HIGHLIGHTS:
KALISPELL, Mont., Jan. 31 /PRNewswire-FirstCall/ -- Earnings Summary Three months Twelve months
($ in thousands, except ended December 31, ended December 31,
per share data) (unaudited) (audited) (unaudited) (audited)
2007 2006 2007 2006 Net earnings $18,146 $17,030 $68,603 $61,131
Diluted earnings per share $0.34 $0.32 $1.28 $1.21
Return on average assets
(annualized) 1.51% 1.51% 1.49% 1.52%
Return on average equity
(annualized) 13.74% 15.01% 13.82% 16.00%
Glacier Bancorp, Inc. (NASDAQ:GBCI) reported record net earnings of $18.146 million for the fourth quarter, an increase of $1.116 million, or 7 percent, over the $17.030 million for the fourth quarter of 2006. Diluted earnings per share of $.34 for the quarter is an increase of 6 percent over the diluted earnings per share of $.32 for the same quarter of 2006. Net earnings for the fourth quarter of 2007 and 2006 were reduced by $488 thousand, or $.01 per share, and $446 thousand, or $.01 per share, respectively, for stock-based compensation expense. "I can't thank enough, the 1600 individuals who make up this Company for the remarkable job they did in 2007," said Mick Blodnick, President and Chief Executive Officer. "They produced record results for the quarter and full year in one of the most challenging banking environments of the past two decades." Annualized return on average assets and return on average equity for the quarter were 1.49 percent and 13.82 percent, respectively, which compares with prior year returns for the fourth quarter of 1.51 percent and 15.01 percent.
Net earnings for the year ended December 31, 2007 were $68.603 million, which is an increase of $7.472 million, or 12 percent over the prior year. Diluted earnings per share of $1.28 is an increase of 5.8 percent over the $1.21 earned in 2006. Included in 2007 net earnings is a $1.0 million gain (pre-tax gain of $1.6 million) from the January 19, 2007 sale of Western Security Bank's Lewistown branch, a requirement imposed by bank regulators to complete the acquisition of Citizens Development Company ("CDC"). Also included in 2007 net earnings is approximately $500 thousand of non-recurring expenses and costs associated with the January 26, 2007 merger of three of the five CDC subsidiaries into Glacier Bancorp, Inc.'s subsidiaries. Effective with its acquisition on April 30, 2007, North Side State Bank ("North Side") of Rock Springs, Wyoming was merged into 1st Bank, Glacier Bancorp, Inc.'s subsidiary bank in Evanston, Wyoming. On June 21, 2007, the remaining two CDC subsidiaries, i.e., First National Bank of Lewistown and Western Bank of Chinook, merged to become First Bank of Montana. During the second quarter of 2007, each of the combining CDC bank's operating systems and First National Bank of Morgan's operating systems were converted to the core operating system used by Glacier Bancorp, Inc.'s subsidiaries.
The results of operations and financial condition include the acquisition of North Side from May 1, 2007 forward. Cash of $9.0 million and 793,580 shares of the Company's common stock were issued to North Side shareholders. The following table provides information on selected classifications of assets and liabilities acquired: North Side
(Unaudited -- $ in thousands) State Bank Total assets 128,252
Investments 61,360
Fed funds sold 10,100
Net loans 38,773
Non-interest bearing deposits 22,101
Interest bearing deposits 77,467 As reflected on the next table, total assets at December 31, 2007 were $4.82 billion, which is $346 million, or 7.7 percent, greater than the total assets of $4.47 billion at December 31, 2006.
December 31, December 31, $ change from
2007 2006 December 31,
Assets ($ in thousands) (unaudited) (audited) 2006 Cash on hand and in banks $145,697 136,591 9,106
Investments, interest bearing
deposits, FHLB stock, FRB
stock, and Fed Funds 782,236 862,063 (79,827)
Loans:
Real estate 725,854 789,843 (63,989)
Commercial 2,247,303 1,850,417 396,886
Consumer and other 638,378 574,523 63,855
Total loans 3,611,535 3,214,783 396,752
Allowance for loan losses (54,413) (49,259) (5,154)
Total loans net of
allowance for losses 3,557,122 3,165,524 391,598
Other assets 332,518 307,120 25,398
Total Assets $4,817,573 4,471,298 346,275
At December 31, 2007, total loans were $3.612 billion, an increase of $124 million, or 3.6 percent (14 percent annualized) over total loans of $3.487 billion at September 30, 2007 with two loan categories showing increases. Commercial loans grew the most with an increase of $218 million, or 11 percent, followed by consumer loans, which are primarily comprised of home equity loans, increasing by $12 million, or 2.0 percent. Real estate loans have decreased $106 million, or 13 percent from the third quarter of 2007. Total loans increased $397 million, or 12 percent from December 31, 2006. During the year, commercial loans have increased $397 million, or 21 percent, consumer loans grew by $64 million, or 11 percent, while real estate loans decreased $64 million, or 8.1 percent. "We were pleased with the growth in our loan portfolio during this past year," said Blodnick. "Excluding the loans we acquired in the North Side State Bank acquisition, our organic loan growth was 11 percent -- slightly higher than our goal of 10 percent." Investment securities, including interest bearing deposits in other financial institutions and federal funds sold, have decreased $80 million from December 31, 2006, or 9.3 percent, and have declined $22 million, or 2.7 percent, from September 30, 2007. The investment portfolio of North Side was sold immediately after the acquisition was completed with the sale proceeds invested in higher yielding loans. Investment securities at December 31, 2007 represented 16 percent of total assets versus 19 percent the prior year.
December 31, December 31, $ change from
2007 2006 December 31,
Liabilities ($ in thousands) (unaudited) (audited) 2006 Non-interest bearing deposits $788,087 829,355 (41,268)
Interest bearing deposits 2,396,391 2,378,178 18,213
Advances from Federal Home
Loan Bank 538,949 307,522 231,427
Securities sold under
agreements to repurchase
and other borrowed funds 401,621 338,986 62,635
Other liabilities 45,390 42,555 2,835
Subordinated debentures 118,559 118,559 -
Total liabilities $4,288,997 $4,015,155 273,842
Non-interest bearing deposits decreased $41 million, or 5.0 percent, since December 31, 2006 and decreased by $32 million, or 3.9 percent since September 30, 2007. Interest bearing deposits decreased $151 million from September 30, 2007. The December 31, 2007 balance of interest bearing deposits includes $1 million in broker originated CD's. Since December 31, 2006, interest bearing deposits, excluding a decrease of $172 million in CD's from broker sources, increased $190 million, or 9 percent. Federal Home Loan Bank ("FHLB") advances increased $231 million from December 31, 2006 and $287 million from September 30, 2007. The increase in advances is primarily the result of the decrease in CD's from broker sources to more favorable rates at the FHLB. Repurchase agreements and other borrowed funds were $402 million at December 31, 2007, an increase of $63 million from December 31, 2006, and a decrease of $6 million from September 30, 2007. Included in this latter category are U.S. Treasury auction funds of $216 million at December 31, 2007, an increase of $11 million from September 30, 2007, and an increase of $54 million from December 31, 2006.
Stockholders' equity December 31, December 31, $ change from
($ in thousands except per 2007 2006 December 31,
share data) (unaudited) (audited) 2006 Common equity $525,459 $453,074 72,385
Accumulated other
comprehensive income 3,117 3,069 48
Total stockholders' equity 528,576 456,143 72,433
Core deposit intangible, net,
and goodwill (154,507) (144,466) (10,041)
Tangible stockholders'
equity $374,069 311,677 62,392 Stockholders' equity to total
assets 10.97% 10.21%
Tangible stockholders' equity to
total tangible assets 8.02% 7.21%
Book value per common share $9.85 8.72 1.13
Market price per share at end of
quarter $18.74 24.44 (5.70)
Total equity and book value per share amounts have increased $72 million and $1.13 per share, respectively, from December 31, 2006, the result of earnings retention, issuance of common stock in connection with an acquisition, and stock options exercised. Accumulated other comprehensive income, representing net unrealized gains or losses on investment securities designated as available for sale, increased $48 thousand from December 31, 2006.
Operating Results for Three Months Ended December 31, 2007
Compared to December 31, 2006 Revenue summary Three months ended December 31,
($ in thousands) 2007 2006
(unaudited) (audited) $ change % change Net interest income
Interest income $79,117 $73,549 $5,568 8%
Interest expense 30,918 28,200 $2,718 10%
Net interest income 48,199 45,349 2,850 6% Non-interest income
Service charges, loan fees,
and other fees 11,790 10,103 1,687 17%
Gain on sale of loans 3,330 2,867 463 16%
Other income 1,117 1,056 61 6%
Total non-interest income 16,237 14,026 2,211 16%
$64,436 $59,375 $5,061 9% Tax equivalent net interest
margin 4.52% 4.55% Net Interest Income
Net interest income for the quarter increased $2.850 million, or 6.3 percent, over the same period in 2006, and increased $1.216 million, or 2.6 percent, from the third quarter of 2007. Total interest income increased $5.568 million from the prior year's quarter, or 7.6 percent, while total interest expense was $2.718 million, or 9.6 percent higher. The increase in interest expense is primarily attributable to the volume and rate increases in interest bearing deposits. The net interest margin as a percentage of earning assets, on a tax equivalent basis, was 4.52 percent which is 2 basis points higher than the third quarter of 2007, and 3 basis points lower than the 4.55 percent result for the fourth quarter of 2006. "We are pleased with the net interest margin results for the year, and especially the fourth quarter given industry trends in the costs of funding," said Ron Copher, Chief Financial Officer.
Non-interest Income Fee income increased $1.687 million, or 17 percent, over the same period last year, driven primarily by an increased number of loan and deposit accounts from internal growth and acquisitions. Gain on sale of loans increased $463 thousand, or 16 percent, from the fourth quarter of last year.
Non-interest expense summary Three months ended December 31,
($ in thousands) 2007 2006
(unaudited) (audited) $ change % change Compensation and employee
benefits $18,684 $18,377 $307 2%
Occupancy and equipment
expense 5,042 4,471 571 13%
Outsourced data processing 710 766 (56) -7%
Core deposit intangibles
amortization 786 793 (7) -1%
Other expenses 9,242 7,522 1,720 23%
Total non-interest expense $34,464 $31,929 $2,535 8%
Non-interest Expense
Non-interest expense increased by $2.535 million, or 7.9 percent, from the same quarter of 2006. Compensation and benefit expense increased $307 thousand, or 1.7 percent, which is primarily attributable to increased staffing levels, including staffing from the acquisition of North Side in 2007, new branches, as well as increased compensation, including commissions tied to increased production, and benefits, including health insurance. The number of full-time-equivalent employees has increased from 1,356 to 1,480, a 9.1 percent increase since December 31, 2006. Occupancy and equipment expense increased $571 thousand, or 13 percent, reflecting the acquisition of North Side, cost of additional branch locations and facility upgrades.
Other expenses increased $1.720 million, or 23 percent, primarily from additional marketing expenses, costs associated with new branch offices, and other general and administrative costs. The efficiency ratio (non-interest expense/net interest income plus non-interest income) was 53 percent for the 2007 fourth quarter, compared to 55 percent for the prior quarter, and 54 percent for the 2006 fourth quarter.
December 31, December 31,
Credit quality information 2007 2006
($ in thousands) (unaudited) (audited) Allowance for loan losses $54,413 $49,259 Non-performing assets 13,288 8,894 Allowance as a percentage of
non-performing assets 409% 554% Non-performing assets as a percentage
of total bank assets 0.27% 0.19% Allowance as a percentage of total
loans 1.51% 1.53% Net charge-offs as a percentage of
loans 0.060% 0.021%
Allowance for Loan Loss and Non-Performing Assets
"All our Banks continue to focus a significant amount of time on maintaining our credit quality," said Blodnick. "We have been very fortunate to date with these results and plan to continue working very hard to maintain this asset quality level." Non-performing assets as a percentage of total bank assets at December 31, 2007 were at .27 percent, up from the third quarter results of .24, and up from .19 percent at December 31, 2006. These ratios compare favorably to the Federal Reserve Bank Peer Group average of .67 percent at September 30, 2007, the most recent information available. The allowance for loan losses was 409 percent of non-performing assets at December 31, 2007, down from 554 percent a year ago. The allowance, including $639 thousand from acquisitions, has increased $5.2 million, or 10.5 percent, from a year ago. The allowance of $54.413 million is 1.51 percent of December 31, 2007 total loans outstanding, down from 1.53 percent in the fourth quarter last year. The fourth quarter provision for loan losses expense was $2.960 million, an increase of $1.608 million from the same quarter in 2006. Charged off loans exceeded recovery of previously charged-off loans during the quarter by $1.2 million. Loan growth, average loan size, and credit quality considerations will determine the level of additional provision expense.
Operating Results for Year Ended December 31, 2007
Compared to December 31, 2006 Revenue summary Twelve months ended December 31,
($ in thousands) 2007 2006
(unaudited) (audited) $ change % change Net interest income
Interest income $304,760 $253,326 $51,434 20%
Interest expense 121,291 95,038 $26,253 28%
Net interest income 183,469 158,288 25,181 16% Non-interest income
Service charges, loan
fees, and other fees 45,486 37,072 8,414 23%
Gain on sale of loans 13,283 10,819 2,464 23%
Loss on sale of investments (8) (3) (5) 167%
Other income 6,057 3,954 2,103 53%
Total non-interest
income 64,818 51,842 12,976 25%
$248,287 $210,130 $38,157 18% Tax equivalent net interest
margin 4.50% 4.44% Net Interest Income
Net interest income for the year increased $25.181 million, or 16 percent, over 2006. Total interest income increased $51.434 million, or 20 percent, while total interest expense increased $26.253 million, or 28 percent. The increase in interest expense is primarily attributable to the volume and rate increases in interest bearing deposits. The net interest margin as a percentage of earning assets, on a tax equivalent basis, was 4.50 percent which is an increase of 6 basis points over the 4.44 percent for 2006. The net interest margin calculation has been revised to account for intercompany elimination entries and previously reported net interest margins have been adjusted to reflect such change.
Non-interest Income Total non-interest income increased $12.976 million, or 25 percent in 2007. Fee income increased $8.414 million, or 23 percent, over last year, driven primarily by an increased number of loan and deposit accounts, acquisitions, and additional customer products and services offered. Gain on sale of loans increased $2.464 million, or 23 percent, from last year. Loan origination volume, especially in the first half of 2007, was robust versus historical standards. Other income increased $2.103 million, or 53 percent, over the same period in 2006. Such increase includes a gain of $1.6 million from the January 19, 2007 sale of Western Security Bank's Lewistown branch, a regulatory requirement imposed to complete the acquisition of CDC.
Non-interest expense Twelve months ended December 31,
summary 2007 2006
($ in thousands) (unaudited) (audited) $ change % change Compensation and employee
benefits $79,070 $65,419 $13,651 21%
Occupancy and equipment
expense 19,152 15,268 3,884 25%
Outsourced data processing 2,755 2,788 (33) -1%
Core deposit intangibles
amortization 3,202 2,024 1,178 58%
Other expenses 33,738 27,051 6,687 25%
Total non-interest
expense $137,917 $112,550 $25,367 23%
Non-interest Expense
Non-interest expense increased by $25.367 million, or 23 percent, from 2006. Compensation and benefit expense increased $13.651 million, or 21 percent, which is primarily attributable to increased staffing levels, including staffing from the acquisitions of First National Bank of Morgan and CDC during 2006 and North Side in 2007, de novo branches, increased compensation, including production based commissions, and benefits, including health insurance, and overtime associated with the merger and operating systems conversions in the first half of 2007. Included in 2007 are approximately $500,000 of non-recurring expenses and costs associated with the January 26, 2007 merger of three of the five CDC subsidiaries into Glacier Bancorp, Inc.'s subsidiaries. Occupancy and equipment expense increased $3.884 million, or 25 percent, reflecting the acquisitions, cost of additional locations and facility upgrades. Other expenses increased $6.687 million, or 25 percent, primarily from acquisitions, additional marketing expenses, costs associated with new branch offices and other general and administrative costs. The efficiency ratio (non-interest expense/net interest income plus non-interest income) increased to 56 percent from 54 percent during 2006.
Allowance for Loan Loss and Non-Performing Assets The provision for loan loss expense was $6.680 million for 2007, an increase of $1.488 million, from 2006. Net charged off loans were $2.165 million, or .06 percent of loans, for 2007 which is higher than the $680 thousand of net charge offs, or .02 percent, in 2006 Cash dividend On December 27, 2007, the board of directors declared a cash dividend of $.13 payable January 17, 2008 to shareholders of record on January 8, 2008, resulting in total 2007 declared dividends of $.50 which is an increase of 11 percent over the $.45 dividend declared last year.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional multi-bank holding company providing commercial banking services in 53 communities in Montana, Idaho, Utah, Washington, and Wyoming. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and conducts its operations principally through eleven banking subsidiaries. These subsidiaries include seven Montana banks: Glacier Bank of Kalispell, Glacier Bank of Whitefish, First Security Bank of Missoula, Valley Bank of Helena, Big Sky Western Bank of Bozeman, Western Security Bank of Billings, First Bank of Montana of Lewistown; as well as Mountain West Bank in Idaho, Utah and Washington; 1st Bank in Wyoming, Citizens Community Bank in Idaho, and First National Bank of Morgan in Utah.
This news release includes forward looking statements, which describe management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of the Company's style of banking and the strength of the local economies in which it operates. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in the Company's public filings, factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, the following possibilities: (1) local, national and international economic conditions are less favorable than expected or have a more direct and pronounced effect on the Company than expected and adversely affect the company's ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new banks and/or branches are lower than expected; (4) costs or difficulties related to the integration of acquisitions are greater than expected; (5) competitive pressure among financial institutions increases significantly; (6) legislation or regulatory requirements or changes adversely affect the businesses in which the Company is engaged.
Visit our website at http://www.glacierbancorp.com/ GLACIER BANCORP, INC. CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION ($ in thousands except per December 31, December 31,
share data) 2007 2006
(unaudited) (audited) Assets:
Cash on hand and in banks $145,697 136,591
Federal funds sold 135 6,125
Interest bearing cash deposits 81,777 30,301 Investment securities,
available-for-sale 700,324 825,637 Net loans receivable:
Real estate loans 725,854 789,843
Commercial loans 2,247,303 1,850,417
Consumer and other loans 638,378 574,523
Allowance for losses (54,413) (49,259)
Total loans, net 3,557,122 3,165,524 Premises and equipment, net 123,749 110,759
Real estate and other assets
owned, net 2,043 1,484
Accrued interest receivable 26,168 25,729
Core deposit intangible, net 13,963 14,750
Goodwill 140,544 129,716
Other assets 26,051 24,682
$4,817,573 4,471,298 Liabilities and stockholders' equity:
Non-interest bearing deposits $788,087 829,355
Interest bearing deposits 2,396,391 2,378,178
Advances from Federal Home Loan
Bank of Seattle 538,949 307,522
Securities sold under
agreements to repurchase 178,041 170,216
Other borrowed funds 223,580 168,770
Accrued interest payable 13,281 11,041
Deferred tax liability 250 1,927
Subordinated debentures 118,559 118,559
Other liabilities 31,859 29,587
Total liabilities 4,288,997 4,015,155 Preferred shares, $.01 par
value per share. 1,000,000
shares authorized None issued
or outstanding - -
Common stock, $.01 par value
per share. 117,187,500 shares
authorized 536 523
Paid-in capital 374,728 344,265
Retained earnings --
substantially restricted 150,195 108,286
Accumulated other comprehensive
income 3,117 3,069
Total stockholders' equity 528,576 456,143
$4,817,573 4,471,298
Number of shares outstanding 53,646,480 52,302,820
Book value of equity per share 9.85 8.72 GLACIER BANCORP, INC. CONSOLIDATED STATEMENT OF OPERATIONS ($ in thousands Three months ended Twelve months ended
except per share data) December 31, December 31,
2007 2006 2007 2006
(unaudited) (audited) (unaudited) (audited)
Interest income:
Real estate loans $14,405 15,280 59,664 52,219
Commercial loans 42,443 36,524 157,644 119,215
Consumer and other
loans 12,498 11,417 48,105 40,284
Investment securities
and other 9,771 10,328 39,347 41,608
Total interest
income 79,117 73,549 304,760 253,326 Interest expense:
Deposits 20,673 17,744 81,459 58,147
Federal Home Loan
Bank of Seattle
advances 4,778 5,907 18,897 20,460
Securities sold under
agreements to
repurchase 1,821 2,053 7,445 6,618
Subordinated
debentures 1,884 1,818 7,537 6,050
Other borrowed funds 1,762 678 5,953 3,763
Total interest
expense 30,918 28,200 121,291 95,038 Net interest income 48,199 45,349 183,469 158,288
Provision for loan
losses 2,960 1,352 6,680 5,192
Net interest income
after provision for
loan losses 45,239 43,997 176,789 153,096 Non-interest income:
Service charges and
other fees 10,130 8,200 37,931 29,701
Miscellaneous loan
fees and charges 1,660 1,903 7,555 7,371
Gain on sale of loans 3,330 2,867 13,283 10,819
Loss on sale of
investments - - (8) (3)
Other income 1,117 1,056 6,057 3,954
Total non-interest
income 16,237 14,026 64,818 51,842 Non-interest expense:
Compensation, employee
benefits and related
expenses 18,684 18,377 79,070 65,419
Occupancy and equipment
expense 5,042 4,471 19,152 15,268
Outsourced data
processing expense 710 766 2,755 2,788
Core deposit
intangibles
amortization 786 793 3,202 2,024
Other expenses 9,242 7,522 33,738 27,051
Total non-interest
expense 34,464 31,929 137,917 112,550
Earnings before income
taxes 27,012 26,094 103,690 92,388 Federal and state income
tax expense 8,866 9,064 35,087 31,257
Net earnings $18,146 17,030 68,603 61,131 Basic earnings per share 0.34 0.33 1.29 1.23
Diluted earnings per
share 0.34 0.32 1.28 1.21
Dividends declared per
share 0.13 0.12 0.50 0.45
Return on average assets
(annualized) 1.51% 1.51% 1.49% 1.52%
Return on average equity
(annualized) 13.74% 15.01% 13.82% 16.00%
Average outstanding
shares -- basic 53,681,922 52,241,656 53,236,489 49,727,299
Average outstanding
shares -- diluted 54,030,134 53,114,881 53,748,398 50,497,177 AVERAGE BALANCE SHEET For the Three months ended 12-31-07
(Unaudited -- $ in Thousands) Interest Average
Average and Yield/
ASSETS Balance Dividends Rate
Real Estate Loans $799,851 14,405 7.20%
Commercial Loans 2,099,362 42,443 8.02%
Consumer and Other Loans 628,696 12,498 7.89%
Total Loans 3,527,909 69,346 7.80%
Tax-Exempt Investment Securities (1) 263,747 3,220 4.88%
Other Investment Securities 564,589 6,551 4.64%
Total Earning Assets 4,356,245 79,117 7.21%
Goodwill and Core Deposit Intangible 154,727
Other Non-Earning Assets 264,911
TOTAL ASSETS $4,775,883 LIABILITIES AND STOCKHOLDERS' EQUITY
NOW Accounts $478,743 1,208 1.00%
Savings Accounts 267,957 675 1.00%
Money Market Accounts 789,332 6,835 3.44%
Certificates of Deposit 1,006,664 11,955 4.71%
FHLB Advances 399,639 4,778 4.74%
Repurchase Agreements and Other
Borrowed Funds 460,743 5,467 4.71%
Total Interest Bearing Liabilities 3,403,078 30,918 3.60%
Non-interest Bearing Deposits 791,465
Other Liabilities 57,367
Total Liabilities 4,251,910 Common Stock 537
Paid-In Capital 373,921
Retained Earnings 146,142
Accumulated Other Comprehensive Income 3,373
Total Stockholders' Equity 523,973
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $4,775,883
Net Interest Income $48,199
Net Interest Spread 3.61%
Net Interest Margin 4.39%
Net Interest Margin (Tax Equivalent) 4.52%
Return on Average Assets (annualized) 1.51%
Return on Average Equity (annualized) 13.74% AVERAGE BALANCE SHEET For the Twelve months ended 12-31-07
(Unaudited -- $ in Thousands) Interest Average
Average and Yield/
ASSETS Balance Dividends Rate
Real Estate Loans $798,841 59,664 7.47%
Commercial Loans 1,957,252 157,644 8.05%
Consumer and Other Loans 604,234 48,105 7.96%
Total Loans 3,360,327 265,413 7.90%
Tax -Exempt Investment Securities (1) 272,042 13,427 4.94%
Other Investment Securities 574,913 25,920 4.51%
Total Earning Assets 4,207,282 304,760 7.24%
Goodwill and Core Deposit Intangible 149,934
Other Non-Earning Assets 248,866
TOTAL ASSETS $4,606,082 LIABILITIES AND STOCKHOLDERS' EQUITY
NOW Accounts $461,341 4,708 1.02%
Savings Accounts 268,175 2,679 1.00%
Money Market Accounts 754,995 27,248 3.61%
Certificates of Deposit 1,000,797 46,824 4.68%
FHLB Advances 382,243 18,897 4.94%
Repurchase Agreements and Other
Borrowed Funds 412,237 20,935 5.08%
Total Interest Bearing Liabilities 3,279,788 121,291 3.70%
Non-interest Bearing Deposits 781,447
Other Liabilities 48,454
Total Liabilities 4,109,689 Common Stock 532
Paid-In Capital 361,003
Retained Earnings 132,352
Accumulated Other Comprehensive
Income 2,506
Total Stockholders' Equity 496,393
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $4,606,082
Net Interest Income $183,469
Net Interest Spread 3.54%
Net Interest Margin 4.36%
Net Interest Margin (Tax Equivalent) 4.50%
Return on Average Assets (annualized) 1.49%
Return on Average Equity (annualized) 13.82% (1) Excludes tax effect on non-taxable investment security income
DATASOURCE: Glacier Bancorp, Inc.
CONTACT: Michael J. Blodnick, +1-406-751-4701, or Ron J. Copher, +1-406-751-7706, both of Glacier Bancorp, Inc.
Web site: http://www.glacierbancorp.com/
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