Glacier Bancorp (GBCI) 8-K Results of Operations and Financial Condition

NEWS RELEASE

FOR IMMEDIATE RELEASE

CONTACT: Michael J. Blodnick

(406) 751-4701

Ron J. Copher

(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015

HIGHLIGHTS:

• Net income of $29.6 million for the current quarter, an increase of 1 percent from the prior quarter $29.3 million net income and an increase of 1 percent from the prior year third quarter net income of $29.3 million.

• Current quarter diluted earnings per share of $0.39, compared to the prior quarter diluted earnings per share of $0.39 and the prior year third quarter diluted earnings per share of $0.40.

• The loan portfolio increased $69 million, or 6 percent annualized, during the current quarter.

• Non-interest bearing deposits of $1.894 billion, increased $162.7 million, or 9 percent, during the current quarter.

• Dividend declared of $0.19 per share. The dividend was the 122nd consecutive quarterly dividend declared by the Company.

• The Company announced the definitive agreement to acquire Cañon National Bank, a community bank based in Cañon City, Colorado, with total assets of $260 million at September 30, 2015.

Results Summary

	Three Months ended									Nine Months ended
(Dollars in thousands, except per share data)	Sep 30, 2015			Jun 30, 2015		Mar 31, 2015		Sep 30, 2014		Sep 30, 2015		Sep 30, 2014
Net income	$	29,614		29,335		27,670		29,294		86,619		84,701
Diluted earnings per share	$	0.39		0.39		0.37		0.40		1.15		1.14
Return on average assets (annualized)	1.36		%	1.39	%	1.36	%	1.46	%	1.37	%	1.44	%
Return on average equity (annualized)	10.93		%	11.05	%	10.72	%	11.30	%	10.90	%	11.27	%

KALISPELL, MONTANA, October 22, 2015 - Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net income of $29.6 million for the current quarter, an increase of $320 thousand, or 1 percent, from the $29.3 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.39 per share, a decrease of $0.01, or 3 percent, from the prior year third quarter diluted earnings per share of $0.40. Included in the current quarter non-interest expense was $259 thousand of one-time acquisition and conversion related expenses.

1

“Once again this quarter we delivered solid performance metrics similar to what we have achieved over the past nine quarters,” said Mick Blodnick, President and Chief Executive Officer.  “Record top line revenues helped offset higher taxes in the third quarter and allowed us to generate another quarter of record earnings.  The growth in revenues came primarily from increases in interest on our investment and commercial loan portfolios as well as greater service charge fee income on deposit accounts,” Blodnick said.

Net income for the nine months ended September 30, 2015 was $86.6 million, an increase of $1.9 million, or 2 percent, from the $84.7 million of net income for the same period in the prior year. Diluted earnings per share for the nine months ended September 30, 2015 was $1.15 per share, an increase of $0.01, or 1 percent, from the diluted earnings per share for the same period in the prior year.

On February 28, 2015, the Company completed the acquisition of Montana Community Banks, Inc. and its subsidiary, Community Bank, Inc. (collectively, “CB”). The Company incurred $1.5 million of legal and professional expenses in connection with the CB acquisition and conversion during the current year. Goodwill of $1.1 million resulted from the acquisition which was based on the estimated fair value of the assets acquired and liabilities assumed. The Company’s results of operations and financial condition include the acquisition of CB from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired:

(Dollars in thousands)	February 28, 2015
Total assets	$	175,774
Investment securities	42,350
Loans receivable	84,689
Non-interest bearing deposits	41,779
Interest bearing deposits	105,041
Federal Home Loan Bank advances and other borrowed funds	3,292

2

Asset Summary

										$ Change from
(Dollars in thousands)	Sep 30, 2015			Jun 30, 2015		Dec 31, 2014		Sep 30, 2014		Jun 30, 2015		Dec 31, 2014		Sep 30, 2014
Cash and cash equivalents	$	242,835		355,719		442,409		282,097		(112,884	)	(199,574	)	(39,262	)
Investment securities, available-for-sale	2,530,994			2,361,830		2,387,428		2,398,196		169,164		143,566		132,798
Investment securities, held-to-maturity	651,822			593,314		520,997		482,757		58,508		130,825		169,065
Total investment securities	3,182,816			2,955,144		2,908,425		2,880,953		227,672		274,391		301,863
Loans receivable
Residential real estate	644,694			635,674		611,463		603,806		9,020		33,231		40,888
Commercial	3,581,667			3,529,274		3,263,448		3,248,529		52,393		318,219		333,138
Consumer and other	650,058			642,483		613,184		606,764		7,575		36,874		43,294
Loans receivable	4,876,419			4,807,431		4,488,095		4,459,099		68,988		388,324		417,320
Allowance for loan and lease losses	(130,768		)	(130,519	)	(129,753	)	(130,632	)	(249	)	(1,015	)	(136	)
Loans receivable, net	4,745,651			4,676,912		4,358,342		4,328,467		68,739		387,309		417,184
Other assets	592,997			602,035		597,331		618,293		(9,038	)	(4,334	)	(25,296	)
Total assets	$	8,764,299		8,589,810		8,306,507		8,109,810		174,489		457,792		654,489

Total investment securities of $3.183 billion at September 30, 2015 increased $228 million, or 8 percent, during the current quarter and increased $302 million, or 10 percent, from September 30, 2014. The increase in the investment portfolio from the prior quarter and the prior year third quarter was the result of continuing to selectively purchase investment securities with the Company’s excess liquidity resulting from the sustained increase in deposits. Investment securities represented 36 percent of total assets at September 30, 2015 compared to 35 percent at December 31, 2014 and 36 percent at September 30, 2014.

The Company continues to experience growth in the loan portfolio which increased $69.0 million, or 1 percent, during the current quarter. The loan category with the largest dollar increase during the current quarter was commercial real estate loans which increased $46.6 million, or 2 percent. The loan category with the largest percentage increase was residential construction (i.e., regulatory classification) which increased 10 percent over the prior quarter. Excluding the CB acquisition, the loan portfolio increased $304 million, or 7 percent, since December 31, 2014 with $252 million of the increase coming from growth in commercial loans. “Our loan growth was a little softer than what we had hoped for this quarter as a couple of large credits paid off,” Blodnick said.  “Loan production in the third quarter actually exceeded the first two quarters of the year, unfortunately so did pay offs.  The good news is the loan pipeline still looks decent as we head into what traditionally is a slower time of the year for loan production.  Hopefully, loan pay downs will slow down also,” Blodnick said.     

3

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, 2015			Jun 30, 2015		Dec 31, 2014		Sep 30, 2014
Allowance for loan and lease losses
Balance at beginning of period	$	129,753		129,753		130,351		130,351
Provision for loan losses	1,873			1,047		1,912		1,721
Charge-offs	(4,671		)	(2,598	)	(7,603	)	(5,567	)
Recoveries	3,813			2,317		5,093		4,127
Balance at end of period	$	130,768		130,519		129,753		130,632
Other real estate owned	$	26,609		26,686		27,804		28,374
Accruing loans 90 days or more past due	3,784			618		214		1,617
Non-accrual loans	54,632			56,918		61,882		68,149
Total non-performing assets 1	$	85,025		84,222		89,900		98,140
Non-performing assets as a percentage of subsidiary assets	0.97		%	0.98	%	1.08	%	1.21	%
Allowance for loan and lease losses as a percentage of non-performing loans	224		%	227	%	209	%	187	%
Allowance for loan and lease losses as a percentage of total loans	2.68		%	2.71	%	2.89	%	2.93	%
Net charge-offs as a percentage of total loans	0.02		%	0.01	%	0.06	%	0.03	%
Accruing loans 30-89 days past due	$	17,822		28,474		25,904		17,570
Accruing troubled debt restructurings	$	63,638		64,336		69,129		74,376
Non-accrual troubled debt restructurings	$	27,442		32,664		33,714		37,482

^__________ 

¹As of September 30, 2015, non-performing assets have not been reduced by U.S. government guarantees of $2.0 million.

Non-performing assets at September 30, 2015 were $85.0 million, an increase of $803 thousand, or less than 1 percent, during the current quarter. Non-performing assets at September 30, 2015 decreased $13.1 million, or 13 percent, from a year ago. Land, lot and other construction loans (i.e., regulatory classification) continues to be the largest category of non-performing assets with $38.6 million, or 45 percent, at September 30, 2015. The Company has continued to make progress by reducing this category the past few years and the category decreased $4.2 million, or 10 percent, from the prior quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $17.8 million at September 30, 2015 decreased $10.7 million from the prior quarter and increased $252 thousand from the prior year third quarter.

The allowance for loan and lease losses (“allowance”) was $131 million at September 30, 2015 and continued to remain stable compared to the prior periods. The allowance was 2.68 percent of total loans outstanding at September 30, 2015 compared to 2.89 percent at December 31, 2014 and 2.93 percent for the same quarter last year. The reduction in the allowance as a percentage of total loans was driven primarily by loan growth, stabilizing credit quality, and no allowance carried over from bank acquisitions as a result of the acquired loans recorded at fair value.

4

Credit Quality Trends and Provision for Loan Losses

(Dollars in thousands)	Provision for Loan Losses		Net Charge-Offs (Recoveries)			ALLL 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 2015	$	826	$	577		2.68	%	0.37	%	0.97	%
Second quarter 2015	282		(381		)	2.71	%	0.59	%	0.98	%
First quarter 2015	765		662			2.77	%	0.71	%	1.07	%
Fourth quarter 2014	191		1,070			2.89	%	0.58	%	1.08	%
Third quarter 2014	360		364			2.93	%	0.39	%	1.21	%
Second quarter 2014	239		332			3.11	%	0.44	%	1.30	%
First quarter 2014	1,122		744			3.20	%	1.05	%	1.37	%
Fourth quarter 2013	1,802		2,216			3.21	%	0.79	%	1.39	%

Net charge-offs of loans for the current quarter were $577 thousand compared to net recoveries of $381 thousand for the prior quarter and net charge-offs of $364 thousand from the same quarter last year. The current quarter provision for loan losses of $826 thousand increased $544 thousand from the prior quarter and increased $466 thousand from the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of the loan loss provision. 

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification 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)	Sep 30, 2015		Jun 30, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2015		Dec 31, 2014		Sep 30, 2014
Non-interest bearing deposits	$	1,893,723	1,731,015	1,632,403	1,595,971	162,708		261,320		297,752
Interest bearing deposits	4,779,456		4,827,642	4,712,809	4,510,840	(48,186	)	66,647		268,616
Repurchase agreements	441,041		408,935	397,107	367,213	32,106		43,934		73,828
Federal Home Loan Bank advances	329,299		329,470	296,944	366,866	(171	)	32,355		(37,567	)
Other borrowed funds	6,619		6,665	7,311	7,351	(46	)	(692	)	(732	)
Subordinated debentures	125,812		125,776	125,705	125,669	36		107		143
Other liabilities	113,541		103,856	106,181	95,420	9,685		7,360		18,121
Total liabilities	$	7,689,491	7,533,359	7,278,460	7,069,330	156,132		411,031		620,161

The Company continues to generate strong increases in non-interest bearing deposits. Non-interest bearing deposits of $1.894 billion at September 30, 2015, increased $163 million, or 9 percent, from the prior quarter. Excluding the CB acquisition, non-interest bearing deposits increased $256 million, or 16 percent, from September 30, 2014. Interest bearing deposits of $4.779 billion at September 30, 2015 included $190 million of wholesale deposits (i.e., brokered deposits classified as NOW, money market deposits and certificate accounts). Excluding the decrease of $7.5 million in wholesale deposits, interest bearing deposits at September 30, 2015 decreased $40.6 million, or 1 percent, during the current quarter. Excluding the CB acquisition, interest bearing deposits at September 30, 2015 increased $164 million, or 4 percent, from September 30, 2014. “We continue to drive significant organic

5

growth in non-interest bearing deposits, ” Blodnick said.  “The current quarter was by far the largest increase we have generated in this deposit category and even exceeds those quarters where we acquired a new bank.  It’s a testament to the great work done by all of our banks in adding to and maintaining  their market share.  This large low cost deposit base will serve us well when interest rates begin to rise,” Blodnick said.

Securities sold under agreements to repurchase (“repurchase agreements”) of $441 million at September 30, 2015 increased $32.1 million, or 8 percent, from the prior quarter and was primarily the result of additions to existing repurchase agreements. Federal Home Loan Bank (“FHLB”) advances of $329 million at September 30, 2015 were unchanged for the current quarter and increased $32.4 million, or 11 percent, since December 31, 2014 as the Company took advantage of attractive term borrowings that were available from the FHLB of Seattle prior to the merger with FHLB of Des Moines during the second quarter of 2015. FHLB advances decreased $37.6 million, or 10 percent, from September 30, 2014 as growth in deposits and continued balance sheet changes reduced the need for additional borrowings.

Stockholders’ Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Sep 30, 2015			Jun 30, 2015		Dec 31, 2014		Sep 30, 2014		Jun 30, 2015	Dec 31, 2014		Sep 30, 2014
Common equity	$	1,066,801		1,051,011		1,010,303		1,017,805		15,790	56,498		48,996
Accumulated other comprehensive income	8,007			5,440		17,744		22,675		2,567	(9,737	)	(14,668	)
Total stockholders’ equity	1,074,808			1,056,451		1,028,047		1,040,480		18,357	46,761		34,328
Goodwill and core deposit intangible, net	(141,624		)	(142,344	)	(140,606	)	(141,323	)	720	(1,018	)	(301	)
Tangible stockholders’ equity	$	933,184		914,107		887,441		899,157		19,077	45,743		34,027

Stockholders’ equity to total assets	12.26		%	12.30	%	12.38	%	12.83	%
Tangible stockholders’ equity to total tangible assets	10.82		%	10.82	%	10.87	%	11.28	%
Book value per common share	$	14.23		13.99		13.70		13.87		0.24		0.53		0.36
Tangible book value per common share	$	12.35		12.10		11.83		11.98		0.25		0.52		0.37
Market price per share at end of period	$	26.39		29.42		27.77		25.86		(3.03	)	(1.38	)	0.53

Tangible stockholders’ equity of $933 million at September 30, 2015 increased $19.1 million, or 2 percent, from the prior quarter due primarily to earnings retention and an increase in accumulated other comprehensive income. Tangible stockholders’ equity increased $34.0 million, or 4 percent, from a year ago the result of earnings retention and Company stock issued in connection with the CB acquisitions, both of which offset the decrease in accumulated other comprehensive income. Tangible book value per common share of $12.35 increased $0.25 per share from the prior quarter and increased $0.37 per share from the prior year third quarter.

Cash Dividend

On September 30, 2015, the Company’s Board of Directors declared a cash dividend of $0.19 per share. The dividend was payable October 22, 2015 to shareholders of record on October 13, 2015. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

6

Operating Results for Three Months Ended September 30, 2015 

Compared to June 30, 2015 and September 30, 2014

Income Summary

	Three Months ended									$ Change from
(Dollars in thousands)	Sep 30, 2015			Jun 30, 2015		Mar 31, 2015		Sep 30, 2014		Jun 30, 2015		Mar 31, 2015		Sep 30, 2014
Net interest income
Interest income	$	80,367		78,617		77,486		75,690		1,750		2,881		4,677
Interest expense	7,309			7,369		7,382		6,430		(60	)	(73	)	879
Total net interest income	73,058			71,248		70,104		69,260		1,810		2,954		3,798
Non-interest income
Service charges, loan fees, and other fees	16,030			15,445		14,156		15,661		585		1,874		369
Gain on sale of loans	7,326			7,600		5,430		6,000		(274	)	1,896		1,326
(Loss) gain on sale of investments	(31		)	(98	)	5		(61	)	67		(36	)	30
Other income	2,474			2,855		3,102		2,832		(381	)	(628	)	(358	)
Total non-interest income	25,799			25,802		22,693		24,432		(3	)	3,106		1,367
	$	98,857		97,050		92,797		93,692		1,807		6,060		5,165
Net interest margin (tax-equivalent)	3.96		%	3.98	%	4.03	%	3.99	%

Net Interest Income

In the current quarter, interest income of $80.4 million increased $1.8 million, or 2 percent from the prior quarter, such increase attributable to increases in interest income on commercial loans. Income of $42.1 million on commercial loans increased $1.4 million, or 4 percent, from the prior quarter and was driven primarily by loan volume increases. Interest income during the current quarter increased $4.7 million, or 6 percent, over the prior year third quarter and was also due to higher interest income on commercial loans. The current quarter interest income on commercial loans increased $14.2 million, or 13 percent, over the prior year third quarter primarily the result of an increased volume in commercial loans. Interest income of $22.4 million on investment securities increased $478 thousand, or 2 percent, over the prior quarter and decreased $357 thousand, or 2 percent, over the prior year third quarter.

The current quarter interest expense of $7.3 million decreased $60 thousand, or 1 percent, from the prior quarter. The current quarter interest expense increased $879 thousand from the prior year third quarter, such increase attributed to the interest expense associated with the interest rate swap which started interest expense accruals in the fourth quarter of 2014. The total cost of funding (including non-interest bearing deposits) for the current quarter was 39 basis points compared to 40 basis points for the prior quarter and 37 basis points in the prior year third quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.96 percent compared to 3.98 percent in the prior quarter. The 2 basis point decrease in the current quarter net interest margin was primarily driven by a 3 basis point reduction in the acquired loan fair value discount accretion. Included in the current quarter net interest margin was 4 basis points related to the recovery of interest on loans previously placed on non-accrual compared to 1 basis point in the prior quarter. The Company’s current quarter net interest margin decreased 3 basis points from the prior year third quarter net interest margin of 3.99 percent. The reduction in the net interest margin from the prior year third quarter was the result of a 6 basis point increase in interest expense related to the interest rate swaps. “The net interest margin for the current and sequential

7

quarter and for the first nine months of the current year have remained stable compared to the year ago quarters and year ago nine month period as the Bank divisions have been disciplined in pricing loans and interest bearing deposits,” said Ron Copher, Chief Financial Officer. “The growth in the non-interest bearing balances has served the Bank well to offset the higher interest expense associated with the interest rate swap.”

Non-interest Income

Non-interest income for the current quarter totaled $25.8 million which was stable compared to the prior quarter and an increase of $1.4 million, or 6 percent, over the same quarter last year. Service fee income of $16.0 million, increased $585 thousand, or 4 percent, from the prior quarter and increased $369 thousand, or 2 percent, from the prior year third quarter with both increases the result of the increased number of deposit accounts. Gain of $7.3 million on the sale of the residential loans in the current quarter decreased $274 thousand, or 4 percent, from the prior quarter and increased $1.3 million, or 22 percent, from the prior year third quarter as a result of an increase in mortgage purchase activity. Other non-interest income for the current quarter decreased $381 thousand, or 13 percent, over the prior quarter the result of annual incentives received in the second quarter of 2015. Other non-interest income decreased $358 thousand, or 13 percent, over the prior year third quarter due to a decrease in other real estate owned (“OREO”) income. Included in other income was operating revenue of $19 thousand from OREO and a gain of $110 thousand from the sale of OREO, a combined total of $129 thousand for the current quarter compared to $323 thousand for the prior quarter and $406 thousand for the prior year third quarter.

Non-interest Expense Summary

	Three Months ended					$ Change from
(Dollars in thousands)	Sep 30, 2015		Jun 30, 2015	Mar 31, 2015	Sep 30, 2014	Jun 30, 2015		Mar 31, 2015		Sep 30, 2014
Compensation and employee benefits	$	33,534	32,729	32,244	30,142	805		1,290		3,392
Occupancy and equipment	7,887		7,810	7,362	6,961	77		525		926
Advertising and promotions	2,459		2,240	1,927	2,141	219		532		318
Data processing	1,258		1,593	1,249	1,472	(335	)	9		(214	)
Other real estate owned	1,047		1,377	758	602	(330	)	289		445
Regulatory assessments and insurance	1,478		1,006	1,305	1,435	472		173		43
Core deposit intangibles amortization	720		755	731	692	(35	)	(11	)	28
Other expenses	10,729		12,435	9,921	10,793	(1,706	)	808		(64	)
Total non-interest expense	$	59,112	59,945	55,497	54,238	(833	)	3,615		4,874

Compensation and employee benefits for the current quarter increased by $805 thousand, or 2 percent, from the prior quarter. Compensation and employee benefits for the current quarter increased by $3.4 million, or 11 percent, from the prior year third quarter due to the increased number of employees from the CB acquisition and the First National Bank of the Rockies (“FNBR”) acquisition in August 2014, and annual salary increases. Current quarter occupancy and equipment expense increased $926 thousand, or 13 percent, from the prior year third quarter as a result of added costs associated with the CB and FNBR acquisitions and equipment expense related to additional information technology infrastructure. The current quarter advertising expense increased $219 thousand, or 10 percent, from the prior quarter and increased $318 thousand, or 15 percent, from the prior year third quarter as a result of the Company actively marketing to its customer base in certain market areas. The current quarter data processing expense decreased $335 thousand, or 21 percent, from the prior quarter as a result of conversion related expenses and general increases during the prior quarter. The current quarter data processing expense decreased $214 thousand, or 15 percent, from the prior year third quarter as a result of a decrease in outsourced data processing expense from an acquired bank in the prior year third quarter. The current quarter OREO expense of $1.0 million was a decrease of $330 thousand from the prior quarter and included $559 thousand of operating expense, $452 thousand of fair value write-downs, and $37 thousand of loss from the sales of OREO. Current quarter other

8

expenses of $10.7 million decreased by $1.7 million, or 14 percent, from the prior quarter primarily from expenses connected with equity investments in New Market Tax Credits (“NMTC”) projects and conversion related expenses which were incurred in the second quarter of 2015. The NMTC expenses were more than offset by the tax benefits included in federal income tax expense during the second quarter of 2015 which was the reason for the increase of $1.8 million in federal and state income tax during the current quarter.

Efficiency Ratio

The efficiency ratio for the current quarter was 54.32 percent compared to 55.91 percent in the prior quarter. The 1.59 percent decrease in efficiency ratio resulted from decreases in expenses associated with NMTC projects and increases in net interest income primarily from volume increases in commercial loans and investment securities. The current quarter efficiency ratio of 54.32 percent compares to 53.87 percent in the prior year third quarter. The 45 basis point increase in efficiency ratio resulted from increases in non-interest expense driven by increased compensation and other operational expenses, which outpaced the increases in net interest income from an increase in earning assets.

Operating Results for Nine Months ended September 30, 2015

Compared to September 30, 2014

Income Summary

	Nine Months ended						$ Change			% Change
(Dollars in thousands)	Sep 30, 2015			Sep 30, 2014
Net interest income
Interest income	$	236,470		$	223,740		$	12,730		6	%
Interest expense	22,060			19,598			2,462			13	%
Total net interest income	214,410			204,142			10,268			5	%
Non-interest income
Service charges, loan fees, and other fees	45,631			43,656			1,975			5	%
Gain on sale of loans	20,356			14,373			5,983			42	%
Loss on sale of investments	(124		)	(160		)	36			(23	)%
Other income	8,431			8,455			(24		)	—	%
Total non-interest income	74,294			66,324			7,970			12	%
	$	288,704		$	270,466		$	18,238		7	%
Net interest margin (tax-equivalent)	3.99		%	4.00		%

9

Net Interest Income

Interest income for the first nine months of the current year increased $12.7 million, or 6 percent, from the prior year first nine months and was principally due to an increase in income from commercial loans. Current year interest income of $122 million on commercial loans increased $14.2 million, or 13 percent, from the prior year first nine months and was primarily the result of an increased volume of commercial loans. Current year interest income of $67.4 million on investment securities decreased $3.6 million, or 5 percent, over the same period last year, as a result of a decreased rate on investment securities, although the tax effective yield adjustment reduced this decrease to $140 thousand.

Interest expense for the first nine months of the current year increased $2.5 million, or 13 percent, from the prior year first nine months and was primarily due to the interest expense associated with the interest rate swap which started interest expense accruals in the fourth quarter of 2014. The total funding cost (including non-interest bearing deposits) for the first nine months of 2015 was 40 basis points compared to 39 basis points for the first nine months of 2014. 

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2015 was 3.99 percent, a decrease of 1 basis point from the prior year first nine months net interest margin of 4.00 percent. The 1 basis point reduction was attributable to a combination of items including an increase in interest expense from the interest rate swaps which was partially offset by increases in higher yielding earning assets.

Non-interest Income

Non-interest income of $74.3 million for the first nine months of 2015 increased $8.0 million, or 12 percent, over the same period last year. Service charges and other fees of $45.6 million for the first nine months of 2015 increased $2.0 million, or 5 percent, from the same period last year driven by the increased number of deposit accounts. The gains of $20.4 million on the sale of residential loans for the first nine months of 2015 increased $6.0 million, or 42 percent, from the first nine months of 2014 resulting from an increase in mortgage refinancing and purchase activity. Other income was unchanged from the nine month period last year. Included in other income was operating revenue of $95 thousand from OREO and gains of $775 thousand from the sales of OREO, which totaled $870 thousand for the first nine months of 2015 compared to $1.8 million for the same period in the prior year.

Non-interest Expense Summary

	Nine Months ended				$ Change			% Change
(Dollars in thousands)	Sep 30, 2015		Sep 30, 2014
Compensation and employee benefits	$	98,507	$	87,764	$	10,743		12	%
Occupancy and equipment	23,059		20,307		2,752			14	%
Advertising and promotions	6,626		5,866		760			13	%
Data processing	4,100		4,792		(692		)	(14	)%
Other real estate owned	3,182		1,675		1,507			90	%
Regulatory assessments and insurance	3,789		4,055		(266		)	(7	)%
Core deposit intangible amortization	2,206		2,095		111			5	%
Other expenses	33,085		30,427		2,658			9	%
Total non-interest expense	$	174,554	$	156,981	$	17,573		11	%

Compensation and employee benefits for the first nine months of 2015 increased $10.7 million, or 12 percent, from the same period last year due to the increased number of employees from the acquired banks, additional benefit costs and annual salary increases. Occupancy and equipment expense increased $2.8 million, or 14 percent, as a result of increased costs associated with the CB and FNBR acquisitions and equipment expense related to

10

additional information technology infrastructure. Outsourced data processing expense decreased $692 thousand, or 14 percent, from the prior year first nine months as a result of a decrease in conversion related expenses and outsourced data processing expense from an acquired bank. OREO expense of $3.2 million in the first nine months of 2015 increased $1.5 million, or 90 percent, from the first nine months of the prior year. OREO expenses tend to fluctuate based on the level of activity in various quarters. OREO expense for the first nine months of 2015 included $1.4 million of operating expenses, $1.5 million of fair value write-downs, and $250 thousand of loss from the sales of OREO. Other expense of $33.1 million for the first nine months of 2015 increased by $2.7 million, or 9 percent, from the first nine months of the prior year primarily due to increases in conversion and acquisition related expenses.

Provision for Loan Losses

The provision for loan losses was $1.9 million for the first nine months of 2015, an increase of $152 thousand, or 9 percent, from the same period in the prior year. Net charged-off loans during the first nine months of 2015 were $858 thousand, a decrease of $582 thousand from the first nine months of 2014.

Efficiency Ratio

The efficiency ratio was 55.01 percent for the first nine months of 2015 and 54.03 percent for the first nine months of 2014. The increase in the efficiency ratio resulted from compensation expense and increased costs from acquisitions outpacing the increase in net interest income and increases in gain on sale of loans.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 82 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and Bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown, all operating in Montana; as well as Mountain West Bank, Coeur d’Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah;  First Bank of Wyoming, Powell and First State Bank, Wheatland, each operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; and Bank of the San Juans, Durango, operating in Colorado.

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 management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning. 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 subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:

• the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;

• changes in market interest rates, which could adversely affect the Company’s net interest income and profitability;

• legislative or regulatory changes that adversely affect the Company’s business, ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;

11

• costs or difficulties related to the completion and integration of acquisitions;

• the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;

• reduced demand for banking products and services;

• the 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 the Company through acquisitions;

• consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;

• dependence on the Chief Executive Officer, the senior management team and the Presidents of the Bank divisions;

• potential interruption or breach in security of the Company’s systems; and

• the Company’s success in managing risks involved in 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.

12

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	September 30, 2015			June 30, 2015		December 31, 2014		September 30, 2014
Assets
Cash on hand and in banks	$	104,363		120,783		122,834		109,947
Federal funds sold	2,210			—		1,025		488
Interest bearing cash deposits	136,262			234,936		318,550		171,662
Cash and cash equivalents	242,835			355,719		442,409		282,097
Investment securities, available-for-sale	2,530,994			2,361,830		2,387,428		2,398,196
Investment securities, held-to-maturity	651,822			593,314		520,997		482,757
Total investment securities	3,182,816			2,955,144		2,908,425		2,880,953
Loans held for sale	40,456			53,201		46,726		65,598
Loans receivable	4,876,419			4,807,431		4,488,095		4,459,099
Allowance for loan and lease losses	(130,768		)	(130,519	)	(129,753	)	(130,632	)
Loans receivable, net	4,745,651			4,676,912		4,358,342		4,328,467
Premises and equipment, net	185,864			186,858		179,175		178,509
Other real estate owned	26,609			26,686		27,804		28,374
Accrued interest receivable	46,786			44,563		40,587		42,981
Deferred tax asset	55,095			56,571		41,737		44,452
Core deposit intangible, net	10,781			11,501		10,900		11,617
Goodwill	130,843			130,843		129,706		129,706
Non-marketable equity securities	24,905			24,914		52,868		52,868
Other assets	71,658			66,898		67,828		64,188
Total assets	$	8,764,299		8,589,810		8,306,507		8,109,810
Liabilities
Non-interest bearing deposits	$	1,893,723		1,731,015		1,632,403		1,595,971
Interest bearing deposits	4,779,456			4,827,642		4,712,809		4,510,840
Securities sold under agreements to repurchase	441,041			408,935		397,107		367,213
FHLB advances	329,299			329,470		296,944		366,866
Other borrowed funds	6,619			6,665		7,311		7,351
Subordinated debentures	125,812			125,776		125,705		125,669
Accrued interest payable	3,641			3,790		4,155		3,058
Other liabilities	109,900			100,066		102,026		92,362
Total liabilities	7,689,491			7,533,359		7,278,460		7,069,330
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, 117,187,500 shares authorized	755			755		750		750
Paid-in capital	720,639			720,073		708,356		707,821
Retained earnings - substantially restricted	345,407			330,183		301,197		309,234
Accumulated other comprehensive income	8,007			5,440		17,744		22,675
Total stockholders’ equity	1,074,808			1,056,451		1,028,047		1,040,480
Total liabilities and stockholders’ equity	$	8,764,299		8,589,810		8,306,507		8,109,810
Number of common stock shares issued and outstanding	75,532,082			75,531,258		75,026,092		75,024,092

13

Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations

	Three Months ended							Nine Months ended
(Dollars in thousands, except per share data)	September 30, 2015			June 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Interest Income
Investment securities	$	22,437		21,959		22,794		67,355		71,002
Residential real estate loans	7,878			7,942		7,950		23,581		22,257
Commercial loans	42,137			40,698		37,387		121,857		107,696
Consumer and other loans	7,915			8,018		7,559		23,677		22,785
Total interest income	80,367			78,617		75,690		236,470		223,740
Interest Expense
Deposits	3,947			4,112		3,027		12,206		9,177
Securities sold under agreements to repurchase	261			232		225		734		627
Federal Home Loan Bank advances	2,273			2,217		2,356		6,685		7,317
Federal funds purchased and other borrowed funds	21			15		34		63		135
Subordinated debentures	807			793		788		2,372		2,342
Total interest expense	7,309			7,369		6,430		22,060		19,598
Net Interest Income	73,058			71,248		69,260		214,410		204,142
Provision for loan losses	826			282		360		1,873		1,721
Net interest income after provision for loan losses	72,232			70,966		68,900		212,537		202,421
Non-Interest Income
Service charges and other fees	14,975			14,303		14,319		42,277		40,085
Miscellaneous loan fees and charges	1,055			1,142		1,342		3,354		3,571
Gain on sale of loans	7,326			7,600		6,000		20,356		14,373
Loss on sale of investments	(31		)	(98	)	(61	)	(124	)	(160	)
Other income	2,474			2,855		2,832		8,431		8,455
Total non-interest income	25,799			25,802		24,432		74,294		66,324
Non-Interest Expense
Compensation and employee benefits	33,534			32,729		30,142		98,507		87,764
Occupancy and equipment	7,887			7,810		6,961		23,059		20,307
Advertising and promotions	2,459			2,240		2,141		6,626		5,866
Data processing	1,258			1,593		1,472		4,100		4,792
Other real estate owned	1,047			1,377		602		3,182		1,675
Regulatory assessments and insurance	1,478			1,006		1,435		3,789		4,055
Core deposit intangibles amortization	720			755		692		2,206		2,095
Other expenses	10,729			12,435		10,793		33,085		30,427
Total non-interest expense	59,112			59,945		54,238		174,554		156,981
Income Before Income Taxes	38,919			36,823		39,094		112,277		111,764
Federal and state income tax expense	9,305			7,488		9,800		25,658		27,063
Net Income	$	29,614		29,335		29,294		86,619		84,701
Basic earnings per share	$	0.39		0.39		0.40		1.15		1.14
Diluted earnings per share	$	0.39		0.39		0.40		1.15		1.14
Dividends declared per share	$	0.19		0.19		0.17		0.56		0.50
Average outstanding shares - basic	75,531,923			75,530,591		74,631,317		75,424,147		74,512,806
Average outstanding shares - diluted	75,586,453			75,565,655		74,676,124		75,469,355		74,554,263

14

Glacier Bancorp, Inc.

Average Balance Sheet

	Three Months ended						Nine Months ended
	September 30, 2015						September 30, 2015
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	679,037	$	7,878	4.64	%	$	673,084	$	23,581	4.67	%
Commercial loans 1	3,510,098		42,811		4.84	%	3,411,631		123,759		4.85	%
Consumer and other loans	639,155		7,915		4.91	%	625,726		23,677		5.06	%
Total loans 2	4,828,290		58,604		4.82	%	4,710,441		171,017		4.85	%
Tax-exempt investment securities 3	1,334,980		19,511		5.85	%	1,317,788		57,026		5.77	%
Taxable investment securities 4	1,930,378		10,063		2.09	%	1,894,572		30,472		2.14	%
Total earning assets	8,093,648		88,178		4.32	%	7,922,801		258,515		4.36	%
Goodwill and intangibles	142,031						141,851
Non-earning assets	384,452						385,216
Total assets	$	8,620,131					$	8,449,868
Liabilities
Non-interest bearing deposits	$	1,793,899	$	—	—	%	$	1,702,459	$	—	—	%
NOW accounts	1,387,334		264		0.08	%	1,347,658		790		0.08	%
Savings accounts	763,430		90		0.05	%	740,905		263		0.05	%
Money market deposit accounts	1,349,244		514		0.15	%	1,330,212		1,544		0.16	%
Certificate accounts	1,125,276		1,657		0.58	%	1,147,820		5,284		0.62	%
Wholesale deposits 5	190,724		1,422		2.96	%	208,640		4,325		2.77	%
FHLB advances	329,797		2,273		2.70	%	315,068		6,685		2.80	%
Repurchase agreements and other borrowed funds	512,807		1,089		0.84	%	504,787		3,169		0.84	%
Total funding liabilities	7,452,511		7,309		0.39	%	7,297,549		22,060		0.40	%
Other liabilities	92,955						90,300
Total liabilities	7,545,466						7,387,849
Stockholders’ Equity
Common stock	755						754
Paid-in capital	720,325						717,424
Retained earnings	344,768						329,630
Accumulated other comprehensive income	8,817						14,211
Total stockholders’ equity	1,074,665						1,062,019
Total liabilities and stockholders’ equity	$	8,620,131					$	8,449,868
Net interest income (tax-equivalent)			$	80,869					$	236,455
Net interest spread (tax-equivalent)					3.93	%					3.96	%
Net interest margin (tax-equivalent)					3.96	%					3.99	%

^__________ 

¹  Includes tax effect of $674 thousand and $1.9 million on tax-exempt municipal loan and lease income for the three and nine months ended September 30, 2015.

²  Total loans are gross of the allowance for loan and lease 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 $6.8 million and $19.1 million on tax-exempt investment security income for the three and nine months ended September 30, 2015.

⁴  Includes tax effect of $362 thousand and $1.1 million on federal income tax credits for the three and nine months ended September 30, 2015.

⁵  Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts.

15

Glacier Bancorp, Inc.

Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type												% Change from
(Dollars in thousands)	Sep 30, 2015			Jun 30, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2015		Dec 31, 2014		Sep 30, 2014
Custom and owner occupied construction	$	64,951		$	56,460		$	56,689		$	59,121		15	%	15	%	10	%
Pre-sold and spec construction	46,921			45,063			47,406			44,085			4	%	(1	)%	6	%
Total residential construction	111,872			101,523			104,095			103,206			10	%	7	%	8	%
Land development	83,756			78,059			82,829			88,507			7	%	1	%	(5	)%
Consumer land or lots	98,490			98,365			101,818			99,003			—	%	(3	)%	(1	)%
Unimproved land	74,439			76,726			86,116			66,684			(3	)%	(14	)%	12	%
Developed lots for operative builders	13,697			13,673			14,126			15,471			—	%	(3	)%	(11	)%
Commercial lots	22,937			20,047			16,205			16,050			14	%	42	%	43	%
Other construction	122,347			126,966			150,075			149,207			(4	)%	(18	)%	(18	)%
Total land, lot, and other construction	415,666			413,836			451,169			434,922			—	%	(8	)%	(4	)%
Owner occupied	885,736			874,651			849,148			834,742			1	%	4	%	6	%
Non-owner occupied	739,057			718,024			674,381			658,429			3	%	10	%	12	%
Total commercial real estate	1,624,793			1,592,675			1,523,529			1,493,171			2	%	7	%	9	%
Commercial and industrial	619,688			635,259			547,910			573,617			(2	)%	13	%	8	%
Agriculture	386,523			374,258			310,785			317,506			3	%	24	%	22	%
1st lien	801,705			802,152			775,785			782,116			—	%	3	%	3	%
Junior lien	67,351			67,019			68,358			71,678			—	%	(1	)%	(6	)%
Total 1-4 family	869,056			869,171			844,143			853,794			—	%	3	%	2	%
Multifamily residential	189,944			195,674			160,426			168,760			(3	)%	18	%	13	%
Home equity lines of credit	359,605			356,077			334,788			322,442			1	%	7	%	12	%
Other consumer	154,095			147,427			133,773			139,045			5	%	15	%	11	%
Total consumer	513,700			503,504			468,561			461,487			2	%	10	%	11	%
Other	185,633			174,732			124,203			118,234			6	%	49	%	57	%
Total loans receivable, including loans held for sale	4,916,875			4,860,632			4,534,821			4,524,697			1	%	8	%	9	%
Less loans held for sale 1	(40,456		)	(53,201		)	(46,726		)	(65,598		)	(24	)%	(13	)%	(38	)%
Total loans receivable	$	4,876,419		$	4,807,431		$	4,488,095		$	4,459,099		1	%	9	%	9	%

_______

¹ Loans held for sale are primarily 1st lien 1-4 family loans.

16

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
(Dollars in thousands)	Sep 30, 2015		Jun 30, 2015	Dec 31, 2014	Sep 30, 2014	Sep 30, 2015	Sep 30, 2015	Sep 30, 2015
Custom and owner occupied construction	$	1,048	1,079	1,132	1,164	1,048	—	—
Pre-sold and spec construction	—		18	218	222	—	—	—
Total residential construction	1,048		1,097	1,350	1,386	1,048	—	—
Land development	17,719		20,405	20,842	24,803	7,769	—	9,950
Consumer land or lots	2,430		2,647	3,581	3,451	1,105	—	1,325
Unimproved land	12,055		12,580	14,170	13,659	8,607	—	3,448
Developed lots for operative builders	492		848	1,318	1,672	270	—	222
Commercial lots	1,631		2,050	2,660	2,697	241	—	1,390
Other construction	4,244		4,244	5,151	5,154	—	—	4,244
Total land, lot and other construction	38,571		42,774	47,722	51,436	17,992	—	20,579
Owner occupied	12,719		13,057	13,574	14,913	8,220	1,444	3,055
Non-owner occupied	3,833		3,179	3,013	3,768	2,713	—	1,120
Total commercial real estate	16,552		16,236	16,587	18,681	10,933	1,444	4,175
Commercial and industrial	5,110		5,805	4,375	4,833	4,868	199	43
Agriculture	3,114		2,769	3,074	3,430	2,499	167	448
1st lien	11,953		9,867	9,580	13,236	10,538	107	1,308
Junior lien	660		739	442	481	660	—	—
Total 1-4 family	12,613		10,606	10,022	13,717	11,198	107	1,308
Multifamily residential	—		—	440	450	—	—	—
Home equity lines of credit	6,013		4,742	6,099	3,985	5,991	22	—
Other consumer	204		164	231	222	103	45	56
Total consumer	6,217		4,906	6,330	4,207	6,094	67	56
Other	1,800		29	—	—	—	1,800	—
Total	$	85,025	84,222	89,900	98,140	54,632	3,784	26,609

17

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, 2015		Jun 30, 2015		Dec 31, 2014		Sep 30, 2014		Jun 30, 2015		Dec 31, 2014		Sep 30, 2014
Custom and owner occupied construction	$	138	$	—	$	—	$	—	n/m		n/m		n/m
Pre-sold and spec construction	144		—		869		179		n/m		(83	)%	(20	)%
Total residential construction	282		—		869		179		n/m		(68	)%	58	%
Consumer land or lots	266		158		391		62		68	%	(32	)%	329	%
Unimproved land	304		755		267		1,177		(60	)%	14	%	(74	)%
Developed lots for operative builders	—		—		—		21		n/m		n/m		(100	)%
Commercial lots	—		66		21		106		(100	)%	(100	)%	(100	)%
Other construction	—		—		—		660		n/m		n/m		(100	)%
Total land, lot and other construction	570		979		679		2,026		(42	)%	(16	)%	(72	)%
Owner occupied	2,497		4,727		5,971		4,341		(47	)%	(58	)%	(42	)%
Non-owner occupied	5,529		8,257		3,131		266		(33	)%	77	%	1,979	%
Total commercial real estate	8,026		12,984		9,102		4,607		(38	)%	(12	)%	74	%
Commercial and industrial	2,774		6,760		2,915		3,376		(59	)%	(5	)%	(18	)%
Agriculture	867		353		994		152		146	%	(13	)%	470	%
1st lien	2,510		2,891		6,804		3,738		(13	)%	(63	)%	(33	)%
Junior lien	228		335		491		275		(32	)%	(54	)%	(17	)%
Total 1-4 family	2,738		3,226		7,295		4,013		(15	)%	(62	)%	(32	)%
Multifamily Residential	114		671		—		684		(83	)%	n/m		(83	)%
Home equity lines of credit	1,599		2,464		1,288		1,725		(35	)%	24	%	(7	)%
Other consumer	811		996		928		789		(19	)%	(13	)%	3	%
Total consumer	2,410		3,460		2,216		2,514		(30	)%	9	%	(4	)%
Other	41		41		1,834		19		—	%	(98	)%	116	%
Total	$	17,822	$	28,474	$	25,904	$	17,570	(37	)%	(31	)%	1	%

_______

n/m - not measurable

18

Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Sep 30, 2015			Jun 30, 2015		Dec 31, 2014		Sep 30, 2014		Sep 30, 2015	Sep 30, 2015
Pre-sold and spec construction	$	(34	)	(23	)	(94	)	(58	)	—	34
Land development	(293		)	(807	)	(390	)	(319	)	828	1,121
Consumer land or lots	(8		)	(77	)	375		69		306	314
Unimproved land	(152		)	(86	)	52		(186	)	—	152
Developed lots for operative builders	(72		)	(98	)	(140	)	(125	)	51	123
Commercial lots	(5		)	(3	)	(6	)	(5	)	—	5
Other construction	(1		)	(1	)	—		—		—	1
Total land, lot and other construction	(531		)	(1,072	)	(109	)	(566	)	1,185	1,716
Owner occupied	249			271		669		201		587	338
Non-owner occupied	105			109		(162	)	(44	)	116	11
Total commercial real estate	354			380		507		157		703	349
Commercial and industrial	1,011			1,007		1,069		932		1,638	627
Agriculture	(8		)	(7	)	28		(1	)	—	8
1st lien	(80		)	(49	)	372		207		39	119
Junior lien	(106		)	(129	)	183		199		79	185
Total 1-4 family	(186		)	(178	)	555		406		118	304
Multifamily residential	(318		)	(29	)	138		138		—	318
Home equity lines of credit	531			206		190		222		660	129
Other consumer	39			(3	)	226		210		367	328
Total consumer	570			203		416		432		1,027	457
Total	$	858		281		2,510		1,440		4,671	3,813

Visit our website atwww.glacierbancorp.com

19