Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025
2nd Quarter 2025 Highlights:
Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
Total deposits and repurchase agreements organically increased $43 million, or 1 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 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, "BOID") which had total assets of $1.4 billion as of April 30, 2025. This was the Company's 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, "Guaranty") which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company's southwest presence and be the first entrance into the state of Texas.
First Half 2025 Highlights
Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
Total deposits and repurchase agreements organically increased $202 million, or 1 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 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
Dividends declared in the first half of 2025 were $0.66 per share.
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 30,2025
Mar 31,2025
Jun 30,2024
Jun 30,2025
Jun 30,2024
Operating results
Net income
$
52,781
54,568
44,708
107,349
77,335
Basic earnings per share
$
0.45
0.48
0.39
0.93
0.68
Diluted earnings per share
$
0.45
0.48
0.39
0.93
0.68
Dividends declared per share
$
0.33
0.33
0.33
0.66
0.66
Market value per share
Closing
$
43.08
44.22
37.32
43.08
37.32
High
$
44.70
52.81
40.18
52.81
42.75
Low
$
36.76
43.18
34.35
36.76
34.35
Selected ratios and other data
Number of common stock shares outstanding
118,550,475
113,517,944
113,394,092
118,550,475
113,394,092
Average outstanding shares - basic
116,890,776
113,451,199
113,390,539
115,180,489
112,941,341
Average outstanding shares - diluted
116,918,290
113,546,365
113,405,491
115,244,550
112,981,531
Return on average assets (annualized)
0.74
%
0.80
%
0.66
%
0.77
%
0.56
%
Return on average equity (annualized)
6.13
%
6.77
%
5.77
%
6.44
%
5.01
%
Efficiency ratio
62.08
%
65.49
%
67.97
%
63.72
%
71.17
%
Loan to deposit ratio
85.91
%
83.64
%
84.03
%
85.91
%
84.03
%
Number of full time equivalent employees
3,665
3,457
3,399
3,665
3,399
Number of locations
247
227
231
247
231
Number of ATMs
300
286
286
300
286
KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE:GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. "We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident," said Randy Chesler, President and Chief Executive Officer. "In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas."
On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company's results of operations and financial condition include the BOID acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
BOID
(Dollars in thousands)
April 30,2025
Total assets
$
1,369,764
Cash and cash equivalents
26,127
Debt securities
139,974
Loans receivable
1,075,232
Non-interest bearing deposits
271,385
Interest bearing deposits
806,992
Borrowings and subordinated debt
71,932
Core deposit intangible
19,758
Goodwill
75,207
On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name "Guaranty Bank & Trust, Division of Glacier Bank," representing the Company's 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty's shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.
Asset Summary
$ Change from
(Dollars in thousands)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Jun 30,2024
Mar 31,2025
Dec 31,2024
Jun 30,2024
Cash and cash equivalents
$
915,507
981,485
848,408
800,779
(65,978
)
67,099
114,728
Debt securities, available-for-sale
4,024,980
4,172,312
4,245,205
4,499,541
(147,332
)
(220,225
)
(474,561
)
Debt securities, held-to-maturity
3,206,133
3,261,575
3,294,847
3,400,403
(55,442
)
(88,714
)
(194,270
)
Total debt securities
7,231,113
7,433,887
7,540,052
7,899,944
(202,774
)
(308,939
)
(668,831
)
Loans receivable
Residential real estate
1,931,554
1,850,079
1,858,929
1,771,528
81,475
72,625
160,026
Commercial real estate
11,935,109
10,952,809
10,963,713
10,713,964
982,300
971,396
1,221,145
Other commercial
3,303,889
3,121,477
3,119,535
3,066,028
182,412
184,354
237,861
Home equity
975,429
920,132
930,994
905,884
55,297
44,435
69,545
Other consumer
386,759
374,021
388,678
394,587
12,738
(1,919
)
(7,828
)
Loans receivable
18,532,740
17,218,518
17,261,849
16,851,991
1,314,222
1,270,891
1,680,749
Allowance for credit losses
(226,799
)
(210,400
)
(206,041
)
(200,955
)
(16,399
)
(20,758
)
(25,844
)
Loans receivable, net
18,305,941
17,008,118
17,055,808
16,651,036
1,297,823
1,250,133
1,654,905
Other assets
2,557,546
2,435,389
2,458,719
2,453,581
122,157
98,827
103,965
Total assets
$
29,010,107
27,858,879
27,902,987
27,805,340
1,151,228
1,107,120
1,204,767
The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.
The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank ("RMB") acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.
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 30,2025
Mar 31,2025
Dec 31,2024
Jun 30,2024
Allowance for credit losses
Balance at beginning of period
$
206,041
206,041
192,757
192,757
Acquisitions
35
—
3
3
Provision for credit losses
24,163
6,154
27,179
14,157
Charge-offs
(7,236
)
(3,897
)
(18,626
)
(8,430
)
Recoveries
3,796
2,102
4,728
2,468
Balance at end of period
$
226,799
210,400
206,041
200,955
Provision for credit losses
Loan portfolio
$
24,163
6,154
27,179
14,157
Unfunded loan commitments
3,918
1,660
1,127
(2,390
)
Total provision for credit losses
$
28,081
7,814
28,306
11,767
Other real estate owned
$
1,737
1,085
1,085
432
Other foreclosed assets
142
68
79
198
Accruing loans 90 days or more past due
11,371
5,289
6,177
4,692
Non-accrual loans
35,356
32,896
20,445
12,686
Total non-performing assets
$
48,606
39,338
27,786
18,008
Non-performing assets as a percentage of subsidiary assets
0.17
%
0.14
%
0.10
%
0.06
%
Allowance for credit losses as a percentage of non-performing loans
485
%
551
%
774
%
1,116
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.19
%
1.19
%
Net charge-offs as a percentage of total loans
0.02
%
0.01
%
0.08
%
0.04
%
Accruing loans 30-89 days past due
$
54,403
46,458
32,228
49,678
U.S. government guarantees included in non-performing assets
$
2,651
685
748
1,228
Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.
Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.
The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.
The allowance for credit losses ("ACL") on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
(Dollars in thousands)
Provision for Credit Losses Loans
Net Charge-Offs
ACLas a Percentof Loans
AccruingLoans 30-89Days Past Dueas a Percent ofLoans
Non-PerformingAssets toTotal SubsidiaryAssets
Second quarter 2025
$
18,009
$
1,645
1.22
%
0.29
%
0.17
%
First quarter 2025
6,154
1,795
1.22
%
0.27
%
0.14
%
Fourth quarter 2024
6,041
5,170
1.19
%
0.19
%
0.10
%
Third quarter 2024
6,981
2,766
1.19
%
0.33
%
0.10
%
Second quarter 2024
5,066
2,890
1.19
%
0.29
%
0.06
%
First quarter 2024
9,091
3,072
1.19
%
0.37
%
0.09
%
Fourth quarter 2023
4,181
3,695
1.19
%
0.31
%
0.09
%
Third quarter 2023
5,095
2,209
1.19
%
0.09
%
0.15
%
Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.
Supplemental information regarding credit quality and identification of the Company's loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company's loan segments presented herein are based on the purpose of the loan.
Liability Summary
$ Change from
(Dollars in thousands)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Jun 30,2024
Mar 31,2025
Dec 31,2024
Jun 30,2024
Deposits
Non-interest bearing deposits
$
6,593,728
6,100,548
6,136,709
6,093,430
493,180
457,019
500,298
NOW and DDA accounts
5,747,388
5,676,177
5,543,512
5,219,838
71,211
203,876
527,550
Savings accounts
2,956,387
2,896,378
2,845,124
2,862,034
60,009
111,263
94,353
Money market deposit accounts
3,089,115
2,816,874
2,878,213
2,858,850
272,241
210,902
230,265
Certificate accounts
3,238,576
3,140,333
3,139,821
3,064,613
98,243
98,755
173,963
Core deposits, total
21,625,194
20,630,310
20,543,379
20,098,765
994,884
1,081,815
1,526,429
Wholesale deposits
3,308
3,740
3,615
2,994
(432
)
(307
)
314
Deposits, total
21,628,502
20,634,050
20,546,994
20,101,759
994,452
1,081,508
1,526,743
Repurchase agreements
1,976,228
1,849,070
1,777,475
1,629,504
127,158
198,753
346,724
Deposits and repurchase agreements, total
23,604,730
22,483,120
22,324,469
21,731,263
1,121,610
1,280,261
1,873,467
Federal Home Loan Bank advances
1,255,088
1,520,000
1,800,000
2,350,000
(264,912
)
(544,912
)
(1,094,912
)
Other borrowed funds
81,771
82,443
83,341
88,149
(672
)
(1,570
)
(6,378
)
Subordinated debentures
157,127
133,145
133,105
133,024
23,982
24,022
24,103
Other liabilities
374,003
352,563
338,218
365,459
21,440
35,785
8,544
Total liabilities
$
25,472,719
24,571,271
24,679,133
24,667,895
901,448
793,586
804,824
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.
Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank ("FHLB") advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.
Stockholders' Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Jun 30,2024
Mar 31,2025
Dec 31,2024
Jun 30,2024
Common equity
$
3,776,043
3,550,719
3,533,150
3,492,096
225,324
242,893
283,947
Accumulated other comprehensive loss
(238,655
)
(263,111
)
(309,296
)
(354,651
)
24,456
70,641
115,996
Total stockholders' equity
3,537,388
3,287,608
3,223,854
3,137,445
249,780
313,534
399,943
Goodwill and intangibles, net
(1,191,474
)
(1,099,229
)
(1,102,500
)
(1,066,790
)
(92,245
)
(88,974
)
(124,684
)
Tangible stockholders' equity
$
2,345,914
2,188,379
2,121,354
2,070,655
157,535
224,560
275,259
Stockholders' equity to total assets
12.19
%
11.80
%
11.55
%
11.28
%
Tangible stockholders' equity to total tangible assets
8.43
%
8.18
%
7.92
%
7.74
%
Book value per common share
$
29.84
28.96
28.43
27.67
0.88
1.41
2.17
Tangible book value per common share
$
19.79
19.28
18.71
18.26
0.51
1.08
1.53
Tangible stockholders' equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.
Cash DividendsOn June 24, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company's 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.
Operating Results for Three Months Ended June 30, 2025 Compared to March 31, 2025, and June 30, 2024
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30,2025
Mar 31,2025
Jun 30,2024
Mar 31,2025
Jun 30,2024
Net interest income
Interest income
$
308,115
289,925
273,834
18,190
34,281
Interest expense
100,499
99,946
107,356
553
(6,857
)
Total net interest income
207,616
189,979
166,478
17,637
41,138
Non-interest income
Service charges and other fees
20,405
18,818
19,422
1,587
983
Miscellaneous loan fees and charges
5,067
4,664
4,821
403
246
Gain on sale of loans
4,273
4,311
4,669
(38
)
(396
)
Loss on sale of securities
—
—
(12
)
—
12
Other income
3,199
4,849
3,304
(1,650
)
(105
)
Total non-interest income
32,944
32,642
32,204
302
740
Total income
$
240,560
222,621
198,682
17,939
41,878
Net interest margin (tax-equivalent)
3.21
%
3.04
%
