RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30, 2026
3rd Quarter 2026 Highlights:
•Net income was a record $105 million for the current quarter, an increase of $6.7 million, or 7 percent, from the prior quarter net income of $97.9 million and an increase of $36.7 million, or 54 percent, from the prior year third quarter net income of $67.9 million.
•Diluted earnings per share for the current quarter was $0.80, an increase of $0.05 per share, or 7 percent, from the prior quarter diluted earnings per share of $0.75 and an increase of $0.23 per share, or 40 percent, from the prior year third quarter diluted earnings per share of $0.57.
•Operating diluted earnings per share1 for the current quarter was $0.81, an increase of $0.05 per share, or 7 percent, from the prior quarter operating diluted earnings per share of $0.76 and an increase of $0.19 per share, or 31 percent, from the prior year third quarter operating diluted earnings per share of $0.62.
•Net interest income for the current quarter was $290 million, an increase of $13.5 million, or 5 percent, from the prior quarter net interest income of $276 million and an increase of $65 million, or 29 percent, from the prior year third quarter net interest income of $225 million.
•The loan portfolio of $21.620 billion at September 30, 2026, increased $256 million, or 5 percent annualized, from the prior quarter.
•Total deposits of $25.273 billion for the current quarter increased $619 million, or 10 percent annualized, from the prior quarter.
•Total non-interest bearing deposits of $7.702 billion for the current quarter increased $279 million, or 15 percent annualized, from the prior quarter.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.01 percent, an increase of 11 basis points from the prior quarter net interest margin of 3.90 percent and an increase of 62 basis points from the prior year third quarter net interest margin of 3.39 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 total earning assets yield of 5.23 percent in the current quarter increased 9 basis points from the prior quarter earning assets yield of 5.14 percent and increased 37 basis points from the prior year third quarter earning assets yield of 4.86 percent.
•The core deposit cost (including non-interest bearing deposits) of 1.17 percent in the current quarter decreased 1 basis point from the prior quarter core deposit cost of 1.18 percent and decreased 6 basis points from the prior year third quarter core deposit cost of 1.23 percent.
•The total cost of funding (including non-interest bearing deposits) of 1.32 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.33 percent and decreased 26 basis points from the prior year third quarter total cost of funding of 1.58 percent.
•The Company declared a quarterly dividend of $0.35 per share, an increase of $0.02, or 6 percent, over the prior quarter. The Company has declared 166 consecutive quarterly dividends and has increased the dividend 50 times.
Year-to-Date 2026 Highlights:
•Net income for the first nine months of 2026 was $285 million, an increase of $109 million, or 62 percent, from the prior year first nine months net income of $175 million.
•Diluted earnings per share for the first nine months of 2026 was $2.18, an increase of $0.67 per share, or 44 percent, from the prior year first nine months diluted earnings per share of $1.51.
•Operating diluted earnings per share for the first nine months of 2026 was $2.26, an increase of $0.59 per share, or 35 percent, from the prior year first nine months operating diluted earnings per share of $1.67.
•Net interest income for the first nine months of 2026 was $835 million, an increase of $212 million, or 34 percent, from the prior year first nine months net interest income of $623 million.
•The loan portfolio increased $2.829 billion, or 15 percent, from the prior year third quarter.
•Total deposits increased $3.402 billion, or 16 percent, from the prior year third quarter.
•The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2026 was 3.90 percent, an increase of 69 basis points from the prior year first nine months net interest margin of 3.21 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 nine months of 2026, were $1.01 per share, an increase of $0.02, or 2 percent, over the prior year first nine months of $0.99 per share.
2
Financial Summary
At or for the Three Months ended
At or for the Nine Months ended
(Dollars in thousands, except per share and market data)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Performance results
Net income
$
104,562
97,862
82,144
67,900
284,568
175,249
Basic earnings per share
$
0.80
0.75
0.63
0.57
2.19
1.51
Diluted earnings per share
$
0.80
0.75
0.63
0.57
2.18
1.51
Operating diluted earnings per share (non-GAAP) 1
$
0.81
0.76
0.70
0.62
2.26
1.67
Dividends declared per share
$
0.35
0.33
0.33
0.33
1.01
0.99
Market value per share
Closing
$
43.20
51.58
44.67
48.67
43.20
48.67
High
$
54.58
52.16
53.99
50.54
54.58
52.81
Low
$
43.03
44.26
41.87
42.08
41.87
36.76
Selected ratios and other data
Number of common stock shares outstanding
130,218,983
130,202,054
130,124,378
118,552,847
130,218,983
118,552,847
Average outstanding shares - basic
130,214,868
130,167,496
130,052,858
118,552,231
130,145,667
116,316,754
Average outstanding shares - diluted
130,433,235
130,346,888
130,242,765
118,628,434
130,324,260
116,382,822
Return on average assets (annualized)
1.31
%
1.25
%
1.05
%
0.93
%
1.20
%
0.82
%
Return on average equity (annualized)
9.53
%
9.13
%
7.82
%
7.52
%
8.84
%
6.82
%
Efficiency ratio
56.08
%
56.65
%
63.05
%
62.05
%
58.51
%
63.12
%
Operating efficiency ratio (non-GAAP) 1
55.75
%
56.21
%
59.25
%
58.87
%
57.03
%
61.83
%
Loan to deposit ratio
85.69
%
86.84
%
85.18
%
86.11
%
85.69
%
86.11
%
Number of full time equivalent employees
4,111
4,125
4,139
3,649
4,111
3,649
Number of locations
282
282
282
248
282
248
Number of ATMs
338
339
337
298
338
298
______________________________
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., Oct 22, 2026, (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $104.6 million for the current quarter, an increase of $6.7 million, or 7 percent, from the prior quarter net income of $97.9 million and an increase of $36.7 million, or 54 percent, from the prior year third quarter net income of $67.9 million. Diluted earnings per share for the current quarter was $0.80, an increase of $0.05 per share, or 7 percent, from the prior quarter diluted earnings per share of $0.75 and an increase of $0.23 per share, or 40 percent, from the prior year third quarter diluted earnings per share of $0.57. Operating diluted earnings per share for the current quarter was $0.81, an increase of $0.05 per share, or 7 percent, from the prior quarter operating diluted earnings per share of $0.76 and an increase of $0.19 per share, or 31 percent, from the prior year third quarter operating diluted earnings per share of $0.62. The current quarter included $1.9 million of compensation from acquisition-related employment agreements and $844 thousand of gains from the sale of former branch facilities and disposal of fixed assets. “Our strong third quarter results clearly demonstrate the power of the Glacier franchise,” said Randy Chesler, President and Chief Executive Officer. “We generated record net income, expanded margin for the eleventh consecutive quarter, increased deposits and delivered solid loan growth. We are well positioned to return to our historical levels of performance as continued balance sheet repricing drives improved profitability and the Glacier franchise continues to grow.”
Net income for the first nine months of 2026 was $285 million, an increase of $110 million, or 63 percent, from the prior year first nine months net income of $175 million which was driven primarily by the increase in net
3
interest income from the improvement in the net interest margin. Diluted earnings per share for the first nine months of 2026 was $2.18, an increase of $0.67 per share, or 44 percent, from the prior year first nine months diluted earnings per share of $1.51. Operating diluted earnings per share for the first nine months of 2026 was $2.26, an increase of $0.59 per share, or 35 percent, from the prior year first nine months of 2025 operating diluted earnings per share of $1.67.
Asset Summary
$ Change from
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Cash and cash equivalents
$
1,506,781
1,056,679
1,235,261
854,244
450,102
271,520
652,537
Debt securities, available-for-sale
3,595,063
3,482,725
4,007,512
3,916,189
112,338
(412,449)
(321,126)
Debt securities, held-to-maturity
2,817,933
3,004,758
3,110,216
3,155,901
(186,825)
(292,283)
(337,968)
Total debt securities
6,412,996
6,487,483
7,117,728
7,072,090
(74,487)
(704,732)
(659,094)
Loans receivable 1
Residential real estate
2,104,815
2,111,683
2,457,907
1,926,448
(6,868)
(353,092)
178,367
Commercial real estate
14,432,233
14,155,059
13,565,512
12,045,446
277,174
866,721
2,386,787
Other commercial
3,613,414
3,615,240
3,497,829
3,451,177
(1,826)
115,585
162,237
Home equity
1,050,852
1,054,110
977,206
980,472
(3,258)
73,646
70,380
Other consumer
418,216
427,631
429,342
387,443
(9,415)
(11,126)
30,773
Loans receivable
21,619,530
21,363,723
20,927,796
18,790,986
255,807
691,734
2,828,544
Allowance for credit losses
(259,668)
(260,025)
(255,319)
(229,077)
357
(4,349)
(30,591)
Loans receivable, net
21,359,862
21,103,698
20,672,477
18,561,909
256,164
687,385
2,797,953
Other assets
3,011,165
2,951,141
2,952,597
2,527,384
60,024
58,568
483,781
Total assets
$
32,290,804
31,599,001
31,978,063
29,015,627
691,803
312,741
3,275,177
______________________________
1 In connection with the Guaranty core system conversion, Guaranty loans were reclassified in the first 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 $6.413 billion at September 30, 2026, decreased $74.5 million, or 1 percent, during the current quarter and decreased $659 million, or 9 percent, from the prior year third quarter. The Company selectively purchased debt securities during the current quarter with the Company’s excess liquidity position. Debt securities represented 20 percent of total assets at September 30, 2026, compared to 21 percent at June 30, 2026, and 24 percent at September 30, 2025.
The loan portfolio of $21.620 billion at September 30, 2026, increased $256 million, or 5 percent annualized, from the prior quarter. The loan portfolio increased $2.829 billion, or 15 percent, from the prior year third quarter. Excluding the Guaranty acquisition on October 1, 2025, the loan portfolio increased $726 million, or 4 percent, from the prior year third quarter.
4
Credit Quality Summary
At or for the Nine Months ended
At or for the Six Months ended
At or for the Year ended
At or for the Nine Months ended
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 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
19,282
13,639
61,846
29,355
Charge-offs
(18,578)
(11,562)
(18,682)
(11,276)
Recoveries
3,645
2,629
5,960
4,922
Balance at end of period
$
259,668
260,025
255,319
229,077
Provision for credit losses
Loan portfolio
$
19,282
13,639
61,846
29,355
Unfunded loan commitments
(1,754)
(1,220)
9,554
6,382
Total provision for credit losses
$
17,528
12,419
71,400
35,737
Other real estate owned
$
4,882
1,219
284
1,376
Other foreclosed assets
338
322
127
37
Accruing loans 90 days or more past due
17,219
15,867
5,997
7,449
Non-accrual loans
68,202
74,441
62,487
45,450
Total non-performing assets
$
90,641
91,849
68,895
54,312
Non-performing assets as a percentage of subsidiary assets
0.28
%
0.29
%
0.22
%
0.19
%
Allowance for credit losses as a percentage of non-performing loans
304
%
288
%
373
%
433
%
Allowance for credit losses as a percentage of total loans
1.20
%
1.22
%
1.22
%
1.22
%
Net charge-offs as a percentage of total loans
0.07
%
0.04
%
0.06
%
0.03
%
Accruing loans 30-89 days past due
$
58,149
65,483
78,826
39,524
U.S. government guarantees included in non-performing assets
$
4,657
7,497
8,733
10,358
Early stage delinquencies (accruing loans 30-89 days past due) of $58.1 million at September 30, 2026, decreased $7.3 million from the prior quarter and increased $18.6 million from the prior year third quarter. Early stage delinquencies as a percentage of loans at September 30, 2026, were 0.27 percent compared to 0.31 percent for the prior quarter and 0.21 percent for the prior year third quarter. Non-performing assets of $90.6 million at September 30, 2026, decreased $1.2 million, or 1 percent, over the prior quarter and increased $36.3 million, or 67 percent, over the prior year third quarter.
The current quarter provision for credit loss expense of $5.1 million included $5.6 million of credit loss expense on loans and $534 thousand of credit loss benefit on unfunded loan commitments. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.20 percent at September 30, 2026, compared to 1.22 percent at each of June 30, 2026, December 31, 2025, and September 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
Third quarter 2026
$
5,643
$
6,000
1.20
%
0.27
%
0.28
%
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
%
Net charge-offs for the current quarter were $6.0 million compared to $5.9 million in the prior quarter and $2.9 million for the prior year third quarter. The current quarter net charge-offs included $3.5 million in deposit overdraft net charge-offs and $2.5 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)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Deposits
Non-interest bearing deposits
$
7,702,429
7,423,439
7,314,779
6,674,441
278,990
387,650
1,027,988
NOW and DDA accounts
6,139,924
6,192,363
6,236,551
5,805,816
(52,439)
(96,627)
334,108
Savings accounts
3,225,270
3,169,141
3,158,939
3,049,753
56,129
66,331
175,517
Money market deposit accounts
4,458,524
4,132,820
3,948,201
3,137,810
325,704
510,323
1,320,714
Certificate accounts
3,743,285
3,732,971
3,928,550
3,199,825
10,314
(185,265)
543,460
Core deposits, total
25,269,432
24,650,734
24,587,020
21,867,645
618,698
682,412
3,401,787
Wholesale deposits
3,305
3,383
4,076
3,304
(78)
(771)
1
Deposits, total
25,272,737
24,654,117
24,591,096
21,870,949
618,620
681,641
3,401,788
Repurchase agreements
1,954,925
1,952,501
2,084,113
2,004,286
2,424
(129,188)
(49,361)
Deposits and repurchase agreements, total
27,227,662
26,606,618
26,675,209
23,875,235
621,044
552,453
3,352,427
Federal Home Loan Bank advances
—
—
440,000
895,022
—
(440,000)
(895,022)
Other borrowed funds
51,744
52,880
51,473
59,779
(1,136)
271
(8,035)
Finance lease liabilities
30,559
31,606
28,808
18,401
(1,047)
1,751
12,158
Subordinated debentures
174,113
188,573
187,492
157,379
(14,460)
(13,379)
16,734
Other liabilities
466,865
406,302
381,260
401,523
60,563
85,605
65,342
Total liabilities
$
27,950,943
27,285,979
27,764,242
25,407,339
664,964
186,701
2,543,604
Total deposits of $25.273 billion at September 30, 2026, increased $619 million, or 10 percent annualized, during the current quarter and increased $3.402 billion, or 16 percent, from the prior year third quarter.
6
Excluding a temporary quarter-end deposit expected to largely exit in the fourth quarter, total deposits increased $308 million, or 5 percent annualized, from the prior quarter. Excluding the Guaranty acquisition, total deposits increased $695 million, or 3 percent, from the prior year third quarter.
Non-interest bearing deposits of $7.702 billion at September 30, 2026, increased $279 million, or 15 percent annualized, during the current quarter and increased $1.028 billion, or 15 percent, from the prior year third quarter. Excluding the impact of the temporary quarter-end deposit, non-interest bearing deposits increased $197 million, or 11 percent annualized, from the prior quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of September 30, 2026, and June 30, 2026, compared to 31 percent at September 30, 2025.
Stockholders’ Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Common equity
$
4,546,197
4,484,316
4,380,931
3,801,178
61,881
165,266
745,019
Accumulated other comprehensive loss
(206,336)
(171,294)
(167,110)
(192,890)
(35,042)
(39,226)
(13,446)
Total stockholders’ equity
4,339,861
4,313,022
4,213,821
3,608,288
26,839
126,040
731,573
Goodwill and intangibles, net
(1,469,156)
(1,473,954)
(1,483,552)
(1,182,536)
4,798
14,396
(286,620)
Tangible stockholders’ equity (non-GAAP) 1
$
2,870,705
2,839,068
2,730,269
2,425,752
31,637
140,436
444,953
Stockholders’ equity to total assets
13.44
%
13.65
%
13.18
%
12.44
%
Tangible stockholders’ equity to total tangible assets (non-GAAP) 1
9.31
%
9.42
%
8.95
%
8.72
%
Book value per common share
$
33.33
33.13
32.42
30.44
0.20
0.91
2.89
Tangible book value per common share (non-GAAP) 1
$
22.05
21.81
21.01
20.46
0.24
1.04
1.59
______________________________
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 $2.871 billion at September 30, 2026, increased $31.6 million, or 1 percent, compared to the prior quarter, primarily due to earnings retention. Tangible stockholders’ equity increased $445 million, or 18 percent, from the prior year third quarter, primarily due to $560 million of Company stock issued in connection with the Guaranty acquisition and earnings retention. 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 $22.05 at the current quarter end increased $0.24 per share, or 1 percent, from the prior quarter and increased $1.59 per share, or 8 percent, from the prior year third quarter.
Cash Dividends
On September 22, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.35 per share, an increase of $0.02, or 6 percent, over the prior quarter. The dividend was payable on October 15, 2026, to shareholders of record on October 6, 2026. The dividend was the Company’s 166th 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 September 30, 2026
Compared to June 30, 2026, March 31, 2026, and September 30, 2025
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Net interest income
Interest income
$
379,980
365,220
362,337
325,003
14,760
17,643
54,977
Interest expense
90,084
88,792
93,660
99,624
1,292
(3,576)
(9,540)
Total net interest income
289,896
276,428
268,677
225,379
13,468
21,219
64,517
Non-interest income
Deposit service charges and other fees
17,187
16,351
15,265
14,676
836
1,922
2,511
Payment services
12,081
12,012
11,368
10,951
69
713
1,130
Miscellaneous loan fees and charges
2,585
2,558
2,279
2,005
27
306
580
Gain on sale of loans
4,754
5,007
5,108
5,027
(253)
(354)
(273)
Other income
3,334
5,173
4,062
2,693
(1,839)
(728)
641
Total non-interest income
39,941
41,101
38,082
35,352
(1,160)
1,859
4,589
Total income
$
329,837
317,529
306,759
260,731
12,308
23,078
69,106
Net interest margin (tax-equivalent)
4.01
%
3.90
%
3.80
%
3.39
%
Core net interest margin (tax-equivalent) (non-GAAP) 1
3.95
%
3.86
%
3.73
%
3.35
%
______________________________
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 $290 million for the current quarter increased $13.5 million, or 5 percent, from the prior quarter net interest income of $276 million and increased $64.5 million, or 29 percent, from the prior year third quarter net interest income of $225 million. The current quarter interest income of $380 million increased $14.8 million, or 4 percent, over the prior quarter and increased $55.0 million, or 17 percent, over the prior year third quarter and was primarily driven by both increased loans and increased interest rates on the loan portfolio. The loan yield of 6.22 percent in the current quarter increased 10 basis points from the prior quarter loan yield of 6.12 percent and increased 25 basis points from the prior year third quarter loan yield of 5.97 percent.
The current quarter interest expense of $90.1 million increased $1.3 million, or 1 percent, from the prior quarter. Interest expense decreased $9.5 million, or 10 percent, from the prior year third quarter primarily due to a decrease in interest rates on deposits and a decrease in high cost borrowings. Core deposit cost (including non-interest bearing deposits) decreased to 1.17 percent in the current quarter compared to 1.18 percent in the prior quarter and 1.23 percent in the prior year third quarter. The total funding cost (including non-interest bearing deposits) decreased to 1.32 percent in the current quarter compared to 1.33 percent in the prior quarter and 1.58 percent in the prior year third quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.01 percent, an increase of 11 basis points from the prior quarter net interest margin of 3.90 percent and was primarily driven by an increase in earning asset yields and a decrease in deposit costs. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter increased 62 basis points from the prior year third quarter net interest margin of 3.39 percent and was primarily driven by the increase in
8
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 3.95 percent in the current quarter compared to 3.86 percent in the prior quarter and 3.35 percent in the prior year third quarter. “The increase in both the net interest income and net interest margin during the current quarter reflects the continued increase in earning assets at higher yields combined with the increase in core deposits at lower costs (including non-interest bearing deposits),” said Ron Copher, Chief Financial Officer. “Over the last eleven consecutive quarters, net interest income has increased from $166 million to $290 million, or 75 percent, with the net interest margin increasing from 2.56 percent to 4.01 percent, or 57 percent.”
Non-interest Income
Non-interest income for the current quarter totaled $39.9 million, which was a decrease of $1.2 million, or 3 percent, over the prior quarter. Non-interest income increased $4.6 million, or 13 percent, over the prior year third quarter. Deposit service charges and other fees of $17.2 million for the current quarter increased $836 thousand, or 5 percent, compared to the prior quarter and increased $2.5 million, or 17 percent, from the prior year third quarter. Payment services of $12.1 million for the current quarter increased $69 thousand, or 1 percent, from the prior quarter and increased $1.1 million, or 10 percent, over the prior year third quarter.
Non-interest Expense Summary
Three Months ended
$ Change from
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Compensation and employee benefits
$
120,661
116,299
115,770
96,498
4,362
4,891
24,163
Occupancy and equipment
16,072
15,661
15,682
13,236
411
390
2,836
Advertising and promotions
5,085
5,092
5,256
4,620
(7)
(171)
465
Data processing
12,240
12,380
13,273
10,634
(140)
(1,033)
1,606
Other real estate owned and foreclosed assets
98
83
206
63
15
(108)
35
Regulatory assessments and insurance
5,054
5,506
6,403
5,799
(452)
(1,349)
(745)
Intangibles amortization
4,798
4,799
4,799
3,813
(1)
(1)
985
Other expenses
27,876
26,880
39,140
33,120
996
(11,264)
(5,244)
Total non-interest expense
$
191,884
186,700
200,529
167,783
5,184
(8,645)
24,101
Total non-interest expense of $192 million for the current quarter increased $5.2 million, or 3 percent, over the prior quarter. Total non-interest expense increased $24.1 million, or 14 percent, over the prior year third quarter and was primarily driven by increased costs from the acquired banks.
Compensation and employee benefits of $121 million for the current quarter increased by $4.4 million, or 4 percent, over the prior quarter, primarily due to increased performance-based compensation. Compensation and employee benefits increased $24.2 million, or 25 percent, from the prior year third quarter and was primarily driven by annual salary increases and increases in staffing levels from the acquired banks. Other expenses of $27.9 million decreased $5.2 million, or 16 percent, from the prior year third quarter and was primarily driven by $6.9 million of decreased acquisition-related expenses.
Acquisition-related expense was $92 thousand in the current quarter compared to $1.6 million in the prior quarter and $7.0 million in the prior year third quarter. In addition, compensation and employee benefits included $1.9 million of expense attributable to acquisition-related employment agreements in the current quarter compared to $2.5 million in the prior quarter and $641 thousand in the prior year third quarter.
9
Federal and State Income Tax Expense
Tax expense during the third quarter of 2026 was $28.3 million, an increase of $1.7 million, or 6 percent, compared to the prior quarter and an increase of $10.9 million, or 63 percent, from the prior year third quarter. The effective tax rate in the current quarter was 21.3 percent, compared to 21.4 percent in the prior quarter and 20.4 percent in the prior year third quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior year third quarter was primarily due to an increase in pre-tax income.
Efficiency Ratio
The efficiency ratio was 56.08 percent in the current quarter compared to 56.65 percent in the prior quarter and 62.05 percent in the prior year third quarter. The decrease from the prior quarter and prior year third quarter was primarily driven by an increase in net interest income which outpaced the increase in non-interest expense.
Operating Results for Nine Months. Ended September 30, 2026
Compared to September 30, 2025
Income Summary
Nine Months ended
(Dollars in thousands)
Sep 30, 2026
Sep 30, 2025
$ Change
% Change
Net interest income
Interest income
$
1,107,537
$
923,043
$
184,494
20
%
Interest expense
272,536
300,069
(27,533)
(9)
%
Total net interest income
835,001
622,974
212,027
34
%
Non-interest income
Deposit service charges and other fees
48,803
41,801
7,002
17
%
Payment Services
35,461
30,736
4,725
15
%
Miscellaneous loan fees and charges
7,422
5,586
1,836
33
%
Gain on sale of loans
14,869
13,611
1,258
9
%
Other income
12,569
9,204
3,365
37
%
Total non-interest income
119,124
100,938
18,186
18
%
Total Income
$
954,125
$
723,912
$
230,213
32
%
Net interest margin (tax-equivalent)
3.90
%
3.21
%
Core net interest margin (tax-equivalent) (non-GAAP) 1
3.85
%
3.17
%
______________________________
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 $835 million for the first nine months of 2026 increased $212 million, or 34 percent, from the first nine months of the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $1.108 billion for the first nine months of 2026 increased $184 million, or 20 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 6.17 percent during the first nine months of 2026, an increase of 30 basis points from the prior year first nine months loan yield of 5.87 percent.
Interest expense of $273 million for the first nine months of 2026 decreased $27.5 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 1.18 percent for the first nine months of 2026, which was a decrease of 6 basis points over the first nine months of the prior year
10
core deposit cost of 1.24 percent. The total funding cost (including non-interest bearing deposits) for the first nine months of 2026 was 1.35 percent, which was a decrease of 28 basis points over the first nine months of the prior year funding cost of 1.63 percent.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2026 was 3.90 percent, a 69 basis points increase from the net interest margin of 3.21 percent for the first nine months of the prior year. Core net interest margin during the first nine months of 2026 was 3.85 percent compared to 3.17 percent in the prior year first nine months. The increase in net interest margin from the prior year was primarily driven by a 30 basis points increase in loan yields and a 28 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 $119 million for the first nine months of 2026 increased $18.2 million, or 18 percent, over the first nine months of the prior year and was primarily driven by increased income from the acquired banks. Deposit service charges and other fees of $48.8 million for the first nine months of 2026 increased $7.0 million, or 17 percent, over the first nine months of the prior year. Payment services of $35.5 million for the first nine months of 2026 increased by $4.7 million, or 15 percent, over the first nine months of the prior year.
Non-interest Expense Summary
Nine Months ended
(Dollars in thousands)
Sep 30, 2026
Sep 30, 2025
$ Change
% Change
Compensation and employee benefits
$
352,730
$
282,296
$
70,434
25
%
Occupancy and equipment
47,415
38,088
9,327
24
%
Advertising and promotions
15,433
13,158
2,275
17
%
Data processing
37,893
29,655
8,238
28
%
Other real estate owned and foreclosed assets
387
152
235
155
%
Regulatory assessments and insurance
16,963
17,180
(217)
(1)
%
Core deposit intangibles amortization
14,396
10,707
3,689
34
%
Other expenses
93,896
82,984
10,912
13
%
Total non-interest expense
$
579,113
$
474,220
$
104,893
22
%
Total non-interest expense of $579 million for the first nine months of 2026 increased $105 million, or 22 percent, over the first nine months of the prior year and was primarily driven by increased costs from the acquired banks. Compensation and employee benefits expense of $353 million in the first nine months of 2026 increased $70.4 million, or 25 percent, over the first nine months of the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Occupancy and equipment expense of $47.4 million in the first nine months of 2026 increased $9.3 million, or 24 percent, over the first nine months of the prior year primarily due to increased costs from the acquired banks. Data processing expense of $37.9 million in the first nine months of 2026 increased $8.2 million, or 28 percent, over the first nine months of the prior year primarily due to increased costs from the acquired banks. Other expenses of $93.9 million for the first nine months of 2026 increased $10.9 million, or 13 percent, from the first nine months of the prior year and was primarily driven by an increase in costs from acquisitions.
11
Acquisition-related expense was $10.6 million in the first nine months of the current year compared to $10.8 million in the prior year first nine months. In addition, compensation and employee benefits included $7.1 million of expense attributable to acquisition-related employment agreements in the first nine months of the current year compared to $1.4 million in the first nine months of the prior year.
Provision for Credit Losses
The provision for credit loss expense was $17.5 million for the first nine months of 2026, a decrease of $18.2 million, or 51 percent, over the same period in the prior year. Included in the first nine months of the prior year provision for credit losses was $16.7 million from the acquisition of Bank of Idaho Holding Co. and its subsidiary, Bank of Idaho. Net charge-offs for the first nine months of 2026 were $14.9 million compared to $6.4 million in the first nine months of 2025.
Federal and State Income Tax Expense
Tax expense of $72.9 million for the first nine months of 2026 increased $34.2 million, or 88 percent, over the same period in the prior year. The effective tax rate for the first nine months of 2026 was 20.4 percent compared to 18.1 percent for the same period in the prior year. The increases in tax expense and the effective tax rate were primarily the result of an increase in the pre-tax income.
Efficiency Ratio
The efficiency ratio was 58.51 percent for the first nine months of 2026 compared to 63.12 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;
•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;
•risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
13
•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, October 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/BIf897ad06750d4ea68674bf70f03fbe10. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/xhafbtnc.
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)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Assets
Cash on hand and in banks
$
290,640
353,748
321,526
312,506
Interest bearing cash deposits
1,216,141
702,931
913,735
541,738
Cash and cash equivalents
1,506,781
1,056,679
1,235,261
854,244
Debt securities, available-for-sale
3,595,063
3,482,725
4,007,512
3,916,189
Debt securities, held-to-maturity
2,817,933
3,004,758
3,110,216
3,155,901
Total debt securities
6,412,996
6,487,483
7,117,728
7,072,090
Loans held for sale, at fair value
37,611
45,145
39,186
42,668
Loans receivable
21,619,530
21,363,723
20,927,796
18,790,986
Allowance for credit losses
(259,668)
(260,025)
(255,319)
(229,077)
Loans receivable, net
21,359,862
21,103,698
20,672,477
18,561,909
Premises and equipment, net
497,590
493,497
486,184
427,271
Right-of-use assets, net
73,983
76,428
75,574
54,502
Other real estate owned and foreclosed assets
5,220
1,541
411
1,413
Accrued interest receivable
131,863
120,254
120,092
120,257
Deferred tax asset
115,077
102,902
101,337
99,702
Intangibles, net
90,873
95,671
105,269
61,135
Goodwill
1,378,283
1,378,283
1,378,283
1,121,401
Federal Home Loan Bank stock, at cost
21,305
21,244
42,764
61,362
Bank-owned life insurance
237,496
235,984
235,090
191,996
Other assets
421,864
380,192
368,407
345,677
Total assets
$
32,290,804
31,599,001
31,978,063
29,015,627
Liabilities
Non-interest bearing deposits
$
7,702,429
7,423,439
7,314,779
6,674,441
Interest bearing deposits
17,570,308
17,230,678
17,276,317
15,196,508
Securities sold under agreements to repurchase
1,954,925
1,952,501
2,084,113
2,004,286
FHLB advances
—
—
440,000
895,022
Other borrowed funds
51,744
52,880
51,473
59,779
Finance lease liabilities
30,559
31,606
28,808
18,401
Subordinated debentures
174,113
188,573
187,492
157,379
Accrued interest payable
32,871
29,542
32,786
27,733
Operating lease liabilities
50,039
51,320
52,869
41,367
Other liabilities
383,955
325,440
295,605
332,423
Total liabilities
27,950,943
27,285,979
27,764,242
25,407,339
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
1,302
1,300
1,186
Paid-in capital
3,232,684
3,229,635
3,220,064
2,657,469
Retained earnings - substantially restricted
1,312,211
1,253,379
1,159,567
1,142,523
Accumulated other comprehensive loss
(206,336)
(171,294)
(167,110)
(192,890)
Total stockholders’ equity
4,339,861
4,313,022
4,213,821
3,608,288
Total liabilities and stockholders’ equity
$
32,290,804
31,599,001
31,978,063
29,015,627
15
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months ended
Nine Months ended
(Dollars in thousands)
September 30, 2026
June 30, 2026
March 31, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Interest Income
Investment securities
$
44,964
42,890
45,126
45,348
132,980
135,142
Residential real estate loans
29,655
30,104
33,708
26,335
93,467
75,971
Commercial loans
279,000
266,123
258,616
228,363
803,739
640,567
Consumer and other loans
26,361
26,103
24,887
24,957
77,351
71,363
Total interest income
379,980
365,220
362,337
325,003
1,107,537
923,043
Interest Expense
Deposits
72,861
71,972
72,251
67,346
217,084
195,780
Securities sold under agreements to repurchase
13,582
13,227
13,619
14,706
40,428
42,548
Federal Home Loan Bank advances
—
—
4,226
14,271
4,226
52,796
Other borrowed funds
459
455
443
385
1,357
1,187
Subordinated debentures
3,182
3,138
3,121
2,916
9,441
7,758
Total interest expense
90,084
88,792
93,660
99,624
272,536
300,069
Net Interest Income
289,896
276,428
268,677
225,379
835,001
622,974
Provision for credit losses
5,109
6,355
6,064
7,656
17,528
35,737
Net interest income after provision for credit losses
284,787
270,073
262,613
217,723
817,473
587,237
Non-Interest Income
Deposit service charges and other fees
17,187
16,351
15,265
14,676
48,803
41,801
Payment services
12,081
12,012
11,368
10,951
35,461
30,736
Miscellaneous loan fees and charges
2,585
2,558
2,279
2,005
7,422
5,586
Gain on sale of loans
4,754
5,007
5,108
5,027
14,869
13,611
Gain (loss) on sale of securities
—
—
—
—
—
—
Other income
3,334
5,173
4,062
2,693
12,569
9,204
Total non-interest income
39,941
41,101
38,082
35,352
119,124
100,938
Non-Interest Expense
Compensation and employee benefits
120,661
116,299
115,770
96,498
352,730
282,296
Occupancy and equipment
16,072
15,661
15,682
13,236
47,415
38,088
Advertising and promotions
5,085
5,092
5,256
4,620
15,433
13,158
Data processing
12,240
12,380
13,273
10,634
37,893
29,655
Other real estate owned and foreclosed assets
98
83
206
63
387
152
Regulatory assessments and insurance
5,054
5,506
6,403
5,799
16,963
17,180
Intangibles amortization
4,798
4,799
4,799
3,813
14,396
10,707
Other expenses
27,876
26,880
39,140
33,120
93,896
82,984
Total non-interest expense
191,884
186,700
200,529
167,783
579,113
474,220
Income Before Income Taxes
132,844
124,474
100,166
85,292
357,484
213,955
Federal and state income tax expense
28,282
26,612
18,022
17,392
72,916
38,706
Net Income
$
104,562
97,862
82,144
67,900
284,568
175,249
16
Glacier Bancorp, Inc.
Non-GAAP Financial Measures and Reconciliations
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Tangible Equity
Total stockholders’ equity
$
4,339,861
4,313,022
4,213,821
3,608,288
Less: goodwill and intangible assets, net
(1,469,156)
(1,473,954)
(1,483,552)
(1,182,536)
Tangible stockholders' equity (non-GAAP)
$
2,870,705
2,839,068
2,730,269
2,425,752
Tangible Assets
Total assets
$
32,290,804
31,599,001
31,978,063
29,015,627
Less: goodwill and intangible assets, net
(1,469,156)
(1,473,954)
(1,483,552)
(1,182,536)
Tangible assets (non-GAAP)
$
30,821,648
30,125,047
30,494,511
27,833,091
Tangible equity to tangible assets (non-GAAP)
9.31
%
9.42
%
8.95
%
8.72
%
Book value per share
$
33.33
$
33.13
$
32.42
$
30.44
Tangible book value per share (non-GAAP)
$
22.05
$
21.81
$
21.01
$
20.46
At or for the Three Months ended
At or for the Nine Months ended
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Core Net Interest Margin
Net interest income (tax equivalent) 1
$
293,484
280,016
272,383
228,835
845,883
633,317
Purchase accounting
(4,122)
(3,832)
(5,140)
(2,310)
(13,095)
(7,774)
Non-accrual loan interest reversal (recovery)
130
825
(42)
(104)
914
100
Core net interest income (tax equivalent) (non-GAAP)
$
289,492
277,009
267,201
226,421
833,702
625,643
Average earning assets
$
29,069,918
28,793,343
29,078,665
26,815,927
28,980,610
26,353,065
Net interest margin (tax equivalent)
4.01
%
3.90
%
3.80
%
3.39
%
3.90
%
3.21
%
Core net interest margin (tax equivalent) (non-GAAP)
3.95
%
3.86
%
3.73
%
3.35
%
3.85
%
3.17
%
______________________________
1 Includes tax effect of $3.6 million, $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 September 30, 2026, June 30, 2026, March 31, 2026, and September 30, 2025, respectively. Includes tax effect of $10.9 million and $10.3 million on tax-exempt municipal loan and lease income, tax-exempt debt securities income and federal income tax credits for the nine months ended September 30, 2026, and September 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 Nine Months ended
(Dollars in thousands)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Sep 30, 2026
Sep 30, 2025
Operating Diluted Earnings Per Share
Net income
$
104,562
97,862
82,144
67,900
284,568
175,249
Provision for credit losses - acquisition ACL expense
—
—
—
—
—
16,693
Operating adjustments - non-interest income
BOLI proceeds
—
(63)
(776)
(251)
(839)
(1,364)
Total operating adjustments - non-interest income
—
(63)
(776)
(251)
(839)
(1,364)
Operating adjustments - non-interest expense
Acquisition-related compensation
1,874
2,462
2,775
641
7,110
1,436
Lease terminations
—
—
200
—
200
—
FDIC special assessment
—
—
(87)
—
(87)
(219)
(Gain) loss on fixed assets
(844)
(2,618)
445
928
(3,017)
(1,694)
Acquisition-related expense
92
1,590
8,907
6,976
10,589
10,793
Total operating adjustments - non-interest expense
1,122
1,434
12,240
8,545
14,795
10,316
Tax impact
(278)
(341)
(3,028)
(2,121)
(3,647)
(6,553)
Net operating adjustments
844
1,030
8,436
6,173
10,309
19,092
Operating net income (non-GAAP)
$
105,406
98,892
90,580
74,073
294,877
194,341
Weighted average diluted common shares outstanding
130,433,235
130,346,888
130,242,765
118,628,434
130,324,260
116,382,822
Diluted EPS
$
0.80
$
0.75
$
0.63
$
0.57
$
2.18
$
1.51
Operating diluted EPS (non-GAAP)
$
0.81
$
0.76
$
0.70
$
0.62
$
2.26
$
1.67
18
Glacier Bancorp, Inc.
Non-GAAP Financial Measures and Reconciliations (continued)
At or for the Three Months ended
At or for the Nine Months ended
(Dollars in thousands)
September 30, 2026
June 30, 2026
March 31, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Operating Efficiency Ratio
Non-interest expense
$
191,884
$
186,700
$
200,529
$
167,783
$
579,113
$
474,220
OREO expense
(91)
(60)
(16)
(65)
(168)
(97)
Intangible amortization
(4,798)
(4,799)
(4,799)
(3,813)
(14,396)
(10,707)
Total expenses
186,995
181,841
195,714
163,905
564,549
463,416
Operating expense adjustments (pre-tax)
(1,122)
(1,434)
(12,240)
(8,545)
(14,795)
(10,316)
Total operating non-interest expense (non-GAAP)
185,873
180,407
183,474
155,360
549,754
453,100
Net interest income (tax equivalent)
293,484
280,016
272,383
228,835
845,883
633,317
Non-interest income
39,941
41,101
38,082
35,352
119,124
100,938
OREO income
(7)
(110)
(35)
(35)
(152)
(35)
Total revenues
333,418
321,007
310,430
264,152
964,855
734,220
Operating revenue adjustments (pre-tax)
—
(63)
(776)
(251)
(839)
(1,364)
Total revenues (non-GAAP)
$
333,418
320,944
309,654
263,901
964,016
732,856
Efficiency ratio
56.08
%
56.65
%
63.05
%
62.05
%
58.51
%
63.12
%
Efficiency ratio (non-GAAP)
55.75
%
56.21
%
59.25
%
58.87
%
57.03
%
61.83
%
19
Glacier Bancorp, Inc.
Average Balance Sheets
Three Months ended
September 30, 2026
June 30, 2026
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
2,118,156
$
29,655
5.60
%
$
2,172,055
$
30,104
5.54
%
Commercial loans 1
17,879,132
280,597
6.23
%
17,562,322
267,705
6.11
%
Consumer and other loans
1,476,570
26,361
7.08
%
1,479,518
26,103
7.08
%
Total loans 2
21,473,858
336,613
6.22
%
21,213,895
323,912
6.12
%
Tax-exempt debt securities 3
1,604,570
14,127
3.52
%
1,624,487
14,246
3.51
%
Taxable debt securities 4, 5
5,991,490
32,828
2.19
%
5,954,961
30,650
2.06
%
Total earning assets
29,069,918
383,568
5.23
%
28,793,343
368,808
5.14
%
Goodwill and intangibles
1,471,485
1,476,292
Non-earning assets
1,229,424
1,201,401
Total assets
$
31,770,827
$
31,471,036
Liabilities
Non-interest bearing deposits
$
7,535,227
$
—
—
%
$
7,298,710
$
—
—
%
NOW and DDA accounts
6,135,597
16,128
1.04
%
6,206,979
16,103
1.04
%
Savings accounts
3,198,811
5,768
0.72
%
3,170,155
5,451
0.69
%
Money market deposit accounts
4,150,413
21,397
2.05
%
4,052,361
20,154
1.99
%
Certificate accounts
3,720,634
29,537
3.15
%
3,807,368
30,233
3.18
%
Total core deposits
24,740,682
72,830
1.17
%
24,535,573
71,941
1.18
%
Wholesale deposits 6
3,224
31
3.81
%
3,337
31
3.77
%
Repurchase agreements
2,002,455
13,582
2.69
%
1,995,035
13,227
2.66
%
FHLB advances
—
—
—
%
55
—
3.87
%
Subordinated debentures and other borrowed funds
272,160
3,641
5.31
%
271,589
3,593
5.31
%
Total funding liabilities
27,018,521
90,084
1.32
%
26,805,589
88,792
1.33
%
Other liabilities
399,951
364,792
Total liabilities
27,418,472
27,170,381
Stockholders’ Equity
Stockholders’ equity
4,352,355
4,300,655
Total liabilities and stockholders’ equity
$
31,770,827
$
31,471,036
Net interest income (tax-equivalent)
$
293,484
$
280,016
Net interest spread (tax-equivalent)
3.91
%
3.81
%
Net interest margin (tax-equivalent)
4.01
%
3.90
%
______________________________
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 September 30, 2026, and June 30, 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 $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2026, and June 30, 2026, respectively.
4 Includes interest income of $7.2 million and $7.0 million on average interest-bearing cash balances of $765.3 million and $772.3 million for the three months ended September 30, 2026, and June 30, 2026, respectively.
5 Includes tax effect of $69 thousand and $68 thousand on federal income tax credits for the three months ended September 30, 2026, and June 30, 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
September 30, 2026
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
$
2,118,156
$
29,655
5.60
%
$
1,962,831
$
26,335
5.37
%
Commercial loans 1
17,879,132
280,597
6.23
%
15,351,367
229,915
5.94
%
Consumer and other loans
1,476,570
26,361
7.08
%
1,363,996
24,957
7.26
%
Total loans 2
21,473,858
336,613
6.22
%
18,678,194
281,207
5.97
%
Tax-exempt debt securities 3
1,604,570
14,127
3.52
%
1,583,554
14,068
3.55
%
Taxable debt securities 4, 5
5,991,490
32,828
2.19
%
6,554,179
33,185
2.03
%
Total earning assets
29,069,918
383,568
5.23
%
26,815,927
328,460
4.86
%
Goodwill and intangibles
1,471,485
1,184,370
Non-earning assets
1,229,424
987,070
Total assets
$
31,770,827
$
28,987,367
Liabilities
Non-interest bearing deposits
$
7,535,227
$
—
—
%
$
6,550,398
$
—
—
%
NOW and DDA accounts
6,135,597
16,128
1.04
%
5,734,329
16,483
1.14
%
Savings accounts
3,198,811
5,768
0.72
%
2,995,538
5,843
0.77
%
Money market deposit accounts
4,150,413
21,397
2.05
%
3,136,019
16,783
2.12
%
Certificate accounts
3,720,634
29,537
3.15
%
3,217,199
28,195
3.48
%
Total core deposits
24,740,682
72,830
1.17
%
21,633,483
67,304
1.23
%
Wholesale deposits 6
3,224
31
3.81
%
3,649
42
4.48
%
Repurchase agreements
2,002,455
13,582
2.69
%
1,986,620
14,706
2.94
%
FHLB advances
—
—
—
%
1,192,493
14,271
4.68
%
Subordinated debentures and other borrowed funds
272,160
3,641
5.31
%
236,375
3,301
5.54
%
Total funding liabilities
27,018,521
90,084
1.32
%
25,052,620
99,624
1.58
%
Other liabilities
399,951
353,452
Total liabilities
27,418,472
25,406,072
Stockholders’ Equity
Stockholders’ equity
4,352,355
3,581,295
Total liabilities and stockholders’ equity
$
31,770,827
$
28,987,367
Net interest income (tax-equivalent)
$
293,484
$
228,836
Net interest spread (tax-equivalent)
3.91
%
3.28
%
Net interest margin (tax-equivalent)
4.01
%
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 September 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 $1.8 million on tax-exempt debt securities income for the three months ended September 30, 2026, and 2025, respectively.
4 Includes interest income of $7.2 million and $6.7 million on average interest-bearing cash balances of $765.3 million and $600.3 million for the three months ended September 30, 2026, and 2025, respectively.
5 Includes tax effect of $69 thousand and $150 thousand on federal income tax credits for the three months ended September 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)
Nine Months ended
September 30, 2026
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
$
2,216,004
$
93,467
5.62
%
$
1,929,897
$
75,971
5.25
%
Commercial loans 1
17,551,741
808,589
6.16
%
14,780,437
645,221
5.84
%
Consumer and other loans
1,460,770
77,351
7.08
%
1,334,462
71,363
7.15
%
Total loans 2
21,228,515
979,407
6.17
%
18,044,796
792,555
5.87
%
Tax-exempt debt securities 3
1,625,399
42,825
3.51
%
1,594,355
42,003
3.51
%
Taxable debt securities 4, 5
6,126,696
96,187
2.09
%
6,713,914
98,828
1.96
%
Total earning assets
28,980,610
1,118,419
5.16
%
26,353,065
933,386
4.74
%
Goodwill and intangibles
1,476,286
1,146,519
Non-earning assets
1,211,434
918,154
Total assets
$
31,668,330
$
28,417,738
Liabilities
Non-interest bearing deposits
$
7,355,903
$
—
—
%
$
6,267,432
$
—
—
%
NOW and DDA accounts
6,169,973
48,128
1.04
%
5,645,862
47,593
1.13
%
Savings accounts
3,177,733
16,719
0.70
%
2,921,024
16,404
0.75
%
Money market deposit accounts
4,056,148
60,629
2.00
%
2,996,375
45,698
2.04
%
Certificate accounts
3,807,656
91,512
3.21
%
3,193,843
85,937
3.60
%
Total core deposits
24,567,413
216,988
1.18
%
21,024,536
195,632
1.24
%
Wholesale deposits 6
3,391
96
3.80
%
4,289
148
4.58
%
Repurchase agreements
2,023,595
40,428
2.67
%
1,909,939
42,548
2.98
%
FHLB advances
119,286
4,226
4.67
%
1,475,071
52,796
4.72
%
Subordinated debentures and other borrowed funds
270,417
10,798
5.34
%
228,191
8,945
5.24
%
Total funding liabilities
26,984,102
272,536
1.35
%
24,642,026
300,069
1.63
%
Other liabilities
379,197
339,599
Total liabilities
27,363,299
24,981,625
Stockholders’ Equity
Stockholders’ equity
4,305,031
3,436,113
Total liabilities and stockholders’ equity
$
31,668,330
$
28,417,738
Net interest income (tax-equivalent)
$
845,883
$
633,317
Net interest spread (tax-equivalent)
3.81
%
3.11
%
Net interest margin (tax-equivalent)
3.90
%
3.21
%
______________________________
1 Includes tax effect of $4.9 million and $4.7 million on tax-exempt municipal loan and lease income for the nine months ended September 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 $5.8 million and $5.2 million on tax-exempt debt securities income for the nine months ended September 30, 2026, and 2025, respectively.
4 Includes interest income of $22.4 million and $17.7 million on average interest-bearing cash balances of $810.1 million and $531.3 million for the nine months ended September 30, 2026, and 2025, respectively.
5 Includes tax effect of $205 thousand and $451 thousand on federal income tax credits for the nine months ended September 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)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Custom and owner occupied construction
$
220,495
$
240,093
$
263,713
$
231,238
(8)
%
(16)
%
(5)
%
Pre-sold and spec construction
286,778
261,642
255,542
217,413
10
%
12
%
32
%
Total residential construction
507,273
501,735
519,255
448,651
1
%
(2)
%
13
%
Land development
232,326
232,548
263,262
197,981
—
%
(12)
%
17
%
Consumer land or lots
230,020
231,468
247,769
207,816
(1)
%
(7)
%
11
%
Unimproved land
271,226
256,084
167,796
137,720
6
%
62
%
97
%
Developed lots for operative builders
49,278
51,831
69,786
56,180
(5)
%
(29)
%
(12)
%
Commercial lots
141,700
131,320
155,631
99,220
8
%
(9)
%
43
%
Other construction
1,333,807
1,254,856
1,122,350
982,743
6
%
19
%
36
%
Total land, lot, and other construction
2,258,357
2,158,107
2,026,594
1,681,660
5
%
11
%
34
%
Owner occupied
3,931,551
3,928,083
3,950,726
3,570,671
—
%
—
%
10
%
Non-owner occupied
5,346,391
5,195,855
4,859,173
4,333,302
3
%
10
%
23
%
Total commercial real estate
9,277,942
9,123,938
8,809,899
7,903,973
2
%
5
%
17
%
Commercial and industrial
1,651,586
1,687,362
1,649,101
1,554,832
(2)
%
—
%
6
%
Agriculture
1,311,884
1,313,581
1,282,861
1,189,948
—
%
2
%
10
%
First lien
2,994,354
2,996,965
3,098,023
2,579,418
—
%
(3)
%
16
%
Junior lien
114,112
110,601
106,205
81,568
3
%
7
%
40
%
Total 1-4 family
3,108,466
3,107,566
3,204,228
2,660,986
—
%
(3)
%
17
%
Multifamily residential
1,102,092
1,075,562
1,019,484
969,573
2
%
8
%
14
%
Home equity lines of credit
1,088,925
1,089,052
1,076,201
1,056,757
—
%
1
%
3
%
Other consumer
217,260
222,289
237,393
192,501
(2)
%
(8)
%
13
%
Total consumer
1,306,185
1,311,341
1,313,594
1,249,258
—
%
(1)
%
5
%
States and political subdivisions
955,986
950,829
964,591
994,062
1
%
(1)
%
(4)
%
Other
177,370
178,847
177,375
180,711
(1)
%
—
%
(2)
%
Total loans receivable, including
loans held for sale
21,657,141
21,408,868
20,966,982
18,833,654
1
%
3
%
15
%
Less loans held for sale 1
(37,611)
(45,145)
(39,186)
(42,668)
(17)
%
(4)
%
(12)
%
Total loans receivable
$
21,619,530
$
21,363,723
$
20,927,796
$
18,790,986
1
%
3
%
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)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Sep 30, 2026
Sep 30, 2026
Sep 30, 2026
Custom and owner occupied construction
$
1,856
397
183
476
1,110
746
—
Pre-sold and spec construction
3,890
—
919
2,039
221
2,322
1,347
Total residential construction
5,746
397
1,102
2,515
1,331
3,068
1,347
Land development
864
1,022
898
917
7
—
857
Consumer land or lots
814
248
79
358
781
33
—
Developed lots for operative builders
113
113
456
456
—
—
113
Commercial lots
—
—
556
—
—
—
—
Other construction
370
500
129
—
—
—
370
Total land, lot and other construction
2,161
1,883
2,118
1,731
788
33
1,340
Owner occupied
8,386
5,174
3,969
5,237
3,045
4,447
894
Non-owner occupied
20,658
24,176
7,606
691
19,614
344
700
Total commercial real estate
29,044
29,350
11,575
5,928
22,659
4,791
1,594
Commercial and Industrial
18,898
24,436
27,308
24,165
17,621
1,007
270
Agriculture
9,784
10,592
3,549
5,408
6,867
2,917
—
First lien
16,849
16,733
15,816
8,388
12,807
3,441
601
Junior lien
1,947
2,302
1,776
765
1,823
124
—
Total 1-4 family
18,796
19,035
17,592
9,153
14,630
3,565
601
Multifamily residential
13
—
395
1,039
13
—
—
Home equity lines of credit
5,236
4,932
3,968
3,402
3,735
1,501
—
Other consumer
949
1,071
1,229
852
558
323
68
Total consumer
6,185
6,003
5,197
4,254
4,293
1,824
68
Other
14
153
59
119
—
14
—
Total
$
90,641
91,849
68,895
54,312
68,202
17,219
5,220
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)
Sep 30, 2026
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2026
Dec 31, 2025
Sep 30, 2025
Custom and owner occupied construction
$
716
$
2,277
$
533
$
305
(69)
%
34
%
135
%
Pre-sold and spec construction
368
4,498
1,189
—
(92)
%
(69)
%
n/m
Total residential construction
1,084
6,775
1,722
305
(84)
%
(37)
%
255
%
Land development
1,155
2,290
3,994
—
(50)
%
(71)
%
n/m
Consumer land or lots
785
1,968
1,162
564
(60)
%
(32)
%
39
%
Unimproved land
410
18
—
33
2,178
%
n/m
1,142
%
Developed lots for operative builders
—
—
2,300
5,265
n/m
(100)
%
(100)
%
Commercial lots
—
180
965
—
(100)
%
(100)
%
n/m
Other construction
—
—
4,787
—
n/m
(100)
%
n/m
Total land, lot and other construction
2,350
4,456
13,208
5,862
(47)
%
(82)
%
(60)
%
Owner occupied
7,650
6,038
6,103
3,809
27
%
25
%
101
%
Non-owner occupied
2,840
18,064
15,388
7,615
(84)
%
(82)
%
(63)
%
Total commercial real estate
10,490
24,102
21,491
11,424
(56)
%
(51)
%
(8)
%
Commercial and industrial
9,594
4,787
10,215
3,711
100
%
(6)
%
159
%
Agriculture
1,710
6,537
2,390
2,104
(74)
%
(28)
%
(19)
%
First lien
22,065
7,292
19,699
5,357
203
%
12
%
312
%
Junior lien
1,536
1,279
20
—
20
%
7,580
%
n/m
Total 1-4 family
23,601
8,571
19,719
5,357
175
%
20
%
341
%
Multifamily Residential
—
278
150
150
(100)
%
(100)
%
(100)
Home equity lines of credit
5,365
5,354
5,415
7,421
—
%
(1)
%
(28)
%
Other consumer
1,739
1,990
1,866
1,751
(13)
%
(7)
%
(1)
%
Total consumer
7,104
7,344
7,281
9,172
(3)
%
(2)
%
(23)
%
States and political subdivisions
30
—
—
—
n/m
n/m
n/m
Other
2,186
2,633
2,650
1,439
(17)
%
(18)
%
52
%
Total
$
58,149
$
65,483
$
78,826
$
39,524
(11)
%
(26)
%
47
%
______________________________
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
