Company Quick10K Filing
Glacier Bancorp
Price40.43 EPS2
Shares92 P/E18
MCap3,727 P/FCF33
Net Debt-406 EBIT294
TEV3,320 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2021-02-04 Regulation FD, Exhibits
8-K 2021-02-03 Regulation FD, Exhibits
8-K 2021-01-28 Earnings, Exhibits
8-K 2020-11-12
8-K 2020-10-22
8-K 2020-09-30
8-K 2020-09-09
8-K 2020-07-23
8-K 2020-05-18
8-K 2020-05-05
8-K 2020-04-29
8-K 2020-04-23
8-K 2020-04-07
8-K 2020-03-26
8-K 2020-02-29
8-K 2020-01-23
8-K 2019-11-12
8-K 2019-10-17
8-K 2019-09-30
8-K 2019-07-31
8-K 2019-07-18
8-K 2019-04-30
8-K 2019-04-24
8-K 2019-04-18
8-K 2019-04-03
8-K 2019-01-24
8-K 2019-01-16
8-K 2018-10-18
8-K 2018-07-19
8-K 2018-06-27
8-K 2018-04-25
8-K 2018-04-19
8-K 2018-03-05
8-K 2018-02-28
8-K 2018-01-31
8-K 2018-01-25

GBCI 10Q Quarterly Report

Note 1. Nature of Operations and Summary of Significant Accounting Policies
Note 2. Debt Securities
Note 3. Loans Receivable, Net
Note 4. Leases
Note 5. Goodwill
Note 6. Variable Interest Entities
Note 7. Securities Sold Under Agreements To Repurchase
Note 8. Derivatives and Hedging Activities
Note 9. Other Expenses
Note 10. Accumulated Other Comprehensive Income
Note 11. Earnings per Share
Note 12. Fair Value of Assets and Liabilities
Note 13. Mergers and Acquisitions
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 gbci-09302020xex311.htm
EX-31.2 gbci-09302020xex312.htm
EX-32.0 gbci-09302020xex32.htm

Glacier Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
1.10.80.50.2-0.1-0.42012201420172020
Ops, Inv, Fin

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-012019-09-30


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, 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 October 15, 2020 was 95,414,850. 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)September 30,
2020
December 31,
2019
Assets
Cash on hand and in banks$249,245 198,639 
Federal funds sold590  
Interest bearing cash deposits520,044 132,322 
Cash and cash equivalents769,879 330,961 
Debt securities, available-for-sale4,125,548 2,575,252 
Debt securities, held-to-maturity193,509 224,611 
Total debt securities4,319,057 2,799,863 
Loans held for sale, at fair value147,937 69,194 
Loans receivable11,618,731 9,512,810 
Allowance for credit losses(164,552)(124,490)
Loans receivable, net11,454,179 9,388,320 
Premises and equipment, net326,925 310,309 
Other real estate owned5,361 5,142 
Accrued interest receivable91,393 56,047 
Deferred tax asset 2,037 
Core deposit intangible, net58,121 63,286 
Goodwill514,013 456,418 
Non-marketable equity securities10,366 11,623 
Bank-owned life insurance123,095 109,428 
Other assets105,741 81,371 
Total assets$17,926,067 13,683,999 
Liabilities
Non-interest bearing deposits$5,479,311 3,696,627 
Interest bearing deposits8,820,577 7,079,830 
Securities sold under agreements to repurchase965,668 569,824 
Federal Home Loan Bank advances7,318 38,611 
Other borrowed funds32,967 28,820 
Subordinated debentures139,918 139,914 
Accrued interest payable3,951 4,686 
Deferred tax liability17,227  
Other liabilities204,041 164,954 
Total liabilities15,670,978 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 authorized
954 923 
Paid-in capital1,493,928 1,378,534 
Retained earnings - substantially restricted629,109 541,050 
Accumulated other comprehensive income131,098 40,226 
Total stockholders’ equity2,255,089 1,960,733 
Total liabilities and stockholders’ equity$17,926,067 13,683,999 
Number of common stock shares issued and outstanding95,413,743 92,289,750 
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,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Interest Income
Investment securities$25,381 21,357 72,228 64,600 
Residential real estate loans11,592 12,156 35,216 34,345 
Commercial loans109,514 97,224 314,541 268,806 
Consumer and other loans11,000 11,658 33,771 33,145 
Total interest income157,487 142,395 455,756 400,896 
Interest Expense
Deposits3,952 6,214 14,120 17,179 
Securities sold under agreements to repurchase886 999 2,783 2,687 
Federal Home Loan Bank advances70 2,035 684 8,937 
Other borrowed funds
173 47 473 123 
Subordinated debentures1,003 1,652 3,705 5,014 
Total interest expense6,084 10,947 21,765 33,940 
Net Interest Income151,403 131,448 433,991 366,956 
Credit loss expense2,869  39,165 57 
Net interest income after credit loss expense
148,534 131,448 394,826 366,899 
Non-Interest Income
Service charges and other fees13,404 15,138 38,790 53,178 
Miscellaneous loan fees and charges2,084 1,775 5,051 3,934 
Gain on sale of loans35,516 10,369 73,236 23,929 
Gain on sale of debt securities24 13,811 1,015 14,158 
Other income2,639 1,956 10,071 7,158 
Total non-interest income53,667 43,049 128,163 102,357 
Non-Interest Expense
Compensation and employee benefits64,866 62,509 182,507 167,210 
Occupancy and equipment9,369 8,731 27,945 25,348 
Advertising and promotions2,779 2,719 7,404 7,874 
Data processing5,597 4,466 15,921 12,420 
Other real estate owned186 166 373 496 
Regulatory assessments and insurance1,495 593 3,622 3,726 
Loss on termination of hedging activities 13,528  13,528 
Core deposit intangibles amortization2,612 2,360 7,758 5,919 
Other expenses18,786 15,603 50,229 43,154 
Total non-interest expense105,690 110,675 295,759 279,675 
Income Before Income Taxes96,511 63,822 227,230 189,581 
Federal and state income tax expense18,754 12,212 42,690 36,447 
Net Income$77,757 51,610 184,540 153,134 
Basic earnings per share$0.81 0.57 1.95 1.76 
Diluted earnings per share$0.81 0.57 1.95 1.76 
Dividends declared per share$0.30 0.29 0.88 0.82 
Average outstanding shares - basic95,411,656 90,294,811 94,704,198 86,911,402 
Average outstanding shares - diluted95,442,576 90,449,195 94,747,894 87,082,178 

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,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Net Income$77,757 51,610 184,540 153,134 
Other Comprehensive Income, Net of Tax
Unrealized gains on available-for-sale securities
1,693 11,113 123,262 87,442 
Reclassification adjustment for gains included in net income
(24)(13,811)(1,014)(14,166)
Net unrealized gains (losses) on available-for-sale securities
1,669 (2,698)122,248 73,276 
Tax effect(424)684 (30,979)(18,568)
Net of tax amount1,245 (2,014)91,269 54,708 
Unrealized losses on derivatives used for cash flow hedges
(76)(1,393)(532)(7,047)
Reclassification adjustment for losses included in net income
 10,315  10,816 
Net unrealized (losses) gains on derivatives used for cash flow hedges
(76)8,922 (532)3,769 
Tax effect20 (2,261)135 (955)
Net of tax amount(56)6,661 (397)2,814 
Total other comprehensive income, net of tax
1,189 4,647 90,872 57,522 
Total Comprehensive Income$78,946 56,257 275,412 210,656 


























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, 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 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 
Balance at July 1, 202095,409,061 $954 1,492,817 580,035 129,909 2,203,715 
Net income— — — 77,757 — 77,757 
Other comprehensive income— — — — 1,189 1,189 
Cash dividends declared ($0.30 per share)
— — — (28,683)— (28,683)
Stock issuances under stock incentive plans
4,682   — —  
Stock-based compensation and related taxes
— — 1,111 — — 1,111 
Balance at September 30, 202095,413,743 $954 1,493,928 629,109 131,098 2,255,089 


















See accompanying notes to unaudited condensed consolidated financial statements.
7




GLACIER BANCORP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS’ EQUITY
Nine Months ended September 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— — — 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 
Balance at January 1, 202092,289,750 $923 1,378,534 541,050 40,226 1,960,733 
Net income— — — 184,540 — 184,540 
Other comprehensive income— — — — 90,872 90,872 
Cash dividends declared ($0.88 per share)
— — — (84,134)— (84,134)
Stock issued in connection with acquisitions
3,007,044 30 112,103 — — 112,133 
Stock issuances under stock incentive plans
116,949 1 (1)— —  
Stock-based compensation and related taxes
— — 3,292 — — 3,292 
Cumulative-effect of accounting changes
— — — (12,347)— (12,347)
Balance at September 30, 202095,413,743 $954 1,493,928 629,109 131,098 2,255,089 











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,
2020
September 30,
2019
Operating Activities
Net income$184,540 153,134 
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense39,165 57 
Net amortization of debt securities10,830 11,687 
Net accretion of purchase accounting adjustments
and deferred loan fees and costs
(