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Section 1: 10-Q (FORM 10-Q)

gbci-20200630
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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 June 30, 2020
 
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 July 17, 2020 was 95,409,061. No preferred shares are issued or outstanding.




TABLE OF CONTENTS
 


 Page
Part I. Financial Information
Item 1 – Financial Statements





ABBREVIATIONS/ACRONYMS

 

ACL or allowance – allowance for credit losses
ALCO – Asset Liability Committee
ASC – Accounting Standards CodificationTM
ASU – Accounting Standards Update
ATM – automated teller machine
Bank – Glacier Bank
CARES Act – Coronavirus Aid, Relief, and Economic Security Act
CDE – Certified Development Entity
CDFI Fund – Community Development Financial Institutions Fund
CECL – current expected credit losses
CEO – Chief Executive Officer
CFO – Chief Financial Officer
Company – Glacier Bancorp, Inc.
COVID-19 – coronavirus disease of 2019
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
FRB – Federal Reserve Bank
Freddie Mac – Federal Home Loan Mortgage Corporation
GAAP – accounting principles generally accepted in the United States of America
GDP – gross domestic product
Ginnie Mae – Government National Mortgage Association
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
PCD – purchased credit-deteriorated
PPP – Paycheck Protection Program
Repurchase agreements – securities sold under agreements to repurchase
ROU – right-of-use
S&P – Standard and Poor’s
SBA – United States Small Business Administration
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)June 30,
2020
December 31,
2019
Assets
Cash on hand and in banks$212,681  198,639  
Interest bearing cash deposits334,929  132,322  
Cash and cash equivalents547,610  330,961  
Debt securities, available-for-sale3,533,950  2,575,252  
Debt securities, held-to-maturity203,275  224,611  
Total debt securities3,737,225  2,799,863  
Loans held for sale, at fair value115,345  69,194  
Loans receivable11,453,378  9,512,810  
Allowance for credit losses(162,509) (124,490) 
Loans receivable, net11,290,869  9,388,320  
Premises and equipment, net326,005  310,309  
Other real estate owned4,743  5,142  
Accrued interest receivable77,363  56,047  
Deferred tax asset  2,037  
Core deposit intangible, net60,733  63,286  
Goodwill513,355  456,418  
Non-marketable equity securities11,592  11,623  
Bank-owned life insurance122,388  109,428  
Other assets99,420  81,371  
Total assets$16,906,648  13,683,999  
Liabilities
Non-interest bearing deposits$5,043,704  3,696,627  
Interest bearing deposits8,337,828  7,079,830  
Securities sold under agreements to repurchase881,227  569,824  
Federal Home Loan Bank advances37,963  38,611  
Other borrowed funds32,546  28,820  
Subordinated debentures139,917  139,914  
Accrued interest payable4,211  4,686  
Deferred tax liability25,213    
Other liabilities200,324  164,954  
Total liabilities14,702,933  11,723,266  
Commitments and Contingent Liabilities
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding
    
Common stock, $0.01 par value per share, 117,187,500 shares authorized954  923  
Paid-in capital1,492,817  1,378,534  
Retained earnings - substantially restricted580,035  541,050  
Accumulated other comprehensive income129,909  40,226  
Total stockholders’ equity2,203,715  1,960,733  
Total liabilities and stockholders’ equity$16,906,648  13,683,999  
Number of common stock shares issued and outstanding95,409,061  92,289,750  
See accompanying notes to unaudited condensed consolidated financial statements.
4



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 Three Months endedSix Months ended
(Dollars in thousands, except per share data)June 30,
2020
June 30,
2019
June 30,
2020
June 30,
2019
Interest Income
Investment securities$25,833  21,892  46,847  43,243  
Residential real estate loans12,098  11,410  23,624  22,189  
Commercial loans106,343  88,043  205,027  171,582  
Consumer and other loans11,130  11,040  22,771  21,487  
Total interest income155,404  132,385  298,269  258,501  
Interest Expense
Deposits4,587  5,624  10,168  10,965  
Securities sold under agreements to repurchase908  886  1,897  1,688  
Federal Home Loan Bank advances268  3,847  614  6,902  
Other borrowed funds
172  38  300  76  
Subordinated debentures1,250  1,694  2,702  3,362  
Total interest expense7,185  12,089  15,681  22,993  
Net Interest Income148,219  120,296  282,588  235,508  
Credit loss expense13,552    36,296  57  
Net interest income after credit loss expense
134,667  120,296  246,292  235,451  
Non-Interest Income
Service charges and other fees11,366  20,025  25,386  38,040  
Miscellaneous loan fees and charges1,682  1,192  2,967  2,159  
Gain on sale of loans25,858  7,762  37,720  13,560  
Gain on sale of debt securities128  134  991  347  
Other income2,190  1,721  7,432  5,202  
Total non-interest income41,224  30,834  74,496  59,308  
Non-Interest Expense
Compensation and employee benefits57,981  51,973  117,641  104,701  
Occupancy and equipment9,357  8,180  18,576  16,617  
Advertising and promotions2,138  2,767  4,625  5,155  
Data processing5,042  4,062  10,324  7,954  
Other real estate owned75  191  187  330  
Regulatory assessments and insurance1,037  1,848  2,127  3,133  
Core deposit intangibles amortization2,613  1,865  5,146  3,559  
Other expenses19,898  15,284  31,443  27,551  
Total non-interest expense98,141  86,170  190,069  169,000  
Income Before Income Taxes77,750  64,960  130,719  125,759  
Federal and state income tax expense14,306  12,568  23,936  24,235  
Net Income$63,444  52,392  106,783  101,524  
Basic earnings per share$0.67  0.61  1.13  1.19  
Diluted earnings per share$0.66  0.61  1.13  1.19  
Dividends declared per share$0.29  0.27  0.58  0.53  
Average outstanding shares - basic95,405,493  85,826,290  94,346,582  85,191,658  
Average outstanding shares - diluted95,430,403  85,858,286  94,395,930  85,241,238  



See accompanying notes to unaudited condensed consolidated financial statements.
5



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 Three Months endedSix Months ended
(Dollars in thousands)June 30,
2020
June 30,
2019
June 30,
2020
June 30,
2019
Net Income$63,444  52,392  106,783  101,524  
Other Comprehensive Income, Net of Tax
Unrealized gains on available-for-sale securities
41,014  29,877  121,569  76,329  
Reclassification adjustment for gains included in net income
(128) (134) (990) (355) 
Net unrealized gains on available-for-sale securities
40,886  29,743  120,579  75,974  
Tax effect(10,360) (7,537) (30,555) (19,252) 
Net of tax amount30,526  22,206  90,024  56,722  
Unrealized losses on derivatives used for cash flow hedges
(456) (3,820) (456) (5,654) 
Reclassification adjustment for losses included in net income
  278    501  
Net unrealized losses on derivatives used for cash flow hedges
(456) (3,542) (456) (5,153) 
Tax effect115  897  115  1,306  
Net of tax amount(341) (2,645) (341) (3,847) 
Total other comprehensive income, net of tax
30,185  19,561  89,683  52,875  
Total Comprehensive Income$93,629  71,953  196,466  154,399  


























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 June 30, 2020 and 2019
 
(Dollars in thousands, except per share data)Common StockPaid-in CapitalRetained
Earnings
Substantially Restricted
Accumulated
Other Compre-
hensive Income
 
SharesAmountTotal
Balance at April 1, 201984,588,199  $846  1,051,299  474,818  23,887  1,550,850  
Net income—  —  —  52,392  —  52,392  
Other comprehensive income—  —  —  —  19,561  19,561  
Cash dividends declared ($0.27 per share)
—  —  —  (23,437) —  (23,437) 
Stock issued in connection with acquisitions
2,046,341  20  87,133  —  —  87,153  
Stock issuances under stock incentive plans
2,854      —  —    
Stock-based compensation and related taxes
—  —  857  —  —  857  
Balance at June 30, 201986,637,394  $866  1,139,289  503,773  43,448  1,687,376  
Balance at April 1, 202095,408,274  $954  1,491,651  544,315  99,724  2,136,644  
Net income—  —  —  63,444  —  63,444  
Other comprehensive income—  —  —  —  30,185  30,185  
Cash dividends declared ($0.29 per share)
—  —  —  (27,724) —  (27,724) 
Stock issuances under stock incentive plans
787      —  —    
Stock-based compensation and related taxes
—  —  1,166  —  —  1,166  
Balance at June 30, 202095,409,061  $954  1,492,817  580,035  129,909  2,203,715  


















See accompanying notes to unaudited condensed consolidated financial statements.
7




GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS’ EQUITY
Six Months ended June 30, 2020 and 2019
 
(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, 201984,521,692  $845  1,051,253  473,183  (9,427) 1,515,854  
Net income—  —  —  101,524  —  101,524  
Other comprehensive income—  —  —  —  52,875  52,875  
Cash dividends declared ($0.53 per share)
—  —  —  (45,476) —  (45,476) 
Stock issued in connection with acquisitions
2,046,341  20  87,133  —  —  87,153  
Stock issuances under stock incentive plans
69,361  1  (1) —  —    
Stock-based compensation and related taxes
—  —  904  —  —  904  
Cumulative-effect of accounting changes
—  —  —  (25,458) —  (25,458) 
Balance at June 30, 201986,637,394  $866  1,139,289  503,773  43,448  1,687,376  
Balance at January 1, 202092,289,750  $923  1,378,534  541,050  40,226  1,960,733  
Net income—  —  —  106,783  —  106,783  
Other comprehensive income—  —  —  —  89,683  89,683  
Cash dividends declared ($0.58 per share)
—  —  —  (55,451) —  (55,451) 
Stock issued in connection with acquisitions
3,007,044  30  112,103  —  —  112,133  
Stock issuances under stock incentive plans
112,267  1  (1) —  —    
Stock-based compensation and related taxes
—  —  2,181  —  —  2,181  
Cumulative-effect of accounting changes
—  —  —  (12,347) —  (12,347) 
Balance at June 30, 202095,409,061  $954  1,492,817  580,035  129,909  2,203,715  











See accompanying notes to unaudited condensed consolidated financial statements.
8



GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 Six Months ended
(Dollars in thousands)June 30,
2020
June 30,
2019
Operating Activities
Net income$106,783  101,524  
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense36,296  57  
Net amortization of debt securities6,831  8,707  
Net amortization (accretion) of purchase accounting adjustments
and deferred loan fees and costs