RESULTS FOR THE QUARTER AND PERIOD ENDED JUNE 30, 2026
2nd Quarter 2026 Highlights:
•Net income was $97.9 million for the current quarter, an increase of $15.8 million, or 19 percent, from the prior quarter net income of $82.1 million and an increase of $45.1 million, or 85 percent, from the prior year second quarter net income of $52.8 million.
•Diluted earnings per share for the current quarter was $0.75 per share, an increase of $0.12 per share, or 19 percent, from the prior quarter diluted earnings per share of $0.63 and an increase of $0.30 per share, or 67 percent, from the prior year second quarter diluted earnings per share of $0.45.
•Operating diluted earnings per share1 for the current quarter was $0.76 per share, an increase of $0.06 per share, or 9 percent, from the prior quarter operating diluted earnings per share of $0.70 and an increase of $0.19 per share, or 33 percent, from the prior year second quarter operating diluted earnings per share of $0.57.
•Net interest income for the current quarter was $276 million, an increase of $7.8 million, or 3 percent, from the prior quarter net interest income of $269 million and an increase of $68.8 million, or 33 percent, from the prior year second quarter net interest income of $208 million.
•The loan portfolio of $21.364 billion at June 30, 2026 increased $330 million, or 6 percent annualized, from the prior quarter.
•Total average deposits of $24.539 billion for the current quarter increased $113 million, or 2 percent annualized, from the prior quarter average deposits.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.90 percent, an increase of 10 basis points from the prior quarter net interest margin of 3.80 percent and an increase of 69 basis points from the prior year second quarter net interest margin of 3.21 percent.
•The total earning assets yield of 5.14 percent in the current quarter increased 3 basis points from the prior quarter earning assets yield of 5.11 percent and increased 41 basis points from the prior year second quarter earning assets yield of 4.73 percent.
1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
1
•The core deposit cost (including non-interest bearing deposits) of 1.18 percent in the current quarter decreased 2 basis points from the prior quarter core deposit cost of 1.20 percent and decreased 7 basis points from the prior year second quarter core deposit cost of 1.25 percent.
•The total cost of funding (including non-interest bearing deposits) of 1.33 percent in the current quarter decreased 7 basis points from the prior quarter total cost of funding of 1.40 percent and decreased 30 basis points from the prior year second quarter total cost of funding of 1.63 percent.
•The Company declared a quarterly dividend of $0.33 per share. The Company has declared 165 consecutive quarterly dividends and has increased the dividend 49 times.
First Half 2026 Highlights:
•Net income for the first half of 2026 was $180 million, an increase of $72.7 million, or 68 percent, from the prior year first half net income of $107 million.
•Diluted earnings per share for the first half of 2026 was $1.38 per share, an increase of $0.45 per share, or 48 percent, from the prior year first half diluted earnings per share of $0.93.
•Operating diluted earnings per share for the first half of 2026 was $1.45 per share, an increase of $0.41 per share, or 39 percent, from the prior year first half of 2025 operating diluted earnings per share of $1.04.
•Net interest income for the first half of 2026 was $545 million, an increase of $148 million, or 37 percent, from the prior year first half net interest income of $398 million.
•The loan portfolio increased $2.831 billion, or 15 percent, from the prior year second quarter.
•Total deposits increased $3.026 billion, or 14 percent, from the prior year second quarter.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2026 was 3.85 percent, an increase of 73 basis points from the prior year first half net interest margin of 3.12 percent.
•The Company completed the core system conversion of Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”). Guaranty was acquired on October 1, 2025 with total assets of $3.357 billion.
•Dividends declared in the first half of 2026 were $0.66 per share.
2
Financial Summary
At or for the Three Months ended
At or for the Six Months ended
(Dollars in thousands, except per share and market data)
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Performance results
Net income
$
97,862
82,144
52,781
180,006
107,349
Basic earnings per share
$
0.75
0.63
0.45
1.38
0.93
Diluted earnings per share
$
0.75
0.63
0.45
1.38
0.93
Operating diluted earnings per share (non-GAAP) 1
$
0.76
0.70
0.57
1.45
1.04
Dividends declared per share
$
0.33
0.33
0.33
0.66
0.66
Market value per share
Closing
$
51.58
44.67
43.08
51.58
43.08
High
$
52.16
53.99
44.70
53.99
52.81
Low
$
44.26
41.87
36.76
41.87
36.76
Selected ratios and other data
Number of common stock shares outstanding
130,202,054
130,124,378
118,550,475
130,202,054
118,550,475
Average outstanding shares - basic
130,167,496
130,052,858
116,890,776
130,110,494
115,180,489
Average outstanding shares - diluted
130,346,888
130,242,765
116,918,290
130,283,236
115,244,550
Return on average assets (annualized)
1.25
%
1.05
%
0.74
%
1.15
%
0.77
%
Return on average equity (annualized)
9.13
%
7.82
%
6.13
%
8.48
%
6.44
%
Efficiency ratio
56.65
%
63.05
%
62.08
%
59.79
%
63.72
%
Operating efficiency ratio (non-GAAP) 1
56.21
%
59.25
%
61.19
%
57.70
%
63.49
%
Loan to deposit ratio
86.84
%
85.18
%
85.91
%
86.84
%
85.91
%
Number of full time equivalent employees
4,125
4,139
3,665
4,125
3,665
Number of locations
282
282
247
282
247
Number of ATMs
339
337
300
339
300
______________________________
1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
KALISPELL, Mont., Jul 23, 2026 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $97.9 million for the current quarter, an increase of $15.8 million, or 19 percent, from the prior quarter net income of $82.1 million and an increase of $45.1 million, or 85 percent, from the prior year second quarter net income of $52.8 million. Diluted earnings per share for the current quarter was $0.75 per share, an increase of $0.12 per share, or 19 percent, from the prior quarter diluted earnings per share of $0.63 and an increase of $0.30 per share, or 67 percent, from the prior year second quarter diluted earnings per share of $0.45. Operating diluted earnings per share for the current quarter was $0.76 per share, an increase of $0.06 per share, or 9 percent, from the prior quarter operating diluted earnings per share of $0.70 and an increase of $0.19 per share, or 33 percent, from the prior year second quarter operating diluted earnings per share of $0.57. The current quarter included $1.6 million in acquisition-related expenses, $2.5 million of compensation from acquisition-related employment agreements and $2.6 million of gains from the sale of former branch facilities and disposal of fixed assets. “We delivered another strong quarter, with record net income, continued net interest margin expansion and solid loan growth,” said Randy Chesler, President and Chief Executive Officer. “Our performance reflects the strength of our diversified community banking model, disciplined balance sheet management and the continued customer focus of our teams across the franchise.”
3
Net income for the first half of 2026 was $180 million, an increase of $72.7 million, or 68 percent, from the prior year first half net income of $107 million which was driven primarily by the increase in net interest income from the improvement in the net interest margin. Diluted earnings per share for the first half of 2026 was $1.38 per share, an increase of $0.45 per share, or 48 percent, from the prior year first half diluted earnings per share of $0.93. Operating diluted earnings per share for the first half of 2026 was $1.45 per share, an increase of $0.41 per share, or 39 percent, from the prior year first half of 2025 operating diluted earnings per share of $1.04.
Asset Summary
$ Change from
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Cash and cash equivalents
$
1,056,679
1,385,237
1,235,261
915,507
(328,558)
(178,582)
141,172
Debt securities, available-for-sale
3,482,725
3,585,531
4,007,512
4,024,980
(102,806)
(524,787)
(542,255)
Debt securities, held-to-maturity
3,004,758
3,058,662
3,110,216
3,206,133
(53,904)
(105,458)
(201,375)
Total debt securities
6,487,483
6,644,193
7,117,728
7,231,113
(156,710)
(630,245)
(743,630)
Loans receivable 1
Residential real estate
2,111,683
2,167,860
2,457,907
1,931,554
(56,177)
(346,224)
180,129
Commercial real estate
14,155,059
13,918,178
13,565,512
11,935,109
236,881
589,547
2,219,950
Other commercial
3,615,240
3,466,863
3,497,829
3,303,889
148,377
117,411
311,351
Home equity
1,054,110
1,048,971
977,206
975,429
5,139
76,904
78,681
Other consumer
427,631
431,791
429,342
386,759
(4,160)
(1,711)
40,872
Loans receivable
21,363,723
21,033,663
20,927,796
18,532,740
330,060
435,927
2,830,983
Allowance for credit losses
(260,025)
(255,771)
(255,319)
(226,799)
(4,254)
(4,706)
(33,226)
Loans receivable, net
21,103,698
20,777,892
20,672,477
18,305,941
325,806
431,221
2,797,757
Other assets
2,951,141
2,926,760
2,952,597
2,552,422
24,381
(1,456)
398,719
Total assets
$
31,599,001
31,734,082
31,978,063
29,004,983
(135,081)
(379,062)
2,594,018
______________________________
1 In connection with the Guaranty core system conversion, Guaranty loans were reclassified in the prior quarter to conform to the Company’s classifications. There were approximately $236 million of loans reclassified from residential loans into other categories, the majority of which were reclassified to commercial real estate loans.
Total debt securities of $6.487 billion at June 30, 2026 decreased $157 million, or 2 percent, during the current quarter and decreased $744 million, or 10 percent, from the prior year second quarter. The Company selectively purchased debt securities during the current quarter with the Company’s excess liquidity position. Debt securities represented 21 percent of total assets at June 30, 2026 and March 31, 2026 compared to 25 percent at June 30, 2025.
The loan portfolio of $21.364 billion at June 30, 2026 increased $330 million, or 6 percent annualized, from the prior quarter. The loan portfolio increased $2.831 billion, or 15 percent, from the prior year second quarter. Excluding the Guaranty acquisition on October 1, 2025, the loan portfolio organically increased $728 million, or 4 percent, from the prior year second quarter.
4
Credit Quality Summary
At or for the Six Months ended
At or for the Three Months ended
At or for the Year ended
At or for the Six Months ended
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Allowance for credit losses
Balance at beginning of period
$
255,319
255,319
206,041
206,041
Acquisitions
—
—
154
35
Provision for credit losses
13,639
3,514
61,846
24,163
Charge-offs
(11,562)
(4,186)
(18,682)
(7,236)
Recoveries
2,629
1,124
5,960
3,796
Balance at end of period
$
260,025
255,771
255,319
226,799
Provision for credit losses
Loan portfolio
$
13,639
3,514
61,846
24,163
Unfunded loan commitments
(1,220)
2,550
9,554
3,918
Total provision for credit losses
$
12,419
6,064
71,400
28,081
Other real estate owned
$
1,219
1,417
284
1,737
Other foreclosed assets
322
193
127
142
Accruing loans 90 days or more past due
15,867
13,470
5,997
11,371
Non-accrual loans
74,441
64,415
62,487
35,356
Total non-performing assets
$
91,849
79,495
68,895
48,606
Non-performing assets as a percentage of subsidiary assets
0.29
%
0.25
%
0.22
%
0.17
%
Allowance for credit losses as a percentage of non-performing loans
288
%
328
%
373
%
485
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.22
%
1.22
%
Net charge-offs as a percentage of total loans
0.04
%
0.02
%
0.06
%
0.02
%
Accruing loans 30-89 days past due
$
65,483
91,760
78,826
54,403
U.S. government guarantees included in non-performing assets
$
7,497
8,066
8,733
2,651
Early stage delinquencies (accruing loans 30-89 days past due) of $65.5 million at June 30, 2026 decreased $26.3 million from the prior quarter and increased $11.1 million from the prior year second quarter. Early stage delinquencies as a percentage of loans at June 30, 2026 were 0.31 percent compared to 0.44 percent for the prior quarter and 0.29 percent for the prior year second quarter. Non-performing assets of $91.8 million at June 30, 2026 increased $12.4 million, or 16 percent, over the prior quarter and increased $43.2 million, or 89 percent, over the prior year second quarter.
The current quarter provision for credit loss expense of $6.4 million included $10.1 million of credit loss expense on loans and $3.7 million of credit loss benefit on unfunded loan commitments. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at each of June 30, 2026, December 31, 2025 and June 30, 2025. Loan portfolio growth, composition, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans.
5
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
Second quarter 2026
$
10,125
$
5,871
1.22
%
0.31
%
0.29
%
First quarter 2026
3,514
3,062
1.22
%
0.44
%
0.25
%
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
%
Net charge-offs for the current quarter were $5.9 million compared to $3.1 million in the prior quarter and $1.6 million for the prior year second quarter. The current quarter net charge-offs included $2.8 million in deposit overdraft net charge-offs and $3.1 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 tables at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.
Liability Summary
$ Change from
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Deposits
Non-interest bearing deposits
$
7,423,439
7,427,280
7,314,779
6,593,728
(3,841)
108,660
829,711
NOW and DDA accounts
6,192,363
6,217,728
6,236,551
5,747,388
(25,365)
(44,188)
444,975
Savings accounts
3,169,141
3,193,293
3,158,939
2,956,387
(24,152)
10,202
212,754
Money market deposit accounts
4,132,820
4,049,361
3,948,201
3,089,115
83,459
184,619
1,043,705
Certificate accounts
3,732,971
3,851,209
3,928,550
3,238,576
(118,238)
(195,579)
494,395
Core deposits, total
24,650,734
24,738,871
24,587,020
21,625,194
(88,137)
63,714
3,025,540
Wholesale deposits
3,383
3,000
4,076
3,308
383
(693)
75
Deposits, total
24,654,117
24,741,871
24,591,096
21,628,502
(87,754)
63,021
3,025,615
Repurchase agreements
1,952,501
2,085,623
2,084,113
1,976,228
(133,122)
(131,612)
(23,727)
Deposits and repurchase agreements, total
26,606,618
26,827,494
26,675,209
23,604,730
(220,876)
(68,591)
3,001,888
Federal Home Loan Bank advances
—
—
440,000
1,255,088
—
(440,000)
(1,255,088)
Other borrowed funds
52,880
51,564
51,473
62,366
1,316
1,407
(9,486)
Finance lease liabilities
31,606
31,209
28,808
19,405
397
2,798
12,201
Subordinated debentures
188,573
188,032
187,492
157,127
541
1,081
31,446
Other liabilities
406,302
387,284
381,260
374,003
19,018
25,042
32,299
Total liabilities
$
27,285,979
27,485,583
27,764,242
25,472,719
(199,604)
(478,263)
1,813,260
6
Total deposits of $24.654 billion at June 30, 2026 decreased $87.8 million, or 35 basis points, during the current quarter and increased $3.026 billion, or 14 percent, from the prior year second quarter. Excluding the Guaranty acquisition, total deposits organically increased $319 million, or 1 percent, from the prior year second quarter.
Non-interest bearing deposits of $7.423 billion at June 30, 2026 decreased $3.8 million, or 5 basis points, from the prior quarter and increased $830 million, or 13 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at June 30, 2026, March 31, 2026 and June 30, 2025.
Stockholders’ Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Common equity
$
4,484,316
4,424,548
4,380,931
3,770,919
59,768
103,385
713,397
Accumulated other comprehensive loss
(171,294)
(176,049)
(167,110)
(238,655)
4,755
(4,184)
67,361
Total stockholders’ equity
4,313,022
4,248,499
4,213,821
3,532,264
64,523
99,201
780,758
Goodwill and intangibles, net
(1,473,954)
(1,478,753)
(1,483,552)
(1,186,350)
4,799
9,598
(287,604)
Tangible stockholders’ equity (non-GAAP) 1
$
2,839,068
2,769,746
2,730,269
2,345,914
69,322
108,799
493,154
Stockholders’ equity to total assets
13.65
%
13.39
%
13.18
%
12.18
%
Tangible stockholders’ equity to total tangible assets (non-GAAP) 1
9.42
%
9.15
%
8.95
%
8.43
%
Book value per common share
$
33.13
32.65
32.42
29.80
0.48
0.71
3.33
Tangible book value per common share (non-GAAP) 1
$
21.81
21.29
21.01
19.79
0.52
0.80
2.02
______________________________
1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
Tangible stockholders’ equity of $2.839 billion at June 30, 2026 increased $69 million, or 3 percent, compared to the prior quarter and was primarily due to earnings retention. Tangible stockholders’ equity increased $493 million, or 21 percent, from the prior year second quarter and was primarily due to $560 million of Company stock issued in connection with the Guaranty acquisition, earnings retention and a $67 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the Guaranty acquisition. Tangible book value per common share of $21.81 at the current quarter end increased $0.52 per share, or 2 percent, from the prior quarter and increased $2.02 per share, or 10 percent, from the prior year second quarter.
Cash Dividends
On June 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 16, 2026 to shareholders of record on July 7, 2026. The dividend was the Company’s 165th 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.
7
Operating Results for Three Months Ended June 30, 2026
Compared to March 31, 2026 and June 30, 2025
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Mar 31, 2026
Jun 30, 2025
Net interest income
Interest income
$
365,220
362,337
308,115
2,883
57,105
Interest expense
88,792
93,660
100,499
(4,868)
(11,707)
Total net interest income
276,428
268,677
207,616
7,751
68,812
Non-interest income
Deposit service charges and other fees
16,351
15,265
13,910
1,086
2,441
Payment services
12,012
11,368
10,457
644
1,555
Miscellaneous loan fees and charges
2,558
2,279
1,890
279
668
Gain on sale of loans
5,007
5,108
4,273
(101)
734
Gain (loss) on sale of securities
—
—
—
—
—
Other income
5,173
4,062
2,414
1,111
2,759
Total non-interest income
41,101
38,082
32,944
3,019
8,157
Total income
$
317,529
306,759
240,560
10,770
76,969
Net interest margin (tax-equivalent)
3.90
%
3.80
%
3.21
%
Core net interest margin (tax-equivalent) (non-GAAP) 1
3.86
%
3.73
%
3.18
%
______________________________
1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
Net Interest Income
Net interest income of $276 million for the current quarter increased $7.8 million, or 3 percent, from the prior quarter net interest income of $269 million and increased $68.8 million, or 33 percent, from the prior year second quarter net interest income of $208 million. The current quarter interest income of $365 million increased $2.9 million, or 1 percent, over the prior quarter and increased $57.1 million, or 19 percent, over the prior year second quarter and was primarily driven by both increased loans and increased interest rates on the loan portfolio. The loan yield of 6.12 percent in the current quarter decreased 4 basis points from the prior quarter loan yield of 6.16 percent and was principally due to a 3 basis points decrease in loan discount accretion and a 2 basis points decrease in non-accrual loan interest reversal. The core loan yield of 6.06 percent in the current quarter increased 1 basis point from the prior quarter core loan yield of 6.05 percent. The loan yield increased 26 basis points from the prior year second quarter loan yield of 5.86 percent.
The current quarter interest expense of $88.8 million decreased $4.9 million, or 5 percent, from the prior quarter, and decreased $11.7 million, or 12 percent, from the prior year second quarter primarily due to a decrease in interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) decreased to 1.18 percent in the current quarter compared to 1.20 percent in the prior quarter and 1.25 percent in the prior year second quarter. The total funding cost (including non-interest bearing deposits) decreased to 1.33 percent in the current quarter compared to 1.40 percent in the prior quarter and 1.63 percent in the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.90 percent, an increase of 10 basis points from the prior quarter net interest margin of 3.80 percent and was
8
primarily driven by the shift in the earning assets mix to higher yielding loans and a decrease in high cost borrowings. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter increased 69 basis points from the prior year second quarter net interest margin of 3.21 percent and was primarily driven by the increase in loan yields, the shift in the earning assets mix to higher yielding loans and the decrease in high cost borrowings. Core net interest margin was 3.86 percent in the current quarter compared to 3.73 percent in the prior quarter and 3.18 percent in the prior year second quarter. “The Company’s net interest margin increased for the tenth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in the earning assets yield combined with decreases in core deposit costs and wholesale funding contributed to the 10 basis points increase in the net interest margin as it expanded to 3.90 percent in the current quarter.”
Non-interest Income
Non-interest income for the current quarter totaled $41.1 million, which was an increase of $3.0 million, or 8 percent, over the prior quarter. Non-interest income increased $8.2 million, or 25 percent, over the prior year second quarter. Deposit service charges and other fees of $16.4 million for the current quarter increased $1.1 million, or 7 percent, compared to the prior quarter and increased $2.4 million, or 18 percent, from the prior year second quarter. Payment services of $12.0 million for the current quarter increased $644 thousand, or 6 percent, from the prior quarter and increased $1.6 million, or 15 percent, over the prior year second quarter.
Non-interest Expense Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Mar 31, 2026
Jun 30, 2025
Compensation and employee benefits
$
116,299
115,770
94,355
529
21,944
Occupancy and equipment
15,661
15,682
12,558
(21)
3,103
Advertising and promotions
5,092
5,256
4,394
(164)
698
Data processing
12,380
13,273
9,883
(893)
2,497
Other real estate owned and foreclosed assets
83
206
26
(123)
57
Regulatory assessments and insurance
5,506
6,403
5,847
(897)
(341)
Intangibles amortization
4,799
4,799
3,624
—
1,175
Other expenses
26,880
39,140
24,432
(12,260)
2,448
Total non-interest expense
$
186,700
200,529
155,119
(13,829)
31,581
Total non-interest expense of $187 million for the current quarter decreased $13.8 million, or 7 percent, over the prior quarter. Total non-interest expense increased $31.6 million, or 20 percent, over the prior year second quarter and was primarily driven by increased costs from the acquired banks.
Compensation and employee benefits of $116 million for the current quarter increased by $529 thousand, or 46 basis points, over the prior quarter. Compensation and employee benefits increased $21.9 million, or 23 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from the acquired banks. Other expenses of $26.9 million decreased $12.3 million, or 31 percent, from the prior quarter and was primarily driven by $7.3 million of decreased acquisition-related expenses and a $3.1 million increase in gains from the sale of former branch facilities and disposal of fixed assets.
Acquisition-related expense was $1.6 million in the current quarter compared to $8.9 million in the prior quarter and $3.2 million in the prior year second quarter. In addition, compensation and employee benefits included $2.5 million of expense attributable to acquisition-related employment agreements in the current quarter compared to $2.8 million in the prior quarter and $544 thousand in the prior year second quarter.
9
Federal and State Income Tax Expense
Tax expense during the second quarter of 2026 was $26.6 million, an increase of $8.6 million, or 48 percent, compared to the prior quarter and an increase of $14.2 million, or 115 percent, from the prior year second quarter. The effective tax rate in the current quarter was 21.4 percent compared to 18.0 percent in the prior quarter and 19.02 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was primarily driven by an increase in pre-tax income and a decrease in federal tax credits. The higher tax expense and higher effective tax rate compared to prior year second quarter was primarily due to an increase in pre-tax income.
Efficiency Ratio
The efficiency ratio was 56.65 percent in the current quarter compared to 63.05 percent in the prior quarter and 62.08 percent in the prior year second quarter. The decrease from the prior quarter was primarily driven by the combination of a decrease in non-interest expense and an increase in net interest income. The decrease from the prior year second quarter was primarily due to the increase in net interest income which outpaced the increase in non-interest expense.
Operating Results for Six Months Ended June 30, 2026
Compared to June 30, 2025
Income Summary
Six Months ended
(Dollars in thousands)
Jun 30, 2026
Jun 30, 2025
$ Change
% Change
Net interest income
Interest income
$
727,557
$
598,040
$
129,517
22
%
Interest expense
182,452
200,445
(17,993)
(9)
%
Total net interest income
545,105
397,595
147,510
37
%
Non-interest income
Deposit service charges and other fees
31,616
27,125
4,491
17
%
Payment Services
23,380
19,785
3,595
18
%
Miscellaneous loan fees and charges
4,837
3,581
1,256
35
%
Gain on sale of loans
10,115
8,584
1,531
18
%
Gain (loss) on sale of securities
—
—
—
N/A
Other income
9,235
6,511
2,724
42
%
Total non-interest income
79,183
65,586
13,597
21
%
Total Income
$
624,288
$
463,181
$
161,107
35
%
Net interest margin (tax-equivalent)
3.85
%
3.12
%
Core net interest margin (tax-equivalent) (non-GAAP) 1
3.79
%
3.08
%
______________________________
1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
Net Interest Income
Net interest income of $545 million for the first half of 2026 increased $148 million, or 37 percent, from the first half of the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $728 million for the first half of 2026 increased $130 million, or 22 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 6.14 percent during the first half of 2026, an increase of 32 basis points from the prior year first half loan yield of 5.82 percent.
10
Interest expense of $182 million for the first half of 2026 decreased $18.0 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.19 percent for the first half of 2026, which was a decrease of 6 basis points over the first half of the prior year core deposit cost of 1.25 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2026 was 1.36 percent, which was a decrease of 29 basis points over the first half of the prior year funding cost of 1.65 percent.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2026 was 3.85 percent, a 73 basis points increase from the net interest margin of 3.12 percent for the first half of the prior year. Core net interest margin during the first half of 2026 was 3.79 percent compared to 3.08 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by a 32 basis points increase in loan yields and a 29 basis points decrease in total 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 $79.2 million for the first half of 2026 increased $13.6 million, or 21 percent, over the first half of the prior year and was primarily driven by increased income from the acquired banks. Deposit service charges and other fees of $31.6 million for the first half of 2026 increased $4.5 million, or 17 percent, over the first half of the prior year. Payment services of $23.4 million for the first half of 2026 increased by $3.6 million, or 18 percent, over the first half of the prior year.
Non-interest Expense Summary
Six Months ended
(Dollars in thousands)
Jun 30, 2026
Jun 30, 2025
$ Change
% Change
Compensation and employee benefits
$
232,069
$
185,798
$
46,271
25
%
Occupancy and equipment
31,343
24,852
6,491
26
%
Advertising and promotions
10,348
8,538
1,810
21
%
Data processing
25,653
19,021
6,632
35
%
Other real estate owned and foreclosed assets
289
89
200
225
%
Regulatory assessments and insurance
11,909
11,381
528
5
%
Core deposit intangibles amortization
9,598
6,894
2,704
39
%
Other expenses
66,020
49,864
16,156
32
%
Total non-interest expense
$
387,229
$
306,437
$
80,792
26
%
Total non-interest expense of $387 million for the first half of 2026 increased $80.8 million, or 26 percent, over the first half of the prior year and was primarily driven by increased costs from the acquired banks. Compensation and employee benefits expense of $232 million in the first half of 2026 increased $46.3 million, or 25 percent, over the first half of the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Occupancy and equipment expense of $31.3 million in the first half of 2026 increased $6.5 million, or 26 percent, over the first half of the prior year primarily due to increased costs from the acquired banks. Data processing expense of $25.7 million in the first half of 2026 increased $6.6 million, or 35 percent, over the first half of the prior year primarily due to increased costs from the acquired banks. Other expenses of $66.0 million for the first half of 2026 increased $16.2 million, or 32 percent, from the first half of the prior year and was primarily driven by an increase in acquisition-related expenses.
11
Acquisition-related expense was $10.5 million in the first half of the current year compared to $3.8 million in the prior year first half. In addition, compensation and employee benefits included $5.2 million of expense attributable to acquisition-related employment agreements in the first half of the current year compared to $795 thousand in the first half of the prior year.
Provision for Credit Losses
The provision for credit loss expense was $12.4 million for the first half of 2026, a decrease of $15.7 million, or 56 percent, over the same period in the prior year. Included in the first half of the prior year provision for credit losses was $16.7 million from the acquisition of Bank of Idaho. Net charge-offs for the first half of 2026 were $8.9 million compared to $3.4 million in the first half of 2025.
Federal and State Income Tax Expense
Tax expense of $44.6 million for the first half of 2026 increased $23.3 million, or 109 percent, over the same period in the prior year. The effective tax rate for the first half of 2026 was 19.9 percent compared to 16.6 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 an increase in the pre-tax income.
Efficiency Ratio
The efficiency ratio was 59.79 percent for the first half of 2026 compared to 63.72 percent for the same period of 2025. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.
12
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 on the 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 Iran and Ukraine, further 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;
•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 related to rapidly evolving artificial intelligence technologies;
•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;
13
•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, July 24, 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/BIa64d0770f93544c4992aa6382dbe6242. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/53sx3j3i.
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).
Non-GAAP Financial Measures
Certain financial measures and ratios the Company presents are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). The Company refers to these financial measures and ratios as “non-GAAP financial measures.” A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is provided in the tables within this press release. The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and in evaluating period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain income, expense, or intangible items that the Company believes are not indicative of its primary business operating results.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and investors should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures presented may differ from non-GAAP financial measures used by the Company’s peers or other companies. The Company compensates for these differences by providing the equivalent GAAP measures whenever the Company presents the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.
14
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Assets
Cash on hand and in banks
$
353,748
350,801
321,526
375,398
Interest bearing cash deposits
702,931
1,034,436
913,735
540,109
Cash and cash equivalents
1,056,679
1,385,237
1,235,261
915,507
Debt securities, available-for-sale
3,482,725
3,585,531
4,007,512
4,024,980
Debt securities, held-to-maturity
3,004,758
3,058,662
3,110,216
3,206,133
Total debt securities
6,487,483
6,644,193
7,117,728
7,231,113
Loans held for sale, at fair value
45,145
41,652
39,186
47,738
Loans receivable
21,363,723
21,033,663
20,927,796
18,532,740
Allowance for credit losses
(260,025)
(255,771)
(255,319)
(226,799)
Loans receivable, net
21,103,698
20,777,892
20,672,477
18,305,941
Premises and equipment, net
493,497
492,031
486,184
426,801
Right-of-use assets, net
76,428
76,344
75,574
56,525
Other real estate owned and foreclosed assets
1,541
1,610
411
1,879
Accrued interest receivable
120,254
122,795
120,092
108,286
Deferred tax asset
102,902
103,863
101,337
114,528
Intangibles, net
95,671
100,470
105,269
64,949
Goodwill
1,378,283
1,378,283
1,378,283
1,121,401
Federal Home Loan Bank stock, at cost
21,244
21,524
42,764
76,990
Bank-owned life insurance
235,984
236,540
235,090
191,623
Other assets
380,192
351,648
368,407
341,702
Total assets
$
31,599,001
31,734,082
31,978,063
29,004,983
Liabilities
Non-interest bearing deposits
$
7,423,439
7,427,280
7,314,779
6,593,728
Interest bearing deposits
17,230,678
17,314,591
17,276,317
15,034,774
Securities sold under agreements to repurchase
1,952,501
2,085,623
2,084,113
1,976,228
FHLB advances
—
—
440,000
1,255,088
Other borrowed funds
52,880
51,564
51,473
62,366
Finance lease liabilities
31,606
31,209
28,808
19,405
Subordinated debentures
188,573
188,032
187,492
157,127
Accrued interest payable
29,542
30,512
32,786
27,973
Operating lease liabilities
51,320
51,457
52,869
42,274
Other liabilities
325,440
305,315
295,605
303,756
Total liabilities
27,285,979
27,485,583
27,764,242
25,472,719
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
1,302
1,301
1,300
1,186
Paid-in capital
3,229,635
3,224,619
3,220,064
2,655,894
Retained earnings - substantially restricted
1,253,379
1,198,628
1,159,567
1,113,839
Accumulated other comprehensive loss
(171,294)
(176,049)
(167,110)
(238,655)
Total stockholders’ equity
4,313,022
4,248,499
4,213,821
3,532,264
Total liabilities and stockholders’ equity
$
31,599,001
31,734,082
31,978,063
29,004,983
15
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended
Six Months ended
(Dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Interest Income
Investment securities
$
42,890
45,126
44,148
88,016
89,794
Residential real estate loans
30,104
33,708
25,361
63,812
49,636
Commercial loans
266,123
258,616
214,816
524,739
412,204
Consumer and other loans
26,103
24,887
23,790
50,990
46,406
Total interest income
365,220
362,337
308,115
727,557
598,040
Interest Expense
Deposits
71,972
72,251
65,569
144,223
128,434
Securities sold under agreements to repurchase
13,227
13,619
14,109
26,846
27,842
Federal Home Loan Bank advances
—
4,226
17,806
4,226
38,525
Other borrowed funds
455
443
400
898
802
Subordinated debentures
3,138
3,121
2,615
6,259
4,842
Total interest expense
88,792
93,660
100,499
182,452
200,445
Net Interest Income
276,428
268,677
207,616
545,105
397,595
Provision for credit losses
6,355
6,064
20,267
12,419
28,081
Net interest income after provision for credit losses
270,073
262,613
187,349
532,686
369,514
Non-Interest Income
Deposit service charges and other fees
16,351
15,265
13,910
31,616
27,125
Payment services
12,012
11,368
10,457
23,380
19,785
Miscellaneous loan fees and charges
2,558
2,279
1,890
4,837
3,581
Gain on sale of loans
5,007
5,108
4,273
10,115
8,584
Gain (loss) on sale of securities
—
—
—
—
—
Other income
5,173
4,062
2,414
9,235
6,511
Total non-interest income
41,101
38,082
32,944
79,183
65,586
Non-Interest Expense
Compensation and employee benefits
116,299
115,770
94,355
232,069
185,798
Occupancy and equipment
15,661
15,682
12,558
31,343
24,852
Advertising and promotions
5,092
5,256
4,394
10,348
8,538
Data processing
12,380
13,273
9,883
25,653
19,021
Other real estate owned and foreclosed assets
83
206
26
289
89
Regulatory assessments and insurance
5,506
6,403
5,847
11,909
11,381
Intangibles amortization
4,799
4,799
3,624
9,598
6,894
Other expenses
26,880
39,140
24,432
66,020
49,864
Total non-interest expense
186,700
200,529
155,119
387,229
306,437
Income Before Income Taxes
124,474
100,166
65,174
224,640
128,663
Federal and state income tax expense
26,612
18,022
12,393
44,634
21,314
Net Income
$
97,862
82,144
52,781
180,006
107,349
16
Glacier Bancorp, Inc.
Non-GAAP Financial Measures and Reconciliations
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Tangible Equity
Total stockholders’ equity
$
4,313,022
4,248,499
4,213,821
3,532,264
Less: goodwill and intangible assets, net
(1,473,954)
(1,478,753)
(1,483,552)
(1,186,350)
Tangible stockholders' equity (non-GAAP)
$
2,839,068
2,769,746
2,730,269
2,345,914
Tangible Assets
Total assets
$
31,599,001
31,734,082
31,978,063
29,004,983
Less: goodwill and intangible assets, net
(1,473,954)
(1,478,753)
(1,483,552)
(1,186,350)
Tangible assets (non-GAAP)
$
30,125,047
30,255,329
30,494,511
27,818,633
Tangible equity to tangible assets (non-GAAP)
9.42
%
9.15
%
8.95
%
8.43
%
Book value per share
$
33.13
$
32.65
$
32.42
$
29.80
Tangible book value per share (non-GAAP)
$
21.81
$
21.29
$
21.01
$
19.79
At or for the Three Months ended
At or for the Six Months ended
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Core Net Interest Margin
Net interest income (tax equivalent) 1
$
280,016
272,383
211,081
552,399
404,481
Purchase accounting
(3,832)
(5,140)
(2,103)
(8,973)
(5,463)
Non-accrual loan interest reversal (recovery)
825
(42)
191
784
204
Core net interest income (tax equivalent) (non-GAAP)
$
277,009
267,201
209,169
544,210
399,222
Average earning assets
$
28,793,343
29,078,665
26,401,636
28,935,216
26,117,798
Net interest margin (tax equivalent)
3.90
%
3.80
%
3.21
%
3.85
%
3.12
%
Core net interest margin (tax equivalent) (non-GAAP)
3.86
%
3.73
%
3.18
%
3.79
%
3.08
%
______________________________
1 Includes tax effect of $3.6 million, $3.7 million and $3.5 million on tax-exempt municipal loan and lease income, tax-exempt debt securities income and federal income tax credits for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Includes tax effect of $7.3 million and $6.9 million on on tax-exempt municipal loan and lease income, tax-exempt debt securities income and federal income tax credits for the six months ended June 30, 2026 and June 30, 2025, respectively.
17
Glacier Bancorp, Inc.
Non-GAAP Financial Measures and Reconciliations (continued)
At or for the Three Months ended
At or for the Six Months ended
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Jun 30, 2025
Jun 30, 2026
Jun 30, 2025
Operating Diluted Earnings Per Share
Net income
$
97,862
82,144
52,781
180,006
107,349
Provision for credit losses - acquisition ACL expense
—
—
16,693
—
16,693
Operating adjustments - non-interest income
(Gain) loss on securities
—
—
—
—
—
BOLI proceeds
(63)
(776)
—
(839)
(1,113)
Total operating adjustments - non-interest income
(63)
(776)
—
(839)
(1,113)
Operating adjustments - non-interest expense
Acquisition-related compensation
2,462
2,775
544
5,237
795
Lease terminations
—
200
—
200
—
FDIC special assessment
—
(87)
—
(87)
(219)
(Gain) loss on fixed assets
(2,618)
445
(1,612)
(2,173)
(2,622)
Acquisition-related expense
1,590
8,907
3,231
10,497
3,818
Total operating adjustments - non-interest expense
1,434
12,240
2,163
13,674
1,772
Tax impact
(341)
(3,028)
(4,699)
(3,369)
(4,432)
Net operating adjustments
1,030
8,436
14,157
9,466
12,920
Operating net income (non-GAAP)
$
98,892
90,580
66,938
189,472
120,269
Weighted average diluted common shares outstanding
130,346,888
130,242,765
116,918,290
130,283,236
115,244,550
Diluted EPS
$
0.75
$
0.63
$
0.45
$
1.38
$
0.93
Operating diluted EPS (non-GAAP)
$
0.76
$
0.70
$
0.57
$
1.45
$
1.04
18
Glacier Bancorp, Inc.
Non-GAAP Financial Measures and Reconciliations (continued)
At or for the Three Months ended
At or for the Six Months ended
(Dollars in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Operating Efficiency Ratio
Non-interest expense
$
186,700
$
200,529
$
155,119
$
387,229
$
306,437
OREO expense
(60)
(16)
(13)
(76)
(31)
Intangible amortization
(4,799)
(4,799)
(3,624)
(9,598)
(6,894)
Total expenses
181,841
195,714
151,482
377,555
299,512
Operating expense adjustments (pre-tax)
(1,434)
(12,240)
(2,163)
(13,674)
(1,772)
Total operating non-interest expense (non-GAAP)
180,407
183,474
149,319
363,881
297,740
Net interest income (tax equivalent)
280,016
272,383
211,081
552,399
404,481
Non-interest income
41,101
38,082
32,944
79,183
65,586
Gain (loss) on sale of securities
—
—
—
—
—
OREO income
(110)
(35)
—
(145)
—
Total revenues
321,007
310,430
244,025
631,437
470,067
Operating revenue adjustments (pre-tax)
(63)
(776)
—
(839)
(1,113)
Total revenues (non-GAAP)
$
320,944
309,654
244,025
630,598
468,954
Efficiency ratio
56.65
%
63.05
%
62.08
%
59.79
%
63.72
%
Efficiency ratio (non-GAAP)
56.21
%
59.25
%
61.19
%
57.70
%
63.49
%
19
Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
June 30, 2026
March 31, 2026
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
2,172,055
$
30,104
5.54
%
$
2,360,462
$
33,708
5.71
%
Commercial loans 1
17,562,322
267,705
6.11
%
17,206,377
260,287
6.13
%
Consumer and other loans
1,479,518
26,103
7.08
%
1,425,664
24,887
7.08
%
Total loans 2
21,213,895
323,912
6.12
%
20,992,503
318,882
6.16
%
Tax-exempt debt securities 3
1,624,487
14,246
3.51
%
1,647,612
14,452
3.51
%
Taxable debt securities 4, 5
5,954,961
30,650
2.06
%
6,438,550
32,709
2.03
%
Total earning assets
28,793,343
368,808
5.14
%
29,078,665
366,043
5.11
%
Goodwill and intangibles
1,476,292
1,481,187
Non-earning assets
1,201,401
1,203,188
Total assets
$
31,471,036
$
31,763,040
Liabilities
Non-interest bearing deposits
$
7,298,710
$
—
—
%
$
7,230,420
$
—
—
%
NOW and DDA accounts
6,206,979
16,103
1.04
%
6,167,696
15,897
1.05
%
Savings accounts
3,170,155
5,451
0.69
%
3,163,850
5,500
0.71
%
Money market deposit accounts
4,052,361
20,154
1.99
%
3,963,618
19,078
1.95
%
Certificate accounts
3,807,368
30,233
3.18
%
3,896,903
31,742
3.30
%
Total core deposits
24,535,573
71,941
1.18
%
24,422,487
72,217
1.20
%
Wholesale deposits 6
3,337
31
3.77
%
3,615
34
3.81
%
Repurchase agreements
1,995,035
13,227
2.66
%
2,074,082
13,619
2.66
%
FHLB advances
55
—
3.87
%
361,778
4,226
4.67
%
Subordinated debentures and other borrowed funds
271,589
3,593
5.31
%
267,450
3,564
5.40
%
Total funding liabilities
26,805,589
88,792
1.33
%
27,129,412
93,660
1.40
%
Other liabilities
364,792
372,547
Total liabilities
27,170,381
27,501,959
Stockholders’ Equity
Stockholders’ equity
4,300,655
4,261,081
Total liabilities and stockholders’ equity
$
31,471,036
$
31,763,040
Net interest income (tax-equivalent)
$
280,016
$
272,383
Net interest spread (tax-equivalent)
3.81
%
3.71
%
Net interest margin (tax-equivalent)
3.90
%
3.80
%
______________________________
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 June 30, 2026 and March 31, 2026, 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 $1.9 million and $2.0 million on tax-exempt debt securities income for the three months ended June 30, 2026 and March 31, 2026, respectively.
4 Includes interest income of $7.0 million and $8.1 million on average interest-bearing cash balances of $772.3 million and $894.0 million for the three months ended June 30, 2026 and March 31, 2026, respectively.
5 Includes tax effect of $68 thousand and $68 thousand on federal income tax credits for the three months ended June 30, 2026 and March 31, 2026, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
20
Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Three Months ended
June 30, 2026
June 30, 2025
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
2,172,055
$
30,104
5.54
%
$
1,940,514
$
25,361
5.23
%
Commercial loans 1
17,562,322
267,705
6.11
%
14,884,885
216,385
5.83
%
Consumer and other loans
1,479,518
26,103
7.08
%
1,336,030
23,790
7.14
%
Total loans 2
21,213,895
323,912
6.12
%
18,161,429
265,536
5.86
%
Tax-exempt debt securities 3
1,624,487
14,246
3.51
%
1,594,895
13,999
3.51
%
Taxable debt securities 4, 5
5,954,961
30,650
2.06
%
6,645,312
32,045
1.93
%
Total earning assets
28,793,343
368,808
5.14
%
26,401,636
311,580
4.73
%
Goodwill and intangibles
1,476,292
1,153,466
Non-earning assets
1,201,401
918,007
Total assets
$
31,471,036
$
28,473,109
Liabilities
Non-interest bearing deposits
$
7,298,710
$
—
—
%
$
6,256,245
$
—
—
%
NOW and DDA accounts
6,206,979
16,103
1.04
%
5,674,990
16,045
1.13
%
Savings accounts
3,170,155
5,451
0.69
%
2,904,389
5,402
0.75
%
Money market deposit accounts
4,052,361
20,154
1.99
%
3,000,487
15,389
2.06
%
Certificate accounts
3,807,368
30,233
3.18
%
3,211,418
28,667
3.58
%
Total core deposits
24,535,573
71,941
1.18
%
21,047,529
65,503
1.25
%
Wholesale deposits 6
3,337
31
3.77
%
5,618
66
4.67
%
Repurchase agreements
1,995,035
13,227
2.66
%
1,898,841
14,109
2.98
%
FHLB advances
55
—
3.87
%
1,494,781
17,806
4.71
%
Subordinated debentures and other borrowed funds
271,589
3,593
5.31
%
231,902
3,015
5.21
%
Total funding liabilities
26,805,589
88,792
1.33
%
24,678,671
100,499
1.63
%
Other liabilities
364,792
338,289
Total liabilities
27,170,381
25,016,960
Stockholders’ Equity
Stockholders’ equity
4,300,655
3,456,149
Total liabilities and stockholders’ equity
$
31,471,036
$
28,473,109
Net interest income (tax-equivalent)
$
280,016
$
211,081
Net interest spread (tax-equivalent)
3.81
%
3.10
%
Net interest margin (tax-equivalent)
3.90
%
3.21
%
______________________________
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 June 30, 2026 and 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 $1.9 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2026 and 2025, respectively.
4 Includes interest income of $7.0 million and $4.8 million on average interest-bearing cash balances of $772.3 million and $433.7 million for the three months ended June 30, 2026 and 2025, respectively.
5 Includes tax effect of $68 thousand and $151 thousand on federal income tax credits for the three months ended June 30, 2026 and 2025, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
21
Glacier Bancorp, Inc.
Average Balance Sheets (continued)
Six Months ended
June 30, 2026
June 30, 2025
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
2,265,738
$
63,812
5.63
%
$
1,913,157
$
49,636
5.19
%
Commercial loans 1
17,385,333
527,992
6.12
%
14,490,240
415,306
5.78
%
Consumer and other loans
1,452,740
50,990
7.08
%
1,319,451
46,406
7.09
%
Total loans 2
21,103,811
642,794
6.14
%
17,722,848
511,348
5.82
%
Tax-exempt debt securities 3
1,635,986
28,698
3.51
%
1,599,845
27,935
3.49
%
Taxable debt securities 4, 5
6,195,419
63,359
2.05
%
6,795,105
65,643
1.93
%
Total earning assets
28,935,216
734,851
5.12
%
26,117,798
604,926
4.67
%
Goodwill and intangibles
1,478,726
1,127,279
Non-earning assets
1,202,289
883,125
Total assets
$
31,616,231
$
28,128,202
Liabilities
Non-interest bearing deposits
$
7,264,754
$
—
—
%
$
6,123,604
$
—
—
%
NOW and DDA accounts
6,187,446
32,000
1.04
%
5,600,895
31,110
1.12
%
Savings accounts
3,167,020
10,951
0.70
%
2,883,150
10,561
0.74
%
Money market deposit accounts
4,008,235
39,232
1.97
%
2,925,396
28,915
1.99
%
Certificate accounts
3,851,888
61,975
3.24
%
3,181,971
57,742
3.66
%
Total core deposits
24,479,343
144,158
1.19
%
20,715,016
128,328
1.25
%
Wholesale deposits 6
3,475
65
3.79
%
4,615
106
4.62
%
Repurchase agreements
2,034,340
26,846
2.66
%
1,870,962
27,842
3.00
%
FHLB advances
179,917
4,226
4.67
%
1,618,702
38,525
4.73
%
Subordinated debentures and other borrowed funds
269,531
7,157
5.35
%
224,031
5,644
5.08
%
Total funding liabilities
26,966,606
182,452
1.36
%
24,433,326
200,445
1.65
%
Other liabilities
368,648
332,558
Total liabilities
27,335,254
24,765,884
Stockholders’ Equity
Stockholders’ equity
4,280,977
3,362,318
Total liabilities and stockholders’ equity
$
31,616,231
$
28,128,202
Net interest income (tax-equivalent)
$
552,399
$
404,481
Net interest spread (tax-equivalent)
3.76
%
3.02
%
Net interest margin (tax-equivalent)
3.85
%
3.12
%
______________________________
1 Includes tax effect of $3.3 million and $3.1 million on tax-exempt municipal loan and lease income for the six months ended June 30, 2026 and 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 $3.9 million and $3.5 million on tax-exempt debt securities income for the six months ended June 30, 2026 and 2025, respectively.
4 Includes interest income of $15.1 million and $11.0 million on average interest-bearing cash balances of $832.8 million and $496.2 million for the Six Months ended June 30, 2026 and 2025, respectively.
5 Includes tax effect of $136 thousand and $301 thousand on federal income tax credits for the six months ended June 30, 2026 and 2025, respectively.
6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
22
Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
Loans Receivable, by Loan Type
% Change from
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Custom and owner occupied construction
$
240,093
$
227,869
$
263,713
$
254,790
5
%
(9)
%
(6)
%
Pre-sold and spec construction
261,642
268,831
255,542
208,106
(3)
%
2
%
26
%
Total residential construction
501,735
496,700
519,255
462,896
1
%
(3)
%
8
%
Land development
232,548
218,943
263,262
176,925
6
%
(12)
%
31
%
Consumer land or lots
231,468
234,467
247,769
229,823
(1)
%
(7)
%
1
%
Unimproved land
256,084
240,944
167,796
127,550
6
%
53
%
101
%
Developed lots for operative builders
51,831
50,056
69,786
73,053
4
%
(26)
%
(29)
%
Commercial lots
131,320
120,528
155,631
175,929
9
%
(16)
%
(25)
%
Other construction
1,254,856
1,144,637
1,122,350
753,056
10
%
12
%
67
%
Total land, lot, and other construction
2,158,107
2,009,575
2,026,594
1,536,336
7
%
6
%
40
%
Owner occupied
3,928,083
3,908,697
3,950,726
3,529,536
—
%
(1)
%
11
%
Non-owner occupied
5,195,855
5,125,101
4,859,173
4,283,986
1
%
7
%
21
%
Total commercial real estate
9,123,938
9,033,798
8,809,899
7,813,522
1
%
4
%
17
%
Commercial and industrial
1,687,362
1,630,625
1,649,101
1,545,498
3
%
2
%
9
%
Agriculture
1,313,581
1,252,040
1,282,861
1,167,611
5
%
2
%
13
%
First lien
2,996,965
3,051,563
3,098,023
2,590,433
(2)
%
(3)
%
16
%
Junior lien
110,601
103,240
106,205
80,170
7
%
4
%
38
%
Total 1-4 family
3,107,566
3,154,803
3,204,228
2,670,603
(1)
%
(3)
%
16
%
Multifamily residential
1,075,562
1,068,813
1,019,484
975,785
1
%
6
%
10
%
Home equity lines of credit
1,089,052
1,081,438
1,076,201
1,048,595
1
%
1
%
4
%
Other consumer
222,289
227,762
237,393
197,744
(2)
%
(6)
%
12
%
Total consumer
1,311,341
1,309,200
1,313,594
1,246,339
—
%
—
%
5
%
States and political subdivisions
950,829
945,587
964,591
973,145
1
%
(1)
%
(2)
%
Other
178,847
174,174
177,375
188,743
3
%
1
%
(5)
%
Total loans receivable, including
loans held for sale
21,408,868
21,075,315
20,966,982
18,580,478
2
%
2
%
15
%
Less loans held for sale 1
(45,145)
(41,652)
(39,186)
(47,738)
8
%
15
%
(5)
%
Total loans receivable
$
21,363,723
$
21,033,663
$
20,927,796
$
18,532,740
2
%
2
%
15
%
______________________________
1 Loans held for sale are primarily first lien 1-4 family loans.
23
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)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Jun 30, 2026
Jun 30, 2026
Jun 30, 2026
Custom and owner occupied construction
$
397
404
183
235
397
—
—
Pre-sold and spec construction
—
889
919
2,806
—
—
—
Total residential construction
397
1,293
1,102
3,041
397
—
—
Land development
1,022
866
898
885
865
157
—
Consumer land or lots
248
17
79
460
15
233
—
Developed lots for operative builders
113
567
456
531
—
—
113
Commercial lots
—
—
556
47
—
—
—
Other construction
500
580
129
—
—
—
500
Total land, lot and other construction
1,883
2,030
2,118
1,923
880
390
613
Owner occupied
5,174
4,254
3,969
4,412
4,102
1,072
—
Non-owner occupied
24,176
18,423
7,606
1,206
21,115
3,061
—
Total commercial real estate
29,350
22,677
11,575
5,618
25,217
4,133
—
Commercial and Industrial
24,436
26,480
27,308
14,764
22,787
1,400
249
Agriculture
10,592
6,119
3,549
6,603
7,576
3,016
—
First lien
16,733
14,231
15,816
10,549
11,712
4,627
394
Junior lien
2,302
1,276
1,776
533
1,629
673
—
Total 1-4 family
19,035
15,507
17,592
11,082
13,341
5,300
394
Multifamily residential
—
409
395
398
—
—
—
Home equity lines of credit
4,932
3,746
3,968
4,016
3,561
1,160
211
Other consumer
1,071
1,151
1,229
921
682
315
74
Total consumer
6,003
4,897
5,197
4,937
4,243
1,475
285
Other
153
83
59
240
—
153
—
Total
$
91,849
79,495
68,895
48,606
74,441
15,867
1,541
24
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-89 Days Delinquent Loans, by Loan Type
% Change from
(Dollars in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Mar 31, 2026
Dec 31, 2025
Jun 30, 2025
Custom and owner occupied construction
$
2,277
$
—
$
533
$
385
n/m
327
%
491
%
Pre-sold and spec construction
4,498
2,284
1,189
—
97
%
278
%
n/m
Total residential construction
6,775
2,284
1,722
385
197
%
293
%
1,660
%
Land development
2,290
416
3,994
170
450
%
(43)
%
1,247
%
Consumer land or lots
1,968
1,041
1,162
1,210
89
%
69
%
63
%
Unimproved land
18
454
—
75
(96)
%
n/m
(76)
%
Developed lots for operative builders
—
5,218
2,300
—
(100)
%
(100)
%
n/m
Commercial lots
180
—
965
—
n/m
(81)
%
n/m
Other construction
—
—
4,787
7,840
n/m
(100)
%
(100)
%
Total land, lot and other construction
4,456
7,129
13,208
9,295
(37)
%
(66)
%
(52)
%
Owner occupied
6,038
9,985
6,103
3,903
(40)
%
(1)
%
55
%
Non-owner occupied
18,064
21,459
15,388
13,806
(16)
%
17
%
31
%
Total commercial real estate
24,102
31,444
21,491
17,709
(23)
%
12
%
36
%
Commercial and industrial
4,787
11,662
10,215
6,711
(59)
%
(53)
%
(29)
%
Agriculture
6,537
4,424
2,390
8,243
48
%
174
%
(21)
%
First lien
7,292
19,407
19,699
3,583
(62)
%
(63)
%
104
%
Junior lien
1,279
2,576
20
—
(50)
%
6,295
%
n/m
Total 1-4 family
8,571
21,983
19,719
3,583
(61)
%
(57)
%
139
%
Multifamily Residential
278
869
150
—
(68)
%
85
%
n/m
Home equity lines of credit
5,354
7,111
5,415
5,482
(25)
%
(1)
%
(2)
%
Other consumer
1,990
1,755
1,866
1,615
13
%
7
%
23
%
Total consumer
7,344
8,866
7,281
7,097
(17)
%
1
%
3
%
Other
2,633
3,099
2,650
1,380
(15)
%
(1)
%
91
%
Total
$
65,483
$
91,760
$
78,826
$
54,403
(29)
%
(17)
%
20
%
______________________________
n/m - not measurable
25
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type
