HIGHLIGHTS:
Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $28.7
million for the current quarter, an increase of $1.0 million, or 4
percent, from the $27.7 million of net income for the prior year
first quarter. Diluted earnings per share for the current
quarter was $0.38 per share, an increase of $0.01, or 3 percent,
from the prior year first quarter diluted earnings per share of
$0.37. Included in the current quarter was $135 thousand from
acquisition-related expenses and $831 thousand of expenses related
to the Company’s consolidation of its bank divisions’ core database
systems (Core Consolidation Project or “CCP”) including expenses
related to the re-issuance of debit cards with chip
technology. The Company’s Core Consolidation Project will
occur throughout the current year and is expected to be completed
by year end. “The first quarter was a nice start to the
year for us,” said Mick Blodnick, President and Chief Executive
Officer. “To produce this level of results at a time when we
also had significant costs and time allocated to a number of major
internal projects is a testament to the great work by our staff
this quarter. Although these projects will run through the
rest of the year, in the future they will streamline multiple
functions and allow us to operate more efficiently,” Blodnick said.
Asset Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Cash and cash
equivalents |
$ |
150,861 |
|
|
193,253 |
|
|
183,466 |
|
|
(42,392 |
) |
|
(32,605 |
) |
Investment securities,
available-for-sale |
2,604,625 |
|
|
2,610,760 |
|
|
2,544,093 |
|
|
(6,135 |
) |
|
60,532 |
|
Investment securities,
held-to-maturity |
691,663 |
|
|
702,072 |
|
|
570,285 |
|
|
(10,409 |
) |
|
121,378 |
|
Total
investment securities |
3,296,288 |
|
|
3,312,832 |
|
|
3,114,378 |
|
|
(16,544 |
) |
|
181,910 |
|
Loans receivable |
|
|
|
|
|
|
|
|
|
Residential
real estate |
685,026 |
|
|
688,912 |
|
|
637,465 |
|
|
(3,886 |
) |
|
47,561 |
|
Commercial
real estate |
2,680,691 |
|
|
2,633,953 |
|
|
2,418,843 |
|
|
46,738 |
|
|
261,848 |
|
Other
commercial |
1,172,956 |
|
|
1,099,564 |
|
|
1,007,173 |
|
|
73,392 |
|
|
165,783 |
|
Home
equity |
423,895 |
|
|
420,901 |
|
|
402,970 |
|
|
2,994 |
|
|
20,925 |
|
Other
consumer |
234,625 |
|
|
235,351 |
|
|
221,218 |
|
|
(726 |
) |
|
13,407 |
|
Loans
receivable |
5,197,193 |
|
|
5,078,681 |
|
|
4,687,669 |
|
|
118,512 |
|
|
509,524 |
|
Allowance for loan and
lease losses |
(130,071 |
) |
|
(129,697 |
) |
|
(129,856 |
) |
|
(374 |
) |
|
(215 |
) |
Loans
receivable, net |
5,067,122 |
|
|
4,948,984 |
|
|
4,557,813 |
|
|
118,138 |
|
|
509,309 |
|
Other assets |
606,471 |
|
|
634,163 |
|
|
619,439 |
|
|
(27,692 |
) |
|
(12,968 |
) |
Total
assets |
$ |
9,120,742 |
|
|
9,089,232 |
|
|
8,475,096 |
|
|
31,510 |
|
|
645,646 |
|
Total investment securities of $3.296 billion at
March 31, 2016 decreased $16.5 million, or 50 basis points, during
the current quarter and increased $182 million, or 6 percent, from
March 31, 2015. The Company continues to selectively purchase
investment securities when the Company has excess liquidity.
Investment securities represented 36 percent of total assets at
March 31, 2016 compared to 36 percent of total assets at December
31, 2015 and 37 percent at March 31, 2015.
The loan portfolio increased $119 million, or 9
percent annualized, during the current quarter. The loan
category with the largest dollar and percentage increase during the
current quarter was other commercial loans which increased $73.4
million, or 7 percent, of which $35.6 million of the increase was
from municipal and SBA loans. Excluding the acquisition of
Cañon National Bank (“Cañon”) in October 2015, the loan portfolio
increased $350 million, or 7 percent, since March 31, 2015 with
$152 million and $150 million of the increase coming from growth in
commercial real estate and other commercial loans,
respectively. “Our loan growth in the quarter was exceptional
especially considering it came in the first quarter of the year,”
Blodnick said. “A substantial portion of the growth came from
municipal loans, something all of our Banks have worked extremely
hard at generating. Hopefully, we can continue to grow the
loan portfolio with more of these solid credits.”
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, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Allowance for loan and
lease losses |
|
|
|
|
|
Balance at
beginning of period |
$ |
129,697 |
|
|
129,753 |
|
|
129,753 |
|
Provision
for loan losses |
568 |
|
|
2,284 |
|
|
765 |
|
Charge-offs |
(1,163 |
) |
|
(7,001 |
) |
|
(1,297 |
) |
Recoveries |
969 |
|
|
4,661 |
|
|
635 |
|
Balance at
end of period |
$ |
130,071 |
|
|
129,697 |
|
|
129,856 |
|
Other real estate
owned |
$ |
22,085 |
|
|
26,815 |
|
|
28,124 |
|
Accruing loans 90 days or
more past due |
4,615 |
|
|
2,131 |
|
|
2,357 |
|
Non-accrual loans |
53,523 |
|
|
51,133 |
|
|
60,287 |
|
Total
non-performing assets 1 |
$ |
80,223 |
|
|
80,079 |
|
|
90,768 |
|
Non-performing assets
as a percentage of subsidiary assets |
0.88 |
% |
|
0.88 |
% |
|
1.07 |
% |
Allowance for loan and
lease losses as a percentage of non-performing loans |
224 |
% |
|
244 |
% |
|
207 |
% |
Allowance for loan and
lease losses as a percentage of total loans |
2.50 |
% |
|
2.55 |
% |
|
2.77 |
% |
Net charge-offs as a
percentage of total loans |
— |
% |
|
0.05 |
% |
|
0.01 |
% |
Accruing loans 30-89
days past due |
$ |
23,996 |
|
|
19,413 |
|
|
33,450 |
|
Accruing troubled debt
restructurings |
$ |
53,311 |
|
|
63,590 |
|
|
69,397 |
|
Non-accrual troubled
debt restructurings |
$ |
23,879 |
|
|
27,057 |
|
|
34,237 |
|
__________ |
1 As of
March 31, 2016, non-performing assets have not been reduced by
U.S. government guarantees of $2.2 million. |
Non-performing assets at March 31, 2016 were
$80.2 million, an increase of $144 thousand, or 18 basis points,
during the current quarter. Non-performing assets at March
31, 2016 decreased $10.5 million, or 12 percent, from a year
ago. Early stage delinquencies (accruing loans 30-89 days
past due) of $24.0 million at March 31, 2016 increased $4.6 million
from the prior quarter and decreased $9.5 million from the prior
year first quarter.
The allowance for loan and lease losses
(“allowance”) was $130 million at March 31, 2016, consistent with
prior periods. The allowance as a percent of total loans
outstanding at March 31, 2016 was 2.50 percent, a slight
decrease from 2.55 percent at December 31, 2015. The
allowance as a percent of total loans in the current quarter
decreased 27 basis points from 2.77 percent at March 31, 2015 which
was driven primarily by loan growth, stabilizing credit quality,
and no allowance carried over from the Cañon acquisition as a
result of the acquired loans recorded at fair value.
Credit Quality Trends and Provision for Loan
Losses
(Dollars in
thousands) |
Provisionfor LoanLosses |
|
Net Charge-Offs (Recoveries) |
|
ALLLas a Percentof Loans |
|
AccruingLoans
30-89Days Past Dueas a Percent ofLoans |
|
Non-PerformingAssets toTotal SubsidiaryAssets |
First quarter 2016 |
$ |
568 |
|
|
$ |
194 |
|
|
2.50 |
% |
|
0.46 |
% |
|
0.88 |
% |
Fourth quarter 2015 |
411 |
|
|
1,482 |
|
|
2.55 |
% |
|
0.38 |
% |
|
0.88 |
% |
Third quarter 2015 |
826 |
|
|
577 |
|
|
2.68 |
% |
|
0.37 |
% |
|
0.97 |
% |
Second quarter 2015 |
282 |
|
|
(381 |
) |
|
2.71 |
% |
|
0.59 |
% |
|
0.98 |
% |
First quarter 2015 |
765 |
|
|
662 |
|
|
2.77 |
% |
|
0.71 |
% |
|
1.07 |
% |
Fourth quarter 2014 |
191 |
|
|
1,070 |
|
|
2.89 |
% |
|
0.58 |
% |
|
1.08 |
% |
Third quarter 2014 |
360 |
|
|
364 |
|
|
2.93 |
% |
|
0.39 |
% |
|
1.21 |
% |
Second quarter 2014 |
239 |
|
|
332 |
|
|
3.11 |
% |
|
0.44 |
% |
|
1.30 |
% |
Net charge-offs of loans for the current quarter
were $194 thousand compared to net charge-offs of $1.5 million for
the prior quarter and net charge-offs of $662 thousand from the
same quarter last year. The current quarter provision for
loan losses of $568 thousand increased $157 thousand from the prior
quarter and decreased $197 thousand from the prior year first
quarter. Loan portfolio growth, composition, average loan
size, credit quality considerations, and other environmental
factors will continue to determine the level of the loan loss
provision.
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, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Deposits |
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
1,887,004 |
|
|
1,918,310 |
|
|
1,675,451 |
|
|
(31,306 |
) |
|
211,553 |
|
NOW and DDA accounts |
1,448,454 |
|
|
1,516,026 |
|
|
1,313,036 |
|
|
(67,572 |
) |
|
135,418 |
|
Savings accounts |
879,541 |
|
|
838,274 |
|
|
748,590 |
|
|
41,267 |
|
|
130,951 |
|
Money market deposit accounts |
1,411,970 |
|
|
1,382,028 |
|
|
1,345,422 |
|
|
29,942 |
|
|
66,548 |
|
Certificate accounts |
1,063,735 |
|
|
1,060,650 |
|
|
1,164,909 |
|
|
3,085 |
|
|
(101,174 |
) |
Core deposits, total |
6,690,704 |
|
|
6,715,288 |
|
|
6,247,408 |
|
|
(24,584 |
) |
|
443,296 |
|
Wholesale deposits |
325,490 |
|
|
229,720 |
|
|
211,384 |
|
|
95,770 |
|
|
114,106 |
|
Deposits, total |
7,016,194 |
|
|
6,945,008 |
|
|
6,458,792 |
|
|
71,186 |
|
|
557,402 |
|
Repurchase agreements |
445,960 |
|
|
423,414 |
|
|
425,652 |
|
|
22,546 |
|
|
20,308 |
|
Federal Home Loan Bank
advances |
313,969 |
|
|
394,131 |
|
|
298,148 |
|
|
(80,162 |
) |
|
15,821 |
|
Other borrowed funds |
6,633 |
|
|
6,602 |
|
|
6,703 |
|
|
31 |
|
|
(70 |
) |
Subordinated
debentures |
125,884 |
|
|
125,848 |
|
|
125,741 |
|
|
36 |
|
|
143 |
|
Other liabilities |
118,422 |
|
|
117,579 |
|
|
106,536 |
|
|
843 |
|
|
11,886 |
|
Total liabilities |
$ |
8,027,062 |
|
|
8,012,582 |
|
|
7,421,572 |
|
|
14,480 |
|
|
605,490 |
|
Non-interest bearing deposits of $1.887 billion
at March 31, 2016, decreased $31 million, or 2 percent, from the
prior quarter which was driven by seasonal fluctuations.
Excluding the Cañon acquisition, non-interest bearing deposits
increased $122 million, or 7 percent, from March 31, 2015.
Core interest bearing deposits of $4.804 billion at March 31, 2016,
increased $6.7 million, or 14 basis points, from the prior
quarter. The increase in savings and money market accounts
during the current quarter offset the decrease in NOW and DDA
accounts. Excluding the Cañon acquisition, core interest
bearing deposits at March 31, 2016 increased $83.5 million, or 2
percent, from March 31, 2015. Wholesale deposits (i.e.,
brokered deposits classified as NOW, DDA, money market deposit and
certificate accounts) of $325 million at March 31, 2016 increased
$95.8 million over the prior quarter and increased $114 million
over the prior year first quarter. A portion of the increases
were driven by a need to obtain wholesale deposits necessary for
the interest rate swap.
Securities sold under agreements to repurchase
(“repurchase agreements”) of $446 million at March 31, 2016
increased $22.5 million, or 5 percent, from the prior quarter and
increased $20.3 million, or 5 percent, from the prior year first
quarter. Federal Home Loan Bank (“FHLB”) advances of $314
million at March 31, 2016 decreased $80.2 million, or 20 percent,
during the current quarter due to stable deposit balances and
reduced need for additional borrowings.
Stockholders’ Equity Summary
|
|
|
|
|
|
|
$ Change from |
(Dollars in
thousands, except per share data) |
Mar 31, |
|
Dec 31, |
|
Mar 31, |
|
Dec 31, |
|
Mar 31, |
2016 |
2015 |
2015 |
2015 |
2015 |
Common equity |
$ |
1,088,359 |
|
|
1,074,661 |
|
|
1,035,497 |
|
|
13,698 |
|
|
52,862 |
|
Accumulated other
comprehensive income |
5,321 |
|
|
1,989 |
|
|
18,027 |
|
|
3,332 |
|
|
(12,706 |
) |
Total stockholders’ equity |
1,093,680 |
|
|
1,076,650 |
|
|
1,053,524 |
|
|
17,030 |
|
|
40,156 |
|
Goodwill and core
deposit intangible, net |
(154,396 |
) |
|
(155,193 |
) |
|
(143,099 |
) |
|
797 |
|
|
(11,297 |
) |
Tangible stockholders’ equity |
$ |
939,284 |
|
|
921,457 |
|
|
910,425 |
|
|
17,827 |
|
|
28,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to
total assets |
11.99 |
% |
|
11.85 |
% |
|
12.43 |
% |
|
|
|
|
Tangible stockholders’
equity to total tangible assets |
10.48 |
% |
|
10.31 |
% |
|
10.93 |
% |
|
|
|
|
Book value per common
share |
$ |
14.36 |
|
|
14.15 |
|
|
13.95 |
|
|
0.21 |
|
|
0.41 |
|
Tangible book value per
common share |
$ |
12.33 |
|
|
12.11 |
|
|
12.05 |
|
|
0.22 |
|
|
0.28 |
|
Tangible stockholders’ equity of $939 million at
March 31, 2016 increased $17.8 million, or 2 percent, from the
prior quarter primarily from earnings retention and an increase in
accumulated other comprehensive income. Tangible
stockholders’ equity increased $28.9 million, or 3 percent, from a
year ago, the result of earnings retention and $15.2 million of
Company stock issued in connection with the Cañon
acquisition. These two items offset the decrease in
accumulated other comprehensive income and increases in goodwill
and other intangibles from the acquisition. At March 31,
2016, the tangible book value per common share was $12.33 an
increase of $0.22 per share from $12.11 the prior quarter
principally due to earnings retention. Tangible book value
per common share for March 31, 2016, increased $0.28 per share from
the prior year first quarter.
Cash DividendOn March 30, 2016, the Company’s
Board of Directors declared a quarterly cash dividend of $0.20 per
share, a $0.01 per share, or 5 percent, increase over the prior
quarter dividend. The Company has increased its quarterly
dividend 40 times. The dividend was payable April
21, 2016 to shareholders of record April 12, 2016.
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, 2016Compared to December 31,
2015 and March 31, 2015
Income Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Net interest income |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
84,381 |
|
|
83,211 |
|
|
77,486 |
|
|
1,170 |
|
|
6,895 |
|
Interest expense |
7,675 |
|
|
7,215 |
|
|
7,382 |
|
|
460 |
|
|
293 |
|
Total net interest income |
76,706 |
|
|
75,996 |
|
|
70,104 |
|
|
710 |
|
|
6,602 |
|
Non-interest
income |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
14,331 |
|
|
15,044 |
|
|
12,999 |
|
|
(713 |
) |
|
1,332 |
|
Miscellaneous loan fees and
charges |
1,021 |
|
|
922 |
|
|
1,157 |
|
|
99 |
|
|
(136 |
) |
Gain on sale of loans |
5,992 |
|
|
6,033 |
|
|
5,430 |
|
|
(41 |
) |
|
562 |
|
Gain on sale of investments |
108 |
|
|
143 |
|
|
5 |
|
|
(35 |
) |
|
103 |
|
Other income |
2,800 |
|
|
2,325 |
|
|
3,102 |
|
|
475 |
|
|
(302 |
) |
Total non-interest income |
24,252 |
|
|
24,467 |
|
|
22,693 |
|
|
(215 |
) |
|
1,559 |
|
|
$ |
100,958 |
|
|
100,463 |
|
|
92,797 |
|
|
495 |
|
|
8,161 |
|
Net interest margin
(tax-equivalent) |
4.01 |
% |
|
4.02 |
% |
|
4.03 |
% |
|
|
|
|
Net Interest IncomeIn the current quarter,
interest income of $84.4 million increased $1.2 million, or 1
percent from the prior quarter and increased $6.9 million, or 9
percent, over the prior year first quarter. The increases in
interest income over the prior periods were driven primarily by
increases in interest income on commercial loans which increased
$1.4 million, or 3 percent, over the prior quarter and increased
$5.5 million, or 14 percent, over the prior year first quarter and
was the result of an increased volume of commercial loans.
Interest income of $23.9 million from investment securities
increased $152 thousand, or 1 percent, over the prior quarter and
increased $924 thousand, or 4 percent, over the prior year first
quarter.
The current quarter interest expense of $7.7
million increased $460 thousand, or 6 percent, from the prior
quarter and increased $293 thousand from the prior year first
quarter. The increases in interest expense were driven by the
increase in wholesale deposits and the additional interest expense
for an interest rate swap with a notional $100 million that began
its accrual period in December 2015. The total cost of
funding (including non-interest bearing deposits) for the current
quarter was 39 basis points compared to 37 basis points for the
prior quarter and 42 basis points in the prior year first
quarter.
The Company’s net interest margin as a
percentage of earning assets, on a tax-equivalent basis, for the
current quarter was 4.01 percent compared to 4.02 percent in the
prior quarter. During the current quarter, the earning asset
yield increased by 1 basis point and was the result of a 1 basis
point increase in loan yields. The cost of funds increased 2
basis points during the current quarter due to increased wholesale
deposits and the higher interest expense from the previously
mentioned interest rate swap. The Company’s current quarter
net interest margin decreased 2 basis points from the prior year
first quarter net interest margin of 4.03 percent. The
decrease in the net interest margin from the prior year first
quarter was the result of a 4 basis points reduction in the yield
on earning assets that outpaced the 3 basis points reduction in
cost of funding. The yield on earning assets benefited from
the shift in earning assets from the lower yielding investment
securities to the higher yielding loans; nevertheless it was
outpaced by the overall decreased yield on the loan
portfolio. “The Company was pleased to maintain a net
interest margin above 4 percent for the quarter given the volatile
interest rate environment. The increase in overall loan
yields and maintaining the low cost of retail deposits supported
the quarterly performance of the net interest margin,” said Ron
Copher, Chief Financial Officer.
Non-interest IncomeNon-interest income for the
current quarter totaled $24.3 million, a decrease of $215 thousand,
or 1 percent, from the prior quarter and an increase of $1.6
million, or 7 percent, over the same quarter last year.
Service fee income of $14.3 million, increased $1.3 million, or 10
percent, from the prior year first quarter driven by the increased
number of deposit accounts. Gain on sale of residential loans
for the current quarter increased $562 thousand, or 10 percent,
from the prior year first quarter. In the prior year first
quarter, the Company experienced a strong quarter for sales of
residential loans as a result of the refinance activity and the
Company’s resource commitment to this line of business has
benefited the Company with an even stronger current year first
quarter. Other non-interest income of $2.8 million for the
current quarter increased $475 thousand, or 20 percent, over the
prior quarter primarily due to annual vendor incentives received
and a gain on the sale of a bank building. Other non-interest
income for the current quarter decreased $302 thousand from the
prior year first quarter due to insurance proceeds received in the
prior year first quarter from a bank owned life insurance
policy. Included in other income was operating revenue of $11
thousand from OREO and a gain of $203 thousand from the sale of
OREO, a combined total of $214 thousand for the current quarter
compared to $239 thousand for the prior quarter and $417 thousand
for the prior year first quarter.
Non-interest Expense Summary
|
Three Months ended |
|
$ Change from |
(Dollars in
thousands) |
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Compensation and
employee benefits |
$ |
36,941 |
|
|
35,902 |
|
|
32,244 |
|
|
1,039 |
|
|
4,697 |
|
Occupancy and
equipment |
6,676 |
|
|
6,579 |
|
|
6,060 |
|
|
97 |
|
|
616 |
|
Advertising and
promotions |
2,125 |
|
|
2,035 |
|
|
1,927 |
|
|
90 |
|
|
198 |
|
Data processing |
3,373 |
|
|
3,244 |
|
|
2,551 |
|
|
129 |
|
|
822 |
|
Other real estate
owned |
390 |
|
|
511 |
|
|
758 |
|
|
(121 |
) |
|
(368 |
) |
Regulatory assessments and
insurance |
1,508 |
|
|
1,494 |
|
|
1,305 |
|
|
14 |
|
|
203 |
|
Core deposit intangibles
amortization |
797 |
|
|
758 |
|
|
731 |
|
|
39 |
|
|
66 |
|
Other expenses |
10,546 |
|
|
11,680 |
|
|
9,921 |
|
|
(1,134 |
) |
|
625 |
|
Total non-interest expense |
$ |
62,356 |
|
|
62,203 |
|
|
55,497 |
|
|
153 |
|
|
6,859 |
|
Compensation and employee benefits for the
current quarter increased by $1.0 million, or 3 percent, from the
prior quarter as a result of an increased number of employees from
the Cañon acquisition and annual salary increases.
Compensation and employee benefits for the current quarter
increased by $4.7 million, or 15 percent, from the prior year first
quarter due to the increased number of employees from the Community
Bank, Inc. (“CB”) acquisition in February of 2015 and the Cañon
acquisition, annual salary increases, and an increase in the number
of employees. Current quarter occupancy and equipment expense
increased $616 thousand, or 10 percent, from the prior year first
quarter as a result of added costs associated with the
acquisitions. The current quarter data processing expense
increased $822 thousand, or 32 percent, from the prior year first
quarter primarily from expenses associated with CCP and expenses
from the Cañon acquisition. The current quarter OREO expense
of $390 thousand was a decrease of $368 thousand from the prior
year first quarter and included $136 thousand of operating expense,
$55 thousand of fair value write-downs, and $199 thousand of loss
from the sales of OREO. Current quarter other expenses of
$10.6 million decreased by $1.1 million, or 10 percent, from the
prior quarter. The prior quarter included professional
expenses associated with the Cañon acquisition and expenses
connected with equity investments in New Markets Tax Credit
(“NMTC”) projects. Federal and state income tax expense of
$9.4 million in the current quarter increased $1.0 million from the
prior quarter and was primarily the result of the NMTC credits
recognized in the prior quarter. Current quarter other
expenses increased $625 thousand, or 6 percent, over the prior year
first quarter with increases related to CCP and increased expenses
from recent acquisitions, albeit several areas experienced
decreases including outside services, which decreased as a result
of acquisition-related expenses in the prior year first
quarter.
Efficiency RatioAlthough there were increased
expenses in the current quarter related to CCP, the efficiency
ratio for the current quarter of 56.53 percent remained stable
compared to 56.52 percent in the prior quarter with minimal changes
in the income and expense items related to the efficiency
ratio. The current quarter efficiency ratio of 56.53 percent
compares to 54.80 percent in the prior year first quarter.
The 1.73 percent increase in the efficiency ratio resulted
primarily from increased compensation expense from recent
acquisitions and increased salaries along with increased expenses
related to CCP, which outpaced the increases in net interest income
and non-interest income for the same period.
Forward-Looking StatementsThis 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;
- legislative or regulatory changes, including increased banking
and consumer protection regulation that adversely affect the
Company’s business;
- ability to complete pending or prospective future acquisitions,
limit certain sources of revenue, or increase cost of
operations;
- 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 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;
- 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 CEO, the senior management team and the
Presidents of Bank divisions;
- potential interruption or breach in security of the Company’s
systems and technological changes which could expose us to new
risks, fraud or system failures; and
- the Company’s success in managing risks involved in 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 InformationA conference call for
investors is scheduled for 11:00 a.m. Eastern Time on Friday, April
22, 2016. The conference call will be accessible by telephone
and through the Internet. Interested individuals are invited
to listen to the call by telephone at 877-561-2748 and the
conference ID is 77408162. To participate on the webcast, log
on to: http://edge.media-server.com/m/p/8dya659f. If you are
unable to participate during the live webcast, the call will be
archived on our Web site, www.glacierbancorp.com, or by calling
855-859-2056 with the ID 77408162 until May 5, 2016.
About Glacier Bancorp, Inc.Glacier Bancorp, Inc.
is a regional bank holding company providing commercial banking
services in 88 communities in Montana, Idaho, Utah, Washington,
Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered
in Kalispell, Montana, and is the parent company for Glacier
Bank, Kalispell and Bank divisions First Security Bank of Missoula;
Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western
Security Bank, Billings; and First Bank of Montana, Lewistown, all
operating in Montana; as well as Mountain West Bank, Coeur d’Alene
operating in Idaho, Utah and Washington; Citizens Community
Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating
in Wyoming and Utah; First Bank of Wyoming, Powell and First
State Bank, Wheatland, each operating in Wyoming; North
Cascades Bank, Chelan, operating in Washington; and Bank of the San
Juans, Durango, operating in Colorado.
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Financial Condition |
|
(Dollars in thousands,
except per share data) |
March 31, 2016 |
|
December 31, 2015 |
|
March 31, 2015 |
Assets |
|
|
|
|
|
Cash on hand and in banks |
$ |
104,222 |
|
|
117,137 |
|
|
109,746 |
|
Federal funds sold |
1,400 |
|
|
6,080 |
|
|
— |
|
Interest bearing cash deposits |
45,239 |
|
|
70,036 |
|
|
73,720 |
|
Cash and cash equivalents |
150,861 |
|
|
193,253 |
|
|
183,466 |
|
Investment securities,
available-for-sale |
2,604,625 |
|
|
2,610,760 |
|
|
2,544,093 |
|
Investment securities,
held-to-maturity |
691,663 |
|
|
702,072 |
|
|
570,285 |
|
Total investment securities |
3,296,288 |
|
|
3,312,832 |
|
|
3,114,378 |
|
Loans held for sale |
40,484 |
|
|
56,514 |
|
|
54,132 |
|
Loans receivable |
5,197,193 |
|
|
5,078,681 |
|
|
4,687,669 |
|
Allowance for loan and lease
losses |
(130,071 |
) |
|
(129,697 |
) |
|
(129,856 |
) |
Loans receivable, net |
5,067,122 |
|
|
4,948,984 |
|
|
4,557,813 |
|
Premises and equipment, net |
192,951 |
|
|
194,030 |
|
|
187,067 |
|
Other real estate owned |
22,085 |
|
|
26,815 |
|
|
28,124 |
|
Accrued interest receivable |
47,363 |
|
|
44,524 |
|
|
43,260 |
|
Deferred tax asset |
55,773 |
|
|
58,475 |
|
|
41,220 |
|
Core deposit intangible, net |
13,758 |
|
|
14,555 |
|
|
12,256 |
|
Goodwill |
140,638 |
|
|
140,638 |
|
|
130,843 |
|
Non-marketable equity
securities |
24,199 |
|
|
27,495 |
|
|
54,277 |
|
Other assets |
69,220 |
|
|
71,117 |
|
|
68,260 |
|
Total assets |
$ |
9,120,742 |
|
|
9,089,232 |
|
|
8,475,096 |
|
Liabilities |
|
|
|
|
|
Non-interest bearing deposits |
$ |
1,887,004 |
|
|
1,918,310 |
|
|
1,675,451 |
|
Interest bearing deposits |
5,129,190 |
|
|
5,026,698 |
|
|
4,783,341 |
|
Federal funds purchased |
— |
|
|
— |
|
|
— |
|
Securities sold under agreements to
repurchase |
445,960 |
|
|
423,414 |
|
|
425,652 |
|
FHLB advances |
313,969 |
|
|
394,131 |
|
|
298,148 |
|
Other borrowed funds |
6,633 |
|
|
6,602 |
|
|
6,703 |
|
Subordinated debentures |
125,884 |
|
|
125,848 |
|
|
125,741 |
|
Accrued interest payable |
3,608 |
|
|
3,517 |
|
|
3,893 |
|
Other liabilities |
114,814 |
|
|
114,062 |
|
|
102,643 |
|
Total liabilities |
8,027,062 |
|
|
8,012,582 |
|
|
7,421,572 |
|
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 |
762 |
|
|
761 |
|
|
755 |
|
Paid-in capital |
736,664 |
|
|
736,368 |
|
|
719,506 |
|
Retained earnings - substantially
restricted |
350,933 |
|
|
337,532 |
|
|
315,236 |
|
Accumulated other comprehensive
income |
5,321 |
|
|
1,989 |
|
|
18,027 |
|
Total stockholders’ equity |
1,093,680 |
|
|
1,076,650 |
|
|
1,053,524 |
|
Total liabilities and stockholders’
equity |
$ |
9,120,742 |
|
|
9,089,232 |
|
|
8,475,096 |
|
Glacier Bancorp, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
Three Months ended |
(Dollars in thousands,
except per share data) |
March 31, 2016 |
|
December 31, 2015 |
|
March 31, 2015 |
Interest
Income |
|
|
|
|
|
Investment securities |
$ |
23,883 |
|
|
23,731 |
|
|
22,959 |
|
Residential real estate loans |
8,285 |
|
|
8,572 |
|
|
7,761 |
|
Commercial loans |
44,503 |
|
|
43,109 |
|
|
39,022 |
|
Consumer and other loans |
7,710 |
|
|
7,799 |
|
|
7,744 |
|
Total interest income |
84,381 |
|
|
83,211 |
|
|
77,486 |
|
Interest
Expense |
|
|
|
|
|
Deposits |
4,795 |
|
|
3,932 |
|
|
4,147 |
|
Securities sold under agreements to
repurchase |
318 |
|
|
287 |
|
|
241 |
|
Federal Home Loan Bank
advances |
1,652 |
|
|
2,156 |
|
|
2,195 |
|
Federal funds purchased and other
borrowed funds |
18 |
|
|
18 |
|
|
27 |
|
Subordinated debentures |
892 |
|
|
822 |
|
|
772 |
|
Total interest expense |
7,675 |
|
|
7,215 |
|
|
7,382 |
|
Net Interest
Income |
76,706 |
|
|
75,996 |
|
|
70,104 |
|
Provision for loan losses |
568 |
|
|
411 |
|
|
765 |
|
Net interest income after provision
for loan losses |
76,138 |
|
|
75,585 |
|
|
69,339 |
|
Non-Interest
Income |
|
|
|
|
|
Service charges and other fees |
14,331 |
|
|
15,044 |
|
|
12,999 |
|
Miscellaneous loan fees and
charges |
1,021 |
|
|
922 |
|
|
1,157 |
|
Gain on sale of loans |
5,992 |
|
|
6,033 |
|
|
5,430 |
|
Gain on sale of investments |
108 |
|
|
143 |
|
|
5 |
|
Other income |
2,800 |
|
|
2,325 |
|
|
3,102 |
|
Total non-interest income |
24,252 |
|
|
24,467 |
|
|
22,693 |
|
Non-Interest
Expense |
|
|
|
|
|
Compensation and employee
benefits |
36,941 |
|
|
35,902 |
|
|
32,244 |
|
Occupancy and equipment |
6,676 |
|
|
6,579 |
|
|
6,060 |
|
Advertising and promotions |
2,125 |
|
|
2,035 |
|
|
1,927 |
|
Data processing |
3,373 |
|
|
3,244 |
|
|
2,551 |
|
Other real estate owned |
390 |
|
|
511 |
|
|
758 |
|
Regulatory assessments and
insurance |
1,508 |
|
|
1,494 |
|
|
1,305 |
|
Core deposit intangibles
amortization |
797 |
|
|
758 |
|
|
731 |
|
Other expenses |
10,546 |
|
|
11,680 |
|
|
9,921 |
|
Total non-interest expense |
62,356 |
|
|
62,203 |
|
|
55,497 |
|
Income Before
Income Taxes |
38,034 |
|
|
37,849 |
|
|
36,535 |
|
Federal and state income tax
expense |
9,352 |
|
|
8,341 |
|
|
8,865 |
|
Net
Income |
$ |
28,682 |
|
|
29,508 |
|
|
27,670 |
|
Glacier Bancorp, Inc. |
Average Balance Sheet |
|
|
Three Months ended |
|
March 31, 2016 |
|
March 31, 2015 |
(Dollars in
thousands) |
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest &Dividends |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate loans |
$ |
726,270 |
|
|
$ |
8,285 |
|
|
4.56 |
% |
|
$ |
651,700 |
|
|
$ |
7,761 |
|
|
4.76 |
% |
Commercial loans 1 |
3,749,929 |
|
|
45,335 |
|
|
4.86 |
% |
|
3,282,867 |
|
|
39,605 |
|
|
4.89 |
% |
Consumer and other loans |
653,839 |
|
|
7,710 |
|
|
4.74 |
% |
|
609,853 |
|
|
7,744 |
|
|
5.15 |
% |
Total loans 2 |
5,130,038 |
|
|
61,330 |
|
|
4.81 |
% |
|
4,544,420 |
|
|
55,110 |
|
|
4.92 |
% |
Tax-exempt investment securities
3 |
1,352,683 |
|
|
19,383 |
|
|
5.73 |
% |
|
1,302,174 |
|
|
18,493 |
|
|
5.68 |
% |
Taxable investment securities
4 |
1,999,000 |
|
|
11,461 |
|
|
2.29 |
% |
|
1,904,835 |
|
|
10,754 |
|
|
2.26 |
% |
Total earning assets |
8,481,721 |
|
|
92,174 |
|
|
4.37 |
% |
|
7,751,429 |
|
|
84,357 |
|
|
4.41 |
% |
Goodwill and intangibles |
154,790 |
|
|
|
|
|
|
140,726 |
|
|
|
|
|
Non-earning assets |
390,891 |
|
|
|
|
|
|
379,581 |
|
|
|
|
|
Total assets |
$ |
9,027,402 |
|
|
|
|
|
|
$ |
8,271,736 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
1,863,389 |
|
|
$ |
— |
|
|
— |
% |
|
$ |
1,618,132 |
|
|
$ |
— |
|
|
— |
% |
NOW and DDA accounts |
1,465,181 |
|
|
293 |
|
|
0.08 |
% |
|
1,311,330 |
|
|
268 |
|
|
0.08 |
% |
Savings accounts |
863,764 |
|
|
104 |
|
|
0.05 |
% |
|
713,897 |
|
|
89 |
|
|
0.05 |
% |
Money market deposit accounts |
1,406,718 |
|
|
553 |
|
|
0.16 |
% |
|
1,304,006 |
|
|
517 |
|
|
0.16 |
% |
Certificate accounts |
1,071,055 |
|
|
1,564 |
|
|
0.59 |
% |
|
1,165,483 |
|
|
1,843 |
|
|
0.64 |
% |
Wholesale deposits 5 |
335,126 |
|
|
2,281 |
|
|
2.74 |
% |
|
220,382 |
|
|
1,430 |
|
|
2.63 |
% |
FHLB advances |
308,040 |
|
|
1,652 |
|
|
2.12 |
% |
|
299,975 |
|
|
2,195 |
|
|
2.93 |
% |
Repurchase agreements and
other borrowed funds |
521,565 |
|
|
1,228 |
|
|
0.95 |
% |
|
503,816 |
|
|
1,040 |
|
|
0.84 |
% |
Total funding liabilities |
7,834,838 |
|
|
7,675 |
|
|
0.39 |
% |
|
7,137,021 |
|
|
7,382 |
|
|
0.42 |
% |
Other liabilities |
96,701 |
|
|
|
|
|
|
88,143 |
|
|
|
|
|
Total liabilities |
7,931,539 |
|
|
|
|
|
|
7,225,164 |
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
761 |
|
|
|
|
|
|
752 |
|
|
|
|
|
Paid-in capital |
736,398 |
|
|
|
|
|
|
712,127 |
|
|
|
|
|
Retained earnings |
351,536 |
|
|
|
|
|
|
314,004 |
|
|
|
|
|
Accumulated other comprehensive
income |
7,168 |
|
|
|
|
|
|
19,689 |
|
|
|
|
|
Total stockholders’ equity |
1,095,863 |
|
|
|
|
|
|
1,046,572 |
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
9,027,402 |
|
|
|
|
|
|
$ |
8,271,736 |
|
|
|
|
|
Net interest income
(tax-equivalent) |
|
|
$ |
84,499 |
|
|
|
|
|
|
$ |
76,975 |
|
|
|
Net interest spread
(tax-equivalent) |
|
|
|
|
3.98 |
% |
|
|
|
|
|
3.99 |
% |
Net interest margin
(tax-equivalent) |
|
|
|
|
4.01 |
% |
|
|
|
|
|
4.03 |
% |
__________ |
1
Includes tax effect of $832 thousand and $583 thousand on
tax-exempt municipal loan and lease income for the three months
ended March 31, 2016 and 2015, respectively. |
2 Total
loans are gross of the allowance for loan and lease 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 $6.6 million and $5.9 million on tax-exempt
investment securities income for the three months ended
March 31, 2016 and 2015, respectively. |
4
Includes tax effect of $352 thousand and $362 thousand on federal
income tax credits for the three months ended March 31, 2016
and 2015, respectively. |
5
Wholesale deposits include brokered deposits classified as NOW,
DDA, money market deposit and certificate accounts. |
Glacier Bancorp, Inc. |
Loan Portfolio by Regulatory
Classification |
|
|
Loans Receivable, by Loan Type |
|
% Change from |
(Dollars in
thousands) |
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Custom and owner
occupied construction |
$ |
68,893 |
|
|
$ |
75,094 |
|
|
$ |
51,693 |
|
|
(8 |
)% |
|
33 |
% |
Pre-sold and spec
construction |
59,220 |
|
|
50,288 |
|
|
44,865 |
|
|
18 |
% |
|
32 |
% |
Total residential
construction |
128,113 |
|
|
125,382 |
|
|
96,558 |
|
|
2 |
% |
|
33 |
% |
Land development |
59,539 |
|
|
62,356 |
|
|
81,488 |
|
|
(5 |
)% |
|
(27 |
)% |
Consumer land or lots |
93,922 |
|
|
97,270 |
|
|
97,519 |
|
|
(3 |
)% |
|
(4 |
)% |
Unimproved land |
73,791 |
|
|
73,844 |
|
|
80,206 |
|
|
— |
% |
|
(8 |
)% |
Developed lots for
operative builders |
12,973 |
|
|
12,336 |
|
|
14,210 |
|
|
5 |
% |
|
(9 |
)% |
Commercial lots |
23,558 |
|
|
22,035 |
|
|
21,059 |
|
|
7 |
% |
|
12 |
% |
Other construction |
166,378 |
|
|
156,784 |
|
|
148,535 |
|
|
6 |
% |
|
12 |
% |
Total land, lot, and other
construction |
430,161 |
|
|
424,625 |
|
|
443,017 |
|
|
1 |
% |
|
(3 |
)% |
Owner occupied |
944,411 |
|
|
938,625 |
|
|
877,293 |
|
|
1 |
% |
|
8 |
% |
Non-owner occupied |
806,856 |
|
|
774,192 |
|
|
704,990 |
|
|
4 |
% |
|
14 |
% |
Total commercial real
estate |
1,751,267 |
|
|
1,712,817 |
|
|
1,582,283 |
|
|
2 |
% |
|
11 |
% |
Commercial and
industrial |
664,855 |
|
|
649,553 |
|
|
585,501 |
|
|
2 |
% |
|
14 |
% |
Agriculture |
372,616 |
|
|
367,339 |
|
|
340,364 |
|
|
1 |
% |
|
9 |
% |
1st lien |
841,848 |
|
|
856,193 |
|
|
796,947 |
|
|
(2 |
)% |
|
6 |
% |
Junior lien |
63,162 |
|
|
65,383 |
|
|
67,217 |
|
|
(3 |
)% |
|
(6 |
)% |
Total 1-4
family |
905,010 |
|
|
921,576 |
|
|
864,164 |
|
|
(2 |
)% |
|
5 |
% |
Multifamily
residential |
197,267 |
|
|
201,542 |
|
|
177,187 |
|
|
(2 |
)% |
|
11 |
% |
Home equity lines of
credit |
379,866 |
|
|
372,039 |
|
|
347,693 |
|
|
2 |
% |
|
9 |
% |
Other consumer |
150,047 |
|
|
150,469 |
|
|
141,347 |
|
|
— |
% |
|
6 |
% |
Total
consumer |
529,913 |
|
|
522,508 |
|
|
489,040 |
|
|
1 |
% |
|
8 |
% |
Other |
258,475 |
|
|
209,853 |
|
|
163,687 |
|
|
23 |
% |
|
58 |
% |
Total loans receivable,
including loans held for sale |
5,237,677 |
|
|
5,135,195 |
|
|
4,741,801 |
|
|
2 |
% |
|
10 |
% |
Less loans held
for sale 1 |
(40,484 |
) |
|
(56,514 |
) |
|
(54,132 |
) |
|
(28 |
)% |
|
(25 |
)% |
Total loans receivable |
$ |
5,197,193 |
|
|
$ |
5,078,681 |
|
|
$ |
4,687,669 |
|
|
2 |
% |
|
11 |
% |
_______ |
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-AccrualLoans |
|
AccruingLoans 90 Days or More Past
Due |
|
OtherReal EstateOwned |
(Dollars in
thousands) |
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Mar 31, 2016 |
|
Mar 31, 2016 |
|
Mar 31, 2016 |
Custom and owner occupied
construction |
$ |
995 |
|
|
1,016 |
|
|
1,101 |
|
|
995 |
|
|
— |
|
|
— |
|
Pre-sold and spec
construction |
— |
|
|
— |
|
|
218 |
|
|
— |
|
|
— |
|
|
— |
|
Total residential
construction |
995 |
|
|
1,016 |
|
|
1,319 |
|
|
995 |
|
|
— |
|
|
— |
|
Land development |
18,190 |
|
|
17,582 |
|
|
21,220 |
|
|
5,948 |
|
|
249 |
|
|
11,993 |
|
Consumer land or lots |
1,751 |
|
|
2,250 |
|
|
2,531 |
|
|
923 |
|
|
— |
|
|
828 |
|
Unimproved land |
11,651 |
|
|
12,328 |
|
|
13,448 |
|
|
8,252 |
|
|
— |
|
|
3,399 |
|
Developed lots for
operative builders |
457 |
|
|
488 |
|
|
929 |
|
|
264 |
|
|
— |
|
|
193 |
|
Commercial lots |
1,333 |
|
|
1,521 |
|
|
2,496 |
|
|
217 |
|
|
— |
|
|
1,116 |
|
Other construction |
— |
|
|
4,236 |
|
|
4,989 |
|
|
— |
|
|
— |
|
|
— |
|
Total land, lot and other
construction |
33,382 |
|
|
38,405 |
|
|
45,613 |
|
|
15,604 |
|
|
249 |
|
|
17,529 |
|
Owner occupied |
12,130 |
|
|
10,952 |
|
|
13,121 |
|
|
10,471 |
|
|
— |
|
|
1,659 |
|
Non-owner occupied |
4,354 |
|
|
3,446 |
|
|
3,771 |
|
|
2,231 |
|
|
1,311 |
|
|
812 |
|
Total commercial real
estate |
16,484 |
|
|
14,398 |
|
|
16,892 |
|
|
12,702 |
|
|
1,311 |
|
|
2,471 |
|
Commercial and
industrial |
6,046 |
|
|
3,993 |
|
|
6,367 |
|
|
5,984 |
|
|
62 |
|
|
— |
|
Agriculture |
3,220 |
|
|
3,281 |
|
|
2,845 |
|
|
3,005 |
|
|
215 |
|
|
— |
|
1st lien |
11,041 |
|
|
10,691 |
|
|
9,502 |
|
|
8,713 |
|
|
832 |
|
|
1,496 |
|
Junior lien |
1,111 |
|
|
668 |
|
|
680 |
|
|
745 |
|
|
— |
|
|
366 |
|
Total 1-4
family |
12,152 |
|
|
11,359 |
|
|
10,182 |
|
|
9,458 |
|
|
832 |
|
|
1,862 |
|
Multifamily
residential |
432 |
|
|
113 |
|
|
— |
|
|
432 |
|
|
— |
|
|
— |
|
Home equity lines of
credit |
5,432 |
|
|
5,486 |
|
|
5,507 |
|
|
5,192 |
|
|
107 |
|
|
133 |
|
Other consumer |
280 |
|
|
228 |
|
|
243 |
|
|
151 |
|
|
39 |
|
|
90 |
|
Total
consumer |
5,712 |
|
|
5,714 |
|
|
5,750 |
|
|
5,343 |
|
|
146 |
|
|
223 |
|
Other |
1,800 |
|
|
1,800 |
|
|
1,800 |
|
|
— |
|
|
1,800 |
|
|
— |
|
Total |
$ |
80,223 |
|
|
80,079 |
|
|
90,768 |
|
|
53,523 |
|
|
4,615 |
|
|
22,085 |
|
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, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
Custom and owner
occupied construction |
$ |
— |
|
|
$ |
462 |
|
|
$ |
— |
|
|
(100 |
)% |
|
n/m |
Pre-sold and spec
construction |
304 |
|
|
181 |
|
|
— |
|
|
68 |
% |
|
n/m |
Total residential
construction |
304 |
|
|
643 |
|
|
— |
|
|
(53 |
)% |
|
n/m |
Land development |
198 |
|
|
447 |
|
|
— |
|
|
(56 |
)% |
|
n/m |
Consumer land or lots |
796 |
|
|
166 |
|
|
365 |
|
|
380 |
% |
|
118 |
% |
Unimproved land |
1,284 |
|
|
774 |
|
|
278 |
|
|
66 |
% |
|
362 |
% |
Developed lots for
operative builders |
— |
|
|
— |
|
|
19 |
|
|
n/m |
|
(100 |
)% |
Commercial lots |
— |
|
|
— |
|
|
585 |
|
|
n/m |
|
(100 |
)% |
Other construction |
— |
|
|
337 |
|
|
— |
|
|
(100 |
)% |
|
n/m |
Total land, lot and other
construction |
2,278 |
|
|
1,724 |
|
|
1,247 |
|
|
32 |
% |
|
83 |
% |
Owner occupied |
4,552 |
|
|
2,760 |
|
|
4,841 |
|
|
65 |
% |
|
(6 |
)% |
Non-owner occupied |
1,466 |
|
|
923 |
|
|
4,327 |
|
|
59 |
% |
|
(66 |
)% |
Total commercial real
estate |
6,018 |
|
|
3,683 |
|
|
9,168 |
|
|
63 |
% |
|
(34 |
)% |
Commercial and
industrial |
4,907 |
|
|
1,968 |
|
|
6,600 |
|
|
149 |
% |
|
(26 |
)% |
Agriculture |
659 |
|
|
1,014 |
|
|
3,715 |
|
|
(35 |
)% |
|
(82 |
)% |
1st lien |
5,896 |
|
|
6,272 |
|
|
7,307 |
|
|
(6 |
)% |
|
(19 |
)% |
Junior lien |
759 |
|
|
1,077 |
|
|
384 |
|
|
(30 |
)% |
|
98 |
% |
Total 1-4
family |
6,655 |
|
|
7,349 |
|
|
7,691 |
|
|
(9 |
)% |
|
(13 |
)% |
Multifamily
Residential |
— |
|
|
662 |
|
|
676 |
|
|
(100 |
)% |
|
(100 |
)% |
Home equity lines of
credit |
2,528 |
|
|
1,046 |
|
|
3,350 |
|
|
142 |
% |
|
(25 |
)% |
Other consumer |
607 |
|
|
1,227 |
|
|
1,003 |
|
|
(51 |
)% |
|
(39 |
)% |
Total
consumer |
3,135 |
|
|
2,273 |
|
|
4,353 |
|
|
38 |
% |
|
(28 |
)% |
Other |
40 |
|
|
97 |
|
|
— |
|
|
(59 |
)% |
|
n/m |
Total |
$ |
23,996 |
|
|
$ |
19,413 |
|
|
$ |
33,450 |
|
|
24 |
% |
|
(28 |
)% |
_______ |
n/m - not
measurable |
Glacier Bancorp, Inc. |
Credit Quality Summary by Regulatory
Classification (continued) |
|
|
Net Charge-Offs (Recoveries), Year-to-DatePeriod
Ending, By Loan Type |
|
Charge-Offs |
|
Recoveries |
(Dollars in
thousands) |
Mar 31, 2016 |
|
Dec 31, 2015 |
|
Mar 31, 2015 |
|
Mar 31, 2016 |
|
Mar 31, 2016 |
Pre-sold and
spec construction |
$ |
(28 |
) |
|
(53 |
) |
|
(9 |
) |
|
— |
|
|
28 |
|
Land development |
(100 |
) |
|
(288 |
) |
|
(23 |
) |
|
— |
|
|
100 |
|
Consumer land or lots |
(240 |
) |
|
66 |
|
|
(15 |
) |
|
25 |
|
|
265 |
|
Unimproved land |
(34 |
) |
|
(325 |
) |
|
(50 |
) |
|
— |
|
|
34 |
|
Developed lots for
operative builders |
(12 |
) |
|
(85 |
) |
|
(96 |
) |
|
— |
|
|
12 |
|
Commercial lots |
23 |
|
|
(26 |
) |
|
(1 |
) |
|
24 |
|
|
1 |
|
Other construction |
— |
|
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
Total land, lot and other
construction |
(363 |
) |
|
(659 |
) |
|
(186 |
) |
|
49 |
|
|
412 |
|
Owner occupied |
(27 |
) |
|
247 |
|
|
316 |
|
|
— |
|
|
27 |
|
Non-owner occupied |
(1 |
) |
|
93 |
|
|
82 |
|
|
— |
|
|
1 |
|
Total commercial real
estate |
(28 |
) |
|
340 |
|
|
398 |
|
|
— |
|
|
28 |
|
Commercial and
industrial |
69 |
|
|
1,389 |
|
|
426 |
|
|
324 |
|
|
255 |
|
Agriculture |
(1 |
) |
|
50 |
|
|
(4 |
) |
|
— |
|
|
1 |
|
1st lien |
47 |
|
|
834 |
|
|
(30 |
) |
|
75 |
|
|
28 |
|
Junior lien |
(15 |
) |
|
(125 |
) |
|
(54 |
) |
|
— |
|
|
15 |
|
Total 1-4
family |
32 |
|
|
709 |
|
|
(84 |
) |
|
75 |
|
|
43 |
|
Multifamily
residential |
229 |
|
|
(318 |
) |
|
(20 |
) |
|
229 |
|
|
— |
|
Home equity lines of
credit |
179 |
|
|
740 |
|
|
121 |
|
|
229 |
|
|
50 |
|
Other consumer |
95 |
|
|
143 |
|
|
20 |
|
|
155 |
|
|
60 |
|
Total
consumer |
274 |
|
|
883 |
|
|
141 |
|
|
384 |
|
|
110 |
|
Other |
10 |
|
|
(1 |
) |
|
— |
|
|
102 |
|
|
92 |
|
Total |
$ |
194 |
|
|
2,340 |
|
|
662 |
|
|
1,163 |
|
|
969 |
|
Visit our website at www.glacierbancorp.com
CONTACT: Michael J. Blodnick
(406) 751-4701
Ron J. Copher
(406) 751-7706
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