2nd Quarter 2024 Highlights: Net income was $44.7 million for the current quarter, an increase of $12.1 million, or 37 percent, from the prior quarter net income of $32.6 million and a decrease of $10.2 million, or 19 percent, from the prior year second quarter net income of $55.0 million. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.68 percent, an increase of 9 basis points from the prior quarter net interest margin of 2.59 percent. The loan portfolio of $16.852 billion increased $119 million, or 3 percent annualized, during the current quarter. The loan yield of 5.58 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.46 percent and increased 46 basis points from the prior year second quarter loan yield of 5.12 percent. Non-interest bearing deposits of $6.093 billion increased $38.4 million or 3 percent annualized during the current quarter. Non-interest expense of $141 million for the current quarter decreased $10.9 million, or 7 percent, over the prior quarter and increased $10.3 million, or 8 percent, over the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.80 percent in the current quarter decreased 4 basis points from the prior quarter total cost of funding of 1.84 percent. Non-performing assets of $18.0 million at June 30, 2024 decreased $7.4 million, or 29 percent, over the prior quarter and decreased $14.0 million, or 44 percent, over the prior year second quarter. Stockholders' equity of $3.137 billion increased $26.7 million, or 1 percent, during the current quarter and increased $211 million, or 7 percent, over the prior year second quarter. The Company declared a quarterly dividend of $0.33 per share. The Company has declared 157 consecutive quarterly dividends and has increased the dividend 49 times. First Half 2024 Highlights: Net income for the first half of 2024 was $77.3 million, a decrease of $38.8 million, or 33 percent, from the prior year first half net income of $116 million. The loan portfolio organically increased $204 million, or 3 percent annualized, during the first half of 2024. The $2.740 billion of FRB Bank Term Funding ("BTFP") was paid off during the current year through a combination of Federal Home Loan Bank ("FHLB") advances and cash. Interest income for the first six months of 2024 was $553 million, an increase of $74.0 million, or 15 percent, over the $479 million of interest income for the first six months of the prior year. Dividends declared in the first half of 2024 were $0.66 per share. The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, "Wheatland"), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million. Financial Summary     At or for the Three Months ended   At or for the Six months ended (Dollars in thousands, except per share and market data) Jun 30,2024   Mar 31,2024   Jun 30,2023   Jun 30,2024   Jun 30,2023 Operating results                   Net income $ 44,708     32,627     54,955     77,335     116,166   Basic earnings per share $ 0.39     0.29     0.50     0.68     1.05   Diluted earnings per share $ 0.39     0.29     0.50     0.68     1.05   Dividends declared per share $ 0.33     0.33     0.33     0.66     0.66   Market value per share                   Closing $ 37.32     40.28     31.17     37.32     31.17   High $ 40.18     42.75     42.21     42.75     50.03   Low $ 34.35     34.74     26.77     34.35     26.77   Selected ratios and other data                   Number of common stock shares outstanding   113,394,092     113,388,590     110,873,887     113,394,092     110,873,887   Average outstanding shares - basic   113,390,539     112,492,142     110,870,964     112,941,341     110,847,806   Average outstanding shares - diluted   113,405,491     112,554,402     110,875,535     112,981,531     110,879,654   Return on average assets (annualized)   0.66 %   0.47 %   0.81 %   0.56 %   0.87 % Return on average equity (annualized)   5.77 %   4.25 %   7.52 %   5.01 %   8.03 % Efficiency ratio   67.97 %   74.41 %   62.73 %   71.17 %   61.52 % Loan to deposit ratio   84.03 %   82.04 %   79.92 %   84.03 %   79.92 % Number of full time equivalent employees   3,399     3,438     3,369     3,399     3,369   Number of locations   231     232     222     231     222   Number of ATMs   286     285     274     286     274     KALISPELL, Mont., July 18, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE:GBCI) reported net income of $44.7 million for the current quarter, an increase of $12.1 million, or 37 percent from the prior quarter net income of $32.6 million and a decrease of $10.2 million, or 19 percent, from the $55.0 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.39 per share, an increase of 34 percent from the prior quarter diluted earnings per share of $0.29 per share and a decrease of 22 percent from the prior year second quarter diluted earnings per share of $0.50. The decrease in net income compared to the prior year second quarter was primarily due to the significant increase in funding costs over the prior year second quarter combined with the increased costs associated with the acquisition of Wheatland. "We had a strong second quarter led by an expanding margin and continued favorable performance trends across the company," said Randy Chesler, President and Chief Executive Officer. "We were especially pleased to see the continued excellent credit performance and the solid loan growth in the quarter." Net income for the six months ended June 30, 2024 was $77.3 million, a decrease of $38.8 million, or 33 percent, from the $116 million net income for the first six months of the prior year. Diluted earnings per share for the first half of 2024 was $0.68 per share, a decrease of $0.37 per share from the prior year first half diluted earnings per share of $1.05. The decrease in net income for the first half of the current year compared to the prior year first half was primarily due to the significant increase in funding costs. In addition, the current year included a $6.1 million of provision for credit losses and increased operating costs associated with the acquisition of Wheatland. On January 31, 2024, the Company completed the acquisition of 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   Asset Summary                   $ Change from (Dollars in thousands) Jun 30,2024   Mar 31,2024   Dec 31,2023   Jun 30,2023   Mar 31,2024   Dec 31,2023   Jun 30,2023 Cash and cash equivalents $ 800,779     788,660     1,354,342     1,051,320     12,119     (553,563 )   (250,541 ) Debt securities, available-for-sale   4,499,541     4,629,073     4,785,719     4,999,820     (129,532 )   (286,178 )   (500,279 ) Debt securities, held-to-maturity   3,400,403     3,451,583     3,502,411     3,608,289     (51,180 )   (102,008 )   (207,886 ) Total debt securities   7,899,944     8,080,656     8,288,130     8,608,109     (180,712 )   (388,186 )   (708,165 ) Loans receivable                           Residential real estate   1,771,528     1,752,514     1,704,544     1,588,175     19,014     66,984     183,353   Commercial real estate   10,713,964     10,672,269     10,303,306     10,220,751     41,695     410,658     493,213   Other commercial   3,066,028     3,030,608     2,901,863     2,888,810     35,420     164,165     177,218   Home equity   905,884     883,062     888,013     862,240     22,822     17,871     43,644   Other consumer   394,587     394,049     400,356     394,986     538     (5,769 )   (399 ) Loans receivable   16,851,991     16,732,502     16,198,082     15,954,962     119,489     653,909     897,029   Allowance for credit losses   (200,955 )   (198,779 )   (192,757 )   (189,385 )   (2,176 )   (8,198 )   (11,570 ) Loans receivable, net   16,651,036     16,533,723     16,005,325     15,765,577     117,313     645,711     885,459   Other assets   2,453,581     2,419,131     2,094,832     2,102,673     34,450     358,749     350,908   Total assets $ 27,805,340     27,822,170     27,742,629     27,527,679     (16,830 )   62,711     277,661     The $801 million cash balance at June 30, 2024 decreased $554 million from the prior year end as cash was utilized to partially fund the maturity of the BTFP at the end of the prior quarter. Total debt securities of $7.900 billion at June 30, 2024 decreased $181 million, or 2 percent, during the current quarter and decreased $708 million, or 8 percent, from the prior year second quarter. Debt securities represented 28 percent of total assets at June 30, 2024 compared to 30 percent at December 31, 2023 and 31 percent at June 30, 2023. The loan portfolio of $16.852 billion at June 30, 2024 increased $119 million, or 3 percent annualized, during the current quarter and increased $897 million, or 6 percent, from the prior year second quarter. Excluding the Wheatland acquisition, the loan portfolio increased $204 million, or 3 percent annualized, during the first half of 2024 and increased $447 million, or 3 percent, from the prior year second quarter. Credit Quality Summary   At or for the SixMonths ended   At or for theThree Months ended   At or for the Year ended   At or for the Six Months ended (Dollars in thousands) Jun 30,2024   Mar 31,2024   Dec 31,2023   Jun 30,2023 Allowance for credit losses               Balance at beginning of period $ 192,757     192,757     182,283     182,283   Acquisitions   3     3     —     —   Provision for credit losses   14,157     9,091     20,790     11,514   Charge-offs   (8,430 )   (4,295 )   (15,095 )   (7,083 ) Recoveries   2,468     1,223     4,779     2,671   Balance at end of period $ 200,955     198,779     192,757     189,385   Provision for credit losses               Loan portfolio $ 14,157     9,091     20,790     11,514   Unfunded loan commitments   (2,390 )   (842 )   (5,995 )   (3,271 ) Total provision for credit losses $ 11,767     8,249     14,795     8,243   Other real estate owned $ 432     432     1,032     —   Other foreclosed assets   198     459     471     52   Accruing loans 90 days or more past due   4,692     3,796     3,312     3,876   Non-accrual loans   12,686     20,738     20,816     28,094   Total non-performing assets $ 18,008     25,425     25,631     32,022   Non-performing assets as a percentage of subsidiary assets   0.06 %   0.09 %   0.09 %   0.12 % Allowance for credit losses as a percentage of non-performing loans   1,116 %   810 %   799 %   592 % Allowance for credit losses as a percentage of total loans   1.19 %   1.19 %   1.19 %   1.19 % Net charge-offs as a percentage of total loans   0.04 %   0.02 %   0.06 %   0.03 % Accruing loans 30-89 days past due $ 49,678     62,423     49,967     24,863   U.S. government guarantees included in non-performing assets $ 1,228     1,490     1,503     1,035     Non-performing assets of $18.0 million at June 30, 2024 decreased $7.4 million, or 29 percent, over the prior quarter and decreased $14.0 million, or 44 percent, over the prior year second quarter. Non-performing assets as a percentage of subsidiary assets at June 30, 2024 was 0.06 percent compared to 0.09 percent in the prior quarter and 0.12 percent in the prior year second quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $49.7 million at June 30, 2024 decreased $12.7 million from the prior quarter and increased $24.8 million from prior year second quarter. Early stage delinquencies as a percentage of loans at June, 2024 were 0.29 percent compared to 0.37 percent for the prior quarter end and 0.16 percent for the prior year second quarter. The current quarter credit loss expense of $3.5 million included $5.1 million of credit loss expense from loans and $1.6 million of credit loss benefit from unfunded loan commitments. For the first half of the current year, the provision for credit losses included $5.3 million of provision for credit losses on loans and $818 thousand of provision for credit losses on unfunded loan commitments from the acquisition of Wheatland. The allowance for credit losses on loans ("ACL") as a percentage of total loans outstanding at June 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year second 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.  Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACLas a Percentof Loans   AccruingLoans 30-89Days Past Dueas a Percent ofLoans   Non-PerformingAssets toTotal SubsidiaryAssets Second quarter 2024 $ 5,066   $ 2,890   1.19 %   0.29 %   0.06 % First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 % Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 % Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 % Second quarter 2023   5,254     2,473   1.19 %   0.16 %   0.12 % First quarter 2023   6,260     1,939   1.20 %   0.16 %   0.12 % 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 %   Net charge-offs for the current quarter were $2.9 million compared to $3.1 million in the prior quarter and $2.5 million for the prior year second quarter. Net charge-offs of $2.9 million included $2.2 million in deposit overdraft net charge-offs and $716 thousand of net loan charge-offs. Supplemental information regarding credit quality and identification of the Company's loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company's loan segments presented herein are based on the purpose of the loan. Liability Summary                   $ Change from (Dollars in thousands) Jun 30,2024   Mar 31,2024   Dec 31,2023   Jun 30,2023   Mar 31,2024   Dec 31,2023   Jun 30,2023 Deposits                           Non-interest bearing deposits $ 6,093,430   6,055,069   6,022,980   6,458,394   38,361     70,450     (364,964 ) NOW and DDA accounts   5,219,838   5,376,605   5,321,257   5,154,442   (156,767 )   (101,419 )   65,396   Savings accounts   2,862,034   2,949,908   2,833,887   2,808,571   (87,874 )   28,147     53,463   Money market deposit accounts   2,858,850   3,002,942   2,831,624   3,094,302   (144,092 )   27,226     (235,452 ) Certificate accounts   3,064,613   3,039,190   2,915,393   2,014,104   25,423     149,220     1,050,509   Core deposits, total   20,098,765   20,423,714   19,925,141   19,529,813   (324,949 )   173,624     568,952   Wholesale deposits   2,994   3,809   4,026   478,417   (815 )   (1,032 )   (475,423 ) Deposits, total   20,101,759   20,427,523   19,929,167   20,008,230   (325,764 )   172,592     93,529   Repurchase agreements   1,629,504   1,540,008   1,486,850   1,356,862   89,496     142,654     272,642   Deposits and repurchase agreements, total   21,731,263   21,967,531   21,416,017   21,365,092   (236,268 )   315,246     366,171   Federal Home Loan Bank advances   2,350,000   2,140,157   —   —   209,843     2,350,000     2,350,000   FRB Bank Term Funding   —   —   2,740,000   2,740,000   —     (2,740,000 )   (2,740,000 ) Other borrowed funds   88,149   88,814   81,695   75,819   (665 )   6,454     12,330   Subordinated debentures   133,024   132,984   132,943   132,863   40     81     161   Other liabilities   365,459   381,977   351,693   287,379   (16,518 )   13,766     78,080   Total liabilities $ 24,667,895   24,711,463   24,722,348   24,601,153   (43,568 )   (54,453 )   66,742     Total core deposits of $20.099 billion at June 30, 2024 decreased $325 million, or 2 percent, during the current quarter and increased $569 million, or 3 percent, from the prior year second quarter. Excluding the Wheatland acquisition, total core deposits decreased $48.0 million, or 25 basis points, from the prior year second quarter. Non-interest bearing deposits of $6.093 billion increased $38.4 million, or 3 percent annualized, during the current quarter. Non-interest bearing deposits represented 30 percent of total deposits at both June 30, 2024 and December 31, 2023 compared to 32 percent at June 30, 2023. FHLB borrowings of $2.350 billion increased $210 million, or 10 percent, during the quarter. Upon maturity in the prior quarter, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash. Stockholders' Equity Summary                   $ Change from (Dollars in thousands, except per share data) Jun 30,2024   Mar 31,2024   Dec 31,2023   Jun 30,2023   Mar 31,2024   Dec 31,2023   Jun 30,2023 Common equity $ 3,492,096     3,483,012     3,394,394     3,357,313     9,084   97,702     134,783   Accumulated other comprehensive loss   (354,651 )   (372,305 )   (374,113 )   (430,787 )   17,654   19,462     76,136   Total stockholders' equity   3,137,445     3,110,707     3,020,281     2,926,526     26,738   117,164     210,919   Goodwill and core deposit intangible, net   (1,066,790 )   (1,069,808 )   (1,017,263 )   (1,022,118 )   3,018   (49,527 )   (44,672 ) Tangible stockholders' equity $ 2,070,655     2,040,899     2,003,018     1,904,408     29,756   67,637     166,247     Stockholders' equity to total assets   11.28 %   11.18 %   10.89 %   10.63 %             Tangible stockholders' equity to total tangible assets   7.74 %   7.63 %   7.49 %   7.18 %             Book value per common share $ 27.67     27.43     27.24     26.40     0.24   0.43   1.27 Tangible book value per common share $ 18.26     18.00     18.06     17.18     0.26   0.20   1.08   Tangible stockholders' equity of $2.071 billion at June 30, 2024 increased $67.6 million, or 3 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisition of Wheatland. Tangible book value per common share of $18.26 at the current quarter end increased $0.20 per share, or 1 percent, from the prior year end and increased $1.08 per share, or 6 percent, from the prior year second quarter. Cash DividendsOn June 25, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 18, 2024 to shareholders of record on July 9, 2024. The dividend was the Company's 157th 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 June 30, 2024 Compared to March 31, 2024, and June 30, 2023   Income Summary   Three Months ended   $ Change from (Dollars in thousands) Jun 30,2024   Mar 31,2024   Jun 30,2023   Mar 31,2024   Jun 30,2023 Net interest income                   Interest income $ 273,834     279,402     247,365     (5,568 )   26,469   Interest expense   107,356     112,922     75,385     (5,566 )   31,971   Total net interest income   166,478     166,480     171,980     (2 )   (5,502 ) Non-interest income                   Service charges and other fees   19,422     18,563     18,967     859     455   Miscellaneous loan fees and charges   4,821     4,362     4,162     459     659   Gain on sale of loans   4,669     3,362     3,528     1,307     1,141   (Loss) gain on sale of securities   (12 )   16     (23 )   (28 )   11   Other income   3,304     3,686     2,445     (382 )   859   Total non-interest income   32,204     29,989     29,079     2,215     3,125   Total income $ 198,682     196,469     201,059     2,213     (2,377 ) Net interest margin (tax-equivalent)   2.68 %   2.59 %   2.74 %           Net Interest IncomeThe current quarter interest income of $274 million decreased $5.6 million, or 2 percent, over the prior quarter and was driven by the decrease in cash balances used to partially payoff of the BTFP borrowings at the end of the first quarter of the current year. The current quarter interest income increased $26.5 million, or 11 percent, from the prior year second quarter was due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.58 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.46 percent and increased 46 basis points from the prior year second quarter loan yield of 5.12 percent. The current quarter interest expense of $107 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to the payoff of the BTFP borrowings. The current quarter interest expense increased $32.0 million, or 42 percent, over the prior year second quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the current quarter compared to 1.34 percent in the prior quarter and 0.57 percent for the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.80 percent in the current quarter decreased 4 basis points from the prior quarter which was driven by the decrease in borrowings. The current quarter cost of funds increased 54 basis points from the prior year second quarter which was the result of the increased deposit rates. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.68 percent, an increase of 9 basis points from the prior quarter net interest margin of 2.59 percent and was primarily driven by a decrease in average cash and wholesale funding balances resulting from the payoff of BTFP borrowings at the end of the first quarter of 2024 as well as an increase in loan yields. Excluding the 4 basis points from discount accretion and 1 basis point from non-accrual interest, the core net interest margin was 2.63 percent in the current quarter compared to 2.55 percent in the prior quarter. "The Company was pleased with the 9 basis points increase in the net interest margin," said Ron Copher, Chief Financial Officer. "The growth in the loan portfolio at higher yields, the reduction in high cost wholesale funding, and the continued progress in slowing the pace of deposit cost increase contributed to the improved net interest margin during the current quarter." Non-interest IncomeNon-interest income for the current quarter totaled $32.2 million, which was an increase of $2.2 million, or 7 percent, over the prior quarter and an increase of $3.1 million, or 11 percent, over the prior year second quarter. Service charges and other fees of $19.4 million for the current quarter increased $859 thousand, or 5 percent, compared to the prior quarter and increased $455 thousand, or 2 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.7 million for the current quarter increased $1.3 million, or 39 percent, compared to the prior quarter and increased $1.1 million, or 32 percent, from the prior year second quarter. Non-interest Expense Summary   Three Months ended   $ Change from (Dollars in thousands) Jun 30,2024   Mar 31,2024   Jun 30,2023   Mar 31,2024   Jun 30,2023 Compensation and employee benefits $ 84,434   85,789   78,764   (1,355 )   5,670 Occupancy and equipment   11,594   11,883   10,827   (289 )   767 Advertising and promotions   4,362   3,983   3,733   379     629 Data processing   9,387   9,159   8,402   228     985 Other real estate owned and foreclosed assets   149   25   14   124     135 Regulatory assessments and insurance   5,393   7,761   5,314   (2,368 )   79 Core deposit intangibles amortization   3,017   2,760   2,427   257     590 Other expenses   22,616   30,483   21,123   (7,867 )   1,493 Total non-interest expense $ 140,952   151,843   130,604   (10,891