Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2021

Thursday, 22. April 2021 22:30
  • Net income of $80.8 million, an increase of $37.5 million, or 86 percent, over the prior year first quarter net income of $43.3 million.
  • Diluted earnings per share of $0.85, an increase of 85 percent from the prior year first quarter diluted earnings per share of $0.46.
  • Gain on sale of loans of $21.6 million, increased $9.8 million, or 82 percent, compared to the prior year first quarter.
  • Non-interest expense of $96.6 million, decreased $14.6 million, or 13 percent, compared to the prior quarter and increased $1.1 million, or 1 percent, from the prior year first quarter.
  • Bank loan modifications related to the coronavirus disease of 2019 (“COVID-19”) decreased $13.5 million from the prior quarter and decreased $1.433 billion from the second quarter of 2020 to $81.3 million, or 79 basis points of loans excluding the Payroll Protection Program (“PPP”) loans. 
  • Non-performing assets as a percentage of subsidiary assets was 0.19 percent, which compared to 0.19 percent in the prior quarter and 0.26 percent in the prior year first quarter.
  • Core deposits increased $1.307 billion, or 35 percent annualized, during the current quarter and increased $4.571 billion, or 40 percent, from the prior year first quarter.
  • The loan portfolio increased $147 million, or 5 percent annualized, in the current quarter and increased $1.182 billion, or 12 percent, from the prior year first quarter.
  • The Company funded 6,500 PPP loans in the amount of $487 million during the current quarter.
  • The Company received $426 million in PPP loan forgiveness from the U.S. Small Business Administration (“SBA”) during the current quarter. 
  • Declared a quarterly dividend of $0.31 per share, an increase of $0.01 per share or 3 percent over the prior quarter regular dividend.  The Company has declared 144 consecutive quarterly dividends and has increased the dividend 47 times.

Financial Summary 

 At or for the Three Months ended
(Dollars in thousands, except per share and market data)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
Operating results     
Net income$80,802  81,860  43,339 
Basic earnings per share$0.85  0.86  0.46 
Diluted earnings per share$0.85  0.86  0.46 
Dividends declared per share 1$0.31  0.45  0.29 
Market value per share     
Closing$57.08  46.01  34.01 
High$67.35  47.05  46.10 
Low$44.55  31.29  26.66 
Selected ratios and other data     
Number of common stock shares outstanding95,501,819 95,426,364 95,408,274
Average outstanding shares - basic95,465,801 95,418,958 93,287,670
Average outstanding shares - diluted95,546,922 95,492,258 93,359,792
Return on average assets (annualized)1.73% 1.78% 1.25%
Return on average equity (annualized)14.12% 14.27% 8.52%
Efficiency ratio46.75% 50.34% 54.65%
Dividend payout ratio 236.47% 52.33% 63.04%
Loan to deposit ratio70.72% 76.29% 88.10%
Number of full time equivalent employees2,994 2,970 2,955
Number of locations193 193 192
Number of ATMs250 250 247

______________________
1 Includes a special dividend declared of $0.15 per share for the three months ended December 31, 2020. 
2 Excluding the special dividend, the dividend payout ratio was 34.88 percent the three months ended December 31, 2020.

KALISPELL, Mont., April 22, 2021 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $80.8 million for the current quarter, an increase of $37.5 million, or 86 percent, from the $43.3 million of net income for the prior year first quarter.  Diluted earnings per share for the current quarter was $0.85 per share, an increase of 85 percent from the prior year first quarter diluted earnings per share of $0.46.  “The Glacier team got off to a strong start in 2021 and is well positioned for the rest of the year.  We believe our markets are among the strongest in the country and that our unique business model will continue to enable our Company to grow by delivering superior service to new and existing customers,” said Randy Chesler, President and Chief Executive Officer.

Asset Summary

       $ Change from
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Cash and cash equivalents$878,450  633,142  273,441  245,308  605,009 
Debt securities, available-for-sale5,853,315  5,337,814  3,429,890  515,501  2,423,425 
Debt securities, held-to-maturity588,751  189,836  203,814  398,915  384,937 
Total debt securities6,442,066  5,527,650  3,633,704  914,416  2,808,362 
Loans receivable         
Residential real estate745,097  802,508  957,830  (57,411) (212,733)
Commercial real estate6,474,701  6,315,895  5,928,303  158,806  546,398 
Other commercial3,100,584  3,054,817  2,239,878  45,767  860,706 
Home equity625,369  636,405  652,942  (11,036) (27,573)
Other consumer324,178  313,071  309,253  11,107  14,925 
Loans receivable11,269,929  11,122,696  10,088,206  147,233  1,181,723 
Allowance for credit losses(156,446) (158,243) (150,190) 1,797  (6,256)
Loans receivable, net11,113,483  10,964,453  9,938,016  149,030  1,175,467 
Other assets1,336,553  1,378,961  1,313,223  (42,408) 23,330 
Total assets$19,770,552  18,504,206  15,158,384  1,266,346  4,612,168 

Total debt securities of $6.442 billion at March 31, 2021 increased $914 million, or 17 percent, during the current quarter and increased $2.808 billion, or 77 percent, from the prior year first 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 33 percent of total assets at March 31, 2021 compared to 30 percent of total assets at December 30, 2020 and 24 percent of total assets at March 31, 2020.

The loan portfolio of $11.270 billion at March 31, 2021 increased $147 million, or 5 percent annualized, in the current quarter.  Excluding the PPP loans, the loan portfolio increased $80.6 million, or 3 percent annualized, during the current quarter with the largest increase in commercial real estate loans which increased $159 million, or 3 percent.

The loan portfolio increased $1.182 billion, or 12 percent, from the prior year first quarter.  Excluding the PPP loans, the loan portfolio increased $206 million, or 2 percent, from the prior year first quarter with the largest increase in commercial real estate loans which increased $546 million, or 9 percent.

Credit Quality Summary

 At or for the Three Months ended At or for the Year ended At or for the Three Months ended
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
Allowance for credit losses     
Balance at beginning of period$158,243  124,490  124,490 
Impact of adopting CECL  3,720  3,720 
Acquisitions  49  49 
Provision for credit losses489  37,637  22,744 
Charge-offs(4,246) (13,808) (2,567)
Recoveries1,960  6,155  1,754 
Balance at end of period$156,446  158,243  150,190 
Provision for credit losses     
Loan portfolio$489  37,637  22,744 
Unfunded loan commitments(441) 2,128  (3,559)
Total provision for credit losses$48  39,765  19,185 
Other real estate owned$2,965  1,744  4,748 
Accruing loans 90 days or more past due3,733  1,725  6,624 
Non-accrual loans29,887  31,964  28,006 
Total non-performing assets$36,585  35,433  39,378 
Non-performing assets as a percentage of subsidiary assets0.19% 0.19% 0.26%
Allowance for credit losses as a percentage of non-performing loans465% 470% 434%
Allowance for credit losses as a percentage of total loans1.39% 1.42% 1.49%
Net charge-offs as a percentage of total loans0.02% 0.07% 0.01%
Accruing loans 30-89 days past due$44,616  22,721  41,375 
Accruing troubled debt restructurings$41,345  42,003  44,371 
Non-accrual troubled debt restructurings$4,702  3,507  6,911 
U.S. government guarantees included in non-performing assets$2,778  3,011  3,204 

Non-performing assets of $36.6 million at March 31, 2021 increased $1.2 million, or 3 basis points, over the prior quarter and decreased $2.8 million, or 7 percent, over the prior year first quarter.  Non-performing assets as a percentage of subsidiary assets at March 31, 2021 was 0.19 percent.  Excluding the government guaranteed PPP loans, the non-performing assets as a percentage of subsidiary assets at March 31, 2021 was 0.19 percent, a decrease of 1 basis point from the prior quarter and 7 basis points decrease from the prior year first quarter. 

Early stage delinquencies (accruing loans 30-89 days past due) of $44.6 million at March 31, 2021 increased $21.9 million from the prior quarter with the increase primarily isolated to one credit relationship.  Early stage delinquencies increased $3.2 million from the prior year first quarter.  Early stage delinquencies as a percentage of loans at March 31, 2021 was 0.40 percent, which was an increase of 20 basis points from prior quarter and a 1 basis point decrease from prior year first quarter.  Excluding PPP loans, early stage delinquencies as a percentage of loans at March 31, 2021 was 0.43 percent, which was an increase of 21 basis points from prior quarter and a 2 basis points increase from prior year first quarter.

The current quarter provision for credit loss expense on loans of $489 thousand was an increase of $2.0 million from the prior quarter provision for credit loss benefit of $1.5 million and a $22.3 million decrease from the prior year first quarter provision for credit loss expense of $22.7 million.  The higher levels of provision for credit losses in the prior year first quarter was from credit losses related to COVID-19 and an additional $4.8 of provision for credit losses related to the acquisition of State Bank Corp. (“SBAZ”).  The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at March 31, 2021 was 1.39 percent which was a 3 basis points decrease compared to the prior quarter.  Excluding the PPP loans, the ACL as percentage of loans was 1.51 percent compared to 1.55 percent in as of the prior quarter and 1.49 percent in the prior year first quarter.  

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

(Dollars in thousands)Provision for Credit Losses Loans Net
Charge-Offs
 ACL
as a Percent
of Loans
 Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
 Non-Performing
Assets to
Total Subsidiary
Assets
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 20202,869  826  1.42% 0.15% 0.25%
Second quarter 202013,552  1,233  1.42% 0.22% 0.27%
First quarter 202022,744  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%
Second quarter 2019  732  1.46% 0.43% 0.41%

Net charge-offs for the current quarter were $2.3 million compared to $4.8 million for the prior quarter and $813 thousand 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.

PPP Loans

 March 31, 2021
(Dollars in thousands)Number of
PPP Loans
 Round 1 PPP 2020 Loans Round 2 PPP 2021 Loans Total PPP Loans Total Loans
Receivable, Net of PPP Loans
 PPP Loans as a Percent of Total Loans
Receivable, Net of PPP Loans
Residential real estate  $      745,097  %
Commercial real estate and other commercial           
Real estate rental and leasing684  14,795  13,970  28,765  3,614,584  0.80%
Accommodation and food services1,324  48,140  130,304  178,444  664,115  26.87%
Healthcare1,165  150,949  53,041  203,990  835,975  24.40%
Manufacturing506  20,013  25,002  45,015  181,641  24.78%
Retail and wholesale trade850  39,275  24,616  63,891  496,052  12.88%
Construction1,426  62,445  81,326  143,771  765,959  18.77%
Other5,148  153,592  158,323  311,915  2,041,167  15.28%
Home equity and other consumer        949,548  %
Total11,103  $489,209  486,582  975,791  10,294,138  9.48%

During the current quarter, the Company originated $487 million of Round 2 PPP loans which generated $27.7 million of SBA processing fees and $5.2 million of deferred compensation costs for total net deferred fees of $22.5 million.  During the current quarter, the SBA processing fees received on Round 2 averaged 5.67 percent which compared to the average of 3.75 percent received on Round 1 in the prior year.  The increase in the fee 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 which resulted in a $426 million decrease in PPP loans during the current quarter.  As of March 31, 2021, the Company had $489 million or 33 percent of the $1.472 billion of Round 1 PPP loans originated in the prior year. 

The Company recognized $13.5 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 $7.8 million acceleration of net deferred fees in interest income resulting from the SBA forgiveness of loans.  Net deferred fees remaining on the balance of PPP loans at March 31, 2021 were $28.1 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. 

COVID-19 Bank Loan Modifications

 March 31, 2021 December 31, 2020
(Dollars in thousands)Total Loans Receivable, Net of PPP Loans Amount of Unexpired Original Loan Modifications Amount of
Re-deferral Loan Modifications
 Amount of
Remaining Loan
Modifications
 Loan Modifications as a Percent of Total Loans
Receivable, Net of PPP Loans
 Amount of
Remaining Loan
Modifications
 Loan Modifications as a Percent of Total Loans
Receivable, Net of PPP Loans
Residential real estate$745,097  2,080  3,840  5,920  0.79% $4,322  0.54%
Commercial real estate and other commercial             
Real estate rental and leasing3,614,584  32,889  4,333  37,222  1.03% 43,313  1.24%
Accommodation and food services664,115  269  14,641  14,910  2.25% 22,054  3.35%
Healthcare835,975  4,013  6,482  10,495  1.26% 1,131  0.14%
Manufacturing181,641  828  1,541  2,369  1.30% 9,488  5.20%
Retail and wholesale trade496,052  932  408  1,340  0.27% 2,655  0.56%
Construction765,959  764    764  0.10% 927  0.12%
Other2,041,167  1,871  5,816  7,687  0.38% 10,255  0.50%
Home equity and other consumer949,548  640    640  0.07% 705  0.07%
Total$10,294,138  44,286  37,061  81,347  0.79% $94,850  0.93%

In response to COVID-19, the Company modified 3,054 loans in the amount of $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 March 31, 2021, $81.3 million of the modifications, or 79 basis points of the $10.294 billion of loans, net of the PPP loans, remain in the deferral period, a reduction of $13.5 million in the current quarter and a reduction of $1.433 billion from the $1.515 billion of the original loan modifications in the second quarter.

In addition to the Bank loan modifications presented above, 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.  None of the interest payments are required to be repaid by the borrowers, thus providing a grant to the borrowers.  This program was unique to Montana, had minimal qualification requirements, and required that participating lenders modify eligible loans to conform to the program in order for borrowers to qualify for the grant.  As of March 31, 2021, the Company had $272 million in eligible loans benefiting from this grant program, which was 2.6 percent of total loans receivable, net of PPP loans.  Given the unique nature of the Montana only grant program, the $272 million was not included in the Bank loan modifications presented above.

COVID-19 Higher Risk Industries - Enhanced Monitoring

 March 31, 2021 December 31, 2020
(Dollars in thousands)Enhanced Monitoring Total Loans Receivable, Net of PPP Loans Percent of Total Loans Receivable, Net of PPP Loans Amount of Unexpired Original
Loan Modifications
 Amount of
Re-deferral Loan Modifications
 Amount of
Remaining Loan
Modifications
 Loan Modifications as a Percent of Enhanced Monitoring Loans
Receivable, Net of PPP Loans
 Amount of
Remaining Loan
Modifications
 Percent of Total Loans Receivable, Net of PPP Loans Loan Modifications as a Percent of Enhanced Monitoring Loans
Receivable, Net of PPP Loans
Hotel and motel$423,606  4.12%   11,845  11,845  2.80% $14,032  4.20% 3.27%
Restaurant158,246  1.54% 269  2,796  3,065  1.94% 7,999  1.51% 5.19%
Travel and tourism23,638  0.23%       %   0.22% %
Gaming13,971  0.14%       %   0.14% %
Oil and gas23,334  0.23%       % 1,435  0.23% 6.20%
Total$642,795  6.24% 269  14,641  14,910  2.32% $23,466  6.29% 3.65%


Excluding the PPP loans, the Company has $643 million, or 6 percent, of its total loan portfolio with direct exposure to industries for which it has identified as higher risk, requiring enhanced monitoring.  As of March 31, 2021, $14.9 million, or 2.32 percent, of the loans in the higher risk industries have modifications which was a reduction of $8.60 million, or 36 percent,  from the $23.5 million of modifications at the end of the prior quarter.  The Company continues to conduct enhanced portfolio reviews and monitoring for potential credit deterioration.

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)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Deposits         
Non-interest bearing deposits$6,040,440  5,454,539  3,875,848  585,901  2,164,592 
NOW and DDA accounts4,035,455  3,698,559  2,860,563  336,896  1,174,892 
Savings accounts2,206,592  2,000,174  1,578,062  206,418  628,530 
Money market deposit accounts2,817,708  2,627,336  2,155,203  190,372  662,505 
Certificate accounts965,986  978,779  1,025,237  (12,793) (59,251)
Core deposits, total16,066,181  14,759,387  11,494,913  1,306,794  4,571,268 
Wholesale deposits38,143  38,142  62,924  1  (24,781)
Deposits, total16,104,324  14,797,529  11,557,837  1,306,795  4,546,487 
Repurchase agreements996,878  1,004,583  580,335  (7,705) 416,543 
Federal Home Loan Bank advances    513,055    (513,055)
Other borrowed funds33,452  33,068  32,499  384  953 
Subordinated debentures132,499  139,959  139,916  (7,460) (7,417)
Other liabilities208,014  222,026  198,098  (14,012) 9,916 
Total liabilities$17,475,167  16,197,165  13,021,740  1,278,002  4,453,427 

Core deposits of $16.066 billion as of March 31, 2021 increased $1.307 billion, or 35 percent annualized, from the prior quarter and increased $4.571 billion, or 40 percent, from the prior year first quarter.  Non-interest bearing deposits of $6.040 billion as of March 31, 2021 increased $586 million, or 11 percent, from the prior quarter and increased $2.165 billion, or 56 percent, from the prior year first quarter.  The last twelve 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 March 31, 2021 compared to 37 percent of total core deposits at December 31, 2020 and 34 percent at March 31, 2020.

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

Stockholders’ Equity Summary

       $ Change from
(Dollars in thousands, except per share data)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Common equity$2,215,465  2,163,951  2,036,920  51,514  178,545 
Accumulated other comprehensive income79,920  143,090  99,724  (63,170) (19,804)
Total stockholders’ equity2,295,385  2,307,041  2,136,644  (11,656) 158,741 
Goodwill and core deposit intangible, net(567,034) (569,522) (576,701) 2,488  9,667 
Tangible stockholders’ equity$1,728,351  1,737,519  1,559,943  (9,168) 168,408 
                
Stockholders’ equity to total assets 11.61% 12.47% 14.10%      
Tangible stockholders’ equity to total tangible assets 9.00% 9.69% 10.70%      
Book value per common share$24.03  24.18  22.39  (0.15) 1.64 
Tangible book value per common share$18.10  18.21  16.35  (0.11) 1.75 

Tangible stockholders’ equity of $1.728 billion at March 31, 2021 decreased $9.2 million, or 5 basis points, from the prior quarter and was primarily the result of a decrease in the unrealized gain on the available-for-sale debt securities during the current quarter which was driven by an increase in interest rates.  The current year decrease in both the stockholder’s equity to total assets ratio and the tangible stockholders’ equity to total tangible assets ratio was primarily the result of the $1.266 billion increase in total assets driven by the increase of $914 million in debt securities.  

Tangible stockholders’ equity increased $168 million over the prior year first quarter, which was the result of earnings retention.  Excluding the impact from PPP Loans, the tangible stockholders’ equity to total assets was 9.48 percent which was a 1.22 percent decrease from prior year first quarter and was due to adding $2.8 billion in debt securities.  Tangible book value per common share of $18.10 at the current quarter end decreased $0.11 per share from the prior quarter and increased $1.75 per share from a year ago.

Cash Dividends
On March 31, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.31 per share.  The dividend was payable April 22, 2021 to shareholders of record on April 13, 2021. The dividend was the 144th consecutive dividend.  Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations. 


Operating Results for Three Months Ended March 31, 2021 
Compared to December 31, 2020, and March 31, 2020

Income Summary

 Three Months ended $ Change from
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Net interest income         
Interest income$161,552  171,308  142,865  (9,756) 18,687 
Interest expense4,740  5,550  8,496  (810) (3,756)
Total net interest income156,812  165,758  134,369  (8,946) 22,443 
Non-interest income         
Service charges and other fees12,792  13,713  14,020  (921) (1,228)
Miscellaneous loan fees and charges2,778  2,293  1,285  485  1,493 
Gain on sale of loans21,624  26,214  11,862  (4,590) 9,762 
Gain on sale of investments284  124  863  160  (579)
Other income2,643  2,360  5,242  283  (2,599)
Total non-interest income40,121  44,704  33,272  (4,583) 6,849 
Total income196,933  210,462  167,641  (13,529) 29,292 
Net interest margin (tax-equivalent)3.74% 4.03% 4.36%    

Net Interest Income
The current quarter net interest income of $157 million decreased $8.9 million, or 5 percent, over the prior quarter and increased $22.4 million, or 17 percent, from the prior year first quarter.  The current quarter interest income of $162 million decreased $9.8 million, or 6 percent, compared to the prior quarter due to a decrease in income from PPP loans.  The current quarter interest income increased $18.7 million, or 13 percent, over the prior year first quarter due to an increase in income from PPP loans and debt securities.  The interest income (which included deferred fees and deferred costs) from the PPP loans was  $13.5 million in the current quarter and $21.5 million in the prior quarter.  

The current quarter interest expense of $4.7 million decreased $810 thousand, or 15 percent, over the prior quarter and decreased $3.8 million, or 44 percent, over the prior year first quarter primarily as result of a decrease in deposit rates and borrowing interest rates.  During the current quarter, the total cost of funding (including non-interest bearing deposits) of 12 basis points declined 2 basis points in the current quarter and 17 basis points from the prior year first 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 3.74 percent compared to 4.03 percent in the prior quarter and 4.36 in the prior year first quarter.  The core net interest margin, excluding 4 basis points of discount accretion, 1 basis point from non-accrual interest and 13 basis points increase from the PPP loans, was 3.56 percent compared to 3.76 in the prior quarter and 4.30 percent in the prior year first quarter.  The core net interest margin decreased 20 basis points in the current quarter and decreased 74 basis points from the prior year first quarter due to a decrease in earning asset yields.  Earning asset yields have decreased from the combined impact of the significant increase in the lower yielding debt securities and the decrease in yields on both loans and debt securities.  Debt securities comprised 35.7 percent of the earning assets during the current quarter compared to 31.8 percent in the prior quarter and 23.5 percent in the prior year first quarter. 

Non-interest Income
Non-interest income for the current quarter totaled $40.1 million which was a decrease of $4.6 million, or 10 percent, over the prior quarter and an increase of $6.8 million, or 21 percent, over the same quarter last year.  Service charges and other fees decreased $921 thousand from the prior quarter and decreased $1.2 million from the prior year first quarter as a result of decreased overdraft activity.  Gain on the sale of loans of $21.6 million for the current quarter decreased $4.6 million, or 18 percent, compared to the prior quarter, although remained at elevated levels as a result of the current low interest rate environment.  Gain on sale of loans increased $9.8 million, or 82 percent, from the prior year first quarter due to the increase in purchase and refinance activity driven by the decrease in interest rates.  Other income of $2.6 million decreased $2.6 million, or 50 percent, from the prior year first quarter as a result of a $2.4 million gain on the sale of a former branch building in the prior year. 

Non-interest Expense Summary

 Three Months ended $ Change from
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Compensation and employee benefits$62,468  70,540  59,660  (8,072) 2,808 
Occupancy and equipment9,515  9,728  9,219  (213) 296 
Advertising and promotions2,371  2,797  2,487  (426) (116)
Data processing5,206  5,211  5,282  (5) (76)
Other real estate owned12  550  112  (538) (100)
Regulatory assessments and insurance1,879  1,034  1,090  845  789 
Core deposit intangibles amortization2,488  2,612  2,533  (124) (45)
Other expenses12,646  18,715  15,104  (6,069) (2,458)
Total non-interest expense$96,585  111,187  95,487  (14,602) 1,098 

Total non-interest expense of $96.6 million for the current quarter decreased $14.6 million, or 13 percent, over the prior quarter and increased $1.1 million, or 1 percent, over the prior year first quarter.  Compensation and employee benefits decreased $8.1 million, or 11 percent, from the prior quarter which was primarily driven by the $5.2 million increase in deferred compensation on originating Round 2 PPP loans.  Compensation and employee benefits increased by $2.8 million, or 5 percent, from the prior year first quarter which was due to increased real estate commissions, increased employees from acquisitions and organic growth which more than offset the decreased expense from originating PPP loans.  Regulatory assessment and insurance increased $845 thousand from the prior quarter primarily due to an accrual adjustment in the prior quarter for waiver of the State of Montana regulatory semi-annual assessment for the second half of 2020.  Regulatory assessment and insurance increased $789 thousand from the prior year first quarter primarily due to $530 thousand in Small Bank Assessment credits applied in the prior year first quarter.  Other expenses of $12.6 million, decreased $6.1 million, or 32 percent, from the prior quarter and decreased $2.5 million, or 16 percent, from the prior year first quarter.  Current quarter other expenses included acquisition-related expenses of $104 thousand compared to $501 thousand in the prior quarter and $2.8 million in the prior year first quarter. 

Federal and State Income Tax Expense
Tax expense during the first quarter of 2021 was $19.5 million, an increase of $548 thousand, or 3 percent, compared to the prior quarter and an increase of $9.9 million, or 102 percent, from the prior year first quarter.  The effective tax rate in the current and prior quarter was 19 percent compared to 18 percent in the prior year first quarter.

Efficiency Ratio
The efficiency ratio was 46.75 percent in the current quarter and 50.34 percent in the prior quarter.  “The Bank divisions continue to focus on controlling non-interest expenses,” said Ron Copher, Chief Financial Officer.  “We were pleased with the improvement in the efficiency ratio during the current quarter.”  Excluding the impact from the PPP loans, the efficiency ratio would have been 52.89 percent in the current quarter, which was a 307 basis points decrease from the prior quarter efficiency ratio of 55.96 percent and was driven by the decrease in non-interest expense, including a $5.2 increase in deferred compensation on originating the PPP loans, that more than offset the decrease in net interest income and gain on sale of loans.  Excluding the current year impact from the PPP loans, the current quarter efficiency ratio of 52.89 which was a decrease of 176 basis points the prior year first quarter efficiency ratio of 54.65 percent and was primarily from the increase in gain on sale of loans and net 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 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;
  • 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, April 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 8356937. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/2wjr73e8. 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 8356937 by April 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).

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


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

(Dollars in thousands, except per share data)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
Assets     
Cash on hand and in banks$227,745  227,108  204,373 
Interest bearing cash deposits650,705  406,034  69,068 
Cash and cash equivalents878,450  633,142  273,441 
Debt securities, available-for-sale5,853,315  5,337,814  3,429,890 
Debt securities, held-to-maturity588,751  189,836  203,814 
Total debt securities6,442,066  5,527,650  3,633,704 
Loans held for sale, at fair value118,731  166,572  94,619 
Loans receivable11,269,929  11,122,696  10,088,206 
Allowance for credit losses(156,446) (158,243) (150,190)
Loans receivable, net11,113,483  10,964,453  9,938,016 
Premises and equipment, net322,354  325,335  324,230 
Other real estate owned2,965  1,744  4,748 
Accrued interest receivable79,331  75,497  68,525 
Core deposit intangible, net53,021  55,509  63,346 
Goodwill514,013  514,013  513,355 
Non-marketable equity securities10,022  10,023  30,597 
Bank-owned life insurance122,843  123,763  121,685 
Other assets113,273  106,505  92,118 
Total assets$19,770,552  18,504,206  15,158,384 
Liabilities     
Non-interest bearing deposits$6,040,440  5,454,539  3,875,848 
Interest bearing deposits10,063,884  9,342,990  7,681,989 
Securities sold under agreements to repurchase996,878  1,004,583  580,335 
FHLB advances    513,055 
Other borrowed funds33,452  33,068  32,499 
Subordinated debentures132,499  139,959  139,916 
Accrued interest payable2,590  3,305  4,713 
Deferred tax liability3,116  23,860  15,210 
Other liabilities202,308  194,861  178,175 
Total liabilities17,475,167  16,197,165  13,021,740 
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 authorized955  954  954 
Paid-in capital1,495,438  1,495,053  1,491,651 
Retained earnings - substantially restricted719,072  667,944  544,315 
Accumulated other comprehensive income79,920  143,090  99,724 
Total stockholders’ equity2,295,385  2,307,041  2,136,644 
Total liabilities and stockholders’ equity$19,770,552  18,504,206  15,158,384 


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations

 Three Months ended
(Dollars in thousands, except per share data)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
Interest Income     
Debt securities$27,306  27,388  21,014 
Residential real estate loans10,146  11,176  11,526 
Commercial loans113,541  121,956  98,684 
Consumer and other loans10,559  10,788  11,641 
Total interest income161,552  171,308  142,865 
Interest Expense     
Deposits3,014  3,500  5,581 
Securities sold under agreements to repurchase689  818  989 
Federal Home Loan Bank advances  49  346 
Other borrowed funds174  173  128 
Subordinated debentures863  1,010  1,452 
Total interest expense4,740  5,550  8,496 
Net Interest Income156,812  165,758  134,369 
Provision for credit losses48  (1,535) 19,185 
Net interest income after provision for credit losses156,764  167,293  115,184 
Non-Interest Income     
Service charges and other fees12,792  13,713  14,020 
Miscellaneous loan fees and charges2,778  2,293  1,285 
Gain on sale of loans21,624  26,214  11,862 
Gain on sale of debt securities284  124  863 
Other income2,643  2,360  5,242 
Total non-interest income40,121  44,704  33,272 
Non-Interest Expense     
Compensation and employee benefits62,468  70,540  59,660 
Occupancy and equipment9,515  9,728  9,219 
Advertising and promotions2,371  2,797  2,487 
Data processing5,206  5,211  5,282 
Other real estate owned12  550  112 
Regulatory assessments and insurance1,879  1,034  1,090 
Core deposit intangibles amortization2,488  2,612  2,533 
Other expenses12,646  18,715  15,104 
Total non-interest expense96,585  111,187  95,487 
Income Before Income Taxes100,300  100,810  52,969 
Federal and state income tax expense19,498  18,950  9,630 
Net Income$80,802  81,860  43,339 


Glacier Bancorp, Inc.
Average Balance Sheets

 Three Months ended
 March 31, 2021 December 31, 2020
(Dollars in thousands)Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
 Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
Assets           
Residential real estate loans$893,052  $10,146  4.54% $984,942  $11,176  4.54%
Commercial loans 19,412,281  114,928  4.95% 9,535,228  123,327  5.15%
Consumer and other loans949,736  10,559  4.51% 951,379  10,788  4.51%
Total loans 211,255,069  135,633  4.89% 11,471,549  145,291  5.04%
Tax-exempt debt securities 21,545,484  14,710  3.81% 1,511,725  14,659  3.88%
Taxable debt securities 44,713,936  15,851  1.35% 3,838,896  15,957  1.66%
Total earning assets17,514,489  166,194  3.85% 16,822,170  175,907  4.16%
Goodwill and intangibles568,222      570,771     
Non-earning assets843,305      853,518     
Total assets$18,926,016      $18,246,459     
Liabilities           
Non-interest bearing deposits$5,591,531  $  % $5,498,744  $  %
NOW and DDA accounts3,830,856  570  0.06% 3,460,923  607  0.07%
Savings accounts2,092,517  138  0.03% 1,935,476  162  0.03%
Money market deposit accounts2,719,267  865  0.13% 2,635,653  1,052  0.16%
Certificate accounts971,584  1,422  0.59% 984,100  1,629  0.66%
Total core deposits15,205,755  2,995  0.08% 14,514,896  3,450  0.09%
Wholesale deposits 538,076  19  0.20% 100,329  50  0.20%
Repurchase agreements1,001,394  689  0.28% 969,263  819  0.34%
FHLB advances    % 6,540  49  2.93%
Subordinated debentures and other borrowed funds165,830  1,037  2.54% 172,936  1,182  2.72%
Total funding liabilities16,411,055  4,740  0.12% 15,763,964  5,550  0.14%
Other liabilities193,858      199,771     
Total liabilities16,604,913      15,963,735     
Stockholders’ Equity           
Common stock955      954     
Paid-in capital1,495,138      1,494,422     
Retained earnings710,137      657,906     
Accumulated other comprehensive income114,873      129,442     
Total stockholders’ equity2,321,103      2,282,724     
   Total liabilities and stockholders’ equity$18,926,016      $18,246,459     
Net interest income (tax-equivalent)  $161,454      $170,357   
Net interest spread (tax-equivalent)    3.73%     4.02%
Net interest margin (tax-equivalent)    3.74%     4.03%

______________________________

Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and December 31, 2020, respectively.
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 March 31, 2021 and December 31, 2020, respectively.
4  Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended March 31, 2021 and December 31, 2020, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


Glacier Bancorp, Inc.
Average Balance Sheets (continued)

 Three Months ended
 March 31, 2021 March 31, 2020
(Dollars in thousands)Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
 Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
Assets           
Residential real estate loans$893,052  $10,146  4.54% $980,647  $11,526  4.70%
Commercial loans 19,412,281  114,928  4.95% 7,809,482  99,956  5.15%
Consumer and other loans949,736  10,559  4.51% 926,924  11,641  5.05%
Total loans 211,255,069  135,633  4.89% 9,717,053  123,123  5.10%
Tax-exempt debt securities 31,545,484  14,710  3.81% 930,601  9,409  4.04%
Taxable debt securities 44,713,936  15,851  1.35% 2,059,581  13,772  2.67%
Total earning assets17,514,489  166,194  3.85% 12,707,235  146,304  4.63%
Goodwill and intangibles568,222      539,431     
Non-earning assets843,305      690,338     
Total assets$18,926,016      $13,937,004     
Liabilities           
Non-interest bearing deposits$5,591,531  $  % $3,672,959  $  %
NOW and DDA accounts3,830,856  570  0.06% 2,675,152  915  0.14%
Savings accounts2,092,517  138  0.03% 1,518,809  239  0.06%
Money market deposit accounts2,719,267  865  0.13% 2,031,799  1,624  0.32%
Certificate accounts971,584  1,422  0.59% 965,908  2,595  1.08%
Total core deposits15,205,755  2,995  0.08% 10,864,627  5,373  0.20%
Wholesale deposits 538,076  19  0.20% 57,110  208  1.46%
Repurchase agreements1,001,394  689  0.28% 542,822  989  0.73%
FHLB advances    % 108,672  346  1.26%
Subordinated debentures and other borrowed funds165,830  1,037  2.54% 169,965  1,580  3.74%
Total funding liabilities16,411,055  4,740  0.12% 11,743,196  8,496  0.29%
Other liabilities193,858      147,361     
Total liabilities16,604,913      11,890,557     
Stockholders’ Equity           
Common stock955      933     
Paid-in capital1,495,138      1,417,004     
Retained earnings710,137      562,951     
Accumulated other comprehensive income114,873      65,559     
Total stockholders’ equity2,321,103      2,046,447     
Total liabilities and stockholders’ equity$18,926,016      $13,937,004     
Net interest income (tax-equivalent)  $161,454      $137,808   
Net interest spread (tax-equivalent)    3.73%     4.34%
Net interest margin (tax-equivalent)    3.74%     4.36%

______________________________

Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2021 and 2020, respectively.
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 $1.9 million on tax-exempt debt securities income for the three months ended March 31, 2021 and 2020, respectively.
4  Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended March 31, 2021 and 2020, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

 Loans Receivable, by Loan Type% Change from
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Custom and owner occupied construction$153,226  $157,529  $172,238  (3)% (11)%
Pre-sold and spec construction154,312  148,845  180,799  4% (15)%
Total residential construction307,538  306,374  353,037  % (13)%
Land development103,960  102,930  101,644  1% 2%
Consumer land or lots133,409  123,747  121,082  8% 10%
Unimproved land62,002  59,500  65,355  4% (5)%
Developed lots for operative builders27,310  30,449  32,661  (10)% (16)%
Commercial lots61,289  60,499  59,023  1% 4%
Other construction604,326  555,375  453,403  9% 33%
Total land, lot, and other construction992,296  932,500  833,168  6% 19%
Owner occupied1,973,309  1,945,686  1,813,284  1% 9%
Non-owner occupied2,372,644  2,290,512  2,200,664  4% 8%
Total commercial real estate4,345,953  4,236,198  4,013,948  3% 8%
Commercial and industrial1,883,438  1,850,197  1,151,817  2% 64%
Agriculture728,579  721,490  694,444  1% 5%
1st lien1,130,339  1,228,867  1,213,232  (8)% (7)%
Junior lien35,230  41,641  49,071  (15)% (28)%
Total 1-4 family1,165,569  1,270,508  1,262,303  (8)% (8)%
Multifamily residential380,172  391,895  352,379  (3)% 8%
Home equity lines of credit664,800  657,626  656,953  1% 1%
Other consumer191,152  190,186  180,832  1% 6%
Total consumer855,952  847,812  837,785  1% 2%
States and political subdivisions546,086  575,647  566,953  (5)% (4)%
Other183,077  156,647  116,991  17% 56%
Total loans receivable, including loans held for sale11,388,660  11,289,268  10,182,825  1% 12%
Less loans held for sale 1(118,731) (166,572) (94,619) (29)% 25%
Total loans receivable$11,269,929  $11,122,696  $10,088,206  1% 12%

______________________________

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
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Mar 31,
2021
 Mar 31,
2021
 Mar 31,
2021
Custom and owner occupied construction$246  247  188  246     
Pre-sold and spec construction    96       
Total residential construction246  247  284  246     
Land development330  342  1,432  82    248 
Consumer land or lots325  201  471  198    127 
Unimproved land243  294  680  197    46 
Commercial lots368  368  529      368 
Other construction           
Total land, lot and other construction1,266  1,205  3,112  477    789 
Owner occupied5,272  6,725  5,269  5,152    120 
Non-owner occupied4,615  4,796  5,133  4,615     
Total commercial real estate9,887  11,521  10,402  9,767    120 
Commercial and industrial6,100  6,689  5,438  5,536  129  435 
Agriculture8,392  6,313  7,263  5,502  2,890   
1st lien4,303  5,353  8,410  4,115  188   
Junior lien290  301  640  262  28   
Total 1-4 family4,593  5,654  9,050  4,377  216   
Multifamily residential    402       
Home equity lines of credit3,614  2,939  2,617  2,684    930 
Other consumer1,017  572  520  866  151   
Total consumer4,631  3,511  3,137  3,550  151  930 
Other1,470  293  290  432  347  691 
Total$36,585  35,433  39,378  29,887  3,733  2,965 


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

 Accruing 30-89 Days Delinquent Loans, by Loan Type% Change from
(Dollars in thousands)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Dec 31,
2020
 Mar 31,
2020
Custom and owner occupied construction$963  $788  $2,176  22% (56)%
Pre-sold and spec construction    328  n/m (100)%
Total residential construction963  788  2,504  22% (62)%
Land development  202  840  (100)% (100)%
Consumer land or lots215  71  321  203% (33)%
Unimproved land334  357  934  (6)% (64)%
Developed lots for operative builders  306    (100)% n/m
Commercial lots    216  n/m (100)%
Other construction1,520      n/m n/m
Total land, lot and other construction2,069  936  2,311  121% (10)%
Owner occupied1,784  3,432  3,235  (48)% (45)%
Non-owner occupied2,407  149  4,764  1,515% (49)%
Total commercial real estate4,191  3,581  7,999  17% (48)%
Commercial and industrial2,063  1,814  6,122  14% (66)%
Agriculture25,458  1,553  6,210  1,539% 310%
1st lien5,984  6,677  7,419  (10)% (19)%
Junior lien18  55  795  (67)% (98)%
Total 1-4 family6,002  6,732  8,214  (11)% (27)%
Home equity lines of credit1,223  2,840  5,549  (57)% (78)%
Other consumer519  1,054  1,456  (51)% (64)%
Total consumer1,742  3,894  7,005  (55)% (75)%
States and political subdivisions375  2,358    (84)% n/m
Other1,753  1,065  1,010  65% 74%
Total$44,616  $22,721  $41,375  96% 8%

______________________________

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)Mar 31,
2021
 Dec 31,
2020
 Mar 31,
2020
 Mar 31,
2021
 Mar 31,
2021
Custom and owner occupied construction$  (9)      
Pre-sold and spec construction(7) (24) (6)   7 
Total residential construction(7) (33) (6)   7 
Land development(75) (106) (275)   75 
Consumer land or lots(141) (221) 3    141 
Unimproved land(21) (489) (37)   21 
Developed lots for operative builders         
Commercial lots  (55) (1)    
Total land, lot and other construction(237) (871) (310)   237 
Owner occupied(54) (168) (16)   54 
Non-owner occupied(505) 3,030  (20)   505 
Total commercial real estate(559) 2,862  (36)   559 
Commercial and industrial80  1,533  61  168  88 
Agriculture(1) 337  36  4  5 
1st lien5  69  14  41  36 
Junior lien(47) (211) (110)   47 
Total 1-4 family(42) (142) (96) 41  83 
Multifamily residential  (244) (43)    
Home equity lines of credit25  101  (103) 41  16 
Other consumer46  307  88  119  73 
Total consumer71  408  (15) 160  89 
Other2,981  3,803  1,222  3,873  892 
Total$2,286  7,653  813  4,246  1,960 


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