Net income was $82.1 million for the current quarter, an increase of $18.4 million, or 29 percent, from the prior quarter net income of $63.8 million and an increase of $27.6 million, or 51 percent, from the prior year first quarter net income of $54.6 million.
Diluted earnings per share for the current quarter was $0.63 per share, an increase of $0.14 per share, or 29 percent, from the prior quarter diluted earnings per share of $0.49 and an increase of $0.15 per share, or 31 percent, from the prior year first quarter diluted earnings per share of $0.48.
Diluted operating earnings per share1 for the current quarter was $0.70 per share, an increase of $0.01 per share, or 1 percent, from the prior quarter diluted operating earnings per share of $0.69 and an increase of $0.23 per share, or 49 percent, from the prior year first quarter diluted operating earnings per share of $0.47.
The loan portfolio of $21.034 billion at March 31, 2026 increased $106 million, or 2 percent annualized, from the prior quarter.
Total deposits of $24.742 billion at March 31, 2026 increased $151 million, or 2 percent annualized, from the prior quarter.
Non-interest bearing deposits of $7.427 billion at March 31, 2026 increased $113 million, or 6 percent annualized, from the prior quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.80 percent, an increase of 22 basis points from the prior quarter net interest margin of 3.58 percent and an increase of 76 basis points from the prior year first quarter net interest margin of 3.04 percent.
The loan yield of 6.16 percent in the current quarter increased 7 basis points from the prior quarter loan yield of 6.09 percent and increased 39 basis points from the prior year first quarter loan yield of 5.77 percent.
The total earning asset yield of 5.11 percent in the current quarter increased 11 basis points from the prior quarter earning asset yield of 5.00 percent and increased 50 basis points from the prior year first quarter earning asset yield of 4.61 percent.
The total cost of funding (including non-interest bearing deposits) of 1.40 percent in the current quarter decreased 12 basis points from the prior quarter total cost of funding of 1.52 percent and decreased 28 basis points from the prior year first quarter total cost of funding of 1.68 percent.
The Company completed the core system conversion of Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, "Guaranty"). Guaranty was acquired on October 1, 2025 with total assets of $3.357 billion.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 164 consecutive quarterly dividends and has increased the dividend 49 times.
Financial Summary
At or for the Three Months ended
(Dollars in thousands, except per share and market data)
Mar 31,2026
Dec 31,2025
Mar 31,2025
Operating results
Net income
$
82,144
63,779
54,568
Basic earnings per share
$
0.63
0.49
0.48
Diluted earnings per share
$
0.63
0.49
0.48
Operating diluted earnings per share 1
$
0.70
0.69
0.47
Dividends declared per share
$
0.33
0.33
0.33
Market value per share
Closing
$
44.67
44.05
44.22
High
$
53.99
49.56
52.81
Low
$
41.87
39.90
43.18
Selected ratios and other data
Number of common stock shares outstanding
130,124,378
129,971,712
113,517,944
Average outstanding shares - basic
130,052,858
129,950,587
113,451,199
Average outstanding shares - diluted
130,242,765
130,145,104
113,546,365
Return on average assets (annualized)
1.05
%
0.78
%
0.80
%
Return on average equity (annualized)
7.82
%
6.05
%
6.77
%
Efficiency ratio
63.05
%
61.04
%
65.49
%
Loan to deposit ratio
85.18
%
85.26
%
83.64
%
Number of full time equivalent employees
4,139
4,087
3,457
Number of locations
282
281
227
Number of ATMs
337
337
286
______________________________
1
Represents a non-GAAP financial measure. Supplemental "Non-GAAP Financial Measures and Reconciliations" tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
KALISPELL, Mont., April 23, 2026 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE:GBCI) reported net income of $82.1 million for the current quarter, an increase of $18.4 million, or 29 percent, from the prior quarter net income of $63.8 million and an increase of $27.6 million, or 51 percent, from the prior year first quarter net income of $54.6 million. Diluted earnings per share for the current quarter was $0.63 per share, an increase of $0.14 per share, or 29 percent, from the prior quarter diluted earnings per share of $0.49 and an increase of $0.15 per share, or 31 percent, from the prior year first quarter diluted earnings per share of $0.48. Diluted operating earnings per share for the current quarter was $0.70 per share, an increase of $0.01 per share, or 1 percent, from the prior quarter diluted operating earnings per share of $0.69 and an increase of $0.23 per share, or 49 percent, from the prior year first quarter diluted operating earnings per share of $0.47. The current quarter included $8.9 million in acquisition-related expenses and $2.8 million of compensation from acquisition-related employment agreements. "We opened 2026 with strong results, delivering record net income, net interest margin expansion and loan and deposit growth," said Randy Chesler, President and Chief Executive Officer. "We also completed the Guaranty core systems conversion during the current quarter. This was an important milestone that positions us to capture the full benefits of the acquisition. Our teams remain focused on disciplined growth, delivering operating leverage and creating long-term value for shareholders."
Asset Summary
$ Change from
(Dollars in thousands)
Mar 31,2026
Dec 31,2025
Mar 31,2025
Dec 31,2025
Mar 31,2025
Cash and cash equivalents
$
1,385,237
1,235,261
981,485
149,976
403,752
Debt securities, available-for-sale
3,585,531
4,007,512
4,172,312
(421,981
)
(586,781
)
Debt securities, held-to-maturity
3,058,662
3,110,216
3,261,575
(51,554
)
(202,913
)
Total debt securities
6,644,193
7,117,728
7,433,887
(473,535
)
(789,694
)
Loans receivable 1
Residential real estate
2,167,860
2,457,907
1,850,079
(290,047
)
317,781
Commercial real estate
13,918,178
13,565,512
10,952,809
352,666
2,965,369
Other commercial
3,466,863
3,497,829
3,121,477
(30,966
)
345,386
Home equity
1,048,971
977,206
920,132
71,765
128,839
Other consumer
431,791
429,342
374,021
2,449
57,770
Loans receivable
21,033,663
20,927,796
17,218,518
105,867
3,815,145
Allowance for credit losses
(255,771
)
(255,319
)
(210,400
)
(452
)
(45,371
)
Loans receivable, net
20,777,892
20,672,477
17,008,118
105,415
3,769,774
Other assets
2,926,760
2,952,597
2,435,389
(25,837
)
491,371
Total assets
$
31,734,082
31,978,063
27,858,879
(243,981
)
3,875,203
______________________________
1
In connection with the current quarter Guaranty core system conversion, Guaranty loans were reclassified to conform to the Company's classifications. There were approximately $236 million of loans reclassified from residential loans into other categories, the majority of which were reclassified to commercial real estate loans.
The Company continues to maintain a strong cash position of $1.385 billion at March 31, 2026, which was an increase of $150 million, or 12 percent, over the prior quarter and an increase of $404 million, or 41 percent, over the prior year first quarter. Total debt securities of $6.644 billion at March 31, 2026 decreased $474 million, or 7 percent, during the current quarter and decreased $790 million, or 11 percent, from the prior year first quarter. Debt securities represented 21 percent of total assets at March 31, 2026 compared to 22 percent at December 31, 2025 and 27 percent at March 31, 2025.
The loan portfolio of $21.034 billion at March 31, 2026 increased $106 million, or 2 percent annualized, during the current quarter. The loan portfolio increased $3.815 billion, or 22 percent, from the prior year first quarter. Excluding the Bank of Idaho ("BOID") acquisition on April 30, 2025 and the Guaranty acquisition on October 1, 2025, the loan portfolio organically increased $638 million, or 4 percent, from the prior year first quarter.
Credit Quality Summary
At or for theThree Months ended
At or for theYear ended
At or for the Three Months ended
(Dollars in thousands)
Mar 31,2026
Dec 31,2025
Mar 31,2025
Allowance for credit losses
Balance at beginning of period
$
255,319
206,041
206,041
Acquisitions
—
154
—
Provision for credit losses
3,514
61,846
6,154
Charge-offs
(4,186
)
(18,682
)
(3,897
)
Recoveries
1,124
5,960
2,102
Balance at end of period
$
255,771
255,319
210,400
Provision for credit losses
Loan portfolio
$
3,514
61,846
6,154
Unfunded loan commitments
2,550
9,554
1,660
Total provision for credit losses
$
6,064
71,400
7,814
Other real estate owned
$
1,417
284
1,085
Other foreclosed assets
193
127
68
Accruing loans 90 days or more past due
13,470
5,997
5,289
Non-accrual loans
64,415
62,487
32,896
Total non-performing assets
$
79,495
68,895
39,338
Non-performing assets as a percentage of subsidiary assets
0.25
%
0.22
%
0.14
%
Allowance for credit losses as a percentage of non-performing loans
328
%
373
%
551
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.22
%
Net charge-offs as a percentage of total loans
0.02
%
0.06
%
0.01
%
Accruing loans 30-89 days past due
$
91,760
78,826
46,458
U.S. government guarantees included in non-performing assets
$
8,066
8,733
685
Non-performing assets of $79.5 million at March 31, 2026 increased $10.6 million, or 15 percent, over the prior quarter and increased $40.2 million, or 102 percent, over the prior year first quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $91.8 million at March 31, 2026 increased $12.9 million from the prior quarter and increased $45.3 million from the prior year first quarter. Early stage delinquencies as a percentage of loans at March 31, 2026 were 0.44 percent compared to 0.38 percent for the prior quarter and 0.27 percent for the prior year first quarter and remain at historically low levels for the Company.
The current quarter provision for credit loss expense of $6.1 million included $3.5 million of credit loss expense on loans and $2.6 million of credit loss expense on unfunded loan commitments. The allowance for credit losses ("ACL") on loans as a percentage of total loans outstanding was 1.22 percent at each of March 31, 2026, December 31, 2025 and March 31, 2025. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
(Dollars in thousands)
Provision for CreditLosses Loans
Net Charge-Offs
ACLas a Percentof Loans
AccruingLoans 30-89Days Past Dueas a Percent ofLoans
Non-PerformingAssets toTotal SubsidiaryAssets
First quarter 2026
$
3,514
$
3,062
1.22
%
0.44
%
0.25
%
Fourth quarter 2025
32,491
6,368
1.22
%
0.38
%
0.22
%
Third quarter 2025
5,192
2,914
1.22
%
0.21
%
0.19
%
Second quarter 2025
18,009
1,645
1.22
%
0.29
%
0.17
%
First quarter 2025
6,154
1,795
1.22
%
0.27
%
0.14
%
Fourth quarter 2024
6,041
5,170
1.19
%
0.19
%
0.10
%
Third quarter 2024
6,981
2,766
1.19
%
0.33
%
0.10
%
Second quarter 2024
5,066
2,890
1.19
%
0.29
%
0.06
%
Net charge-offs for the current quarter were $3.1 million compared to $6.4 million in the prior quarter and $1.8 million for the prior year first quarter. The current quarter net charge-offs included $2.2 million in deposit overdraft net charge-offs and $896 thousand of net loan charge-offs.
Supplemental information regarding credit quality and identification of the Company's loan portfolio based on the regulatory classification of loans 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)
Mar 31,2026
Dec 31,2025
Mar 31,2025
Dec 31,2025
Mar 31,2025
Deposits
Non-interest bearing deposits
$
7,427,280
7,314,779
6,100,548
112,501
1,326,732
NOW and DDA accounts
6,217,728
6,236,551
5,676,177
(18,823
)
541,551
Savings accounts
3,193,293
3,158,939
2,896,378
34,354
296,915
Money market deposit accounts
4,049,361
3,948,201
2,816,874
101,160
1,232,487
Certificate accounts
3,851,209
3,928,550
3,140,333
(77,341
)
710,876
Core deposits, total
24,738,871
24,587,020
20,630,310
151,851
4,108,561
Wholesale deposits
3,000
4,076
3,740
(1,076
)
(740
)
Deposits, total
24,741,871
24,591,096
20,634,050
150,775
4,107,821
Repurchase agreements
2,085,623
2,084,113
1,849,070
1,510
236,553
Deposits and repurchase agreements, total
26,827,494
26,675,209
22,483,120
152,285
4,344,374
Federal Home Loan Bank advances
—
440,000
1,520,000
(440,000
)
(1,520,000
)
Other borrowed funds
51,564
51,473
62,216
91
(10,652
)
Finance lease liabilities
31,209
28,808
20,227
2,401
10,982
Subordinated debentures
188,032
187,492
133,145
540
54,887
Other liabilities
387,284
381,260
352,563
6,024
34,721
Total liabilities
$
27,485,583
27,764,242
24,571,271
(278,659
)
2,914,312
Total deposits of $24.7 billion at March 31, 2026 increased $151 million, or 2 percent annualized, during the current quarter and increased $4.108 billion, or 20 percent, from the prior year first quarter. Excluding acquisitions, total deposits organically increased $323 million, or 2 percent, from the prior year first quarter.
Non-interest bearing deposits of $7.427 billion at March 31, 2026 increased $113 million, or 6 percent annualized, from the prior quarter and increased $1.327 billion, or 22 percent, from the prior year first quarter. Excluding acquisitions, total non-interest bearing deposits organically increased $223 million, or 4 percent, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2026, December 31, 2025 and March 31, 2025.
The remaining $440 million of Federal Home Loan Bank ("FHLB") advances were paid off during the current quarter. Subordinated debentures of $188 million increased $54.9 million, or 41 percent, from the prior year first quarter as a result of the acquisitions.
Stockholders' Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Mar 31,2026
Dec 31,2025
Mar 31,2025
Dec 31,2025
Mar 31,2025
Common equity
$
4,424,548
4,380,931
3,550,719
43,617
873,829
Accumulated other comprehensive loss
(176,049
)
(167,110
)
(263,111
)
(8,939
)
87,062
Total stockholders' equity
4,248,499
4,213,821
3,287,608
34,678
960,891
Goodwill and intangibles, net
(1,478,753
)
(1,483,552
)
(1,099,229
)
4,799
(379,524
)
Tangible stockholders' equity (non-GAAP) 1
$
2,769,746
2,730,269
2,188,379
39,477
581,367
Stockholders' equity to total assets
13.39
%
13.18
%
11.80
%
Tangible stockholders' equity to total tangible assets (non-GAAP) 1
9.15
%
8.95
%
8.18
%
Book value per common share
$
32.65
32.42
28.96
0.23
3.69
Tangible book value per common share (non-GAAP) 1
$
21.29
21.01
19.28
0.28
2.01
______________________________
1
Represents a non-GAAP financial measure. Supplemental "Non-GAAP Financial Measures and Reconciliations" tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
Tangible stockholders' equity of $2.770 billion at March 31, 2026 increased $39 million, or 1 percent, compared to the prior quarter and was primarily due to earnings retention. Tangible stockholders' equity increased $581 million, or 27 percent, from the prior year first quarter and was primarily due to $765 million of Company stock issued in connection with the acquisitions of BOID and Guaranty and an $87 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the BOID and Guaranty acquisitions. Tangible book value per common share of $21.29 at the current quarter end increased $0.28 per share, or 1 percent, from the prior quarter and increased $2.01 per share, or 10 percent, from the prior year first quarter.
Cash DividendsOn March 25, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 16, 2026 to shareholders of record on April 7, 2026. The dividend was the Company's 164th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.
Operating Results for Three Months Ended March 31, 2026 Compared to December 31, 2025 and March 31, 2025
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Mar 31,2026
Dec 31,2025
Mar 31,2025
Dec 31,2025
Mar 31,2025
Net interest income
Interest income
$
362,337
372,754
289,925
(10,417
)
72,412
Interest expense
93,660
106,688
99,946
(13,028
)
(6,286
)
Total net interest income
268,677
266,066
189,979
2,611
78,698
Non-interest income
Deposit service charges and other fees
15,265
15,904
13,215
(639
)
2,050
Payment services
11,368
12,626
9,328
(1,258
)
2,040
Miscellaneous loan fees and charges
2,279
2,519
1,691
(240
)
588
Gain on sale of loans
5,108
4,594
4,311
514
797
Gain (loss) on sale of securities
—
—
—
—
—
Other income
4,062
4,804
4,097
(742
)
(35
)
Total non-interest income
38,082
40,447
32,642
(2,365
)
5,440
Total income
$
306,759
306,513
222,621
246
84,138
Net interest margin (tax-equivalent)
3.80
%
3.58
%
3.04
%
Core Net Interest margin (tax-equivalent) (non-GAAP) 1
3.73
%
3.51
%
2.98
%
______________________________
1
Represents a non-GAAP financial measure. Supplemental "Non-GAAP Financial Measures and Reconciliations" tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP.
Net Interest IncomeNet interest income of $269 million for the current quarter increased $2.6 million, or 1 percent, from the prior quarter net interest income of $266 million and increased $78.7 million, or 41 percent, from the prior year first quarter net interest income of $190 million. The current quarter interest income of $362 million decreased $10.4 million, or 3 percent, over the prior quarter which primarily resulted from a decrease in debt securities. The current quarter interest income increased $72.4 million, or 25 percent, over the prior year first quarter and was primarily driven by both increased loans and increased interest rates on earning assets. The loan yield of 6.16 percent in the current quarter increased 7 basis points from the prior quarter loan yield of 6.09 percent and increased 39 basis points from the prior year first quarter loan yield of 5.77 percent.
The current quarter interest expense of $93.7 million decreased $13.0 million, or 12 percent, from the prior quarter, primarily due to a decrease in interest rates on deposits and a decrease in higher cost borrowings. The current quarter interest expense decreased $6.3 million, or 6 percent, from the prior year first quarter and was primarily attributable to the decrease in higher cost borrowings. Deposit cost (including non-interest bearing deposits) decreased to 1.20 percent in the current quarter compared to 1.26 percent in the prior quarter and 1.25 percent in the prior year first quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.80 percent, an increase of 22 basis points from the prior quarter net interest margin of 3.58 percent and was primarily driven by an increase in loan yields and a decrease in the total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter increased 76 basis points from the prior year first quarter net interest margin of 3.04 percent and was also primarily driven by the increase in loan yields and the decrease in the total cost of funding. Core net interest margin was 3.73 percent in the current quarter compared to 3.51 percent in the prior quarter and 2.98 percent in the prior year first quarter with the increases also primarily driven by an increase in loan yields and a decrease in total cost of funding. "The Company delivered improvement in both net interest margin and net interest income during the current quarter," said Ron Copher, Chief Financial Officer. "Improved loan yields and continued reduction in funding costs strengthened core earnings and underscores the Company's improving net interest income profile."
Non-interest IncomeNon-interest income for the current quarter totaled $38.1 million, which was a decrease of $2.4 million, or 6 percent, over the prior quarter and an increase of $5.4 million, or 17 percent, over the prior year first quarter. Deposit service charges and other fees of $15.3 million for the current quarter decreased $639 thousand, or 4 percent, compared to the prior quarter and was primarily due to seasonal fluctuations. Payment services of $11.4 million for the current quarter decreased $1.3 million, or 10 percent, from the prior quarter and was also primarily driven by seasonal fluctuations. Deposit service charges and ...
