$GBCI

GLACIER BANCORP INC

CIK:0000868671|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Investment securities	$ 42,890	$ 44,148	$ 88,016	$ 89,794
Residential real estate loans	30,104	25,361	63,812	49,636
Commercial loans	266,123	214,816	524,739	412,204
Consumer and other loans	26,103	23,790	50,990	46,406
Total interest income	365,220	308,115	727,557	598,040
Interest Expense
Deposits	71,972	65,569	144,223	128,434
Securities sold under agreements to repurchase	13,227	14,109	26,846	27,842
Federal Home Loan Bank advances	0	17,806	4,226	38,525
Other borrowed funds	455	400	898	802
Subordinated debentures	3,138	2,615	6,259	4,842
Total interest expense	88,792	100,499	182,452	200,445
Net Interest Income	276,428	207,616	545,105	397,595
Provision for credit losses	6,355	20,267	12,419	28,081
Net interest income after provision for credit losses	270,073	187,349	532,686	369,514
Non-Interest Income
Deposit service charges and other fees	16,351	13,910	31,616	27,125
Payment services	12,012	10,457	23,380	19,785
Miscellaneous loan fees and charges	2,558	1,890	4,837	3,581
Gain on sale of loans	5,007	4,273	10,115	8,584
Gain (loss) on sale of securities	0	0	0	0
Other income	5,173	2,414	9,235	6,511
Total non-interest income	41,101	32,944	79,183	65,586
Non-Interest Expense
Compensation and employee benefits	116,299	94,355	232,069	185,798
Occupancy and equipment	15,661	12,558	31,343	24,852
Advertising and promotions	5,092	4,394	10,348	8,538
Data processing	12,380	9,883	25,653	19,021
Other real estate owned and foreclosed assets	83	26	289	89
Regulatory assessments and insurance	5,506	5,847	11,909	11,381
Intangibles amortization	4,799	3,624	9,598	6,894
Other expenses	26,880	24,432	66,020	49,864
Total non-interest expense	186,700	155,119	387,229	306,437
Income Before Income Taxes	124,474	65,174	224,640	128,663
Federal and state income tax expense	26,612	12,393	44,634	21,314
Net Income	$ 97,862	$ 52,781	$ 180,006	$ 107,349
Basic earnings per share (in dollars per share)	$ 0.75	$ 0.45	$ 1.38	$ 0.93
Diluted earnings per share (in dollars per share)	0.75	0.45	1.38	0.93
Dividends declared per share (in dollars per share)	$ 0.33	$ 0.33	$ 0.66	$ 0.66
Average outstanding shares - basic (in shares)	130,167,496	116,890,776	130,110,494	115,180,489
Average outstanding shares - diluted (in shares)	130,346,888	116,918,290	130,283,236	115,244,550

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 180,006	$ 107,349
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	12,419	28,081
Net amortization of debt securities	3,911	5,778
Net amortization of purchase accounting adjustments and deferred loan fees and costs	(7,169)	(2,158)
Origination of loans held for sale	(421,782)	(349,991)
Proceeds from loans held for sale	425,938	343,897
Gain on sale of loans	(10,115)	(8,584)
Bank-owned life insurance income, net	(3,803)	(2,339)
Stock-based compensation, net of tax benefits	6,918	3,809
Depreciation and amortization	18,871	15,288
Gain on dispositions of premises and equipment	(2,173)	(2,622)
(Gain) loss on sale and write-downs of other real estate owned, net	(70)	32
Amortization of core deposit and other intangibles	9,598	6,894
Amortization of investments in variable interest entities	16,997	15,004
Net increase in accrued interest receivable	(162)	(2,631)
Net increase in other assets	(3,058)	(8,055)
Net decrease in accrued interest payable	(3,244)	(7,537)
Net decrease in operating lease liabilities	(4,696)	(2,113)
Net decrease in other liabilities	(9,755)	(1,623)
Net cash provided by operating activities	208,631	138,479
Investing Activities
Sales of debt securities, available-for-sale	0	120,245
Maturities, prepayments and calls of available-for-sale debt securities	2,761,629	359,587
Purchases of available-for-sale debt securities	(2,249,395)	(28,239)
Maturities, prepayments and calls of held-to-maturity debt securities	105,610	102,356
Purchases of held-to-maturity debt securities	0	(13,723)
Net increase in loans	(438,360)	(198,386)
Proceeds from sale of premises and equipment	6,187	4,490
Net additions to premises and equipment	(22,611)	(12,178)
Proceeds from sale of other real estate owned	930	649
Proceeds from redemption of equity securities	22,231	30,485
Purchases of equity securities	(711)	(4,666)
Proceeds from bank-owned life insurance	3,108	590
Investments in variable interest entities	(23,897)	(25,838)
Net cash received from acquisitions	0	26,125
Net cash provided by investing activities	164,721	361,497
Financing Activities
Net increase in deposits	62,778	3,359
Net (decrease) increase in securities sold under agreements to repurchase	(131,612)	198,753
Net decrease in short-term Federal Home Loan Bank advances	0	(13,000)
Repayments of long-term Federal Home Loan Bank advances	(440,000)	(580,000)
Net increase in other borrowed funds	1,406	304
Principal payments on finance lease liabilities	(2,494)	(1,959)
Cash dividends paid	(43,286)	(37,833)
Tax withholding payments for stock-based compensation	(2,269)	(2,501)
Proceeds from stock option exercises	3,543	0
Net cash used in financing activities	(551,934)	(432,877)
Net (decrease) increase in cash and cash equivalents	(178,582)	67,099
Cash, cash equivalents at beginning of period	1,235,261	848,408
Cash, cash equivalents at end of period	1,056,679	915,507
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	185,697	207,982
Cash paid during the period for income taxes	26,941	16,087
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Sale and refinancing of other real estate owned	0	1
Transfer of loans to other real estate owned	1,992	1,397
Right-of-use assets obtained in exchange for new lease liabilities	8,536	604
Equity investments obtained in exchange for delayed equity contributions	15,000	20,849
Dividends declared during the period but not paid	43,249	39,307
Acquisitions
Fair value of common stock shares issued	0	204,986
Cash consideration	0	2
Fair value of assets acquired	0	1,364,640
Liabilities assumed	$ 0	$ 1,159,652

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash on hand and in banks	$ 353,748	$ 321,526
Interest bearing cash deposits	702,931	913,735
Cash and cash equivalents	1,056,679	1,235,261
Debt securities, available-for-sale	3,482,725	4,007,512
Debt securities, held-to-maturity	3,004,758	3,110,216
Total debt securities	6,487,483	7,117,728
Loans held for sale, at fair value	45,145	39,186
Loans receivable	21,363,723	20,927,796
Allowance for credit losses	(260,025)	(255,319)
Loans receivable, net	21,103,698	20,672,477
Premises and equipment, net	493,497	486,184
Right-of-use assets, net	76,428	75,574
Other real estate owned and foreclosed assets	1,541	411
Accrued interest receivable	120,254	120,092
Deferred tax asset, net	102,902	101,337
Intangibles, net	95,671	105,269
Goodwill	1,378,283	1,378,283
Federal Home Loan Bank stock, at cost	21,244	42,764
Bank-owned life insurance	235,984	235,090
Other assets	380,192	368,407
Total assets	31,599,001	31,978,063
Liabilities
Non-interest bearing deposits	7,423,439	7,314,779
Interest bearing deposits	17,230,678	17,276,317
Securities sold under agreements to repurchase	1,952,501	2,084,113
Federal Home Loan Bank advances	0	440,000
Other borrowed funds	52,880	51,473
Finance lease liabilities	31,606	28,808
Subordinated debentures	188,573	187,492
Accrued interest payable	29,542	32,786
Operating lease liabilities	51,320	52,869
Other liabilities	325,440	295,605
Total liabilities	27,285,979	27,764,242
Commitments and Contingent Liabilities	0	0
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value per share, 234,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively	1,302	1,300
Paid-in capital	3,229,635	3,220,064
Retained earnings	1,253,379	1,159,567
Accumulated other comprehensive loss	(171,294)	(167,110)
Total stockholders’ equity	4,313,022	4,213,821
Total liabilities and stockholders’ equity	$ 31,599,001	$ 31,978,063
Number of common stock shares issued (in shares)	130,202,054	129,971,712
Number of common stock shares outstanding (in shares)	130,202,054	129,971,712