RESULTS FOR THE QUARTER AND PERIOD ENDED DECEMBER 31, 2025
4th Quarter 2025 Highlights:
•On October 1, 2025 the Company completed the acquisition of Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”). The acquisition expanded the Company’s southwest presence and is its first entrance into the state of Texas. Guaranty had total assets of $3.357 billion as of the acquisition date.
•Including the $36.0 million of expenses related to the current year acquisitions, net income was $63.8 million for the current quarter, a decrease of $4.1 million, or 6 percent, from the prior quarter net income of $67.9 million and an increase of $2.0 million, or 3 percent, from the prior year fourth quarter net income of $61.8 million.
•Diluted earnings per share for the current quarter was $0.49 per share, a decrease of $0.08 per share, or 14 percent, from the prior quarter diluted earnings per share of $0.57 and a decrease of $0.05 per share, or 9 percent, from the prior year fourth quarter diluted earnings per share of $0.54.
•Net interest income of $266 million for the current quarter increased $40.7 million, or 18 percent, from the prior quarter net interest income of $225 million and increased $74.6 million, or 39 percent, from the prior year fourth quarter net interest income of $191 million.
•The Company’s total assets exceeded $30 billion during the current quarter, ending the year at $31.978 billion.
•The loan portfolio of $20.928 billion at December 31, 2025 increased $2.137 billion, or 11 percent, from the prior quarter.
•Total deposits of $24.591 billion at December 31, 2025 increased $2.720 billion, or 12 percent, from the prior quarter.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.58 percent, an increase of 19 basis points from the prior quarter net interest margin of 3.39 percent and an increase of 61 basis points from the prior year fourth quarter net interest margin of 2.97 percent.
1
•The loan yield of 6.09 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.97 percent and increased 37 basis points from the prior year fourth quarter loan yield of 5.72 percent.
•The total earning asset yield of 5.00 percent in the current quarter increased 14 basis points from the prior quarter earning asset yield of 4.86 percent and increased 43 basis points from the prior year fourth quarter earning asset yield of 4.57 percent.
•The total cost of funding (including non-interest bearing deposits) of 1.52 percent in the current quarter decreased 6 basis points from the prior quarter total cost of funding of 1.58 percent and decreased 19 basis points form the prior year fourth quarter total cost of funding of 1.71 percent.
•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 163 consecutive quarterly dividends and has increased the dividend 49 times.
Year 2025 Highlights
•Net income for 2025 was $239 million, an increase of $48.9 million, or 26 percent, from the prior year net income of $190 million.
•Diluted earnings per share for 2025 was $1.99 per share, an increase of $0.31 per share, or 18 percent, from the prior year diluted earnings per share of $1.68 per share.
•Net interest income of $889 million for 2025 increased $184 million, or 26 percent, from the prior year net interest income of $705 million.
•The loan portfolio increased $3.666 billion, or 21 percent, during 2025.
•Total deposits increased $4.044 billion, or 20 percent, during 2025.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2025 was 3.32 percent, an increase of 55 basis points from the prior year net interest margin of 2.77 percent.
•Dividends declared in 2025 were $1.32 per share.
•The Company completed the acquisition and core system conversion of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”), which had total assets of $1.364 billion as of the acquisition date of April 30, 2025.
•The Company completed the acquisition of Guaranty, which had total assets of $3.357 billion as of the acquisition date of October 1, 2025.
2
Financial Summary
At or for the Three Months ended
At or for the Year ended
(Dollars in thousands, except per share and market data)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Operating results
Net income
$
63,779
67,900
52,781
54,568
61,754
239,028
190,144
Basic earnings per share
$
0.49
0.57
0.45
0.48
0.54
2.00
1.68
Diluted earnings per share
$
0.49
0.57
0.45
0.48
0.54
1.99
1.68
Dividends declared per share
$
0.33
0.33
0.33
0.33
0.33
1.32
1.32
Market value per share
Closing
$
44.05
48.67
43.08
44.22
50.22
44.05
50.22
High
$
49.56
50.54
44.70
52.81
60.67
52.81
60.67
Low
$
39.90
42.08
36.76
43.18
43.70
36.76
34.35
Selected ratios and other data
Number of common stock shares outstanding
129,971,712
118,552,847
118,550,475
113,517,944
113,401,955
129,971,712
113,401,955
Average outstanding shares - basic
129,950,587
118,552,231
116,890,776
113,451,199
113,398,213
119,753,227
113,170,157
Average outstanding shares - diluted
130,145,104
118,628,434
116,918,290
113,546,365
113,541,026
119,935,056
113,243,427
Return on average assets (annualized)
0.78
%
0.93
%
0.74
%
0.80
%
0.87
%
0.81
%
0.68
%
Return on average equity (annualized)
6.05
%
7.52
%
6.13
%
6.77
%
7.62
%
6.59
%
6.02
%
Efficiency ratio
61.04
%
62.05
%
62.08
%
65.49
%
60.50
%
62.50
%
66.71
%
Loan to deposit ratio
85.26
%
86.11
%
85.91
%
83.64
%
84.17
%
85.26
%
84.17
%
Number of full time equivalent employees
4,087
3,649
3,665
3,457
3,441
4,087
3,441
Number of locations
281
248
247
227
227
281
227
Number of ATMs
337
298
300
286
284
337
284
KALISPELL, Mont., Jan 22, 2026 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $63.8 million for the current quarter, a decrease of $4.1 million, or 6 percent from the prior quarter net income of $67.9 million and an increase of $2.0 million, or 3 percent, from the $61.8 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.49 per share, a decrease of $0.08 per share, or 14 percent, from the prior quarter diluted earnings per share of $0.57 and a decrease of $0.05 per share, or 9 percent, from the prior year fourth quarter diluted earnings per share of $0.54. The current quarter included $27.2 million of credit loss expense from the acquisition of Guaranty, $5.8 million in acquisition-related expenses, $3.0 million of expenses related to vacating branch locations, $1.4 million of income related to bank owned life insurance proceeds and $827 thousand of reduction of expense related to a prior year FDIC special assessment. “Glacier Bancorp delivered another year of strong performance, marked by a 26 percent increase in earnings and significant strategic progress. In 2025, we expanded our footprint with the acquisitions of Bank of Idaho and Guaranty Bank & Trust, strengthening our presence in high-growth markets and positioning us for continued success,” said Randy Chesler, President and Chief Executive Officer. “We achieved robust margin expansion, double-digit loan and deposit growth, and maintained excellent credit quality. These results reflect the strength of our community banking model and the quality of our team. As we enter 2026, we remain focused on disciplined growth, service excellence, and creating long-term value for our shareholders.”
Net income for the current year was $239 million, an increase of $48.9 million, or 26 percent, from the prior year net income of $190 million. Diluted earnings per share for 2025 was $1.99 per share, an increase of 18 percent from the prior year diluted earnings per share of $1.68 per share.
3
On October 1, 2025, the Company completed the acquisition of Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. Guaranty had 33 bank locations across 26 Texas communities located within the East Texas, Dallas/Fort Worth, Houston, Bryan/College Station and Austin markets. Upon closing of the transaction, Guaranty operates as the Company’s 18th separate bank division. The Company’s results of operations and financial condition include the Guaranty acquisition beginning on the acquisition date.
On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across Eastern Idaho, Boise and Eastern Washington. Upon the core system conversion in the third quarter of 2025, the BOID operations joined three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho joined Citizens Community Bank, the Boise operations joined Mountain West Bank and the Eastern Washington operations joined Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
BOID
GNTY
(Dollars in thousands)
April 30, 2025
October 1, 2025
Total
Total assets
$
1,364,085
$
3,356,636
$
4,720,721
Cash and cash equivalents
26,127
178,885
205,012
Debt securities
139,974
607,276
747,250
Loans receivable
1,075,232
2,102,378
3,177,610
Non-interest bearing deposits
271,385
831,857
1,103,242
Interest bearing deposits
806,992
1,874,883
2,681,875
Borrowings and subordinated debt
71,932
60,466
132,398
Core deposit intangible
19,758
47,813
67,571
Goodwill
68,745
258,220
326,965
4
Asset Summary
$ Change from
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2024
Cash and cash equivalents
$
1,235,261
854,244
848,408
381,017
386,853
Debt securities, available-for-sale
4,007,512
3,916,189
4,245,205
91,323
(237,693)
Debt securities, held-to-maturity
3,110,216
3,155,901
3,294,847
(45,685)
(184,631)
Total debt securities
7,117,728
7,072,090
7,540,052
45,638
(422,324)
Loans receivable
Residential real estate
2,457,907
1,926,448
1,858,929
531,459
598,978
Commercial real estate
13,565,512
12,045,446
10,963,713
1,520,066
2,601,799
Other commercial
3,497,829
3,451,177
3,119,535
46,652
378,294
Home equity
977,206
980,472
930,994
(3,266)
46,212
Other consumer
429,342
387,443
388,678
41,899
40,664
Loans receivable
20,927,796
18,790,986
17,261,849
2,136,810
3,665,947
Allowance for credit losses
(255,319)
(229,077)
(206,041)
(26,242)
(49,278)
Loans receivable, net
20,672,477
18,561,909
17,055,808
2,110,568
3,616,669
Other assets
2,952,597
2,527,384
2,458,719
425,213
493,878
Total assets
$
31,978,063
29,015,627
27,902,987
2,962,436
4,075,076
The Company continues to maintain a strong cash position of $1.235 billion at December 31, 2025, which was an increase of $381 million, or 45 percent, over the prior quarter and an increase of $387 million, or 46 percent, over the prior year fourth quarter. Total debt securities of $7.118 billion at December 31, 2025 increased $45.6 million, or 1 percent, during the current quarter and decreased $422 million, or 6 percent, from the prior year end. Debt securities represented 22 percent of total assets at December 31, 2025 compared to 24 percent at September 30, 2025 and 27 percent at December 31, 2024.
The loan portfolio of $20.928 billion at December 31, 2025 increased $2.137 billion, or 11 percent, during the current quarter. Excluding the Guaranty acquisition, the loan portfolio organically increased $34.4 million, or 1 percent annualized, in the current quarter and the loan category with the largest dollar increase was commercial real estate loans which increased $124 million, or 4 percent annualized. The loan portfolio increased $3.666 billion, or 21 percent, during 2025. Excluding the Guaranty and BOID acquisitions, the loan portfolio increased $488 million, or 3 percent, during 2025 and the loan category with the largest dollar increase was commercial real estate which increased $474 million, or 4 percent.
5
Credit Quality Summary
At or for the Year ended
At or for the Nine Months ended
At or for the Year ended
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Allowance for credit losses
Balance at beginning of period
$
206,041
206,041
192,757
Acquisitions
154
35
3
Provision for credit losses
61,846
29,355
27,179
Charge-offs
(18,682)
(11,276)
(18,626)
Recoveries
5,960
4,922
4,728
Balance at end of period
$
255,319
229,077
206,041
Provision for credit losses
Loan portfolio
$
61,846
29,355
27,179
Unfunded loan commitments
9,554
6,382
1,127
Total provision for credit losses
$
71,400
35,737
28,306
Other real estate owned
$
284
1,376
1,085
Other foreclosed assets
127
37
79
Accruing loans 90 days or more past due
5,997
7,449
6,177
Non-accrual loans
62,487
45,450
20,445
Total non-performing assets
$
68,895
54,312
27,786
Non-performing assets as a percentage of subsidiary assets
0.22
%
0.19
%
0.10
%
Allowance for credit losses as a percentage of non-performing loans
373
%
433
%
774
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.19
%
Net charge-offs as a percentage of total loans
0.06
%
0.03
%
0.08
%
Accruing loans 30-89 days past due
$
78,826
39,524
32,228
U.S. government guarantees included in non-performing assets
$
8,733
10,358
748
Non-performing assets of $68.9 million at December 31, 2025 increased $14.6 million, or 27 percent, over the prior quarter and increased $41.1 million, or 148 percent, over the prior year end. Excluding $18.8 million from the acquisition of Guaranty, non-performing assets were $50.1 million or 17 basis points as a percentage of subsidiary assets at December 31, 2025, and decreased $4.3 million, or 8 percent, from the prior quarter.
Early stage delinquencies (accruing loans 30-89 days past due) of $78.8 million at December 31, 2025 increased $39.3 million from the prior quarter and increased $46.6 million from the prior year fourth quarter. Excluding $10.0 million from the acquisition of Guaranty, early stage delinquencies were $68.8 million or 0.37 percent of loans at December 31, 2025, and increased $29.2 million from the prior quarter. Early stage delinquencies as a percentage of loans at December 31, 2025 were 0.38 percent compared to 0.21 percent for the prior quarter end and 0.19 percent for the prior year fourth quarter and remain at historically low levels for the Company.
The current quarter provision for credit loss expense of $35.7 million included $25.6 million of credit loss expense on loans and $1.6 million of credit loss expense on unfunded loan commitments from the acquisition. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at December 31, 2025 and September 30, 2025 compared to 1.19 percent at December 31, 2024. 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 ACL on loans.
6
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
Fourth quarter 2025
$
32,491
$
6,368
1.22
%
0.38
%
0.22
%
Third quarter 2025
5,192
2,914
1.22
%
0.21
%
0.19
%
Second quarter 2025
18,009
1,645
1.22
%
0.29
%
0.17
%
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
%
Net charge-offs for the current quarter were $6.4 million compared to $2.9 million in the prior quarter and $5.2 million for the prior year fourth quarter. The current quarter net charge-offs included $2.2 million in deposit overdraft net charge-offs and $4.2 million of net loan charge-offs.
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)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2024
Deposits
Non-interest bearing deposits
$
7,314,779
6,674,441
6,136,709
640,338
1,178,070
NOW and DDA accounts
6,236,551
5,805,816
5,543,512
430,735
693,039
Savings accounts
3,158,939
3,049,753
2,845,124
109,186
313,815
Money market deposit accounts
3,948,201
3,137,810
2,878,213
810,391
1,069,988
Certificate accounts
3,928,550
3,199,825
3,139,821
728,725
788,729
Core deposits, total
24,587,020
21,867,645
20,543,379
2,719,375
4,043,641
Wholesale deposits
4,076
3,304
3,615
772
461
Deposits, total
24,591,096
21,870,949
20,546,994
2,720,147
4,044,102
Repurchase agreements
2,084,113
2,004,286
1,777,475
79,827
306,638
Deposits and repurchase agreements, total
26,675,209
23,875,235
22,324,469
2,799,974
4,350,740
Federal Home Loan Bank advances
440,000
895,022
1,800,000
(455,022)
(1,360,000)
Other borrowed funds
51,473
59,779
62,062
(8,306)
(10,589)
Finance lease liabilities
28,808
18,401
21,279
10,407
7,529
Subordinated debentures
187,492
157,379
133,105
30,113
54,387
Other liabilities
381,260
401,523
338,218
(20,263)
43,042
Total liabilities
$
27,764,242
25,407,339
24,679,133
2,356,903
3,085,109
7
Total deposits of $24.591 billion at December 31, 2025 increased $2.720 billion, or 12 percent, during the current quarter and increased $4.044 billion, or 20 percent, from the prior year end. Excluding acquisitions, total deposits increased $13.4 million, or 6 basis points, during the current quarter and increased $259 million, or 1 percent, from the prior year end.
Non-interest bearing deposits of $7.315 billion at December 31, 2025 increased $640 million, or 10 percent, from the prior quarter and increased $1.178 billion, or 19 percent, from the prior year end. Excluding acquisitions, total non-interest bearing deposits increased $74.8 million or 1 percent, from the prior year end. Non-interest bearing deposits represented 30 percent of total deposits at December 31, 2025 compared to 31 percent at September 30, 2025 and 30 percent at December 31, 2024.
Federal Home Loan Bank (“FHLB”) advances of $440 million decreased $455 million, or 51 percent, from the prior quarter and decreased $1.360 billion, or 76 percent, from the prior year end. Subordinated debentures of $187 million increased $30.1 million, or 19 percent, from the prior quarter and included an increase of $39.6 million from the acquisition of Guaranty.
Stockholders’ Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2024
Common equity
$
4,380,931
3,801,178
3,533,150
579,753
847,781
Accumulated other comprehensive loss
(167,110)
(192,890)
(309,296)
25,780
142,186
Total stockholders’ equity
4,213,821
3,608,288
3,223,854
605,533
989,967
Goodwill and intangibles, net
(1,483,552)
(1,182,536)
(1,102,500)
(301,016)
(381,052)
Tangible stockholders’ equity
$
2,730,269
2,425,752
2,121,354
304,517
608,915
Stockholders’ equity to total assets
13.18
%
12.44
%
11.55
%
Tangible stockholders’ equity to total tangible assets
8.95
%
8.72
%
7.92
%
Book value per common share
$
32.42
30.44
28.43
1.98
3.99
Tangible book value per common share
$
21.01
20.46
18.71
0.55
2.30
Tangible stockholders’ equity of $2.730 billion at December 31, 2025 increased $305 million, or 13 percent, compared to the prior quarter and was primarily due to $554 million of Company stock issued in connection with the acquisition of Guaranty. The increase was partially offset by $306 million of goodwill and core deposit intangible associated with the Guaranty acquisition.
Tangible stockholders’ equity at December 31, 2025 increased $609 million, or 29 percent, compared to the prior year end and was primarily due to $759 million of Company stock issued in connection with the acquisitions of BOID and Guaranty and a $142 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the BOID and Guaranty acquisitions. Tangible book value per common share of $21.01 at the current quarter end increased $0.55 per share, or 3 percent, from the prior quarter and increased $2.30 per share, or 12 percent, from the prior year fourth quarter.
8
Cash Dividends
On November 12, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable December 18, 2025 to shareholders of record on December 9, 2025. The dividend was the Company’s 163rd 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 December 31, 2025
Compared to September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024
Income Summary
Three Months ended
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Net interest income
Interest income
$
372,754
325,003
308,115
289,925
297,036
Interest expense
106,688
99,624
100,499
99,946
105,593
Total net interest income
266,066
225,379
207,616
189,979
191,443
Non-interest income
Service charges and other fees
24,387
21,460
20,405
18,818
20,322
Miscellaneous loan fees and charges
5,589
5,123
5,067
4,664
4,541
Gain on sale of loans
4,594
5,027
4,273
4,311
3,926
Other income
5,877
3,742
3,199
4,849
2,760
Total non-interest income
40,447
35,352
32,944
32,642
31,549
Total income
$
306,513
260,731
240,560
222,621
222,992
Net interest margin (tax-equivalent)
3.58
%
3.39
%
3.21
%
3.04
%
2.97
%
$ Change from
(Dollars in thousands)
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Net interest income
Interest income
$
47,751
64,639
82,829
75,718
Interest expense
7,064
6,189
6,742
1,095
Total net interest income
40,687
58,450
76,087
74,623
Non-interest income
Service charges and other fees
2,927
3,982
5,569
4,065
Miscellaneous loan fees and charges
466
522
925
1,048
Gain on sale of loans
(433)
321
283
668
Other income
2,135
2,678
1,028
3,117
Total non-interest income
5,095
7,503
7,805
8,898
Total income
$
45,782
65,953
83,892
83,521
Net Interest Income
Net interest income of $266 million for the current quarter increased $40.7 million, or 18 percent, from the prior quarter net interest income of $225 million and increased $74.6 million, or 39 percent, from the prior year
9
fourth quarter net interest income of $191 million. The current quarter interest income of $373 million increased $47.8 million, or 15 percent, over the prior quarter and increased $75.8 million, or 26 percent, over the prior year fourth quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 6.09 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.97 percent and increased 37 basis points from the prior year fourth quarter loan yield of 5.72 percent.
The current quarter interest expense of $107 million increased $7.1 million, or 7 percent, from the prior quarter and increased $1.1 million, or 1 percent, from the prior year fourth quarter and was primarily attributable to an increase in average deposits which was partially offset by the decrease in higher cost borrowings. Deposit cost (including non-interest bearing deposits) increased to 1.26 percent in the current quarter compared to 1.23 percent in the prior quarter and was primarily driven by the acquisition of Guaranty which had higher cost of deposits. Deposit costs decreased 3 basis points from the prior year fourth quarter deposit cost of 1.29 percent. The total cost of funding (including non-interest bearing deposits) of 1.52 percent in the current quarter decreased 6 basis points from the prior quarter and decreased 19 basis points from the prior year fourth quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.58 percent, an increase of 19 basis points from the prior quarter net interest margin of 3.39 percent and was primarily driven by an increase in loan yields and a decrease in the 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 61 basis points from the prior year fourth quarter net interest margin of 2.97 percent and was also primarily driven by the increase in loan yields and the decrease in the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 6 basis points from discount accretion and the 1 basis point of non-accrual interest recovery, the core net interest margin was 3.51 percent in the current quarter compared to 3.35 percent in the prior quarter and 2.92 percent in the prior year fourth quarter. “The Company was pleased with the 19 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer. “Deploying lower yield cash flow from investment securities into higher yield earning assets in combination with continued reduction in the total cost of funding were primary drivers of the current quarter increase in the net interest margin.”
Non-interest Income
Non-interest income for the current quarter totaled $40.4 million, which was an increase of $5.1 million, or 14 percent, over the prior quarter and an increase of $8.9 million, or 28 percent, over the prior year fourth quarter. Service charges and other fees of $24.4 million for the current quarter increased $2.9 million, or 14 percent, compared to the prior quarter and increased $4.1 million, or 20 percent, compared to the prior year fourth quarter. Gain on the sale of residential loans of $4.6 million for the current quarter decreased $433 thousand, or 9 percent, compared to the prior quarter and increased $668 thousand, or 17 percent, from the prior year fourth quarter. Other income of $5.9 million in the current quarter included $1.4 million of income related to bank owned life insurance proceeds.
10
Non-interest Expense Summary
Three Months ended
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Compensation and employee benefits
$
110,999
96,498
94,355
91,443
81,600
Occupancy and equipment
17,529
13,236
12,558
12,294
11,589
Advertising and promotions
4,609
4,620
4,394
4,144
3,725
Data processing
13,089
10,634
9,883
9,138
9,145
Other real estate owned and foreclosed assets
140
63
26
63
30
Regulatory assessments and insurance
5,495
5,799
5,847
5,534
5,890
Intangibles amortization
5,180
3,813
3,624
3,270
3,613
Other expenses
37,516
33,120
24,432
25,432
25,373
Total non-interest expense
$
194,557
167,783
155,119
151,318
140,965
$ Change from
(Dollars in thousands)
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Compensation and employee benefits
$
14,501
16,644
19,556
29,399
Occupancy and equipment
4,293
4,971
5,235
5,940
Advertising and promotions
(11)
215
465
884
Data processing
2,455
3,206
3,951
3,944
Other real estate owned and foreclosed assets
77
114
77
110
Regulatory assessments and insurance
(304)
(352)
(39)
(395)
Core deposit intangibles amortization
1,367
1,556
1,910
1,567
Other expenses
4,396
13,084
12,084
12,143
Total non-interest expense
$
26,774
39,438
43,239
53,592
Total non-interest expense of $195 million for the current quarter increased $26.8 million, or 16 percent, over the prior quarter and increased $53.6 million, or 38 percent, over the prior year fourth quarter and was primarily driven by increased costs from the acquisitions. Included in the current quarter non-interest expense was $24.1 million from the Guaranty acquisition and $3.0 million of expenses related to vacating branch locations.
Compensation and employee benefits of $111 million for the current quarter increased by $14.5 million, or 15 percent, over the prior quarter which was primarily driven by $14.6 million compensation from Guaranty. Compensation and employee benefits increased $29.4 million, or 36 percent, from the prior year fourth quarter and was primarily driven by annual salary increases and increases in staffing levels from the current year acquisitions. Occupancy and equipment expense of $17.5 million increased $4.3 million, or 32 percent, from the prior quarter and was primarily due to increased costs from current year acquisitions, including $1.1 million of expenses related to vacating branch locations. Regulatory assessment and insurance expense of $5.5 million decreased $304 thousand, or 5 percent, from the prior quarter and decreased $395 thousand, or 7 percent, from the prior year fourth quarter, primarily as a result of a $827 thousand expense related to a prior year FDIC special assessment.
Other expenses of $37.5 million increased $4.4 million, or 13 percent, from the prior quarter and was primarily driven by increased costs from acquisitions, including $1.9 million of write-off of fixed asset expenses related to vacating branch locations and $1.4 million increased expenses associated with investments in tax equity credits. Acquisition-related expense was $5.8 million in the current quarter compared to $7.0 million in the
11
prior quarter and $491 thousand in the prior year fourth quarter. The other expenses included $2.1 million of gain from the sale of a former branch facility in the prior year fourth quarter.
Federal and State Income Tax Expense
Tax expense during the fourth quarter of 2025 was $12.5 million, a decrease of $4.9 million, or 28 percent, compared to the prior quarter and an increase of $775 thousand, or 7 percent, from the prior year fourth quarter. The effective tax rate in the current quarter was 16.4 percent compared to 20.4 percent in the prior quarter and 16.0 percent in the prior year fourth quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was primarily the result of a decrease in pre-tax income and a decrease in federal income tax credits.
Efficiency Ratio
The efficiency ratio was 61.04 percent in the current quarter compared to 62.05 percent in the prior quarter and 60.50 in the prior year fourth quarter. The decrease from the prior quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense. The increase from the prior year fourth quarter was primarily due to increases in acquisition-related expenses and the current quarter expense related to vacating branch locations.
Operating Results for Ended December 31, 2025
Compared to December 31, 2024
Income Summary
Year ended
(Dollars in thousands)
Dec 31, 2025
Dec 31, 2024
$ Change
% Change
Net interest income
Interest income
$
1,295,797
$
1,139,850
$
155,947
14
%
Interest expense
406,757
435,218
(28,461)
(7)
%
Total net interest income
889,040
704,632
184,408
26
%
Non-interest income
Service charges and other fees
85,070
78,894
6,176
8
%
Miscellaneous loan fees and charges
20,443
18,694
1,749
9
%
Gain on sale of loans
18,205
16,855
1,350
8
%
Gain on sale of securities
—
30
(30)
(100)
%
Other income
17,667
13,973
3,694
26
%
Total non-interest income
141,385
128,446
12,939
10
%
Total Income
$
1,030,425
$
833,078
$
197,347
24
%
Net interest margin (tax-equivalent)
3.32
%
2.77
%
Net Interest Income
Net interest income of $889 million for 2025 increased $184 million, or 26 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $1.296 billion for 2025 increased $156 million, or 14 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.93 percent during 2025, an increase of 32 basis points from the prior year loan yield of 5.61 percent.
Interest expense of $407 million for 2025 decreased $28 million, or 7 percent, from the prior year and was primarily the result of lower interest rates on deposits and a decreases in higher cost borrowings. Deposit cost
12
(including non-interest bearing deposits) was 1.25 percent for 2025, which was a decrease of 9 basis points from the prior year deposit costs of 1.34 percent. The total funding cost (including non-interest bearing deposits) for 2025 was 1.60 percent, which was a decrease of 19 basis points over the prior year funding cost of 1.79 percent.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2025 was 3.32 percent, a 55 basis points increase from the net interest margin of 2.77 percent for the prior year. Excluding the 5 basis points from discount accretion, the core net interest margin was 3.27 percent in the current year compared to 2.72 percent in the prior year. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.
Non-interest Income
Non-interest income of $141 million for 2025 increased $12.9 million, or 10 percent, over last year. Service charges and other fees of $85.1 million for 2025 increased $6.2 million, or 8 percent, over the prior year. Gain on sale of residential loans of $18.2 million for 2025 increased by $1.4 million, or 8 percent, over the prior year. Other income of $17.7 million for 2025 increased $3.7 million over the prior year. Included in the current year other income was $2.8 million of income related to bank owned life insurance proceeds.
Non-interest Expense Summary
Year ended
(Dollars in thousands)
Dec 31, 2025
Dec 31, 2024
$ Change
% Change
Compensation and employee benefits
$
393,295
$
336,906
$
56,389
17
%
Occupancy and equipment
55,617
47,055
8,562
18
%
Advertising and promotions
17,767
16,132
1,635
10
%
Data processing
42,744
36,887
5,857
16
%
Other real estate owned and foreclosed assets
292
217
75
35
%
Regulatory assessments and insurance
22,675
24,194
(1,519)
(6)
%
Core deposit intangibles amortization
15,887
12,757
3,130
25
%
Other expenses
120,500
104,320
16,180
16
%
Total non-interest expense
$
668,777
$
578,468
$
90,309
16
%
Total non-interest expense of $669 million for 2025 increased $90.3 million, or 16 percent, over the same period in the prior year and was primarily driven by increased costs from recent acquisitions. Compensation and employee benefits expense of $393 million in 2025 increased $56.4 million, or 17 percent, over the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $22.7 million for 2025 decreased $1.5 million, or 6 percent, from the prior year primarily as a result of adjustments to the FDIC special assessment. Other expenses of $121 million for 2025 increased $16.2 million, or 16 percent, from the prior year. Included in other expenses was $16.6 million of acquisition-related expenses in the the current year compared to $9.9 million in the prior year. Other expenses also included $2.8 million of gain from the sale of former branch facilities in the current year and $5.6 million in the prior year.
Provision for Credit Losses
The provision for credit loss expense was $71.4 million for 2025, an increase of $43.1 million, or 152 percent, over the same period in the prior year. Included in the current year provision for credit losses was $43.9 million from current year acquisitions and included in the prior year was $9.7 million from acquisitions in the prior year. Net charge-offs for 2025 were $12.7 million compared to $13.9 million in 2024.
13
Federal and State Income Tax Expense
Tax expense of $51.2 million for 2025 increased $15.1 million, or 42 percent, over the same period in the prior year. The effective tax rate for 2025 was 17.6 percent compared to 16.0 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of the increase in pre-tax income.
Efficiency Ratio
The efficiency ratio was 62.50 percent for 2025 compared to 66.71 percent for 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.
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 the possibility of increases in FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increases or changes in banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
•risks related to overall economic conditions, including the impact of a potential government shutdown, economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current 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, conflicts in the Middle East, and potential for future conflicts or disruptions in other parts of the world;
•risks associated with the Company’s ability to negotiate, complete, and successfully integrate acquisitions;
•costs or difficulties related to the completion and integration of future or recently completed 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;
14
•changes in the competitive landscape, including as may result from new market entrants, additional competition from internet-based financial institutions operating nationally, or further consolidation in the financial services industry, resulting in increased competition, including 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, January 23, 2026. 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/BI37b70116241941dfb146b09710d5794e. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/hmur9gt6.
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 nine state 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), Guaranty Bank & Trust (Mount Pleasant, TX), 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).
15
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Assets
Cash on hand and in banks
$
321,526
312,506
268,746
Interest bearing cash deposits
913,735
541,738
579,662
Cash and cash equivalents
1,235,261
854,244
848,408
Debt securities, available-for-sale
4,007,512
3,916,189
4,245,205
Debt securities, held-to-maturity
3,110,216
3,155,901
3,294,847
Total debt securities
7,117,728
7,072,090
7,540,052
Loans held for sale, at fair value
39,186
42,668
33,060
Loans receivable
20,927,796
18,790,986
17,261,849
Allowance for credit losses
(255,319)
(229,077)
(206,041)
Loans receivable, net
20,672,477
18,561,909
17,055,808
Premises and equipment, net
486,184
427,271
411,968
Right-of-use assets, net
75,574
54,502
56,252
Other real estate owned and foreclosed assets
411
1,413
1,164
Accrued interest receivable
120,092
120,257
99,262
Deferred tax asset
101,337
99,702
138,955
Intangibles, net
105,269
61,135
51,182
Goodwill
1,378,283
1,121,401
1,051,318
Non-marketable equity securities
42,764
61,362
99,669
Bank-owned life insurance
235,090
191,996
189,849
Other assets
368,407
345,677
326,040
Total assets
$
31,978,063
29,015,627
27,902,987
Liabilities
Non-interest bearing deposits
$
7,314,779
6,674,441
6,136,709
Interest bearing deposits
17,276,317
15,196,508
14,410,285
Securities sold under agreements to repurchase
2,084,113
2,004,286
1,777,475
FHLB advances
440,000
895,022
1,800,000
Other borrowed funds
51,473
59,779
62,062
Finance lease liabilities
28,808
18,401
21,279
Subordinated debentures
187,492
157,379
133,105
Accrued interest payable
32,786
27,733
33,626
Operating lease liabilities
52,869
41,367
39,902
Other liabilities
295,605
332,423
264,690
Total liabilities
27,764,242
25,407,339
24,679,133
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
1,300
1,186
1,134
Paid-in capital
3,220,064
2,657,469
2,448,758
Retained earnings - substantially restricted
1,159,567
1,142,523
1,083,258
Accumulated other comprehensive loss
(167,110)
(192,890)
(309,296)
Total stockholders’ equity
4,213,821
3,608,288
3,223,854
Total liabilities and stockholders’ equity
$
31,978,063
29,015,627
27,902,987
16
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended
Year ended
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Interest Income
Investment securities
$
51,988
45,348
50,381
187,130
195,135
Residential real estate loans
35,164
26,335
23,960
111,135
89,596
Commercial loans
259,456
228,363
199,260
900,023
765,959
Consumer and other loans
26,146
24,957
23,435
97,509
89,160
Total interest income
372,754
325,003
297,036
1,295,797
1,139,850
Interest Expense
Deposits
78,407
67,346
67,079
274,187
272,734
Securities sold under agreements to
repurchase
14,624
14,706
14,822
57,172
55,723
Federal Home Loan Bank advances
9,456
14,271
21,848
62,252
72,620
FRB Bank Term Funding
—
—
—
—
27,097
Other borrowed funds
745
385
348
1,932
1,297
Subordinated debentures
3,456
2,916
1,496
11,214
5,747
Total interest expense
106,688
99,624
105,593
406,757
435,218
Net Interest Income
266,066
225,379
191,443
889,040
704,632
Provision for credit losses
35,663
7,656
8,534
71,400
28,306
Net interest income after provision for credit losses
230,403
217,723
182,909
817,640
676,326
Non-Interest Income
Service charges and other fees
24,387
21,460
20,322
85,070
78,894
Miscellaneous loan fees and charges
5,589
5,123
4,541
20,443
18,694
Gain on sale of loans
4,594
5,027
3,926
18,205
16,855
Gain on sale of securities
—
—
—
—
30
Other income
5,877
3,742
2,760
17,667
13,973
Total non-interest income
40,447
35,352
31,549
141,385
128,446
Non-Interest Expense
Compensation and employee benefits
110,999
96,498
81,600
393,295
336,906
Occupancy and equipment
17,529
13,236
11,589
55,617
47,055
Advertising and promotions
4,609
4,620
3,725
17,767
16,132
Data processing
13,089
10,634
9,145
42,744
36,887
Other real estate owned and foreclosed assets
140
63
30
292
217
Regulatory assessments and insurance
5,495
5,799
5,890
22,675
24,194
Intangibles amortization
5,180
3,813
3,613
15,887
12,757
Other expenses
37,516
33,120
25,373
120,500
104,320
Total non-interest expense
194,557
167,783
140,965
668,777
578,468
Income Before Income Taxes
76,293
85,292
73,493
290,248
226,304
Federal and state income tax expense
12,514
17,392
11,739
51,220
36,160
Net Income
$
63,779
67,900
61,754
239,028
190,144
17
Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
December 31, 2025
September 30, 2025
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
2,515,221
$
35,164
5.59
%
$
1,962,831
$
26,335
5.37
%
Commercial loans 1
17,061,043
261,088
6.07
%
15,351,367
229,915
5.94
%
Consumer and other loans
1,412,458
26,146
7.34
%
1,363,996
24,957
7.26
%
Total loans 2
20,988,722
322,398
6.09
%
18,678,194
281,207
5.97
%
Tax-exempt debt securities 3
1,665,176
14,189
3.41
%
1,583,554
14,068
3.55
%
Taxable debt securities 4, 5
7,188,543
39,719
2.21
%
6,554,179
33,185
2.03
%
Total earning assets
29,842,441
376,306
5.00
%
26,815,927
328,460
4.86
%
Goodwill and intangibles
1,444,364
1,184,370
Non-earning assets
1,201,340
987,070
Total assets
$
32,488,145
$
28,987,367
Liabilities
Non-interest bearing deposits
$
7,526,159
$
—
—
%
$
6,550,398
$
—
—
%
NOW and DDA accounts
6,118,413
16,991
1.10
%
5,734,329
16,483
1.14
%
Savings accounts
3,174,869
6,014
0.75
%
2,995,538
5,843
0.77
%
Money market deposit accounts
3,993,241
20,962
2.08
%
3,136,019
16,783
2.12
%
Certificate accounts
3,929,727
34,407
3.47
%
3,217,199
28,195
3.48
%
Total core deposits
24,742,409
78,374
1.26
%
21,633,483
67,304
1.23
%
Wholesale deposits 6
3,257
33
4.15
%
3,649
42
4.48
%
Repurchase agreements
2,087,256
14,624
2.78
%
1,986,620
14,706
2.94
%
FHLB advances
792,290
9,456
4.67
%
1,192,493
14,271
4.68
%
Subordinated debentures and other borrowed funds
270,924
4,201
6.15
%
236,375
3,301
5.54
%
Total funding liabilities
27,896,136
106,688
1.52
%
25,052,620
99,624
1.58
%
Other liabilities
406,289
353,452
Total liabilities
28,302,425
25,406,072
Stockholders’ Equity
Stockholders’ equity
4,185,720
3,581,295
Total liabilities and stockholders’ equity
$
32,488,145
$
28,987,367
Net interest income (tax-equivalent)
$
269,618
$
228,836
Net interest spread (tax-equivalent)
3.48
%
3.28
%
Net interest margin (tax-equivalent)
3.58
%
3.39
%
______________________________
1 Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended December 31, 2025 and September 30, 2025, 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 $1.8 million and $1.8 million on tax-exempt debt securities income for the three months ended December 31, 2025 and September 30, 2025, respectively.
4 Includes interest income of $11.2 million and $6.7 million on average interest-bearing cash balances of $1.1 billion and $600.3 million for the three months ended December 31, 2025 and September 30, 2025, respectively.
5 Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended December 31, 2025 and September 30, 2025, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
18
Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Three Months ended
December 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
$
2,515,221
$
35,164
5.59
%
$
1,885,146
$
23,960
5.08
%
Commercial loans 1
17,061,043
261,088
6.07
%
14,059,864
200,956
5.69
%
Consumer and other loans
1,412,458
26,146
7.34
%
1,324,341
23,435
7.04
%
Total loans 2
20,988,722
322,398
6.09
%
17,269,351
248,351
5.72
%
Tax-exempt debt securities 3
1,665,176
14,189
3.41
%
1,615,474
14,501
3.59
%
Taxable debt securities 4, 5
7,188,543
39,719
2.21
%
7,314,265
38,189
2.09
%
Total earning assets
29,842,441
376,306
5.00
%
26,199,090
301,041
4.57
%
Goodwill and intangibles
1,444,364
1,104,362
Non-earning assets
1,201,340
888,404
Total assets
$
32,488,145
$
28,191,856
Liabilities
Non-interest bearing deposits
$
7,526,159
$
—
—
%
$
6,343,443
$
—
—
%
NOW and DDA accounts
6,118,413
16,991
1.10
%
5,491,451
15,768
1.14
%
Savings accounts
3,174,869
6,014
0.75
%
2,824,126
5,316
0.75
%
Money market deposit accounts
3,993,241
20,962
2.08
%
2,878,415
14,232
1.97
%
Certificate accounts
3,929,727
34,407
3.47
%
3,174,923
31,716
3.97
%
Total core deposits
24,742,409
78,374
1.26
%
20,712,358
67,032
1.29
%
Wholesale deposits 6
3,257
33
4.15
%
3,654
47
4.95
%
Repurchase agreements
2,087,256
14,624
2.78
%
1,866,705
14,821
3.16
%
FHLB advances
792,290
9,456
4.67
%
1,800,000
21,848
4.75
%
Subordinated debentures and other borrowed funds
270,924
4,201
6.15
%
216,874
1,845
3.38
%
Total funding liabilities
27,896,136
106,688
1.52
%
24,599,591
105,593
1.71
%
Other liabilities
406,289
369,700
Total liabilities
28,302,425
24,969,291
Stockholders’ Equity
Stockholders’ equity
4,185,720
3,222,565
Total liabilities and stockholders’ equity
$
32,488,145
$
28,191,856
Net interest income (tax-equivalent)
$
269,618
$
195,448
Net interest spread (tax-equivalent)
3.48
%
2.86
%
Net interest margin (tax-equivalent)
3.58
%
2.97
%
______________________________
1 Includes tax effect of $1.6 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended December 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 $1.8 million and $2.1 million on tax-exempt debt securities income for the three months ended December 31, 2025 and 2024, respectively.
4 Includes interest income of $11.2 million and $9.2 million on average interest-bearing cash balances of $1.1 billion and $759.7 million for the three months ended December 31, 2025 and 2024, respectively.
5 Includes tax effect of $151 thousand and $203 thousand on federal income tax credits for the three months ended December 31, 2025 and 2024, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
19
Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Year ended
December 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
$
2,077,431
$
111,135
5.35
%
$
1,820,057
$
89,596
4.92
%
Commercial loans 1
15,355,275
906,309
5.90
%
13,818,805
772,496
5.59
%
Consumer and other loans
1,354,121
97,509
7.20
%
1,305,716
89,160
6.83
%
Total loans 2
18,786,827
1,114,953
5.93
%
16,944,578
951,252
5.61
%
Tax-exempt debt securities 3
1,612,206
56,192
3.49
%
1,675,732
59,479
3.55
%
Taxable debt securities 4, 5
6,833,546
138,547
2.03
%
7,400,887
145,128
1.96
%
Total earning assets
27,232,579
1,309,692
4.81
%
26,021,197
1,155,859
4.44
%
Goodwill and intangibles
1,221,592
1,079,404
Non-earning assets
989,532
773,322
Total assets
$
29,443,703
$
27,873,923
Liabilities
Non-interest bearing deposits
$
6,584,700
$
—
—
%
$
6,144,268
$
—
—
%
NOW and DDA accounts
5,764,971
64,584
1.12
%
5,326,296
63,635
1.19
%
Savings accounts
2,985,007
22,418
0.75
%
2,866,908
22,684
0.79
%
Money market deposit accounts
3,247,640
66,660
2.05
%
2,904,461
58,140
2.00
%
Certificate accounts
3,379,326
120,344
3.56
%
3,106,755
128,081
4.12
%
Total core deposits
21,961,644
274,006
1.25
%
20,348,688
272,540
1.34
%
Wholesale deposits 6
4,029
181
4.49
%
3,615
194
5.36
%
Repurchase agreements
1,954,632
57,172
2.92
%
1,676,040
55,723
3.32
%
FHLB advances
1,302,973
62,252
4.71
%
1,498,494
72,620
4.77
%
FRB Bank Term Funding
—
—
—
%
617,377
27,097
4.39
%
Subordinated debentures and other borrowed funds
238,962
13,146
5.50
%
219,839
7,044
3.20
%
Total funding liabilities
25,462,240
406,757
1.60
%
24,364,053
435,218
1.79
%
Other liabilities
356,409
351,825
Total liabilities
25,818,649
24,715,878
Stockholders’ Equity
Stockholders’ equity
3,625,054
3,158,045
Total liabilities and stockholders’ equity
$
29,443,703
$
27,873,923
Net interest income (tax-equivalent)
$
902,935
$
720,641
Net interest spread (tax-equivalent)
3.21
%
2.65
%
Net interest margin (tax-equivalent)
3.32
%
2.77
%
______________________________
1 Includes tax effect of $6.3 million and $6.5 million on tax-exempt municipal loan and lease income for the Year ended December 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 $7.0 million and $8.6 million on tax-exempt debt securities income for the Year ended December 31, 2025 and 2024, respectively.
4 Includes interest income of $28.9 million and $31.2 million on average interest-bearing cash balances of $680.0 million and $594.8 million for the Year ended December 31, 2025 and 2024, respectively.
5 Includes tax effect of $602 thousand and $832 thousand on federal income tax credits for the Year ended December 31, 2025 and 2024, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
20
Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
Loans Receivable, by Loan Type
% Change from
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2024
Custom and owner occupied construction
$
263,713
$
231,238
$
242,844
14
%
9
%
Pre-sold and spec construction
255,542
217,413
191,926
18
%
33
%
Total residential construction
519,255
448,651
434,770
16
%
19
%
Land development
263,262
197,981
197,369
33
%
33
%
Consumer land or lots
247,769
207,816
187,024
19
%
32
%
Unimproved land
167,796
137,720
113,532
22
%
48
%
Developed lots for operative builders
69,786
56,180
61,661
24
%
13
%
Commercial lots
155,631
99,220
99,243
57
%
57
%
Other construction
1,122,350
982,743
693,461
14
%
62
%
Total land, lot, and other construction
2,026,594
1,681,660
1,352,290
21
%
50
%
Owner occupied
3,950,726
3,570,671
3,197,138
11
%
24
%
Non-owner occupied
4,859,173
4,333,302
4,053,996
12
%
20
%
Total commercial real estate
8,809,899
7,903,973
7,251,134
11
%
21
%
Commercial and industrial
1,649,101
1,554,832
1,395,997
6
%
18
%
Agriculture
1,282,861
1,189,948
1,024,520
8
%
25
%
First lien
3,098,023
2,579,418
2,481,918
20
%
25
%
Junior lien
106,205
81,568
76,303
30
%
39
%
Total 1-4 family
3,204,228
2,660,986
2,558,221
20
%
25
%
Multifamily residential
1,019,484
969,573
895,242
5
%
14
%
Home equity lines of credit
1,076,201
1,056,757
1,005,783
2
%
7
%
Other consumer
237,393
192,501
209,457
23
%
13
%
Total consumer
1,313,594
1,249,258
1,215,240
5
%
8
%
States and political subdivisions
964,591
994,062
983,601
(3)
%
(2)
%
Other
177,375
180,711
183,894
(2)
%
(4)
%
Total loans receivable, including
loans held for sale
20,966,982
18,833,654
17,294,909
11
%
21
%
Less loans held for sale 1
(39,186)
(42,668)
(33,060)
(8)
%
19
%
Total loans receivable
$
20,927,796
$
18,790,986
$
17,261,849
11
%
21
%
______________________________
1 Loans held for sale are primarily first lien 1-4 family loans.
21
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)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2025
Dec 31, 2025
Custom and owner occupied construction
$
183
476
198
183
—
—
Pre-sold and spec construction
919
2,039
2,132
919
—
—
Total residential construction
1,102
2,515
2,330
1,102
—
—
Land development
898
917
966
898
—
—
Consumer land or lots
79
358
78
79
—
—
Developed lots for operative builders
456
456
531
—
456
—
Commercial lots
556
—
47
556
—
—
Other construction
129
—
—
—
—
129
Total land, lot and other construction
2,118
1,731
1,622
1,533
456
129
Owner occupied
3,969
5,237
2,979
3,360
609
—
Non-owner occupied
7,606
691
2,235
7,606
—
—
Total commercial real estate
11,575
5,928
5,214
10,966
609
—
Commercial and Industrial
27,308
24,165
2,069
26,147
1,143
18
Agriculture
3,549
5,408
2,335
2,436
1,113
—
First lien
15,816
8,388
9,053
13,583
2,233
—
Junior lien
1,776
765
315
1,776
—
—
Total 1-4 family
17,592
9,153
9,368
15,359
2,233
—
Multifamily residential
395
1,039
389
395
—
—
Home equity lines of credit
3,968
3,402
3,465
3,600
213
155
Other consumer
1,229
852
955
949
171
109
Total consumer
5,197
4,254
4,420
4,549
384
264
Other
59
119
39
—
59
—
Total
$
68,895
54,312
27,786
62,487
5,997
411
22
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-89 Days Delinquent Loans, by Loan Type
% Change from
(Dollars in thousands)
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024
Sep 30, 2025
Dec 31, 2024
Custom and owner occupied construction
$
533
$
305
$
969
75
%
(45)
%
Pre-sold and spec construction
1,189
—
564
n/m
111
%
Total residential construction
1,722
305
1,533
465
%
12
%
Land development
3,994
—
1,450
n/m
175
%
Consumer land or lots
1,162
564
402
106
%
189
%
Unimproved land
—
33
36
(100)
%
(100)
%
Developed lots for operative builders
2,300
5,265
214
(56)
%
975
%
Commercial lots
965
—
—
n/m
n/m
Other construction
4,787
—
—
n/m
n/m
Total land, lot and other construction
13,208
5,862
2,102
125
%
528
%
Owner occupied
6,103
3,809
2,867
60
%
113
%
Non-owner occupied
15,388
7,615
5,037
102
%
205
%
Total commercial real estate
21,491
11,424
7,904
88
%
172
%
Commercial and industrial
10,215
3,711
6,194
175
%
65
%
Agriculture
2,390
2,104
744
14
%
221
%
First lien
19,699
5,357
6,326
268
%
211
%
Junior lien
20
—
214
n/m
(91)
%
Total 1-4 family
19,719
5,357
6,540
268
%
202
%
Multifamily Residential
150
150
—
—
%
n/m
Home equity lines of credit
5,415
7,421
3,731
(27)
%
45
%
Other consumer
1,866
1,751
1,775
7
%
5
%
Total consumer
7,281
9,172
5,506
(21)
%
32
%
Other
2,650
1,439
1,705
84
%
55
%
Total
$
78,826
$
39,524
$
32,228
99
%
145
%
______________________________
n/m - not measurable
23
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type
