1st Quarter 2024 Highlights: Net income was $32.6 million for the current quarter, a decrease of $21.7 million, or 40 percent, from the prior quarter net income of $54.3 million and a decrease of $28.6 million, or 47 percent, from the prior year first quarter net income of $61.2 million. The current quarter included a total of $13.3 million related to credit loss expense from the acquisition of Wheatland Bank, acquisition-related expense and increased expense from the Federal Deposit Insurance Corporation ("FDIC") special assessment. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.59 percent, an increase of 3 basis points from the prior quarter net interest margin of 2.56 percent. Interest income of $279 million in the current quarter increased $5.9 million, or 2 percent, over the prior quarter and increased $47.5 million, or 20 percent, over the prior year first quarter. The loan portfolio of $16.733 billion increased $534 million, or 3 percent, during the current quarter. The loan yield for the current quarter of 5.46 percent increased 12 basis points compared to 5.34 percent in the prior quarter and increased 44 basis points from the prior year first quarter loan yield of 5.02 percent. Total deposits of $20.428 billion increased $498 million, or 3 percent, during the current quarter and increased $279 million, or 1 percent, from the prior year first quarter. The $2.740 billion of FRB Bank Term Funding ("BTFP") was paid off during the current quarter through a combination of Federal Home Loan Bank ("FHLB") advances and cash. Non-performing assets of $25.4 million at March 31, 2024 decreased $206 thousand, or 1 percent, from the prior quarter and decreased $6.6 million, or 20 percent, from the prior year first quarter. Stockholders' equity of $3.111 billion increased $90.4 million, or 3 percent, during the current quarter and increased $184 million, or 6 percent, over the prior year first quarter. The Company declared a quarterly dividend of $0.33 per share. The Company has declared 156 consecutive quarterly dividends and has increased the dividend 49 times. The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million. The Company announced a purchase and assumption agreement with Heartland Bank ("HTLF") to purchase six Montana branches from its Rocky Mountain Bank division including the deposits, loans, owned real estate and fixed assets associated with the branches. Financial Summary   At or for the Three Months ended (Dollars in thousands, except per share and market data) Mar 31,2024   Dec 31,2023   Mar 31,2023 Operating results           Net income $ 32,627     54,316     61,211   Basic earnings per share $ 0.29     0.49     0.55   Diluted earnings per share $ 0.29     0.49     0.55   Dividends declared per share $ 0.33     0.33     0.33   Market value per share           Closing $ 40.28     41.32     42.01   High $ 42.75     44.06     50.03   Low $ 34.74     27.36     37.07   Selected ratios and other data           Number of common stock shares outstanding   113,388,590     110,888,942     110,868,713   Average outstanding shares - basic   112,492,142     110,884,496     110,824,648   Average outstanding shares - diluted   112,554,402     110,907,640     110,881,708   Return on average assets (annualized)   0.47 %   0.77 %   0.93 % Return on average equity (annualized)   4.25 %   7.40 %   8.54 % Efficiency ratio   74.41 %   65.20 %   60.39 % Loan to deposit ratio   82.04 %   81.36 %   77.09 % Number of full time equivalent employees   3,438     3,294     3,390   Number of locations   232     221     222   Number of ATMs   285     275     263                       KALISPELL, Mont., April 18, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE:GBCI) reported net income of $32.6 million for the current quarter, a decrease of $28.6 million, or 47 percent, from the $61.2 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.29 per share, a decrease of 47 percent from the prior year first quarter diluted earnings per share of $0.55. The decrease in net income compared to the prior year first quarter was primarily due to the significant increase in funding costs over the year combined with the increased costs associated with the acquisition of Wheatland Bank. The current quarter included $5.7 million of acquisition-related expense and $6.1 million of credit loss expense from the acquisition of Wheatland Bank. Included in the current quarter non-interest expense was $1.5 million related to the FDIC increased loss estimates from the special assessment pursuant to a systemic risk determination. "We are pleased to see our margin grow in the quarter and believe this positive trend will continue during 2024," said Randy Chesler, President and Chief Executive Officer. "We remain very confident in the quality of our loan portfolio and were pleased to welcome Wheatland Bank to the Company and announce the acquisition of the six Rocky Mountain Bank branches in Montana from Heartland Financial." On January 31, 2024, the Company completed the acquisition of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, "Wheatland"), headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington and was combined with the North Cascades Bank division, with combined operations under the name Wheatland Bank, division of Glacier Bank. The Company's results of operations and financial condition include the Wheatland acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:   Wheatland (Dollars in thousands) January 31,2024 Total assets $ 777,659 Debt securities   187,183 Loans receivable   450,403 Non-interest bearing deposits   277,651 Interest bearing deposits   339,304 Borrowings   58,500       During the current quarter, the Company announced the signing of a purchase and assumption agreement to purchase six Montana branches from the Rocky Mountain Bank division of HTLF. The branches will join Glacier Bank divisions operating in Montana. The branch acquisition is subject to regulatory approvals and other customary conditions of closing and is expected to be completed in the third quarter of 2024. Asset Summary               $ Change from (Dollars in thousands) Mar 31,2024   Dec 31,2023   Mar 31,2023   Dec 31,2023   Mar 31,2023 Cash and cash equivalents $ 788,660     1,354,342     1,529,534     (565,682 )   (740,874 ) Debt securities, available-for-sale   4,629,073     4,785,719     5,198,313     (156,646 )   (569,240 ) Debt securities, held-to-maturity   3,451,583     3,502,411     3,664,393     (50,828 )   (212,810 ) Total debt securities   8,080,656     8,288,130     8,862,706     (207,474 )   (782,050 ) Loans receivable                   Residential real estate   1,752,514     1,704,544     1,508,403     47,970     244,111   Commercial real estate   10,672,269     10,303,306     9,992,019     368,963     680,250   Other commercial   3,030,608     2,901,863     2,804,104     128,745     226,504   Home equity   883,062     888,013     829,844     (4,951 )   53,218   Other consumer   394,049     400,356     384,242     (6,307 )   9,807   Loans receivable   16,732,502     16,198,082     15,518,612     534,420     1,213,890   Allowance for credit losses   (198,779 )   (192,757 )   (186,604 )   (6,022 )   (12,175 ) Loans receivable, net   16,533,723     16,005,325     15,332,008     528,398     1,201,715   Other assets   2,419,131     2,094,832     2,078,186     324,299     340,945   Total assets $ 27,822,170     27,742,629     27,802,434     79,541     19,736                                   The $789 million cash balance at March 31, 2024 decreased $566 million during the current quarter as cash was utilized to partially fund the maturity of the BTFP. Total debt securities of $8.081 billion at March 31, 2024 decreased $207 million during the current quarter and decreased $782 million, or 9 percent, from the prior year end. Debt securities represented 29 percent of total assets at March 31, 2024 compared to 30 percent at December 31, 2023 and 32 percent at March 31, 2023. The loan portfolio of $16.733 billion at March 31, 2024 increased $534 million, or 3 percent, during the current quarter and increased $1.214 billion, or 8 percent, from the prior year. Excluding the Wheatland acquisition, the loan portfolio increased $84.0 million, or 2 percent annualized, with the largest increase in commercial real estate, which increased $63.9 million, or 2 percent annualized. Excluding the Wheatland acquisition, the loan portfolio increased $763 million, or 5 percent, from the prior year first quarter with the largest increase in commercial real estate loans, which increased $375 million, or 4 percent. Credit Quality Summary   At or for the Three Months ended   At or for the Year ended   At or for the Three Months ended (Dollars in thousands) Mar 31,2024   Dec 31,2023   Mar 31,2023 Allowance for credit losses           Balance at beginning of period $ 192,757     182,283     182,283   Acquisitions   3     —     —   Provision for credit losses   9,091     20,790     6,260   Charge-offs   (4,295 )   (15,095 )   (3,293 ) Recoveries   1,223     4,779     1,354   Balance at end of period $ 198,779     192,757     186,604   Provision for credit losses           Loan portfolio $ 9,091     20,790     6,260   Unfunded loan commitments   (842 )   (5,995 )   (790 ) Total provision for credit losses $ 8,249     14,795     5,470   Other real estate owned $ 432     1,032     —   Other foreclosed assets   459     471     31   Accruing loans 90 days or more past due   3,796     3,312     3,545   Non-accrual loans   20,738     20,816     28,403   Total non-performing assets $ 25,425     25,631     31,979   Non-performing assets as a percentage of subsidiary assets   0.09 %   0.09 %   0.12 % Allowance for credit losses as a percentage of non-performing loans   810 %   799 %   584 % Allowance for credit losses as a percentage of total loans   1.19 %   1.19 %   1.20 % Net charge-offs as a percentage of total loans   0.02 %   0.06 %   0.01 % Accruing loans 30-89 days past due $ 62,423     49,967     24,993   U.S. government guarantees included in non-performing assets $ 1,490     1,503     2,071                       Non-performing assets of $25.4 million at March 31, 2024 decreased $206 thousand, or 1 percent, over the prior quarter and decreased $6.6 million, or 20 percent, over the prior year first quarter. Non-performing assets as a percentage of subsidiary assets at March 31, 2024 was 0.09 percent compared to 0.09 percent in the prior quarter and 0.12 percent in the prior year first quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $62.4 million at March 31, 2024 increased $12.5 million from the prior quarter and increased $37.4 million from prior year first quarter. The increase over the prior period was primarily isolated to one credit relationship of $18.1 million. Early stage delinquencies as a percentage of loans at March 31, 2024 were 0.37 percent compared to 0.31 percent for the prior quarter end and 0.16 percent for the prior year first quarter. The current quarter credit loss expense of $8.2 million included $5.3 million of provision for credit losses on loans and $818 thousand of provision for credit loss on unfunded loan commitments from the acquisition of Wheatland. Excluding the acquisition of Wheatland, the current quarter credit loss expense was $2.1 million, including a $3.8 million credit loss expense from loans and $1.7 million of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans ("ACL") as a percentage of total loans outstanding at March 31, 2024 and December 31, 2023 was 1.19 percent compared to 1.20 percent at March 31, 2023. Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs(Recoveries)   ACLas a Percentof Loans   AccruingLoans 30-89Days Past Dueas a Percent ofLoans   Non-PerformingAssets toTotal SubsidiaryAssets First quarter 2024 $ 9,091     $ 3,072   1.19 %   0.37 %   0.09 % Fourth quarter 2023   4,181       3,695   1.19 %   0.31 %   0.09 % Third quarter 2023   5,095       2,209   1.19 %   0.09 %   0.15 % Second quarter 2023   5,254       2,473   1.19 %   0.16 %   0.12 % First quarter 2023   6,260       1,939   1.20 %   0.16 %   0.12 % Fourth quarter 2022   6,060       1,968   1.20 %   0.14 %   0.12 % Third quarter 2022   8,382       3,154   1.20 %   0.07 %   0.13 % Second quarter 2022   (1,353 )     1,843   1.20 %   0.12 %   0.16 %                                 Net charge-offs for the current quarter were $3.1 million compared to $3.7 million in the prior quarter and $1.9 million for the prior year first quarter. Net charge-offs of $3.1 million included $2.4 million in deposit overdraft net charge-offs and $626 thousand of net loan charge-offs. Excluding the acquisition of Wheatland, the current quarter provision for credit loss expense for loans was $3.8 million, which was a decrease of $361 thousand from the prior quarter and a $2.4 million decrease from the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.  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) Mar 31,2024   Dec 31,2023   Mar 31,2023   Dec 31,2023   Mar 31,2023 Deposits                   Non-interest bearing deposits $ 6,055,069   6,022,980   7,001,241   32,089     (946,172 ) NOW and DDA accounts   5,376,605   5,321,257   5,156,709   55,348     219,896   Savings accounts   2,949,908   2,833,887   2,985,351   116,021     (35,443 ) Money market deposit accounts   3,002,942   2,831,624   3,429,123   171,318     (426,181 ) Certificate accounts   3,039,190   2,915,393   1,155,494   123,797     1,883,696   Core deposits, total   20,423,714   19,925,141   19,727,918   498,573     695,796   Wholesale deposits   3,809   4,026   420,390   (217 )   (416,581 ) Deposits, total   20,427,523   19,929,167   20,148,308   498,356     279,215   Repurchase agreements   1,540,008   1,486,850   1,191,323   53,158     348,685   Deposits and repurchase agreements, total   21,967,531   21,416,017   21,339,631   551,514     627,900   Federal Home Loan Bank advances   2,140,157   —   335,000   2,140,157     1,805,157   FRB Bank Term Funding   —   2,740,000   2,740,000   (2,740,000 )   (2,740,000 ) Other borrowed funds   88,814   81,695   76,185   7,119     12,629   Subordinated debentures   132,984   132,943   132,822   41     162   Other liabilities   381,977   351,693   251,892   30,284     130,085   Total liabilities $ 24,711,463   24,722,348   24,875,530   (10,885 )   (164,067 )                           Total deposits of $20.428 billion at March 31, 2024 increased $498 million, or 3 percent, during the current quarter and increased $279 million, or 1 percent, from the prior year first quarter. Excluding the Wheatland acquisition, total deposits decreased $119 million, or 1 percent, during the current quarter and decreased $338 million, or 2 percent, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at both March 31, 2024 and December 31, 2023 compared to 35 percent at March 31, 2023. Upon maturity in the current quarter, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash, resulting in a net reduction of $600 million in borrowings. The FHLB borrowings of $2.140 billion at quarter end included $340 million of overnight borrowings and $1.800 billion in term borrowings that will mature between March of 2025 and March of 2026 at a weighted average rate of 4.75 percent and a FHLB dividend adjusted weighted average rate of 4.41 percent compared to 4.38 percent for the matured BTFP borrowings. Stockholders' Equity Summary               $ Change from (Dollars in thousands, except per share data) Mar 31,2024   Dec 31,2023   Mar 31,2023   Dec 31,2023   Mar 31,2023 Common equity $ 3,483,012     3,394,394     3,337,132     88,618     145,880   Accumulated other comprehensive loss   (372,305 )   (374,113 )   (410,228 )   1,808     37,923   Total stockholders' equity   3,110,707     3,020,281     2,926,904     90,426     183,803   Goodwill and core deposit intangible, net   (1,069,808 )   (1,017,263 )   (1,024,545 )   (52,545 )   (45,263 ) Tangible stockholders' equity $ 2,040,899     2,003,018     1,902,359     37,881     138,540   Stockholders' equity to total assets   11.18 %   10.89 %   10.53 %           Tangible stockholders' equity to total tangible assets   7.63 %   7.49 %   7.10 %           Book value per common share $ 27.43     27.24     26.40     0.19     1.03   Tangible book value per common share $ 18.00     18.06     17.16     (0.06 )   0.84                                   Tangible stockholders' equity of $2.041 billion at March 31, 2024 increased $37.9 million, or 2 percent, compared to the prior quarter and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland. The increase was partially offset by the increase in goodwill and core deposits associated the acquisition of Wheatland. Tangible book value per common share of $18.00 at the current quarter end decreased $0.06 per share, or 33 basis points, from the prior quarter and increased $0.84 per share, or 5 percent, from the prior year first quarter. Cash DividendsOn March 27, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 18, 2024 to shareholders of record on April 9, 2024. The dividend was the Company's 156th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.   Operating Results for Three Months Ended March 31, 2024 Compared to December 31, 2023, and March 31, 2023   Income Summary     Three Months ended   $ Change from (Dollars in thousands) Mar 31,2024   Dec 31,2023   Mar 31,2023   Dec 31,2023   Mar 31,2023 Net interest income                   Interest income $ 279,402     273,496     231,888     5,906     47,514   Interest expense   112,922     107,040     45,696     5,882     67,226   Total net interest income   166,480     166,456     186,192     24     (19,712 ) Non-interest income                   Service charges and other fees   18,563     19,115     17,771     (552