EX-99.1 2 gbci-06302021xex991.htm EXHIBIT-99.1

NEWS RELEASE

July 22, 2021

FOR IMMEDIATE RELEASE			CONTACT: Randall M. Chesler, CEO
			(406) 751-4722
			Ron J. Copher, CFO
			(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER AND PERIOD ENDED JUNE 30, 2021

2nd Quarter 2021 Highlights:

•Net income of $77.6 million, an increase of $14.2 million, or 22 percent, over the prior year second quarter net income of $63.4 million.

•Diluted earnings per share of $0.81, an increase of 23 percent from the prior year second quarter diluted earnings per share of $0.66.

•Total assets crossed $20 billion during the current quarter ending at $20.488 billion at June 30, 2021.

•The loan portfolio, excluding the Payroll Protection Program (“PPP”) loans, increased $249 million, or 10 percent annualized, in the current quarter.

•Core deposits increased $669 million, or 17 percent annualized, during the current quarter.

•Early stage delinquencies (accruing loans 30-89 days past due) of $12.1 million at June 30, 2021 decreased $32.5 million from the prior quarter and decreased $13.1 million from the prior year second quarter.

•An improved economic outlook drove a credit loss benefit of $5.7 million in the current quarter.

•The Company funded 1,947 new PPP loans for $67.6 million during the current quarter.

•The Company received $350 million in PPP loan forgiveness from the U.S. Small Business Administration (“SBA”) during the current quarter.

•Declared a quarterly dividend of $0.32 per share, an increase of $0.01 per share, or 3 percent, over the prior quarter regular dividend. The Company has declared 145 consecutive quarterly dividends and has increased the dividend 48 times.

•The Company announced the signing of definitive agreement to acquire Altabancorp, the parent company of Altabank, a community bank based in American Fork, Utah, with total assets of $3.522 billion. Altabank, was recently honored with the prestigious Utah Best of State Bank Award in the Community Banking category which marked its second consecutive year for receiving the award. This will be the largest Bank acquisition in the Company’s history and its 24th acquisition since 2000.

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First Half 2021 Highlights:

•Net income of $158 million for the first half of 2021, an increase of $51.6 million, or 48 percent, over the prior year first half of 2020 net income of $107 million.

•Diluted earnings per share of $1.66, an increase of 47 percent from the prior year first six months diluted earnings per share of $1.13.

•The loan portfolio, excluding the PPP loans, increased $330 million, or 6 percent annualized, in the first half of 2021.

•Core deposits increased $1.975 billion, or 27 percent annualized, during the first six months of 2021.

•The Company funded 8,525 PPP loans in the amount of $555 million during the first half of 2021.

•The Company received $776 million in PPP loan forgiveness from the U.S. Small Business Administration (“SBA”) during the first half of 2021.

•Dividends declared in the first half of 2021 of $0.63 per share, an increase of $0.05 per share, or 9 percent, over the prior year dividends of $0.58 per share.

Financial Summary

			At or for the Three Months ended																		At or for the Six Months ended
(Dollars in thousands, except per share and market data)			Jun 30, 2021						Mar 31, 2021						Jun 30, 2020																		Jun 30, 2021						Jun 30, 2020
Operating results
Net income			$	77,627					80,802						63,444																		158,429						106,783
Basic earnings per share			$	0.81					0.85						0.67																		1.66						1.13
Diluted earnings per share			$	0.81					0.85						0.66																		1.66						1.13
Dividends declared per share			$	0.32					0.31						0.29																		0.63						0.58
Market value per share
Closing			$	55.08					57.08						35.29																		55.08						35.29
High			$	63.05					67.35						46.54																		67.35						46.54
Low			$	52.99					44.55						30.30																		44.55						26.66
Selected ratios and other data
Number of common stock shares outstanding			95,507,234						95,501,819						95,409,061																		95,507,234						95,409,061
Average outstanding shares - basic			95,505,877						95,465,801						95,405,493																		95,485,839						94,346,582
Average outstanding shares - diluted			95,580,904						95,546,922						95,430,403																		95,565,591						94,395,930
Return on average assets (annualized)			1.55		%				1.73		%				1.57		%																1.64		%				1.42		%
Return on average equity (annualized)			13.25		%				14.12		%				11.68		%																13.68		%				10.15		%
Efficiency ratio			49.92		%				46.75		%				47.54		%																48.31		%				50.86		%
Dividend payout ratio			39.51		%				36.47		%				43.28		%																37.95		%				51.33		%
Loan to deposit ratio			67.64		%				70.72		%				86.45		%																67.64		%				86.45		%
Number of full time equivalent employees			2,987						2,994						2,954																		2,987						2,954
Number of locations			194						193						192																		194						192
Number of ATMs			250						250						251																		250						251

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KALISPELL, Mont., Jul 22, 2021 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $77.6 million for the current quarter, an increase of $14.2 million, or 22 percent, from the $63.4 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.81 per share, an increase of 23 percent from the prior year second quarter diluted earnings per share of $0.66. “We are pleased to see solid loan and deposit growth with an improving economic outlook,” said Randy Chesler, President and Chief Executive Officer. “The Glacier team has done an excellent job getting back to business and taking care of customers as our markets see increased activity with our summer season in full swing.”

Net income for the six months ended June 30, 2021 was $158.4 million, an increase of $51.6 million, or 48 percent, from the $106.8 million net income from the first six months in the prior year. Diluted earnings per share for the first half of the current year was $1.66 per share, an increase of 47 percent, from the diluted earnings per share of $1.13 for the same period last year.

In May 2021, the Company announced the signing of definitive agreement to acquire Altabancorp, the parent company of Altabank, a community bank based in American Fork, Utah (collectively, “Alta”). Alta provides banking services to individuals and businesses in Utah with twenty-five banking offices from Preston, Idaho to St. George, Utah. As of March 31, 2021, Alta had total assets of $3.522 billion, total loans of $1.797 billion and total deposits of $3.159 billion. The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to be completed in the fourth quarter of 2021. Upon closing of the transaction, Alta will become the Company’s seventeenth Bank division.

Asset Summary

																											$ Change from
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Cash and cash equivalents			$	921,207					878,450						633,142						547,610						42,757						288,065						373,597
Debt securities, available-for-sale			6,147,143						5,853,315						5,337,814						3,533,950						293,828						809,329						2,613,193
Debt securities, held-to-maturity			1,024,730						588,751						189,836						203,275						435,979						834,894						821,455
Total debt securities			7,171,873						6,442,066						5,527,650						3,737,225						729,807						1,644,223						3,434,648
Loans receivable
Residential real estate			734,838						745,097						802,508						903,198						(10,259)						(67,670)						(168,360)
Commercial real estate			6,584,322						6,474,701						6,315,895						6,047,692						109,621						268,427						536,630
Other commercial			2,932,419						3,100,584						3,054,817						3,547,249						(168,165)						(122,398)						(614,830)
Home equity			648,800						625,369						636,405						654,392						23,431						12,395						(5,592)
Other consumer			337,669						324,178						313,071						300,847						13,491						24,598						36,822
Loans receivable			11,238,048						11,269,929						11,122,696						11,453,378						(31,881)						115,352						(215,330)
Allowance for credit losses			(151,448)						(156,446)						(158,243)						(162,509)						4,998						6,795						11,061
Loans receivable, net			11,086,600						11,113,483						10,964,453						11,290,869						(26,883)						122,147						(204,269)
Other assets			1,308,353						1,336,553						1,378,961						1,330,944						(28,200)						(70,608)						(22,591)
Total assets			$	20,488,033					19,770,552						18,504,206						16,906,648						717,481						1,983,827						3,581,385

Total debt securities of $7.172 billion at June 30, 2021 increased $730 million, or 11 percent, during the current quarter and increased $3.435 billion, or 92 percent, from the prior year second quarter. The Company continues to purchase debt securities with excess liquidity from the increase in core deposits and SBA forgiveness of PPP loans. Debt securities represented 35 percent of total assets at June 30, 2021 compared to 30 percent of total assets at December 30, 2020 and 22 percent of total assets at June 30, 2020.

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The loan portfolio of $11.238 billion at June 30, 2021 decreased $31.9 million, or 28 basis points, in the current quarter. Excluding the PPP loans, the loan portfolio increased $249 million, or 10 percent annualized, during the current quarter with the largest increase in other commercial loans which increased $113 million.

The loan portfolio decreased $215 million, or 2 percent, from the prior year second quarter. Excluding the PPP loans, the loan portfolio increased $517 million, or 5 percent, from the prior year second quarter with the largest increase in commercial real estate loans which increased $537 million, or 9 percent.

Credit Quality Summary

			At or for the Six Months ended						At or for the Three Months ended						At or for the Year ended						At or for the Six Months ended
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Allowance for credit losses
Balance at beginning of period			$	158,243					158,243						124,490						124,490
Impact of adopting CECL			—						—						3,720						3,720
Acquisitions			—						—						49						49
Provision for credit losses			(5,234)						489						37,637						36,296
Charge-offs			(5,946)						(4,246)						(13,808)						(5,235)
Recoveries			4,385						1,960						6,155						3,189
Balance at end of period			$	151,448					156,446						158,243						162,509
Provision for credit losses
Loan portfolio			$	(5,234)					489						37,637						36,296
Unfunded loan commitments			(371)						(441)						2,128						(182)
Total provision for credit losses			$	(5,605)					48						39,765						36,114
Other real estate owned			$	771					2,965						1,744						4,743
Accruing loans 90 days or more past due			4,220						3,733						1,725						6,071
Non-accrual loans			48,050						29,887						31,964						35,157
Total non-performing assets			$	53,041					36,585						35,433						45,971
Non-performing assets as a percentage of subsidiary assets			0.26		%				0.19		%				0.19		%				0.27		%
Allowance for credit losses as a percentage of non-performing loans			290		%				465		%				470		%				394		%
Allowance for credit losses as a percentage of total loans			1.35		%				1.39		%				1.42		%				1.42		%
Net charge-offs as a percentage of total loans			0.01		%				0.02		%				0.07		%				0.02		%
Accruing loans 30-89 days past due			$	12,076					44,616						22,721						25,225
Accruing troubled debt restructurings			$	37,667					41,345						42,003						41,759
Non-accrual troubled debt restructurings			$	3,179					4,702						3,507						8,204
U.S. government guarantees included in non-performing assets			$	4,186					2,778						3,011						3,305

Non-performing assets of $53.0 million at June 30, 2021 increased $16.5 million, over the prior quarter and was primarily isolated to one credit relationship. Non-performing assets increased $7.1 million, or 15 percent, over the prior year second quarter. Non-performing assets as a percentage of subsidiary assets at June 30, 2021 was 0.26 percent. Excluding the government guaranteed PPP loans, the non-performing assets as a percentage of subsidiary assets at June 30, 2021 was 0.27 percent, an increase of 8 basis points from the prior quarter and 3 basis points decrease from the prior year second quarter.

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Early stage delinquencies (accruing loans 30-89 days past due) of $12.1 million at June 30, 2021 decreased $32.5 million from the prior quarter with a large portion of the decrease primarily isolated to one credit relationship which moved to non-accrual at June 30, 2021. Early stage delinquencies decreased $13.1 million from the prior year second quarter. Early stage delinquencies as a percentage of loans at June 30, 2021 was 0.11 percent, which was a decrease of 29 basis points from prior quarter and an 11 basis points decrease from prior year second quarter. Excluding PPP loans, early stage delinquencies as a percentage of loans at June 30, 2021 was 0.11 percent, which was a decrease of 32 basis points from prior quarter and a 14 basis points decrease from prior year second quarter.

The current quarter provision for credit loss benefit on loans of $5.7 million was a decrease of $6.2 million from the prior quarter provision for credit loss expense of $489 thousand and a $19.3 million decrease from the prior year second quarter provision for credit loss expense of $13.6 million. The higher levels of provision for credit losses in the prior year second quarter were driven by negative economic forecasts due to COVID-19. The lower levels in the current quarter related to improvement in the economic forecasts.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at June 30, 2021 was 1.35 percent which was a 4 basis points decrease compared to the prior quarter. Excluding the PPP loans, the ACL as percentage of loans was 1.43 percent compared to 1.51 percent in the prior quarter and 1.62 percent in the prior year second quarter.

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

(Dollars in thousands)			Provision for Credit Losses Loans						Net (Recoveries) Charge-Offs						ACL as a Percent of Loans						Accruing Loans 30-89 Days Past Due as a Percent of Loans						Non-Performing Assets to Total Subsidiary Assets
Second quarter 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		%
Third quarter 2020			2,869						826						1.42		%				0.15		%				0.25		%
Second quarter 2020			13,552						1,233						1.42		%				0.22		%				0.27		%
First quarter 2020			22,744						813						1.49		%				0.41		%				0.26		%
Fourth quarter 2019			—						1,045						1.31		%				0.24		%				0.27		%
Third quarter 2019			—						3,519						1.32		%				0.31		%				0.40		%

Net recoveries for the current quarter were $725 thousand compared to net charge-offs of $2.3 million for the prior quarter and net charge-offs $1.2 million from the same quarter last year. 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. 

In response to COVID-19, the Company modified 3,054 for $1.515 billion during the second quarter of 2020. These modifications were primarily short-term payment deferrals under six months. During the second half of 2020, the majority of the modified loan deferral periods expired, and the loans returned to regular payment status. As of June 30, 2021, $46.7 million of the modifications remain in the deferral period. In addition the state of Montana created the Montana Loan Deferment Program for only Montana-based businesses and was implemented only in the third quarter of 2020. Cares Act Funds were used to provide interest payments upfront and directly to lenders on behalf of participating borrowers to convert existing commercial loans to interest only status, resulting in the deferral of principal and interest for a period of six to twelve months. As of June 30, 2021, the Company had $105 million in eligible loans benefiting from this grant programs compared to $272 million in the prior quarter.

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PPP Loans

			Three Months ended																		Six Months ended
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Jun 30, 2020						Jun 30, 2021						Jun 30, 2020
PPP interest income			$	10,328					13,523						7,304						23,851						7,304
Deferred compensation on originating PPP loans			1,522						5,213						8,412						6,735						8,412
Total PPP income impact			$	11,850					18,736						15,716						30,586						15,716

(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
PPP Round 1 loans			$	176,498					489,208						909,173						1,426,746
PPP Round 2 loans			518,107						486,583						—						—
Total PPP loans			694,605						975,791						909,173						1,426,746
Net remaining fees - Round 1			1,313						6,244						17,605						40,590
Net remaining fees - Round 2			22,694						21,890						—						—
Total net remaining fees			$	24,007					28,134						17,605						40,590

The SBA Round 2 PPP program ended in early May after the available funds were fully drawn upon. During the current quarter, the Company originated $67.6 million of Round 2 PPP loans which generated $5.6 million of SBA deferred processing fees and $1.5 million of deferred compensation costs for total net deferred fees of $4.1 million. During the first half of 2021, the Company originated $555 million of Round 2 PPP loans which generated $33.2 million of SBA deferred processing fees and $6.7 million of deferred compensation costs for total net deferred fees of $26.5 million.

During the current year, the SBA processing fees received on Round 2 averaged 5.99 percent which compared to the average of 3.75 percent received on Round 1 in the prior year. The increase in the fees received was the result of an increase in the number of smaller loans which receive a higher percentage fee and the change in the SBA fee schedule for loans under $50 thousand.

The Company continued to submit applications to the SBA for Round 1 PPP loan forgiveness and also began submitting forgiveness applications for Round 2. As of June 30, 2021, the Company had $176 million or 12 percent of the $1.472 billion of Round 1 PPP loans originated in the prior year and had $518 million or 93 percent of the $555 million of Round 2 PPP loans originated in the current year.

The Company recognized $10.3 million of interest income (including deferred fees and costs) from the Round 1 and Round 2 PPP loans in the current quarter. The income recognized in the current quarter included $6.0 million acceleration of net deferred fees in interest income resulting from the SBA forgiveness of loans. Net deferred fees remaining on the balance of the PPP loans at June 30, 2021 were $24.0 million, which will be recognized into interest income over the remaining life of the loans or when the loans are forgiven in whole or in part by the SBA.

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.

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Liability Summary

																											$ Change from
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Deposits
Non-interest bearing deposits			$	6,307,794					6,040,440						5,454,539						5,043,704						267,354						853,255						1,264,090
NOW and DDA accounts			4,151,264						4,035,455						3,698,559						3,113,863						115,809						452,705						1,037,401
Savings accounts			2,346,129						2,206,592						2,000,174						1,756,503						139,537						345,955						589,626
Money market deposit accounts			2,990,021						2,817,708						2,627,336						2,403,641						172,313						362,685						586,380
Certificate accounts			939,563						965,986						978,779						995,536						(26,423)						(39,216)						(55,973)
Core deposits, total			16,734,771						16,066,181						14,759,387						13,313,247						668,590						1,975,384						3,421,524
Wholesale deposits			26,121						38,143						38,142						68,285						(12,022)						(12,021)						(42,164)
Deposits, total			16,760,892						16,104,324						14,797,529						13,381,532						656,568						1,963,363						3,379,360
Repurchase agreements			995,201						996,878						1,004,583						881,227						(1,677)						(9,382)						113,974
Federal Home Loan Bank advances			—						—						—						37,963						—						—						(37,963)
Other borrowed funds			33,556						33,452						33,068						32,546						104						488						1,010
Subordinated debentures			132,540						132,499						139,959						139,917						41						(7,419)						(7,377)
Other liabilities			211,889						208,014						222,026						229,748						3,875						(10,137)						(17,859)
Total liabilities			$	18,134,078					17,475,167						16,197,165						14,702,933						658,911						1,936,913						3,431,145

Core deposits of $16.735 billion as of June 30, 2021 increased $669 million, or 17 percent annualized, from the prior quarter and increased $3.422 billion, or 26 percent, from the prior year second quarter. Non-interest bearing deposits of $6.308 billion as of June 30, 2021 increased $267 million, or 4 percent, from the prior quarter and increased $1.264 billion, or 25 percent, from the prior year second quarter. The last fifteen months unprecedented increase in deposits resulted from a number of factors including the PPP loan proceeds deposited by customers, federal stimulus deposits and the increase in customer savings. Non-interest bearing deposits were 38 percent of total core deposits at June 30, 2021 compared to 37 percent of total core deposits at December 31, 2020 and 38 percent at June 30, 2020.

During the prior quarter, the Company paid off $7.5 million of subordinated debt. The low levels of borrowings, including wholesale deposits and Federal Home Loan Bank (“FHLB”) advances, reflected the significant increase in core deposits which funded the asset growth.

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Stockholders’ Equity Summary

																											$ Change from
(Dollars in thousands, except per share data)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Common equity			$	2,263,513					2,215,465						2,163,951						2,073,806						48,048						99,562						189,707
Accumulated other comprehensive income			90,442						79,920						143,090						129,909						10,522						(52,648)						(39,467)
Total stockholders’ equity			2,353,955						2,295,385						2,307,041						2,203,715						58,570						46,914						150,240
Goodwill and core deposit intangible, net			(564,546)						(567,034)						(569,522)						(574,088)						2,488						4,976						9,542
Tangible stockholders’ equity			$	1,789,409					1,728,351						1,737,519						1,629,627						61,058						51,890						159,782

Stockholders’ equity to total assets			11.49		%				11.61		%				12.47		%				13.03		%
Tangible stockholders’ equity to total tangible assets			8.98		%				9.00		%				9.69		%				9.98		%
Book value per common share			$	24.65					24.03						24.18						23.10						0.62						0.47						1.55
Tangible book value per common share			$	18.74					18.10						18.21						17.08						0.64						0.53						1.66

Tangible stockholders’ equity of $1.789 billion at June 30, 2021 increased $61.1 million, or 4 percent, from the prior quarter and was the result of earnings retention coupled with an increase in other comprehensive income. Tangible stockholders’ equity of at June 30, 2021 increased $160 million, or 10 percent, from the prior year second quarter and was due to earnings retention that more than offset the decrease in other comprehensive income. Tangible book value per common share of $18.74 at the current quarter end increased $0.64 per share, or 4 percent, from the prior quarter and increased $1.66 per share, or 10 percent, from a year ago.

Cash Dividends

On June 30, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.32 per share, an increase of $0.01 per share, or 3 percent, over the prior quarter regular dividend. The dividend was payable July 22, 2021 to shareholders of record on July 13, 2021. The dividend was the 145th consecutive dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

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Operating Results for Three Months Ended June 30, 2021 

Compared to March 31, 2021, and June 30, 2020

Income Summary

			Three Months ended																		$ Change from
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Jun 30, 2020																		Mar 31, 2021						Jun 30, 2020
Net interest income
Interest income			$	159,956					161,552						155,404																		(1,596)						4,552
Interest expense			4,487						4,740						7,185																		(253)						(2,698)
Total net interest income			155,469						156,812						148,219																		(1,343)						7,250
Non-interest income
Service charges and other fees			13,795						12,792						11,366																		1,003						2,429
Miscellaneous loan fees and charges			2,923						2,778						1,682																		145						1,241
Gain on sale of loans			16,106						21,624						25,858																		(5,518)						(9,752)
(Loss) gain on sale of investments			(61)						284						128																		(345)						(189)
Other income			2,759						2,643						2,190																		116						569
Total non-interest income			35,522						40,121						41,224																		(4,599)						(5,702)
Total income			190,991						196,933						189,443																		(5,942)						1,548
Net interest margin (tax-equivalent)			3.44		%				3.74		%				4.12		%

Net Interest Income

The current quarter net interest income of $155 million decreased $1.3 million, or 86 basis points, over the prior quarter and increased $7.3 million, or 5 percent, from the prior year second quarter. The current quarter interest income of $160 million decreased $1.6 million, or 1 percent, compared to the prior quarter due to a decrease in interest income from the PPP loans. The current quarter interest income increased $4.6 million, or 3 percent, over the prior year second quarter due to an increase in interest income from the PPP loans and debt securities. The interest income (which included deferred fees and deferred costs) from the PPP loans was $10.3 million in the current quarter and $13.5 million in the prior quarter and $7.3 million in the prior year second quarter. Excluding the PPP loans, net interest income was $150 million in the current quarter compared to $148 million in the prior quarter and $145 million in the prior year second quarter.

The current quarter interest expense of $4.5 million decreased $253 thousand, or 5 percent, over the prior quarter and decreased $2.7 million, or 38 percent, over the prior year second quarter primarily as result of a decrease in deposit rates along with a shift in funding liabilities to low cost deposits. During the current quarter, the total cost of funding (including non-interest bearing deposits) of 10 basis points declined 2 basis points from the prior quarter and declined 10 basis points from the prior year second quarter with both decreases driven by a decrease in rates in deposits and borrowings.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.44 percent compared to 3.74 percent in the prior quarter and 4.12 in the prior year second quarter. The core net interest margin, excluding 3 basis points of discount accretion, 1 basis point from non-accrual interest and 7 basis points increase from the PPP loans, was 3.33 percent compared to 3.56 in the prior quarter and 4.21 percent in the prior year second quarter. The core net interest margin decreased 23 basis points in the current quarter and decreased 88 basis points from the prior year second quarter due to a decrease in earning asset yields. Earning asset yields have decreased due to the combined impact of the significant increase in the debt securities and the decrease in yields on both loans and debt securities. Debt securities comprised 39.4

9

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percent of the earning assets during the current quarter compared to 35.7 percent in the prior quarter and 24.6 percent in the prior year second quarter.

Non-interest Income

Non-interest income for the current quarter totaled $35.5 million which was a decrease of $4.6 million, or 11 percent, over the prior quarter and a decrease of $5.7 million, or 14 percent, over the same quarter last year. Service charges and other fees increased $1.0 million from the prior quarter and increased $2.4 million from the prior year second quarter as a result of increased customer accounts and transaction activity. Miscellaneous loan fees and charges of $2.9 million in the current quarter increased $1.2 million, or 74 percent, from the prior year second quarter and was primarily driven by increases in loan servicing income and credit card interchange fees due to increased activity.

Gain on the sale of loans of $16.1 million for the current quarter decreased $5.5 million, or 26 percent, compared to the prior quarter and decreased $9.8 million, or 38 percent, from the prior year second quarter. The current quarter mortgage activity was lower than prior periods, but still remained at historically elevated levels.

Non-interest Expense Summary

			Three Months ended																		$ Change from
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Jun 30, 2020																		Mar 31, 2021						Jun 30, 2020
Compensation and employee benefits			$	64,109					62,468						57,981																		1,641						6,128
Occupancy and equipment			9,208						9,515						9,357																		(307)						(149)
Advertising and promotions			2,906						2,371						2,138																		535						768
Data processing			5,661						5,206						5,042																		455						619
Other real estate owned			48						12						75																		36						(27)
Regulatory assessments and insurance			1,702						1,879						1,037																		(177)						665
Core deposit intangibles amortization			2,488						2,488						2,613																		—						(125)
Other expenses			13,960						12,646						16,521																		1,314						(2,561)
Total non-interest expense			$	100,082					96,585						94,764																		3,497						5,318

Total non-interest expense of $100 million for the current quarter increased $3.5 million, or 4 percent, over the prior quarter and increased $5.3 million, or 6 percent, over the prior year second quarter. Excluding deferred compensation from originating PPP loans, total non-interest expense was $102 million for the current and prior quarter compared to $103 million in the prior year second quarter. Compensation and employee benefits increased $1.6 million, or 3 percent, from the prior quarter and increased $6.1 million from the prior year second quarter which was primarily driven by the decrease in deferred compensation on originating PPP loans. Deferred compensation from originating PPP loans was $1.5 million in the current quarter compared to $5.2 million in the prior quarter and $8.4 million in the prior year second quarter.

Regulatory assessment and insurance increased $665 thousand from the prior year second quarter primarily due to an accrual adjustment for the State of Montana regulatory semi-annual assessment which was waived for the first half of 2020. Other expenses of $14.0 million, increased $1.3 million, or 10 percent, from the prior quarter and decreased $2.6 million, or 16 percent, from the prior year second quarter with such changes driven by acquisition-related expenses. Current quarter other expenses included acquisition-related expenses of $1.1 million in the current quarter compared to $104 thousand in the prior quarter and $3.7 million in the prior year second quarter.

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Federal and State Income Tax Expense

Tax expense during the second quarter of 2021 was $18.9 million, a decrease of $563 thousand, or 3 percent, compared to the prior quarter and an increase of $4.6 million, or 32 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.6 compared to 19.4 in the prior quarter and 18.4 percent in the prior year second quarter.

Efficiency Ratio

The efficiency ratio was 49.92 percent in the current quarter and 46.75 percent in the prior quarter and 47.54 in the prior year second quarter. “Once again, the Bank divisions were excellent in controlling non-interest expenses,” said Ron Copher, Chief Financial Officer. Excluding the impact from the PPP loans, the efficiency ratio would have been 53.53 percent in the current quarter compared to 52.89 percent in the prior quarter. The 64 basis points increase from the prior quarter was due to the decrease in gain on sale of loans in the current quarter. Excluding the impact of PPP loans, the current quarter efficiency ratio was a decrease of 39 basis points from the prior year second quarter efficiency ratio of 53.92 percent.

Operating Results for Six Months Ended June 30, 2021

Compared to June 30, 2020

Income Summary

			Six Months ended
(Dollars in thousands)			Jun 30, 2021						Jun 30, 2020						$ Change						% Change
Net interest income
Interest income			$	321,508					$	298,269					$	23,239					8		%
Interest expense			9,227						15,681						(6,454)						(41)		%
Total net interest income			312,281						282,588						29,693						11		%
Non-interest income
Service charges and other fees			26,587						25,386						1,201						5		%
Miscellaneous loan fees and charges			5,701						2,967						2,734						92		%
Gain on sale of loans			37,730						37,720						10						—		%
Gain on sale of investments			223						991						(768)						(77)		%
Other income			5,402						7,432						(2,030)						(27)		%
Total non-interest income			75,643						74,496						1,147						2		%
Total Income			$	387,924					$	357,084					$	30,840					9		%
Net interest margin (tax-equivalent)			3.58		%				4.23		%

Net Interest Income

Net-interest income of $312 million for the first half of 2021 increased $29.7 million, or 11 percent, over the same period in 2020. Interest income of $322 million for the first six months of the current year increased $23.2 million, or 8 percent, from the prior year and was primarily attributable to a $19.3 million increase in income from commercial loans, including $16.5 million from the PPP loans. Additionally, interest income on debt securities increased $9.2 million, or 20 percent, over the prior year which resulted from the increased volume of debt securities. Interest expense of $9.2 million for the first half of 2021 decreased $6.5 million, or 41 percent over the prior year primarily as a result of a decrease in the cost of deposits. The total funding cost (including non-interest bearing deposits) for the first six months of 2021 was 11 basis points, which decreased 14 basis points compared to 25 basis points in first six months of 2020.

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The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2021 was 3.58 percent, a 65 basis points decrease from the net interest margin of 4.23 percent for the same period in the prior year. The core net interest margin, excluding 4 basis points of discount accretion, 1 basis point of non-accrual interest and 10 basis points increase from the PPP loans, was 3.43 which was an 83 basis point decrease from the core margin of 4.26 percent in the prior year. Although the Company was successful in reducing the total cost of funding, it was not enough to outpace the decrease in yields on loans and debt securities driven by the current interest rate environment and the shift in the earning asset mix to lower yielding debt securities.

Non-interest Income

Non-interest income of $75.6 million for the first half of 2021 increased $1.1 million, or 2 percent, over the same period last year. Service charges and other fees of $26.6 million for the first six months of 2021 increased $1.2 million, or 5 percent, from prior year as a result of a additional fees from increased customer accounts and transaction activity. Miscellaneous loan fees and charges increased $2.7 million, or 92 percent, driven by increases in loan servicing income and credit card interchange fees due to increased activity. Other income of $5.4 million decreased $2.0 million from the prior year and was primarily the result of a gain of $2.4 million on the sale of a former branch building in the first quarter of 2020.

Non-interest Expense Summary

			Six Months ended
(Dollars in thousands)			Jun 30, 2021						Jun 30, 2020						$ Change						% Change
Compensation and employee benefits			$	126,577					$	117,641					$	8,936					8		%
Occupancy and equipment			18,723						18,576						147						1		%
Advertising and promotions			5,277						4,625						652						14		%
Data processing			10,867						10,324						543						5		%
Other real estate owned			60						187						(127)						(68)		%
Regulatory assessments and insurance			3,581						2,127						1,454						68		%
Core deposit intangibles amortization			4,976						5,146						(170)						(3)		%
Other expenses			26,606						31,625						(5,019)						(16)		%
Total non-interest expense			$	196,667					$	190,251					$	6,416					3		%

Total non-interest expense of $197 million for the first half of 2021 increased $6.4 million, or 3 percent, over the prior year first half. Compensation and employee benefits for the first six months of 2021 increased $8.9 million, or 8 percent, from last year due to the increased number of employees from organic growth, increased real estate commissions, increased performance-related compensation and annual salary increases. Regulatory assessment and insurance for the first half of 2021 increased $1.5 million from the prior year same period primarily as a result of the State of Montana waiving the first semi-annual regulatory assessment of 2020 and Small Bank assessment credits applied by the FDIC in the first quarter of 2020. Other expenses of $26.6 million, decreased $5.0 million, or 16 percent, from the prior year, primarily from a decrease in acquisition-related expenses. Acquisition-related expenses were $1.1 million in the current year compared to $6.5 million in the prior year.

Provision for Credit Losses

The provision for credit loss benefit was $5.6 million for the first six months of 2021, including provision for credit loss benefit of $5.2 million on the loan portfolio and credit loss benefit of $371 thousand on unfunded loan commitments. The provision for credit loss benefit of $5.2 million on the loan portfolio in the current year decreased $41.5 million over the provision for credit loss expense of $36.3 million in the prior year which was primarily attributable to changes in the economic forecast related to COVID-19. Net charge-offs during the current year were $1.6 million compared to $2.0 million during the prior year.

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Federal and State Income Tax Expense

Tax expense of $38.4 million in the first six months of 2021 increased $14.5 million, or 61 percent, over the prior year same period. The effective tax rate for 2021 was 19.5 percent compared to 18.3 percent in the prior year.

Efficiency Ratio

The efficiency ratio was 48.31 percent for the first six months of 2021 compared to 50.86 percent for the same period last year. Excluding the impact from the PPP loans, the efficiency ratio was 53.21 in 2021 compared to 54.21 in 2020 with the improvement driven by an increase in investment interest income and a decrease in deposit 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 management’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 words of similar meaning. 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 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 of 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 Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;

•changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties;

•legislative or regulatory changes, such as the those signaled by the Biden Administration, as well as increased banking and consumer protection regulation that adversely affect the Company’s business, both generally and as a result of the Company exceeding $10 billion in total consolidated assets;

•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;

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•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; 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, July 23, 2021. The conference call will be accessible by telephone and webcast. Interested individuals are invited to listen to the call by dialing 877-561-2748 and conference ID 7591544. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/nsp6p5ro. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 7591544 by July 30, 2021.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. (NASDAQ: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: 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).

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Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Assets
Cash on hand and in banks			$	272,363					227,745						227,108						212,681
Interest bearing cash deposits			648,844						650,705						406,034						334,929
Cash and cash equivalents			921,207						878,450						633,142						547,610
Debt securities, available-for-sale			6,147,143						5,853,315						5,337,814						3,533,950
Debt securities, held-to-maturity			1,024,730						588,751						189,836						203,275
Total debt securities			7,171,873						6,442,066						5,527,650						3,737,225
Loans held for sale, at fair value			98,410						118,731						166,572						115,345
Loans receivable			11,238,048						11,269,929						11,122,696						11,453,378
Allowance for credit losses			(151,448)						(156,446)						(158,243)						(162,509)
Loans receivable, net			11,086,600						11,113,483						10,964,453						11,290,869
Premises and equipment, net			315,573						322,354						325,335						326,005
Other real estate owned			771						2,965						1,744						4,743
Accrued interest receivable			70,452						79,331						75,497						77,363
Core deposit intangible, net			50,533						53,021						55,509						60,733
Goodwill			514,013						514,013						514,013						513,355
Non-marketable equity securities			10,019						10,022						10,023						11,592
Bank-owned life insurance			123,035						122,843						123,763						122,388
Other assets			125,547						113,273						106,505						99,420
Total assets			$	20,488,033					19,770,552						18,504,206						16,906,648
Liabilities
Non-interest bearing deposits			$	6,307,794					6,040,440						5,454,539						5,043,704
Interest bearing deposits			10,453,098						10,063,884						9,342,990						8,337,828
Securities sold under agreements to repurchase			995,201						996,878						1,004,583						881,227
FHLB advances			—						—						—						37,963
Other borrowed funds			33,556						33,452						33,068						32,546
Subordinated debentures			132,540						132,499						139,959						139,917
Accrued interest payable			2,433						2,590						3,305						4,211
Deferred tax liability			6,463						3,116						23,860						25,213
Other liabilities			202,993						202,308						194,861						200,324
Total liabilities			18,134,078						17,475,167						16,197,165						14,702,933
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, 117,187,500 shares authorized			955						955						954						954
Paid-in capital			1,496,488						1,495,438						1,495,053						1,492,817
Retained earnings - substantially restricted			766,070						719,072						667,944						580,035
Accumulated other comprehensive income			90,442						79,920						143,090						129,909
Total stockholders’ equity			2,353,955						2,295,385						2,307,041						2,203,715
Total liabilities and stockholders’ equity			$	20,488,033					19,770,552						18,504,206						16,906,648

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Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations

			Three Months ended																		Six Months ended
(Dollars in thousands, except per share data)			Jun 30, 2021						Mar 31, 2021						Jun 30, 2020																		Jun 30, 2021						Jun 30, 2020
Interest Income
Debt securities			$	28,730					27,306						25,833																		56,036						46,847
Residential real estate loans			9,541						10,146						12,098																		19,687						23,624
Commercial loans			110,829						113,541						106,343																		224,370						205,027
Consumer and other loans			10,856						10,559						11,130																		21,415						22,771
Total interest income			159,956						161,552						155,404																		321,508						298,269
Interest Expense
Deposits			2,804						3,014						4,587																		5,818						10,168
Securities sold under agreements to   repurchase			651						689						908																		1,340						1,897
Federal Home Loan Bank advances			—						—						268																		—						614
Other borrowed funds			177						174						172																		351						300
Subordinated debentures			855						863						1,250																		1,718						2,702
Total interest expense			4,487						4,740						7,185																		9,227						15,681
Net Interest Income			155,469						156,812						148,219																		312,281						282,588
Provision for credit losses			(5,653)						48						16,929																		(5,605)						36,114
Net interest income after provision for credit losses			161,122						156,764						131,290																		317,886						246,474
Non-Interest Income
Service charges and other fees			13,795						12,792						11,366																		26,587						25,386
Miscellaneous loan fees and charges			2,923						2,778						1,682																		5,701						2,967
Gain on sale of loans			16,106						21,624						25,858																		37,730						37,720
(Loss) gain on sale of debt securities			(61)						284						128																		223						991
Other income			2,759						2,643						2,190																		5,402						7,432
Total non-interest income			35,522						40,121						41,224																		75,643						74,496
Non-Interest Expense
Compensation and employee benefits			64,109						62,468						57,981																		126,577						117,641
Occupancy and equipment			9,208						9,515						9,357																		18,723						18,576
Advertising and promotions			2,906						2,371						2,138																		5,277						4,625
Data processing			5,661						5,206						5,042																		10,867						10,324
Other real estate owned			48						12						75																		60						187
Regulatory assessments and insurance			1,702						1,879						1,037																		3,581						2,127
Core deposit intangibles amortization			2,488						2,488						2,613																		4,976						5,146
Other expenses			13,960						12,646						16,521																		26,606						31,625
Total non-interest expense			100,082						96,585						94,764																		196,667						190,251
Income Before Income Taxes			96,562						100,300						77,750																		196,862						130,719
Federal and state income tax expense			18,935						19,498						14,306																		38,433						23,936
Net Income			$	77,627					80,802						63,444																		158,429						106,783

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Glacier Bancorp, Inc.

Average Balance Sheets

			Three Months ended
			June 30, 2021																		March 31, 2021
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	825,467					$	9,541					4.62		%				$	893,052					$	10,146					4.54		%
Commercial loans 1			9,520,603						112,226						4.73		%				9,412,281						114,928						4.95		%
Consumer and other loans			964,415						10,856						4.51		%				949,736						10,559						4.51		%
Total loans 2			11,310,485						132,623						4.70		%				11,255,069						135,633						4.89		%
Tax-exempt debt securities 2			1,548,323						14,740						3.81		%				1,545,484						14,710						3.81		%
Taxable debt securities 4			5,810,800						17,251						1.19		%				4,713,936						15,851						1.35		%
Total earning assets			18,669,608						164,614						3.54		%				17,514,489						166,194						3.85		%
Goodwill and intangibles			565,749																		568,222
Non-earning assets			804,897																		843,305
Total assets			$	20,040,254																	$	18,926,016
Liabilities
Non-interest bearing deposits			$	6,100,872					$	—					—		%				$	5,591,531					$	—					—		%
NOW and DDA accounts			4,073,819						600						0.06		%				3,830,856						570						0.06		%
Savings accounts			2,295,334						141						0.02		%				2,092,517						138						0.03		%
Money market deposit accounts			2,921,642						861						0.12		%				2,719,267						865						0.13		%
Certificate accounts			955,694						1,181						0.50		%				971,584						1,422						0.59		%
Total core deposits			16,347,361						2,783						0.07		%				15,205,755						2,995						0.08		%
Wholesale deposits 5			34,301						21						0.24		%				38,076						19						0.20		%
Repurchase agreements			974,744						651						0.27		%				1,001,394						689						0.28		%
FHLB advances			—						—						—		%				—						—						—		%
Subordinated debentures and other borrowed funds			166,002						1,032						2.49		%				165,830						1,037						2.54		%
Total funding liabilities			17,522,408						4,487						0.10		%				16,411,055						4,740						0.12		%
Other liabilities			168,613																		193,858
Total liabilities			17,691,021																		16,604,913
Stockholders’ Equity
Common stock			955																		955
Paid-in capital			1,495,886																		1,495,138
Retained earnings			756,561																		710,137
Accumulated other comprehensive income			95,831																		114,873
Total stockholders’ equity			2,349,233																		2,321,103
Total liabilities and stockholders’ equity			$	20,040,254																	$	18,926,016
Net interest income (tax-equivalent)									$	160,127																	$	161,454
Net interest spread (tax-equivalent)															3.44		%																3.73		%
Net interest margin (tax-equivalent)															3.44		%																3.74		%

______________________________

1 Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2021 and March 31, 2021, respectively.

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

3 Includes tax effect of $3.0 million and $3.0 million on tax-exempt debt securities income for the three months ended June 30, 2021 and March 31, 2021, respectively.

4 Includes tax effect of $255 thousand and $255 thousand on federal income tax credits for the three months ended June 30, 2021 and March 31, 2021, respectively.

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

17

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Glacier Bancorp, Inc.

Average Balance Sheets (continued)

			Three Months ended
			June 30, 2021																		June 30, 2020
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	825,467					$	9,541					4.62		%				$	1,048,095					$	12,098					4.62		%
Commercial loans 1			9,520,603						112,226						4.73		%				9,235,881						107,632						4.69		%
Consumer and other loans			964,415						10,856						4.51		%				957,798						11,130						4.67		%
Total loans 2			11,310,485						132,623						4.70		%				11,241,774						130,860						4.68		%
Tax-exempt debt securities 3			1,548,323						14,740						3.81		%				1,401,603						14,248						4.07		%
Taxable debt securities 4			5,810,800						17,251						1.19		%				2,266,707						14,730						2.60		%
Total earning assets			18,669,608						164,614						3.54		%				14,910,084						159,838						4.31		%
Goodwill and intangibles			565,749																		575,296
Non-earning assets			804,897																		797,403
Total assets			$	20,040,254																	$	16,282,783
Liabilities
Non-interest bearing deposits			$	6,100,872					$	—					—		%				$	4,733,485					$	—					—		%
NOW and DDA accounts			4,073,819						600						0.06		%				3,018,706						687						0.09		%
Savings accounts			2,295,334						141						0.02		%				1,687,448						175						0.04		%
Money market deposit accounts			2,921,642						861						0.12		%				2,300,787						1,240						0.22		%
Certificate accounts			955,694						1,181						0.50		%				1,013,188						2,408						0.96		%
Total core deposits			16,347,361						2,783						0.07		%				12,753,614						4,510						0.14		%
Wholesale deposits 5			34,301						21						0.24		%				68,503						77						0.46		%
Repurchase agreements			974,744						651						0.27		%				740,748						908						0.49		%
FHLB advances			—						—						—		%				182,061						268						0.58		%
Subordinated debentures and other borrowed funds			166,002						1,032						2.49		%				172,996						1,422						3.31		%
Total funding liabilities			17,522,408						4,487						0.10		%				13,917,922						7,185						0.21		%
Other liabilities			168,613																		180,935
Total liabilities			17,691,021																		14,098,857
Stockholders’ Equity
Common stock			955																		954
Paid-in capital			1,495,886																		1,492,230
Retained earnings			756,561																		575,455
Accumulated other comprehensive income			95,831																		115,287
Total stockholders’ equity			2,349,233																		2,183,926
Total liabilities and stockholders’ equity			$	20,040,254																	$	16,282,783
Net interest income (tax-equivalent)									$	160,127																	$	152,653
Net interest spread (tax-equivalent)															3.44		%																4.10		%
Net interest margin (tax-equivalent)															3.44		%																4.12		%

______________________________

1 Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2021 and 2020, respectively.

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

3 Includes tax effect of $3.0 million and $2.9 million on tax-exempt debt securities income for the three months ended June 30, 2021 and 2020, respectively.

4 Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended June 30, 2021 and 2020, respectively.

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

18

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Glacier Bancorp, Inc.

Average Balance Sheets (continued)

			Six Months ended
			June 30, 2021																		June 30, 2020
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	859,073					$	19,687					4.58		%				$	1,014,371					$	23,624					4.66		%
Commercial loans 1			9,466,763						227,154						4.84		%				8,522,681						207,588						4.90		%
Consumer and other loans			957,116						21,415						4.51		%				942,361						22,771						4.86		%
Total loans 2			11,282,952						268,256						4.79		%				10,479,413						253,983						4.87		%
Tax-exempt debt securities 3			1,546,912						29,450						3.81		%				1,166,102						23,657						4.06		%
Taxable debt securities 4			5,265,398						33,102						1.26		%				2,163,144						28,502						2.64		%
Total earning assets			18,095,262						330,808						3.69		%				13,808,659						306,142						4.46		%
Goodwill and intangibles			566,979																		557,363
Non-earning assets			823,973																		743,871
Total assets			$	19,486,214																	$	15,109,893
Liabilities
Non-interest bearing deposits			$	5,847,608					$	—					—		%				$	4,203,222					$	—					—		%
NOW and DDA accounts			3,953,009						1,170						0.06		%				2,846,928						1,602						0.11		%
Savings accounts			2,194,485						279						0.03		%				1,603,129						414						0.05		%
Money market deposit accounts			2,821,014						1,726						0.12		%				2,166,293						2,864						0.27		%
Certificate accounts			963,595						2,603						0.54		%				989,548						5,003						1.02		%
Total core deposits			15,779,711						5,778						0.07		%				11,809,120						9,883						0.17		%
Wholesale deposits 5			36,178						40						0.22		%				62,806						285						0.91		%
Repurchase agreements			987,995						1,340						0.27		%				641,785						1,897						0.59		%
FHLB advances			—						—						—		%				145,366						614						0.84		%
Subordinated debentures and other borrowed funds			165,917						2,069						2.51		%				171,481						3,002						3.52		%
Total funding liabilities			16,969,801						9,227						0.11		%				12,830,558						15,681						0.25		%
Other liabilities			181,166																		164,148
Total liabilities			17,150,967																		12,994,706
Stockholders’ Equity
Common stock			955																		944
Paid-in capital			1,495,514																		1,454,617
Retained earnings			733,478																		569,203
Accumulated other comprehensive income			105,300																		90,423
Total stockholders’ equity			2,335,247																		2,115,187
Total liabilities and stockholders’ equity			$	19,486,214																	$	15,109,893
Net interest income (tax-equivalent)									$	321,581																	$	290,461
Net interest spread (tax-equivalent)															3.58		%																4.21		%
Net interest margin (tax-equivalent)															3.58		%																4.23		%

______________________________

1 Includes tax effect of $2.8 million and $2.6 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2021 and 2020, respectively.

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

3 Includes tax effect of $6.0 million and $4.8 million on tax-exempt debt securities income for the six months ended June 30, 2021 and 2020, respectively.

4 Includes tax effect of $510 thousand and $532 thousand on federal income tax credits for the six months ended June 30, 2021 and 2020, respectively.

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

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Glacier Bancorp, Inc.

Loan Portfolio by Regulatory Classification

			Loans Receivable, by Loan Type																								% Change from
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Custom and owner occupied construction			$	158,405					$	153,226					$	157,529					$	177,172					3		%				1		%				(11)		%
Pre-sold and spec construction			163,740						154,312						148,845						161,964						6		%				10		%				1		%
Total residential construction			322,145						307,538						306,374						339,136						5		%				5		%				(5)		%
Land development			111,736						103,960						102,930						94,667						7		%				9		%				18		%
Consumer land or lots			138,292						133,409						123,747						120,015						4		%				12		%				15		%
Unimproved land			63,469						62,002						59,500						63,459						2		%				7		%				—		%
Developed lots for operative builders			27,143						27,310						30,449						26,647						(1)		%				(11)		%				2		%
Commercial lots			64,664						61,289						60,499						60,563						6		%				7		%				7		%
Other construction			554,548						604,326						555,375						477,922						(8)		%				—		%				16		%
Total land, lot, and other construction			959,852						992,296						932,500						843,273						(3)		%				3		%				14		%
Owner occupied			2,019,860						1,973,309						1,945,686						1,855,994						2		%				4		%				9		%
Non-owner occupied			2,436,672						2,372,644						2,290,512						2,238,586						3		%				6		%				9		%
Total commercial real estate			4,456,532						4,345,953						4,236,198						4,094,580						3		%				5		%				9		%
Commercial and industrial			1,654,237						1,883,438						1,850,197						2,342,081						(12)		%				(11)		%				(29)		%
Agriculture			746,678						728,579						721,490						714,227						2		%				3		%				5		%
1st lien			1,105,579						1,130,339						1,228,867						1,227,514						(2)		%				(10)		%				(10)		%
Junior lien			38,029						35,230						41,641						47,121						8		%				(9)		%				(19)		%
Total 1-4 family			1,143,608						1,165,569						1,270,508						1,274,635						(2)		%				(10)		%				(10)		%
Multifamily residential			398,499						380,172						391,895						343,870						5		%				2		%				16		%
Home equity lines of credit			693,135						664,800						657,626						655,492						4		%				5		%				6		%
Other consumer			201,336						191,152						190,186						181,402						5		%				6		%				11		%
Total consumer			894,471						855,952						847,812						836,894						5		%				6		%				7		%
States and political subdivisions			631,199						546,086						575,647						581,673						16		%				10		%				9		%
Other			129,237						183,077						156,647						198,354						(29)		%				(17)		%				(35)		%
Total loans receivable, including   loans held for sale			11,336,458						11,388,660						11,289,268						11,568,723						—		%				—		%				(2)		%
Less loans held for sale 1			(98,410)						(118,731)						(166,572)						(115,345)						(17)		%				(41)		%				(15)		%
Total loans receivable			$	11,238,048					$	11,269,929					$	11,122,696					$	11,453,378					—		%				1		%				(2)		%

______________________________

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

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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
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Jun 30, 2021						Jun 30, 2021						Jun 30, 2021
Custom and owner occupied construction			$	243					246						247						440						243						—						—
Land development			279						330						342						659						31						—						248
Consumer land or lots			190						325						201						427						190						—						—
Unimproved land			178						243						294						663						178						—						—
Commercial lots			368						368						368						529						—						—						368
Total land, lot and other construction			1,015						1,266						1,205						2,278						399						—						616
Owner occupied			3,747						5,272						6,725						9,424						3,716						31						—
Non-owner occupied			1,892						4,615						4,796						5,482						1,892						—						—
Total commercial real estate			5,639						9,887						11,521						14,906						5,608						31						—
Commercial and Industrial			6,046						6,100						6,689						5,039						5,419						597						30
Agriculture			31,742						8,392						6,313						11,087						28,787						2,955						—
1st lien			4,186						4,303						5,353						7,634						3,754						432						—
Junior lien			272						290						301						746						247						25						—
Total 1-4 family			4,458						4,593						5,654						8,380						4,001						457						—
Multifamily residential			—						—						—						92						—						—						—
Home equity lines of credit			2,653						3,614						2,939						3,048						2,529						36						88
Other consumer			542						1,017						572						412						406						99						37
Total consumer			3,195						4,631						3,511						3,460						2,935						135						125
Other			703						1,470						293						289						658						45						—
Total			$	53,041					36,585						35,433						45,971						48,050						4,220						771

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Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)

			Accruing 30-89 Days Delinquent Loans,  by Loan Type																								% Change from
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020
Custom and owner occupied construction			$	—					$	963					$	788					$	—					(100)		%				(100)		%				n/m
Pre-sold and spec construction			70						—						—						—						n/m						n/m						n/m
Total residential construction			70						963						788						—						(93)		%				(91)		%				n/m
Land development			—						—						202						—						n/m						(100)		%				n/m
Consumer land or lots			—						215						71						248						(100)		%				(100)		%				(100)		%
Unimproved land			307						334						357						411						(8)		%				(14)		%				(25)		%
Developed lots for operative builders			—						—						306						—						n/m						(100)		%				n/m
Commercial lots			—						—						—						153						n/m						n/m						(100)		%
Other construction			—						1,520						—						—						(100)		%				n/m						n/m
Total land, lot and other construction			307						2,069						936						812						(85)		%				(67)		%				(62)		%
Owner occupied			2,243						1,784						3,432						1,512						26		%				(35)		%				48		%
Non-owner occupied			574						2,407						149						966						(76)		%				285		%				(41)		%
Total commercial real estate			2,817						4,191						3,581						2,478						(33)		%				(21)		%				14		%
Commercial and industrial			2,947						2,063						1,814						4,127						43		%				62		%				(29)		%
Agriculture			837						25,458						1,553						12,084						(97)		%				(46)		%				(93)		%
1st lien			736						5,984						6,677						656						(88)		%				(89)		%				12		%
Junior lien			106						18						55						160						489		%				93		%				(34)		%
Total 1-4 family			842						6,002						6,732						816						(86)		%				(87)		%				3		%
Home equity lines of credit			1,942						1,223						2,840						3,330						59		%				(32)		%				(42)		%
Other consumer			919						519						1,054						739						77		%				(13)		%				24		%
Total consumer			2,861						1,742						3,894						4,069						64		%				(27)		%				(30)		%
States and political subdivisions			—						375						2,358						124						(100)		%				(100)		%				(100)		%
Other			1,395						1,753						1,065						715						(20)		%				31		%				95		%
Total			$	12,076					$	44,616					$	22,721					$	25,225					(73)		%				(47)		%				(52)		%

______________________________

n/m - not measurable

22

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Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)

			Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type																								Charge-Offs						Recoveries
(Dollars in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Jun 30, 2020						Jun 30, 2021						Jun 30, 2021
Custom and owner occupied construction			$	—					—						(9)						—						—						—
Pre-sold and spec construction			(8)						(7)						(24)						(12)						—						8
Total residential construction			(8)						(7)						(33)						(12)						—						8
Land development			(77)						(75)						(106)						(50)						—						77
Consumer land or lots			(164)						(141)						(221)						(17)						3						167
Unimproved land			(21)						(21)						(489)						(287)						—						21
Commercial lots			—						—						(55)						(3)						—						—
Total land, lot and other construction			(262)						(237)						(871)						(357)						3						265
Owner occupied			(70)						(54)						(168)						(49)						41						111
Non-owner occupied			(503)						(505)						3,030						115						—						503
Total commercial real estate			(573)						(559)						2,862						66						41						614
Commercial and industrial			(218)						80						1,533						576						262						480
Agriculture			(6)						(1)						337						33						4						10
1st lien			(237)						5						69						—						42						279
Junior lien			(475)						(47)						(211)						(129)						—						475
Total 1-4 family			(712)						(42)						(142)						(129)						42						754
Multifamily residential			(40)						—						(244)						(43)						—						40
Home equity lines of credit			(23)						25						101						24						41						64
Other consumer			74						46						307						161						241						167
Total consumer			51						71						408						185						282						231
Other			3,329						2,981						3,803						1,727						5,312						1,983
Total			$	1,561					2,286						7,653						2,046						5,946						4,385

Visit our website at www.glacierbancorp.com

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