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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
____________________________________________________________
FORM 10-Q
____________________________________________________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________             
Commission file number 000-18911
____________________________________________________________
GLACIER BANCORP, INC.
(Exact name of registrant as specified in its charter)
 ____________________________________________________________
Montana81-0519541
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
49 Commons LoopKalispell,Montana59901
(Address of principal executive offices)(Zip Code)
(406)756-4200
(Registrant’s telephone number, including area code)
 ____________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGBCINASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No
The number of shares of Registrant’s common stock outstanding on October 16, 2019 was 92,187,453. No preferred shares are issued or outstanding.




TABLE OF CONTENTS
 


 Page
Part I. Financial Information
Item 1 – Financial Statements





ABBREVIATIONS/ACRONYMS

 

ALCO – Asset Liability Committee
ALLL or allowance – allowance for loan and lease losses
ASC – Accounting Standards CodificationTM
ASU – Accounting Standards Update
ATM – automated teller machine
Bank – Glacier Bank
CDE – Certified Development Entity
CDFI Fund – Community Development Financial Institutions Fund
CEO – Chief Executive Officer
CFO – Chief Financial Officer
Company – Glacier Bancorp, Inc.
DDA – demand deposit account
Fannie Mae – Federal National Mortgage Association
FASB – Financial Accounting Standards Board
FDIC – Federal Deposit Insurance Corporation
FHLB – Federal Home Loan Bank
Final Rules – final rules implemented by the federal banking agencies that established a new comprehensive regulatory capital framework
FNB – FNB Bancorp and its subsidiary, The First National Bank of Layton
FRB – Federal Reserve Bank
Freddie Mac – Federal Home Loan Mortgage Corporation
GAAP – accounting principles generally accepted in the United States of America
Ginnie Mae – Government National Mortgage Association
Heritage Heritage Bancorp and its subsidiary, Heritage Bank of Nevada
Interest rate locks - residential real estate derivatives for commitments
LIBOR – London Interbank Offered Rate
LIHTC – Low Income Housing Tax Credit
NMTC – New Markets Tax Credit
NOW – negotiable order of withdrawal
NRSRO – Nationally Recognized Statistical Rating Organizations
OCI – other comprehensive income
OREO – other real estate owned
Repurchase agreements – securities sold under agreements to repurchase
ROU – right-of-use
S&P – Standard and Poor’s
SBAZ – State Bank Corp. and its subsidiary, State Bank of Arizona
SEC – United States Securities and Exchange Commission
TBA – to-be-announced
TDR – troubled debt restructuring
VIE – variable interest entity







GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
(Dollars in thousands, except per share data)September 30,
2019
December 31,
2018
Assets
Cash on hand and in banks$233,623  161,782  
Interest bearing cash deposits172,761  42,008  
Cash and cash equivalents406,384  203,790  
Debt securities, available-for-sale2,459,036  2,571,663  
Debt securities, held-to-maturity234,992  297,915  
Total debt securities2,694,028  2,869,578  
Loans held for sale, at fair value100,441  33,156  
Loans receivable9,541,088  8,287,549  
Allowance for loan and lease losses(125,535) (131,239) 
Loans receivable, net9,415,553  8,156,310  
Premises and equipment, net307,590  241,528  
Other real estate owned7,148  7,480  
Accrued interest receivable63,294  54,408  
Deferred tax asset  23,564  
Core deposit intangible, net65,852  49,242  
Goodwill456,422  289,586  
Non-marketable equity securities10,427  27,871  
Bank-owned life insurance108,814  82,320  
Other assets82,839  76,651  
Total assets$13,718,792  12,115,484  
Liabilities
Non-interest bearing deposits$3,772,766  3,001,178  
Interest bearing deposits7,095,859  6,492,589  
Securities sold under agreements to repurchase558,752  396,151  
Federal Home Loan Bank advances8,707  440,175  
Other borrowed funds14,808  14,708  
Subordinated debentures139,913  134,051  
Accrued interest payable4,435  4,252  
Other liabilities170,151  116,526  
Total liabilities11,765,391  10,599,630  
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 authorized922  845  
Paid-in capital1,375,785  1,051,253  
Retained earnings - substantially restricted528,599  473,183  
Accumulated other comprehensive income (loss)48,095  (9,427) 
Total stockholders’ equity1,953,401  1,515,854  
Total liabilities and stockholders’ equity$13,718,792  12,115,484  
Number of common stock shares issued and outstanding92,180,618  84,521,692  


See accompanying notes to unaudited condensed consolidated financial statements.
4



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 Three Months endedNine Months ended
(Dollars in thousands, except per share data)September 30,
2019
September 30,
2018
September 30,
2019
September 30,
2018
Interest Income
Investment securities$21,357  21,971  64,600  64,483  
Residential real estate loans12,156  10,356  34,345  29,290  
Commercial loans97,224  80,587  268,806  221,926  
Consumer and other loans11,658  9,991  33,145  27,987  
Total interest income142,395  122,905  400,896  343,686  
Interest Expense
Deposits6,214  4,837  17,179  13,370  
Securities sold under agreements to repurchase999  570  2,687  1,541  
Federal Home Loan Bank advances2,035  2,132  8,937  6,734  
Other borrowed funds
47  63  123  105  
Subordinated debentures1,652  1,558  5,014  4,345  
Total interest expense10,947  9,160  33,940  26,095  
Net Interest Income131,448  113,745  366,956  317,591  
Provision for loan losses  3,194  57  8,707  
Net interest income after provision for loan losses
131,448  110,551  366,899  308,884  
Non-Interest Income
Service charges and other fees15,138  19,504  53,178  55,179  
Miscellaneous loan fees and charges1,775  1,807  3,934  5,527  
Gain on sale of loans10,369  7,256  23,929  21,495  
Gain (loss) on sale of debt securities13,811  (367) 14,158  (756) 
Other income1,956  4,216  7,158  8,885  
Total non-interest income43,049  32,416  102,357  90,330  
Non-Interest Expense
Compensation and employee benefits62,509  49,927  167,210  144,671  
Occupancy and equipment8,731  7,914  25,348  22,850  
Advertising and promotions2,719  2,432  7,874  7,132  
Data processing4,466  3,752  12,420  11,960  
Other real estate owned166  2,674  496  2,957  
Regulatory assessments and insurance593  1,277  3,726  3,812  
Loss on termination of hedging activities13,528    13,528    
Core deposit intangibles amortization2,360  1,735  5,919  4,539  
Other expenses15,603  13,118  43,154  40,330  
Total non-interest expense110,675  82,829  279,675  238,251  
Income Before Income Taxes63,822  60,138  189,581  160,963  
Federal and state income tax expense12,212  10,802  36,447  28,684  
Net Income$51,610  49,336  153,134  132,279  
Basic earnings per share$0.57  0.58  1.76  1.59  
Diluted earnings per share$0.57  0.58  1.76  1.59  
Dividends declared per share$0.29  0.26  0.82  0.75  
Average outstanding shares - basic90,294,811  84,518,407  86,911,402  83,294,111  
Average outstanding shares - diluted90,449,195  84,593,122  87,082,178  83,362,323  

See accompanying notes to unaudited condensed consolidated financial statements.
5



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 Three Months endedNine Months ended
(Dollars in thousands)September 30,
2019
September 30,
2018
September 30,
2019
September 30,
2018
Net Income$51,610  49,336  153,134  132,279  
Other Comprehensive Income (Loss), Net of Tax
Unrealized gains (losses) on available-for-sale securities
11,113  (14,190) 87,442  (46,597) 
Reclassification adjustment for (gains) losses included in net income
(13,811) (151) (14,166) 195  
Net unrealized gains (losses) on available-for-sale securities
(2,698) (14,341) 73,276  (46,402) 
Tax effect684  3,634  (18,568) 11,759  
Net of tax amount(2,014) (10,707) 54,708  (34,643) 
Unrealized (losses) gains on derivatives
  used for cash flow hedges
(1,393) 1,234  (7,047) 7,302  
Reclassification adjustment for losses included in net income
10,315  469  10,816  1,946  
Net unrealized gains on derivatives
  used for cash flow hedges
8,922  1,703  3,769  9,248  
Tax effect(2,261) (431) (955) (2,343) 
Net of tax amount6,661  1,272  2,814  6,905  
Total other comprehensive income (loss), net of tax
4,647  (9,435) 57,522  (27,738) 
Total Comprehensive Income$56,257  39,901  210,656  104,541  
























See accompanying notes to unaudited condensed consolidated financial statements.
6



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS’ EQUITY
Three Months ended September 30, 2019 and 2018
 
(Dollars in thousands, except per share data)Common StockPaid-in CapitalRetained
Earnings
Substantially Restricted
Accumulated
Other Compre-
hensive (Loss) Income
 
SharesAmountTotal
Balance at July 1, 2018  84,516,650  $845  1,049,724  443,705  (20,282) 1,473,992  
Net income—  —  —  49,336  —  49,336  
Other comprehensive loss—  —  —  —  (9,435) (9,435) 
Cash dividends declared ($0.26 per share)
—  —  —  (22,020) —  (22,020) 
Stock issuances under stock incentive plans
4,443      —  —    
Stock-based compensation and related taxes
—  —  739  —  —  739  
Balance at September 30, 201884,521,093  $845  1,050,463  471,021  (29,717) 1,492,612  
Balance at July 1, 201986,637,394  $866  1,139,289  503,773  43,448  1,687,376  
Net income—  —  —  51,610  —  51,610  
Other comprehensive income—  —  —  —  4,647  4,647  
Cash dividends declared ($0.29 per share)
—  —  —  (26,784) —  (26,784) 
Stock issued in connection with acquisitions
5,473,276  55  229,330  —  —  229,385  
Stock issuances under stock incentive plans
69,948  1  (1) —  —    
Stock-based compensation and related taxes
—  —  7,167  —  —  7,167  
Balance at September 30, 201992,180,618  $922  1,375,785  528,599  48,095  1,953,401  











See accompanying notes to unaudited condensed consolidated financial statements.
7



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS’ EQUITY (Continued)
Nine Months ended September 30, 2019 and 2018
 
(Dollars in thousands, except per share data)Common StockPaid-in CapitalRetained
Earnings
Substantially Restricted
Accumulated
Other Compre-
hensive (Loss) Income
 
SharesAmountTotal
Balance at January 1, 2018  78,006,956  $780  797,997  402,259  (1,979) 1,199,057  
Net income—  —  —  132,279  —  132,279  
Other comprehensive loss—  —  —  —  (27,738) (27,738) 
Cash dividends declared ($0.75 per share)
—  —  —  (63,517) —  (63,517) 
Stock issued in connection with acquisitions
6,432,868  64  250,743  —  —  250,807  
Stock issuances under stock incentive plans
81,269  1  (1) —  —    
Stock-based compensation and related taxes
—  —  1,724  —  —  1,724  
Balance at September 30, 201884,521,093  $845  1,050,463  471,021  (29,717) 1,492,612  
Balance at January 1, 201984,521,692  $845  1,051,253  473,183  (9,427) 1,515,854  
Net income—  —  —  153,134  —  153,134  
Other comprehensive income—  —  —  —  57,522  57,522  
Cash dividends declared ($0.82 per share)
—  —  —  (72,260) —  (72,260) 
Stock issued in connection with acquisitions
7,519,617  75  316,463  —  —  316,538  
Stock issuances under stock incentive plans
139,309  2  (2) —  —    
Stock-based compensation and related taxes
—  —  8,071  —  —  8,071  
Cumulative-effect of accounting changes
—  —  —  (25,458) —  (25,458) 
Balance at September 30, 201992,180,618  $922  1,375,785  528,599  48,095  1,953,401  














See accompanying notes to unaudited condensed consolidated financial statements.
8



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 Nine Months ended
(Dollars in thousands)September 30,
2019
September 30,
2018
Operating Activities
Net income$153,134  132,279  
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses57  8,707  
Net amortization of debt securities11,687  10,088  
Net accretion of purchase accounting adjustments(2,680) (2,962) 
Amortization of debt modification costs4,630  1,237  
Origination of loans held for sale(671,038) (647,932) 
Proceeds from loans held for sale633,085  669,344  
Gain on sale of loans(23,929) (21,495) 
(Gain) loss on sale of debt securities(14,158) 756  
Bank-owned life insurance income, net(1,629) (1,782) 
Stock-based compensation, net of tax benefits6,554  2,523  
Depreciation and amortization of premises and equipment13,713  11,543  
(Gain) loss on sale and write-downs of other real estate owned, net(288) 2,347  
Amortization of core deposit intangibles5,919  4,539  
Amortization of investments in variable interest entities6,767  5,070  
Net increase in accrued interest receivable(5,348) (10,581) 
Net increase in other assets(367) (6,820) 
Net increase in accrued interest payable61  170  
Net (decrease) increase in other liabilities(1,730) 10,481  
Net cash provided by operating activities114,440  167,512  
Investing Activities
Sales of available-for-sale debt securities711,268  224,612  
Maturities, prepayments and calls of available-for-sale debt securities457,299  259,102  
Purchases of available-for-sale debt securities(839,835) (550,096) 
Maturities, prepayments and calls of held-to-maturity debt securities48,940  55,202  
Principal collected on loans2,497,073  1,908,670  
Loan originations(2,900,692) (2,500,098) 
Net additions to premises and equipment(14,230) (13,984) 
Proceeds from sale of other real estate owned2,960