Market Overview

Glacier Bancorp, Inc. Announces Results for the Quarter Ended September 30, 2016

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3rd Quarter 2016 Highlights:

  • Record earnings of $31.0 million for the current quarter, an increase $1.4 million, or 5 percent, over the prior year third quarter net income of $29.6 million.
  • Current quarter diluted earnings per share of $0.40, an increase of 3 percent from the prior year third quarter diluted earnings per share of $0.39.
  • Organic loan growth of $165 million, or 12 percent annualized for the current quarter.
  • Net interest margin of 4.00 percent as a percentage of earning assets, on a tax equivalent basis, for the current quarter compared to 3.96 percent in the prior year third quarter.
  • Dividend declared of $0.20 per share, an increase of $0.01 per share, or 5 percent, over the prior year third quarter.  The dividend was the 126th consecutive quarterly dividend declared by the Company.
  • The Company successfully completed the fourth phase of the consolidation of its bank divisions' core database systems into our new "Gold Bank" core database system.
  • The Company completed the acquisition of Treasure State Bank based in Missoula, Montana.

Year-to-Date 2016 Highlights:

  • Net income of $90.1 million for the first nine months of 2016, an increase of 4 percent over $86.6 million for the same period in the prior year.
  • Diluted earnings per share of $1.18, an increase of 3 percent from the first nine months of the prior year diluted earnings per share of $1.15.
  • Organic loan growth of $465 million, or 12 percent annualized for the first nine months of the current year.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, for the first nine months of the current year compared to 3.99 percent for the same period last year.

Financial Highlights

  At or for the Three Months ended At or for the Nine Months
ended
(Dollars in thousands, except per share and market data) Sep 30,
 2016
 Jun 30,
 2016
 Mar 31,
 2016
 Sep 30,
 2015
 Sep 30,
 2016
 Sep 30,
 2015
Operating results            
Net income $30,957  30,451  28,682  29,614  90,090  86,619 
Basic earnings per share $0.40  0.40  0.38  0.39  1.18  1.15 
Diluted earnings per share $0.40  0.40  0.38  0.39  1.18  1.15 
Dividends declared per share $0.20  0.20  0.20  0.19  0.60  0.56 
Market value per share            
Closing $28.52  26.58  25.42  26.39  28.52  26.39 
High $29.99  27.68  26.34  29.88  29.99  30.08 
Low $25.49  24.31  22.19  24.33  22.19  22.27 
Selected ratios and other data            
Number of common stock shares outstanding  76,525,402  76,171,580  76,168,388  75,532,082  76,525,402  75,532,082 
Average outstanding shares - basic  76,288,640  76,170,734  76,126,251  75,531,923  76,195,550  75,424,147 
Average outstanding shares - diluted  76,350,873  76,205,069  76,173,417  75,586,453  76,247,051  75,469,355 
Return on average assets (annualized) 1.34% 1.34% 1.28% 1.36% 1.32% 1.37%
Return on average equity (annualized) 10.80% 10.99% 10.53% 10.93% 10.77% 10.90%
Efficiency ratio 55.84% 56.10% 56.53% 54.32% 56.15% 55.01%
Dividend payout ratio 50.00% 50.00% 52.63% 48.72% 50.85% 48.70%
Loan to deposit ratio 77.53% 76.92% 74.65% 73.68% 77.53% 73.68%
Number of full time equivalent employees  2,207  2,210  2,184  2,040  2,207  2,040 
Number of locations  142  143  144  133  142  133 
Number of ATMs  166  167  167  158  166  158 
             

KALISPELL, Mont., Oct. 20, 2016 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $31.0 million for the current quarter, an increase of $1.4 million, or 5 percent, from the $29.6 million of net income for the prior year third quarter.  Diluted earnings per share for the current quarter was $0.40 per share, an increase of $0.01, or 3 percent, from the prior year third quarter diluted earnings per share of $0.39.  Included in the current quarter was $228 thousand of acquisition-related expenses and $1.4 million of expenses related to the Company's consolidation of its bank divisions' core database systems (Core Consolidation Project or "CCP") including expenses related to the re-issuance of debit cards with chip technology.   As of September 30, 2016, the Company had completed the CCP conversion project for ten of its thirteen bank divisions.   "We again delivered a very good quarter as we reported record earnings, excellent organic loan growth, and a 4 percent net interest margin," said Mick Blodnick, President and Chief Executive Officer.  "In addition, we are in the final stage of our two year core consolidation project and will have all our Banks, including Treasure State Bank on our new ‘Gold Bank' platform by the end of October," Blodnick said. Net income for the nine months ended September 30, 2016 was $90.1 million, an increase of $3.5 million, or 4 percent, from the $86.6 million of net income for the first nine months of the prior year.  Diluted earnings per share for the first nine months of 2016 was $1.18 per share, an increase of $0.03, or 3 percent, from the diluted earnings per share of $1.15 for the same period in the prior year. On August 31, 2016, the Company completed the acquisition of Treasure State Bank ("TSB") based in Missoula, Montana which marks the Company's 18th acquisition since 2000 and its sixth announced transaction in the past three years. The Company's results of operations and financial condition include the acquisition of TSB from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired: (Dollars in thousands) August 31,  2016Total assets $76,165 Loans receivable 51,875 Non-interest bearing deposits 13,005 Interest bearing deposits 45,359 Federal Home Loan Bank advances 3,260      Asset Summary           $ Change from(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015Cash and cash equivalents $251,413  160,333  193,253  242,835  91,080  58,160  8,578 Investment securities, available-for-sale 2,292,079  2,487,955  2,610,760  2,530,994  (195,876) (318,681) (238,915)Investment securities, held-to-maturity 679,707  680,574  702,072  651,822  (867) (22,365) 27,885 Total investment securities 2,971,786  3,168,529  3,312,832  3,182,816  (196,743) (341,046) (211,030)Loans receivable              Residential real estate 696,817  672,895  688,912  644,694  23,922  7,905  52,123 Commercial real estate 2,919,415  2,773,298  2,633,953  2,500,952  146,117  285,462  418,463 Other commercial 1,303,241  1,258,227  1,099,564  1,080,715  45,014  203,677  222,526 Home equity 435,935  431,659  420,901  412,256  4,276  15,034  23,679 Other consumer 240,554  242,538  235,351  237,802  (1,984) 5,203  2,752 Loans receivable 5,595,962  5,378,617  5,078,681  4,876,419  217,345  517,281  719,543 Allowance for loan and lease losses (132,534) (132,386) (129,697) (130,768) (148) (2,837) (1,766)Loans receivable, net 5,463,428  5,246,231  4,948,984  4,745,651  217,197  514,444  717,777 Other assets 630,248  624,349  634,163  592,997  5,899  (3,915) 37,251 Total assets $9,316,875  9,199,442  9,089,232  8,764,299  117,433  227,643  552,576                         Total investment securities of $2.972 billion at September 30, 2016 decreased $197 million, or 6 percent, during the current quarter.  The decrease in the investment portfolio resulted from the Company redeploying the investment securities portfolio cash flow into the Company's higher yielding loan portfolio.  Investment securities represented 32 percent of total assets at September 30, 2016 compared to 36 percent of total assets at December 31, 2015 and 36 percent at September 30, 2015. Excluding the acquisition of TSB, the loan portfolio grew $165 million, or 12 percent annualized, during the current quarter.  Excluding the acquisition, the loan category with the largest increase was commercial real estate which increased $121 million, or 4 percent.  Excluding the TSB acquisition and the acquisition of Cañon National Bank ("Cañon") in October 2015, the loan portfolio increased $508 million, or 10 percent, since September 30, 2015 with $283 million and $198 million of the increase coming from growth in commercial real estate and other commercial loans, respectively.  "Loan growth in the third quarter continued at a solid pace led by increases in commercial construction and commercial real estate loans," Blodnick said.  "During the quarter we continued to add to our residential construction portfolio something we've been working hard at the past couple of years.  We were also pleased that with the exception of commercial and industrial loans all other loan categories increased this quarter." Credit Quality Summary (Dollars in thousands) At or for the Nine Months ended Sep 30, 2016 At or for the Six Months ended Jun 30,  2016 At or for the Year ended Dec 31,  2015 At or for the Nine Months ended Sep 30,  2015Allowance for loan and lease losses        Balance at beginning of period $129,697  129,697  129,753  129,753 Provision for loan losses 1,194  568  2,284  1,873 Charge-offs (5,332) (2,532) (7,001) (4,671)Recoveries 6,975  4,653  4,661  3,813 Balance at end of period $132,534  132,386  129,697  130,768 Other real estate owned $22,662  24,370  26,815  26,609 Accruing loans 90 days or more past due 3,299  6,194  2,131  3,784 Non-accrual loans 52,280  45,017  51,133  54,632 Total non-performing assets 1 $78,241  75,581  80,079  85,025              Non-performing assets as a percentage of subsidiary assets 0.84% 0.82% 0.88% 0.97%Allowance for loan and lease losses as a percentage of non-performing loans 238% 259% 244% 224%Allowance for loan and lease losses as a percentage of total loans 2.37% 2.46% 2.55% 2.68%Net (recoveries) charge-offs as a percentage of total loans (0.03)% (0.04)% 0.05% 0.02%Accruing loans 30-89 days past due $27,384  23,479  19,413  17,822 Accruing troubled debt restructurings $52,578  50,054  63,590  63,638 Non-accrual troubled debt restructurings $23,427  23,822  27,057  27,442               __________             1 As of September 30, 2016, non-performing assets have not been reduced by U.S. government guarantees of $1.5 million.               Non-performing assets at September 30, 2016 were $78.2 million, an increase of  $2.7 million, or 4 percent, during the current quarter and a decrease of $6.8 million, or 8 percent, from a year ago.  Early stage delinquencies (accruing loans 30-89 days past due) of $27.4 million at September 30, 2016 increased $3.9 million from the prior quarter. The allowance loan and lease losses ("allowance") as a percent of total loans outstanding at September 30, 2016 was 2.37 percent, a decrease of 18 basis points from 2.55 percent at December 31, 2015 and a decrease of 31 basis points from 2.68 percent at September 30, 2015 which was driven by loan growth combined with stabilized credit quality. Credit Quality Trends and Provision for Loan Losses (Dollars in thousands) Provisionfor LoanLosses Net Charge-Offs (Recoveries) ALLLas a Percentof Loans AccruingLoans 30-89Days Past Dueas a Percent ofLoans Non-PerformingAssets toTotal SubsidiaryAssetsThird quarter 2016 $626  $478  2.37% 0.49% 0.84%Second quarter 2016 —  (2,315) 2.46% 0.44% 0.82%First quarter 2016 568  194  2.50% 0.46% 0.88%Fourth quarter 2015 411  1,482  2.55% 0.38% 0.88%Third quarter 2015 826  577  2.68% 0.37% 0.97%Second quarter 2015 282  (381) 2.71% 0.59% 0.98%First quarter 2015 765  662  2.77% 0.71% 1.07%Fourth quarter 2014 191  1,070  2.89% 0.58% 1.08%                 Net charge-offs for the current quarter were $478 thousand compared to net recoveries of $2.3 million for the prior quarter and net charge-offs of $577 thousand from the same quarter last year.  The net recoveries and charge-offs continue to trend in the right direction with a fair amount of volatility during the quarters.  There was $626 thousand of current quarter provision for loan losses, compared to no provision in the prior quarter and $826 thousand in the prior year third quarter.  Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of the loan loss provision. Supplemental information regarding credit quality and identification of the Company's loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release.  The regulatory classification of loans is based primarily on collateral type while the Company's loan segments presented herein are based on the purpose of the loan. Liability Summary           $ Change from(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015Deposits              Non-interest bearing deposits $2,098,747  1,907,026  1,918,310  1,893,723  191,721  180,437  205,024 NOW and DDA accounts 1,514,330  1,495,952  1,516,026  1,373,295  18,378  (1,696) 141,035 Savings accounts 938,547  926,865  838,274  771,719  11,682  100,273  166,828 Money market deposit accounts 1,442,602  1,403,028  1,382,028  1,350,098  39,574  60,574  92,504 Certificate accounts 975,521  1,017,681  1,060,650  1,094,565  (42,160) (85,129) (119,044)Core deposits, total 6,969,747  6,750,552  6,715,288  6,483,400  219,195  254,459  486,347 Wholesale deposits 339,572  338,264  229,720  189,779  1,308  109,852  149,793 Deposits, total 7,309,319  7,088,816  6,945,008  6,673,179  220,503  364,311  636,140 Repurchase agreements 401,243  414,327  423,414  441,041  (13,084) (22,171) (39,798)Federal Home Loan Bank advances 211,833  328,832  394,131  329,299  (116,999) (182,298) (117,466)Other borrowed funds 5,956  4,926  6,602  6,619  1,030  (646) (663)Subordinated debentures 125,956  125,920  125,848  125,812  36  108  144 Other liabilities 114,789  111,962  117,579  113,541  2,827  (2,790) 1,248 Total liabilities $8,169,096  8,074,783  8,012,582  7,689,491  94,313  156,514  479,605                         Excluding the TSB acquisition, non-interest bearing deposits increased $179 million, or 9 percent, from the prior quarter which was driven by seasonal fluctuations and a strong inflow of new accounts.  Excluding the TSB and Cañon acquisitions, non-interest bearing deposits increased $103 million, or 5 percent, from September 30, 2015.  Excluding the TSB acquisition, core interest bearing deposits decreased $17.9 million, or 37 basis points, from the prior quarter.  Excluding the TSB and Cañon acquisitions, core interest bearing deposits at September 30, 2016 increased $88 million, or 2 percent, from September 30, 2015.  Wholesale deposits (i.e., brokered deposits classified as NOW, DDA, money market deposit and certificate accounts) of $340 million at September 30, 2016 increased $110 million since December 31, 2015 and increased $150 million over the prior year third quarter.  A majority of the increase was driven by a need to obtain wholesale deposits necessary for an interest rate swap. Securities sold under agreements to repurchase ("repurchase agreements") of $401 million at September 30, 2016 decreased $13.1 million, or 3 percent, from the prior quarter and decreased $39.8 million, or 9 percent, from the prior year third quarter.  Repurchase agreements fluctuated as certain customers had significant deposit cash flows.  Federal Home Loan Bank ("FHLB") advances of $212 million at September 30, 2016 decreased $117 million, or 36 percent, during the current quarter as the Company's funding needs decreased because of the increase in non-interest deposits during the current quarter. Stockholders' Equity Summary           $ Change from(Dollars in thousands, except per share data) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015Common equity $1,130,941  1,104,246  1,074,661  1,066,801  26,695  56,280  64,140 Accumulated other comprehensive income 16,838  20,413  1,989  8,007  (3,575) 14,849  8,831 Total stockholders' equity 1,147,779  1,124,659  1,076,650  1,074,808  23,120  71,129  72,971 Goodwill and core deposit intangible, net (160,008) (153,608) (155,193) (141,624) (6,400) (4,815) (18,384)Tangible stockholders' equity $987,771  971,051  921,457  933,184  16,720  66,314  54,587                        Stockholders' equity to total assets  12.32% 12.23% 11.85% 12.26%         Tangible stockholders' equity to total tangible assets  10.79% 10.73% 10.31% 10.82%         Book value per common share $15.00  14.76  14.15  14.23  0.24  0.85  0.77 Tangible book value per common share $12.91  12.75  12.11  12.35  0.16  0.80  0.56                         Tangible stockholders' equity of $988 million at September 30, 2016 increased $16.7 million, or 2 percent, from the prior quarter primarily from earnings retention and $10.5 million of Company stock issued in connection with the TSB acquisition, both of which more than offset the decrease in accumulated other comprehensive income and the increase in intangibles from the acquisition of TSB.  Tangible stockholders' equity increased $54.6 million, or 6 percent, from a year ago, the result of earnings retention, an increase in accumulated other comprehensive income and $25.6 million of Company stock issued in connection with the TSB and Cañon acquisitions; such increases more than offset the increase in goodwill and other intangibles from the acquisitions. Tangible book value per common share at quarter end increased $0.16 per share from the prior quarter and increased $0.56 per share from the prior year third quarter and was principally due to earnings retention. Cash DividendOn September 28, 2016, the Company's Board of Directors declared a quarterly cash dividend of $0.20 per share.  The dividend was payable October 20, 2016 to shareholders of record October 11, 2016.  Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations. Operating Results for Three Months Ended September 30, 2016Compared to June 30, 2016, March 31, 2016 and September 30, 2015 Income Summary   Three Months ended $ Change from(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Mar 31,  2016 Sep 30,  2015 Jun 30,  2016 Mar 31,  2016 Sep 30,  2015Net interest income              Interest income $85,944  86,069  84,381  80,367  (125) 1,563  5,577 Interest expense 7,318  7,424  7,675  7,309  (106) (357) 9 Total net interest income 78,626  78,645  76,706  73,058  (19) 1,920  5,568 Non-interest income              Service charges and other fees 16,307  15,772  14,681  15,357  535  1,626  950 Miscellaneous loan fees and charges 1,195  1,163  1,021  1,055  32  174  140 Gain on sale of loans 9,592  8,257  5,992  7,326  1,335  3,600  2,266 (Loss) gain on sale of investments (594) (220) 108  (31) (374) (702) (563)Other income 1,793  1,787  2,450  2,092  6  (657) (299)Total non-interest income 28,293  26,759  24,252  25,799  1,534  4,041  2,494   $106,919  105,404  100,958  98,857  1,515  5,961  8,062 Net interest margin (tax-equivalent) 4.00% 4.06% 4.01% 3.96%                          Net Interest IncomeIn the current quarter, interest income of $85.9 million decreased $125 thousand, or 15 basis points, from the prior quarter and was primarily driven by the decrease in interest income from investment securities.  As a result of loan growth, commercial loan interest income increased $692 thousand, or 1 percent, during the current quarter and residential real estate loan income increased $414 thousand, or 5 percent, during the current quarter.  Current quarter interest income increased $5.6 million, or 7 percent, over the prior year third quarter because of increases in interest income on commercial loans which increased $5.6 million, or 13 percent.  As a result of the decreased investment portfolio, the investment income decreased during the current quarter by $1.2 million and decreased $610 thousand compared to the prior year third quarter. The current quarter interest expense of $7.3 million decreased $106 thousand, or 1 percent, from the prior quarter and increased $9 thousand from the prior year third quarter.  The total cost of funding (including non-interest bearing deposits) for the current quarter was 37 basis points compared to 38 basis points for the prior quarter and 39 basis points in the prior year third quarter. The Company's net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.00 percent compared to 4.06 percent in the prior quarter.  During the current quarter, the earning asset yield decreased by 8 basis points and was primarily driven by a 4 basis point decrease from the recovery of interest on loans previously placed on non-accrual and a 4 basis point decrease in discount accretion associated with the fair value of previously acquired loans.  The Company's current quarter net interest margin increased 4 basis points from the prior year third quarter net interest margin of 3.96 percent.  The increase was driven by the shift in earning assets from the lower yielding investment securities to higher yielding loans and lower funding cost.  "During the quarter, the bank divisions achieved excellent growth in their non-interest bearing deposits," said Ron Copher, Chief Financial Officer.  "The continuing shift in earning assets from investment securities to the higher yielding loan portfolio has benefited the Company." Non-interest IncomeNon-interest income for the current quarter totaled $28.3 million, an increase of $1.5 million, or 6 percent, from the prior quarter and an increase of $2.5 million, or 10 percent, over the same quarter last year.  Service fee income of $16.3 million, increased $535 thousand, or 3 percent, from the prior quarter.  Service fee income for the current quarter increased by $950 thousand, or 6 percent, from the prior year third quarter because of the increased number of deposit accounts.  Gain on sale of residential loans for the current quarter increased $1.3 million, or 16 percent, from the prior quarter due to the third quarter traditionally experiencing stronger mortgage loan originations.  Gain on sale of residential loans for the current quarter increased $2.3 million, or 31 percent, from the prior year third quarter as a result of the housing market continuing to strengthen during the current year coupled with the low interest rate environment.  Included in other income was operating revenue of $34 thousand from other real estate owned ("OREO") and a gain of $134 thousand from the sale of OREO, a combined total of $168 thousand for the current quarter compared to $182 thousand for the prior quarter and $129 thousand for the prior year third quarter. Non-interest Expense Summary    Three Months ended $ Change from(Dollars in thousands)  Sep 30,  2016 Jun 30,  2016 Mar 31,  2016 Sep 30,  2015 Jun 30,  2016 Mar 31,  2016 Sep 30,  2015Compensation and employee benefits  $38,370  37,560  36,941  33,534  810  1,429  4,836 Occupancy and equipment  6,168  6,443  6,676  6,435  (275) (508) (267)Advertising and promotions  2,098  2,085  2,125  2,459  13  (27) (361)Data processing  4,080  3,938  3,373  2,710  142  707  1,370 Other real estate owned  215  214  390  1,047  1  (175) (832)Regulatory assessments and insurance  1,158  1,066  1,508  1,478  92  (350) (320)Core deposit intangibles amortization  777  788  797  720  (11) (20) 57 Other expenses  12,314  12,367  10,546  10,729  (53) 1,768  1,585 Total non-interest expense  $65,180  64,461  62,356  59,112  719  2,824  6,068                          Compensation and employee benefits for the current quarter increased by $810 thousand, or 2 percent, from the prior quarter.  Compensation and employee benefits for the current quarter increased by $4.8 million, or 14 percent, from the prior year third quarter due to the increased number of employees, including increases from the Cañon acquisition, and annual salary increases.  Current quarter occupancy and equipment expense decreased $275 thousand, or 4 percent, from the prior quarter and decreased $267 thousand, or 4 percent, from the prior year third quarter.  The current quarter data processing expense increased $142 thousand, or 4 percent, from the prior quarter.  The current quarter data processing expense increased $1.4 million from the prior year third quarter; such increases primarily from expenses associated with CCP.  The current quarter OREO expense of $215 thousand included $162 thousand of operating expense, $13 thousand of fair value write-downs, and $40 thousand of loss from the sales of OREO.  Current quarter other expenses of $12.3 million remained stable in total compared to the prior quarter, however several areas experienced increases or decreases related to acquisitions, CCP, and expenses connected with equity investments in New Markets Tax Credit ("NMTC") projects.  Current quarter other expenses increased $1.6 million, or 15 percent, from the prior year third quarter and was primarily driven by increases from costs associated with CCP. Efficiency RatioThe current quarter efficiency ratio was 55.84 percent, a 26 basis points decrease from the prior quarter efficiency ratio of 56.10 percent which was driven by the increase in gain on sale of residential loans which outpaced the increase in operating expenses.  The current quarter efficiency ratio of 55.84 percent compared to 54.32 percent in the prior year third quarter.  The 1.52 percent increase in the efficiency ratio was the result of additional costs associated with CCP and increased compensation expense, which was greater than the benefits experienced in net interest income and non-interest income. Operating Results for Nine Months ended September 30, 2016Compared to September 30, 2015 Income Summary   Nine Months ended $ Change % Change(Dollars in thousands) September 30,  2016 September 30,  2015 Net interest income        Interest income $256,394  $236,470  $19,924  8%Interest expense 22,417  22,060  357  2%Total net interest income 233,977  214,410  19,567  9%Non-interest income        Service charges and other fees 46,760  43,868  2,892  7%Miscellaneous loan fees and charges 3,379  3,354  25  1%Gain on sale of loans 23,841  20,356  3,485  17%Loss on sale of investments (706) (124) (582) 469%Other income 6,030  6,840  (810) (12)%Total non-interest income 79,304  74,294  5,010  7%  $313,281  $288,704  $24,577  9%Net interest margin (tax-equivalent) 4.02% 3.99%                Net Interest IncomeNet interest income for the first nine months of the current year was $234 million, an increase of $19.6 million, or 9 percent, over the same period last year.  Interest income for the first nine months of the current year increased $19.9 million, or 8 percent, from the prior year first nine months and was principally due to a $17.3 million increase in income from commercial loans.  Additional increases included $1.4 million in interest income from investment securities and $1.4 million in interest income from residential loans. Interest expense of $22.4 million for the first nine months of the current year increased $357 thousand, or 2 percent, over the same period in the prior year.  Deposit interest expense for the first nine months of the current year increased $1.7 million, or 14 percent, from the prior year first nine months and was driven by the increase in wholesale deposits and the additional interest expense for an interest rate swap with a notional $100 million that began its accrual period in December 2015.  FHLB interest expense decreased $1.8 million, or 28 percent, which resulted from long-term advances maturing which were replaced by lower rate short-term advances.  The total funding cost (including non-interest bearing deposits) for the first nine months of 2016 was 38 basis points compared to 40 basis points for the first nine months of 2015. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2016 was 4.02 percent, a 3 basis point increase from the net interest margin of 3.99 percent for the first nine months of 2015.  The increase in the margin was primarily attributable to a shift in earning assets to higher yielding loans combined with a continued increase in low cost deposits. Non-interest IncomeNon-interest income of $79.3 million for the first nine months of 2016 increased $5.0 million, or 7 percent, over the same period last year.  Service charges and other fees of $46.8 million for the first nine months of 2016 increased $2.9 million, or 7 percent, from the same period last year as a result of an increased number of deposit accounts and increases from recent acquisitions.  The gain of $23.8 million on the sale of residential loans for the first nine months of 2016 increased $3.5 million, or 17 percent, from the first nine months of 2015 which was attributable to the stronger housing market and the low interest rate environment.  Included in other income was operating revenue of $84 thousand from OREO and gains of $479 thousand from the sales of OREO, which totaled $563 thousand for the first nine months of 2016 compared to $869 thousand for the same period in the prior year. Non-interest Expense Summary   Nine Months ended $ Change % Change(Dollars in thousands) September 30,  2016 September 30,  2015 Compensation and employee benefits $112,871  $98,507  $14,364  15%Occupancy and equipment 19,287  18,927  360  2%Advertising and promotions 6,308  6,626  (318) (5)%Data processing 11,391  8,232  3,159  38%Other real estate owned 819  3,182  (2,363) (74)%Regulatory assessments and insurance 3,732  3,789  (57) (2)%Core deposit intangible amortization 2,362  2,206  156  7%Other expenses 35,227  33,085  2,142  6%Total non-interest expense $191,997  $174,554  $17,443  10%                 Compensation and employee benefits for the first nine months of 2016 increased $14.4 million, or 15 percent, from the same period due to the increased number of employees including from the acquired banks and annual salary increases.  Occupancy and equipment expense of $19.3 million for the first nine months of 2016 increased $360 thousand, or 2 percent. Outsourced data processing expense increased $3.2 million, or 38 percent, from the prior year first nine months as a result of additional costs from CCP.  OREO expense of $819 thousand in the first nine months of 2016 decreased $2.4 million, or 74 percent, from the first nine months of the prior year.  OREO expense for the first nine months of 2016 included $443 thousand of operating expenses, $92 thousand of fair value write-downs, and $284 thousand of loss from the sales of OREO.  Current year other expenses of $35.2 million increased $2.1 million, or 6 percent, from the prior year and was driven by increases from costs associated with CCP which were partially offset by decreases in expenses connected with the equity investments in NMTC projects. Provision for Loan LossesThe provision for loan losses was $1.2 million for the first nine months of 2016, a decrease of $679 thousand, or 36 percent, from the same period in the prior year.  Net recovery of loans during the first nine months of 2016 was $1.6 million compared to net charge-offs of $858 thousand from the first nine months of 2015. Efficiency RatioThe efficiency ratio was 56.15 percent for the first nine months of 2016 and 55.01 percent for the first nine months of 2015.   Although there were increases in both net interest income and non-interest income, such increases were outpaced by the increases in CCP expenses and compensation expenses which contributed to the higher efficiency ratio in 2016. Forward-Looking StatementsThis news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include, but are not limited to, statements about management's plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "should," "projects," "seeks," "estimates" or words of similar meaning.  These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.  The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release: the risks associated with lending and potential adverse changes of the credit quality of loans in the Company's portfolio;changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company's net interest income and profitability;legislative or regulatory changes, including increased banking and consumer protection regulation that adversely affect the Company's business;ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;costs or difficulties related to the completion and integration of acquisitions;the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;reduced demand for banking products and services;the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to raise additional capital or grow the Company through acquisitions;consolidation in the financial services industry in the Company's markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions;potential interruption or breach in security of the Company's systems and technological changes which could expose us to new risks, fraud or system failures; andthe Company's success in managing risks involved in the foregoing. The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement. Conference Call InformationA conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 21, 2016.  The conference call will be accessible by telephone and through the Internet.  Interested individuals are invited to listen to the call by telephone at 877-561-2748 and the conference ID is 91975601.  To participate on the webcast, log on to: http://edge.media-server.com/m/p/hgo5vjek. If you are unable to participate during the live webcast, the call will be archived on our Web site, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 91975601 until November 4, 2016. About Glacier Bancorp, Inc.Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 88 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and Bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown, all operating in Montana; as well as Mountain West Bank, Coeur d'Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell and First State Bank, Wheatland,   each operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; and Bank of the San Juans, Durango, operating in Colorado.  Glacier Bancorp, Inc.Unaudited Condensed Consolidated Statements of Financial Condition         (Dollars in thousands, except per share data) September 30,  2016 June 30,  2016 December 31,  2015 September 30,  2015Assets        Cash on hand and in banks $129,727  147,748  117,137  104,363 Federal funds sold 225  —  6,080  2,210 Interest bearing cash deposits 121,461  12,585  70,036  136,262 Cash and cash equivalents 251,413  160,333  193,253  242,835 Investment securities, available-for-sale 2,292,079  2,487,955  2,610,760  2,530,994 Investment securities, held-to-maturity 679,707  680,574  702,072  651,822 Total investment securities 2,971,786  3,168,529  3,312,832  3,182,816 Loans held for sale 71,069  74,140  56,514  40,456 Loans receivable 5,595,962  5,378,617  5,078,681  4,876,419 Allowance for loan and lease losses (132,534) (132,386) (129,697) (130,768)Loans receivable, net 5,463,428  5,246,231  4,948,984  4,745,651 Premises and equipment, net 178,638  177,911  194,030  185,864 Other real estate owned 22,662  24,370  26,815  26,609 Accrued interest receivable 50,138  47,554  44,524  46,786 Deferred tax asset 51,757  46,488  58,475  55,095 Core deposit intangible, net 12,955  12,970  14,555  10,781 Goodwill 147,053  140,638  140,638  130,843 Non-marketable equity securities 20,103  24,791  27,495  24,905 Other assets 75,873  75,487  71,117  71,658 Total assets $9,316,875  9,199,442  9,089,232  8,764,299 Liabilities        Non-interest bearing deposits $2,098,747  1,907,026  1,918,310  1,893,723 Interest bearing deposits 5,210,572  5,181,790  5,026,698  4,779,456 Securities sold under agreements to repurchase 401,243  414,327  423,414  441,041 FHLB advances 211,833  328,832  394,131  329,299 Other borrowed funds 5,956  4,926  6,602  6,619 Subordinated debentures 125,956  125,920  125,848  125,812 Accrued interest payable 3,439  3,486  3,517  3,641 Other liabilities 111,350  108,476  114,062  109,900 Total liabilities 8,169,096  8,074,783  8,012,582  7,689,491 Stockholders' Equity        Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding —  —  —  — Common stock, $0.01 par value per share, 117,187,500 shares authorized 765  762  761  755 Paid-in capital 748,463  737,379  736,368  720,639 Retained earnings - substantially restricted 381,713  366,105  337,532  345,407 Accumulated other comprehensive income 16,838  20,413  1,989  8,007 Total stockholders' equity 1,147,779  1,124,659  1,076,650  1,074,808 Total liabilities and stockholders' equity $9,316,875  9,199,442  9,089,232  8,764,299                Glacier Bancorp, Inc.Unaudited Condensed Consolidated Statements of Operations       Three Months ended Nine Months ended(Dollars in thousands, except per share data) September 30,  2016 June 30,  2016 September 30,  2015 September 30,  2016 September 30,  2015Interest Income          Investment securities $21,827  23,037  22,437  68,747  67,355 Residential real estate loans 8,538  8,124  7,878  24,947  23,581 Commercial loans 47,694  47,002  42,137  139,199  121,857 Consumer and other loans 7,885  7,906  7,915  23,501  23,677 Total interest income 85,944  86,069  80,367  256,394  236,470 Interest Expense          Deposits 4,550  4,560  3,947  13,905  12,206 Securities sold under agreements to repurchase 289  275  261  882  734 Federal Home Loan Bank advances 1,527  1,665  2,273  4,844  6,685 Federal funds purchased and other borrowed funds 17  14  21  49  63 Subordinated debentures 935  910  807  2,737  2,372 Total interest expense 7,318  7,424  7,309  22,417  22,060 Net Interest Income 78,626  78,645  73,058  233,977  214,410 Provision for loan losses 626  —  826  1,194  1,873 Net interest income after provision for loan losses 78,000  78,645  72,232  232,783  212,537 Non-Interest Income          Service charges and other fees 16,307  15,772  15,357  46,760  43,868 Miscellaneous loan fees and charges 1,195  1,163  1,055  3,379  3,354 Gain on sale of loans 9,592  8,257  7,326  23,841  20,356 Loss on sale of investments (594) (220) (31) (706) (124)Other income 1,793  1,787  2,092  6,030  6,840 Total non-interest income 28,293  26,759  25,799  79,304  74,294 Non-Interest Expense          Compensation and employee benefits 38,370  37,560  33,534  112,871  98,507 Occupancy and equipment 6,168  6,443  6,435  19,287  18,927 Advertising and promotions 2,098  2,085  2,459  6,308  6,626 Data processing 4,080  3,938  2,710  11,391  8,232 Other real estate owned 215  214  1,047  819  3,182 Regulatory assessments and insurance 1,158  1,066  1,478  3,732  3,789 Core deposit intangibles amortization 777  788  720  2,362  2,206 Other expenses 12,314  12,367  10,729  35,227  33,085 Total non-interest expense 65,180  64,461  59,112  191,997  174,554 Income Before Income Taxes 41,113  40,943  38,919  120,090  112,277 Federal and state income tax expense 10,156  10,492  9,305  30,000  25,658 Net Income $30,957  30,451  29,614  90,090  86,619                   Glacier Bancorp, Inc.Average Balance Sheets     Three Months ended  September 30, 2016 September 30, 2015(Dollars in thousands) AverageBalance Interest &Dividends AverageYield/Rate AverageBalance Interest &Dividends AverageYield/RateAssets            Residential real estate loans $752,723  $8,538  4.54% $679,037  $7,878  4.64%Commercial loans 1 4,092,627  48,817  4.75% 3,510,098  42,811  4.84%Consumer and other loans 678,415  7,885  4.62% 639,155  7,915  4.91%Total loans 2 5,523,765  65,240  4.70% 4,828,290  58,604  4.82%Tax-exempt investment securities 3 1,311,616  18,764  5.72% 1,334,980  19,511  5.85%Taxable investment securities 4 1,774,209  9,813  2.21% 1,930,378  10,063  2.09%Total earning assets 8,609,590  93,817  4.33% 8,093,648  88,178  4.32%Goodwill and intangibles 155,347      142,031     Non-earning assets 398,463      384,452     Total assets $9,163,400      $8,620,131     Liabilities            Non-interest bearing deposits $1,973,648  $—  —% $1,793,899  $—  —%NOW and DDA accounts 1,501,944  244  0.06% 1,387,334  264  0.08%Savings accounts 934,911  119  0.05% 763,430  90  0.05%Money market deposit accounts 1,425,655  543  0.15% 1,349,244  514  0.15%Certificate accounts 986,411  1,482  0.60% 1,125,276  1,657  0.58%Wholesale deposits 5 345,287  2,162  2.49% 190,724  1,422  2.96%FHLB advances 259,216  1,527  2.30% 329,797  2,273  2.70%Repurchase agreements and other borrowed funds 502,391  1,241  0.98% 512,807  1,089  0.84%Total funding liabilities 7,929,463  7,318  0.37% 7,452,511  7,309  0.39%Other liabilities 93,250      92,955     Total liabilities 8,022,713      7,545,466     Stockholders' Equity            Common stock 762      755     Paid-in capital 741,072      720,325     Retained earnings 381,197      344,768     Accumulated other comprehensive income 17,656      8,817     Total stockholders' equity 1,140,687      1,074,665     Total liabilities and stockholders' equity $9,163,400      $8,620,131     Net interest income (tax-equivalent)   $86,499      $80,869   Net interest spread (tax-equivalent)     3.96%     3.93%Net interest margin (tax-equivalent)     4.00%     3.96%               __________              1  Includes tax effect of $1.1 million and $674 thousand on tax-exempt municipal loan and lease income for the three months ended September 30, 2016 and 2015, respectively.2  Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.3  Includes tax effect of $6.4 million and $6.8 million on tax-exempt investment securities income for the three months ended September 30, 2016 and 2015, respectively.4  Includes tax effect of $352 thousand and $362 thousand on federal income tax credits for the three months ended September 30, 2016 and 2015, respectively.5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.  Glacier Bancorp, Inc.Average Balance Sheets (continued)     Nine Months ended  September 30, 2016 September 30, 2015(Dollars in thousands) AverageBalance Interest &Dividends AverageYield/Rate AverageBalance Interest &Dividends AverageYield/RateAssets            Residential real estate loans $736,866  $24,947  4.51% $673,084  $23,581  4.67%Commercial loans 1 3,915,503  142,108  4.85% 3,411,631  123,759  4.85%Consumer and other loans 666,200  23,501  4.71% 625,726  23,677  5.06%Total loans 2 5,318,569  190,556  4.79% 4,710,441  171,017  4.85%Tax-exempt investment securities 3 1,337,511  57,420  5.72% 1,317,788  57,026  5.77%Taxable investment securities 4 1,895,871  31,961  2.25% 1,894,572  30,472  2.14%Total earning assets 8,551,951  279,937  4.37% 7,922,801  258,515  4.36%Goodwill and intangibles 154,708      141,851     Non-earning assets 393,290      385,216     Total assets $9,099,949      $8,449,868     Liabilities            Non-interest bearing deposits $1,897,176  $—  —% $1,702,459  $—  —%NOW and DDA accounts 1,487,413  808  0.07% 1,347,658  790  0.08%Savings accounts 900,141  331  0.05% 740,905  263  0.05%Money market deposit accounts 1,410,257  1,635  0.15% 1,330,212  1,544  0.16%Certificate accounts 1,030,283  4,605  0.60% 1,147,820  5,284  0.62%Wholesale deposits 5 335,628  6,526  2.60% 208,640  4,325  2.77%FHLB advances 319,808  4,844  1.99% 315,068  6,685  2.80%Repurchase agreements and other borrowed funds 507,514  3,668  0.97% 504,787  3,169  0.84%Total funding liabilities 7,888,220  22,417  0.38% 7,297,549  22,060  0.40%Other liabilities 94,718      90,300     Total liabilities 7,982,938      7,387,849     Stockholders' Equity            Common stock 762      754     Paid-in capital 738,126      717,424     Retained earnings 366,094      329,630     Accumulated other comprehensive income 12,029      14,211     Total stockholders' equity 1,117,011      1,062,019     Total liabilities and stockholders' equity $9,099,949      $8,449,868     Net interest income (tax-equivalent)   $257,520      $236,455   Net interest spread (tax-equivalent)     3.99%     3.96%Net interest margin (tax-equivalent)     4.02%     3.99%               __________              1  Includes tax effect of $2.9 million and $1.9 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2016 and 2015, respectively.2  Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.3  Includes tax effect of $19.6 million and $19.1 million on tax-exempt investment securities income for the nine months ended September 30, 2016 and 2015, respectively.4  Includes tax effect of $1.1 million and $1.1 million on federal income tax credits for the nine months ended September 30, 2016 and 2015, respectively.5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.  Glacier Bancorp, Inc.Loan Portfolio by Regulatory Classification       Loans Receivable, by Loan Type % Change from(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015Custom and owner occupied construction $82,935  $78,525  $75,094  $64,951  6% 10% 28%Pre-sold and spec construction 66,812  59,530  50,288  46,921  12% 33% 42%Total residential construction 149,747  138,055  125,382  111,872  8% 19% 34%Land development 68,597  61,803  62,356  83,756  11% 10% (18)%Consumer land or lots 96,798  95,247  97,270  98,490  2% —% (2)%Unimproved land 69,880  70,396  73,844  74,439  (1)% (5)% (6)%Developed lots for operative builders 13,256  13,845  12,336  13,697  (4)% 7% (3)%Commercial lots 27,512  26,084  22,035  22,937  5% 25% 20%Other construction 246,753  206,343  156,784  122,347  20% 57% 102%Total land, lot, and other construction 522,796  473,718  424,625  415,666  10% 23% 26%Owner occupied 963,063  927,237  938,625  885,736  4% 3% 9%Non-owner occupied 890,981  835,272  774,192  739,057  7% 15% 21%Total commercial real estate 1,854,044  1,762,509  1,712,817  1,624,793  5% 8% 14%Commercial and industrial 697,598  705,011  649,553  619,688  (1)% 7% 13%Agriculture 425,645  421,097  367,339  386,523  1% 16% 10%1st lien 883,034  867,918  856,193  801,705  2% 3% 10%Junior lien 61,788  64,248  65,383  67,351  (4)% (5)% (8)%Total 1-4 family 944,822  932,166  921,576  869,056  1% 3% 9%Multifamily residential 204,395  198,583  201,542  189,944  3% 1% 8%Home equity lines of credit 399,446  388,939  372,039  359,605  3% 7% 11%Other consumer 154,547  156,568  150,469  154,095  (1)% 3% —%Total consumer 553,993  545,507  522,508  513,700  2% 6% 8%Other 313,991  276,111  209,853  185,633  14% 50% 69%Total loans receivable, including loans held for sale 5,667,031  5,452,757  5,135,195  4,916,875  4% 10% 15%Less loans held for sale 1 (71,069) (74,140) (56,514) (40,456) (4)% 26% 76%Total loans receivable $5,595,962  $5,378,617  $5,078,681  $4,876,419  4% 10% 15%                          _______                         1 Loans held for sale are primarily 1st lien 1-4 family loans.                           Glacier Bancorp, Inc.Credit Quality Summary by Regulatory Classification            Non-performing Assets, by Loan Type Non-AccrualLoans AccruingLoans 90 Days or More Past Due OtherReal EstateOwned(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Sep 30,  2016 Sep 30,  2016 Sep 30,  2016Custom and owner occupied construction $375  390  1,016  1,048  375  —  — Pre-sold and spec construction 250  —  —  —  250  —  — Total residential construction 625  390  1,016  1,048  625  —  — Land development 11,717  12,830  17,582  17,719  1,588  —  10,129 Consumer land or lots 2,196  1,656  2,250  2,430  766  —  1,430 Unimproved land 12,068  12,147  12,328  12,055  7,980  —  4,088 Developed lots for operative builders 175  176  488  492  —  —  175 Commercial lots 2,165  1,979  1,521  1,631  216  —  1,949 Other construction —  —  4,236  4,244  —  —  — Total land, lot and other construction 28,321  28,788  38,405  38,571  10,550  —  17,771 Owner occupied 19,970  10,503  10,952  12,719  18,190  —  1,780 Non-owner occupied 4,005  4,055  3,446  3,833  3,328  —  677 Total commercial real estate 23,975  14,558  14,398  16,552  21,518  —  2,457 Commercial and industrial 5,175  7,123  3,993  5,110  5,002  160  13 Agriculture 2,329  3,979  3,281  3,114  2,145  184  — 1st lien 9,333  11,332  10,691  11,953  6,267  817  2,249 Junior lien 1,335  1,489  668  660  1,160  35  140 Total 1-4 family 10,668  12,821  11,359  12,613  7,427  852  2,389 Multifamily residential 432  432  113  —  432  —  — Home equity lines of credit 4,734  5,413  5,486  6,013  4,445  289  — Other consumer 182  275  228  204  136  14  32 Total consumer 4,916  5,688  5,714  6,217  4,581  303  32 Other 1,800  1,802  1,800  1,800  —  1,800  — Total $78,241  75,581  80,079  85,025  52,280  3,299  22,662                         Glacier Bancorp, Inc.Credit Quality Summary by Regulatory Classification (continued)       Accruing 30-89 Days Delinquent Loans,  by Loan Type % Change from(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015Custom and owner occupied construction $65  $375  $462  $138  (83)% (86)% (53)%Pre-sold and spec construction —  304  181  144  (100)% (100)% (100)%Total residential construction 65  679  643  282  (90)% (90)% (77)%Land development —  37  447  —  (100)% (100)% n/m Consumer land or lots 130  676  166  266  (81)% (22)% (51)%Unimproved land 857  879  774  304  (3)% 11% 182%Developed lots for operative builders —  166  —  —  (100)% n/m  n/m Other construction 7,125  —  337  —  n/m  2,014% n/m Total land, lot and other construction 8,112  1,758  1,724  570  361% 371% 1,323%Owner occupied 586  2,975  2,760  2,497  (80)% (79)% (77)%Non-owner occupied 5,830  5,364  923  5,529  9% 532% 5%Total commercial real estate 6,416  8,339  3,683  8,026  (23)% 74% (20)%Commercial and industrial 4,038  4,956  1,968  2,774  (19)% 105% 46%Agriculture 989  804  1,014  867  23% (2)% 14%1st lien 3,439  2,667  6,272  2,510  29% (45)% 37%Junior lien 977  1,251  1,077  228  (22)% (9)% 329%Total 1-4 family 4,416  3,918  7,349  2,738  13% (40)% 61%Multifamily Residential —  —  662  114  n/m  (100)% (100)%Home equity lines of credit 2,383  2,253  1,046  1,599  6% 128% 49%Other consumer 943  736  1,227  811  28% (23)% 16%Total consumer 3,326  2,989  2,273  2,410  11% 46% 38%Other 22  36  97  41  (39)% (77)% (46)%Total $27,384  $23,479  $19,413  $17,822  17% 41% 54%                          _______                         n/m - not measurable                           Glacier Bancorp, Inc.Credit Quality Summary by Regulatory Classification (continued)         Net Charge-Offs (Recoveries), Year-to-DatePeriod Ending, By Loan Type Charge-Offs Recoveries(Dollars in thousands) Sep 30,  2016 Jun 30,  2016 Dec 31,  2015 Sep 30,  2015 Sep 30,  2016 Sep 30,  2016Pre-sold and spec construction $(39) (37) (53) (34) —  39 Land development (2,372) (2,342) (288) (293) 29  2,401 Consumer land or lots (487) (351) 66  (8) 25  512 Unimproved land (114) (46) (325) (152) —  114 Developed lots for operative builders (23) (54) (85) (72) 15  38 Commercial lots 29  21  (26) (5) 33  4 Other construction —  —  (1) (1) —  — Total land, lot and other construction (2,967) (2,772) (659) (531) 102  3,069 Owner occupied (354) (51) 247  249  32  386 Non-owner occupied 9  (3) 93  105  13  4 Total commercial real estate (345) (54) 340  354  45  390 Commercial and industrial (643) (112) 1,389  1,011  761  1,404 Agriculture (29) (1) 50  (8) 25  54 1st lien 132  245  834  (80) 327  195 Junior lien (15) (56) (125) (106) 137  152 Total 1-4 family 117  189  709  (186) 464  347 Multifamily residential 229  229  (318) (318) 229  — Home equity lines of credit 450  (25) 740  531  696  246 Other consumer 255  149  143  39  409  154 Total consumer 705  124  883  570  1,105  400 Other 1,329  313  (1) —  2,601  1,272 Total $(1,643) (2,121) 2,340  858  5,332  6,975                     

Visit our website at www.glacierbancorp.com 

CONTACT: Michael J. Blodnick (406) 751-4701 Randall M. Chesler (406) 751-4722 Ron J. Copher (406) 751-7706

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