Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2023

3rd Quarter 2023 Highlights:

Net income was $52.4 million for the current quarter, a decrease of $2.6 million, or 5 percent, from the prior quarter net income of $55.0 million. Net income for the current quarter decreased $26.9 million, or 34 percent, from the prior year third quarter net income of $79.3 million.
Interest income of $265 million in the current quarter increased $17.5 million, or 7 percent, over the prior quarter interest income of $247 million. Interest income in the current quarter increased $50.5 million, or 24 percent, over the prior year third quarter.
Total deposits and retail repurchase agreements of $21.895 billion at the current quarter end increased $530 million, or 10 percent annualized, during the current quarter.
Non-interest bearing deposits remained stable in the current quarter with a $7.0 million increase over the prior quarter.
The loan portfolio of $16.135 billion increased $180 million, or 5 percent annualized, during the current quarter.
The loan yield for the current quarter of 5.27 percent, increased 15 basis points, compared to 5.12 percent in the prior quarter and increased 60 basis points from the prior year third quarter loan yield of 4.67 percent.
Early stage delinquencies (accruing loans 30-89 days past due) of $15.3 million at September 30, 2023 decreased $9.6 million from the prior quarter.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 154 consecutive quarterly dividends and has increased the dividend 49 times.
The Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $763 million as of September 30, 2023. This will be the Company's 25th acquisition since 2000.

Year-to-date 2023 Highlights

Net Income for the first nine months of 2023 was $169 million, a decrease of $54.9 million, or 25 percent, from the $224 million for the prior year first nine months net income.
Interest income for the first nine months of 2023 was $744 million, an increase of $139 million, or 23 percent over the first nine months of the prior year interest income of $605 million.
Total core deposits and retail repurchase agreements of $21.827 billion at the current quarter end increased $307 million, or 1 percent, during the first nine months of 2023.
The loan portfolio of $16.135 billion increased $888 million, or 8 percent annualized, during the first nine months of the current year. The loan portfolio, excluding the Paycheck Protection Program ("PPP") loans, increased $1.578 billion, or 16 percent annualized, during the first nine months of the prior year.
The loan yield was 5.14 percent for the first nine months of the current year, an increase of 54 basis points from the first nine months of the prior year loan yield of 4.60 percent.
Stockholders' equity of $2.875 billion increased $31.3 million, or 1 percent, during the first nine months of the current year.
Dividends declared in the first nine months of 2023 were $0.99 per share.

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, 2023			Jun 30, 2023		Mar 31, 2023		Sep 30, 2022		Sep 30, 2023		Sep 30, 2022
Operating results
Net income	$	52,445		54,955		61,211		79,338		168,611		223,525
Basic earnings per share	$	0.47		0.50		0.55		0.72		1.52		2.02
Diluted earnings per share	$	0.47		0.50		0.55		0.72		1.52		2.02
Dividends declared per share	$	0.33		0.33		0.33		0.33		0.99		0.99
Market value per share
Closing	$	28.50		31.17		42.01		49.13		28.50		49.13
High	$	36.45		42.21		50.03		56.10		50.03		60.69
Low	$	26.84		26.77		37.07		46.08		26.77		44.43
Selected ratios and other data
Number of common stock shares outstanding		110,879,365		110,873,887		110,868,713		110,766,954		110,879,365		110,766,954
Average outstanding shares - basic		110,877,534		110,870,964		110,824,648		110,766,502		110,857,788		110,752,231
Average outstanding shares - diluted		110,886,959		110,875,535		110,881,708		110,833,594		110,882,718		110,811,267
Return on average assets (annualized)		0.75	%	0.81	%	0.93	%	1.18	%	0.83	%	1.13	%
Return on average equity (annualized)		7.12	%	7.52	%	8.54	%	10.94	%	7.72	%	10.14	%
Efficiency ratio		63.31	%	62.73	%	60.39	%	52.76	%	62.10	%	55.14	%
Dividend payout		70.21	%	66.00	%	60.00	%	45.83	%	65.13	%	49.01	%
Loan to deposit ratio		79.25	%	79.92	%	77.09	%	67.98	%	79.25	%	67.98	%
Number of full time equivalent employees		3,314		3,369		3,390		3,396		3,314		3,396
Number of locations		221		222		222		222		221		222
Number of ATMs		274		274		263		272		274		272

KALISPELL, Mont., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.4 million for the current quarter, a decrease of $26.9 million, or 34 percent, from the $79.3 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.47 per share, a decrease of 35 percent from the prior year third quarter diluted earnings per share of $0.72. The decrease in net income compared to the prior quarter and prior year third quarter was primarily due to the continued increase in funding costs, which has outpaced the increase in interest income. "Our strong core deposit growth in the quarter shows the strength of our business model and employees. We were able to significantly grow deposits this quarter by leveraging existing banking relationships across all of our divisions," said Randy Chesler, President and Chief Executive Officer. "We were also pleased to see the increase in interest income for the quarter, reflecting higher yields on loans and investments."

Net income for the nine months ended September 30, 2023 was $169 million, a decrease of $54.9 million, or 25 percent, from the $224 million for the first nine months in the prior year, which was primarily driven by the increase in funding costs outpacing the increase in interest income. Diluted earnings per share for the first nine months of 2023 was $1.52 per share, a decrease of 25 percent from the prior year first nine months diluted earnings per share of $2.02.

On August 8, 2023, the Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, "Wheatland"), headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington with total assets of $763 million, total loans of $491 million and total deposits of $609 million as of September 30, 2023. The acquisition is subject to required regulatory and shareholder approvals and other customary conditions of closing and is expected to be completed in the fourth quarter of 2023.

Asset Summary

										$ Change from
(Dollars in thousands)	Sep 30, 2023			Jun 30, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Cash and cash equivalents	$	1,672,094		1,051,320		401,995		425,212		620,774		1,270,099		1,246,882
Debt securities, available-for-sale		4,741,738		4,999,820		5,307,307		5,755,076		(258,082	)	(565,569	)	(1,013,338	)
Debt securities, held-to-maturity		3,553,805		3,608,289		3,715,052		3,756,634		(54,484	)	(161,247	)	(202,829	)
Total debt securities		8,295,543		8,608,109		9,022,359		9,511,710		(312,566	)	(726,816	)	(1,216,167	)
Loans receivable
Residential real estate		1,653,777		1,588,175		1,446,008		1,368,368		65,602		207,769		285,409
Commercial real estate		10,292,446		10,220,751		9,797,047		9,582,989		71,695		495,399		709,457
Other commercial		2,916,785		2,888,810		2,799,668		2,729,717		27,975		117,117		187,068
Home equity		869,963		862,240		822,232		793,556		7,723		47,731		76,407
Other consumer		402,075		394,986		381,857		376,603		7,089		20,218		25,472
Loans receivable		16,135,046		15,954,962		15,246,812		14,851,233		180,084		888,234		1,283,813
Allowance for credit losses		(192,271	)	(189,385	)	(182,283	)	(178,191	)	(2,886	)	(9,988	)	(14,080	)
Loans receivable, net		15,942,775		15,765,577		15,064,529		14,673,042		177,198		878,246		1,269,733
Other assets		2,153,149		2,102,673		2,146,492		2,122,990		50,476		6,657		30,159
Total assets	$	28,063,561		27,527,679		26,635,375		26,732,954		535,882		1,428,186		1,330,607

Total debt securities of $8.296 billion at September 30, 2023 decreased $313 million, or 4 percent, during the current quarter and decreased $1.216 billion, or 13 percent, from the prior year third quarter. The Company continues to utilize cash flow from the securities portfolio to primarily fund loan growth and maintain a strong cash position. The Company increased its cash position by $621 million during the current quarter to further strengthen its liquidity position. Debt securities represented 30 percent of total assets at September 30, 2023, compared to 34 percent at December 31, 2022, and 36 percent at September 30, 2022.

The loan portfolio of $16.135 billion increased $180 million, or 5 percent annualized, during the current quarter with the largest dollar increase in commercial real estate, which increased $71.7 million, or 3 percent annualized. The loan portfolio increased $1.284 billion, or 9 percent, from the prior year third quarter with the largest dollar increase in commercial real estate loans, which increased $709 million, or 7 percent.

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, 2023			Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Allowance for credit losses
Balance at beginning of period	$	182,283		182,283		172,665		172,665
Provision for credit losses		16,609		11,514		17,433		11,373
Charge-offs		(10,284	)	(7,083	)	(14,970	)	(10,905	)
Recoveries		3,663		2,671		7,155		5,058
Balance at end of period	$	192,271		189,385		182,283		178,191
Provision for credit losses
Loan portfolio	$	16,609		11,514		17,433		11,373
Unfunded loan commitments		(4,827	)	(3,271	)	2,530		2,466
Total provision for credit losses	$	11,782		8,243		19,963		13,839
Other real estate owned	$	-		-		-		-
Other foreclosed assets		48		52		32		42
Accruing loans 90 days or more past due		3,855		3,876		1,559		2,524
Non-accrual loans		38,380		28,094		31,151		32,493
Total non-performing assets	$	42,283		32,022		32,742		35,059
Non-performing assets as a percentage of subsidiary assets		0.15	%	0.12	%	0.12	%	0.13	%
Allowance for credit losses as a percentage of non-performing loans		455	%	592	%	557	%	508	%
Allowance for credit losses as a percentage of total loans		1.19	%	1.19	%	1.20	%	1.20	%
Net charge-offs as a percentage of total loans		0.04	%	0.03	%	0.05	%	0.04	%
Accruing loans 30-89 days past due	$	15,253		24,863		20,967		10,922
U.S. government guarantees included in non-performing assets	$	1,057		1,035		2,312		4,930

Non-performing assets of $42.3 million at September 30, 2023 increased $10.3 million, or 32 percent, over the quarter and increased $7.2 million, or 21 percent, over the prior year third quarter. Non-performing assets as a percentage of subsidiary assets at September 30, 2023 was 0.15 percent compared to 0.12 percent in the prior quarter and 0.13 percent in the prior year third quarter.

Early stage delinquencies (accruing loans 30-89 days past due) of $15.3 million at September 30, 2023 decreased $9.6 million from the prior quarter and decreased $5.7 million from prior year end. Early stage delinquencies as a percentage of loans at September 30, 2023 was 0.09 percent compared to 0.16 for the prior quarter end and 0.14 percent for the prior year end.

The current quarter credit loss expense of $3.5 million included $5.1 million of credit loss expense from loans and $1.6 million of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans ("ACL") as a percentage of total loans outstanding at September 30, 2023 was 1.19 percent compared to 1.20 percent in 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 2023	$	5,095		$	2,209	1.19	%	0.09	%	0.15	%
Second quarter 2023		5,254			2,473	1.19	%	0.16	%	0.12	%
First quarter 2023		6,260			1,939	1.20	%	0.16	%	0.12	%
Fourth quarter 2022		6,060			1,968	1.20	%	0.14	%	0.12	%
Third quarter 2022		8,382			3,154	1.20	%	0.07	%	0.13	%
Second quarter 2022		(1,353	)		1,843	1.20	%	0.12	%	0.16	%
First quarter 2022		4,344			850	1.28	%	0.12	%	0.24	%
Fourth quarter 2021		19,301			616	1.29	%	0.38	%	0.26	%

Net charge-offs for the current quarter were $2.2 million compared to $2.5 million in the prior quarter and $3.2 million for the prior year third quarter. Net charge-offs of $2.2 million included $1.7 million in deposit overdraft net charge-offs and $544 thousand of net loan charge-offs.

The current quarter provision for credit loss expense for loans was $5.1 million, which was a decrease of $160 thousand from the prior quarter and a $3.3 million decrease from the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

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

Liability Summary

						$ Change from
(Dollars in thousands)	Sep 30, 2023		Jun 30, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Deposits
Non-interest bearing deposits	$	6,465,353	6,458,394	7,690,751	8,294,363	6,959		(1,225,398	)	(1,829,010	)
NOW and DDA accounts		5,253,367	5,154,442	5,330,614	5,462,707	98,925		(77,247	)	(209,340	)
Savings accounts		2,872,362	2,808,571	3,200,321	3,305,333	63,791		(327,959	)	(432,971	)
Money market deposit accounts		2,994,631	3,094,302	3,472,281	3,905,676	(99,671	)	(477,650	)	(911,045	)
Certificate accounts		2,742,017	2,014,104	880,589	907,560	727,913		1,861,428		1,834,457
Core deposits, total		20,327,730	19,529,813	20,574,556	21,875,639	797,917		(246,826	)	(1,547,909	)
Wholesale deposits		67,434	478,417	31,999	4,003	(410,983	)	35,435		63,431
Deposits, total		20,395,164	20,008,230	20,606,555	21,879,642	386,934		(211,391	)	(1,484,478	)
Repurchase agreements		1,499,696	1,356,862	945,916	887,483	142,834		553,780		612,213
Deposits and repurchase agreements, total		21,894,860	21,365,092	21,552,471	22,767,125	529,768		342,389		(872,265	)
Federal Home Loan Bank advances		-	-	1,800,000	705,000	-		(1,800,000	)	(705,000	)
FRB Bank Term Funding		2,740,000	2,740,000	-	-	-		2,740,000		2,740,000
Other borrowed funds		73,752	75,819	77,293	77,671	(2,067	)	(3,541	)	(3,919	)
Subordinated debentures		132,903	132,863	132,782	132,742	40		121		161
Other liabilities		347,452	287,379	229,524	278,059	60,073		117,928		69,393
Total liabilities	$	25,188,967	24,601,153	23,792,070	23,960,597	587,814		1,396,897		1,228,370

During the current quarter, the Company continued to focus on its diversified deposit and repurchase agreement product offerings. Total deposits and retail repurchase agreements of $21.895 billion at the current quarter end increased $530 million, or 10 percent annualized, during the current quarter. With the increased core deposits, the Company allowed $411 million of higher cost wholesale deposits to mature. Excluding wholesale deposits, core deposits and retail repurchase agreements increased $941 million, or 18 annualized percent, during the current quarter. Non-interest bearing deposits increased $7.0 million over the prior quarter, representing 32 percent of total core deposits at September 30, 2023 compared to 37 percent at December 31, 2022 and 38 percent at September 30, 2022.

The Company's liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. The Company has available liquidity of $14.8 billion including cash, borrowing capacity from the FHLB and Federal Reserve facilities, unpledged securities, brokered deposits, and other sources.

Stockholders' Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Sep 30, 2023			Jun 30, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Common equity	$	3,374,961		3,357,313		3,312,097		3,267,505		17,648		62,864		107,456
Accumulated other comprehensive loss		(500,367	)	(430,787	)	(468,792	)	(495,148	)	(69,580	)	(31,575	)	(5,219	)
Total stockholders' equity		2,874,594		2,926,526		2,843,305		2,772,357		(51,932	)	31,289		102,237
Goodwill and core deposit intangible, net		(1,019,690	)	(1,022,118	)	(1,026,994	)	(1,029,658	)	2,428		7,304		9,968
Tangible stockholders' equity	$	1,854,904		1,904,408		1,816,311		1,742,699		(49,504	)	38,593		112,205

Stockholders' equity to total assets		10.24	%	10.63	%	10.67	%	10.37	%
Tangible stockholders' equity to total tangible assets		6.86	%	7.18	%	7.09	%	6.78	%
Book value per common share	$	25.93		26.40		25.67		25.03		(0.47	)	0.26	0.90
Tangible book value per common share	$	16.73		17.18		16.40		15.73		(0.45	)	0.33	1.00

Tangible stockholders' equity of $1.855 billion at September 30, 2023 decreased $49.5 million, or 3 percent, compared to the prior quarter and was due to an increase in net unrealized losses (after-tax) on available-for-sale debt securities during the current quarter. Tangible stockholders' equity increased $112 million, or 6 percent, from September 30, 2022, which was primarily due to earnings retention. Tangible book value per common share of $16.73 at the current quarter end increased $0.33 per share, or 2 percent, from the prior year end. The tangible book value per common share increased $1.00 per share from the prior year third quarter.

Cash Dividends
On September 27, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The current quarter dividend of $0.33 per share was consistent with the dividend declared in the prior quarter and the prior year third quarter. The dividend was payable October 19, 2023 to shareholders of record on October 10, 2023. The dividend was the Company's 154th 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 September 30, 2023
Compared to June 30, 2023, March 31, 2023 and September 30, 2022

Income Summary

	Three Months ended									$ Change from
(Dollars in thousands)	Sep 30, 2023			Jun 30, 2023		Mar 31, 2023		Sep 30, 2022		Jun 30, 2023		Mar 31, 2023		Sep 30, 2022
Net interest income
Interest income	$	264,906		247,365		231,888		214,402		17,541		33,018		50,504
Interest expense		97,852		75,385		45,696		9,075		22,467		52,156		88,777
Total net interest income		167,054		171,980		186,192		205,327		(4,926	)	(19,138	)	(38,273	)
Non-interest income
Service charges and other fees		19,304		18,967		17,771		18,970		337		1,533		334
Miscellaneous loan fees and charges		4,322		4,162		3,967		4,040		160		355		282
Gain on sale of loans		4,046		3,528		2,400		3,846		518		1,646		200
Loss on sale of debt securities		(65	)	(23	)	(114	)	(85	)	(42	)	49		20
Other income		2,633		2,445		3,871		3,635		188		(1,238	)	(1,002	)
Total non-interest income		30,240		29,079		27,895		30,406		1,161		2,345		(166	)
Total income	$	197,294		201,059		214,087		235,733		(3,765	)	(16,793	)	(38,439	)
Net interest margin (tax-equivalent)		2.58	%	2.74	%	3.08	%	3.34	%

Net Interest Income
The current quarter interest income of $265 million increased $17.5 million, or 7 percent, over the prior quarter and was driven primarily by the increase in the loan yields and an increase in interest-bearing cash. The current quarter interest income increased $50.5 million, or 24 percent, over the prior year third quarter and was principally due to loan growth and increased loan yields. The loan yield of 5.27 percent in the current quarter increased 15 basis points from the prior quarter loan yield of 5.12 percent and increased 60 basis points from the prior year third quarter loan yield of 4.67 percent.

The current quarter interest expense of $97.9 million increased $22.5 million, or 30 percent, over the prior quarter and increased $88.8 million, or 978 percent, over the prior year third quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.03 percent for the current quarter compared to 0.57 percent in the prior quarter and 0.06 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) was 1.58 percent in the current quarter compared to 1.26 percent in the prior quarter and 0.15 percent in the prior year third quarter, which was the result of the increased deposit 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 2.58 percent compared to 2.74 percent in the prior quarter and 3.34 percent in the prior year third quarter. Although the net interest margin has been negatively impacted by the increase in interest rates in the current year, the Company experienced a slower pace in the decline in the net interest margin during the current quarter. The current quarter decrease in net interest margin was 16 basis points compared to a decrease of 34 basis points in the prior quarter and a decrease of 22 basis points in the first quarter of the current year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 2.55 percent compared to 2.72 percent in the prior quarter and 3.29 percent in the prior year third quarter.

Non-interest Income
Non-interest income for the current quarter totaled $30.2 million, which was an increase of $1.2 million, or 4 percent, over the prior quarter. Gain on the sale of residential loans of $4.0 million for the current quarter increased $518 thousand, or 15 percent, compared to the prior quarter and increased $200 thousand, or 5 percent, from the prior year third quarter. Service charges and other fees of $19.3 million in the current quarter increased $337 thousand, or 2 percent, over the prior quarter and increased $334 thousand, or 2 percent, over the prior year third quarter.

Non-interest Expense Summary

	Three Months ended					$ Change from
(Dollars in thousands)	Sep 30, 2023		Jun 30, 2023	Mar 31, 2023	Sep 30, 2022	Jun 30, 2023		Mar 31, 2023		Sep 30, 2022
Compensation and employee benefits	$	77,387	78,764	81,477	80,612	(1,377	)	(4,090	)	(3,225	)
Occupancy and equipment		10,553	10,827	11,665	10,797	(274	)	(1,112	)	(244	)
Advertising and promotions		4,052	3,733	4,235	3,768	319		(183	)	284
Data processing		8,730	8,402	8,109	7,716	328		621		1,014
Other real estate owned and foreclosed assets		15	14	12	66	1		3		(51	)
Regulatory assessments and insurance		6,060	5,314	4,903	3,339	746		1,157		2,721
Core deposit intangibles amortization		2,428	2,427	2,449	2,665	1		(21	)	(237	)
Other expenses		20,351	21,123	22,132	21,097	(772	)	(1,781	)	(746	)
Total non-interest expense	$	129,576	130,604	134,982	130,060	(1,028	)	(5,406	)	(484	)

Total non-interest expense of $130 million for the current quarter decreased $1.0 million, or 79 basis points, over the prior quarter and decreased $484 thousand, or 37 basis points, over the prior year third quarter. Compensation and employee benefits expense of $77.4 million for the current quarter decreased $1.4 million, or 2 percent, from the prior quarter and decreased $3.2 million, or 4 percent, over the prior year third quarter, which was driven primarily by decreases in accrued expenses for employee benefits. Regulatory assessments and insurance of $6.1 million, increased $2.7 million, or 81 percent, over the prior year third quarter and was primarily due to the Federal Deposit Insurance Corporation ("FDIC") uniformly increasing all depository institutions premiums at the beginning of the current year. "The reduction in non-interest expense reflects the Company's continued focus on staffing levels and containing costs in other areas," said Ron Copher, Chief Financial Officer.

Federal and State Income Tax Expense
Tax expense during the third quarter of 2023 was $11.7 million, a decrease of $993 thousand, or 8 percent, compared to the prior quarter and a decrease of $6.3 million, or 35 percent, from the prior year third quarter. The effective tax rate in the current quarter was 18.3 percent compared to 18.8 percent in the prior quarter and 18.5 percent in the prior year third quarter.

Efficiency Ratio
The efficiency ratio was 63.31 percent in the current quarter compared to 62.73 percent in the prior quarter and 52.76 percent in the prior year third quarter. The increase from prior quarter and prior year third quarter was primarily attributable to the increase in interest expense in the current quarter that outpaced the increase in interest income.

Operating Results for Nine Months Ended September 30, 2023
Compared to September 30, 2022

Income Summary

	Nine Months ended
(Dollars in thousands)	Sep 30, 2023			Sep 30, 2022			$ Change			% Change
Net interest income
Interest income	$	744,159		$	604,555		$	139,604		23	%
Interest expense		218,933			20,235			198,698		982	%
Total net interest income		525,226			584,320			(59,094	)	(10	)%
Non-interest income
Service charges and other fees		56,042			53,390			2,652		5	%
Miscellaneous loan fees and charges		12,451			11,445			1,006		9	%
Gain on sale of loans		9,974			17,857			(7,883	)	(44	)%
(Loss) gain on sale of debt securities		(202	)		101			(303	)	(300	)%
Other income		8,949			9,456			(507	)	(5	)%
Total non-interest income		87,214			92,249			(5,035	)	(5	)%
Total Income	$	612,440		$	676,569		$	(64,129	)	(9	)%
Net interest margin (tax-equivalent)		2.79	%		3.26	%

Net Interest Income
Net-interest income of $525 million for the first nine months of 2023 decreased $59.1 million, or 10 percent, over the same period of 2022 and was primarily driven by increased interest expense. Interest income of $744 million for the first nine months in the current year increased $139.6 million, or 23 percent, from the same period in the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.14 percent for the first nine months of the current year, an increase of 54 basis points from the first nine months of the prior year loan yield of 4.60 percent.

Interest expense of $218.9 million for the first nine months of 2023 increased $199 million, or 982 percent, over the same period in the prior year and was the result of increased borrowings and higher interest rates on borrowings and deposits. Core deposit cost (including non-interest bearing deposits) was 0.62 percent for the nine months of 2023 compared to 0.06 percent for the same period in 2022. The total funding cost (including non-interest bearing deposits) for the first nine months of the current year was 1.22 percent, which was an increase of 110 basis points over the prior year first nine months of 0.12 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2023 was 2.79 percent, a 47 basis points decrease from the net interest margin of 3.26 percent for the same period in the prior year. The core net interest margin, excluding discount accretion, the impact from non-accrual interest and the impact from the PPP loans, was 2.77 percent for the first nine months of the current year, which was a 41 basis points decrease from the core margin of 3.18 percent in the same period of the prior year.

Non-interest Income
Non-interest income of $87.2 million for the first nine months of 2023 decreased $5.0 million, or 5 percent, over the same period last year and was primarily due to the decrease in gain on sale of residential loans, which was partially offset by the increase in service charges and other fees. Gain on sale of residential loans of $10.0 million in the current year decreased by $7.9 million, or 44 percent, over the prior year as result of the reduction in residential purchase and refinance activity as mortgage rates significantly increased during the current year. Miscellaneous loan fees of $12.5 million, increased $1.0 million, or 9 percent, which was primarily driven by increased credit card interchange fees due to increased activity.

Non-interest Expense Summary

	Nine Months ended
(Dollars in thousands)	Sep 30, 2023		Sep 30, 2022		$ Change			% Change
Compensation and employee benefits	$	237,628	$	239,489	$	(1,861	)	(1	)%
Occupancy and equipment		33,045		32,527		518		2	%
Advertising and promotions		12,020		10,766		1,254		12	%
Data processing		25,241		22,744		2,497		11	%
Other real estate owned and foreclosed assets		41		72		(31	)	(43	)%
Regulatory assessments and insurance		16,277		9,479		6,798		72	%
Core deposit intangibles amortization		7,304		7,994		(690	)	(9	)%
Other expenses		63,606		66,818		(3,212	)	(5	)%
Total non-interest expense	$	395,162	$	389,889	$	5,273		1	%

Total non-interest expense of $395 million for the first nine months of 2023 increased $5.3 million, or 1 percent, over the same period in the prior year. Regulatory assessments and insurance of $16.3 million for the first nine months of 2023 increased $6.8 million, or 72 percent, over the prior year and was primarily due to the FDIC uniformly increasing all depository institutions premiums beginning in 2023. Other expense of $63.6 million for the first nine months of 2023 decreased $3.2 million, or 5 percent, from the first nine months of the prior year and was primarily due to the decrease in acquisition-related expenses along with changes in several miscellaneous categories. Acquisition-related expenses were $842 thousand in the first nine months of the current year compared to $9.2 million in the same period of last year.

Provision for Credit Losses
The provision for credit loss expense was $11.8 million for the first nine months of 2023 and decreased $2.1 million, or 15 percent, over the same period of the prior year. The provision for credit loss expense for the first nine months of 2023 included provision for credit loss expense of $16.6 million on the loan portfolio and credit loss benefit of $4.8 million on the unfunded loan commitments. Net charge-offs during the first nine months of the current year were $6.6 million compared to $5.8 million during the same period of the prior year.

Federal and State Income Tax Expense
Tax expense of $36.9 million for the first nine months of 2023 decreased $12.4 million, or 25 percent, over the first nine months of the prior year. The effective tax rate for first nine months of 2023 was 17.9 percent compared to 18.1 percent for the first nine months of 2022.

Efficiency Ratio
The efficiency ratio was 62.10 percent for the first nine months of 2023 compared to 55.14 percent for the same period last year. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company's plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "should," "projects," "seeks," "estimates" or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company's loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company's net interest income and margin, the fair value of its financial instruments, profitability, and stockholders' equity;
legislative or regulatory changes, including increased banking and consumer protection regulations, that may adversely affect the Company's business;
risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company's ability to negotiate, complete, and successfully integrate any future acquisitions;
costs or difficulties related to the completion and integration of acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by continued public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank's divisions;
material failure, potential interruption or breach in security of the Company's systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

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

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 20, 2023. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BIbe718214dea94214b3ab02d160926dd0. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/w8zz3hr8. 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, 2023			Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Assets
Cash on hand and in banks	$	264,067		285,920		300,194		260,456
Interest bearing cash deposits		1,408,027		765,400		101,801		164,756
Cash and cash equivalents		1,672,094		1,051,320		401,995		425,212
Debt securities, available-for-sale		4,741,738		4,999,820		5,307,307		5,755,076
Debt securities, held-to-maturity		3,553,805		3,608,289		3,715,052		3,756,634
Total debt securities		8,295,543		8,608,109		9,022,359		9,511,710
Loans held for sale, at fair value		29,027		35,006		12,314		21,720
Loans receivable		16,135,046		15,954,962		15,246,812		14,851,233
Allowance for credit losses		(192,271	)	(189,385	)	(182,283	)	(178,191	)
Loans receivable, net		15,942,775		15,765,577		15,064,529		14,673,042
Premises and equipment, net		415,343		405,407		398,100		395,639
Other real estate owned and foreclosed assets		48		52		32		42
Accrued interest receivable		104,476		88,351		83,538		93,300
Deferred tax asset		203,745		179,815		193,187		204,351
Core deposit intangible, net		34,297		36,725		41,601		44,265
Goodwill		985,393		985,393		985,393		985,393
Non-marketable equity securities		11,330		10,014		82,015		38,215
Bank-owned life insurance		170,175		169,195		169,068		168,187
Other assets		199,315		192,715		181,244		171,878
Total assets	$	28,063,561		27,527,679		26,635,375		26,732,954
Liabilities
Non-interest bearing deposits	$	6,465,353		6,458,394		7,690,751		8,294,363
Interest bearing deposits		13,929,811		13,549,836		12,915,804		13,585,279
Securities sold under agreements to repurchase		1,499,696		1,356,862		945,916		887,483
FHLB advances		-		-		1,800,000		705,000
FRB Bank Term Funding		2,740,000		2,740,000		-		-
Other borrowed funds		73,752		75,819		77,293		77,671
Subordinated debentures		132,903		132,863		132,782		132,742
Accrued interest payable		91,874		47,742		4,331		2,740
Other liabilities		255,578		239,637		225,193		275,319
Total liabilities		25,188,967		24,601,153		23,792,070		23,960,597
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		1,109		1,109		1,108		1,108
Paid-in capital		2,348,305		2,346,422		2,344,005		2,342,452
Retained earnings - substantially restricted		1,025,547		1,009,782		966,984		923,945
Accumulated other comprehensive loss		(500,367	)	(430,787	)	(468,792	)	(495,148	)
Total stockholders' equity		2,874,594		2,926,526		2,843,305		2,772,357
Total liabilities and stockholders' equity	$	28,063,561		27,527,679		26,635,375		26,732,954

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

	Three Months ended									Nine Months ended
(Dollars in thousands, except per share data)	Sep 30, 2023			Jun 30, 2023		Mar 31, 2023		Sep 30, 2022		Sep 30, 2023		Sep 30, 2022
Interest Income
Investment securities	$	53,397		47,658		43,642		43,722		144,697		125,217
Residential real estate loans		18,594		17,076		15,838		13,738		51,508		42,279
Commercial loans		173,437		164,587		155,682		142,692		493,706		398,507
Consumer and other loans		19,478		18,044		16,726		14,250		54,248		38,552
Total interest income		264,906		247,365		231,888		214,402		744,159		604,555
Interest Expense
Deposits		54,697		31,700		12,545		3,279		98,942		9,884
Securities sold under agreements to repurchase		10,972		8,607		4,606		675		24,185		1,435
Federal Home Loan Bank advances		-		3,305		23,605		3,318		26,910		4,628
FRB Bank Term Funding		30,229		29,899		3,032		-		63,160		-
Other borrowed funds		489		443		496		214		1,428		698
Subordinated debentures		1,465		1,431		1,412		1,589		4,308		3,590
Total interest expense		97,852		75,385		45,696		9,075		218,933		20,235
Net Interest Income		167,054		171,980		186,192		205,327		525,226		584,320
Provision for credit losses		3,539		2,773		5,470		8,341		11,782		13,839
Net interest income after provision for credit losses		163,515		169,207		180,722		196,986		513,444		570,481
Non-Interest Income
Service charges and other fees		19,304		18,967		17,771		18,970		56,042		53,390
Miscellaneous loan fees and charges		4,322		4,162		3,967		4,040		12,451		11,445
Gain on sale of loans		4,046		3,528		2,400		3,846		9,974		17,857
(Loss) gain on sale of debt securities		(65	)	(23	)	(114	)	(85	)	(202	)	101
Other income		2,633		2,445		3,871		3,635		8,949		9,456
Total non-interest income		30,240		29,079		27,895		30,406		87,214		92,249
Non-Interest Expense
Compensation and employee benefits		77,387		78,764		81,477		80,612		237,628		239,489
Occupancy and equipment		10,553		10,827		11,665		10,797		33,045		32,527
Advertising and promotions		4,052		3,733		4,235		3,768		12,020		10,766
Data processing		8,730		8,402		8,109		7,716		25,241		22,744
Other real estate owned and foreclosed assets		15		14		12		66		41		72
Regulatory assessments and insurance		6,060		5,314		4,903		3,339		16,277		9,479
Core deposit intangibles amortization		2,428		2,427		2,449		2,665		7,304		7,994
Other expenses		20,351		21,123		22,132		21,097		63,606		66,818
Total non-interest expense		129,576		130,604		134,982		130,060		395,162		389,889
Income Before Income Taxes		64,179		67,682		73,635		97,332		205,496		272,841
Federal and state income tax expense		11,734		12,727		12,424		17,994		36,885		49,316
Net Income	$	52,445		54,955		61,211		79,338		168,611		223,525

Glacier Bancorp, Inc.
Average Balance Sheets

	Three Months ended
	September 30, 2023							June 30, 2023
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance			Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,649,947		$	18,594	4.51	%	$	1,567,136		$	17,076	4.36	%
Commercial loans ¹		13,120,479			174,822	5.29	%		12,950,934			165,874	5.14	%
Consumer and other loans		1,263,775			19,478	6.11	%		1,236,763			18,044	5.85	%
Total loans ²		16,034,201			212,894	5.27	%		15,754,833			200,994	5.12	%
Tax-exempt debt securities ³		1,732,227			14,486	3.34	%		1,743,852			14,462	3.32	%
Taxable debt securities ⁴		8,485,157			41,052	1.94	%		8,177,551			35,202	1.72	%
Total earning assets		26,251,585			268,432	4.06	%		25,676,236			250,658	3.92	%
Goodwill and intangibles		1,020,868							1,023,291
Non-earning assets		528,145							523,349
Total assets	$	27,800,598						$	27,222,876
Liabilities
Non-interest bearing deposits	$	6,461,350		$	-	-	%	$	6,584,082		$	-	-	%
NOW and DDA accounts		5,231,741			12,906	0.98	%		5,108,421			7,429	0.58	%
Savings accounts		2,840,620			3,492	0.49	%		2,846,015			1,064	0.15	%
Money market deposit accounts		3,039,177			12,646	1.65	%		3,256,007			10,174	1.25	%
Certificate accounts		2,462,266			23,151	3.73	%		1,451,218			8,878	2.45	%
Total core deposits		20,035,154			52,195	1.03	%		19,245,743			27,545	0.57	%
Wholesale deposits ⁵		188,523			2,502	5.27	%		330,655			4,155	5.04	%
Repurchase agreements		1,401,765			10,972	3.11	%		1,273,045			8,607	2.71	%
FHLB advances		-			-	-	%		245,055			3,305	5.33	%
FRB Bank Term Funding		2,740,000			30,229	4.38	%		2,740,000			29,899	4.38	%
Subordinated debentures and other borrowed funds		208,336			1,954	3.72	%		208,804			1,874	3.60	%
Total funding liabilities		24,573,778			97,852	1.58	%		24,043,302			75,385	1.26	%
Other liabilities		302,564							247,319
Total liabilities		24,876,342							24,290,621
Stockholders' Equity
Common stock		1,109							1,108
Paid-in capital		2,347,323							2,345,438
Retained earnings		1,035,276							1,017,456
Accumulated other comprehensive loss		(459,452	)						(431,747	)
Total stockholders' equity		2,924,256							2,932,255
Total liabilities and stockholders' equity	$	27,800,598						$	27,222,876
Net interest income (tax-equivalent)				$	170,580						$	175,273
Net interest spread (tax-equivalent)						2.48	%						2.66	%
Net interest margin (tax-equivalent)						2.58	%						2.74	%

______________________________

¹Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2023 and June 30, 2023, 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 $1.9 million and $1.8 million on tax-exempt debt securities income for the three months ended September 30, 2023 and June 30, 2023, respectively.
⁴Includes tax effect of $215 thousand and $214 thousand on federal income tax credits for the three months ended September 30, 2023 and June 30, 2023, 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, 2023							September 30, 2022
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance			Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,649,947		$	18,594	4.51	%	$	1,338,606		$	13,738	4.11	%
Commercial loans ¹		13,120,479			174,822	5.29	%		12,146,551			144,357	4.72	%
Consumer and other loans		1,263,775			19,478	6.11	%		1,156,305			14,250	4.89	%
Total loans ²		16,034,201			212,894	5.27	%		14,641,462			172,345	4.67	%
Tax-exempt debt securities ³		1,732,227			14,486	3.34	%		2,000,404			18,484	3.70	%
Taxable debt securities ⁴		8,485,157			41,052	1.94	%		8,426,933			29,297	1.39	%
Total earning assets		26,251,585			268,432	4.06	%		25,068,799			220,126	3.48	%
Goodwill and intangibles		1,020,868							1,030,961
Non-earning assets		528,145							604,754
Total assets	$	27,800,598						$	26,704,514
Liabilities
Non-interest bearing deposits	$	6,461,350		$	-	-	%	$	8,158,207		$	-	-	%
NOW and DDA accounts		5,231,741			12,906	0.98	%		5,473,458			794	0.06	%
Savings accounts		2,840,620			3,492	0.49	%		3,319,167			260	0.03	%
Money market deposit accounts		3,039,177			12,646	1.65	%		3,999,758			1,483	0.15	%
Certificate accounts		2,462,266			23,151	3.73	%		940,507			722	0.30	%
Total core deposits		20,035,154			52,195	1.03	%		21,891,097			3,259	0.06	%
Wholesale deposits ⁵		188,523			2,502	5.27	%		3,946			20	2.05	%
Repurchase agreements		1,401,765			10,972	3.11	%		917,104			675	0.29	%
FHLB advances		-			-	-	%		541,630			3,318	2.40	%
FRB Bank Term Funding		2,740,000			30,229	4.38	%		-			-	-	%
Subordinated debentures and other borrowed funds		208,336			1,954	3.72	%		202,383			1,803	3.54	%
Total funding liabilities		24,573,778			97,852	1.58	%		23,556,160			9,075	0.15	%
Other liabilities		302,564							261,735
Total liabilities		24,876,342							23,817,895
Stockholders' Equity
Common stock		1,109							1,108
Paid-in capital		2,347,323							2,341,648
Retained earnings		1,035,276							920,372
Accumulated other comprehensive loss		(459,452	)						(376,509	)
Total stockholders' equity		2,924,256							2,886,619
Total liabilities and stockholders' equity	$	27,800,598						$	26,704,514
Net interest income (tax-equivalent)				$	170,580						$	211,051
Net interest spread (tax-equivalent)						2.48	%						3.33	%
Net interest margin (tax-equivalent)						2.58	%						3.34	%

______________________________

¹Includes tax effect of $1.4 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2023 and 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 $1.9 million and $3.8 million on tax-exempt debt securities income for the three months ended September 30, 2023 and 2022, respectively.
⁴Includes tax effect of $215 thousand and $225 thousand on federal income tax credits for the three months ended September 30, 2023 and 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)

	Nine Months ended
	September 30, 2023							September 30, 2022
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance			Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,570,911		$	51,508	4.37	%	$	1,236,674		$	42,279	4.56	%
Commercial loans ¹		12,910,691			498,152	5.16	%		11,728,932			403,075	4.59	%
Consumer and other loans		1,236,158			54,248	5.87	%		1,113,232			38,552	4.63	%
Total loans ²		15,717,760			603,908	5.14	%		14,078,838			483,906	4.60	%
Tax-exempt debt securities ³		1,745,764			44,978	3.44	%		1,902,147			52,561	3.68	%
Taxable debt securities ⁴		8,240,041			107,338	1.74	%		8,663,590			84,235	1.30	%
Total earning assets		25,703,565			756,224	3.93	%		24,644,575			620,702	3.37	%
Goodwill and intangibles		1,023,274							1,033,606
Non-earning assets		510,332							659,727
Total assets	$	27,237,171						$	26,337,908
Liabilities
Non-interest bearing deposits	$	6,770,242		$	-	-	%	$	8,004,395		$	-	-	%
NOW and DDA accounts		5,140,668			22,606	0.59	%		5,387,013			2,362	0.06	%
Savings accounts		2,930,420			5,070	0.23	%		3,276,092			836	0.03	%
Money market deposit accounts		3,253,138			28,654	1.18	%		4,009,931			4,233	0.14	%
Certificate accounts		1,638,163			34,613	2.82	%		980,543			2,416	0.33	%
Total core deposits		19,732,631			90,943	0.62	%		21,657,974			9,847	0.06	%
Wholesale deposits ⁵		213,465			7,999	5.01	%		8,290			37	0.59	%
Repurchase agreements		1,238,139			24,185	2.61	%		936,840			1,435	0.20	%
FHLB advances		738,004			26,910	4.81	%		346,465			4,628	1.76	%
FRB Bank Term Funding		1,929,322			63,160	4.38	%		-			-	-	%
Subordinated debentures and other borrowed funds		208,891			5,737	3.67	%		190,810			4,288	3.00	%
Total funding liabilities		24,060,452			218,934	1.22	%		23,140,379			20,235	0.12	%
Other liabilities		256,022							249,001
Total liabilities		24,316,474							23,389,380
Stockholders' Equity
Common stock		1,109							1,107
Paid-in capital		2,345,698							2,340,208
Retained earnings		1,017,159							881,208
Accumulated other comprehensive loss		(443,269	)						(273,995	)
Total stockholders' equity		2,920,697							2,948,528
Total liabilities and stockholders' equity	$	27,237,171						$	26,337,908
Net interest income (tax-equivalent)				$	537,290						$	600,467
Net interest spread (tax-equivalent)						2.71	%						3.25	%
Net interest margin (tax-equivalent)						2.79	%						3.26	%

______________________________

¹Includes tax effect of $4.4 million and $4.6 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2023 and 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 $7.0 million and $10.9 million on tax-exempt debt securities income for the nine months ended September 30, 2023 and 2022, respectively.
⁴Includes tax effect of $644 thousand and $676 thousand on federal income tax credits for the nine months ended September 30, 2023 and 2022, 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, 2023			Jun 30, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Custom and owner occupied construction	$	306,106		$	315,651		$	298,461		$	288,977		(3	)%	3	%	6	%
Pre-sold and spec construction		287,048			306,440			297,895			291,146		(6	)%	(4	)%	(1	)%
Total residential construction		593,154			622,091			596,356			580,123		(5	)%	(1	)%	2	%
Land development		234,995			238,897			219,842			217,878		(2	)%	7	%	8	%
Consumer land or lots		184,685			182,251			206,604			204,241		1	%	(11	)%	(10	)%
Unimproved land		87,089			91,157			104,662			101,684		(4	)%	(17	)%	(14	)%
Developed lots for operative builders		62,485			65,134			60,987			62,800		(4	)%	2	%	(1	)%
Commercial lots		84,194			94,334			93,952			94,395		(11	)%	(10	)%	(11	)%
Other construction		982,384			1,039,192			938,406			893,846		(5	)%	5	%	10	%
Total land, lot, and other construction		1,635,832			1,710,965			1,624,453			1,574,844		(4	)%	1	%	4	%
Owner occupied		2,976,821			2,934,724			2,833,469			2,811,614		1	%	5	%	6	%
Non-owner occupied		3,765,266			3,714,531			3,531,673			3,448,044		1	%	7	%	9	%
Total commercial real estate		6,742,087			6,649,255			6,365,142			6,259,658		1	%	6	%	8	%
Commercial and industrial		1,363,198			1,370,393			1,377,888			1,308,272		(1	)%	(1	)%	4	%
Agriculture		785,208			770,378			735,553			770,282		2	%	7	%	2	%
1st lien		2,054,497			1,956,205			1,808,502			1,738,151		5	%	14	%	18	%
Junior lien		47,490			46,616			40,445			36,677		2	%	17	%	29	%
Total 1-4 family		2,101,987			2,002,821			1,848,947			1,774,828		5	%	14	%	18	%
Multifamily residential		714,822			664,859			622,185			574,366		8	%	15	%	24	%
Home equity lines of credit		950,204			940,048			872,899			841,143		1	%	9	%	13	%
Other consumer		233,980			231,519			220,035			219,036		1	%	6	%	7	%
Total consumer		1,184,184			1,171,567			1,092,934			1,060,179		1	%	8	%	12	%
States and political subdivisions		833,618			812,688			797,656			776,875		3	%	5	%	7	%
Other		209,983			214,951			198,012			193,526		(2	)%	6	%	9	%
Total loans receivable, including loans held for sale		16,164,073			15,989,968			15,259,126			14,872,953		1	%	6	%	9	%
Less loans held for sale ¹		(29,027	)		(35,006	)		(12,314	)		(21,720	)	(17	)%	136	%	34	%
Total loans receivable	$	16,135,046		$	15,954,962		$	15,246,812		$	14,851,233		1	%	6	%	9	%

______________________________

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

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Sep 30, 2023		Jun 30, 2023	Dec 31, 2022	Sep 30, 2022	Sep 30, 2023	Sep 30, 2023	Sep 30, 2023
Custom and owner occupied construction	$	219	219	224	227	219	-	-
Pre-sold and spec construction		763	1,548	389	1,016	-	763	-
Total residential construction		982	1,767	613	1,243	219	763	-
Land development		80	118	138	149	80	-	-
Consumer land or lots		314	239	278	285	314	-	-
Unimproved land		36	43	78	94	36	-	-
Developed lots for operative builders		608	608	251	255	-	608	-
Commercial lots		188	188	-	-	141	47	-
Other construction		12,884	12,884	12,884	12,884	12,884	-	-
Total land, lot and other construction		14,110	14,080	13,629	13,667	13,455	655	-
Owner occupied		1,445	2,251	2,076	2,687	1,326	119	-
Non-owner occupied		15,105	4,450	805	820	15,105	-	-
Total commercial real estate		16,550	6,701	2,881	3,507	16,431	119	-
Commercial and Industrial		1,367	1,339	3,326	3,453	907	460	-
Agriculture		2,450	2,564	2,574	4,102	2,449	1	-
1st lien		2,766	2,794	2,678	2,149	2,644	107	15
Junior lien		363	273	166	139	147	216	-
Total 1-4 family		3,129	3,067	2,844	2,288	2,791	323	15
Multifamily residential		-	-	4,535	4,635	-	-	-
Home equity lines of credit		1,612	1,256	1,393	1,550	1,402	210	-
Other consumer		942	1,116	911	555	726	183	33
Total consumer		2,554	2,372	2,304	2,105	2,128	393	33
Other		1,141	132	36	59	-	1,141	-
Total	$	42,283	32,022	32,742	35,059	38,380	3,855	48

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, 2023		Jun 30, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2023		Dec 31, 2022		Sep 30, 2022
Custom and owner occupied construction	$	-	$	324	$	1,082	$	427	(100	)%	(100	)%	(100	)%
Pre-sold and spec construction		599		129		1,712		-	364	%	(65	)%	n/m
Total residential construction		599		453		2,794		427	32	%	(79	)%	40	%
Land development		44		244		-		596	(82	)%	n/m		(93	)%
Consumer land or lots		528		565		442		-	(7	)%	19	%	n/m
Unimproved land		87		-		120		36	n/m		(28	)%	142	%
Developed lots for operative builders		-		-		958		30	n/m		(100	)%	(100	)%
Commercial lots		1,245		3,404		47		2,158	(63	)%	2,549	%	(42	)%
Other construction		-		1,114		209		-	(100	)%	(100	)%	n/m
Total land, lot and other construction		1,904		5,327		1,776		2,820	(64	)%	7	%	(32	)%
Owner occupied		652		1,053		3,478		527	(38	)%	(81	)%	24	%
Non-owner occupied		213		8,595		496		-	(98	)%	(57	)%	n/m
Total commercial real estate		865		9,648		3,974		527	(91	)%	(78	)%	64	%
Commercial and industrial		2,946		2,096		3,439		2,087	41	%	(14	)%	41	%
Agriculture		604		871		1,367		641	(31	)%	(56	)%	(6	)%
1st lien		1,006		1,115		2,174		761	(10	)%	(54	)%	32	%
Junior lien		355		385		190		72	(8	)%	87	%	393	%
Total 1-4 family		1,361		1,500		2,364		833	(9	)%	(42	)%	63	%
Multifamily Residential		-		-		492		-	n/m		(100	)%	n/m
Home equity lines of credit		3,638		2,021		1,182		1,004	80	%	208	%	262	%
Other consumer		1,821		1,714		1,824		1,089	6	%	-	%	67	%
Total consumer		5,459		3,735		3,006		2,093	46	%	82	%	161	%
States and political subdivisions		-		-		28		-	n/m		(100	)%	n/m
Other		1,515		1,233		1,727		1,494	23	%	(12	)%	1	%
Total	$	15,253	$	24,863	$	20,967	$	10,922	(39	)%	(27	)%	40	%

______________________________

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, 2023			Jun 30, 2023		Dec 31, 2022		Sep 30, 2022		Sep 30, 2023	Sep 30, 2023
Custom and owner occupied construction	$	-		-		17		17		-	-
Pre-sold and spec construction		(12	)	(8	)	(15	)	(12	)	-	12
Total residential construction		(12	)	(8	)	2		5		-	12
Land development		(134	)	(132	)	(34	)	(24	)	-	134
Consumer land or lots		(14	)	(14	)	(46	)	(46	)	-	14
Unimproved land		-		-		-		-		-	-
Total land, lot and other construction		(148	)	(146	)	(80	)	(70	)	-	148
Owner occupied		(104	)	(76	)	555		229		16	120
Non-owner occupied		500		299		(242	)	(4	)	507	7
Total commercial real estate		396		223		313		225		523	127
Commercial and industrial		(11	)	(18	)	(70	)	395		616	627
Agriculture		-		-		(7	)	(5	)	-	-
1st lien		98		101		(109	)	(99	)	111	13
Junior lien		32		38		(302	)	(303	)	49	17
Total 1-4 family		130		139		(411	)	(402	)	160	30
Multifamily residential		-		-		136		-		-	-
Home equity lines of credit		20		56		(91	)	(98	)	102	82
Other consumer		816		401		451		257		999	183
Total consumer		836		457		360		159		1,101	265
Other		5,430		3,765		7,572		5,540		7,884	2,454
Total	$	6,621		4,412		7,815		5,847		10,284	3,663

Visit our website at www.glacierbancorp.com

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