All right.
Thank you, Victor.
Good morning.
And thank you for joining us today.
With me here in Kalispell this morning is Ron Copher, our Chief Financial Officer; Don Chery, our Chief Administrative Officer; Angela Dose, our Chief Accounting Officer; Byron Pollan, our Treasurer and our Senior Credit team, Tom Dolan and Barry Johnston.
quarter ready yesterday any to may first information, with questions our have. we're and review released XXXX along earnings supplemental you We and answer
like there move few your we questions, Before points to I'd to cover. are
markets, time. the their through pandemic navigating communities service proud the to doing extremely our health the service through front our want believe commitment, first line and their care this communities to crisis. thank exceptionally the people responders Glacier I'm their all COVID-XX workers, team, I I the providers And and First, on global in for of to get the we're other essential also health all this pandemic. well. they're leadership during and help
X,XXX impact from and across miles Arizona different is covers of pandemic franchise. to the that Montana Glacier The the franchise
Our XXX model local respond communities over suits that different communities capability divisions our best provides in employees, unique serving to with unique and customers way to with business XX a market. us that
Our taken ensure most and their safety. help importantly to divisions our many to have employees actions
benefit team any care our we proud later, on removed it discuss we'll at during beginning of decided that without so about have was this of needed our to decision. lay up everyone worry And pandemic, as employees accommodate having on And family the take turned not help time themselves off difficult right and customers. time. That we to that caps the can out to that our members time. benefit using to care of say We I'm people or the the take
number that very the of early with work on We deploy were circumstances pandemic. about reaching our protection here about through help difficulties. or to also paycheck to we out if to loans. help U. get them this commercial of plans customers proactively them for to get later and March. they have lenders them to modifications worsening been offer them our At that our to The any know any provided on in let and SBA actively had tools customers and to Glacier concerns loan the through decided a their wanted forbearance, we call S., talk business pandemic customers since beginnings PPP the teams needed We to
customers have deferral we alleviate would be customers, the We took stress loan, to some were found could of but to and customers the return whether a provide that that sheet normal Most more to slowdown, actions our helped their had many conditions. helped balance of appreciated many and worried they how idle. our of The sheet about runway with dialog a to with long or to absorb their it us a PPP strengthen anxiety. they balance they told really
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become once our attractive in car states with spaces attraction is of open we think sought and western addition, tourism more will accessible the the even the post up, country In natural easily west by more pandemic. because maybe wide opens our come after back
of delay think moving of adoption ultimately the results and advantage the adoption really while internally we forward first beginning the of CECL as highlighted And standard expected much banks operationally required. XXXX. are off of credit be of don't are the I loss reporting have standard current our Cares see core would already the under us CECL a quarter this Act the Many at of or allow We business. strength really this standard, prepared will putting consistent under our an we adopted to method. accounting that
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allowance developments. That related to in are and in current unemployment of material rate close million XQ we the and model $XX for adjustments expect don't the major ACL of the impact used of our to being there GDP to of available, XX%. part portfolio our we the of a believe first most The know a loss we includes said, related decline is what quarter at seasonal and COVID-XX further credit increase time, COVID-XX north process unless the this as on new includes most XX%
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the We GDP. for same pattern expect
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are model that is historical important performance in of loans used Perhaps the our model. that more in the credit
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our encompasses In country. strongest the the addition, some branch footprint of in growth markets
of size our local with Our these over a of secured local market is by made is further where properties. of with real credit detailed personal guarantee. a XX% strengthened level, portfolio loans at relatively estate average small also commercial decisioning teams And understanding the its XXX,XXX loan and our have borrowers
and average was last And at charge-offs next stand lowest portfolio among supply tremendous did strongest annual our enter Our extremely loans for adherence party know, levels This quarter is weaker as is spent our while exiting only the and third three were over which point. strength. now is part company's portfolio credits concentration of very in the the history. declining rigorous reflected XX times you slowly total in independent two is to this discipline basis we to of and With important by at buyers an ending was high. And performance the our this recession Net points, to years portfolio as the operational it's years while we this quarter pandemic, the NPAs decades. comes for preparing last to good, we've an been in reviews basis the strong X the this strong process. limits loans diversification management
publicity and about have approved of received closed $X.X As loans program, loans SBAs billion and $XXX one X,XXX our program phase the and we've funds conversations our of almost over a million those and in the customer about accounts. already customers’ PPP in result for tremendous deposited PPP in the
that new to of received million program. customers PPP up in close competitors PPP picked loans to struggling the also due We of were who $XXX a number XXX excess with
did With held needed worked XX-hour team more from customers so street received. over the of person and them care PPP how these able we complements communities. received be than per that weekends We we our to loan amount team to the honored were getting most applications applications and Glacier we're The numerous main size. around team average many banks pleased and our I an and job of on helped XXX,XXX, size take through businesses in get serve Glacier and Glacier incredible X,XXX believe on tremendous that days the loans to of Many to an them. the application
good million. customers flexibility maintain We modifications the they a also now reopen. while short-term get to totaling businesses business balance to make on severe made Both are be through wait modifications regulatory seeing. loans build modifications over loans we $XXX a help the help but and received to way these and customers like X,XXX sheets, disruption and their We've PPP could
enhanced with hotel/motel, $XXX risk to industries, addition the of are Most portfolio. totaling following our these we tourism than and the loans restaurants, In The million have includes travel, loans our hotel or industry amount the to is industries in loans LTV monitoring an of $XXX the have think loans higher of of portfolios are of strength The that million or under under upon with less relying million $X.X loan loans, largest and XX%. monitoring pose pandemic. enhanced gaming. of X.X% due in the portfolio. hotel/motel the oil/gas, portfolio, total smaller risk we substantial implemented inherent X.XX% This
years, Most amount current so increased for we very position has equity. to operators a our the good of believe The by of in hotel time hotels materially work they'll these our the a recover. group need of know, industry portfolio over have some and We virus by you of many been hard loans have led challenges. good hit and through is will three seasoned
stay to with these we way. However, close to the customers to along work need them
to social take ability adapt higher is average these like group $XXX the less to and The restaurants, to or foundation. to looks size portfolio. million the the the distancing loan already fully. Even operating get a next hotel while model largest group of restaurant our these Similar than operators. minimum with the of able shifting of smaller and with exposure requirements, started is solid reestablished be by X.X% risk to out, totaling loans a for reopen loan group new $XXX,XXX a most an as they of are will risk Many the economics of have wait portfolio, it to businesses owners higher required
only directly but about about been is loans million trouble. portfolio. basis have we the the expertise is industry of There's the in stay the subject oil primary also lot made our or this also X exposure in XX And support of never industry, to portfolio, the Most of a deep We of gas. because too higher the points here don't for providing many energy secondary discussion and risk businesses producers. the needed out matter
Further loans. approximately portfolio have of supporting loans the monitoring portfolio just XX% I modifications and went this XX% through, PPP that in approximately enhanced the have
with these monitoring foreseeable to our industries for continue future. we'll So the for process enhanced
last the for the And annualized million $XXX first Arizona. $XXX million the in of Without the portfolio quarter. of grew this the State quarter X% acquisition Bank we included So our grew or quarter, or X%. loan acquisition, from
increased prior from and quarter, Core annualized. $XXX deposits including million organically the or million increased the acquisition $XXX X% X% or
total quarter the the at due XX% of first and municipal the Our quarter. of end $XXX State the assets year $XXX of investments million and in the Bank XX% of XX% million the and from represent securities of prior investment end portfolio to XX% at purchase quarter to the acquisition prior our or our quarter at the of compared Debt bonds. of increased Arizona corporate $XXX end million of
Margin was also strong.
from first from was the quarter. Our down core The and was up basis from portfolio points was of which X.X%, basis yield quarter prior or prior the from loan on the point margin prior Core the cost lower X.XX% quarter, the X.XX% X.X%, the by X X ended from and point points as new the net down about last just at from end from loans, total yields X.X%. of points X on quarter pricing down which quarter to was dropped basis XX deposit basis and prior was driven the basis the funding was interest year's points XX quarter basis down X well. about
year $XXX loans for about quarter So almost locked in overall, versus of million the quarter core with sale compared mortgage of million quarter we're resiliency with a of million stability the volume record XXXX. And pleased locked very in the the the first the business million experienced first Gain and $XXX $X.X in our was to quarter over in our on $XX mortgages ago. margin.
but levels the CETX the remain Our do ending mortgage bit what end to to to up business up is at ago. business. And it's see too the company’s still capital from of active quarter clearly COVID-XX early and very at year quarter a a the XX.X% the prior XX.XX% from strong XX.XX%, with and the will quarter compared
from Tangible at of year's quarter per XX.XX% at from the book XX.XX% the the the and quarter. value first end from prior XX.XX% the share increased was of and end first prior quarter, increased
access end had of due to an $X.X growth first increase Our deposits robust billion borrowing the the liquidity. capacity. in and over quarter, core in access liquidity company At the to to remains with
$XXX dividend This and Home Federal Bank, strategy $X.X robust banks, borrowing capital and capacity capital of liquidity in we borrowing correspondent position, strategy. March, this time. billion preferred change in includes unused capacity been In of of With the to and our consecutive capacity XXXth cash see $XXX Loan addition excess don't billion at the at at dividend. marketable with declared securities $X.X $X.X any Dividends and in $X.X management our billion Federal unpledged billion our we have remain in million at our million. Reserve
to million business. to to or in major welcome prior before quarter’s the the very And our also we everything was We year company's converted questions, the to And the and and X.X% an of completed system compared pre-provision excited XX.X. pre-tax of Foothills division net Glacier this strong else now $X.X quarter, to of expand on, Arizona. quarter. on core going all for team, million, the exceptionally we markets the revenue and to million, XX%. from the employees acquisition this the PP&R Compared our board Bank the the top first State State or of over PP&R demonstrates to quarter cover finally Arizona increase move our $XX.X increased ago $XX.X we believe On in PP&R almost clearly it core are
any may my ends the And that questions you that line our remarks. I'd turn Victor, like So formal to to back now analysts call over to open have. the for
