Market Overview

Glacier Bancorp, Inc. Announces Results for the Quarter Ended December 31, 2016

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4th Quarter 2016 Highlights:

  • Record earnings of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, over the prior year fourth quarter net income of $29.5 million.
  • Current quarter diluted earnings per share of $0.41, an increase of 5 percent from the prior year fourth quarter diluted earnings per share of $0.39.
  • Loan growth of $88.5 million, or 6 percent annualized for the current quarter.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, remained unchanged compared to the prior year fourth quarter.
  • The Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona.  As of December 31, 2016, TFB Bancorp, Inc. had total assets of $335 million, total loans of $280 million and total deposits of $284 million.
  • Approved a special dividend of $0.30 per share in December.  This was the 13th special dividend the Company has declared.
  • Declared and paid a regular quarterly dividend of $0.20 per share in December.  The dividend was the 127th consecutive quarterly dividend declared by the Company.

Full Year 2016 Highlights:

  • Net income of $121 million for 2016, an increase of 4 percent over $116 million for 2015.
  • Diluted earnings per share of $1.59, an increase of 3 percent from the prior year diluted earnings per share of $1.54.
  • Organic loan growth of $554 million, or 11 percent annualized for the current year.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, for the current year compared to 4.00 percent for last year.
  • The Company successfully completed the year long effort to consolidate its Bank divisions' individual core database systems into a single core database system.
  • The Company completed the acquisition and related database conversion of Treasure State Bank based in Missoula, Montana.

Financial Highlights

 At or for the Three Months ended At or for the Year ended
(Dollars in thousands, except per share and market data)Dec 31,
 2016
 Sep 30,
 2016
 Jun 30,
 2016
 Mar 31,
 2016
 Dec 31,
 2015
 Dec 31,
 2016
 Dec 31,
 2015
Operating results             
Net income$31,041  30,957  30,451  28,682  29,508  121,131  116,127 
Basic earnings per share$0.41  0.40  0.40  0.38  0.39  1.59  1.54 
Diluted earnings per share$0.41  0.40  0.40  0.38  0.39  1.59  1.54 
Dividends declared per share 1$0.50  0.20  0.20  0.20  0.49  1.10  1.05 
Market value per share             
Closing$36.23  28.52  26.58  25.42  26.53  36.23  26.53 
High$37.66  29.99  27.68  26.34  29.69  37.66  30.08 
Low$27.50  25.49  24.31  22.19  25.74  22.19  22.27 
Selected ratios and other data             
Number of common stock shares outstanding76,525,402  76,525,402  76,171,580  76,168,388  76,086,288  76,525,402  76,086,288 
Average outstanding shares - basic76,525,402  76,288,640  76,170,734  76,126,251  75,893,521  76,278,463  75,542,455 
Average outstanding shares - diluted76,615,272  76,350,873  76,205,069  76,173,417  75,968,169  76,341,836  75,595,581 
Return on average assets (annualized)1.33% 1.34% 1.34% 1.28% 1.32% 1.32% 1.36%
Return on average equity (annualized)10.82% 10.80% 10.99% 10.53% 10.66% 10.79% 10.84%
Efficiency ratio55.08% 55.84% 56.10% 56.53% 56.52% 55.88% 55.40%
Dividend payout ratio 1121.95% 50.00% 50.00% 52.63% 125.64% 69.18% 68.18%
Loan to deposit ratio78.10% 77.53% 76.92% 74.65% 73.94% 78.10% 73.94%
Number of full time equivalent employees2,222  2,207  2,210  2,184  2,149  2,222  2,149 
Number of locations142  142  143  144  144  142  144 
Number of ATMs166  166  167  167  158  166  158 
_______             
1 Includes a special dividend declared of $0.30 per share for the three months and years ended December 31, 2016 and 2015.
 

KALISPELL, Mont., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, from the $29.5 million of net income for the prior year fourth quarter.  Diluted earnings per share for the current quarter was $0.41 per share, an increase of $0.02, or 5 percent, from the prior year fourth quarter diluted earnings per share of $0.39.  Included in the current quarter was $368 thousand of acquisition-related expenses and $749 thousand of expenses related to the Company's consolidation of its bank divisions' core database systems (Core Consolidation Project or "CCP") including expenses related to the re-issuance of debit cards with chip technology.  "The fourth quarter represents a strong finish for Glacier Bancorp and completes a very good year," said Randy Chesler, President and Chief Executive Officer.  "Our 13 Bank divisions and the supporting staff groups did an excellent job staying focused on the customer and delivering top quality results- led by record earnings, strong loan growth, stable margins and good credit performance," Chesler said.

Net income for the year ended December 31, 2016 was $121 million, an increase of $5.0 million, or 4 percent, from the $116 million of net income for the prior year.  Diluted earnings per share for 2016 was $1.59 per share, an increase of $0.05, or 3 percent, from the diluted earnings per share of $1.54 for the same period in the prior year.

During the fourth quarter of 2016, the Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona (collectively, "Foothills"), as the Company enters the state of Arizona.  As of December 31, 2016, Foothills had total assets of $335 million, total loans of $280 million and total deposits of $284 million.  The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to be completed during the second quarter of 2017.

During the third quarter of 2016, the Company completed the acquisition of Treasure State Bank ("TSB") based in Missoula, Montana.  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,
 2016
Total assets$76,165 
Loans receivable51,875 
Non-interest bearing deposits13,005 
Interest bearing deposits45,359 
Federal Home Loan Bank advances3,260 
   

Asset Summary

       $ Change from
(Dollars in thousands)Dec 31,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
 Sep 30,
 2016
 Dec 31,
 2015
Cash and cash equivalents$152,541  251,413  193,253  (98,872) (40,712)
Investment securities, available-for-sale2,425,477  2,292,079  2,610,760  133,398  (185,283)
Investment securities, held-to-maturity675,674  679,707  702,072  (4,033) (26,398)
Total investment securities3,101,151  2,971,786  3,312,832  129,365  (211,681)
Loans receivable         
Residential real estate674,347  696,817  688,912  (22,470) (14,565)
Commercial real estate2,990,141  2,919,415  2,633,953  70,726  356,188 
Other commercial1,342,250  1,303,241  1,099,564  39,009  242,686 
Home equity434,774  435,935  420,901  (1,161) 13,873 
Other consumer242,951  240,554  235,351  2,397  7,600 
Loans receivable5,684,463  5,595,962  5,078,681  88,501  605,782 
Allowance for loan and lease losses(129,572) (132,534) (129,697) 2,962  125 
Loans receivable, net5,554,891  5,463,428  4,948,984  91,463  605,907 
Other assets642,017  630,248  634,163  11,769  7,854 
Total assets$9,450,600  9,316,875  9,089,232  133,725  361,368 
 

Total investment securities of $3.101 billion at December 31, 2016 increased $129 million, or 4 percent, during the current quarter.  The increase in the investment portfolio during the current quarter was from the Company utilizing surplus cash and customer deposits to purchase primarily short weighted-average life U.S. Agency mortgage backed securities.  The Company continues to selectively purchase investment securities when the Company has excess liquidity.  Although, the overall trend is a reduction in the investment securities portfolio since the Company has successfully been able to redeploy the securities portfolio cash flow into the Company's higher yielding loan portfolio.  Total investment securities decreased $212 million, or 6 percent, from the prior year end.  Investment securities represented 33 percent of total assets at December 31, 2016 compared to 36 percent of total assets at December 31, 2015.

The loan portfolio grew $88.5 million, or 2 percent, during the current quarter.  The loan category with the largest dollar increase was commercial real estate which increased $70.7 million, or 2 percent.  The loan category with the largest percentage increase was other commercial loans which increased $39.0 million, or 3 percent.  Excluding the acquisition of TSB, the loan portfolio increased $554 million, or 11 percent, since December 31, 2015 with $331 million and $235 million of the increase coming from growth in commercial real estate and other commercial loans, respectively.  "Fourth quarter loan growth was once again better than what we historically have seen.  It's great to see continuing strength in loan originations.  This is reflective of the strong customer relationships we have in all of our Bank divisions," Chesler said.

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,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
Allowance for loan and lease losses     
Balance at beginning of period$129,697  129,697  129,753 
Provision for loan losses2,333  1,194  2,284 
Charge-offs(11,496) (5,332) (7,001)
Recoveries9,038  6,975  4,661 
Balance at end of period$129,572  132,534  129,697 
Other real estate owned$20,954  22,662  26,815 
Accruing loans 90 days or more past due1,099  3,299  2,131 
Non-accrual loans49,332  52,280  51,133 
Total non-performing assets 1$71,385  78,241  80,079 
Non-performing assets as a percentage of subsidiary assets0.76% 0.84% 0.88%
Allowance for loan and lease losses as a percentage of non-performing loans257% 238% 244%
Allowance for loan and lease losses as a percentage of total loans2.28% 2.37% 2.55%
Net charge-offs (recoveries) as a percentage of total loans0.04% (0.03)% 0.05%
Accruing loans 30-89 days past due$25,617  27,384  19,413 
Accruing troubled debt restructurings$52,077  52,578  63,590 
Non-accrual troubled debt restructurings$21,693  23,427  27,057 
__________         
1 As of December 31, 2016, non-performing assets have not been reduced by U.S. government guarantees of $1.7 million.
 

The Company continued to benefit from the gradual improvement in asset quality during the current quarter.  Non-performing assets at December 31, 2016 were $71.4 million, a decrease of  $6.9 million, or 9 percent, during the current quarter and a decrease of $8.7 million, or 11 percent, from a year ago.  Non-performing assets as a percentage of assets at December 31, 2016 was 0.76 percent which was a decrease of 12 basis points form the prior year end of 0.88 percent.  Early stage delinquencies (accruing loans 30-89 days past due) of $25.6 million at December 31, 2016 decreased $1.8 million from the prior quarter.

The allowance for loan and lease losses ("allowance") as a percent of total loans outstanding at December 31, 2016 was 2.28 percent, a decrease of 27 basis points from 2.55 percent at December 31, 2015 which was driven by loan growth combined with stabilized credit quality.

Credit Quality Trends and Provision for Loan Losses

(Dollars in thousands)Provision
for Loan
Losses
 Net
Charge-Offs
(Recoveries)
 ALLL
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 2016$1,139  $4,101  2.28% 0.45% 0.76%
Third quarter 2016626  478  2.37% 0.49% 0.84%
Second quarter 2016  (2,315) 2.46% 0.44% 0.82%
First quarter 2016568  194  2.50% 0.46% 0.88%
Fourth quarter 2015411  1,482  2.55% 0.38% 0.88%
Third quarter 2015826  577  2.68% 0.37% 0.97%
Second quarter 2015282  (381) 2.71% 0.59% 0.98%
First quarter 2015765  662  2.77% 0.71% 1.07%
               

Net charge-offs for the current quarter were $4.1 million compared to $478 thousand for the prior quarter and $1.5 million from the same quarter last year.  The quarterly net charge-offs continue to experience a fair amount of volatility on a quarterly basis.  There was $1.1 million of current quarter provision for loan losses, compared to $626 thousand in the prior quarter and $411 thousand in the prior year fourth 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)Dec 31,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
 Sep 30,
 2016
 Dec 31,
 2015
Deposits         
Non-interest bearing deposits$2,041,852  2,098,747  1,918,310  (56,895) 123,542 
NOW and DDA accounts1,588,550  1,514,330  1,516,026  74,220  72,524 
Savings accounts996,061  938,547  838,274  57,514  157,787 
Money market deposit accounts1,464,415  1,442,602  1,382,028  21,813  82,387 
Certificate accounts948,714  975,521  1,060,650  (26,807) (111,936)
Core deposits, total7,039,592  6,969,747  6,715,288  69,845  324,304 
Wholesale deposits332,687  339,572  229,720  (6,885) 102,967 
Deposits, total7,372,279  7,309,319  6,945,008  62,960  427,271 
Repurchase agreements473,650  401,243  423,414  72,407  50,236 
Federal Home Loan Bank advances251,749  211,833  394,131  39,916  (142,382)
Other borrowed funds4,440  5,956  6,602  (1,516) (2,162)
Subordinated debentures125,991  125,956  125,848  35  143 
Other liabilities105,622  114,789  117,579  (9,167) (11,957)
Total liabilities$8,333,731  8,169,096  8,012,582  164,635  321,149 
 

Non-interest bearing deposits of $2.042 billion at December 31, 2016 decreased $57 million, or 3 percent, from the prior quarter which was primarily driven by seasonal fluctuations.  Excluding the TSB acquisition, non-interest bearing deposits increased $111 million, or 6 percent, from December 31, 2015.  Core interest bearing deposits of $4.998 billion at current year end increased $126.7 million, or 3 percent, from the prior quarter.  Excluding the TSB acquisition, core interest bearing deposits increased $155 million, or 3 percent, from December 31, 2015.  Wholesale deposits (i.e., brokered deposits classified as NOW, DDA, money market deposit and certificate accounts) of $333 million at December 31, 2016 increased $103 million since December 31, 2015, the 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 $474 million at December 31, 2016 increased $72.4 million, or 18 percent, from the prior quarter and increased $50.2 million, or 12 percent, from the prior year end.  Repurchase agreements fluctuated as certain customers had significant deposit cash flows.  Federal Home Loan Bank ("FHLB") advances of $252 million at December 31, 2016 increased $39.9 million, or 19 percent, during the current quarter to supplement the current quarter deposit growth used to fund asset growth.

Stockholders' Equity Summary

       $ Change from
 Dec 31, Sep 30, Dec 31, Sep 30, Dec 31,
(Dollars in thousands, except per share data)20162016201520162015
Common equity$1,124,251  1,130,941  1,074,661  (6,690) 49,590 
Accumulated other comprehensive income(7,382) 16,838  1,989  (24,220) (9,371)
Total stockholders' equity1,116,869  1,147,779  1,076,650  (30,910) 40,219 
Goodwill and core deposit intangible, net(159,400) (160,008) (155,193) 608  (4,207)
Tangible stockholders' equity$957,469  987,771  921,457  (30,302) 36,012 
 
Stockholders' equity to total assets11.82% 12.32% 11.85%    
Tangible stockholders' equity to total tangible assets10.31% 10.79% 10.31%    
Book value per common share$14.59  15.00  14.15  (0.41) 0.44 
Tangible book value per common share$12.51  12.91  12.11  (0.40) 0.40 

Tangible stockholders' equity of $957 million at December 31, 2016 decreased $30.3 million, or 3 percent, from the prior quarter primarily as a result of declaring a special and quarterly dividend coupled with a decrease in accumulated other comprehensive income.  The decrease in the accumulated other comprehensive income resulted from a decrease in the unrealized gain on the available-for-sale securities portfolio due to a rise in interest rates; such decrease was partially offset by the decrease in the unrealized loss on the interest rate swaps.  Tangible stockholders' equity increased $36.0 million, or 4 percent, from a year ago, the result of earnings retention and $10.5 million of Company stock issued in connection with the TSB acquisition; such increases more than offset the increase in goodwill and other intangibles from the acquisition and the decrease in accumulated other comprehensive income.  Tangible book value per common share at quarter end decreased $0.40 per share from the prior quarter primarily driven by the decrease in other comprehensive income.  Tangible book value per common share increased $0.40 per share from a year ago and was principally due to earnings retention.

Cash Dividend
On December 28, 2016, the Company's Board of Directors declared a special cash dividend of $0.30 per share, the thirteenth special dividend approved by the Company.  The dividend was payable January 19, 2017 to shareholders of record January 10, 2017.  On November 15, 2016, the Company's Board of Directors declared a quarterly cash dividend of $0.20 per share.  The dividend was payable December 15, 2016 to shareholders of record December 6, 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 December 31, 2016
Compared to September 30, 2016, June 30, 2016, March 31, 2016  and December 31, 2015

Income Summary

 Three Months ended
(Dollars in thousands)Dec 31,
 2016
 Sep 30,
 2016
 Jun 30,
 2016
 Mar 31,
 2016
 Dec 31,
 2015
Net interest income         
Interest income$87,759  85,944  86,069  84,381  83,211 
Interest expense7,214  7,318  7,424  7,675  7,215 
Total net interest income80,545  78,626  78,645  76,706  75,996 
Non-interest income         
Service charges and other fees15,645  16,307  15,772  14,681  15,418 
Miscellaneous loan fees and charges1,234  1,195  1,163  1,021  922 
Gain on sale of loans9,765  9,592  8,257  5,992  6,033 
(Loss) gain on sale of investments(757) (594) (220) 108  143 
Other income2,127  1,793  1,787  2,450  1,951 
Total non-interest income28,014  28,293  26,759  24,252  24,467 
 $108,559  106,919  105,404  100,958  100,463 
Net interest margin (tax-equivalent)4.02% 4.00% 4.06% 4.01% 4.02%
          
   $ Change from
(Dollars in thousands)  Sep 30,
 2016
 Jun 30,
 2016
 Mar 31,
 2016
 Dec 31,
 2015
Net interest income         
Interest income  $1,815  1,690  3,378  4,548 
Interest expense  (104) (210) (461) (1)
Total net interest income  1,919  1,900  3,839  4,549 
Non-interest income         
Service charges and other fees  (662) (127) 964  227 
Miscellaneous loan fees and charges  39  71  213  312 
Gain on sale of loans  173  1,508  3,773  3,732 
(Loss) gain on sale of investments  (163) (537) (865) (900)
Other income  334  340  (323) 176 
Total non-interest income  (279) 1,255  3,762  3,547 
   $1,640  3,155  7,601  8,096 
 

Net Interest Income
In the current quarter, interest income of $87.8 million increased $1.8 million, or 2 percent, from the prior quarter and was primarily attributable to the increase in interest income from commercial  loans.  As a result of loan growth, commercial loan interest income increased $2.1 million, or 4 percent, during the current quarter.  Current quarter interest income increased $4.5 million, or 5 percent, over the prior year fourth quarter also because of increases in interest income on commercial loans which increased $6.6 million, or 15 percent, which more than offset the $2.1 million decrease in investment income.

The current quarter interest expense of $7.2 million decreased $104 thousand, or 1 percent, from the prior quarter with such decrease driven from a decrease in FHLB interest expense as the funding needs have lessened with the deposit growth.  The total cost of funding (including non-interest bearing deposits) for the current quarter was 36 basis points compared to 37 basis points for both the prior quarter and the prior year fourth quarter.

The Company's net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.02 percent compared to 4.00 percent in the prior quarter.  During the current quarter, the earning asset yield increased by 2 basis points.  The Company's current quarter net interest margin remained the same compared to the prior year fourth quarter.  "Once again, the bank divisions have maintained good discipline in loan and deposit pricing as reflected in achieving a net interest margin above 4.00 percent in each quarter of the year," said Ron Copher, Chief Financial Officer.  "The Bank divisions remain focused on quality loan and deposit growth, especially non-interest bearing deposits."

Non-interest Income
Non-interest income for the current quarter totaled $28.0 million, a decrease of $279 thousand, or 1 percent, from the prior quarter and an increase of $3.5 million, or 15 percent, over the same quarter last year.  Service fee income of $15.6 million, decreased by $662 thousand, or 4 percent, from the prior quarter and increased $227 thousand, or 1 percent, from the prior year fourth quarter.  Gain on sale of loans for the current quarter increased $173 thousand, or 2 percent, from the prior quarter.  Gain on sale of loans for the current quarter increased $3.7 million, or 62 percent, from the prior year fourth quarter as a result of the housing market continuing to strengthen during the current year coupled with the low interest rate environment.  Other income of $2.1 million, increased $334 thousand, or 19 percent, over the prior quarter and increased $176 thousand, or 9 percent, over the prior year fourth quarter principally due to the current quarter gain on sale of other real estate owned ("OREO").  Other income included operating revenue of $43 thousand from OREO and a gain of $438 thousand from the sale of OREO, a combined total of $481 thousand for the current quarter compared to $168 thousand for the prior quarter and $239 thousand for the prior year fourth quarter.

Non-interest Expense Summary

 Three Months ended
(Dollars in thousands)Dec 31,
 2016
 Sep 30,
 2016
 Jun 30,
 2016
 Mar 31,
 2016
 Dec 31,
 2015
Compensation and employee benefits$38,826  38,370  37,560  36,941  35,902 
Occupancy and equipment6,692  6,168  6,443  6,676  6,578 
Advertising and promotions2,125  2,098  2,085  2,125  2,035 
Data processing3,409  4,080  3,938  3,373  3,245 
Other real estate owned2,076  215  214  390  511 
Regulatory assessments and insurance1,048  1,158  1,066  1,508  1,494 
Core deposit intangibles amortization608  777  788  797  758 
Other expenses11,933  12,314  12,367  10,546  11,680 
Total non-interest expense$66,717  65,180  64,461  62,356  62,203 
          
   $ Change from
(Dollars in thousands)  Sep 30,
 2016
 Jun 30,
 2016
 Mar 31,
 2016
 Dec 31,
 2015
Compensation and employee benefits  $456  1,266  1,885  2,924 
Occupancy and equipment  524  249  16  114 
Advertising and promotions  27  40    90 
Data processing  (671) (529) 36  164 
Other real estate owned  1,861  1,862  1,686  1,565 
Regulatory assessments and insurance  (110) (18) (460) (446)
Core deposit intangibles amortization  (169) (180) (189) (150)
Other expense  (381) (434) 1,387  253 
Total non-interest expense  $1,537  2,256  4,361  4,514 
 

Non-interest expense of $66.7 million for the current quarter increased $1.5 million, or 2 percent, over the prior quarter and increased $4.5 million, or 7 percent, over the prior year fourth quarter.  Compensation and employee benefits for the current quarter increased by $456 thousand, or 1 percent, from the prior quarter.  Compensation and employee benefits for the current quarter increased by $2.9 million, or 8 percent, from the prior year fourth quarter due to the increased number of employees, including increases from the TSB acquisition and the acquisition of Cañon National Bank ("Cañon") in October 2015, increased commissions from increased loan production and annual salary increases.  Current quarter occupancy and equipment expense increased $524 thousand, or 9 percent, from the prior quarter and increased $114 thousand, or 2 percent, from the prior year fourth quarter.  The current quarter data processing expense decreased $671 thousand, or 16 percent, from the prior quarter due to a decrease in CCP related expenses.  The current quarter data processing expense increased $164 thousand, or 5 percent, from the prior year fourth quarter.  The current quarter OREO expense of $2.1 million included $318 thousand of operating expense, $1.7 million of fair value write-downs, and $30 thousand of loss from the sales of OREO.  Current quarter other expenses of $11.9 million decreased $381 thousand, or 3 percent, from the prior quarter.  Current quarter other expenses increased $253 thousand, or 2 percent, from the prior year fourth quarter primarily driven by increases from costs associated with CCP.

Efficiency Ratio
The current quarter efficiency ratio was 55.08 percent, a 76 basis points decrease from the prior quarter efficiency ratio of 55.84 percent which resulted from the increase in interest income on commercial loans.  The current quarter efficiency ratio compared favorably to 56.52 percent in the prior year fourth quarter.  The 1.44 percent decrease in the efficiency ratio was the result of increased interest income on commercial loans and gain on sale of loans, which was greater than the increase in non-interest expense.

Operating Results for Year ended December 31, 2016
Compared to December 31, 2015

Income Summary

 Year ended $ Change % Change
(Dollars in thousands)December 31,
 2016
 December 31,
 2015
 
Net interest income       
Interest income$344,153  $319,681  $24,472  8%
Interest expense29,631  29,275  356  1%
Total net interest income314,522  290,406  24,116  8%
Non-interest income       
Service charges and other fees62,405  59,286  3,119  5%
Miscellaneous loan fees and charges4,613  4,276  337  8%
Gain on sale of loans33,606  26,389  7,217  27%
(Loss) gain on sale of investments(1,463) 19  (1,482) (7,800)%
Other income8,157  8,791  (634) (7)%
Total non-interest income107,318  98,761  8,557  9%
 $421,840  $389,167  $32,673  8%
Net interest margin (tax-equivalent)4.02% 4.00%    
 

Net Interest Income
Net interest income for the the current year was $315 million, an increase of $24.1 million, or 8 percent, over the same period last year.  Interest income for the the current year increased $24.5 million, or 8 percent, from the prior year and was principally due to a $24.0 million increase in income from commercial loans.  Additional increases included a $1.3 million in interest income from residential loans.

Interest expense of $29.6 million for the current year increased $356 thousand, or 1 percent, over the the same period in the prior year.  Deposit interest expense for the current year increased $2.3 million, or 14 percent, from the prior year and was driven by an increase in wholesale deposits and the additional interest expense for an interest rate swap with a notional amount of $100 million that began accruing in December 2015.  FHLB interest expense decreased $2.6 million, or 30 percent, as the need for wholesale funding has decreased with strong deposit growth.  The total funding cost (including non-interest bearing deposits) for 2016 was 37 basis points compared to 40 basis points for 2015.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2016 was 4.02 percent, a 2 basis point increase from the net interest margin of 4.00 percent for 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 Income
Non-interest income of $107.3 million for 2016 increased $8.6 million, or 9 percent, over the same period last year.  Service charges and other fees of $62.4 million for 2016 increased $3.1 million, or 5 percent, from the same period last year as a result of an increased number of deposit accounts, both from organic growth and from recent acquisitions.  The gain of $33.6 million on the sale of loans for 2016 increased $7.2 million, or 27 percent, from 2015 which was attributable to the stronger housing market and the low interest rate environment.  Included in other income was operating revenue of $127 thousand from OREO and gains of $918 thousand from the sales of OREO, which totaled $1.0 million for 2016 compared to $1.1 million for the prior year.

Non-interest Expense Summary

 Year ended $ Change % Change
(Dollars in thousands)December 31,
 2016
 December 31,
 2015
 
Compensation and employee benefits$151,697  $134,409  $17,288  13%
Occupancy and equipment25,979  25,505  474  2%
Advertising and promotions8,433  8,661  (228) (3)%
Data processing14,800  11,477  3,323  29%
Other real estate owned2,895  3,693  (798) (22)%
Regulatory assessments and insurance4,780  5,283  (503) (10)%
Core deposit intangible amortization2,970  2,964  6  %
Other expenses47,160  44,765  2,395  5%
Total non-interest expense$258,714  $236,757  $21,957  9%
 

Non-interest expense of $259 million increased $22.0 million, or 9 percent, over the prior year.  Included in current year non-interest expense was $4.3 million of CCP related expenses.  Compensation and employee benefits for 2016 increased $17.3 million, or 13 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 $26.0 million for 2016 increased $474 thousand, or 2 percent, over the prior year.  Outsourced data processing expense increased $3.3 million, or 29 percent, from the prior year primarily the result of additional costs from CCP.  OREO expense of $2.9 million in the current year decreased $798 thousand, or 22 percent, from the the prior year.  OREO expense for 2016 included $761 thousand of operating expenses, $1.8 million of fair value write-downs, and $314 thousand of loss from the sales of OREO.  Current year other expenses of $47.2 million increased $2.4 million, or 5 percent, from the prior year and was driven by increases from costs associated with CCP.

Provision for Loan Losses
The provision for loan losses was $2.3 million for 2016, an increase of $49 thousand, or 2 percent, from the same period in the prior year.  Net charge-offs during 2016 was $2.5 million compared to net charge-offs of $2.3 million for 2015.

Efficiency Ratio
The efficiency ratio was 55.88 percent for the twelve months of 2016 and 55.40 percent for the twelve 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 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 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 (e.g., cybersecurity), fraud or system failures; and
  • the Company's success in managing risks involved in the foregoing.

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

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 27, 2017.  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 45236374.  To participate on the webcast, log on to: http://edge.media-server.com/m/p/xxxuhk7z. 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 45236374 until February 10, 2017.

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)December 31,
 2016
 September 30,
 2016
 December 31,
 2015
Assets     
Cash on hand and in banks$135,268  129,727  117,137 
Federal funds sold  225  6,080 
Interest bearing cash deposits17,273  121,461  70,036 
Cash and cash equivalents152,541  251,413  193,253 
Investment securities, available-for-sale2,425,477  2,292,079  2,610,760 
Investment securities, held-to-maturity675,674  679,707  702,072 
Total investment securities3,101,151  2,971,786  3,312,832 
Loans held for sale72,927  71,069  56,514 
Loans receivable5,684,463  5,595,962  5,078,681 
Allowance for loan and lease losses(129,572) (132,534) (129,697)
Loans receivable, net5,554,891  5,463,428  4,948,984 
Premises and equipment, net176,198  178,638  194,030 
Other real estate owned20,954  22,662  26,815 
Accrued interest receivable45,832  50,138  44,524 
Deferred tax asset67,121  51,757  58,475 
Core deposit intangible, net12,347  12,955  14,555 
Goodwill147,053  147,053  140,638 
Non-marketable equity securities25,550  20,103  27,495 
Other assets74,035  75,873  71,117 
Total assets$9,450,600  9,316,875  9,089,232 
Liabilities     
Non-interest bearing deposits$2,041,852  2,098,747  1,918,310 
Interest bearing deposits5,330,427  5,210,572  5,026,698 
Securities sold under agreements to repurchase473,650  401,243  423,414 
FHLB advances251,749  211,833  394,131 
Other borrowed funds4,440  5,956  6,602 
Subordinated debentures125,991  125,956  125,848 
Accrued interest payable3,584  3,439  3,517 
Other liabilities102,038  111,350  114,062 
Total liabilities8,333,731  8,169,096  8,012,582 
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 authorized765  765  761 
Paid-in capital749,107  748,463  736,368 
Retained earnings - substantially restricted374,379  381,713  337,532 
Accumulated other comprehensive (loss) income(7,382) 16,838  1,989 
Total stockholders' equity1,116,869  1,147,779  1,076,650 
Total liabilities and stockholders' equity$9,450,600  9,316,875  9,089,232 
 


Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
 
 Three Months ended Year ended
(Dollars in thousands, except per share data)December 31,
 2016
 September 30,
 2016
 December 31,
 2015
 December 31,
 2016
 December 31,
 2015
Interest Income         
Investment securities$21,645  21,827  23,731  90,392  91,086 
Residential real estate loans8,463  8,538  8,572  33,410  32,153 
Commercial loans49,750  47,694  43,109  188,949  164,966 
Consumer and other loans7,901  7,885  7,799  31,402  31,476 
Total interest income87,759  85,944  83,211  344,153  319,681 
Interest Expense         
Deposits4,497  4,550  3,932  18,402  16,138 
Securities sold under agreements to repurchase325  289  287  1,207  1,021 
Federal Home Loan Bank advances1,377  1,527  2,156  6,221  8,841 
Federal funds purchased and other borrowed funds18  17  18  67  81 
Subordinated debentures997  935  822  3,734  3,194 
Total interest expense7,214  7,318  7,215  29,631  29,275 
Net Interest Income80,545  78,626  75,996  314,522  290,406 
Provision for loan losses1,139  626  411  2,333  2,284 
Net interest income after provision for loan losses79,406  78,000  75,585  312,189  288,122 
Non-Interest Income         
Service charges and other fees15,645  16,307  15,418  62,405  59,286 
Miscellaneous loan fees and charges1,234  1,195  922  4,613  4,276 
Gain on sale of loans9,765  9,592  6,033  33,606  26,389 
(Loss) gain on sale of investments(757) (594) 143  (1,463) 19 
Other income2,127  1,793  1,951  8,157  8,791 
Total non-interest income28,014  28,293  24,467  107,318  98,761 
Non-Interest Expense         
Compensation and employee benefits38,826  38,370  35,902  151,697  134,409 
Occupancy and equipment6,692  6,168  6,578  25,979  25,505 
Advertising and promotions2,125  2,098  2,035  8,433  8,661 
Data processing3,409  4,080  3,245  14,800  11,477 
Other real estate owned2,076  215  511  2,895  3,693 
Regulatory assessments and insurance1,048  1,158  1,494  4,780  5,283 
Core deposit intangibles amortization608  777  758  2,970  2,964 
Other expenses11,933  12,314  11,680  47,160  44,765 
Total non-interest expense66,717  65,180  62,203  258,714  236,757 
Income Before Income Taxes40,703  41,113  37,849  160,793  150,126 
Federal and state income tax expense9,662  10,156  8,341  39,662  33,999 
Net Income$31,041  30,957  29,508  121,131  116,127 
 


Glacier Bancorp, Inc.
Average Balance Sheets
 
 Three Months ended
 December 31, 2016 December 31, 2015
(Dollars in thousands)Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
 Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
Assets           
Residential real estate loans$756,796  $8,463  4.47% $728,346  $8,572  4.71%
Commercial loans 14,225,252  51,039  4.81% 3,601,427  43,828  4.83%
Consumer and other loans677,300  7,901  4.64% 648,683  7,799  4.77%
Total loans 25,659,348  67,403  4.74% 4,978,456  60,199  4.80%
Tax-exempt investment securities 31,290,962  18,487  5.73% 1,361,905  20,173  5.92%
Taxable investment securities 41,809,816  9,813  2.17% 1,988,643  11,176  2.25%
Total earning assets8,760,126  95,703  4.35% 8,329,004  91,548  4.36%
Goodwill and intangibles159,771      147,572     
Non-earning assets389,562      400,730     
Total assets$9,309,459      $8,877,306     
Liabilities           
Non-interest bearing deposits$2,045,833  $  % $1,918,399  $  %
NOW and DDA accounts1,533,225  254  0.07% 1,441,615  284  0.08%
Savings accounts979,377  134  0.05% 811,804  97  0.05%
Money market deposit accounts1,451,803  548  0.15% 1,372,881  522  0.15%
Certificate accounts961,707  1,393  0.58% 1,081,921  1,607  0.59%
Wholesale deposits 5335,579  2,168  2.57% 201,695  1,422  2.80%
FHLB advances220,921  1,377  2.44% 332,910  2,156  2.53%
Repurchase agreements and other borrowed funds538,305  1,340  0.99% 523,213  1,127  0.85%
Total funding liabilities8,066,750  7,214  0.36% 7,684,438  7,215  0.37%
Other liabilities101,383      94,505     
Total liabilities8,168,133      7,778,943     
Stockholders' Equity           
Common stock765      759     
Paid-in capital748,730      730,927     
Retained earnings389,289      358,860     
Accumulated other comprehensive income2,542      7,817     
Total stockholders' equity1,141,326      1,098,363     
Total liabilities and stockholders' equity$9,309,459      $8,877,306     
Net interest income (tax-equivalent)  $88,489      $84,333   
Net interest spread (tax-equivalent)    3.99%     3.99%
Net interest margin (tax-equivalent)    4.02%     4.02%
__________
1  Includes tax effect of $1.3 million and $719 thousand on tax-exempt municipal loan and lease income for the three months ended December 31, 2016 and 2015, respectively.
2  Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3  Includes tax effect of $6.3 million and $7.3 million on tax-exempt investment securities income for the three months ended December 31, 2016 and 2015, respectively.
4  Includes tax effect of $353 thousand and $362 thousand on federal income tax credits for the three months ended December 31, 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)
 
 Year ended
 December 31, 2016 December 31, 2015
(Dollars in thousands)Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
 Average
Balance
 Interest &
Dividends
 Average
Yield/
Rate
Assets           
Residential real estate loans$741,876  $33,410  4.50% $687,013  $32,153  4.68%
Commercial loans 13,993,363  193,147  4.84% 3,459,470  167,587  4.84%
Consumer and other loans668,990  31,402  4.69% 631,512  31,476  4.98%
Total loans 25,404,229  257,959  4.77% 4,777,995  231,216  4.84%
Tax-exempt investment securities 31,325,810  75,907  5.73% 1,328,908  77,199  5.81%
Taxable investment securities 41,874,240  41,775  2.23% 1,918,283  41,648  2.17%
Total earning assets8,604,279  375,641  4.37% 8,025,186  350,063  4.36%
Goodwill and intangibles155,981      143,293     
Non-earning assets392,353      389,126     
Total assets$9,152,613      $8,557,605     
Liabilities           
Non-interest bearing deposits$1,934,543  $  % $1,756,888  $  %
NOW and DDA accounts1,498,928  1,062  0.07% 1,371,340  1,074  0.08%
Savings accounts920,058  464  0.05% 758,776  360  0.05%
Money market deposit accounts1,420,700  2,183  0.15% 1,340,967  2,066  0.15%
Certificate accounts1,013,046  5,998  0.59% 1,131,210  6,891  0.61%
Wholesale deposits 5335,616  8,695  2.59% 206,889  5,747  2.78%
FHLB advances294,952  6,221  2.07% 319,565  8,841  2.73%
Repurchase agreements and other borrowed funds515,254  5,008  0.97% 509,431  4,296  0.84%
Total funding liabilities7,933,097  29,631  0.37% 7,395,066  29,275  0.40%
Other liabilities96,392      91,360     
Total liabilities8,029,489      7,486,426     
Stockholders' Equity           
Common stock763      755     
Paid-in capital740,792      720,827     
Retained earnings371,925      336,998     
Accumulated other comprehensive income9,644      12,599     
Total stockholders' equity1,123,124      1,071,179     
Total liabilities and stockholders' equity$9,152,613      $8,557,605     
Net interest income (tax-equivalent)  $346,010      $320,788   
Net interest spread (tax-equivalent)    4.00%     3.96%
Net interest margin (tax-equivalent)    4.02%     4.00%
__________             
1  Includes tax effect of $4.2 million and $2.6 million on tax-exempt municipal loan and lease income for the year ended December 31, 2016 and 2015, respectively.
2  Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3  Includes tax effect of $25.9 million and $26.3 million on tax-exempt investment securities income for the year ended December 31, 2016 and 2015, respectively.
4  Includes tax effect of $1.4 million and $1.4 million on federal income tax credits for the year ended December 31, 2016 and 2015, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.
 


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
 
 Loans Receivable, by Loan Type % Change from
(Dollars in thousands)Dec 31,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
 Sep 30,
 2016
 Dec 31,
 2015
Custom and owner occupied construction$86,233  $82,935  $75,094  4% 15%
Pre-sold and spec construction66,184  66,812  50,288  (1)% 32%
Total residential construction152,417  149,747  125,382  2% 22%
Land development75,078  68,597  62,356  9% 20%
Consumer land or lots97,449  96,798  97,270  1% %
Unimproved land69,157  69,880  73,844  (1)% (6)%
Developed lots for operative builders13,254  13,256  12,336  % 7%
Commercial lots30,523  27,512  22,035  11% 39%
Other construction257,769  246,753  156,784  4% 64%
Total land, lot, and other construction543,230  522,796  424,625  4% 28%
Owner occupied977,932  963,063  938,625  2% 4%
Non-owner occupied929,729  890,981  774,192  4% 20%
Total commercial real estate1,907,661  1,854,044  1,712,817  3% 11%
Commercial and industrial686,870  697,598  649,553  (2)% 6%
Agriculture407,208  425,645  367,339  (4)% 11%
1st lien877,893  883,034  856,193  (1)% 3%
Junior lien58,564  61,788  65,383  (5)% (10)%
Total 1-4 family936,457  944,822  921,576  (1)% 2%
Multifamily residential184,068  204,395  201,542  (10)% (9)%
Home equity lines of credit402,614  399,446  372,039  1% 8%
Other consumer155,193  154,547  150,469  % 3%
Total consumer557,807  553,993  522,508  1% 7%
Other381,672  313,991  209,853  22% 82%
Total loans receivable, including loans held for sale5,757,390  5,667,031  5,135,195  2% 12%
Less loans held for sale 1(72,927) (71,069) (56,514) 3% 29%
Total loans receivable$5,684,463  $5,595,962  $5,078,681  2% 12%
_______                 
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
(Dollars in thousands)Dec 31,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
 Dec 31,
 2016
 Dec 31,
 2016
 Dec 31,
 2016
Custom and owner occupied construction$  375  1,016       
Pre-sold and spec construction226  250    226     
Total residential construction226  625  1,016  226     
Land development9,864  11,717  17,582  1,188    8,676 
Consumer land or lots2,137  2,196  2,250  770    1,367 
Unimproved land11,905  12,068  12,328  7,852    4,053 
Developed lots for operative builders175  175  488      175 
Commercial lots1,466  2,165  1,521      1,466 
Other construction    4,236       
Total land, lot and other construction25,547  28,321  38,405  9,810    15,737 
Owner occupied18,749  19,970  10,952  16,849  92  1,808 
Non-owner occupied3,426  4,005  3,446  2,749    677 
Total commercial real estate22,175  23,975  14,398  19,598  92  2,485 
Commercial and industrial5,184  5,175  3,993  4,894  283  7 
Agriculture1,615  2,329  3,281  1,615     
1st lien9,186  9,333  10,691  6,734  393  2,059 
Junior lien1,167  1,335  668  1,167     
Total 1-4 family10,353  10,668  11,359  7,901  393  2,059 
Multifamily residential400  432  113  400     
Home equity lines of credit5,494  4,734  5,486  4,737  117  640 
Other consumer391  182  228  151  214  26 
Total consumer5,885  4,916  5,714  4,888  331  666 
Other  1,800  1,800       
Total$71,385  78,241  80,079  49,332  1,099  20,954 
 


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,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
 Sep 30,
 2016
 Dec 31,
 2015
Custom and owner occupied construction$1,836  $65  $462  2,725% 297%
Pre-sold and spec construction    181  n/m  (100)%
Total residential construction1,836  65  643  2,725% 186%
Land development154    447  n/m  (66)%
Consumer land or lots638  130  166  391% 284%
Unimproved land1,442  857  774  68% 86%
Other construction  7,125  337  (100)% (100)%
Total land, lot and other construction2,234  8,112  1,724  (72)% 30%
Owner occupied2,307  586  2,760  294% (16)%
Non-owner occupied1,689  5,830  923  (71)% 83%
Total commercial real estate3,996  6,416  3,683  (38)% 8%
Commercial and industrial3,032  4,038  1,968  (25)% 54%
Agriculture1,133  989  1,014  15% 12%
1st lien7,777  3,439  6,272  126% 24%
Junior lien1,016  977  1,077  4% (6)%
Total 1-4 family8,793  4,416  7,349  99% 20%
Multifamily Residential10    662  n/m
  (98)%
Home equity lines of credit1,537  2,383  1,046  (36)% 47%
Other consumer1,180  943  1,227  25% (4)%
Total consumer2,717  3,326  2,273  (18)% 20%
Other1,866  22  97  8,382% 1,824%
Total$25,617  $27,384  $19,413  (6)% 32%
_______                 
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,
 2016
 Sep 30,
 2016
 Dec 31,
 2015
 Dec 31,
 2016
 Dec 31,
 2016
Custom and owner occupied construction$(1)       1 
Pre-sold and spec construction786  (39) (53) 832  46 
Total residential construction785  (39) (53) 832  47 
Land development(2,661) (2,372) (288) 29  2,690 
Consumer land or lots(688) (487) 66  25  713 
Unimproved land(184) (114) (325)   184 
Developed lots for operative builders(27) (23) (85) 15  42 
Commercial lots27  29  (26) 33  6 
Other construction    (1)    
Total land, lot and other construction(3,533) (2,967) (659) 102  3,635 
Owner occupied1,196  (354) 247  1,621  425 
Non-owner occupied44  9  93  60  16 
Total commercial real estate1,240  (345) 340  1,681  441 
Commercial and industrial(370) (643) 1,389  1,114  1,484 
Agriculture50  (29) 50  105  55 
1st lien487  132  834  720  233 
Junior lien60  (15) (125) 228  168 
Total 1-4 family547  117  709  948  401 
Multifamily residential229  229  (318) 229   
Home equity lines of credit611  450  740  864  253 
Other consumer257  255  143  554  297 
Total consumer868  705  883  1,418  550 
Other2,642  1,329  (1) 5,067  2,425 
Total$2,458  (1,643) 2,340  11,496  9,038 
 

Visit our website at www.glacierbancorp.com

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

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