	%

Net Interest Income
Net-interest income of $584 million for the first nine months of 2022 increased $109 million, or 23 percent, over the same period in 2021. Interest income of $605 million for the first nine months of the current year increased $116 million, or 24 percent, from the prior year and was primarily attributable to $89.9 million of interest income from Alta division and organic growth. Interest expense of $20.2 million for the first nine months of 2022 increased $6.9 million, or 52 percent over the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2022 was 12 basis points, which increased 2 basis points compared to 10 basis points in first nine months of 2021 driven by the increased borrowing rates.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2022 was 3.26 percent, a 26 basis points decrease from the net interest margin of 3.52 percent for the same period in the prior year. The core net interest margin, excluding 5 basis points of discount accretion, 1 basis point of non-accrual interest and 2 basis points increase from the PPP loans, was 3.18 which was a 17 basis point decrease from the core margin of 3.35 percent in the prior year.

Non-interest Income
Non-interest income of $92.2 million for the first nine months of 2022 decreased $18.2 million, or 16 percent, over the same period last year and was primarily attributable to the $33.8 million, or 65 percent, decrease in gain on sale of residential loans. Service charges and other fees of $53.4 million for the first nine months of 2022 increased $11.6 million, or 28 percent, from the prior year same period as a result of additional fees from increased customer accounts, transaction activity and the acquisition of Alta. Miscellaneous loan fees and charges increased $3.2 million, or 38 percent, primarily driven by increases in credit card interchange fees due to increased activity.

Non-interest Expense Summary

	Nine Months ended
(Dollars in thousands)	Sep 30, 2022		Sep 30, 2021		$ Change			% Change
Compensation and employee benefits	$	239,489	$	192,941	$	46,548		24	%
Occupancy and equipment		32,527		28,135		4,392		16	%
Advertising and promotions		10,766		8,513		2,253		26	%
Data processing		22,744		16,002		6,742		42	%
Other real estate owned and foreclosed assets		72		202		(130	)	(64	)%
Regulatory assessments and insurance		9,479		5,592		3,887		70	%
Core deposit intangibles amortization		7,994		7,464		530		7	%
Other expenses		66,818		41,926		24,892		59	%
Total non-interest expense	$	389,889	$	300,775	$	89,114		30	%

Total non-interest expense of $390 million for the first nine months of 2022 increased $89.1 million, or 30 percent, over the prior year same period. Excluding $59.1 million of non-interest expense from the Altabank division, $6.7 million from deferred compensation on the PPP loans in the prior year, and acquisition-related expenses, non-interest expense increased $21.7 million, or 7 percent, from the prior year first nine months. Excluding the Alta division, compensation and employee benefits increased $18.6 million, or 10 percent, from prior year due to increased number of employees and salary increases. Other expenses for the first nine months of 2022 increased $24.9 million over prior year same period and was primarily driven by expenses related to the Alta division and a $7.5 million increase in acquisition related expenses. Acquisition-related expenses were $9.2 million in the current year compared to $1.7 million in the prior year same period.

Provision for Credit Losses

The provision for credit loss expense was $13.8 million for the first nine months of 2022, including provision for credit loss expense of $11.4 million on the loan portfolio and credit loss expense of $2.4 million on unfunded loan commitments. The provision for credit loss expense of $11.4 million on the loan portfolio in the current year increased $14.3 million over the provision for credit loss benefit of $2.9 million in the prior year which was primarily attributable to organic loan growth. Net charge-offs during the current year were $5.8 million compared to $1.7 million during the prior year.

Federal and State Income Tax Expense
Tax expense of $49.3 million in the first nine months of 2022 decreased $6.1 million, or 11 percent, over the prior year same period. The effective tax rate for 2022 was 18.1 percent compared to 19.1 percent in the prior year.

Efficiency Ratio
The efficiency ratio was 55.14 percent for the first nine months of 2022 compared to 48.94 percent for the same period last year. Excluding the impact from the PPP loans and acquisition related expenses, the efficiency ratio was 54.22 in 2022 compared to 51.84 in 2021 with the increase driven by the decrease in gain on the sale of residential loans and 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," "intends," "plans," "believes," "should," "projects," "seeks," "estimates" or the negative version of those words 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 subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those set forth in this news release:

the risks associated with lending and potential adverse changes in the credit quality of loans in the Company's portfolio;
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company's net interest income and margin, overall profitability, and stockholders' equity;
legislative or regulatory changes, as well as increased banking and consumer protection regulation, that may adversely affect the Company's business;
ability to complete pending or prospective future acquisitions;
costs or difficulties related to the completion and integration of acquisitions;
the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;
reduced demand for banking products and services;
the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain and maintain customers;
competition among financial institutions in the Company's markets may increase significantly;
the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to raise additional capital or grow the Company through acquisitions;
the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;
consolidation in the financial services industry in the Company's markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions;
material failure, potential interruption or breach in security of the Company's systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures;
natural disasters, including fires, floods, earthquakes, and other unexpected events;
the Company's success in managing risks involved in the foregoing;
the effects from military action in Ukraine, including the broader impacts to financial markets and economic conditions; and
the 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, October 21, 2022. 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/BI5d57c8bb72de4780ad1d8b419b9d998d. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/7o4jqa95. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d'Alene, ID), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT).

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Assets
Cash on hand and in banks	$	260,456		293,541		198,087		250,579
Interest bearing cash deposits		164,756		121,865		239,599		98,309
Cash and cash equivalents		425,212		415,406		437,686		348,888
Debt securities, available-for-sale		5,755,076		6,209,199		9,170,849		7,390,580
Debt securities, held-to-maturity		3,756,634		3,788,486		1,199,164		1,128,299
Total debt securities		9,511,710		9,997,685		10,370,013		8,518,879
Loans held for sale, at fair value		21,720		33,837		60,797		94,138
Loans receivable		14,851,233		14,399,755		13,432,031		11,293,891
Allowance for credit losses		(178,191	)	(172,963	)	(172,665	)	(153,609	)
Loans receivable, net		14,673,042		14,226,792		13,259,366		11,140,282
Premises and equipment, net		395,639		386,198		372,597		316,191
Other real estate owned and foreclosed assets		42		379		18		106
Accrued interest receivable		93,300		80,339		76,673		79,699
Deferred tax asset		204,351		147,263		27,693		-
Core deposit intangible, net		44,265		46,930		52,259		48,045
Goodwill		985,393		985,393		985,393		514,013
Non-marketable equity securities		38,215		33,215		10,020		10,021
Bank-owned life insurance		168,187		168,231		167,671		123,729
Other assets		171,878		168,337		120,459		120,028
Total assets	$	26,732,954		26,690,005		25,940,645		21,314,019
Liabilities
Non-interest bearing deposits	$	8,294,363		8,061,304		7,779,288		6,632,402
Interest bearing deposits		13,585,279		13,722,379		13,557,961		10,870,912
Securities sold under agreements to repurchase		887,483		968,197		1,020,794		1,040,939
FHLB advances		705,000		580,000		-		-
Other borrowed funds		77,671		66,200		44,094		33,671
Subordinated debentures		132,742		132,701		132,620		132,580
Accrued interest payable		2,740		2,334		2,409		2,437
Deferred tax liability		-		-		-		1,815
Other liabilities		275,319		260,651		225,857		211,647
Total liabilities		23,960,597		23,793,766		22,763,023		18,926,403
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 and 117,187,500 shares authorized at September 30, 2022, and December 31, 2021, respectively		1,108		1,108		1,107		955
Paid-in capital		2,342,452		2,341,097		2,338,814		1,497,939
Retained earnings - substantially restricted		923,945		881,246		810,342		811,063
Accumulated other comprehensive (loss) income		(495,148	)	(327,212	)	27,359		77,659
Total stockholders' equity		2,772,357		2,896,239		3,177,622		2,387,616
Total liabilities and stockholders' equity	$	26,732,954		26,690,005		25,940,645		21,314,019

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

	Three Months ended								Nine Months ended
(Dollars in thousands, except per share data)	Sep 30, 2022			Jun 30, 2022		Mar 31, 2022	Sep 30, 2021		Sep 30, 2022	Sep 30, 2021
Interest Income
Debt securities	$	43,722		42,841		38,654	30,352		125,217	86,388
Residential real estate loans		13,738		13,026		15,515	9,885		42,279	29,572
Commercial loans		142,692		131,259		124,556	115,533		398,507	339,903
Consumer and other loans		14,250		12,511		11,791	10,971		38,552	32,386
Total interest income		214,402		199,637		190,516	166,741		604,555	488,249
Interest Expense
Deposits		3,279		3,141		3,464	2,609		9,884	8,427
Securities sold under agreements to repurchase		675		367		393	496		1,435	1,836
Federal Home Loan Bank advances		3,318		1,298		12	-		4,628	-
Other borrowed funds		214		264		220	178		698	529
Subordinated debentures		1,589		1,129		872	845		3,590	2,563
Total interest expense		9,075		6,199		4,961	4,128		20,235	13,355
Net Interest Income		205,327		193,438		185,555	162,613		584,320	474,894
Provision for credit losses		8,341		(1,533	)	7,031	725		13,839	(4,880	)
Net interest income after provision for credit losses		196,986		194,971		178,524	161,888		570,481	479,774
Non-Interest Income
Service charges and other fees		18,970		17,309		17,111	15,154		53,390	41,741
Miscellaneous loan fees and charges		4,040		3,850		3,555	2,592		11,445	8,293
Gain on sale of loans		3,846		4,996		9,015	13,902		17,857	51,632
(Loss) Gain on sale of debt securities		(85	)	(260	)	446	(168	)	101	55
Other income		3,635		2,385		3,436	3,335		9,456	8,737
Total non-interest income		30,406		28,280		33,563	34,815		92,249	110,458
Non-Interest Expense
Compensation and employee benefits		80,612		79,803		79,074	66,364		239,489	192,941
Occupancy and equipment		10,797		10,766		10,964	9,412		32,527	28,135
Advertising and promotions		3,768		3,766		3,232	3,236		10,766	8,513
Data processing		7,716		7,553		7,475	5,135		22,744	16,002
Other real estate owned and foreclosed assets		66		6		-	142		72	202
Regulatory assessments and insurance		3,339		3,085		3,055	2,011		9,479	5,592
Core deposit intangibles amortization		2,665		2,665		2,664	2,488		7,994	7,464
Other expenses		21,097		21,877		23,844	15,320		66,818	41,926
Total non-interest expense		130,060		129,521		130,308	104,108		389,889	300,775
Income Before Income Taxes		97,332		93,730		81,779	92,595		272,841	289,457
Federal and state income tax expense		17,994		17,338		13,984	16,976		49,316	55,409
Net Income	$	79,338		76,392		67,795	75,619		223,525	234,048

Glacier Bancorp, Inc.
Average Balance Sheets

	Three Months ended
	September 30, 2022							June 30, 2022
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance			Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,338,606		$	13,738	4.11	%	$	1,229,013		$	13,026	4.24	%
Commercial loans ¹		12,146,551			144,357	4.72	%		11,712,381			132,799	4.55	%
Consumer and other loans		1,156,305			14,250	4.89	%		1,107,396			12,511	4.53	%
Total loans ²		14,641,462			172,345	4.67	%		14,048,790			158,336	4.52	%
Tax-exempt debt securities ³		2,000,404			18,484	3.70	%		1,979,865			18,413	3.72	%
Taxable debt securities ⁴		8,426,933			29,297	1.39	%		8,685,641			28,473	1.31	%
Total earning assets		25,068,799			220,126	3.48	%		24,714,296			205,222	3.33	%
Goodwill and intangibles		1,030,961							1,033,601
Non-earning assets		604,754							619,671
Total assets	$	26,704,514						$	26,367,568
Liabilities
Non-interest bearing deposits	$	8,158,207		$	-	-	%	$	7,991,993		$	-	-	%
NOW and DDA accounts		5,473,458			794	0.06	%		5,405,470			723	0.05	%
Savings accounts		3,319,167			260	0.03	%		3,261,798			244	0.03	%
Money market deposit accounts		3,999,758			1,483	0.15	%		3,999,582			1,369	0.14	%
Certificate accounts		940,507			722	0.30	%		982,397			797	0.33	%
Total core deposits		21,891,097			3,259	0.06	%		21,641,240			3,133	0.06	%
Wholesale deposits ⁵		3,946			20	2.05	%		3,877			8	0.71	%
Repurchase agreements		917,104			675	0.29	%		923,459			367	0.16	%
FHLB advances		541,630			3,318	2.40	%		476,978			1,298	1.08	%
Subordinated debentures and other borrowed funds		202,383			1,803	3.54	%		190,072			1,393	2.94	%
Total funding liabilities		23,556,160			9,075	0.15	%		23,235,626			6,199	0.11	%
Other liabilities		261,735							235,814
Total liabilities		23,817,895							23,471,440
Stockholders' Equity
Common stock		1,108							1,108
Paid-in capital		2,341,648							2,340,059
Retained earnings		920,372							875,276
Accumulated other comprehensive (loss) income		(376,509	)						(320,315	)
Total stockholders' equity		2,886,619							2,896,128
Total liabilities and stockholders' equity	$	26,704,514						$	26,367,568
Net interest income (tax-equivalent)				$	211,051						$	199,023
Net interest spread (tax-equivalent)						3.33	%						3.22	%
Net interest margin (tax-equivalent)						3.34	%						3.23	%

______________________________

¹Includes tax effect of $1.7 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2022 and June 30, 2022, respectively.
²Total 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.
³Includes tax effect of $3.8 million and $3.8 million on tax-exempt debt securities income for the three months ended September 30, 2022 and June 30, 2022, respectively.
⁴Includes tax effect of $225 thousand and $226 thousand on federal income tax credits for the three months ended September 30, 2022 and June 30, 2022, respectively.
⁵Wholesale 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
	September 30, 2022							September 30, 2021
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,338,606		$	13,738	4.11	%	$	817,150	$	9,885	4.84	%
Commercial loans ¹		12,146,551			144,357	4.72	%		9,468,440		116,963	4.90	%
Consumer and other loans		1,156,305			14,250	4.89	%		974,582		10,971	4.47	%
Total loans ²		14,641,462			172,345	4.67	%		11,260,172		137,819	4.86	%
Tax-exempt debt securities ³		2,000,404			18,484	3.70	%		1,548,447		14,711	3.80	%
Taxable debt securities ⁴		8,426,933			29,297	1.39	%		6,767,418		18,896	1.12	%
Total earning assets		25,068,799			220,126	3.48	%		19,576,037		171,426	3.47	%
Goodwill and intangibles		1,030,961							563,257
Non-earning assets		604,754							803,226
Total assets	$	26,704,514						$	20,942,520
Liabilities
Non-interest bearing deposits	$	8,158,207		$	-	-	%	$	6,505,530	$	-	-	%
NOW and DDA accounts		5,473,458			794	0.06	%		4,261,648		597	0.06	%
Savings accounts		3,319,167			260	0.03	%		2,440,332		146	0.02	%
Money market deposit accounts		3,999,758			1,483	0.15	%		3,041,634		814	0.11	%
Certificate accounts		940,507			722	0.30	%		928,165		1,036	0.44	%
Total core deposits		21,891,097			3,259	0.06	%		17,177,309		2,593	0.06	%
Wholesale deposits ⁵		3,946			20	2.05	%		26,117		16	0.24	%
Repurchase agreements		917,104			675	0.29	%		988,283		495	0.20	%
FHLB advances		541,630			3,318	2.40	%		-		-	-	%
Subordinated debentures and other borrowed funds		202,383			1,803	3.54	%		166,151		1,024	2.44	%
Total funding liabilities		23,556,160			9,075	0.15	%		18,357,860		4,128	0.09	%
Other liabilities		261,735							182,573
Total liabilities		23,817,895							18,540,433
Stockholders' Equity
Common stock		1,108							955
Paid-in capital		2,341,648							1,497,107
Retained earnings		920,372							805,253
Accumulated other comprehensive (loss) income		(376,509	)						98,772
Total stockholders' equity		2,886,619							2,402,087
Total liabilities and stockholders' equity	$	26,704,514						$	20,942,520
Net interest income (tax-equivalent)				$	211,051					$	167,298
Net interest spread (tax-equivalent)						3.33	%					3.38	%
Net interest margin (tax-equivalent)						3.34	%					3.39	%

______________________________

¹Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2022 and 2021, respectively.
²Total 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.
³Includes tax effect of $3.8 million and $3.0 million on tax-exempt debt securities income for the three months ended September 30, 2022 and 2021, respectively.
⁴Includes tax effect of $225 thousand and $255 thousand on federal income tax credits for the three months ended September 30, 2022 and 2021, respectively.
⁵Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
Average Balance Sheets (continued)

	Nine Months ended
	September 30, 2022							September 30, 2021
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,236,674		$	42,279	4.56	%	$	844,945	$	29,572	4.67	%
Commercial loans ¹		11,728,932			403,075	4.59	%		9,467,329		344,117	4.86	%
Consumer and other loans		1,113,232			38,552	4.63	%		963,002		32,386	4.50	%
Total loans ²		14,078,838			483,906	4.60	%		11,275,276		406,075	4.82	%
Tax-exempt debt securities ³		1,902,147			52,561	3.68	%		1,547,429		44,162	3.81	%
Taxable debt securities ⁴		8,663,590			84,235	1.30	%		5,771,573		51,998	1.20	%
Total earning assets		24,644,575			620,702	3.37	%		18,594,278		502,235	3.61	%
Goodwill and intangibles		1,033,606							565,724
Non-earning assets		659,727							816,982
Total assets	$	26,337,908						$	19,976,984
Liabilities
Non-interest bearing deposits	$	8,004,395		$	-	-	%	$	6,069,326	$	-	-	%
NOW and DDA accounts		5,387,013			2,362	0.06	%		4,057,019		1,768	0.06	%
Savings accounts		3,276,092			836	0.03	%		2,277,335		425	0.02	%
Money market deposit accounts		4,009,931			4,233	0.14	%		2,895,362		2,540	0.12	%
Certificate accounts		980,543			2,416	0.33	%		951,655		3,640	0.51	%
Total core deposits		21,657,974			9,847	0.06	%		16,250,697		8,373	0.07	%
Wholesale deposits ⁵		8,290			37	0.59	%		32,787		55	0.22	%
Repurchase agreements		936,840			1,435	0.20	%		988,092		1,835	0.25	%
FHLB advances		346,465			4,628	1.76	%		-		-	-	%
Subordinated debentures and other borrowed funds		190,810			4,288	3.00	%		165,996		3,092	2.49	%
Total funding liabilities		23,140,379			20,235	0.12	%		17,437,572		13,355	0.10	%
Other liabilities		249,001							181,640
Total liabilities		23,389,380							17,619,212
Stockholders' Equity
Common stock		1,107							955
Paid-in capital		2,340,208							1,496,051
Retained earnings		881,208							757,666
Accumulated other comprehensive income		(273,995	)						103,100
Total stockholders' equity		2,948,528							2,357,772
Total liabilities and stockholders' equity	$	26,337,908						$	19,976,984
Net interest income (tax-equivalent)				$	600,467					$	488,880
Net interest spread (tax-equivalent)						3.25	%					3.51	%
Net interest margin (tax-equivalent)						3.26	%					3.52	%

______________________________

¹Includes tax effect of $4.6 million and $4.2 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2022 and 2021, respectively.
²Total 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.
³Includes tax effect of $10.9 million and $9.0 million on tax-exempt debt securities income for the nine months ended September 30, 2022 and 2021, respectively.
⁴Includes tax effect of $676 thousand and $766 thousand on federal income tax credits for the nine months ended September 30, 2022 and 2021, respectively.
⁵Wholesale 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)	Sep 30, 2022			Jun 30, 2022			Dec 31, 2021			Sep 30, 2021			Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Custom and owner occupied construction	$	288,977		$	282,916		$	263,758		$	170,489		2	%	10	%	69	%
Pre-sold and spec construction		291,146			269,568			257,568			188,668		8	%	13	%	54	%
Total residential construction		580,123			552,484			521,326			359,157		5	%	11	%	62	%
Land development		217,878			201,607			185,200			151,640		8	%	18	%	44	%
Consumer land or lots		204,241			197,394			173,305			143,977		3	%	18	%	42	%
Unimproved land		101,684			101,266			81,064			68,805		-	%	25	%	48	%
Developed lots for operative builders		62,800			68,087			41,840			33,487		(8	)%	50	%	88	%
Commercial lots		94,395			95,958			99,418			76,382		(2	)%	(5	)%	24	%
Other construction		893,846			931,000			762,970			562,223		(4	)%	17	%	59	%
Total land, lot, and other construction		1,574,844			1,595,312			1,343,797			1,036,514		(1	)%	17	%	52	%
Owner occupied		2,811,614			2,747,152			2,645,841			2,069,551		2	%	6	%	36	%
Non-owner occupied		3,448,044			3,333,915			3,056,658			2,561,777		3	%	13	%	35	%
Total commercial real estate		6,259,658			6,081,067			5,702,499			4,631,328		3	%	10	%	35	%
Commercial and industrial		1,308,272			1,353,248			1,463,022			1,407,353		(3	)%	(11	)%	(7	)%
Agriculture		770,282			758,394			751,185			748,548		2	%	3	%	3	%
1st lien		1,738,151			1,596,878			1,393,267			1,159,265		9	%	25	%	50	%
Junior lien		36,677			34,149			34,830			36,942		7	%	5	%	(1	)%
Total 1-4 family		1,774,828			1,631,027			1,428,097			1,196,207		9	%	24	%	48	%
Multifamily residential		574,366			562,480			545,001			373,022		2	%	5	%	54	%
Home equity lines of credit		841,143			820,721			761,990			709,828		2	%	10	%	18	%
Other consumer		219,036			213,943			207,513			198,763		2	%	6	%	10	%
Total consumer		1,060,179			1,034,664			969,503			908,591		2	%	9	%	17	%
States and political subdivisions		776,875			695,396			615,251			612,882		12	%	26	%	27	%
Other		193,526			169,520			153,147			114,427		14	%	26	%	69	%
Total loans receivable, including loans held for sale		14,872,953			14,433,592			13,492,828			11,388,029		3	%	10	%	31	%
Less loans held for sale ¹		(21,720	)		(33,837	)		(60,797	)		(94,138	)	(36	)%	(64	)%	(77	)%
Total loans receivable	$	14,851,233		$	14,399,755		$	13,432,031		$	11,293,891		3	%	11	%	31	%

______________________________

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

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Sep 30, 2022		Jun 30, 2022	Dec 31, 2021	Sep 30, 2021	Sep 30, 2022	Sep 30, 2022	Sep 30, 2022
Custom and owner occupied construction	$	227	230	237	240	227	-	-
Pre-sold and spec construction		1,016	389	-	-	389	627	-
Total residential construction		1,243	619	237	240	616	627	-
Land development		149	197	250	31	149	-	-
Consumer land or lots		285	157	309	186	152	133	-
Unimproved land		94	107	124	166	94	-	-
Developed lots for operative builders		255	260	-	-	255	-	-
Other construction		12,884	12,884	12,884	276	12,884	-	-
Total land, lot and other construction		13,667	13,605	13,567	659	13,534	133	-
Owner occupied		2,687	4,013	3,918	3,323	2,060	627	-
Non-owner occupied		820	1,491	6,063	2,089	820	-	-
Total commercial real estate		3,507	5,504	9,981	5,412	2,880	627	-
Commercial and Industrial		3,453	5,741	3,066	5,621	2,988	441	24
Agriculture		4,102	9,169	29,151	32,712	4,102	-	-
1st lien		2,149	2,196	2,870	3,178	2,032	117	-
Junior lien		139	200	136	166	139	-	-
Total 1-4 family		2,288	2,396	3,006	3,344	2,171	117	-
Multifamily residential		4,635	4,765	6,548	-	4,635	-	-
Home equity lines of credit		1,550	1,684	1,563	2,393	1,211	339	-
Other consumer		555	466	460	539	356	181	18
Total consumer		2,105	2,150	2,023	2,932	1,567	520	18
Other		59	17	112	259	-	59	-
Total	$	35,059	43,966	67,691	51,179	32,493	2,524	42

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

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Sep 30, 2022		Jun 30, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2022		Dec 31, 2021		Sep 30, 2021
Custom and owner occupied construction	$	427	$	2,046	$	1,243	$	892	(79	)%	(66	)%	(52	)%
Pre-sold and spec construction		-		602		443		325	(100	)%	(100	)%	(100	)%
Total residential construction		427		2,648		1,686		1,217	(84	)%	(75	)%	(65	)%
Land development		596		365		-		276	63	%	n/m		116	%
Consumer land or lots		-		337		149		325	(100	)%	(100	)%	(100	)%
Unimproved land		36		590		305		181	(94	)%	(88	)%	(80	)%
Developed lots for operative builders		30		-		-		59	n/m		n/m		(49	)%
Commercial lots		2,158		-		-		-	n/m		n/m		n/m
Other construction		-		-		30,788		12,884	n/m		(100	)%	(100	)%
Total land, lot and other construction		2,820		1,292		31,242		13,725	118	%	(91	)%	(79	)%
Owner occupied		527		1,560		1,739		1,933	(66	)%	(70	)%	(73	)%
Non-owner occupied		-		123		1,558		443	(100	)%	(100	)%	(100	)%
Total commercial real estate		527		1,683		3,297		2,376	(69	)%	(84	)%	(78	)%
Commercial and industrial		2,087		5,969		4,732		1,581	(65	)%	(56	)%	32	%
Agriculture		641		851		459		1,032	(25	)%	40	%	(38	)%
1st lien		761		329		2,197		350	131	%	(65	)%	117	%
Junior lien		72		105		87		167	(31	)%	(17	)%	(57	)%
Total 1-4 family		833		434		2,284		517	92	%	(64	)%	61	%
Home equity lines of credit		1,004		1,071		1,994		3,023	(6	)%	(50	)%	(67	)%
Other consumer		1,089		1,140		1,681		1,361	(4	)%	(35	)%	(20	)%
Total consumer		2,093		2,211		3,675		4,384	(5	)%	(43	)%	(52	)%
States and political subdivisions		-		7		1,733		-	(100	)%	(100	)%	n/m
Other		1,494		1,493		1,458		1,170	-	%	2	%	28	%
Total	$	10,922	$	16,588	$	50,566	$	26,002	(34	)%	(78	)%	(58	)%

______________________________

n/m - not measurable

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

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Sep 30, 2022			Jun 30, 2022		Dec 31, 2021		Sep 30, 2021		Sep 30, 2022	Sep 30, 2022
Custom and owner occupied construction	$	17		-		-		-		17	-
Pre-sold and spec construction		(12	)	(8	)	(15	)	(12	)	-	12
Total residential construction		5		(8	)	(15	)	(12	)	17	12
Land development		(24	)	(21	)	(233	)	(163	)	-	24
Consumer land or lots		(46	)	(10	)	(165	)	(164	)	-	46
Unimproved land		-		(1	)	(241	)	(241	)	-	-
Total land, lot and other construction		(70	)	(32	)	(639	)	(568	)	-	70
Owner occupied		229		229		(423	)	(410	)	1,642	1,413
Non-owner occupied		(4	)	(3	)	(357	)	(356	)	-	4
Total commercial real estate		225		226		(780	)	(766	)	1,642	1,417
Commercial and industrial		395		(458	)	41		(87	)	1,161	766
Agriculture		(5	)	(4	)	(20	)	-		-	5
1st lien		(99	)	(56	)	(331	)	(250	)	-	99
Junior lien		(303	)	(297	)	(650	)	(511	)	-	303
Total 1-4 family		(402	)	(353	)	(981	)	(761	)	-	402
Multifamily residential		-		-		(40	)	(40	)	-	-
Home equity lines of credit		(98	)	(51	)	(621	)	(601	)	45	143
Other consumer		257		166		236		145		410	153
Total consumer		159		115		(385	)	(456	)	455	296
Other		5,540		3,207		5,148		4,403		7,630	2,090
Total	$	5,847		2,693		2,329		1,713		10,905	5,058

Visit our website at www.glacierbancorp.com

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