Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended December 31, 2024

Rhea-AI Summary

Glacier Bancorp (GBCI) reported strong Q4 2024 results with net income of $61.8 million, up 21% from Q3 2024 and 14% from Q4 2023. Diluted earnings per share reached $0.54, increasing 20% quarter-over-quarter and 10% year-over-year.

Key financial metrics for Q4 2024 include: net interest margin of 2.97% (up 14 basis points from Q3), net interest income of $191 million (up 6% from Q3), and loan portfolio growth of $81 million. The company maintained strong credit quality with non-performing assets at 0.10% of subsidiary assets.

For full-year 2024, net income was $190 million, down 15% from 2023, primarily due to increased funding costs and acquisition-related expenses. The company completed two significant acquisitions in 2024: six Montana RMB branches and Wheatland Bank, adding combined total assets of $1.18 billion.

Positive

• Q4 net income increased 21% quarter-over-quarter to $61.8 million
• Net interest margin improved to 2.97%, up 14 basis points from Q3
• Net interest income grew 6% quarter-over-quarter to $191 million
• Non-interest expense decreased 3% from prior quarter
• Loan portfolio increased $1.064 billion (7%) year-over-year
• Strong credit quality maintained with non-performing assets at 0.10%

Negative

• Full-year 2024 net income decreased 15% to $190 million
• Acquisition-related expenses increased by $8.6 million year-over-year
• Net charge-offs increased to $5.2 million in Q4 from $2.8 million in Q3

Insights

Financial Analyst

A detailed analysis of Glacier Bancorp's Q4 2024 results reveals several encouraging trends amid a transformative year:

Earnings Momentum & Core Performance

• Q4 net income of $61.8M shows accelerating momentum with 21% QoQ and 14% YoY growth
• NIM expansion to 2.97% (+41bps YoY) demonstrates successful repricing efforts and improved earning asset yields
• Cost discipline evident with 3% reduction in non-interest expenses QoQ

Strategic Growth & Integration

• Successfully integrated Wheatland and RMB acquisitions, adding $1.18B in assets and strengthening market position in Washington/Montana
• Organic loan growth of $342M (2%) in 2024 shows disciplined expansion despite challenging environment
• Strategically transitioned $2.74B BTFP funding to FHLB advances, optimizing funding structure

Balance Sheet Strength & Quality

• Core deposit base remains stable with non-interest bearing deposits at 30% of total deposits
• Credit quality metrics stable with NPAs at 0.10% and conservative ACL coverage
• Tangible book value per share increased $0.65 YoY to $18.71, reflecting organic capital generation

The improving quarterly trends, successful M&A integration and stable credit metrics position GBCI well for 2025, though funding costs and integration expenses warrant monitoring.

4th Quarter 2024 Highlights:

• Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49 per share.
• Net income was $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent, from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the prior year fourth quarter net income of $54.3 million.
• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent.
• Net interest income was $191 million for the current quarter, an increase of $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and an increase of $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million.
• Non-interest expense was $141 million for the current quarter, a decrease of $3.7 million, or 3 percent, from the prior quarter.
• The loan portfolio of $17.262 billion increased $81 million, or 2 percent annualized, during the current quarter.
• The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.
• The total earning asset yield of 4.57 percent in the current quarter increased 5 basis points from the prior quarter earning asset yield of 4.52 percent and increased 40 basis points from the prior year fourth quarter earning asset yield of 4.17 percent.
• The total core deposit cost (including non-interest bearing deposits) of 1.29 percent in the current quarter decreased 8 basis point from the prior quarter total core deposit cost of 1.37 percent.
• The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis point from the prior quarter total cost of funding of 1.79 percent.
• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 159 consecutive quarterly dividends and has increased the dividend 49 times.
  

Year 2024 Highlights:

• Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the prior year net income of $223 million.
• Net interest income for 2024 was $705 million, an increase of $13.0 million, or 2 percent, from the prior year net interest income of $692 million.
• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current year was 2.77 percent, an increase of 4 basis points from the prior year net interest margin of 2.73.
• The loan portfolio increased $1.064 billion, or 7 percent, from the prior year end and organically increased $342 million, or 2 percent, during 2024.
• The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
• Dividends declared in 2024 were $1.32 per share.
• The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million.
• The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

Financial Summary  

	At or for the Three Months ended																At or for the Year ended
(Dollars in thousands, except per share and market data)	Dec 31, 2024				Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Operating results
Net income	$	61,754			51,055			44,708			32,627			54,316			190,144			222,927
Basic earnings per share	$	0.54			0.45			0.39			0.29			0.49			1.68			2.01
Diluted earnings per share	$	0.54			0.45			0.39			0.29			0.49			1.68			2.01
Dividends declared per share	$	0.33			0.33			0.33			0.33			0.33			1.32			1.32
Market value per share
Closing	$	50.22			45.70			37.32			40.28			41.32			50.22			41.32
High	$	60.67			47.71			40.18			42.75			44.06			60.67			50.03
Low	$	43.70			35.57			34.35			34.74			27.36			34.35			26.77
Selected ratios and other data
Number of common stock shares outstanding		113,401,955			113,394,786			113,394,092			113,388,590			110,888,942			113,401,955			110,888,942
Average outstanding shares - basic		113,398,213			113,394,758			113,390,539			112,492,142			110,884,496			113,170,157			110,864,501
Average outstanding shares - diluted		113,541,026			113,473,107			113,405,491			112,554,402			110,907,640			113,243,427			110,890,447
Return on average assets (annualized)		0.87	%		0.73	%		0.66	%		0.47	%		0.77	%		0.68	%		0.81	%
Return on average equity (annualized)		7.62	%		6.34	%		5.77	%		4.25	%		7.40	%		6.02	%		7.64	%
Efficiency ratio		60.50	%		64.92	%		67.97	%		74.41	%		65.20	%		66.71	%		62.85	%
Loan to deposit ratio		84.17	%		83.16	%		84.03	%		82.04	%		81.36	%		84.17	%		81.36	%
Number of full time equivalent employees		3,441			3,434			3,399			3,438			3,294			3,441			3,294
Number of locations		227			232			231			232			221			227			221
Number of ATMs		284			285			286			285			275			284			275

KALISPELL, Mont., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the $54.3 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49. The increase in net income compared to the prior quarter was primarily driven by an increase in net interest income and a decrease in non-interest expenses. The increase in net income compared to the prior year fourth quarter was due to the increase in net interest income which outpaced the increased costs associated with the acquisitions of Wheatland and RMB over the prior year fourth quarter. “The Glacier team once again delivered another strong quarter and year,” said Randy Chesler, President and Chief Executive Officer. “Our positive earnings trends should continue into 2025 and we look forward to optimizing these trends with our focus on the financial markets, our customers and employees.”

Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the $223 million net income for the prior year. Diluted earnings per share for 2024 was $1.68 per share, a decrease of $0.33 per share from the prior year diluted earnings per share of $2.01. The decrease in net income for the current year compared to the prior year was primarily due to the significant increase in funding costs and a $8.6 million increase in acquisition-related expenses. Acquisition-related expense was $9.9 million in the current year compared to $1.3 million in the prior year. In addition, the 2024 results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 20 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	Wheatland			RMB
(Dollars in thousands)	January 31, 2024			July 19, 2024			Total
Total assets	$	777,705		$	403,052		$	1,180,757
Cash and cash equivalents		12,926			76,781			89,707
Debt securities		187,183			—			187,183
Loans receivable		450,403			271,569			721,972
Non-interest bearing deposits		277,651			93,534			371,185
Interest bearing deposits		339,304			303,156			642,460
Borrowings		58,500			4,305			62,805
Core deposit intangible		16,936			11,808			28,744
Goodwill		38,146			27,780			65,926

Asset Summary

											$ Change from
(Dollars in thousands)	Dec 31, 2024				Sep 30, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2023
Cash and cash equivalents	$	848,408			987,833			1,354,342			(139,425	)		(505,934	)
Debt securities, available-for-sale		4,245,205			4,436,578			4,785,719			(191,373	)		(540,514	)
Debt securities, held-to-maturity		3,294,847			3,348,698			3,502,411			(53,851	)		(207,564	)
Total debt securities		7,540,052			7,785,276			8,288,130			(245,224	)		(748,078	)
Loans receivable
Residential real estate		1,858,929			1,837,697			1,704,544			21,232			154,385
Commercial real estate		10,963,713			10,833,841			10,303,306			129,872			660,407
Other commercial		3,119,535			3,177,051			2,901,863			(57,516	)		217,672
Home equity		930,994			931,440			888,013			(446	)		42,981
Other consumer		388,678			401,158			400,356			(12,480	)		(11,678	)
Loans receivable		17,261,849			17,181,187			16,198,082			80,662			1,063,767
Allowance for credit losses		(206,041	)		(205,170	)		(192,757	)		(871	)		(13,284	)
Loans receivable, net		17,055,808			16,976,017			16,005,325			79,791			1,050,483
Other assets		2,458,719			2,456,643			2,094,832			2,076			363,887
Total assets	$	27,902,987			28,205,769			27,742,629			(302,782	)		160,358

Total debt securities of $7.540 billion at December 31, 2024 decreased $245 million, or 3 percent, during the current quarter and decreased $748 million, or 9 percent, from the prior year fourth quarter. Debt securities represented 27 percent of total assets at December 31, 2024 compared to 30 percent at December 31, 2023.

The loan portfolio of $17.262 billion at December 31, 2024 increased $81 million, or 2 percent annualized, during the current quarter and increased $1.064 billion, or 7 percent, from the prior year end. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $342 million, or 2 percent, during 2024. Excluding the acquisitions, the loan category with the largest dollar increase during 2024 was commercial real estate which increased $234 million, or 2 percent.

Credit Quality Summary

	At or for the Year ended				At or for the Nine Months ended			At or for the Year ended
(Dollars in thousands)	Dec 31, 2024				Sep 30, 2024			Dec 31, 2023
Allowance for credit losses
Balance at beginning of period	$	192,757			192,757			182,283
Acquisitions		3			3			—
Provision for credit losses		27,179			21,138			20,790
Charge-offs		(18,626	)		(12,406	)		(15,095	)
Recoveries		4,728			3,678			4,779
Balance at end of period	$	206,041			205,170			192,757
Provision for credit losses
Loan portfolio	$	27,179			21,138			20,790
Unfunded loan commitments		1,127			(1,366	)		(5,995	)
Total provision for credit losses	$	28,306			19,772			14,795
Other real estate owned	$	1,085			432			1,032
Other foreclosed assets		79			201			471
Accruing loans 90 days or more past due		6,177			11,551			3,312
Non-accrual loans		20,445			15,937			20,816
Total non-performing assets	$	27,786			28,121			25,631
Non-performing assets as a percentage of subsidiary assets		0.10	%		0.10	%		0.09	%
Allowance for credit losses as a percentage of non-performing loans		774	%		730	%		799	%
Allowance for credit losses as a percentage of total loans		1.19	%		1.19	%		1.19	%
Net charge-offs as a percentage of total loans		0.08	%		0.05	%		0.06	%
Accruing loans 30-89 days past due	$	32,228			56,213			49,967
U.S. government guarantees included in non-performing assets	$	748			1,802			1,503

Non-performing assets as a percentage of subsidiary assets at December 31, 2024 was 0.10 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year fourth quarter. Non-performing assets of $27.8 million at December 31, 2024 decreased $335 thousand, or 1 percent, over the prior quarter and increased $2.2 million, or 8 percent, over the prior year fourth quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at December 31, 2024 were 0.19 percent compared to 0.33 percent for the prior quarter end and 0.31 percent for the prior year fourth quarter. Early stage delinquencies of $32.2 million at December 31, 2024 decreased $24.0 million from the prior quarter and decreased $17.7 million from prior year fourth quarter.

The current quarter credit loss expense of $8.5 million included $6.0 million of provision for credit losses on loans and $2.5 million of provision for credit losses on unfunded commitments. For the current year, the provision for credit losses of $28.3 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at December 31, 2024 was 1.19 percent and remained unchanged from the prior year end. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

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
Fourth quarter 2024	$	6,041		$	5,170		1.19	%		0.19	%		0.10	%
Third quarter 2024		6,981			2,766		1.19	%		0.33	%		0.10	%
Second quarter 2024		5,066			2,890		1.19	%		0.29	%		0.06	%
First quarter 2024		9,091			3,072		1.19	%		0.37	%		0.09	%
Fourth quarter 2023		4,181			3,695		1.19	%		0.31	%		0.09	%
Third quarter 2023		5,095			2,209		1.19	%		0.09	%		0.15	%
Second quarter 2023		5,254			2,473		1.19	%		0.16	%		0.12	%
First quarter 2023		6,260			1,939		1.20	%		0.16	%		0.12	%

Net charge-offs for the current quarter were $5.2 million compared to $2.8 million in the prior quarter and $3.7 million for the prior year fourth quarter. The increase in net charge-offs during the current quarter were primarily due to a few isolated loans. Net charge-offs of $5.2 million included $2.1 million in deposit overdraft net charge-offs and $3.1 million of net loan charge-offs.

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)	Dec 31, 2024			Sep 30, 2024		Dec 31, 2023		Sep 30, 2024			Dec 31, 2023
Deposits
Non-interest bearing deposits	$	6,136,709		6,407,728		6,022,980		(271,019	)		113,729
NOW and DDA accounts		5,543,512		5,363,476		5,321,257		180,036			222,255
Savings accounts		2,845,124		2,801,077		2,833,887		44,047			11,237
Money market deposit accounts		2,878,213		2,854,540		2,831,624		23,673			46,589
Certificate accounts		3,139,821		3,284,609		2,915,393		(144,788	)		224,428
Core deposits, total		20,543,379		20,711,430		19,925,141		(168,051	)		618,238
Wholesale deposits		3,615		3,334		4,026		281			(411	)
Deposits, total		20,546,994		20,714,764		19,929,167		(167,770	)		617,827
Repurchase agreements		1,777,475		1,831,501		1,486,850		(54,026	)		290,625
Deposits and repurchase agreements, total		22,324,469		22,546,265		21,416,017		(221,796	)		908,452
Federal Home Loan Bank advances		1,800,000		1,800,000		—		—			1,800,000
FRB Bank Term Funding		—		—		2,740,000		—			(2,740,000	)
Other borrowed funds		83,341		84,168		81,695		(827	)		1,646
Subordinated debentures		133,105		133,065		132,943		40			162
Other liabilities		338,218		397,221		351,693		(59,003	)		(13,475	)
Total liabilities	$	24,679,133		24,960,719		24,722,348		(281,586	)		(43,215	)

Total deposits of $20.547 billion at December 31, 2024 decreased $168 million, or 1 percent, from the prior quarter and increased $618 million, or 3 percent, from the prior year end. Total deposits organically decreased $396 million, or 2 percent, from the prior year end and total deposits and repurchase agreements organically decreased $109 million, or 51 basis points, from the prior year end. Non-interest bearing deposits represented 30 percent of total deposits at December 31, 2024 and December 31, 2023.

Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

Stockholders’ Equity Summary

											$ Change from
(Dollars in thousands, except per share data)	Dec 31, 2024				Sep 30, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2023
Common equity	$	3,533,150			3,507,356			3,394,394			25,794			138,756
Accumulated other comprehensive loss		(309,296	)		(262,306	)		(374,113	)		(46,990	)		64,817
Total stockholders’ equity		3,223,854			3,245,050			3,020,281			(21,196	)		203,573
Goodwill and intangibles, net		(1,102,500	)		(1,106,336	)		(1,017,263	)		3,836			(85,237	)
Tangible stockholders’ equity	$	2,121,354			2,138,714			2,003,018			(17,360	)		118,336

Stockholders’ equity to total assets		11.55	%		11.50	%		10.89	%
Tangible stockholders’ equity to total tangible assets		7.92	%		7.89	%		7.49	%
Book value per common share	$	28.43			28.62			27.24			(0.19	)		1.19
Tangible book value per common share	$	18.71			18.86			18.06			(0.15	)		0.65

Tangible stockholders’ equity of $2.121 billion at December 31, 2024 decreased $17.4 million, or 1 percent, compared to the prior quarter and was primarily the result of an increase in unrealized loss on the available-for-sale debt securities which was partially offset by earnings retention. Tangible stockholders’ equity at December 31, 2024 increased $118 million, or 6 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and a decrease of $67.9 million in unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.71 at the current quarter end increased $0.65 per share, or 4 percent, from the prior year end.

Cash Dividends
On November 20, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable December 19, 2024 to shareholders of record on December 10, 2024. The dividend was the Company’s 159th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended December 31, 2024  Compared to September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023
Income Summary
	Three Months ended
(Dollars in thousands)	Dec 31, 2024				Sep 30, 2024				Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Net interest income
Interest income	$	297,036				289,578			273,834			279,402			273,496
Interest expense		105,593				109,347			107,356			112,922			107,040
Total net interest income		191,443				180,231			166,478			166,480			166,456
Non-interest income
Service charges and other fees		20,322				20,587			19,422			18,563			19,115
Miscellaneous loan fees and charges		4,541				4,970			4,821			4,362			4,484
Gain on sale of loans		3,926				4,898			4,669			3,362			2,228
Gain (loss) on sale of securities		—				26			(12	)		16			1,712
Other income		2,760				4,223			3,304			3,686			3,326
Total non-interest income		31,549				34,704			32,204			29,989			30,865
Total income	$	222,992				214,935			198,682			196,469			197,321
Net interest margin (tax-equivalent)		2.97	%			2.83	%		2.68	%		2.59	%		2.56	%
					$ Change from
(Dollars in thousands)					Sep 30, 2024				Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Net interest income
Interest income					$	7,458			23,202			17,634			23,540
Interest expense						(3,754	)		(1,763	)		(7,329	)		(1,447	)
Total net interest income						11,212			24,965			24,963			24,987
Non-interest income
Service charges and other fees						(265	)		900			1,759			1,207
Miscellaneous loan fees and charges						(429	)		(280	)		179			57
Gain on sale of loans						(972	)		(743	)		564			1,698
Gain (loss) on sale of securities						(26	)		12			(16	)		(1,712	)
Other income						(1,463	)		(544	)		(926	)		(566	)
Total non-interest income						(3,155	)		(655	)		1,560			684
Total income					$	8,057			24,310			26,523			25,671

Net Interest Income
Net interest income of $191 million for the current quarter increased $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and increased $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million. The current quarter interest income of $297 million increased $7.5 million, or 3 percent, over the prior quarter and was primarily driven by increased loan yields and increased average loan balances, coupled with increased average interest-bearing cash balances. The current quarter interest income increased $23.5 million, or 9 percent, over the prior year fourth quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.

The current quarter interest expense of $106 million decreased $3.8 million, or 3 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $1.4 million, or 1 percent, over the prior year fourth quarter and was primarily the result of lower average wholesale borrowings. Core deposit cost (including non-interest bearing deposits) was 1.29 percent for the current quarter compared to 1.37 percent in the prior quarter and 1.24 percent for the prior year fourth quarter. The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis points from the prior quarter and decreased 1 basis point from the prior year fourth quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and was primarily driven by a decrease in deposit costs and an increase in interest-bearing cash balances. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent and was primarily driven by an increase in loan yields which more than offset the increase in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.92 percent in the current quarter compared to 2.83 percent in the prior quarter and 2.56 in the prior year fourth quarter. “The Company was pleased with the 14 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer. “The remix of lower yield cash flow from the securities portfolio combined with the lower funding cost contributed to the improved net interest margin.”

Non-interest Income
Non-interest income for the current quarter totaled $31.5 million, which was a decrease of $3.2 million, or 9 percent, over the prior quarter and an increase of $684 thousand, or 2 percent, over the prior year fourth quarter. Service charges and other fees of $20.3 million for the current quarter decreased $265 thousand, or 1 percent, compared to the prior quarter and increased $1.2 million, or 6 percent, compared to the prior year fourth quarter. Gain on the sale of residential loans of $3.9 million for the current quarter decreased $972 thousand, or 20 percent, compared to the prior quarter and increased $1.7 million, or 76 percent, from the prior year fourth quarter. Included in the prior year fourth quarter gain on the sale of securities was $1.7 million gain on the sale of all of the Company’s Visa class B shares. Other income of $2.8 million decreased $1.5 million, or 35 percent, over the prior quarter primarily due to a $1.2 million gain on the sale of repossessed property during the prior quarter.

Non-interest Expense Summary

	Three Months ended
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024				Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Compensation and employee benefits	$	81,600			85,083			84,434			85,789			71,420
Occupancy and equipment		11,589			11,989			11,594			11,883			10,533
Advertising and promotions		3,725			4,062			4,362			3,983			3,410
Data processing		9,145			9,196			9,387			9,159			8,511
Other real estate owned and foreclosed assets		30			13			149			25			78
Regulatory assessments and insurance		5,890			5,150			5,393			7,761			12,435
Intangibles amortization		3,613			3,367			3,017			2,760			2,427
Other expenses		25,373			25,848			22,616			30,483			23,382
Total non-interest expense	$	140,965			144,708			140,952			151,843			132,196
				$ Change from
(Dollars in thousands)				Sep 30, 2024				Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Compensation and employee benefits				$	(3,483	)		(2,834	)		(4,189	)		10,180
Occupancy and equipment					(400	)		(5	)		(294	)		1,056
Advertising and promotions					(337	)		(637	)		(258	)		315
Data processing					(51	)		(242	)		(14	)		634
Other real estate owned and foreclosed assets					17			(119	)		5			(48	)
Regulatory assessments and insurance					740			497			(1,871	)		(6,545	)
Core deposit intangibles amortization					246			596			853			1,186
Other expenses					(475	)		2,757			(5,110	)		1,991
Total non-interest expense				$	(3,743	)		13			(10,878	)		8,769

Total non-interest expense of $141 million for the current quarter decreased $3.7 million, or 3 percent, over the prior quarter and increased $8.8 million, or 7 percent, over the prior year fourth quarter. Compensation and employee benefits of $81.6 million decreased by $3.5 million, or 4 percent, over the prior quarter and was primarily attributable to decreased performance-related compensation. Compensation and employee benefits increased $10.2 million, or 14 percent, from the prior year fourth quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB. Regulatory assessment and insurance of $5.9 million decreased $6.6 million from the prior year fourth quarter as a result of the $6.0 million expense related to the FDIC special assessment in the prior year fourth quarter.

Other expenses of $25.4 million increased $2.0 million, or 9 percent, from the prior year fourth quarter. The current quarter other expenses included $2.0 million of gains from the sale of former branch facilities and disposal of fixed assets. Acquisition-related expense was $491 thousand in the current quarter compared to $1.9 million in the prior quarter and $136 thousand in the prior year fourth quarter.

Federal and State Income Tax Expense

Tax expense during the fourth quarter of 2024 was $11.7 million, an increase of $572 thousand, or 5 percent, compared to the prior quarter and an increase of $3.9 million, or 51 percent, from the prior year fourth quarter. The effective tax rate in the current quarter was 16.0 percent compared to 17.9 percent in the prior quarter and 12.6 percent in the prior year fourth quarter.

Efficiency Ratio
The efficiency ratio was 60.50 percent in the current quarter compared to 64.92 percent in the prior quarter and 65.20 percent in the prior year fourth quarter. The decrease from the prior quarter was principally driven by the increase in net interest income combined with a decrease in non-interest expense.

Operating Results for Year Ended December 31, 2024 Compared to December 31, 2023
Income Summary
	Year ended
(Dollars in thousands)	Dec 31, 2024				Dec 31, 2023				$ Change				% Change
Net interest income
Interest income	$	1,139,850			$	1,017,655			$	122,195			12	%
Interest expense		435,218				325,973				109,245			34	%
Total net interest income		704,632				691,682				12,950			2	%
Non-interest income
Service charges and other fees		78,894				75,157				3,737			5	%
Miscellaneous loan fees and charges		18,694				16,935				1,759			10	%
Gain on sale of loans		16,855				12,202				4,653			38	%
Gain (loss) on sale of securities		30				1,510				(1,480	)		(98	)%
Other income		13,973				12,275				1,698			14	%
Total non-interest income		128,446				118,079				10,367			9	%
Total Income	$	833,078			$	809,761			$	23,317			3	%
Net interest margin (tax-equivalent)		2.77	%			2.73	%

Net Interest Income
Net-interest income of $705 million for 2024 increased $13.0 million, or 2 percent, over 2023 and was primarily driven by increased interest income which outpaced the increase in interest expense. Interest income of $1.140 billion for 2024 increased $122 million, or 12 percent, from the prior year and was primarily attributable to the increases in the loan yields and increases in the average balance of the loan portfolio. The loan yield was 5.61 percent during 2024, an increase of 42 basis points from the prior year 5.19 percent.

Interest expense of $435 million for 2024 increased $109 million, or 34 percent, over the prior year and was primarily the result of higher interest rates on deposits and an increase in deposit balances. Core deposit cost (including non-interest bearing deposits) was 1.34 percent for 2024 compared to 0.77 percent for the prior year. The total funding cost (including non-interest bearing deposits) for 2024 was 1.79 percent, which was an increase of 44 basis points over the prior year funding cost of 1.35 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2024 was 2.77 percent, a 4 basis points increase from the net interest margin of 2.73 percent for the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.72 percent in the current year compared to 2.71 percent in the prior year.

Non-interest Income  

Non-interest income of $128 million for 2024 increased $10.4 million, or 9 percent, over last year. Gain on sale of residential loans of $16.9 million for 2024 increased by $4.7 million, or 38 percent, over the prior year. Other income of $14.0 million for 2024 increased $1.7 million, or 14 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current year.

Non-interest Expense Summary

	Year ended
(Dollars in thousands)	Dec 31, 2024			Dec 31, 2023			$ Change				% Change
Compensation and employee benefits	$	336,906		$	309,048		$	27,858			9	%
Occupancy and equipment		47,055			43,578			3,477			8	%
Advertising and promotions		16,132			15,430			702			5	%
Data processing		36,887			33,752			3,135			9	%
Other real estate owned and foreclosed assets		217			119			98			82	%
Regulatory assessments and insurance		24,194			28,712			(4,518	)		(16	)%
Core deposit intangibles amortization		12,757			9,731			3,026			31	%
Other expenses		104,320			86,988			17,332			20	%
Total non-interest expense	$	578,468		$	527,358		$	51,110			10	%

Total non-interest expense of $578 million for 2024 increased $51.1 million, or 10 percent, over the prior year. Compensation and employee benefits expense of $337 million in 2024 increased $27.9 million, or 9 percent, over the prior year and was driven by annual salary increases, increases in performance-related compensation and the acquisitions of Wheatland and RMB. Regulatory assessments and insurance expense of $24.2 million for 2024 decreased $4.5 million, or 16 percent, over the prior year which was principally due to the prior year $6.0 million expense related to the FDIC special assessment which had subsequent $1.0 million accrual adjustment increases in 2024. Other expenses of $104 million for 2024 increased $17.3 million, or 20 percent, from the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses and increased costs from the acquisition of Wheatland and RMB. The increase was partially offset by gains of $5.1 million from the sale of former branch facilities and disposal of fixed assets.

Provision for Credit Losses

The provision for credit loss expense was $28.3 million during 2024, an increase of $13.5 million, or 91 percent, over the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for 2024 were $13.9 million compared to $10.3 million in the prior year.

Federal and State Income Tax Expense
Tax expense of $36.2 million for 2024 decreased $8.5 million, or 19 percent, over the prior year. The effective tax rate for 2024 was 16.0 percent compared to 16.7 percent for the same period in the prior year.

Efficiency Ratio
The efficiency ratio was 66.71 percent for 2024 compared to 62.85 percent for 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense including costs associated with the acquisition of Wheatland and RMB.

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

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

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

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 24, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI48e927f557ce420692df4cbc5e0e77fb. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/qm4zr4ba.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)	Dec 31, 2024				Sep 30, 2024			Dec 31, 2023
Assets
Cash on hand and in banks	$	268,746			342,105			246,525
Interest bearing cash deposits		579,662			645,728			1,107,817
Cash and cash equivalents		848,408			987,833			1,354,342
Debt securities, available-for-sale		4,245,205			4,436,578			4,785,719
Debt securities, held-to-maturity		3,294,847			3,348,698			3,502,411
Total debt securities		7,540,052			7,785,276			8,288,130
Loans held for sale, at fair value		33,060			46,126			15,691
Loans receivable		17,261,849			17,181,187			16,198,082
Allowance for credit losses		(206,041	)		(205,170	)		(192,757	)
Loans receivable, net		17,055,808			16,976,017			16,005,325
Premises and equipment, net		468,220			466,977			421,791
Other real estate owned and foreclosed assets		1,164			633			1,503
Accrued interest receivable		99,262			114,121			94,526
Deferred tax asset		138,955			125,432			159,070
Intangibles, net		51,182			52,780			31,870
Goodwill		1,051,318			1,053,556			985,393
Non-marketable equity securities		99,669			98,285			12,755
Bank-owned life insurance		189,849			188,971			171,101
Other assets		326,040			309,762			201,132
Total assets	$	27,902,987			28,205,769			27,742,629
Liabilities
Non-interest bearing deposits	$	6,136,709			6,407,728			6,022,980
Interest bearing deposits		14,410,285			14,307,036			13,906,187
Securities sold under agreements to repurchase		1,777,475			1,831,501			1,486,850
FHLB advances		1,800,000			1,800,000			—
FRB Bank Term Funding		—			—			2,740,000
Other borrowed funds		83,341			84,168			81,695
Subordinated debentures		133,105			133,065			132,943
Accrued interest payable		33,626			35,382			125,907
Other liabilities		304,592			361,839			225,786
Total liabilities		24,679,133			24,960,719			24,722,348
Commitments and Contingent Liabilities		—			—			—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—			—			—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,134			1,134			1,109
Paid-in capital		2,448,758			2,447,200			2,350,104
Retained earnings - substantially restricted		1,083,258			1,059,022			1,043,181
Accumulated other comprehensive loss		(309,296	)		(262,306	)		(374,113	)
Total stockholders’ equity		3,223,854			3,245,050			3,020,281
Total liabilities and stockholders’ equity	$	27,902,987			28,205,769			27,742,629

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations
	Three Months ended								Year ended
(Dollars in thousands, except per share data)	Dec 31, 2024			Sep 30, 2024		Dec 31, 2023			Dec 31, 2024		Dec 31, 2023
Interest Income
Investment securities	$	50,381		46,371		57,233			195,135		201,930
Residential real estate loans		23,960		23,118		19,820			89,596		71,328
Commercial loans		199,260		196,901		175,957			765,959		669,663
Consumer and other loans		23,435		23,188		20,486			89,160		74,734
Total interest income		297,036		289,578		273,496			1,139,850		1,017,655
Interest Expense
Deposits		67,079		70,607		63,484			272,734		162,426
Securities sold under agreements to repurchase		14,822		14,737		12,229			55,723		36,414
Federal Home Loan Bank advances		21,848		22,344		—			72,620		26,910
FRB Bank Term Funding		—		—		30,228			27,097		93,388
Other borrowed funds		348		252		(372	)		1,297		1,056
Subordinated debentures		1,496		1,407		1,471			5,747		5,779
Total interest expense		105,593		109,347		107,040			435,218		325,973
Net Interest Income		191,443		180,231		166,456			704,632		691,682
Provision for credit losses		8,534		8,005		3,013			28,306		14,795
Net interest income after provision for credit losses		182,909		172,226		163,443			676,326		676,887
Non-Interest Income
Service charges and other fees		20,322		20,587		19,115			78,894		75,157
Miscellaneous loan fees and charges		4,541		4,970		4,484			18,694		16,935
Gain on sale of loans		3,926		4,898		2,228			16,855		12,202
Gain (loss) on sale of securities		—		26		1,712			30		1,510
Other income		2,760		4,223		3,326			13,973		12,275
Total non-interest income		31,549		34,704		30,865			128,446		118,079
Non-Interest Expense
Compensation and employee benefits		81,600		85,083		71,420			336,906		309,048
Occupancy and equipment		11,589		11,989		10,533			47,055		43,578
Advertising and promotions		3,725		4,062		3,410			16,132		15,430
Data processing		9,145		9,196		8,511			36,887		33,752
Other real estate owned and foreclosed assets		30		13		78			217		119
Regulatory assessments and insurance		5,890		5,150		12,435			24,194		28,712
Intangibles amortization		3,613		3,367		2,427			12,757		9,731
Other expenses		25,373		25,848		23,382			104,320		86,988
Total non-interest expense		140,965		144,708		132,196			578,468		527,358
Income Before Income Taxes		73,493		62,222		62,112			226,304		267,608
Federal and state income tax expense		11,739		11,167		7,796			36,160		44,681
Net Income	$	61,754		51,055		54,316			190,144		222,927

Glacier Bancorp, Inc. Average Balance Sheets
	Three Months ended
	December 31, 2024									September 30, 2024
(Dollars in thousands)	Average Balance			Interest & Dividends			Average Yield/ Rate			Average Balance			Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,885,146		$	23,960		5.08	%		$	1,850,066		$	23,118		5.00	%
Commercial loans1		14,059,864			200,956		5.69	%			13,957,304			198,556		5.66	%
Consumer and other loans		1,324,341			23,435		7.04	%			1,324,142			23,188		6.97	%
Total loans2		17,269,351			248,351		5.72	%			17,131,512			244,862		5.69	%
Tax-exempt debt securities3		1,615,474			14,501		3.59	%			1,660,643			14,710		3.54	%
Taxable debt securities4, 5		7,314,265			38,189		2.09	%			7,073,967			34,001		1.92	%
Total earning assets		26,199,090			301,041		4.57	%			25,866,122			293,573		4.52	%
Goodwill and intangibles		1,104,362									1,092,632
Non-earning assets		888,404									836,878
Total assets	$	28,191,856								$	27,795,632
Liabilities
Non-interest bearing deposits	$	6,343,443		$	—		—	%		$	6,237,166		$	—		—	%
NOW and DDA accounts		5,491,451			15,768		1.14	%			5,314,459			16,221		1.21	%
Savings accounts		2,824,126			5,316		0.75	%			2,829,203			5,699		0.80	%
Money market deposit accounts		2,878,415			14,232		1.97	%			2,887,173			15,048		2.07	%
Certificate accounts		3,174,923			31,716		3.97	%			3,211,842			33,597		4.16	%
Total core deposits		20,712,358			67,032		1.29	%			20,479,843			70,565		1.37	%
Wholesale deposits6		3,654			47		4.95	%			3,122			42		5.47	%
Repurchase agreements		1,866,705			14,821		3.16	%			1,723,553			14,738		3.40	%
FHLB advances		1,800,000			21,848		4.75	%			1,828,533			22,344		4.78	%
Subordinated debentures and other borrowed funds		216,874			1,845		3.38	%			219,472			1,658		3.01	%
Total funding liabilities		24,599,591			105,593		1.71	%			24,254,523			109,347		1.79	%
Other liabilities		369,700									336,906
Total liabilities		24,969,291									24,591,429
Stockholders’ Equity
Stockholders’ equity		3,222,565									3,204,203
Total liabilities and stockholders’ equity	$	28,191,856								$	27,795,632
Net interest income (tax-equivalent)				$	195,448								$	184,226
Net interest spread (tax-equivalent)							2.86	%								2.73	%
Net interest margin (tax-equivalent)							2.97	%								2.83	%

______________________________

¹ Includes tax effect of $1.7 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and September 30, 2024, respectively.
² Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³ Includes tax effect of $2.1 million and $2.1 million on tax-exempt debt securities income for the three months ended December 31, 2024 and September 30, 2024, respectively.
⁴ Includes interest income of $9.2 million and $4.8 million on average interest-bearing cash balances of $759.7 million and $357.0 million for the three months ended December 31, 2024 and September 30, 2024, respectively.
⁵ Includes tax effect of $203 thousand and $203 thousand on federal income tax credits for the three months ended December 31, 2024 and September 30, 2024, respectively.
⁶ 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
	December 31, 2024									December 31, 2023
(Dollars in thousands)	Average Balance			Interest & Dividends			Average Yield/ Rate			Average Balance			Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,885,146		$	23,960		5.08	%		$	1,700,598		$	19,820		4.66	%
Commercial loans1		14,059,864			200,956		5.69	%			13,196,412			177,397		5.33	%
Consumer and other loans		1,324,341			23,435		7.04	%			1,279,626			20,486		6.35	%
Total loans2		17,269,351			248,351		5.72	%			16,176,636			217,703		5.34	%
Tax-exempt debt securities3		1,615,474			14,501		3.59	%			1,725,858			14,738		3.42	%
Taxable debt securities4, 5		7,314,265			38,189		2.09	%			8,466,825			44,665		2.11	%
Total earning assets		26,199,090			301,041		4.57	%			26,369,319			277,106		4.17	%
Goodwill and intangibles		1,104,362									1,018,423
Non-earning assets		888,404									487,979
Total assets	$	28,191,856								$	27,875,721
Liabilities
Non-interest bearing deposits	$	6,343,443		$	—		—	%		$	6,262,801		$	—		—	%
NOW and DDA accounts		5,491,451			15,768		1.14	%			5,245,602			14,751		1.12	%
Savings accounts		2,824,126			5,316		0.75	%			2,843,788			4,848		0.68	%
Money market deposit accounts		2,878,415			14,232		1.97	%			2,911,054			13,600		1.85	%
Certificate accounts		3,174,923			31,716		3.97	%			2,872,192			29,563		4.08	%
Total core deposits		20,712,358			67,032		1.29	%			20,135,437			62,762		1.24	%
Wholesale deposits6		3,654			47		4.95	%			53,841			722		5.32	%
Repurchase agreements		1,866,705			14,821		3.16	%			1,488,419			12,229		3.26	%
FHLB advances		1,800,000			21,848		4.75	%			—			—		—	%
FRB Bank Term Funding		—			—		—	%			2,740,000			30,228		4.38	%
Subordinated debentures and other borrowed funds		216,874			1,845		3.38	%			211,570			1,099		2.06	%
Total funding liabilities		24,599,591			105,593		1.71	%			24,629,267			107,040		1.72	%
Other liabilities		369,700									332,740
Total liabilities		24,969,291									24,962,007
Stockholders’ Equity
Stockholders’ equity		3,222,565									2,913,714
Total liabilities and stockholders’ equity	$	28,191,856								$	27,875,721
Net interest income (tax-equivalent)				$	195,448								$	170,066
Net interest spread (tax-equivalent)							2.86	%								2.45	%
Net interest margin (tax-equivalent)							2.97	%								2.56	%

______________________________

¹ Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2024 and 2023, respectively.
² Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³ Includes tax effect of $2.1 million and $2.0 million on tax-exempt debt securities income for the three months ended December 31, 2024 and 2023, respectively.
⁴ Includes interest income of $9.2 million and $17.7 million on average interest-bearing cash balances of $759.7 million and $1.29 billion for the three months ended December 31, 2024 and 2023, respectively.
⁵ Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended December 31, 2024 and 2023, respectively.
⁶ 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)
	Year ended
	December 31, 2024									December 31, 2023
(Dollars in thousands)	Average Balance			Interest & Dividends			Average Yield/ Rate			Average Balance			Interest & Dividends			Average Yield/ Rate
Assets
Residential real estate loans	$	1,820,057		$	89,596		4.92	%		$	1,603,600		$	71,328		4.45	%
Commercial loans1		13,818,805			772,496		5.59	%			12,982,708			675,549		5.20	%
Consumer and other loans		1,305,716			89,160		6.83	%			1,247,114			74,734		5.99	%
Total loans2		16,944,578			951,252		5.61	%			15,833,422			821,611		5.19	%
Tax-exempt debt securities3		1,675,732			59,479		3.55	%			1,740,746			59,716		3.43	%
Taxable debt securities4, 5		7,400,887			145,128		1.96	%			8,297,203			152,003		1.83	%
Total earning assets		26,021,197			1,155,859		4.44	%			25,871,371			1,033,330		3.99	%
Goodwill and intangibles		1,079,404									1,022,052
Non-earning assets		773,322									504,698
Total assets	$	27,873,923								$	27,398,121
Liabilities
Non-interest bearing deposits	$	6,144,268		$	—		—	%		$	6,642,339		$	—		—	%
NOW and DDA accounts		5,326,296			63,635		1.19	%			5,167,117			37,357		0.72	%
Savings accounts		2,866,908			22,684		0.79	%			2,908,584			9,918		0.34	%
Money market deposit accounts		2,904,461			58,140		2.00	%			3,166,914			42,254		1.33	%
Certificate accounts		3,106,755			128,081		4.12	%			1,949,206			64,176		3.29	%
Total core deposits		20,348,688			272,540		1.34	%			19,834,160			153,705		0.77	%
Wholesale deposits6		3,615			194		5.36	%			173,231			8,721		5.03	%
Repurchase agreements		1,676,040			55,723		3.32	%			1,301,223			36,414		2.80	%
FHLB advances		1,498,494			72,620		4.77	%			551,986			26,910		4.81	%
FRB Bank Term Funding		617,377			27,097		4.39	%			2,133,658			93,388		4.38	%
Subordinated debentures and other borrowed funds		219,839			7,044		3.20	%			209,567			6,835		3.26	%
Total funding liabilities		24,364,053			435,218		1.79	%			24,203,825			325,973		1.35	%
Other liabilities		351,825									275,359
Total liabilities		24,715,878									24,479,184
Stockholders’ Equity
Stockholders’ equity		3,158,045									2,918,937
Total liabilities and stockholders’ equity	$	27,873,923								$	27,398,121
Net interest income (tax-equivalent)				$	720,641								$	707,357
Net interest spread (tax-equivalent)							2.65	%								2.64	%
Net interest margin (tax-equivalent)							2.77	%								2.73	%

______________________________

¹ Includes tax effect of $6.5 million and $5.9 million on tax-exempt municipal loan and lease income for the year months ended December 31, 2024 and 2023, respectively.
² Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³ Includes tax effect of $8.6 million and $8.9 million on tax-exempt debt securities income for the year months ended December 31, 2024 and 2023, respectively.
⁴ Includes interest income of $31.2 million and $42.2 million on average interest-bearing cash balances of $594.8 million and $791.5 million for the year months ended December 31, 2024 and 2023, respectively.
⁵ Includes tax effect of $832 thousand and $859 thousand on federal income tax credits for the year months ended December 31, 2024 and 2023, respectively.
⁶ 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)	Dec 31, 2024				Sep 30, 2024				Dec 31, 2023				Sep 30, 2024			Dec 31, 2023
Custom and owner occupied construction	$	242,844			$	235,915			$	290,572			3	%		(16	)%
Pre-sold and spec construction		191,926				203,610				236,596			(6	)%		(19	)%
Total residential construction		434,770				439,525				527,168			(1	)%		(18	)%
Land development		197,369				205,704				232,966			(4	)%		(15	)%
Consumer land or lots		187,024				189,705				187,545			(1	)%		—	%
Unimproved land		113,532				109,237				87,739			4	%		29	%
Developed lots for operative builders		61,661				67,140				56,142			(8	)%		10	%
Commercial lots		99,243				98,644				87,185			1	%		14	%
Other construction		693,461				689,638				900,547			1	%		(23	)%
Total land, lot, and other construction		1,352,290				1,360,068				1,552,124			(1	)%		(13	)%
Owner occupied		3,197,138				3,121,900				3,035,768			2	%		5	%
Non-owner occupied		4,053,996				4,001,430				3,742,916			1	%		8	%
Total commercial real estate		7,251,134				7,123,330				6,778,684			2	%		7	%
Commercial and industrial		1,395,997				1,387,538				1,363,479			1	%		2	%
Agriculture		1,024,520				1,047,320				772,458			(2	)%		33	%
1st lien		2,481,918				2,462,885				2,127,989			1	%		17	%
Junior lien		76,303				77,029				47,230			(1	)%		62	%
Total 1-4 family		2,558,221				2,539,914				2,175,219			1	%		18	%
Multifamily residential		895,242				921,138				796,538			(3	)%		12	%
Home equity lines of credit		1,005,783				1,004,300				979,891			—	%		3	%
Other consumer		209,457				221,517				229,154			(5	)%		(9	)%
Total consumer		1,215,240				1,225,817				1,209,045			(1	)%		1	%
States and political subdivisions		983,601				993,871				834,947			(1	)%		18	%
Other		183,894				188,792				204,111			(3	)%		(10	)%
Total loans receivable, including loans held for sale		17,294,909				17,227,313				16,213,773			—	%		7	%
Less loans held for sale1		(33,060	)			(46,126	)			(15,691	)		(28	)%		111	%
Total loans receivable	$	17,261,849			$	17,181,187			$	16,198,082			—	%		7	%

______________________________

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

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification
	Non-performing Assets, by Loan Type							Non- Accrual Loans		Accruing Loans 90 Days or More Past Due		Other real estate owned and foreclosed assets
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2024		Dec 31, 2024
Custom and owner occupied construction	$	198		202		214		198		—		—
Pre-sold and spec construction		2,132		3,705		763		813		1,319		—
Total residential construction		2,330		3,907		977		1,011		1,319		—
Land development		966		583		35		966		—		—
Consumer land or lots		78		458		96		78		—		—
Developed lots for operative builders		531		531		608		—		531		—
Commercial lots		47		47		47		—		47		—
Total land, lot and other construction		1,622		1,619		786		1,044		578		—
Owner occupied		2,979		1,903		1,838		1,545		1,002		432
Non-owner occupied		2,235		1,335		11,016		1,582		—		653
Total commercial real estate		5,214		3,238		12,854		3,127		1,002		1,085
Commercial and Industrial		2,069		2,455		1,971		1,420		641		8
Agriculture		2,335		6,040		2,558		2,122		213		—
1st lien		9,053		6,065		2,664		7,457		1,596		—
Junior lien		315		279		180		303		12		—
Total 1-4 family		9,368		6,344		2,844		7,760		1,608		—
Multifamily residential		389		392		395		389		—		—
Home equity lines of credit		3,465		2,867		2,043		2,826		639		—
Other consumer		955		1,111		1,187		746		138		71
Total consumer		4,420		3,978		3,230		3,572		777		71
Other		39		148		16		—		39		—
Total	$	27,786		28,121		25,631		20,445		6,177		1,164

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
	Accruing 30-89 Days Delinquent Loans,  by Loan Type									% Change from
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2023
Custom and owner occupied construction	$	969		$	13		$	2,549		7,354	%		(62	)%
Pre-sold and spec construction		564			1,250			1,219		(55	)%		(54	)%
Total residential construction		1,533			1,263			3,768		21	%		(59	)%
Land development		1,450			157			163		824	%		790	%
Consumer land or lots		402			747			624		(46	)%		(36	)%
Unimproved land		36			39			—		(8	)%		n/m
Developed lots for operative builders		214			—			—		n/m			n/m
Commercial lots		—			—			2,159		n/m			(100	)%
Total land, lot and other construction		2,102			943			2,946		123	%		(29	)%
Owner occupied		2,867			5,641			2,222		(49	)%		29	%
Non-owner occupied		5,037			13,785			14,471		(63	)%		(65	)%
Total commercial real estate		7,904			19,426			16,693		(59	)%		(53	)%
Commercial and industrial		6,194			3,125			12,905		98	%		(52	)%
Agriculture		744			16,932			594		(96	)%		25	%
1st lien		6,326			6,275			3,768		1	%		68	%
Junior lien		214			13			1		1,546	%		21,300	%
Total 1-4 family		6,540			6,288			3,769		4	%		74	%
Home equity lines of credit		3,731			4,567			4,518		(18	)%		(17	)%
Other consumer		1,775			2,227			3,264		(20	)%		(46	)%
Total consumer		5,506			6,794			7,782		(19	)%		(29	)%
Other		1,705			1,442			1,510		18	%		13	%
Total	$	32,228		$	56,213		$	49,967		(43	)%		(36	)%

______________________________

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)	Dec 31, 2024				Sep 30, 2024			Dec 31, 2023			Dec 31, 2024		Dec 31, 2024
Pre-sold and spec construction	$	(4	)		(4	)		(15	)		—		4
Land development		1,095			(21	)		(135	)		1,128		33
Consumer land or lots		(22	)		(21	)		(19	)		—		22
Unimproved land		1,338			5			—			1,338		—
Commercial lots		319			319			—			319		—
Other construction		—			—			889			—		—
Total land, lot and other construction		2,730			282			735			2,785		55
Owner occupied		(73	)		(73	)		(59	)		—		73
Non-owner occupied		2			(3	)		799			7		5
Total commercial real estate		(71	)		(76	)		740			7		78
Commercial and industrial		1,422			1,272			364			2,084		662
Agriculture		64			65			—			68		4
1st lien		32			(34	)		66			71		39
Junior lien		(65	)		(60	)		24			10		75
Total 1-4 family		(33	)		(94	)		90			81		114
Multifamily residential		—			—			(136	)		—		—
Home equity lines of credit		69			(31	)		(6	)		140		71
Other consumer		1,078			753			1,097			1,494		416
Total consumer		1,147			722			1,091			1,634		487
Other		8,643			6,561			7,447			11,967		3,324
Total	$	13,898			8,728			10,316			18,626		4,728

Visit our website at www.glacierbancorp.com

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

FAQ

What was GBCI's earnings per share in Q4 2024?

GBCI reported diluted earnings per share of $0.54 in Q4 2024, up 20% from $0.45 in Q3 2024 and 10% from $0.49 in Q4 2023.

How much did GBCI's loan portfolio grow in 2024?

GBCI's loan portfolio grew by $1.064 billion or 7% in 2024, with organic growth of $342 million (2%) excluding acquisitions.

What acquisitions did GBCI complete in 2024?

GBCI completed two acquisitions in 2024: six Montana RMB branches in July with $403 million in assets and Wheatland Bank in January with $778 million in assets.

What was GBCI's net interest margin in Q4 2024?

GBCI's net interest margin was 2.97% in Q4 2024, increasing 14 basis points from 2.83% in Q3 2024 and 41 basis points from 2.56% in Q4 2023.

How much did GBCI's total deposits change in Q4 2024?

GBCI's total deposits decreased by $168 million (1%) in Q4 2024 compared to Q3, but increased by $618 million (3%) from year-end 2023.