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-06302018x8k.htm

NEWS RELEASE

July 19, 2018



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, 2018

2nd Quarter 2018 Highlights:


•	Net income of $44.4 million for the current quarter, an increase of $10.7 million, or 32 percent, over the prior year second quarter net income of $33.7 million. Pre-tax income of $53.9 million for the current quarter, an increase of $8.3 million, or 18 percent, over the prior year second quarter pre-tax income of $45.6 million.


•	Current quarter diluted earnings per share of $0.52, an increase of 8 percent from the prior quarter, and an increase of 21 percent from the prior year second quarter diluted earnings per share of $0.43.


•	Current quarter loan growth of $279 million, or 15 percent annualized.


•	Current quarter non-interest bearing deposits increased $103 million, or 15 percent annualized.


•	Net interest margin of 4.17 percent as a percentage of earning assets, on a tax equivalent basis, a 5 basis points increase over the 4.12 percent net interest margin in the prior year second quarter.


•	Dividend declared of $0.26 per share, an increase of $0.03 per share, or 13 percent, over the prior quarter. The dividend was the 133rd consecutive quarterly dividend.


•	The Company successfully completed the conversion of Inter-Mountain Bancorp, Inc., the holding company for First Security Bank, a community bank.


•	The Company announced appointment of David C. Boyles as a Director of the Company. Mr Boyles is a banker with over 45 years of banking experience in Colorado and has served as Chairman of the Board of Columbine Corp. and President of Guarantee Bank and Trust.

First Half of 2018 Highlights:


•	Net income of $82.9 million for the first half of 2018, an increase of $18.0 million, or 28 percent, over the first half of 2017 net income of $64.9 million. Pre-tax income of $100.8 million for the first half of 2018, an increase of $14.2 million, or 16 percent, over the first half of 2017 pre-tax income of $86.6 million.


•	Diluted earnings per share of $1.00, an increase of 19 percent from the prior year first six months diluted earnings per share of $0.84.


•	Organic loan growth of $389 million, or 12 percent annualized, for the first six months of the current year.


•	Net interest margin of 4.14 percent as a percentage of earning assets, on a tax equivalent basis, a 6 basis points increase over the 4.08 percent net interest margin in the first six months of the prior year.


•	Dividend declared of $0.49 per share, an increase of $0.07 per share, or 17 percent, over the prior year first six months.


•	The Company completed the acquisition of Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado, with total assets of $551 million.


•	The Company completed the acquisition of Inter-Mountain Bancorp, Inc., the holding company for First Security Bank, a community bank in Bozeman, Montana, with total assets of $1.110 billion.

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, 2018			Mar 31, 2018		Jun 30, 2017		Jun 30, 2018		Jun 30, 2017
Operating results
Net income	$	44,384		38,559		33,687		82,943		64,942
Basic earnings per share	$	0.53		0.48		0.43		1.00		0.84
Diluted earnings per share	$	0.52		0.48		0.43		1.00		0.84
Dividends declared per share	$	0.26		0.23		0.21		0.49		0.42
Market value per share
Closing	$	38.68		38.38		36.61		38.68		36.61
High	$	41.47		41.24		37.41		41.47		38.17
Low	$	35.77		36.72		31.56		35.77		31.56
Selected ratios and other data
Number of common stock shares outstanding	84,516,650			84,511,472		78,001,890		84,516,650		78,001,890
Average outstanding shares - basic	84,514,257			80,808,904		77,546,236		82,671,816		77,061,867
Average outstanding shares - diluted	84,559,268			80,887,135		77,592,325		82,734,407		77,125,677
Return on average assets (annualized)	1.53		%	1.50	%	1.39	%	1.52	%	1.37	%
Return on average equity (annualized)	12.07		%	11.90	%	11.37	%	11.99	%	11.28	%
Efficiency ratio	55.44		%	57.80	%	52.89	%	56.54	%	54.17	%
Dividend payout ratio	49.06		%	47.92	%	48.84	%	49.00	%	50.00	%
Loan to deposit ratio	84.92		%	81.83	%	81.86	%	84.92	%	81.86	%
Number of full time equivalent employees	2,605			2,545		2,265		2,605		2,265
Number of locations	167			166		145		167		145
Number of ATMs	221			223		199		221		199

KALISPELL, Mont., Jul 19, 2018 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $44.4 million for the current quarter, an increase of $10.7 million, or 32 percent, from the $33.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.52 per share, an increase of $0.09, or 21 percent, from the prior year second quarter diluted earnings per share of $0.43. Included in the current quarter was $2.9 million of acquisition-related expenses. “We were very pleased to see our business really pick up speed later in the current quarter. This resulted in strong second quarter and year to date performance across the board. The strength of our Western markets and the Glacier team once again exceeded expectations,” said Randy Chesler, President and Chief Executive Officer.

Net income for the six months ended June 30, 2018 was $82.9 million, an increase of $18.0 million, or 28 percent, from the $64.9 million of net income for the first six months of the prior year. Diluted earnings per share for the first half of 2018 was $1.00 per share, an increase of $0.16, or 19 percent, from the diluted earnings per share of $0.84 for the same period in the prior year.

On February 28, 2018, the Company completed the acquisition of Inter-Mountain Bancorp, Inc., the holding company for First Security Bank, a community bank in Bozeman, Montana (collectively, “FSB”). On January 31, 2018, the Company completed the acquisition of Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado (collectively, “Collegiate”). The Company’s results of operations and financial condition include the acquisitions beginning on the acquisition dates and the following table discloses the preliminary fair value estimates of selected classifications of assets and liabilities acquired:



	FSB		Collegiate
(Dollars in thousands)	February 28, 2018		January 31, 2018	Total
Total assets	$	1,109,684	551,198	1,660,882
Debt securities	271,865		42,177	314,042
Loans receivable	627,767		354,252	982,019
Non-interest bearing deposits	301,468		170,022	471,490
Interest bearing deposits	576,118		267,149	843,267
Borrowings	36,880		12,509	49,389

Asset Summary



										$ Change from
(Dollars in thousands)	Jun 30, 2018			Mar 31, 2018		Dec 31, 2017		Jun 30, 2017		Mar 31, 2018		Dec 31, 2017		Jun 30, 2017
Cash and cash equivalents	$	368,132		451,048		200,004		237,590		(82,916	)	168,128		130,542
Debt securities, available-for-sale	2,177,352			2,154,845		1,778,243		2,142,472		22,507		399,109		34,880
Debt securities, held-to-maturity	620,409			634,413		648,313		659,347		(14,004	)	(27,904	)	(38,938	)
Total debt securities	2,797,761			2,789,258		2,426,556		2,801,819		8,503		371,205		(4,058	)
Loans receivable
Residential real estate	835,382			831,021		720,728		712,726		4,361		114,654		122,656
Commercial real estate	4,384,781			4,251,003		3,577,139		3,393,753		133,778		807,642		991,028
Other commercial	1,940,435			1,839,293		1,579,353		1,549,067		101,142		361,082		391,368
Home equity	511,043			489,879		457,918		445,245		21,164		53,125		65,798
Other consumer	277,031			258,834		242,686		244,971		18,197		34,345		32,060
Loans receivable	7,948,672			7,670,030		6,577,824		6,345,762		278,642		1,370,848		1,602,910
Allowance for loan and lease losses	(131,564		)	(127,608	)	(129,568	)	(129,877	)	(3,956	)	(1,996	)	(1,687	)
Loans receivable, net	7,817,108			7,542,422		6,448,256		6,215,885		274,686		1,368,852		1,601,223
Other assets	914,643			876,050		631,533		644,200		38,593		283,110		270,443
Total assets	$	11,897,644		11,658,778		9,706,349		9,899,494		238,866		2,191,295		1,998,150

Total debt securities of $2.798 billion at June 30, 2018 increased $8.5 million, or 30 basis points, during the current quarter and decreased $4.1 million, or 14 basis points, from the prior year second quarter. Debt securities represented 24 percent of total assets at June 30, 2018 compared to 28 percent of total assets at June 30, 2017.

The Company had a successful quarter in loan growth and the loan portfolio of $7.9 billion increased $279 million, or 15 percent annualized, during the current quarter. The loan category with the largest increase was commercial real estate loans which increased $134 million, or 3 percent. Excluding the FSB and Collegiate acquisitions, the loan portfolio increased $621 million, or 10 percent, since June 30, 2017 and was primarily driven by growth in commercial real estate loans, which increased $373 million, or 11 percent.

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, 2018			Mar 31, 2018		Dec 31, 2017		Jun 30, 2017
Allowance for loan and lease losses
Balance at beginning of period	$	129,568		129,568		129,572		129,572
Provision for loan losses	5,513			795		10,824		4,611
Charge-offs	(7,611		)	(5,007	)	(19,331	)	(8,818	)
Recoveries	4,094			2,252		8,503		4,512
Balance at end of period	$	131,564		127,608		129,568		129,877
Other real estate owned	$	13,616		14,132		14,269		18,500
Accruing loans 90 days or more past due	12,751			5,402		6,077		3,198
Non-accrual loans	58,170			54,449		44,833		47,183
Total non-performing assets	$	84,537		73,983		65,179		68,881
Non-performing assets as a percentage of subsidiary assets	0.71		%	0.64	%	0.68	%	0.70	%
Allowance for loan and lease losses as a percentage of non-performing loans	186		%	213	%	255	%	258	%
Allowance for loan and lease losses as a percentage of total loans	1.66		%	1.66	%	1.97	%	2.05	%
Net charge-offs as a percentage of total loans	0.04		%	0.04	%	0.17	%	0.07	%
Accruing loans 30-89 days past due	$	39,650		44,963		37,687		31,124
Accruing troubled debt restructurings	$	34,991		41,649		38,491		31,742
Non-accrual troubled debt restructurings	$	18,380		13,289		23,709		25,418
U.S. government guarantees included in non-performing assets	$	7,265		4,548		2,513		1,158

Non-performing assets at June 30, 2018 were $84.5 million, an increase of $10.6 million, or 14 percent, from the prior quarter and an increase of $15.7 million, or 23 percent, from the prior year second quarter. Non-performing assets as a percentage of subsidiary assets at June 30, 2018 was 0.71 percent, an increase of 7 basis points from the prior quarter, and an increase of 1 basis point from the prior year second quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $39.7 million at June 30, 2018 decreased $5.3 million from the prior quarter and early stage delinquencies as a percentage of loans at June 30, 2018 was 0.50 percent which was a decrease of 9 basis points from the prior quarter and a 1 basis point increase from prior year second quarter. The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at June 30, 2018 was 1.66 percent, which was stable compared to the prior quarter and a decrease of 31 basis points from 1.97 percent at December 31, 2017. This decrease was primarily driven by the addition of loans from new acquisitions, as they are added to the portfolio on a fair value basis and as a result do not require an allowance.

Credit Quality Trends and Provision for Loan Losses



(Dollars in thousands)	Provision for Loan Losses		Net Charge-Offs		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 2018	$	4,718	$	762	1.66	%	0.50	%	0.71	%
First quarter 2018	795		2,755		1.66	%	0.59	%	0.64	%
Fourth quarter 2017	2,886		2,894		1.97	%	0.57	%	0.68	%
Third quarter 2017	3,327		3,628		1.99	%	0.45	%	0.67	%
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	%

Net charge-offs for the current quarter were $762 thousand compared to $2.8 million for the prior quarter and $2.4 million from the same quarter last year. Current quarter provision for loan losses was $4.7 million, compared to $795 thousand in the prior quarter and $3.0 million 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, 2018		Mar 31, 2018	Dec 31, 2017	Jun 30, 2017	Mar 31, 2018		Dec 31, 2017		Jun 30, 2017
Deposits
Non-interest bearing deposits	$	2,914,885	2,811,469	2,311,902	2,234,058	103,416		602,983		680,827
NOW and DDA accounts	2,354,214		2,400,693	1,695,246	1,717,351	(46,479	)	658,968		636,863
Savings accounts	1,330,637		1,328,047	1,082,604	1,059,717	2,590		248,033		270,920
Money market deposit accounts	1,723,681		1,778,068	1,512,693	1,608,994	(54,387	)	210,988		114,687
Certificate accounts	927,608		955,105	817,259	886,504	(27,497	)	110,349		41,104
Core deposits, total	9,251,025		9,273,382	7,419,704	7,506,624	(22,357	)	1,831,321		1,744,401
Wholesale deposits	172,550		145,463	160,043	291,339	27,087		12,507		(118,789	)
Deposits, total	9,423,575		9,418,845	7,579,747	7,797,963	4,730		1,843,828		1,625,612
Repurchase agreements	361,515		395,794	362,573	451,050	(34,279	)	(1,058	)	(89,535	)
Federal Home Loan Bank advances	395,037		155,057	353,995	211,505	239,980		41,042		183,532
Other borrowed funds	9,917		8,204	8,224	5,817	1,713		1,693		4,100
Subordinated debentures	134,058		134,061	126,135	126,063	(3	)	7,923		7,995
Other liabilities	99,550		92,793	76,618	97,139	6,757		22,932		2,411
Total liabilities	$	10,423,652	10,204,754	8,507,292	8,689,537	218,898		1,916,360		1,734,115

Core deposits of $9.251 billion as of June 30, 2018 decreased $22.4 million, or 24 basis points, from the prior quarter. Excluding acquisitions, core deposits increased $430 million, or 6 percent, from the prior year second quarter. Non-interest bearing deposits as of June 30, 2018 increased $103 million, or 4 percent from the prior quarter and organically increased $209 million, or 9 percent from the prior year second quarter.

Securities sold under agreements to repurchase of $362 million at June 30, 2018 decreased $34.3 million, or 9 percent, over prior quarter and decreased $89.5 million, or 20 percent, over prior year second quarter. Federal Home Loan Bank (“FHLB”) advances of $395 million at June 30, 2018, increased $240 million over the prior quarter to fund loan growth during the current quarter.

Stockholders’ Equity Summary



										$ Change from
(Dollars in thousands, except per share data)	Jun 30, 2018			Mar 31, 2018		Dec 31, 2017		Jun 30, 2017		Mar 31, 2018		Dec 31, 2017		Jun 30, 2017
Common equity	$	1,494,274		1,471,047		1,201,036		1,204,258		23,227		293,238		290,016
Accumulated other comprehensive (loss) income	(20,282		)	(17,023	)	(1,979	)	5,699		(3,259	)	(18,303	)	(25,981	)
Total stockholders’ equity	1,473,992			1,454,024		1,199,057		1,209,957		19,968		274,935		264,035
Goodwill and core deposit intangible, net	(342,243		)	(343,991	)	(191,995	)	(193,249	)	1,748		(150,248	)	(148,994	)
Tangible stockholders’ equity	$	1,131,749		1,110,033		1,007,062		1,016,708		21,716		124,687		115,041



Stockholders’ equity to total assets	12.39		%	12.47	%	12.35	%	12.22	%
Tangible stockholders’ equity to total tangible assets	9.79		%	9.81	%	10.58	%	10.47	%
Book value per common share	$	17.44		17.21		15.37		15.51		0.23	2.07	1.93
Tangible book value per common share	$	13.39		13.13		12.91		13.03		0.26	0.48	0.36

Tangible stockholders’ equity of $1.132 billion at June 30, 2018 increased $22 million compared to the prior quarter which was the result of earnings retention. Tangible stockholders’ equity increased $115 million over the prior year second quarter which was the result of earnings retention, $181 million and $69.8 million of Company stock issued for the acquisitions of FSB and Collegiate, respectively; these increases more than offset the increase in goodwill and core deposit intangibles associated with the acquisitions. Tangible book value per common share at quarter end increased $0.26 per share from the prior quarter and increased $0.36 per share from a year ago.

Cash Dividends

On June 27, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share, an increase of $0.03 per share, or 13 percent from the prior quarter. The dividend was payable July 19, 2018 to shareholders of record on July 10, 2018. The dividend was the 133rd consecutive quarterly dividend. Dividends declared for the first half of 2018 were $0.49 per share, an increase of $0.07 per share, or 17 percent, over the same period last year. 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, 2018

Compared to March 31, 2018 and June 30, 2017

Income Summary



	Three Months ended							$ Change from
(Dollars in thousands)	Jun 30, 2018			Mar 31, 2018		Jun 30, 2017		Mar 31, 2018	Jun 30, 2017
Net interest income
Interest income	$	117,715		103,066		94,032		14,649	23,683
Interest expense	9,161			7,774		7,774		1,387	1,387
Total net interest income	108,554			95,292		86,258		13,262	22,296
Non-interest income
Service charges and other fees	18,804			16,871		17,495		1,933	1,309
Miscellaneous loan fees and charges	2,243			1,477		1,092		766	1,151
Gain on sale of loans	8,142			6,097		7,532		2,045	610
Loss on sale of investments	(56		)	(333	)	(522	)	277	466
Other income	2,695			1,974		2,059		721	636
Total non-interest income	31,828			26,086		27,656		5,742	4,172
Total income	$	140,382		121,378		113,914		19,004	26,468
Net interest margin (tax-equivalent)	4.17		%	4.10	%	4.12	%

Net Interest Income

The current quarter interest income of $118 million increased $14.6 million, or 14 percent, from the prior quarter and increased $23.7 million, or 25 percent, over the prior year second quarter with both increases primarily attributable to the increase in interest income from commercial loans. Interest income on commercial loans increased $10.3 million, or 16 percent, from the prior quarter and increased $19.6 million, or 35 percent, from the prior year second quarter.

The current quarter interest expense of $9.2 million increased $1.4 million, or 18 percent, from the prior quarter and increased $1.4 million, or 18 percent, from the prior year second quarter. The total cost of funding (including non-interest bearing deposits) for the current quarter was 36 basis points compared to 35 basis points for the prior quarter and 37 basis points for the prior year second quarter. The 1 basis point increase from the prior quarter was driven by an increase in deposit rates which was partially offset by the increase in non-interest bearing deposits.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.17 percent compared to 4.10 percent in the prior quarter. The 7 basis points increase in the net interest margin was primarily the result of increased yields on the loan portfolio and also included a 2 basis points increase in loan discount accretion from the fair value adjustments of recently acquired banks. The current quarter net interest margin increased 5 basis points over the prior year second quarter net interest margin of 4.12 percent. Included in the current quarter margin was a 14 basis points decrease due to the reduction in the federal corporate income tax rate in 2018 by the Tax Cut and Jobs Act (“Tax Act”). The increase in the core margin from the prior year second quarter resulted from the remix of earning assets to higher yielding loans, increased yields on the loan portfolio, and stable funding costs. “The Bank divisions have been excellent in pricing loans at higher yields where possible in the current quarter. They remain focused on maintaining a quality deposit franchise. We were especially pleased to see growth in non-interest bearing deposits,” said Ron Copher, Chief Financial Officer.

Non-interest Income

Non-interest income for the current quarter totaled $31.8 million, an increase of $5.7 million, or 22 percent, from

the prior quarter and an increase of $4.2 million, or 15 percent, over the same quarter last year. Service charges and other fees of $18.8 million for the current quarter, increased $1.9 million, or 11 percent, from the prior quarter as a result of seasonality and the increased number of accounts, including from acquisitions. Service charges and other fees increased $1.3 million, 7 percent, from the prior year second quarter primarily due to the increased number of accounts from organic growth and acquisitions. Miscellaneous loan fees and charges increased $766 thousand, or 52 percent from prior quarter and increased $1.2 million, or 105 percent, from the prior year second quarter as a result of the recent acquisitions and increased loan growth. Gain on sale of loans increased $2.0 million, or 34 percent, from the prior quarter as a result of seasonality.

Non-interest Expense Summary



	Three Months ended				$ Change from
(Dollars in thousands)	Jun 30, 2018		Mar 31, 2018	Jun 30, 2017	Mar 31, 2018	Jun 30, 2017
Compensation and employee benefits	$	49,023	45,721	39,498	3,302	9,525
Occupancy and equipment	7,662		7,274	6,560	388	1,102
Advertising and promotions	2,530		2,170	2,169	360	361
Data processing	4,241		3,967	3,409	274	832
Other real estate owned	211		72	442	139	(231	)
Regulatory assessments and insurance	1,329		1,206	1,087	123	242
Core deposit intangibles amortization	1,748		1,056	639	692	1,109
Other expenses	15,051		12,161	11,505	2,890	3,546
Total non-interest expense	$	81,795	73,627	65,309	8,168	16,486

Total non-interest expense of $81.8 million for the current quarter increased $8.2 million, or 11 percent, over the prior quarter and increased $16.5 million, or 25 percent, over the prior year second quarter. Compensation and employee benefits increased by $3.3 million, or 7 percent, from the prior quarter due to the increased number of employees from acquisitions. Compensation and employee benefits increased by $9.5 million, or 24 percent, from the prior year second quarter due to the increased number of employees from acquisitions and organic growth combined with annual salary increases. Occupancy and equipment expense increased $388 thousand, or 5 percent, over the prior quarter and increased $1.1 million, or 17 percent, over the prior year second quarter and was attributable to increased costs from acquisitions. Data processing expense increased $274 thousand, or 7 percent, from the prior quarter and increased $832 thousand, or 24 percent, from the prior year second quarter due to increased expenses from the acquisitions. Other expenses increased $2.9 million, or 24 percent, from the prior quarter and increased $3.5 million, or 31 percent, from the prior year second quarter primarily from an increase in acquisition-related expenses. Acquisition-related expenses were $2.9 million during the current quarter compared to $1.8 million in the prior quarter and $867 thousand in the prior year second quarter.

Federal and State Income Tax Expense

Tax expense during the second quarter of 2018 was $9.5 million, which is a decrease of $2.4 million, or 20 percent, from the prior year second quarter and was attributable to the decrease in the federal income tax rate driven by the Tax Act. The effective tax rate in the second quarter of 2018 was 18 percent compared to 26 percent in the prior year second quarter.

Efficiency Ratio

The current quarter efficiency ratio was 55.44 percent, a 236 basis points improvement from the prior quarter efficiency ratio of 57.80 percent. The decrease was the result of an increase in interest income and seasonal increases in gain on sale of loans and deposit service charges combined with the Company controlling operating costs.

Operating Results for Six Months Ended June 30, 2018

Compared to June 30, 2017

Income Summary



	Six Months Ended
(Dollars in thousands)	Jun 30, 2018			Jun 30, 2017			$ Change			% Change
Net interest income
Interest income	$	220,781		$	181,660		$	39,121		22	%
Interest expense	16,935			15,140			1,795			12	%
Total net interest income	203,846			166,520			37,326			22	%
Non-interest income
Service charges and other fees	35,675			33,128			2,547			8	%
Miscellaneous loan fees and charges	3,720			2,072			1,648			80	%
Gain on sale of loans	14,239			13,890			349			3	%
Loss on sale of investments	(389		)	(622		)	233			(37	)%
Other income	4,669			4,877			(208		)	(4	)%
Total non-interest income	57,914			53,345			4,569			9	%
	$	261,760		$	219,865		$	41,895		19	%
Net interest margin (tax-equivalent)	4.14		%	4.08		%

Net Interest Income

Interest income for the the first six months of 2018 increased $39.1 million, or 22 percent, from the first six months of 2017 and was primarily attributable to a $35.2 million increase in interest income from commercial loans. Interest expense of $16.9 million for the first half of 2018 increased $1.8 million over the prior year same period. Interest expense on deposits decreased $408 thousand, or 5 percent, from the prior year and was due to the decrease in wholesale deposits. Interest expense on repurchase agreements, FHLB advances, and subordinated debt increased $2.2 million, or 36 percent, over the prior year and was primarily driven by the increase in interest rates. The total funding cost (including non-interest bearing deposits) for 2018 was 36 basis points compared to 37 basis points for 2017.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first six months of 2018 was 4.14 percent, a 6 basis points increase from the net interest margin of 4.08 percent for the first half of 2017. Included in the current year margin was a 14 basis points decrease compared to the prior year driven by the reduction in the federal corporate income tax rate. The increase in the margin was principally due to a shift in earning assets to higher yielding loans along with an increase in yields on the loan portfolio combined with stable cost of funds.

Non-interest Income

Non-interest income of $57.9 million for the first six months of 2018 increased $4.6 million, or 9 percent, over the same period last year. Service charges and other fees of $35.7 million for 2018 increased $2.5 million, or 8 percent, from the prior year as a result of an increased number of deposit accounts from organic growth and acquisitions. Miscellaneous loan fees and charges for the first half of 2018 increased $1.6 million, or 80 percent from the prior year as a result of the recent acquisitions and increased loan growth.

Non-interest Expense Summary



	Six Months Ended
(Dollars in thousands)	Jun 30, 2018		Jun 30, 2017		$ Change			% Change
Compensation and employee benefits	$	94,744	$	78,744	$	16,000		20	%
Occupancy and equipment	14,936		13,206		1,730			13	%
Advertising and promotions	4,700		4,142		558			13	%
Data processing	8,208		6,533		1,675			26	%
Other real estate owned	283		715		(432		)	(60	)%
Regulatory assessments and insurance	2,535		2,148		387			18	%
Core deposit intangibles amortization	2,804		1,240		1,564			126	%
Other expenses	27,212		21,925		5,287			24	%
Total non-interest expense	$	155,422	$	128,653	$	26,769		21	%

Total non-interest expense of $155.4 million for the first half of 2018 increased $26.8 million, or 21 percent, over prior year first half. Compensation and employee benefits for first six months of 2018 increased $16.0 million, or 20 percent, from the same period last year due to the increased number of employees from acquisitions and organic growth combined with annual salary increases. Occupancy and equipment expense for the first half of 2018 increased $1.7 million, or 13 percent from the prior year as a result of increased costs from acquisitions. Data processing expense for the current year increased $1.7 million, or 26 percent, from the prior year as a result of increased costs from the acquisitions. Current year other expenses of $27.2 million increased $5.3 million, or 24 percent, from the prior year and was from an increase in acquisition-related expenses. Acquisition-related expenses were $4.8 million during the first half of 2018 compared to $949 thousand in the prior year first half.

Provision for Loan Losses

The provision for loan losses was $5.5 million for the first half of 2018, an increase of $902 thousand from the same period in the prior year. Net charge-offs during the first half of 2018 were $3.5 million compared to $4.3 million during the same period in 2017.

Federal and State Income Tax Expense

Tax expense of $17.9 million in the first half of 2018 decreased $3.8 million, or 17 percent, over the prior year same period as a result of a decrease in the federal corporate income tax rate by the Tax Act. The effective tax rate in 2018 was 18 percent compared to 25 percent in the prior year.

Efficiency Ratio

The efficiency ratio of 56.54 percent for the first six months of 2018 increased 237 basis points from the prior year first six months efficiency ratio of 54.17. The increase included 280 basis points related to the decrease in the federal income tax rate and the increase in acquisition-related expenses.

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 Federal Deposit Insurance Corporation and other third parties;


•	legislative or regulatory changes, including increased banking and consumer protection regulation that adversely affect the Company’s business, both generally and as a result of the Company exceeding $10 billion in total consolidated assets;


•	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

The conference call will be accessible by telephone and through the internet. Interested individuals are invited to listen to the call by dialing 877-561-2748 and conference ID 6584388. To participate on the webcast, log on to: https://edge.media-server.com/m6/p/ihbz5btx. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 6584388 by August 3, 2018.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is the parent company for Glacier Bank, Kalispell and its bank divisions: First Security Bank of Missoula; Valley Bank of Helena; Western Security Bank, Billings; First Bank of Montana, Lewistown; and First Security Bank, Bozeman, all located in Montana; as well as Mountain West Bank, Coeur d’Alene, operating in Idaho, Utah and Washington; First Bank, Powell, operating in Wyoming and Utah; Citizens Community Bank, Pocatello, operating in Idaho; Bank of the San Juans, Durango; and Collegiate Peaks Bank, Buena Vista both operating in Colorado; First State Bank, Wheatland, operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; 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, 2018			March 31, 2018		December 31, 2017		June 30, 2017
Assets
Cash on hand and in banks	$	174,239		140,625		139,948		163,913
Federal funds sold	—			230		—		—
Interest bearing cash deposits	193,893			310,193		60,056		73,677
Cash and cash equivalents	368,132			451,048		200,004		237,590
Debt securities, available-for-sale	2,177,352			2,154,845		1,778,243		2,142,472
Debt securities, held-to-maturity	620,409			634,413		648,313		659,347
Total debt securities	2,797,761			2,789,258		2,426,556		2,801,819
Loans held for sale, at fair value	53,788			37,058		38,833		37,726
Loans receivable	7,948,672			7,670,030		6,577,824		6,345,762
Allowance for loan and lease losses	(131,564		)	(127,608	)	(129,568	)	(129,877	)
Loans receivable, net	7,817,108			7,542,422		6,448,256		6,215,885
Premises and equipment, net	240,373			238,491		177,348		179,823
Other real estate owned	13,616			14,132		14,269		18,500
Accrued interest receivable	55,973			54,376		44,462		46,921
Deferred tax asset	34,211			32,929		38,344		59,186
Core deposit intangible, net	52,708			54,456		14,184		15,438
Goodwill	289,535			289,535		177,811		177,811
Non-marketable equity securities	26,107			21,910		29,884		23,995
Bank-owned life insurance	81,379			81,787		59,351		58,612
Other assets	66,953			51,376		37,047		26,188
Total assets	$	11,897,644		11,658,778		9,706,349		9,899,494
Liabilities
Non-interest bearing deposits	$	2,914,885		2,811,469		2,311,902		2,234,058
Interest bearing deposits	6,508,690			6,607,376		5,267,845		5,563,905
Securities sold under agreements to repurchase	361,515			395,794		362,573		451,050
FHLB advances	395,037			155,057		353,995		211,505
Other borrowed funds	9,917			8,204		8,224		5,817
Subordinated debentures	134,058			134,061		126,135		126,063
Accrued interest payable	3,952			3,740		3,450		3,535
Other liabilities	95,598			89,053		73,168		93,604
Total liabilities	10,423,652			10,204,754		8,507,292		8,689,537
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	845			845		780		780
Paid-in capital	1,049,724			1,048,860		797,997		796,707
Retained earnings - substantially restricted	443,705			421,342		402,259		406,771
Accumulated other comprehensive (loss) income	(20,282		)	(17,023	)	(1,979	)	5,699
Total stockholders’ equity	1,473,992			1,454,024		1,199,057		1,209,957
Total liabilities and stockholders’ equity	$	11,897,644		11,658,778		9,706,349		9,899,494

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations



	Three Months ended							Six Months Ended
(Dollars in thousands, except per share data)	June 30, 2018			March 31, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Interest Income
Debt securities	$	22,370		20,142		21,379		42,512		43,318
Residential real estate loans	10,149			8,785		8,350		18,934		16,268
Commercial loans	75,824			65,515		56,182		141,339		106,152
Consumer and other loans	9,372			8,624		8,121		17,996		15,922
Total interest income	117,715			103,066		94,032		220,781		181,660
Interest Expense
Deposits	4,617			3,916		4,501		8,533		8,941
Securities sold under agreements to repurchase	486			485		443		971		825
Federal Home Loan Bank advances	2,513			2,089		1,734		4,602		3,244
Other borrowed funds	26			16		19		42		34
Subordinated debentures	1,519			1,268		1,077		2,787		2,096
Total interest expense	9,161			7,774		7,774		16,935		15,140
Net Interest Income	108,554			95,292		86,258		203,846		166,520
Provision for loan losses	4,718			795		3,013		5,513		4,611
Net interest income after provision for loan losses	103,836			94,497		83,245		198,333		161,909
Non-Interest Income
Service charges and other fees	18,804			16,871		17,495		35,675		33,128
Miscellaneous loan fees and charges	2,243			1,477		1,092		3,720		2,072
Gain on sale of loans	8,142			6,097		7,532		14,239		13,890
Loss on sale of debt securities	(56		)	(333	)	(522	)	(389	)	(622	)
Other income	2,695			1,974		2,059		4,669		4,877
Total non-interest income	31,828			26,086		27,656		57,914		53,345
Non-Interest Expense
Compensation and employee benefits	49,023			45,721		39,498		94,744		78,744
Occupancy and equipment	7,662			7,274		6,560		14,936		13,206
Advertising and promotions	2,530			2,170		2,169		4,700		4,142
Data processing	4,241			3,967		3,409		8,208		6,533
Other real estate owned	211			72		442		283		715
Regulatory assessments and insurance	1,329			1,206		1,087		2,535		2,148
Core deposit intangibles amortization	1,748			1,056		639		2,804		1,240
Other expenses	15,051			12,161		11,505		27,212		21,925
Total non-interest expense	81,795			73,627		65,309		155,422		128,653
Income Before Income Taxes	53,869			46,956		45,592		100,825		86,601
Federal and state income tax expense	9,485			8,397		11,905		17,882		21,659
Net Income	$	44,384		38,559		33,687		82,943		64,942

Glacier Bancorp, Inc.

Average Balance Sheets



	Three Months ended
	June 30, 2018							June 30, 2017
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	874,839		$	10,149	4.64	%	$	738,309	$	8,350	4.52	%
Commercial loans ¹	6,158,095			76,834		5.00	%	4,729,848		57,709		4.89	%
Consumer and other loans	761,751			9,372		4.93	%	680,158		8,121		4.79	%
Total loans ²	7,794,685			96,355		4.96	%	6,148,315		74,180		4.84	%
Tax-exempt debt securities ³	1,085,520			12,634		4.66	%	1,201,746		17,154		5.71	%
Taxable debt securities ⁴	1,931,846			12,630		2.62	%	1,795,189		10,416		2.32	%
Total earning assets	10,812,051			121,619		4.51	%	9,145,250		101,750		4.46	%
Goodwill and intangibles	343,201							174,857
Non-earning assets	473,750							393,574
Total assets	$	11,629,002						$	9,713,681
Liabilities
Non-interest bearing deposits	$	2,800,719		$	—	—	%	$	2,118,776	$	—	—	%
NOW and DDA accounts	2,316,927			1,009		0.17	%	1,624,246		282		0.07	%
Savings accounts	1,319,966			231		0.07	%	1,047,790		154		0.06	%
Money market deposit accounts	1,746,960			856		0.20	%	1,551,009		608		0.16	%
Certificate accounts	941,099			1,592		0.68	%	906,416		1,303		0.58	%
Total core deposits	9,125,671			3,688		0.16	%	7,248,237		2,347		0.13	%
Wholesale deposits ⁵	153,127			929		2.43	%	313,511		2,154		2.76	%
FHLB advances	290,391			2,513		3.42	%	340,259		1,734		2.02	%
Repurchase agreements and other borrowed funds	510,636			2,031		1.60	%	552,036		1,539		1.12	%
Total funding liabilities	10,079,825			9,161		0.36	%	8,454,043		7,774		0.37	%
Other liabilities	74,600							71,119
Total liabilities	10,154,425							8,525,162
Stockholders’ Equity
Common stock	845							775
Paid-in capital	1,049,270							780,891
Retained earnings	443,607							405,772
Accumulated other comprehensive (loss) income	(19,145		)					1,081
Total stockholders’ equity	1,474,577							1,188,519
Total liabilities and stockholders’ equity	$	11,629,002						$	9,713,681
Net interest income (tax-equivalent)				$	112,458					$	93,976
Net interest spread (tax-equivalent)						4.15	%					4.09	%
Net interest margin (tax-equivalent)						4.17	%					4.12	%

______________________________


¹	Includes tax effect of $1.0 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2018 and 2017, 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 $2.6 million and $5.9 million on tax-exempt debt securities income for the three months ended June 30, 2018 and 2017, respectively.


⁴	Includes tax effect of $305 thousand and $339 thousand on federal income tax credits for the three months ended June 30, 2018 and 2017, 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, 2018							June 30, 2017
(Dollars in thousands)	Average Balance			Interest & Dividends		Average Yield/ Rate		Average Balance			Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	829,579		$	18,934	4.56	%	$	723,950		$	16,268	4.49	%
Commercial loans ¹	5,856,533			143,308		4.93	%	4,552,062			109,044		4.83	%
Consumer and other loans	740,569			17,996		4.90	%	676,340			15,922		4.75	%
Total loans ²	7,426,681			180,238		4.89	%	5,952,352			141,234		4.78	%
Tax-exempt debt securities ³	1,089,605			25,429		4.67	%	1,223,431			34,915		5.71	%
Taxable debt securities ⁴	1,793,849			22,902		2.55	%	1,826,090			20,991		2.30	%
Total earning assets	10,310,135			228,569		4.47	%	9,001,873			197,140		4.42	%
Goodwill and intangibles	281,673							167,017
Non-earning assets	432,533							381,492
Total assets	$	11,024,341						$	9,550,382
Liabilities
Non-interest bearing deposits	$	2,637,342		$	—	—	%	$	2,045,124		$	—	—	%
NOW and DDA accounts	2,165,039			1,827		0.17	%	1,600,221			529		0.07	%
Savings accounts	1,252,760			423		0.07	%	1,031,540			300		0.06	%
Money market deposit accounts	1,689,730			1,576		0.19	%	1,520,771			1,173		0.16	%
Certificate accounts	908,940			2,911		0.65	%	929,841			2,636		0.57	%
Total core deposits	8,653,811			6,737		0.16	%	7,127,497			4,638		0.13	%
Wholesale deposits ⁵	151,362			1,796		2.39	%	322,831			4,303		2.69	%
FHLB advances	257,800			4,602		3.55	%	305,933			3,244		2.11	%
Repurchase agreements and other borrowed funds	516,108			3,800		1.48	%	557,303			2,955		1.07	%
Total funding liabilities	9,579,081			16,935		0.36	%	8,313,564			15,140		0.37	%
Other liabilities	50,421							76,241
Total liabilities	9,629,502							8,389,805
Stockholders’ Equity
Common stock	827							771
Paid-in capital	978,046							764,959
Retained earnings	432,143							397,829
Accumulated other comprehensive loss	(16,177		)					(2,982		)
Total stockholders’ equity	1,394,839							1,160,577
Total liabilities and stockholders’ equity	$	11,024,341						$	9,550,382
Net interest income (tax-equivalent)				$	211,634						$	182,000
Net interest spread (tax-equivalent)						4.11	%						4.05	%
Net interest margin (tax-equivalent)						4.14	%						4.08	%

______________________________


¹	Includes tax effect of $2.0 million and $2.9 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2018 and 2017, 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 $5.2 million and $11.9 million on tax-exempt investment securities income for the six months ended June 30, 2018 and 2017, respectively.


⁴	Includes tax effect of $609 thousand and $677 thousand on federal income tax credits for the six months ended June 30, 2018 and 2017, 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, 2018			Mar 31, 2018			Dec 31, 2017			Jun 30, 2017			Mar 31, 2018		Dec 31, 2017		Jun 30, 2017
Custom and owner occupied construction	$	138,171		$	140,440		$	109,555		$	103,816		(2	)%	26	%	33	%
Pre-sold and spec construction	96,008			100,376			72,160			76,553			(4	)%	33	%	25	%
Total residential construction	234,179			240,816			181,715			180,369			(3	)%	29	%	30	%
Land development	108,641			76,528			82,398			80,044			42	%	32	%	36	%
Consumer land or lots	110,846			119,469			102,289			107,124			(7	)%	8	%	3	%
Unimproved land	72,150			68,862			65,753			67,935			5	%	10	%	6	%
Developed lots for operative builders	12,708			13,093			14,592			12,337			(3	)%	(13	)%	3	%
Commercial lots	27,661			43,232			23,770			25,675			(36	)%	16	%	8	%
Other construction	478,037			420,632			391,835			307,547			14	%	22	%	55	%
Total land, lot, and other construction	810,043			741,816			680,637			600,662			9	%	19	%	35	%
Owner occupied	1,302,737			1,292,206			1,132,833			1,091,119			1	%	15	%	19	%
Non-owner occupied	1,495,532			1,449,166			1,186,066			1,148,831			3	%	26	%	30	%
Total commercial real estate	2,798,269			2,741,372			2,318,899			2,239,950			2	%	21	%	25	%
Commercial and industrial	909,688			865,574			751,221			769,105			5	%	21	%	18	%
Agriculture	661,218			620,342			450,616			457,286			7	%	47	%	45	%
1st lien	1,072,917			1,014,361			877,335			849,601			6	%	22	%	26	%
Junior lien	64,821			66,288			51,155			53,316			(2	)%	27	%	22	%
Total 1-4 family	1,137,738			1,080,649			928,490			902,917			5	%	23	%	26	%
Multifamily residential	218,061			219,310			189,342			172,523			(1	)%	15	%	26	%
Home equity lines of credit	500,036			481,204			440,105			419,940			4	%	14	%	19	%
Other consumer	164,288			162,171			148,247			155,098			1	%	11	%	6	%
Total consumer	664,324			643,375			588,352			575,038			3	%	13	%	16	%
States and political subdivisions	419,025			421,252			383,252			341,159			(1	)%	9	%	23	%
Other	149,915			132,582			144,133			144,479			13	%	4	%	4	%
Total loans receivable, including loans held for sale	8,002,460			7,707,088			6,616,657			6,383,488			4	%	21	%	25	%
Less loans held for sale ¹	(53,788		)	(37,058		)	(38,833		)	(37,726		)	45	%	39	%	43	%
Total loans receivable	$	7,948,672		$	7,670,030		$	6,577,824		$	6,345,762		4	%	21	%	25	%

______________________________

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, 2018		Mar 31, 2018	Dec 31, 2017	Jun 30, 2017	Jun 30, 2018	Jun 30, 2018	Jun 30, 2018
Custom and owner occupied construction	$	48	48	48	177	—	—	48
Pre-sold and spec construction	492		492	38	272	492	—	—
Total residential construction	540		540	86	449	492	—	48
Land development	7,564		7,802	7,888	8,428	901	—	6,663
Consumer land or lots	1,593		1,622	1,861	1,868	510	—	1,083
Unimproved land	9,962		10,294	10,866	11,933	8,453	28	1,481
Developed lots for operative builders	126		83	116	116	43	—	83
Commercial lots	1,059		1,312	1,312	1,559	13	—	1,046
Other construction	155		319	151	151	17	—	138
Total land, lot and other construction	20,459		21,432	22,194	24,055	9,937	28	10,494
Owner occupied	12,891		12,594	13,848	17,757	11,251	113	1,527
Non-owner occupied	15,337		5,346	4,584	2,791	7,734	7,108	495
Total commercial real estate	28,228		17,940	18,432	20,548	18,985	7,221	2,022
Commercial and industrial	7,692		6,313	5,294	4,753	6,577	1,070	45
Agriculture	10,497		10,476	3,931	2,877	7,946	2,551	—
1st lien	9,725		8,717	9,261	9,057	7,964	1,426	335
Junior lien	3,257		4,271	567	727	3,220	37	—
Total 1-4 family	12,982		12,988	9,828	9,784	11,184	1,463	335
Multifamily residential	634		652	—	—	634	—	—
Home equity lines of credit	3,112		3,312	3,292	5,864	2,205	274	633
Other consumer	393		330	322	551	210	144	39
Total consumer	3,505		3,642	3,614	6,415	2,415	418	672
States and political subdivisions	—		—	1,800	—	—	—	—
Total	$	84,537	73,983	65,179	68,881	58,170	12,751	13,616

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, 2018		Mar 31, 2018		Dec 31, 2017		Jun 30, 2017		Mar 31, 2018		Dec 31, 2017		Jun 30, 2017
Custom and owner occupied construction	$	1,525	$	611	$	300	$	493	150	%	408	%	209	%
Pre-sold and spec construction	721		267		102		155		170	%	607	%	365	%
Total residential construction	2,246		878		402		648		156	%	459	%	247	%
Land development	728		585		—		—		24	%	n/m		n/m
Consumer land or lots	471		485		353		808		(3	)%	33	%	(42	)%
Unimproved land	1,450		889		662		1,115		63	%	119	%	30	%
Developed lots for operative builders	—		464		7		—		(100	)%	(100	)%	n/m
Commercial lots	—		194		108		—		(100	)%	(100	)%	n/m
Other construction	—		76		—		—		(100	)%	n/m		n/m
Total land, lot and other construction	2,649		2,693		1,130		1,923		(2	)%	134	%	38	%
Owner occupied	3,571		13,904		4,726		5,038		(74	)%	(24	)%	(29	)%
Non-owner occupied	8,414		3,842		2,399		6,533		119	%	251	%	29	%
Total commercial real estate	11,985		17,746		7,125		11,571		(32	)%	68	%	4	%
Commercial and industrial	5,745		5,746		6,472		5,825		—	%	(11	)%	(1	)%
Agriculture	5,288		3,845		3,205		1,067		38	%	65	%	396	%
1st lien	5,132		9,597		10,865		2,859		(47	)%	(53	)%	80	%
Junior lien	989		240		4,348		815		312	%	(77	)%	21	%
Total 1-4 family	6,121		9,837		15,213		3,674		(38	)%	(60	)%	67	%
Multifamily Residential	—		—		—		2,011		n/m		n/m		(100	)%
Home equity lines of credit	3,940		2,316		1,962		2,819		70	%	101	%	40	%
Other consumer	1,665		1,849		2,109		1,572		(10	)%	(21	)%	6	%
Total consumer	5,605		4,165		4,071		4,391		35	%	38	%	28	%
Other	11		53		69		14		(79	)%	(84	)%	(21	)%
Total	$	39,650	$	44,963	$	37,687	$	31,124	(12	)%	5	%	27	%

______________________________

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, 2018			Mar 31, 2018		Dec 31, 2017		Jun 30, 2017		Jun 30, 2018	Jun 30, 2018
Pre-sold and spec construction	$	(344	)	(339	)	(23	)	(15	)	17	361
Total residential construction	(344		)	(339	)	(23	)	(15	)	17	361
Land development	(107		)	(5	)	(143	)	(46	)	—	107
Consumer land or lots	(92		)	(3	)	222		(107	)	206	298
Unimproved land	(144		)	(73	)	(304	)	(110	)	—	144
Developed lots for operative builders	33			—		(107	)	(10	)	33	—
Commercial lots	4			(2	)	(6	)	(3	)	7	3
Other construction	—			—		389		390		—	—
Total land, lot and other construction	(306		)	(83	)	51		114		246	552
Owner occupied	1,000			962		3,908		853		1,084	84
Non-owner occupied	(4		)	(47	)	368		(2	)	59	63
Total commercial real estate	996			915		4,276		851		1,143	147
Commercial and industrial	1,471			1,430		883		494		1,922	451
Agriculture	44			(2	)	9		14		50	6
1st lien	(193		)	(65	)	(23	)	(32	)	47	240
Junior lien	(34		)	(29	)	719		746		47	81
Total 1-4 family	(227		)	(94	)	696		714		94	321
Multifamily residential	(6		)	(6	)	(230	)	(229	)	—	6
Home equity lines of credit	(38		)	(32	)	272		271		19	57
Other consumer	111			73		505		(8	)	258	147
Total consumer	73			41		777		263		277	204
Other	1,816			893		4,389		2,100		3,862	2,046
Total	$	3,517		2,755		10,828		4,306		7,611	4,094

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GLACIER BANCORP, INC. Reports