Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

Glacier Bancorp, Inc.

1st Quarter 2025 Highlights:

Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share. Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent. Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent. The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent. The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent. The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.  The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.3 billion as of March 31, 2025. This will be the Company’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years.

Financial Summary

At or for the Three Months ended (Dollars in thousands, except per share and market data) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024 Operating results  Net income $ 54,568   61,754   32,627  Basic earnings per share $ 0.48   0.54   0.29  Diluted earnings per share $ 0.48   0.54   0.29  Dividends declared per share $ 0.33   0.33   0.33  Market value per share  Closing $ 44.22   50.22   40.28  High $ 52.81   60.67   42.75  Low $ 43.18   43.70   34.74  Selected ratios and other data  Number of common stock shares outstanding  113,517,944   113,401,955   113,388,590  Average outstanding shares - basic  113,451,199   113,398,213   112,492,142  Average outstanding shares - diluted  113,546,365   113,541,026   112,554,402  Return on average assets (annualized)  0.80 %  0.87 %  0.47 % Return on average equity (annualized)  6.77 %  7.62 %  4.25 % Efficiency ratio  65.49 %  60.50 %  74.41 % Loan to deposit ratio  83.64 %  84.17 %  82.04 % Number of full time equivalent employees  3,457   3,441   3,438  Number of locations  227   227   232  Number of ATMs  286   284   285

KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. “We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow,” said Randy Chesler, President and Chief Executive Officer. “While uncertainty about the economy persists, we remain optimistic about our customers’ ability to quickly adapt to a changing environment.”

Story Continues

On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders.

Asset Summary

$ Change from (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Cash and cash equivalents $ 981,485   848,408   788,660   133,077   192,825  Debt securities, available-for-sale  4,172,312   4,245,205   4,629,073   (72,893 )  (456,761 ) Debt securities, held-to-maturity  3,261,575   3,294,847   3,451,583   (33,272 )  (190,008 ) Total debt securities  7,433,887   7,540,052   8,080,656   (106,165 )  (646,769 ) Loans receivable  Residential real estate  1,850,079   1,858,929   1,752,514   (8,850 )  97,565  Commercial real estate  10,952,809   10,963,713   10,672,269   (10,904 )  280,540  Other commercial  3,121,477   3,119,535   3,030,608   1,942   90,869  Home equity  920,132   930,994   883,062   (10,862 )  37,070  Other consumer  374,021   388,678   394,049   (14,657 )  (20,028 ) Loans receivable  17,218,518   17,261,849   16,732,502   (43,331 )  486,016  Allowance for credit losses  (210,400 )  (206,041 )  (198,779 )  (4,359 )  (11,621 ) Loans receivable, net  17,008,118   17,055,808   16,533,723   (47,690 )  474,395  Other assets  2,435,389   2,458,719   2,419,131   (23,330 )  16,258  Total assets $ 27,858,879   27,902,987   27,822,170   (44,108 )  36,709

The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024.

The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent.

Credit Quality Summary

At or for the
 Three Months ended  At or for the 
Year ended  At or for the 
Three Months ended (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024 Allowance for credit losses  Balance at beginning of period $ 206,041   192,757   192,757  Acquisitions  —   3   3  Provision for credit losses  6,154   27,179   9,091  Charge-offs  (3,897 )  (18,626 )  (4,295 ) Recoveries  2,102   4,728   1,223  Balance at end of period $ 210,400   206,041   198,779  Provision for credit losses  Loan portfolio $ 6,154   27,179   9,091  Unfunded loan commitments  1,660   1,127   (842 ) Total provision for credit losses $ 7,814   28,306   8,249  Other real estate owned $ 1,085   1,085   432  Other foreclosed assets  68   79   459  Accruing loans 90 days or more past due  5,289   6,177   3,796  Non-accrual loans  32,896   20,445   20,738  Total non-performing assets $ 39,338   27,786   25,425  Non-performing assets as a percentage of subsidiary assets  0.14 %  0.10 %  0.09 % Allowance for credit losses as a percentage of non-performing loans  551 %  774 %  810 % Allowance for credit losses as a percentage of total loans  1.22 %  1.19 %  1.19 % Net charge-offs as a percentage of total loans  0.01 %  0.08 %  0.02 % Accruing loans 30-89 days past due $ 46,458   32,228   62,423  U.S. government guarantees included in non-performing assets $ 685   748   1,490

Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter.

The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments.

The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands) Provision for 
Credit Losses Loans  Net Charge-Offs  ACL
as a Percent
of Loans  Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans  Non-Performing
Assets to
Total Subsidiary
Assets First quarter 2025 $ 6,154  $ 1,795  1.22 %  0.27 %  0.14 % Fourth quarter 2024  6,041   5,170  1.19 %  0.19 %  0.10 % Third quarter 2024  6,981   2,766  1.19 %  0.33 %  0.10 % Second quarter 2024  5,066   2,890  1.19 %  0.29 %  0.06 % First quarter 2024  9,091   3,072  1.19 %  0.37 %  0.09 % Fourth quarter 2023  4,181   3,695  1.19 %  0.31 %  0.09 % Third quarter 2023  5,095   2,209  1.19 %  0.09 %  0.15 % Second quarter 2023  5,254   2,473  1.19 %  0.16 %  0.12 %

Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

$ Change from (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Deposits  Non-interest bearing deposits $ 6,100,548  6,136,709  6,055,069  (36,161 )  45,479  NOW and DDA accounts  5,676,177  5,543,512  5,376,605  132,665   299,572  Savings accounts  2,896,378  2,845,124  2,949,908  51,254   (53,530 ) Money market deposit accounts  2,816,874  2,878,213  3,002,942  (61,339 )  (186,068 ) Certificate accounts  3,140,333  3,139,821  3,039,190  512   101,143  Core deposits, total  20,630,310  20,543,379  20,423,714  86,931   206,596  Wholesale deposits  3,740  3,615  3,809  125   (69 ) Deposits, total  20,634,050  20,546,994  20,427,523  87,056   206,527  Repurchase agreements  1,849,070  1,777,475  1,540,008  71,595   309,062  Deposits and repurchase agreements, total  22,483,120  22,324,469  21,967,531  158,651   515,589  Federal Home Loan Bank advances  1,520,000  1,800,000  2,140,157  (280,000 )  (620,157 ) Other borrowed funds  82,443  83,341  88,814  (898 )  (6,371 ) Subordinated debentures  133,145  133,105  132,984  40   161  Other liabilities  352,563  338,218  381,977  14,345   (29,414 ) Total liabilities $ 24,571,271  24,679,133  24,711,463  (107,862 )  (140,192 )

Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank (“FHLB”) advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter.

Stockholders’ Equity Summary

$ Change from (Dollars in thousands, except per share data) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Common equity $ 3,550,719   3,533,150   3,483,012   17,569  67,707  Accumulated other comprehensive loss  (263,111 )  (309,296 )  (372,305 )  46,185  109,194  Total stockholders’ equity  3,287,608   3,223,854   3,110,707   63,754  176,901  Goodwill and intangibles, net  (1,099,229 )  (1,102,500 )  (1,069,808 )  3,271  (29,421 ) Tangible stockholders’ equity $ 2,188,379   2,121,354   2,040,899   67,025  147,480  Stockholders’ equity to total assets  11.80 %  11.55 %  11.18 %  Tangible stockholders’ equity to total tangible assets  8.18 %  7.92 %  7.63 %  Book value per common share $ 28.96   28.43   27.43   0.53  1.53  Tangible book value per common share $ 19.28   18.71   18.00   0.57  1.28

Tangible stockholders’ equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders’ equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter.

Cash Dividends
On March 26, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company’s 160th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended March 31, 2025
Compared to December 31, 2024, and March 31, 2024

Income Summary

Three Months ended  $ Change from (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Net interest income  Interest income $ 289,925   297,036   279,402   (7,111 )  10,523  Interest expense  99,946   105,593   112,922   (5,647 )  (12,976 ) Total net interest income  189,979   191,443   166,480   (1,464 )  23,499   Non-interest income  Service charges and other fees  18,818   20,322   18,563   (1,504 )  255  Miscellaneous loan fees and charges  4,664   4,541   4,362   123   302  Gain on sale of loans  4,311   3,926   3,362   385   949  Gain on sale of securities  —   —   16   —   (16 ) Other income  4,849   2,760   3,686   2,089   1,163  Total non-interest income  32,642   31,549   29,989   1,093   2,653  Total income $ 222,621   222,992   196,469   (371 )  26,152  Net interest margin (tax-equivalent)  3.04 %  2.97 %  2.59 %

Net Interest Income
Net interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.

The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. “The Company’s net interest margin increased for the fifth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter.”

Non-interest Income
Non-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance.

Non-interest Expense Summary

Three Months ended  $ Change from (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Compensation and employee benefits $ 91,443  81,600  85,789  9,843   5,654  Occupancy and equipment  12,294  11,589  11,883  705   411  Advertising and promotions  4,144  3,725  3,983  419   161  Data processing  9,138  9,145  9,159  (7 )  (21 ) Other real estate owned and foreclosed assets  63  30  25  33   38  Regulatory assessments and insurance  5,534  5,890  7,761  (356 )  (2,227 ) Intangibles amortization  3,270  3,613  2,760  (343 )  510  Other expenses  25,432  25,373  30,483  59   (5,051 ) Total non-interest expense $ 151,318  140,965  151,843  10,353   (525 )

Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment.

Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter.

Federal and State Income Tax Expense

Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense.

Efficiency Ratio
The efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net interest income.

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 the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. 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 based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio; changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity; legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies; risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration; risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East; risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions; costs or difficulties related to the completion and integration of pending or future acquisitions; impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital; reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition; deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers; changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources; risks presented by 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 through acquisitions; risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions; material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities; risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events; success in managing risks involved in any of the foregoing; and 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, April 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

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

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition  (Dollars in thousands, except per share data) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024 Assets  Cash on hand and in banks $ 322,253   268,746   232,064  Interest bearing cash deposits  659,232   579,662   556,596  Cash and cash equivalents  981,485   848,408   788,660  Debt securities, available-for-sale  4,172,312   4,245,205   4,629,073  Debt securities, held-to-maturity  3,261,575   3,294,847   3,451,583  Total debt securities  7,433,887   7,540,052   8,080,656  Loans held for sale, at fair value  40,523   33,060   27,035  Loans receivable  17,218,518   17,261,849   16,732,502  Allowance for credit losses  (210,400 )  (206,041 )  (198,779 ) Loans receivable, net  17,008,118   17,055,808   16,533,723  Premises and equipment, net  411,095   411,968   379,826  Right-of-use assets, net  54,441   56,252   63,447  Other real estate owned and foreclosed assets  1,153   1,164   891  Accrued interest receivable  103,992   99,262   106,063  Deferred tax asset  122,942   138,955   161,327  Intangibles, net  47,911   51,182   46,046  Goodwill  1,051,318   1,051,318   1,023,762  Non-marketable equity securities  88,134   99,669   111,129  Bank-owned life insurance  191,044   189,849   186,625  Other assets  322,836   326,040   312,980  Total assets $ 27,858,879   27,902,987   27,822,170  Liabilities  Non-interest bearing deposits $ 6,100,548   6,136,709   6,055,069  Interest bearing deposits  14,533,502   14,410,285   14,372,454  Securities sold under agreements to repurchase  1,849,070   1,777,475   1,540,008  FHLB advances  1,520,000   1,800,000   2,140,157  Other borrowed funds  82,443   83,341   88,814  Subordinated debentures  133,145   133,105   132,984  Accrued interest payable  30,231   33,626   32,584  Other liabilities  322,332   304,592   349,393  Total liabilities  24,571,271   24,679,133   24,711,463  Commitments and Contingent Liabilities  —   —   —  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, 234,000,000 shares authorized  1,135   1,134   1,134  Paid-in capital  2,449,311   2,448,758   2,443,584  Retained earnings - substantially restricted  1,100,273   1,083,258   1,038,294  Accumulated other comprehensive loss  (263,111 )  (309,296 )  (372,305 ) Total stockholders’ equity  3,287,608   3,223,854   3,110,707  Total liabilities and stockholders’ equity $ 27,858,879   27,902,987   27,822,170

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations  Three Months ended (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024 Interest Income  Investment securities $ 45,646  50,381  56,218 Residential real estate loans  24,275  23,960  20,764 Commercial loans  197,388  199,260  181,472 Consumer and other loans  22,616  23,435  20,948 Total interest income  289,925  297,036  279,402 Interest Expense  Deposits  62,865  67,079  67,196 Securities sold under agreements to repurchase  13,733  14,822  12,598 Federal Home Loan Bank advances  20,719  21,848  4,249 FRB Bank Term Funding  —  —  27,097 Other borrowed funds  402  348  344 Subordinated debentures  2,227  1,496  1,438 Total interest expense  99,946  105,593  112,922 Net Interest Income  189,979  191,443  166,480 Provision for credit losses  7,814  8,534  8,249 Net interest income after provision for credit losses  182,165  182,909  158,231 Non-Interest Income  Service charges and other fees  18,818  20,322  18,563 Miscellaneous loan fees and charges  4,664  4,541  4,362 Gain on sale of loans  4,311  3,926  3,362 Gain on sale of securities  —  —  16 Other income  4,849  2,760  3,686 Total non-interest income  32,642  31,549  29,989 Non-Interest Expense  Compensation and employee benefits  91,443  81,600  85,789 Occupancy and equipment  12,294  11,589  11,883 Advertising and promotions  4,144  3,725  3,983 Data processing  9,138  9,145  9,159 Other real estate owned and foreclosed assets  63  30  25 Regulatory assessments and insurance  5,534  5,890  7,761 Intangibles amortization  3,270  3,613  2,760 Other expenses  25,432  25,373  30,483 Total non-interest expense  151,318  140,965  151,843 Income Before Income Taxes  63,489  73,493  36,377 Federal and state income tax expense  8,921  11,739  3,750 Net Income $ 54,568  61,754  32,627

Glacier Bancorp, Inc.
Average Balance Sheets  Three Months ended March 31, 2025  December 31, 2024 (Dollars in thousands) Average
Balance  Interest &
Dividends  Average
Yield/
Rate  Average
Balance  Interest &
Dividends  Average
Yield/
Rate Assets  Residential real estate loans $ 1,885,497  $ 24,275  5.15 %  $ 1,885,146  $ 23,960  5.08 % Commercial loans 1  14,091,210   198,921  5.73 %   14,059,864   200,956  5.69 % Consumer and other loans  1,302,687   22,616  7.04 %   1,324,341   23,435  7.04 % Total loans 2  17,279,394   245,812  5.77 %   17,269,351   248,351  5.72 % Tax-exempt debt securities 3  1,604,851   13,936  3.47 %   1,615,474   14,501  3.59 % Taxable debt securities 4, 5  6,946,562   33,598  1.93 %   7,314,265   38,189  2.09 % Total earning assets  25,830,807   293,346  4.61 %   26,199,090   301,041  4.57 % Goodwill and intangibles  1,100,801       1,104,362  Non-earning assets  847,855       888,404  Total assets $ 27,779,463      $ 28,191,856  Liabilities  Non-interest bearing deposits $ 5,989,490  $ —  — %  $ 6,343,443  $ —  — % NOW and DDA accounts  5,525,976   15,065  1.11 %   5,491,451   15,768  1.14 % Savings accounts  2,861,675   5,159  0.73 %   2,824,126   5,316  0.75 % Money market deposit accounts  2,849,470   13,526  1.93 %   2,878,415   14,232  1.97 % Certificate accounts  3,152,198   29,075  3.74 %   3,174,923   31,716  3.97 % Total core deposits  20,378,809   62,825  1.25 %   20,712,358   67,032  1.29 % Wholesale deposits 6  3,600   40  4.53 %   3,654   47  4.95 % Repurchase agreements  1,842,773   13,733  3.02 %   1,866,705   14,821  3.16 % FHLB advances  1,744,000   20,719  4.75 %   1,800,000   21,848  4.75 % Subordinated debentures and other borrowed funds  216,073   2,629  4.94 %   216,874   1,845  3.38 % Total funding liabilities  24,185,255   99,946  1.68 %   24,599,591   105,593  1.71 % Other liabilities  326,764       369,700  Total liabilities  24,512,019       24,969,291  Stockholders’ Equity  Stockholders’ equity  3,267,444       3,222,565  Total liabilities and stockholders’ equity $ 27,779,463      $ 28,191,856  Net interest income (tax-equivalent)   $ 193,400      $ 195,448  Net interest spread (tax-equivalent)     2.93 %      2.86 % Net interest margin (tax-equivalent)     3.04 %      2.97 %

______________________________

1 Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 31, 2024, respectively. 2 Total loans are gross of the allowance for credit 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 $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively. 4 Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively. 5 Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 31, 2024, respectively. 6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
Average Balance Sheets (continued)  Three Months ended March 31, 2025  March 31, 2024 (Dollars in thousands) Average
Balance  Interest &
Dividends  Average
Yield/
Rate  Average
Balance  Interest &
Dividends  Average
Yield/
Rate Assets  Residential real estate loans $ 1,885,497  $ 24,275  5.15 %  $ 1,747,184  $ 20,764  4.75 % Commercial loans 1  14,091,210   198,921  5.73 %   13,513,426   183,045  5.45 % Consumer and other loans  1,302,687   22,616  7.04 %   1,283,388   20,948  6.56 % Total loans 2  17,279,394   245,812  5.77 %   16,543,998   224,757  5.46 % Tax-exempt debt securities 3  1,604,851   13,936  3.47 %   1,720,370   15,157  3.52 % Taxable debt securities 4, 5  6,946,562   33,598  1.93 %   8,176,974   43,477  2.13 % Total earning assets  25,830,807   293,346  4.61 %   26,441,342   283,391  4.31 % Goodwill and intangibles  1,100,801       1,051,954  Non-earning assets  847,855       611,550  Total assets $ 27,779,463      $ 28,104,846  Liabilities  Non-interest bearing deposits $ 5,989,490  $ —  — %  $ 5,966,546  $ —  — % NOW and DDA accounts  5,525,976   15,065  1.11 %   5,275,703   15,918  1.21 % Savings accounts  2,861,675   5,159  0.73 %   2,900,649   5,655  0.78 % Money market deposit accounts  2,849,470   13,526  1.93 %   2,948,294   14,393  1.96 % Certificate accounts  3,152,198   29,075  3.74 %   3,000,713   31,175  4.18 % Total core deposits  20,378,809   62,825  1.25 %   20,091,905   67,141  1.34 % Wholesale deposits 6  3,600   40  4.53 %   3,965   55  5.50 % Repurchase agreements  1,842,773   13,733  3.02 %   1,513,397   12,598  3.35 % FHLB advances  1,744,000   20,719  4.75 %   350,754   4,249  4.79 % FRB Bank Term Funding  —   —  — %   2,483,077   27,097  4.39 % Subordinated debentures and other borrowed funds  216,073   2,629  4.94 %   218,271   1,782  3.28 % Total funding liabilities  24,185,255   99,946  1.68 %   24,661,369   112,922  1.84 % Other liabilities  326,764       356,554  Total liabilities  24,512,019       25,017,923  Stockholders’ Equity  Stockholders’ equity  3,267,444       3,086,923  Total liabilities and stockholders’ equity $ 27,779,463      $ 28,104,846  Net interest income (tax-equivalent)   $ 193,400      $ 170,469  Net interest spread (tax-equivalent)     2.93 %      2.47 % Net interest margin (tax-equivalent)     3.04 %      2.59 %

______________________________

1 Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 2024, respectively. 2 Total loans are gross of the allowance for credit 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 $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively. 4 Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively. 5 Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, respectively. 6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

Loans Receivable, by Loan Type  % Change from (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Custom and owner occupied construction $ 233,584   $ 242,844   $ 273,835   (4)%  (15)% Pre-sold and spec construction  200,921    191,926    223,294   5 %  (10)% Total residential construction  434,505    434,770    497,129   — %  (13)% Land development  177,448    197,369    215,828   (10)%  (18)% Consumer land or lots  197,553    187,024    188,635   6 %  5 % Unimproved land  115,528    113,532    103,032   2 %  12 % Developed lots for operative builders  64,782    61,661    47,591   5 %  36 % Commercial lots  95,574    99,243    92,748   (4)%  3 % Other construction  714,151    693,461    915,782   3 %  (22)% Total land, lot, and other construction  1,365,036    1,352,290    1,563,616   1 %  (13)% Owner occupied  3,182,589    3,197,138    3,057,348   — %  4 % Non-owner occupied  4,054,107    4,053,996    3,920,696   — %  3 % Total commercial real estate  7,236,696    7,251,134    6,978,044   — %  4 % Commercial and industrial  1,392,365    1,395,997    1,371,201   — %  2 % Agriculture  1,016,081    1,024,520    929,420   (1)%  9 % First lien  2,499,494    2,481,918    2,276,638   1 %  10 % Junior lien  85,343    76,303    51,579   12 %  65 % Total 1-4 family  2,584,837    2,558,221    2,328,217   1 %  11 % Multifamily residential  874,071    895,242    881,117   (2)%  (1)% Home equity lines of credit  989,043    1,005,783    947,652   (2)%  4 % Other consumer  188,388    209,457    223,566   (10)%  (16)% Total consumer  1,177,431    1,215,240    1,171,218   (3)%  1 % States and political subdivisions  1,001,058    983,601    848,454   2 %  18 % Other  176,961    183,894    191,121   (4)%  (7)% Total loans receivable, including loans held for sale  17,259,041    17,294,909    16,759,537   — %  3 % Less loans held for sale 1  (40,523 )   (33,060 )   (27,035 )  23 %  50 % Total loans receivable $ 17,218,518   $ 17,261,849   $ 16,732,502   — %  3 %

______________________________

1 Loans held for sale are primarily first 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 and foreclosed assets (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Mar 31,
2025  Mar 31,
2025  Mar 31,
2025 Custom and owner occupied construction $ 194  198  210  194  —  — Pre-sold and spec construction  2,896  2,132  1,049  2,133  763  — Total residential construction  3,090  2,330  1,259  2,327  763  — Land development  935  966  28  935  —  — Consumer land or lots  173  78  144  173  —  — Developed lots for operative builders  531  531  608  —  531  — Commercial lots  47  47  2,205  —  47  — Total land, lot and other construction  1,686  1,622  2,985  1,108  578  — Owner occupied  3,601  2,979  1,501  3,073  96  432 Non-owner occupied  2,235  2,235  8,853  1,582  —  653 Total commercial real estate  5,836  5,214  10,354  4,655  96  1,085 Commercial and Industrial  12,367  2,069  1,698  11,640  727  — Agriculture  2,382  2,335  2,855  2,090  292  — First lien  8,752  9,053  2,930  6,796  1,956  — Junior lien  296  315  69  296  —  — Total 1-4 family  9,048  9,368  2,999  7,092  1,956  — Multifamily residential  400  389  395  400  —  — Home equity lines of credit  3,479  3,465  1,892  2,726  753  — Other consumer  1,003  955  927  858  77  68 Total consumer  4,482  4,420  2,819  3,584  830  68 Other  47  39  61  —  47  — Total $ 39,338  27,786  25,425  32,896  5,289  1,153

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

Accruing 30-89 Days Delinquent Loans,  by Loan Type  % Change from (Dollars in thousands) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Dec 31,
2024  Mar 31,
2024 Custom and owner occupied construction $ 786  $ 969  $ 4,784  (19)%  (84)% Pre-sold and spec construction  —   564   1,181  (100)%  (100)% Total residential construction  786   1,533   5,965  (49)%  (87)% Land development  —   1,450   59  (100)%  (100)% Consumer land or lots  1,026   402   332  155 %  209 % Unimproved land  32   36   575  (11)%  (94)% Developed lots for operative builders  —   214   —  (100)%  n/m Commercial lots  189   —   1,225  n/m  (85)% Other construction  —   —   1,248  n/m  (100)% Total land, lot and other construction  1,247   2,102   3,439  (41)%  (64)% Owner occupied  3,786   2,867   2,991  32 %  27 % Non-owner occupied  346   5,037   18,118  (93)%  (98)% Total commercial real estate  4,132   7,904   21,109  (48)%  (80)% Commercial and industrial  5,358   6,194   14,806  (13)%  (64)% Agriculture  5,731   744   3,922  670 %  46 % First lien  14,826   6,326   5,626  134 %  164 % Junior lien  1,023   214   145  378 %  606 % Total 1-4 family  15,849   6,540   5,771  142 %  175 % Home equity lines of credit  6,993   3,731   3,668  87 %  91 % Other consumer  1,824   1,775   1,948  3 %  (6)% Total consumer  8,817   5,506   5,616  60 %  57 % States and political subdivisions  3,220   —   —  n/m  n/m Other  1,318   1,705   1,795  (23)%  (27)% Total $ 46,458  $ 32,228  $ 62,423  44 %  (26)%

______________________________

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) Mar 31,
2025  Dec 31,
2024  Mar 31,
2024  Mar 31,
2025  Mar 31,
2025 Pre-sold and spec construction $ —   (4 )  (4 )  —  — Pre-sold and spec construction $ —   (4 )  (4 )  —  — Land development  (341 )  1,095   (1 )  —  341 Consumer land or lots  (3 )  (22 )  (1 )  —  3 Unimproved land  —   1,338   —   —  — Commercial lots  —   319   —   —  — Total land, lot and other construction  (344 )  2,730   (2 )  —  344 Owner occupied  (1 )  (73 )  (3 )  —  1 Non-owner occupied  (6 )  2   (1 )  —  6 Total commercial real estate  (7 )  (71 )  (4 )  —  7 Commercial and industrial  92   1,422   328   421  329 Agriculture  (1 )  64   68   —  1 First lien  (69 )  32   (4 )  —  69 Junior lien  (5 )  (65 )  (5 )  —  5 Total 1-4 family  (74 )  (33 )  (9 )  —  74 Home equity lines of credit  (20 )  69   5   —  20 Other consumer  276   1,078   251   331  55 Total consumer  256   1,147   256   331  75 Other  1,873   8,643   2,439   3,145  1,272 Total $ 1,795   13,898   3,072   3,897  2,102

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