GLACIER BANCORP, INC. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - GLACIER BANCORP, INC.	gbci-06302017x8k.htm

NEWS RELEASE

July 20, 2017

FOR IMMEDIATE RELEASE

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER ENDED JUNE 30, 2017

2nd Quarter 2017 Highlights:


•	Net income of $33.7 million for the current quarter, an increase of $3.2 million, or 11 percent, over the prior year second quarter net income of $30.5 million.


•	Current quarter diluted earnings per share of $0.43, an increase of 8 percent from the prior year second quarter diluted earnings per share of $0.40.


•	Organic loan growth of $176 million, or 12 percent annualized, for the current quarter.


•	Net interest margin of 4.12 percent as a percentage of earning assets, on a tax equivalent basis, a 6 basis point increase over the 4.06 percent net interest margin in the second quarter of the prior year.


•	Dividend declared of $0.21 per share, an increase of $0.01 per share, or 5 percent, over the prior year second quarter. The dividend was the 129th consecutive quarterly dividend.


•	The Company completed the acquisition of TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona with total assets of $386 million.


•	The Company announced the signing of a definitive agreement to acquire Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado with total assets of $466 million.

First Half of 2017 Highlights:


•	Net income of $64.9 million for the first half of 2017, an increase of $5.8 million, or 10 percent, over the first half of 2016 net income of $59.1 million.


•	Diluted earnings per share of $0.84, an increase of 8 percent from the prior year first six months diluted earnings per share of $0.78.


•	Organic loan growth of $369 million, or 13 percent annualized, for the first six months of the current year.


•	Net interest margin of 4.08 percent as a percentage of earning assets, on a tax equivalent basis, a 4 basis point increase over the 4.04 percent net interest margin in the first six months of the prior year.

Financial Highlights



	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, 2017			Mar 31, 2017		Jun 30, 2016		Jun 30, 2017		Jun 30, 2016
Operating results
Net income	$	33,687		31,255		30,451		64,942		59,133
Basic earnings per share	$	0.43		0.41		0.40		0.84		0.78
Diluted earnings per share	$	0.43		0.41		0.40		0.84		0.78
Dividends declared per share	$	0.21		0.21		0.20		0.42		0.40
Market value per share
Closing	$	36.61		33.93		26.58		36.61		26.58
High	$	36.72		38.03		27.68		38.03		27.68
Low	$	32.06		32.47		24.31		32.06		22.19
Selected ratios and other data
Number of common stock shares outstanding	78,001,890			76,619,952		76,171,580		78,001,890		76,171,580
Average outstanding shares - basic	77,546,236			76,572,116		76,170,734		77,061,867		76,148,493
Average outstanding shares - diluted	77,592,325			76,633,283		76,205,069		77,125,677		76,191,655
Return on average assets (annualized)	1.39		%	1.35	%	1.34	%	1.37	%	1.31	%
Return on average equity (annualized)	11.37		%	11.19	%	10.99	%	11.28	%	10.76	%
Efficiency ratio	52.89		%	55.57	%	56.10	%	54.17	%	56.31	%
Dividend payout ratio	48.84		%	51.22	%	50.00	%	50.00	%	51.28	%
Loan to deposit ratio	81.86		%	78.91	%	76.92	%	81.86	%	76.92	%
Number of full time equivalent employees	2,265			2,224		2,210		2,265		2,210
Number of locations	145			142		143		145		143
Number of ATMs	165			161		167		165		167

KALISPELL, MONTANA, July 20, 2017 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $33.7 million for the current quarter, an increase of $3.2 million, or 11 percent, from the $30.5 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.43 per share, an increase of $0.03, or 8 percent, from the prior year second quarter diluted earnings per share of $0.40. Included in the current quarter was $867 thousand of acquisition-related expenses. “Our 14 divisions, supported by our senior staff, continue to post impressive operating results. It’s great to see our strong momentum continue,,” said Randy Chesler, President and Chief Executive Officer. “We are very pleased to welcome The Foothills Bank into the Glacier family. We think they are a great addition and we are excited to enter the Arizona market,” Chesler said.

Net income for the six months ended June 30, 2017 was $64.9 million, an increase of $5.8 million, or 10 percent, from the $59.1 million of net income for the first six months of the prior year. Diluted earnings per share for the first half of 2017 was $0.84 per share, an increase of $0.06, or 8 percent, from the diluted earnings per share of $0.78 for the same period in the prior year.

On June 6, 2017, the Company announced the signing of a definitive agreement to acquire Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado (collectively, “Collegiate”). As of June 30, 2017, Collegiate had total assets of $466 million, gross loans of $337 million and total deposits of $399 million. The acquisition marks the Company’s 19th acquisition since 2000, its eighth transaction in the past five years, and its fourth transaction in the state of Colorado. The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to completed during the first quarter of 2018.

On April 30, 2017, the Company completed the acquisition of TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona (collectively, “Foothills”). The Company’s results of operations and financial condition include the acquisition of Foothills 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)	April 30, 2017
Total assets	$	385,839
Investment securities	25,420
Loans receivable	292,529
Non-interest bearing deposits	97,527
Interest bearing deposits	199,233
Federal Home Loan Bank advances	22,800

Asset Summary



										$ Change from
(Dollars in thousands)	Jun 30, 2017			Mar 31, 2017		Dec 31, 2016		Jun 30, 2016		Mar 31, 2017		Dec 31, 2016		Jun 30, 2016
Cash and cash equivalents	$	237,590		234,004		152,541		160,333		3,586		85,049		77,257
Investment securities, available-for-sale	2,142,472			2,314,521		2,425,477		2,487,955		(172,049	)	(283,005	)	(345,483	)
Investment securities, held-to-maturity	659,347			667,388		675,674		680,574		(8,041	)	(16,327	)	(21,227	)
Total investment securities	2,801,819			2,981,909		3,101,151		3,168,529		(180,090	)	(299,332	)	(366,710	)
Loans receivable
Residential real estate	712,726			685,458		674,347		672,895		27,268		38,379		39,831
Commercial real estate	3,393,753			3,056,372		2,990,141		2,773,298		337,381		403,612		620,455
Other commercial	1,549,067			1,462,110		1,342,250		1,258,227		86,957		206,817		290,840
Home equity	445,245			433,554		434,774		431,659		11,691		10,471		13,586
Other consumer	244,971			239,480		242,951		242,538		5,491		2,020		2,433
Loans receivable	6,345,762			5,876,974		5,684,463		5,378,617		468,788		661,299		967,145
Allowance for loan and lease losses	(129,877		)	(129,226	)	(129,572	)	(132,386	)	(651	)	(305	)	2,509
Loans receivable, net	6,215,885			5,747,748		5,554,891		5,246,231		468,137		660,994		969,654
Other assets	644,200			590,247		642,017		624,349		53,953		2,183		19,851
Total assets	$	9,899,494		9,553,908		9,450,600		9,199,442		345,586		448,894		700,052

Total investment securities of $2.802 billion at June 30, 2017 decreased $180 million, or 6 percent, during the current quarter and decreased $367 million, or 12 percent, from the prior year second quarter. The decrease in the investment portfolio resulted from the Company continuing to redeploy the investment securities portfolio cash flow into the Company’s higher yielding loan portfolio. Investment securities represented 28 percent of total assets at June 30, 2017 compared to 33 percent of total assets at December 31, 2016 and 34 percent of total assets at June 30, 2016.

Excluding the Foothills acquisition, the Company experienced another strong quarter for loan growth with an increase of $176 million, or 12 percent annualized, during the current quarter. The loan category with the largest dollar increase was commercial real estate loans which increased $107 million, or 4 percent. Excluding the Foothills acquisition and the acquisition of Treasure State Bank (“TSB”) in August of 2016, the loan portfolio increased

$623 million, or 12 percent, since June 30, 2016 with the primary increases coming from growth in commercial real estate and other commercial loans of $365 million and $255 million, respectively. “We are very comfortable with our solid growth for the quarter and first half of the year. Our unique business model continues to generate good quality loans with good margins across all of our divisions,” Chesler said.

Credit Quality Summary



	At or for the Six Months ended			At or for the Three Months ended		At or for the Year ended		At or for the Six Months ended
(Dollars in thousands)	Jun 30, 2017			Mar 31, 2017		Dec 31, 2016		Jun 30, 2016
Allowance for loan and lease losses
Balance at beginning of period	$	129,572		129,572		129,697		129,697
Provision for loan losses	4,611			1,598		2,333		568
Charge-offs	(8,818		)	(4,229	)	(11,496	)	(2,532	)
Recoveries	4,512			2,285		9,038		4,653
Balance at end of period	$	129,877		129,226		129,572		132,386
Other real estate owned	$	18,500		17,771		20,954		24,370
Accruing loans 90 days or more past due	3,198			3,028		1,099		6,194
Non-accrual loans	47,183			50,674		49,332		45,017
Total non-performing assets	$	68,881		71,473		71,385		75,581
Non-performing assets as a percentage of subsidiary assets	0.70		%	0.75	%	0.76	%	0.82	%
Allowance for loan and lease losses as a percentage of non-performing loans	258		%	241	%	257	%	259	%
Allowance for loan and lease losses as a percentage of total loans	2.05		%	2.20	%	2.28	%	2.46	%
Net charge-offs as a percentage of total loans	0.07		%	0.03	%	0.04	%	(0.04	)%
Accruing loans 30-89 days past due	$	31,124		39,160		25,617		23,479
Accruing troubled debt restructurings	$	31,742		38,955		52,077		50,054
Non-accrual troubled debt restructurings	$	25,418		19,479		21,693		23,822
U.S. government guarantees included in non-performing assets	$	1,158		1,690		1,746		2,281

Non-performing assets at June 30, 2017 were $68.9 million, a decrease of $2.6 million, or 4 percent, from the prior quarter and a decrease of $6.7 million, or 9 percent, from a year ago. Non-performing assets as a percentage of subsidiary assets at June 30, 2017 was 0.70 percent which was a decrease of 12 basis points from the prior year second quarter of 0.82 percent. Early stage delinquencies (accruing loans 30-89 days past due) of $31.1 million at June 30, 2017 decreased $8.0 million from the prior quarter and increased $7.6 million from the prior year second quarter. The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at June 30, 2017 was 2.05 percent, a decrease of 23 basis points from 2.28 percent at December 31, 2016 which was driven by loan growth, stabilizing credit quality, and no allowance carried over from the Foothills acquisition as a result of the acquired loans recorded at fair value.

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
Second quarter 2017	$	3,013	$	2,362		2.05	%	0.49	%	0.70	%
First quarter 2017	1,598		1,944			2.20	%	0.67	%	0.75	%
Fourth quarter 2016	1,139		4,101			2.28	%	0.45	%	0.76	%
Third quarter 2016	626		478			2.37	%	0.49	%	0.84	%
Second quarter 2016	—		(2,315		)	2.46	%	0.44	%	0.82	%
First quarter 2016	568		194			2.50	%	0.46	%	0.88	%
Fourth quarter 2015	411		1,482			2.55	%	0.38	%	0.88	%
Third quarter 2015	826		577			2.68	%	0.37	%	0.97	%

Net charge-offs for the current quarter were $2.4 million compared to $1.9 million for the prior quarter and net recoveries of $2.3 million from the same quarter last year. There was $3.0 million of current quarter provision for loan losses, compared to $1.6 million in the prior quarter and no provision in the prior year second 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)	Jun 30, 2017		Mar 31, 2017	Dec 31, 2016	Jun 30, 2016	Mar 31, 2017		Dec 31, 2016		Jun 30, 2016
Deposits
Non-interest bearing deposits	$	2,234,058	2,049,476	2,041,852	1,907,026	184,582		192,206		327,032
NOW and DDA accounts	1,717,351		1,596,353	1,588,550	1,495,952	120,998		128,801		221,399
Savings accounts	1,059,717		1,035,023	996,061	926,865	24,694		63,656		132,852
Money market deposit accounts	1,608,994		1,516,731	1,464,415	1,403,028	92,263		144,579		205,966
Certificate accounts	886,504		941,628	948,714	1,017,681	(55,124	)	(62,210	)	(131,177	)
Core deposits, total	7,506,624		7,139,211	7,039,592	6,750,552	367,413		467,032		756,072
Wholesale deposits	291,339		340,946	332,687	338,264	(49,607	)	(41,348	)	(46,925	)
Deposits, total	7,797,963		7,480,157	7,372,279	7,088,816	317,806		425,684		709,147
Repurchase agreements	451,050		497,187	473,650	414,327	(46,137	)	(22,600	)	36,723
Federal Home Loan Bank advances	211,505		211,627	251,749	328,832	(122	)	(40,244	)	(117,327	)
Other borrowed funds	5,817		8,894	4,440	4,926	(3,077	)	1,377		891
Subordinated debentures	126,063		126,027	125,991	125,920	36		72		143
Other liabilities	97,139		94,776	105,622	111,962	2,363		(8,483	)	(14,823	)
Total liabilities	$	8,689,537	8,418,668	8,333,731	8,074,783	270,869		355,806		614,754

Excluding the Foothills acquisition, core deposits increased $70.7 million, or 1 percent, from the prior quarter with an increase of $87 million, or 4 percent, in non-interest bearing deposits. Excluding the Foothills and TSB acquisitions, core deposits increased $401 million, or 6 percent, from June 30, 2016 with the primary increase in non-interest bearing deposits which grew $217 million.

Securities sold under agreements to repurchase (“repurchase agreements”) of $451 million at June 30, 2017 decreased $46.1 million, or 9 percent, from the prior quarter and increased $36.7 million, or 9 percent, from the prior year second quarter. Federal Home Loan Bank (“FHLB”) advances of $212 million at June 30, 2017 was stable compared to the prior quarter and decreased $117 million, or 36 percent, from the prior year second quarter due to the increase in deposits.

Stockholders’ Equity Summary



										$ Change from
(Dollars in thousands, except per share data)	Jun 30, 2017			Mar 31, 2017		Dec 31, 2016		Jun 30, 2016		Mar 31, 2017		Dec 31, 2016		Jun 30, 2016
Common equity	$	1,204,258		1,139,652		1,124,251		1,104,246		64,606		80,007		100,012
Accumulated other comprehensive income (loss)	5,699			(4,412	)	(7,382	)	20,413		10,111		13,081		(14,714	)
Total stockholders’ equity	1,209,957			1,135,240		1,116,869		1,124,659		74,717		93,088		85,298
Goodwill and core deposit intangible, net	(193,249		)	(158,799	)	(159,400	)	(153,608	)	(34,450	)	(33,849	)	(39,641	)
Tangible stockholders’ equity	$	1,016,708		976,441		957,469		971,051		40,267		59,239		45,657



Stockholders’ equity to total assets	12.22		%	11.88	%	11.82	%	12.23	%
Tangible stockholders’ equity to total tangible assets	10.47		%	10.39	%	10.31	%	10.73	%
Book value per common share	$	15.51		14.82		14.59		14.76		0.69	0.92	0.75
Tangible book value per common share	$	13.03		12.74		12.51		12.75		0.29	0.52	0.28

Tangible stockholders’ equity of $1.017 billion at June 30, 2017 increased $40.3 million, or 4 percent, from the prior quarter primarily as a result of earnings retention, $46.7 million of Company stock issued in connection with the Foothills acquisition and an increase in accumulated other comprehensive income. Tangible stockholders’ equity increased $45.7 million, or 5 percent, from a year ago, the result of earnings retention and $57.1 million of Company stock issued in connection with the Foothills and TSB acquisitions; such increases more than offset the increase in goodwill and core deposit intangibles and the decrease in accumulated other comprehensive income. Tangible book value per common share at quarter end increased $0.29 per share from the prior quarter and increased $0.28 per share from a year ago.

Cash Dividend

On June 28, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share, an increase of $0.01 per share, or 5 percent, over the prior year second quarter. The dividend is payable July 21, 2017 to shareholders of record on July 12, 2017. 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, 2017

Compared to March 31, 2017 and June 30, 2016

Income Summary



	Three Months ended							$ Change from
(Dollars in thousands)	Jun 30, 2017			Mar 31, 2017		Jun 30, 2016		Mar 31, 2017		Jun 30, 2016
Net interest income
Interest income	$	94,032		87,628		86,069		6,404		7,963
Interest expense	7,774			7,366		7,424		408		350
Total net interest income	86,258			80,262		78,645		5,996		7,613
Non-interest income
Service charges and other fees	17,495			15,633		15,772		1,862		1,723
Miscellaneous loan fees and charges	1,092			980		1,163		112		(71	)
Gain on sale of loans	7,532			6,358		8,257		1,174		(725	)
Loss on sale of investments	(522		)	(100	)	(220	)	(422	)	(302	)
Other income	2,059			2,818		1,787		(759	)	272
Total non-interest income	27,656			25,689		26,759		1,967		897
	$	113,914		105,951		105,404		7,963		8,510
Net interest margin (tax-equivalent)	4.12		%	4.03	%	4.06	%

Net Interest Income

In the current quarter, interest income of $94.0 million increased $6.4 million, or 7 percent, from the prior quarter with the primary increase from commercial loans which increased $6.2 million, or 12 percent. Current quarter interest income increased $8.0 million, or 9 percent, over the prior year second quarter. Current quarter interest income on commercial loans increased $9.2 million, or 20 percent, from the prior year second quarter which more than offset the $1.7 million decrease in investment interest income.

The current quarter interest expense of $7.8 million increased $408 thousand, or 6 percent, from the prior quarter and increased $350 thousand, or 5 percent, from the prior year second quarter. The total cost of funding (including non-interest bearing deposits) for the current quarter was 37 basis points compared to 37 basis points for the prior quarter and 38 basis points for the prior year second quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.12 percent compared to 4.03 percent in the prior quarter. The 9 basis points increase in the net interest margin included a 5 basis point increase from discount accretion on acquired loans. The increase in margin was also attributable to an increase in loan yields and the continuing shift of lower yielding investments to higher yielding loans. The current quarter net interest margin increased 6 basis points over the prior year second quarter net interest margin of 4.06 percent, due to a decrease in cost of funds and the remix of earning assets to higher yielding loans. “The bank divisions have done well in pricing their interest bearing funding balances while growing their non-interest bearing deposit base as well,” said Ron Copher, Chief Financial Officer. “The increase in the non-interest bearing accounts and deposits will help offset higher interest rate environments.”

Non-interest Income

Non-interest income for the current quarter totaled $27.7 million, an increase of $2.0 million, or 8 percent, from the prior quarter and an increase of $897 thousand, or 3 percent, over the same quarter last year. Service charges and other fees of $17.5 million, increased by $1.9 million, or 12 percent, from the prior quarter primarily from

seasonal activity and increased $1.7 million, or 11 percent, from the prior year second quarterly from the increased number of accounts. Gain on sale of loans for the current quarter increased $1.2 million, or 18 percent, from the prior quarter as a result of seasonal activity. Gain on sale of loans for the current quarter decreased $725 thousand, or 9 percent, from the prior year second quarter primarily due to less mortgage refinance activity. Other income of $2.1 million, decreased $759 thousand, or 27 percent, over the prior quarter principally due to the prior quarter gain on sale of other real estate owned.

Non-interest Expense Summary



	Three Months ended				$ Change from
(Dollars in thousands)	Jun 30, 2017		Mar 31, 2017	Jun 30, 2016	Mar 31, 2017		Jun 30, 2016
Compensation and employee benefits	$	39,498	39,246	37,560	252		1,938
Occupancy and equipment	6,560		6,646	6,443	(86	)	117
Advertising and promotions	2,169		1,973	2,085	196		84
Data processing	3,411		3,124	3,938	287		(527	)
Other real estate owned	442		273	214	169		228
Regulatory assessments and insurance	1,087		1,061	1,066	26		21
Core deposit intangibles amortization	639		601	788	38		(149	)
Other expenses	11,503		10,420	12,367	1,083		(864	)
Total non-interest expense	$	65,309	63,344	64,461	1,965		848

During 2016, the Company consolidated its Bank divisions’ individual core database systems into a single core database and re-issued debit cards with chip technology (the Core Consolidation Project or “CCP”). Expenses related to CCP were $1.3 million during the second quarter of 2016. Excluding CCP expenses, non-interest expense for the current quarter increased $2.2 million, or 3 percent, over the prior year second quarter.

Compensation and employee benefits for the current quarter increased by $1.9 million, or 5 percent, from the prior year second quarter due to salary increases and the increased number of employees from acquisitions. Outsourced data processing expense increased $287 thousand, or 9 percent, from the prior quarter due to Foothills which will not be converted to the Company’s core system until fourth quarter of 2017. Outsourced data processing expense decreased $527, or 13 percent, from the prior year second quarter as a result of decreased costs associated with CCP. The current quarter other expenses increased $1.1 million over the prior quarter primarily from expenses connected with equity investments in New Markets Tax Credit projects. Current quarter other expenses decreased $864 thousand, or 7 percent, from the prior year second quarter which was due to decreased costs from CCP.

Efficiency Ratio

The current quarter efficiency ratio was 52.89 percent, a 268 basis points decrease from the prior quarter efficiency ratio of 55.57 percent and a decrease of 321 basis points from the prior year second quarter ratio of 56.10 percent. The decrease in the efficiency ratio compared to the prior quarter and the prior year was primarily attributable to the increase in net interest income primarily due to higher commercial interest income.

Operating Results for Six Months ended June 30, 2017

Compared to June 30, 2016

Income Summary



	Six Months ended
(Dollars in thousands)	Jun 30, 2017			Jun 30, 2016			$ Change			% Change
Net interest income
Interest income	$	181,660		$	170,450		$	11,210		7	%
Interest expense	15,140			15,099			41			—	%
Total net interest income	166,520			155,351			11,169			7	%
Non-interest income
Service charges and other fees	33,128			30,453			2,675			9	%
Miscellaneous loan fees and charges	2,072			2,184			(112		)	(5	)%
Gain on sale of loans	13,890			14,249			(359		)	(3	)%
Loss on sale of investments	(622		)	(112		)	(510		)	455	%
Other income	4,877			4,237			640			15	%
Total non-interest income	53,345			51,011			2,334			5	%
	$	219,865		$	206,362		$	13,503		7	%
Net interest margin (tax-equivalent)	4.08		%	4.04		%

Net Interest Income

Interest income for the first six months of the current year increased $11.2 million, or 7 percent, from the prior year first six months and was principally due to a $14.6 million increase in income from commercial loans which more than offset the decrease of $3.6 million in interest income on investments.

Interest expense of $15.1 million for the first six months of the current year increased $41 thousand over the the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first six months of 2017 was 37 basis points compared to 39 basis points for the first six months of 2016.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first six months of 2017 was 4.08 percent, a 4 basis point increase from the net interest margin of 4.04 percent for the first six months of 2016. 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 $53.3 million for the first six months of 2017 increased $2.3 million, or 5 percent, over the same period last year. Service charges and other fees of $33.1 million for the first six months of 2017 increased $2.7 million, or 9 percent, from the same period last year as a result of an increased number of deposit accounts. The gain on sale of loans of $13.9 million for the first six months of 2017 decreased $359 thousand, or 3 percent, from the same period last year which was due to a lower volume of refinanced mortgages. Other income of $4.9 million for the first half of 2017 increased $640 thousand, or 15 percent, over the same period last year and was primarily the result of gain on sale of other real estate owned.

Non-interest Expense Summary



	Six Months ended
(Dollars in thousands)	Jun 30, 2017		Jun 30, 2016		$ Change			% Change
Compensation and employee benefits	$	78,744	$	74,501	$	4,243		6	%
Occupancy and equipment	13,206		13,119		87			1	%
Advertising and promotions	4,142		4,210		(68		)	(2	)%
Data processing	6,535		7,311		(776		)	(11	)%
Other real estate owned	715		604		111			18	%
Regulatory assessments and insurance	2,148		2,574		(426		)	(17	)%
Core deposit intangibles amortization	1,240		1,585		(345		)	(22	)%
Other expenses	21,923		22,913		(990		)	(4	)%
Total non-interest expense	$	128,653	$	126,817	$	1,836		1	%

Expenses related to CCP were $2.2 million during the first six months of 2016. Excluding CCP expenses, non-interest expense for the current quarter increased $4.0 million, or 3 percent, over the prior year same period. Compensation and employee benefits for the first six months of 2017 increased $4.2 million, or 6 percent, from the same period last year due to salary increases, vesting of restricted stock awards, and the increased number of employees from the acquired banks. Outsourced data processing expense decreased $776, or 11 percent, from the prior year first six months as a result of decreased costs associated with CCP. Current year other expenses of $21.9 million decreased $990 thousand, or 4 percent, from the prior year and was principally driven by decreased costs associated with CCP.

Provision for Loan Losses

The provision for loan losses was $4.6 million for the first six months of 2017, an increase of $4.0 million from the same period in the prior year. Net charge-offs during the first six months of 2017 were $4.3 million compared to net recoveries of $2.1 million from the first six months of 2016.

Efficiency Ratio

The efficiency ratio of 54.17 percent for the first six months of 2017 decreased 214 basis points from the prior year efficiency ratio of 56.31 percent for the first six months of 2016 which resulted from the increase in net interest income largely due to higher interest income on commercial loans.

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;


•	changes in the cost and scope of insurance from the FDIC and other third parties;


•	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 reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain (and maintain) customers;


•	competition among financial institutions in the Company's markets may increase significantly;


•	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;


•	the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;


•	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;


•	material failure, 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;


•	natural disasters, including fires, floods, earthquakes, and other unexpected events;


•	the Company’s success in managing risks involved in the foregoing; and


•	the effects of any reputational damage to the Company resulting from any of 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, July 21, 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 43848059. To participate on the webcast, log on to: http://edge.media-server.com/m/p/gmpa7phe. 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 43848059 by August 4, 2017.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 90 communities in Montana, Idaho, Utah, Washington, Wyoming, Colorado and Arizona. 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; Bank of the San Juans, Durango, operating in Colorado; and The Foothills Bank, Yuma, operating in Arizona.

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Financial Condition



(Dollars in thousands, except per share data)	June 30, 2017			March 31, 2017		December 31, 2016		June 30, 2016
Assets
Cash on hand and in banks	$	163,913		124,501		135,268		147,748
Federal funds sold	—			190		—		—
Interest bearing cash deposits	73,677			109,313		17,273		12,585
Cash and cash equivalents	237,590			234,004		152,541		160,333
Investment securities, available-for-sale	2,142,472			2,314,521		2,425,477		2,487,955
Investment securities, held-to-maturity	659,347			667,388		675,674		680,574
Total investment securities	2,801,819			2,981,909		3,101,151		3,168,529
Loans held for sale	37,726			25,649		72,927		74,140
Loans receivable	6,345,762			5,876,974		5,684,463		5,378,617
Allowance for loan and lease losses	(129,877		)	(129,226	)	(129,572	)	(132,386	)
Loans receivable, net	6,215,885			5,747,748		5,554,891		5,246,231
Premises and equipment, net	179,823			175,283		176,198		177,911
Other real estate owned	18,500			17,771		20,954		24,370
Accrued interest receivable	46,921			48,043		45,832		47,554
Deferred tax asset	59,186			64,575		67,121		46,488
Core deposit intangible, net	15,438			11,746		12,347		12,970
Goodwill	177,811			147,053		147,053		140,638
Non-marketable equity securities	23,995			23,944		25,550		24,791
Other assets	84,800			76,183		74,035		75,487
Total assets	$	9,899,494		9,553,908		9,450,600		9,199,442
Liabilities
Non-interest bearing deposits	$	2,234,058		2,049,476		2,041,852		1,907,026
Interest bearing deposits	5,563,905			5,430,681		5,330,427		5,181,790
Securities sold under agreements to repurchase	451,050			497,187		473,650		414,327
FHLB advances	211,505			211,627		251,749		328,832
Other borrowed funds	5,817			8,894		4,440		4,926
Subordinated debentures	126,063			126,027		125,991		125,920
Accrued interest payable	3,535			3,467		3,584		3,486
Other liabilities	93,604			91,309		102,038		108,476
Total liabilities	8,689,537			8,418,668		8,333,731		8,074,783
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding	—			—		—		—
Common stock, $0.01 par value per share, 117,187,500 shares authorized	780			766		765		762
Paid-in capital	796,707			749,381		749,107		737,379
Retained earnings - substantially restricted	406,771			389,505		374,379		366,105
Accumulated other comprehensive income (loss)	5,699			(4,412	)	(7,382	)	20,413
Total stockholders’ equity	1,209,957			1,135,240		1,116,869		1,124,659
Total liabilities and stockholders’ equity	$	9,899,494		9,553,908		9,450,600		9,199,442

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations



	Three Months ended							Six Months ended
(Dollars in thousands, except per share data)	June 30, 2017			March 31, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Interest Income
Investment securities	$	21,379		21,939		23,037		43,318		46,920
Residential real estate loans	8,350			7,918		8,124		16,268		16,409
Commercial loans	56,182			49,970		47,002		106,152		91,505
Consumer and other loans	8,121			7,801		7,906		15,922		15,616
Total interest income	94,032			87,628		86,069		181,660		170,450
Interest Expense
Deposits	4,501			4,440		4,560		8,941		9,355
Securities sold under agreements to repurchase	443			382		275		825		593
Federal Home Loan Bank advances	1,734			1,510		1,665		3,244		3,317
Federal funds purchased and other borrowed funds	19			15		14		34		32
Subordinated debentures	1,077			1,019		910		2,096		1,802
Total interest expense	7,774			7,366		7,424		15,140		15,099
Net Interest Income	86,258			80,262		78,645		166,520		155,351
Provision for loan losses	3,013			1,598		—		4,611		568
Net interest income after provision for loan losses	83,245			78,664		78,645		161,909		154,783
Non-Interest Income
Service charges and other fees	17,495			15,633		15,772		33,128		30,453
Miscellaneous loan fees and charges	1,092			980		1,163		2,072		2,184
Gain on sale of loans	7,532			6,358		8,257		13,890		14,249
Loss on sale of investments	(522		)	(100	)	(220	)	(622	)	(112	)
Other income	2,059			2,818		1,787		4,877		4,237
Total non-interest income	27,656			25,689		26,759		53,345		51,011
Non-Interest Expense
Compensation and employee benefits	39,498			39,246		37,560		78,744		74,501
Occupancy and equipment	6,560			6,646		6,443		13,206		13,119
Advertising and promotions	2,169			1,973		2,085		4,142		4,210
Data processing	3,411			3,124		3,938		6,535		7,311
Other real estate owned	442			273		214		715		604
Regulatory assessments and insurance	1,087			1,061		1,066		2,148		2,574
Core deposit intangibles amortization	639			601		788		1,240		1,585
Other expenses	11,503			10,420		12,367		21,923		22,913
Total non-interest expense	65,309			63,344		64,461		128,653		126,817
Income Before Income Taxes	45,592			41,009		40,943		86,601		78,977
Federal and state income tax expense	11,905			9,754		10,492		21,659		19,844
Net Income	$	33,687		31,255		30,451		64,942		59,133

Glacier Bancorp, Inc.

Average Balance Sheets



	Three Months ended
	June 30, 2017						June 30, 2016
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	738,309	$	8,350	4.52	%	$	731,432	$	8,124	4.44	%
Commercial loans ¹	4,729,848		57,709		4.89	%	3,902,007		47,956		4.94	%
Consumer and other loans	680,158		8,121		4.79	%	666,212		7,906		4.77	%
Total loans ²	6,148,315		74,180		4.84	%	5,299,651		63,986		4.86	%
Tax-exempt investment securities ³	1,201,746		17,154		5.71	%	1,348,520		19,274		5.72	%
Taxable investment securities ⁴	1,795,189		10,416		2.32	%	1,915,740		10,686		2.23	%
Total earning assets	9,145,250		101,750		4.46	%	8,563,911		93,946		4.41	%
Goodwill and intangibles	174,857						153,981
Non-earning assets	393,574						390,457
Total assets	$	9,713,681					$	9,108,349
Liabilities
Non-interest bearing deposits	$	2,118,776	$	—	—	%	$	1,853,649	$	—	—	%
NOW and DDA accounts	1,624,246		282		0.07	%	1,494,950		271		0.07	%
Savings accounts	1,047,790		154		0.06	%	901,367		108		0.05	%
Money market deposit accounts	1,551,009		608		0.16	%	1,398,230		540		0.16	%
Certificate accounts	906,416		1,303		0.58	%	1,033,866		1,558		0.61	%
Wholesale deposits ⁵	313,511		2,154		2.76	%	326,364		2,083		2.57	%
FHLB advances	340,259		1,734		2.02	%	392,835		1,665		1.68	%
Repurchase agreements and other borrowed funds	552,036		1,539		1.12	%	498,643		1,199		0.97	%
Total funding liabilities	8,454,043		7,774		0.37	%	7,899,904		7,424		0.38	%
Other liabilities	71,119						94,220
Total liabilities	8,525,162						7,994,124
Stockholders’ Equity
Common stock	775						762
Paid-in capital	780,891						736,876
Retained earnings	405,772						365,385
Accumulated other comprehensive income	1,081						11,202
Total stockholders’ equity	1,188,519						1,114,225
Total liabilities and stockholders’ equity	$	9,713,681					$	9,108,349
Net interest income (tax-equivalent)			$	93,976					$	86,522
Net interest spread (tax-equivalent)					4.09	%					4.03	%
Net interest margin (tax-equivalent)					4.12	%					4.06	%

^__________


¹	Includes tax effect of $1.5 million and $954 thousand on tax-exempt municipal loan and lease income for the three months ended June 30, 2017 and 2016, 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 $5.9 million and $6.6 million on tax-exempt investment securities income for the three months ended June 30, 2017 and 2016, respectively.


⁴	Includes tax effect of $339 thousand and $352 thousand on federal income tax credits for the three months ended June 30, 2017 and 2016, respectively.


⁵	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.

Glacier Bancorp, Inc.

Average Balance Sheets (continued)



	Six Months ended
	June 30, 2017							June 30, 2016
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	723,950		$	16,268	4.49	%	$	728,851	$	16,409	4.50	%
Commercial loans ¹	4,552,062			109,044		4.83	%	3,825,968		93,291		4.90	%
Consumer and other loans	676,340			15,922		4.75	%	660,025		15,616		4.76	%
Total loans ²	5,952,352			141,234		4.78	%	5,214,844		125,316		4.83	%
Tax-exempt investment securities ³	1,223,431			34,915		5.71	%	1,350,601		38,656		5.72	%
Taxable investment securities ⁴	1,826,090			20,991		2.30	%	1,957,370		22,148		2.26	%
Total earning assets	9,001,873			197,140		4.42	%	8,522,815		186,120		4.39	%
Goodwill and intangibles	167,017							154,385
Non-earning assets	381,492							390,675
Total assets	$	9,550,382						$	9,067,875
Liabilities
Non-interest bearing deposits	$	2,045,124		$	—	—	%	$	1,858,519	$	—	—	%
NOW and DDA accounts	1,600,221			529		0.07	%	1,480,065		564		0.08	%
Savings accounts	1,031,540			300		0.06	%	882,565		212		0.05	%
Money market deposit accounts	1,520,771			1,173		0.16	%	1,402,474		1,092		0.16	%
Certificate accounts	929,841			2,636		0.57	%	1,052,460		3,123		0.60	%
Wholesale deposits ⁵	322,831			4,303		2.69	%	330,745		4,364		2.65	%
FHLB advances	305,933			3,244		2.11	%	350,438		3,317		1.87	%
Repurchase agreements and other borrowed funds	557,303			2,955		1.07	%	510,104		2,427		0.96	%
Total funding liabilities	8,313,564			15,140		0.37	%	7,867,370		15,099		0.39	%
Other liabilities	76,241							95,461
Total liabilities	8,389,805							7,962,831
Stockholders’ Equity
Common stock	771							761
Paid-in capital	764,959							736,637
Retained earnings	397,829							358,461
Accumulated other comprehensive (loss) income	(2,982		)					9,185
Total stockholders’ equity	1,160,577							1,105,044
Total liabilities and stockholders’ equity	$	9,550,382						$	9,067,875
Net interest income (tax-equivalent)				$	182,000					$	171,021
Net interest spread (tax-equivalent)						4.05	%					4.00	%
Net interest margin (tax-equivalent)						4.08	%					4.04	%

^__________


¹	Includes tax effect of $2.9 million and $1.8 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2017 and 2016, 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 $11.9 million and $13.2 million on tax-exempt investment securities income for the six months ended June 30, 2017 and 2016, respectively.


⁴	Includes tax effect of $677 thousand and $704 thousand on federal income tax credits for the six months ended June 30, 2017 and 2016, 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)	Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Jun 30, 2016			Mar 31, 2017		Dec 31, 2016		Jun 30, 2016
Custom and owner occupied construction	$	103,816		$	92,835		$	86,233		$	78,525		12	%	20	%	32	%
Pre-sold and spec construction	76,553			68,736			66,184			59,530			11	%	16	%	29	%
Total residential construction	180,369			161,571			152,417			138,055			12	%	18	%	31	%
Land development	80,044			78,042			75,078			61,803			3	%	7	%	30	%
Consumer land or lots	107,124			94,840			97,449			95,247			13	%	10	%	12	%
Unimproved land	67,935			66,857			69,157			70,396			2	%	(2	)%	(3	)%
Developed lots for operative builders	12,337			13,046			13,254			13,845			(5	)%	(7	)%	(11	)%
Commercial lots	25,675			26,639			30,523			26,084			(4	)%	(16	)%	(2	)%
Other construction	307,547			272,184			257,769			206,343			13	%	19	%	49	%
Total land, lot, and other construction	600,662			551,608			543,230			473,718			9	%	11	%	27	%
Owner occupied	1,091,119			988,544			977,932			927,237			10	%	12	%	18	%
Non-owner occupied	1,148,831			964,913			929,729			835,272			19	%	24	%	38	%
Total commercial real estate	2,239,950			1,953,457			1,907,661			1,762,509			15	%	17	%	27	%
Commercial and industrial	769,105			739,475			686,870			705,011			4	%	12	%	9	%
Agriculture	457,286			411,094			407,208			421,097			11	%	12	%	9	%
1st lien	849,601			839,387			877,893			867,918			1	%	(3	)%	(2	)%
Junior lien	53,316			54,801			58,564			64,248			(3	)%	(9	)%	(17	)%
Total 1-4 family	902,917			894,188			936,457			932,166			1	%	(4	)%	(3	)%
Multifamily residential	172,523			162,636			184,068			198,583			6	%	(6	)%	(13	)%
Home equity lines of credit	419,940			405,309			402,614			388,939			4	%	4	%	8	%
Other consumer	155,098			153,159			155,193			156,568			1	%	—	%	(1	)%
Total consumer	575,038			558,468			557,807			545,507			3	%	3	%	5	%
Other	485,638			470,126			381,672			276,111			3	%	27	%	76	%
Total loans receivable, including loans held for sale	6,383,488			5,902,623			5,757,390			5,452,757			8	%	11	%	17	%
Less loans held for sale ¹	(37,726		)	(25,649		)	(72,927		)	(74,140		)	47	%	(48	)%	(49	)%
Total loans receivable	$	6,345,762		$	5,876,974		$	5,684,463		$	5,378,617		8	%	12	%	18	%

_______

¹ Loans held for sale are primarily 1st lien 1-4 family loans.

Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification



	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other Real Estate Owned
(Dollars in thousands)	Jun 30, 2017		Mar 31, 2017	Dec 31, 2016	Jun 30, 2016	Jun 30, 2017	Jun 30, 2017	Jun 30, 2017
Custom and owner occupied construction	$	177	—	—	390	—	177	—
Pre-sold and spec construction	272		227	226	—	272	—	—
Total residential construction	449		227	226	390	272	177	—
Land development	8,428		8,856	9,864	12,830	1,202	—	7,226
Consumer land or lots	1,868		1,728	2,137	1,656	543	324	1,001
Unimproved land	11,933		12,017	11,905	12,147	8,098	52	3,783
Developed lots for operative builders	116		116	175	176	—	—	116
Commercial lots	1,559		1,255	1,466	1,979	115	258	1,186
Other construction	151		—	—	—	—	—	151
Total land, lot and other construction	24,055		23,972	25,547	28,788	9,958	634	13,463
Owner occupied	17,757		17,956	18,749	10,503	16,164	—	1,593
Non-owner occupied	2,791		3,194	3,426	4,055	2,565	—	226
Total commercial real estate	20,548		21,150	22,175	14,558	18,729	—	1,819
Commercial and industrial	4,753		4,466	5,184	7,123	4,214	493	46
Agriculture	2,877		1,878	1,615	3,979	2,877	—	—
1st lien	9,057		10,047	9,186	11,332	7,444	966	647
Junior lien	727		1,335	1,167	1,489	341	80	306
Total 1-4 family	9,784		11,382	10,353	12,821	7,785	1,046	953
Multifamily residential	—		388	400	432	—	—	—
Home equity lines of credit	5,864		6,008	5,494	5,413	3,253	419	2,192
Other consumer	551		202	391	275	95	429	27
Total consumer	6,415		6,210	5,885	5,688	3,348	848	2,219
Other	—		1,800	—	1,802	—	—	—
Total	$	68,881	71,473	71,385	75,581	47,183	3,198	18,500

Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)



	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Jun 30, 2017		Mar 31, 2017		Dec 31, 2016		Jun 30, 2016		Mar 31, 2017		Dec 31, 2016		Jun 30, 2016
Custom and owner occupied construction	$	493	$	380	$	1,836	$	375	30	%	(73	)%	31	%
Pre-sold and spec construction	155		488		—		304		(68	)%	n/m		(49	)%
Total residential construction	648		868		1,836		679		(25	)%	(65	)%	(5	)%
Land development	—		—		154		37		n/m		(100	)%	(100	)%
Consumer land or lots	808		432		638		676		87	%	27	%	20	%
Unimproved land	1,115		938		1,442		879		19	%	(23	)%	27	%
Developed lots for operative builders	—		—		—		166		n/m		n/m		(100	)%
Commercial lots	—		258		—		—		(100	)%	n/m		n/m
Other construction	—		7,125		—		—		(100	)%	n/m		n/m
Total land, lot and other construction	1,923		8,753		2,234		1,758		(78	)%	(14	)%	9	%
Owner occupied	5,038		6,686		2,307		2,975		(25	)%	118	%	69	%
Non-owner occupied	6,533		405		1,689		5,364		1,513	%	287	%	22	%
Total commercial real estate	11,571		7,091		3,996		8,339		63	%	190	%	39	%
Commercial and industrial	5,825		6,796		3,032		4,956		(14	)%	92	%	18	%
Agriculture	1,067		3,567		1,133		804		(70	)%	(6	)%	33	%
1st lien	2,859		7,132		7,777		2,667		(60	)%	(63	)%	7	%
Junior lien	815		848		1,016		1,251		(4	)%	(20	)%	(35	)%
Total 1-4 family	3,674		7,980		8,793		3,918		(54	)%	(58	)%	(6	)%
Multifamily Residential	2,011		2,028		10		—		(1	)%	20,010	%	n/m
Home equity lines of credit	2,819		703		1,537		2,253		301	%	83	%	25	%
Other consumer	1,572		1,317		1,180		736		19	%	33	%	114	%
Total consumer	4,391		2,020		2,717		2,989		117	%	62	%	47	%
Other	14		57		1,866		36		(75	)%	(99	)%	(61	)%
Total	$	31,124	$	39,160	$	25,617	$	23,479	(21	)%	21	%	33	%

_______

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)	Jun 30, 2017			Mar 31, 2017		Dec 31, 2016		Jun 30, 2016		Jun 30, 2017	Jun 30, 2017
Custom and owner occupied construction	$	—		—		(1	)	—		—	—
Pre-sold and spec construction	(15		)	(11	)	786		(37	)	—	15
Total residential construction	(15		)	(11	)	785		(37	)	—	15
Land development	(46		)	(33	)	(2,661	)	(2,342	)	—	46
Consumer land or lots	(107		)	(57	)	(688	)	(351	)	—	107
Unimproved land	(110		)	(96	)	(184	)	(46	)	—	110
Developed lots for operative builders	(10		)	(5	)	(27	)	(54	)	—	10
Commercial lots	(3		)	(2	)	27		21		—	3
Other construction	390			—		—		—		390	—
Total land, lot and other construction	114			(193	)	(3,533	)	(2,772	)	390	276
Owner occupied	853			795		1,196		(51	)	988	135
Non-owner occupied	(2		)	(1	)	44		(3	)	—	2
Total commercial real estate	851			794		1,240		(54	)	988	137
Commercial and industrial	494			344		(370	)	(112	)	803	309
Agriculture	14			(3	)	50		(1	)	17	3
1st lien	(32		)	(15	)	487		245		44	76
Junior lien	746			(16	)	60		(56	)	803	57
Total 1-4 family	714			(31	)	547		189		847	133
Multifamily residential	(229		)	—		229		229		—	229
Home equity lines of credit	271			12		611		(25	)	421	150
Other consumer	(8		)	(11	)	257		149		202	210
Total consumer	263			1		868		124		623	360
Other	2,100			1,043		2,642		313		5,150	3,050
Total	$	4,306		1,944		2,458		(2,121	)	8,818	4,512

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GLACIER BANCORP, INC. Reports