Attachment: FORM 8-K

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NEWS RELEASE

October 21, 2021

FOR IMMEDIATE RELEASE			CONTACT: Randall M. Chesler, CEO
			(406) 751-4722
			Ron J. Copher, CFO
			(406) 751-7706

GLACIER BANCORP, INC. ANNOUNCES

RESULTS FOR THE QUARTER AND PERIOD ENDED SEPTEMBER 30, 2021

3rd Quarter 2021 Highlights:

•The loan portfolio, excluding the Payroll Protection Program (“PPP”) loans, increased $382 million, or 14 percent annualized, in the current quarter.

•Core deposits increased $742 million, or 18 percent annualized, during the current quarter.

•Net interest income (tax-equivalent), excluding the PPP loans, of $154 million, increased $4.6 million, or 3 percent, over the prior quarter net interest income of $150 million.

•Received $327 million in PPP loan forgiveness proceeds from the U.S. Small Business Administration (“SBA”) during the current quarter compared to $350 million in the prior quarter.

•Declared a quarterly dividend of $0.32 per share. The Company has declared 146 consecutive quarterly dividends and has increased the dividend 48 times.

•Completed the acquisition of Altabancorp, the parent company of Altabank, with total assets of $3.648 billion on October 1, 2021. Based in American Fork, Utah, Altabank is the largest community bank in Utah and is the Company’s 24th acquisition since 2000.

Year-to-Date 2021 Highlights:

•The loan portfolio, excluding the PPP loans, increased $711 million, or 9 percent annualized, in the first nine months of 2021.

•Core deposits increased $2.718 billion, or 25 percent annualized, during the first nine months of 2021.

•Net income of $234 million for the first nine months of 2021, an increase of $49.5 million, or 27 percent, over the prior year first nine months net income of $185 million.

•Diluted earnings per share of $2.45, an increase of 26 percent from the prior year first nine months diluted earnings per share of $1.95.

•Net interest income (tax-equivalent), excluding the PPP loans, of $452 million, an increase of $22.5 million, or 5 percent, over the prior quarter net interest income of $430 million.

•The Company funded 8,525 PPP loans in the amount of $555 million during the first half of 2021.

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•The Company received $1.103 billion in PPP loan forgiveness proceeds from the U.S. Small Business Administration (“SBA”) during the first nine months of 2021.

•Dividends declared in the first nine months of 2021 of $0.95 per share, an increase of $0.07 per share, or 8 percent, over the prior year dividends declared of $0.88 per share.

Financial Summary

			At or for the Three Months ended																								At or for the Nine Months ended
(Dollars in thousands, except per share and market data)			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Sep 30, 2020												Sep 30, 2021						Sep 30, 2020
Operating results
Net income			$	75,619					77,627						80,802						77,757												234,048						184,540
Basic earnings per share			$	0.79					0.81						0.85						0.81												2.45						1.95
Diluted earnings per share			$	0.79					0.81						0.85						0.81												2.45						1.95
Dividends declared per share			$	0.32					0.32						0.31						0.30												0.95						0.88
Market value per share
Closing			$	55.35					55.08						57.08						32.05												55.35						32.05
High			$	56.84					63.05						67.35						38.13												67.35						46.54
Low			$	48.62					52.99						44.55						30.05												44.55						26.66
Selected ratios and other data
Number of common stock shares outstanding			95,512,659						95,507,234						95,501,819						95,413,743												95,512,659						95,413,743
Average outstanding shares - basic			95,510,772						95,505,877						95,465,801						95,411,656												95,494,211						94,704,198
Average outstanding shares - diluted			95,586,202						95,580,904						95,546,922						95,442,576												95,573,519						94,747,894
Return on average assets (annualized)			1.43		%				1.55		%				1.73		%				1.80		%										1.57		%				1.56		%
Return on average equity (annualized)			12.49		%				13.25		%				14.12		%				13.73		%										13.27		%				11.40		%
Efficiency ratio			50.17		%				49.92		%				46.75		%				48.05		%										48.94		%				49.83		%
Dividend payout ratio			40.51		%				39.51		%				36.47		%				37.04		%										38.78		%				45.13		%
Loan to deposit ratio			65.06		%				67.64		%				70.72		%				82.29		%										65.06		%				82.29		%
Number of full time equivalent employees			2,978						2,987						2,994						2,946												2,978						2,946
Number of locations			194						194						193						193												194						193
Number of ATMs			250						250						250						250												250						250

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KALISPELL, Mont., Oct 21, 2021 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $75.6 million for the current quarter, a decrease of $2.2 million, or 3 percent, from the $77.8 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.79 per share, a decrease of 2 percent from the prior year third quarter diluted earnings per share of $0.81. The decrease in third quarter earnings over the prior year was driven by a $21.6 million reduction in the gain on sale of residential mortgage loans due to record gains in the prior year. “The Glacier team produced very strong core loan and net interest income growth in the quarter,” said Randy Chesler, President and Chief Executive Officer. “We are excited to welcome the outstanding team at Altabank to the Glacier family and are well positioned to capitalize on our strengthening markets across the West.”

Net income for the nine months ended September 30, 2021 was $234 million, an increase of $49.5 million, or 27 percent, from the $185 million net income from the first nine months in the prior year. Diluted earnings per share for the first nine months of the current year was $2.45 per share, an increase of 26 percent, from the diluted earnings per share of $1.95 for the same period last year.

On October 1, 2021, the Company announced the completion of the acquisition of Altabancorp, the parent company of Altabank, based in American Fork, Utah (collectively, “Alta”) and the largest community bank in Utah. Alta provides banking services to individuals and businesses in Utah with twenty-five banking offices from Preston, Idaho to St. George, Utah. As of September 30, 2021, Alta had total assets of $3.648 billion, total loans of $1.901 billion and total deposits of $3.279 billion. Upon closing of the transaction, Alta became the Company’s seventeenth Bank division.

Asset Summary

																											$ Change from
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Cash and cash equivalents			$	348,888					921,207						633,142						769,879						(572,319)						(284,254)						(420,991)
Debt securities, available-for-sale			7,390,580						6,147,143						5,337,814						4,125,548						1,243,437						2,052,766						3,265,032
Debt securities, held-to-maturity			1,128,299						1,024,730						189,836						193,509						103,569						938,463						934,790
Total debt securities			8,518,879						7,171,873						5,527,650						4,319,057						1,347,006						2,991,229						4,199,822
Loans receivable
Residential real estate			781,538						734,838						802,508						862,614						46,700						(20,970)						(81,076)
Commercial real estate			6,912,569						6,584,322						6,315,895						6,201,817						328,247						596,674						710,752
Other commercial			2,598,616						2,932,419						3,054,817						3,593,322						(333,803)						(456,201)						(994,706)
Home equity			660,920						648,800						636,405						646,850						12,120						24,515						14,070
Other consumer			340,248						337,669						313,071						314,128						2,579						27,177						26,120
Loans receivable			11,293,891						11,238,048						11,122,696						11,618,731						55,843						171,195						(324,840)
Allowance for credit losses			(153,609)						(151,448)						(158,243)						(164,552)						(2,161)						4,634						10,943
Loans receivable, net			11,140,282						11,086,600						10,964,453						11,454,179						53,682						175,829						(313,897)
Other assets			1,305,970						1,308,353						1,378,961						1,382,952						(2,383)						(72,991)						(76,982)
Total assets			$	21,314,019					20,488,033						18,504,206						17,926,067						825,986						2,809,813						3,387,952

Total debt securities of $8.519 billion at September 30, 2021 increased $1.347 billion, or 19 percent, during the current quarter and increased $4.200 billion, or 97 percent, from the prior year third quarter. The Company continues to selectively purchase debt securities with excess liquidity from the increase in core deposits and SBA forgiveness of PPP loans. Debt securities represented 40 percent of total assets at September 30, 2021

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compared to 30 percent of total assets at December 30, 2020 and 24 percent of total assets at September 30, 2020.

The loan portfolio of $11.294 billion at September 30, 2021 increased $55.8 million, or 50 basis points, in the current quarter. Excluding the PPP loans, the loan portfolio increased $382 million, or 14 percent annualized, during the current quarter with the largest increase in commercial real estate which increased $328 million.

The loan portfolio decreased $325 million, or 3 percent, from the prior year third quarter. Excluding the PPP loans, the loan portfolio increased $755 million, or 7 percent, from the prior year third quarter with the largest increase in commercial real estate loans which increased $711 million, or 11 percent.

Credit Quality Summary

			At or for the Nine Months ended						At or for the Six Months ended						At or for the Year ended						At or for the Nine Months ended
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Allowance for credit losses
Balance at beginning of period			$	158,243					158,243						124,490						124,490
Impact of adopting CECL			—						—						3,720						3,720
Acquisitions			—						—						49						49
Provision for credit losses			(2,921)						(5,234)						37,637						39,165
Charge-offs			(8,566)						(5,946)						(13,808)						(7,865)
Recoveries			6,853						4,385						6,155						4,993
Balance at end of period			$	153,609					151,448						158,243						164,552
Provision for credit losses
Loan portfolio			$	(2,921)					(5,234)						37,637						39,165
Unfunded loan commitments			(1,959)						(371)						2,128						2,135
Total provision for credit losses			$	(4,880)					(5,605)						39,765						41,300
Other real estate owned			$	88					705						1,182						4,742
Other foreclosed assets			18						66						562						619
Accruing loans 90 days or more past due			5,172						4,220						1,725						2,952
Non-accrual loans			45,901						48,050						31,964						36,350
Total non-performing assets			$	51,179					53,041						35,433						44,663
Non-performing assets as a percentage of subsidiary assets			0.24		%				0.26		%				0.19		%				0.25		%
Allowance for credit losses as a percentage of non-performing loans			301		%				290		%				470		%				419		%
Allowance for credit losses as a percentage of total loans			1.36		%				1.35		%				1.42		%				1.42		%
Net charge-offs as a percentage of total loans			0.02		%				0.01		%				0.07		%				0.03		%
Accruing loans 30-89 days past due			$	26,002					12,076						22,721						17,631
Accruing troubled debt restructurings			$	36,666					37,667						42,003						39,999
Non-accrual troubled debt restructurings			$	2,820					3,179						3,507						7,579
U.S. government guarantees included in non-performing assets			$	4,116					4,186						3,011						4,411

Non-performing assets of $51.2 million at September 30, 2021 decreased $1.9 million, or 4 percent, over the prior quarter. Non-performing assets increased $6.5 million, or 15 percent, over the prior year third quarter. Non-performing assets as a percentage of subsidiary assets at September 30, 2021 was 0.24 percent compared to 0.26 percent in the prior quarter and 0.25 percent in the prior year third quarter.

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Early stage delinquencies (accruing loans 30-89 days past due) of $26.0 million at September 30, 2021 increased $13.9 million from the prior quarter with a large portion of the increase primarily isolated to one credit relationship. Early stage delinquencies increased $8.4 million from the prior year third quarter. Early stage delinquencies as a percentage of loans at September 30, 2021 was 0.23 percent, which was an increase of 12 basis points from prior quarter and an 8 basis points increase from prior year third quarter.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2021 was 1.36 percent which was a 1 basis point increase compared to the prior quarter and a 6 basis point decrease from the prior year third quarter. Excluding the PPP loans, the ACL as percentage of loans was 1.40 percent compared to 1.43 percent in the prior quarter and 1.62 percent in the prior year third quarter. The decrease in the ACL as a percentage of total loans during the current year was driven by the improvement in the economic forecasts.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)			Provision for Credit Losses Loans						Net Charge-Offs (Recoveries)						ACL as a Percent of Loans						Accruing Loans 30-89 Days Past Due as a Percent of Loans						Non-Performing Assets to Total Subsidiary Assets
Third quarter 2021			$	2,313					$	152					1.36		%				0.23		%				0.24		%
Second quarter 2021			(5,723)						(725)						1.35		%				0.11		%				0.26		%
First quarter 2021			489						2,286						1.39		%				0.40		%				0.19		%
Fourth quarter 2020			(1,528)						4,781						1.42		%				0.20		%				0.19		%
Third quarter 2020			2,869						826						1.42		%				0.15		%				0.25		%
Second quarter 2020			13,552						1,233						1.42		%				0.22		%				0.27		%
First quarter 2020			22,744						813						1.49		%				0.41		%				0.26		%
Fourth quarter 2019			—						1,045						1.31		%				0.24		%				0.27		%

The current quarter provision for credit loss expense for loans was $2.3 million which was an increase of $8.0 million from the prior quarter provision for credit loss benefit of $5.7 million and a $556 thousand decrease from the prior year third quarter provision for credit loss expense of $2.9 million. The increase in provision for credit losses for loans in the current quarter compared to the prior quarter was primarily driven by organic loan growth in the current quarter.

Net charge-offs for the current quarter were $152 thousand compared to net recoveries of $725 thousand for the prior quarter and net charge-offs $826 thousand from the same quarter last year. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

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PPP Loans

			Three Months ended																		Nine Months ended
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Sep 30, 2021						Sep 30, 2020
PPP interest income			$	12,894					10,328						13,523						36,745						16,646
Deferred compensation on originating PPP loans			—						1,522						5,213						6,735						8,850
Total PPP income impact			$	12,894					11,850						18,736						43,480						25,496

(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
PPP Round 1 loans			$	56,048					176,498						909,173						1,448,417
PPP Round 2 loans			312,865						518,107						—						—
Total PPP loans			368,913						694,605						909,173						1,448,417
Net remaining fees - Round 1			485						1,313						17,605						36,099
Net remaining fees - Round 2			12,501						22,694						—						—
Total net remaining fees			$	12,986					24,007						17,605						36,099

The SBA Round 2 PPP program ended in early May of 2021 after the available funds were fully drawn upon. During the first half of 2021, the Company originated $555 million of Round 2 PPP loans which generated $33.2 million of SBA deferred processing fees and $6.7 million of deferred compensation costs for total net deferred fees of $26.5 million.

During the current year, the SBA processing fees received on Round 2 averaged 5.99 percent which compared to the average of 3.75 percent received on Round 1 in the prior year. The increase in the fee percentage received on Round 2 was the result of an increase in the number of smaller loans which receive a higher percentage fee.

The Company received $327 million in PPP loan forgiveness during the current quarter and received $1.103 billion in the first nine months of 2021. As of September 30, 2021, the Company had $56 million, or 4 percent of the $1.472 billion of Round 1 PPP loans originated in the prior year and had $313 million, or 56 percent of the $555 million of Round 2 PPP loans originated in the current year.

The Company recognized $12.9 million of interest income (including deferred fees and costs) from the Round 1 and Round 2 PPP loans in the current quarter. The income recognized in the current quarter included $10.5 million acceleration of net deferred fees in interest income resulting from the SBA forgiveness of loans. Net deferred fees remaining on the balance of the PPP loans at September 30, 2021 were $13.0 million, which will be recognized into interest income over the remaining life of the loans or when the loans are forgiven in whole or in part by the SBA.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification 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.

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Liability Summary

																											$ Change from
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Deposits
Non-interest bearing deposits			$	6,632,402					6,307,794						5,454,539						5,479,311						324,608						1,177,863						1,153,091
NOW and DDA accounts			4,299,244						4,151,264						3,698,559						3,300,152						147,980						600,685						999,092
Savings accounts			2,502,268						2,346,129						2,000,174						1,864,143						156,139						502,094						638,125
Money market deposit accounts			3,123,425						2,990,021						2,627,336						2,557,294						133,404						496,089						566,131
Certificate accounts			919,852						939,563						978,779						979,857						(19,711)						(58,927)						(60,005)
Core deposits, total			17,477,191						16,734,771						14,759,387						14,180,757						742,420						2,717,804						3,296,434
Wholesale deposits			26,123						26,121						38,142						119,131						2						(12,019)						(93,008)
Deposits, total			17,503,314						16,760,892						14,797,529						14,299,888						742,422						2,705,785						3,203,426
Repurchase agreements			1,040,939						995,201						1,004,583						965,668						45,738						36,356						75,271
Federal Home Loan Bank advances			—						—						—						7,318						—						—						(7,318)
Other borrowed funds			33,671						33,556						33,068						32,967						115						603						704
Subordinated debentures			132,580						132,540						139,959						139,918						40						(7,379)						(7,338)
Other liabilities			215,899						211,889						222,026						225,219						4,010						(6,127)						(9,320)
Total liabilities			$	18,926,403					18,134,078						16,197,165						15,670,978						792,325						2,729,238						3,255,425

Core deposits of $17.477 billion as of September 30, 2021 increased $742 million, or 18 percent annualized, from the prior quarter and increased $3.296 billion, or 23 percent, from the prior year third quarter. Non-interest bearing deposits of $6.632 billion as of September 30, 2021 increased $325 million, or 5 percent, from the prior quarter and increased $1.153 billion, or 21 percent, from the prior year third quarter. The unprecedented increase in deposits over the prior eighteen months resulted from a number of factors including the PPP loan proceeds deposited by customers, federal stimulus deposits and the increase in customer savings. Non-interest bearing deposits were 38 percent of total core deposits at September 30, 2021 compared to 37 percent of total core deposits at December 31, 2020 and 39 percent at September 30, 2020.

The low levels of borrowings, including wholesale deposits and Federal Home Loan Bank (“FHLB”) advances, reflected the significant increase in core deposits which funded the asset growth.

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Stockholders’ Equity Summary

																											$ Change from
(Dollars in thousands, except per share data)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Common equity			$	2,309,957					2,263,513						2,163,951						2,123,991						46,444						146,006						185,966
Accumulated other comprehensive income			77,659						90,442						143,090						131,098						(12,783)						(65,431)						(53,439)
Total stockholders’ equity			2,387,616						2,353,955						2,307,041						2,255,089						33,661						80,575						132,527
Goodwill and core deposit intangible, net			(562,058)						(564,546)						(569,522)						(572,134)						2,488						7,464						10,076
Tangible stockholders’ equity			$	1,825,558					1,789,409						1,737,519						1,682,955						36,149						88,039						142,603

Stockholders’ equity to total assets			11.20		%				11.49		%				12.47		%				12.58		%
Tangible stockholders’ equity to total tangible assets			8.80		%				8.98		%				9.69		%				9.70		%
Book value per common share			$	25.00					24.65						24.18						23.63						0.35						0.82						1.37
Tangible book value per common share			$	19.11					18.74						18.21						17.64						0.37						0.90						1.47

Tangible stockholders’ equity of $1.826 billion at September 30, 2021 increased $36.1 million, or 2 percent, from the prior quarter and increased $143 million, or 8 percent, from the prior year third quarter and was due to earnings retention that more than offset the decrease in other comprehensive income. The current year decrease in both the stockholders’ equity to total assets ratio and the tangible stockholders’ equity to tangible assets was the result of the $2.991 billion increase in debt securities driven primarily by the significant influx of deposits during the current year. Tangible book value per common share of $19.11 at the current quarter end increased $0.37 per share, or 2 percent, from the prior quarter and increased $1.47 per share, or 8 percent, from a year ago.

Cash Dividends

On September 30, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.32 per share. The dividend was payable October 21, 2021 to shareholders of record on October 12, 2021. The dividend was the 146th consecutive dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

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Operating Results for Three Months Ended September 30, 2021 

Compared to June 30, 2021, March 31, 2021, and September 30, 2020

Income Summary

			Three Months ended																											$ Change from
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Sep 30, 2020												Jun 30, 2021						Mar 31, 2021						Sep 30, 2020
Net interest income
Interest income			$	166,741					159,956						161,552						157,487												6,785						5,189						9,254
Interest expense			4,128						4,487						4,740						6,084												(359)						(612)						(1,956)
Total net interest income			162,613						155,469						156,812						151,403												7,144						5,801						11,210
Non-interest income
Service charges and other fees			15,154						13,795						12,792						13,404												1,359						2,362						1,750
Miscellaneous loan fees and charges			2,592						2,923						2,778						2,084												(331)						(186)						508
Gain on sale of loans			13,902						16,106						21,624						35,516												(2,204)						(7,722)						(21,614)
(Loss) gain on sale of investments			(168)						(61)						284						24												(107)						(452)						(192)
Other income			3,335						2,759						2,643						2,639												576						692						696
Total non-interest income			34,815						35,522						40,121						53,667												(707)						(5,306)						(18,852)
Total income			197,428						190,991						196,933						205,070												6,437						495						(7,642)
Net interest margin (tax-equivalent)			3.39		%				3.44		%				3.74		%				3.92		%

Net Interest Income

The current quarter net interest income of $163 million increased $7.1 million, or 5 percent, over the prior quarter and increased $11.2 million, or 7 percent, from the prior year third quarter. The current quarter interest income of $167 million increased $6.8 million, or 4 percent, compared to the prior quarter and increased $9.3 million, or 6 percent, over the prior year third quarter due to an increase in interest income from the PPP loans and debt securities. The interest income (which included deferred fees and deferred costs) from the PPP loans was $12.9 million in the current quarter and $10.3 million in the prior quarter and $9.3 million in the prior year third quarter. Excluding the PPP loans, net interest income was $150 million in the current quarter compared to $145 million in the prior quarter and $142 million in the prior year third quarter.

The current quarter interest expense of $4.1 million decreased $359 thousand, or 8 percent, over the prior quarter and decreased $2.0 million, or 32 percent, over the prior year third quarter primarily as result of a decrease in deposit rates. During the current quarter, the total cost of funding (including non-interest bearing deposits) of 9 basis points declined 1 basis points from the prior quarter and declined 7 basis points from the prior year third quarter with both decreases driven by a decrease in rates in deposits and borrowings.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.39 percent compared to 3.44 percent in the prior quarter and 3.92 in the prior year third quarter. The core net interest margin, excluding 2 basis points of discount accretion, 2 basis point from non-accrual interest and 18 basis points increase from the PPP loans, was 3.17 percent compared to 3.33 in the prior quarter and 4.02 percent in the prior year third quarter. The core net interest margin decreased 16 basis points in the current quarter and decreased 85 basis points from the prior third quarter due to a decrease in earning asset yields. Earning asset yields have decreased due to the combined impact of the significant increase in the debt securities and the lower yields on both core loans and debt securities. Debt securities comprised 42.5 percent of the earning assets during the current quarter compared to 39.4 percent in the prior quarter and 26.5 percent in the prior year third quarter.

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Non-interest Income

Non-interest income for the current quarter totaled $34.8 million which was a decrease of $707 thousand, or 2 percent, over the prior quarter and a decrease of $18.9 million, or 35 percent, over the same quarter last year. Service charges and other fees increased $1.4 million from the prior quarter and increased $1.8 million from the prior year third quarter as a result of increased customer accounts and transaction activity.

Gain on the sale of loans of $13.9 million for the current quarter decreased $2.2 million, or 14 percent, compared to the prior quarter and decreased $21.6 million, or 61 percent, from the prior year third quarter. The current quarter mortgage activity was lower than prior periods, but still remained at historically strong levels.

Non-interest Expense Summary

			Three Months ended																											$ Change from
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Sep 30, 2020												Jun 30, 2021						Mar 31, 2021						Sep 30, 2020
Compensation and employee benefits			$	66,364					64,109						62,468						64,866												2,255						3,896						1,498
Occupancy and equipment			9,412						9,208						9,515						9,369												204						(103)						43
Advertising and promotions			3,236						2,906						2,371						2,779												330						865						457
Data processing			5,135						5,661						5,206						5,597												(526)						(71)						(462)
Other real estate owned and foreclosed      assets			142						48						12						186												94						130						(44)
Regulatory assessments and insurance			2,011						1,702						1,879						1,495												309						132						516
Core deposit intangibles amortization			2,488						2,488						2,488						2,612												—						—						(124)
Other expenses			15,320						13,960						12,646						16,469												1,360						2,674						(1,149)
Total non-interest expense			$	104,108					100,082						96,585						103,373												4,026						7,523						735

Total non-interest expense of $104 million for the current quarter increased $4.0 million, or 4 percent, over the prior quarter and increased $735 thousand, or 71 basis points, over the prior year third quarter. Compensation and employee benefits increased $2.3 million, or 4 percent, from the prior quarter and increased $1.5 million from the prior year third quarter.

Other expenses of $15.3 million, increased $1.4 million, or 10 percent, from the prior quarter and decreased $1.1 million, or 7 percent, from the prior year third quarter. Current quarter other expenses included acquisition-related expenses of $472 thousand compared to $1.1 million in the prior quarter and $793 thousand in the prior year third quarter.

Federal and State Income Tax Expense

Tax expense during the third quarter of 2021 was $17.0 million, a decrease of $2.0 million, or 10 percent, compared to the prior quarter and a decrease of $1.8 million, or 9 percent, from the prior year third quarter. The effective tax rate in the current quarter was 18.3 compared to 19.6 in the prior quarter and 19.4 percent in the prior year third quarter.

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Efficiency Ratio

The efficiency ratio was 50.17 percent in the current quarter and 49.92 percent in the prior quarter and 48.05 in the prior year third quarter. “The Bank divisions are making do with less as increased hiring has taken longer as the markets get back to normal,” said Ron Copher, Chief Financial Officer. “Controlling non-interest expense growth has helped the Company maintain an efficiency ratio below 50 percent for the nine months of the current and prior year.” Excluding the impact from the PPP loans, the efficiency ratio would have been 53.59 percent in the current quarter compared to 53.53 percent in the prior quarter. Excluding the impact of PPP loans, the current quarter efficiency ratio was an increase of 308 basis points from the prior year third quarter efficiency ratio of 50.51 percent which was primarily driven by the decrease in the gain on sale of loans in the current quarter.

Operating Results for Nine Months Ended September 30, 2021

Compared to September 30, 2020

Income Summary

			Nine Months ended
(Dollars in thousands)			Sep 30, 2021						Sep 30, 2020						$ Change						% Change
Net interest income
Interest income			$	488,249					$	455,756					$	32,493					7		%
Interest expense			13,355						21,765						(8,410)						(39)		%
Total net interest income			474,894						433,991						40,903						9		%
Non-interest income
Service charges and other fees			41,741						38,790						2,951						8		%
Miscellaneous loan fees and charges			8,293						5,051						3,242						64		%
Gain on sale of loans			51,632						73,236						(21,604)						(29)		%
Gain on sale of investments			55						1,015						(960)						(95)		%
Other income			8,737						10,071						(1,334)						(13)		%
Total non-interest income			110,458						128,163						(17,705)						(14)		%
Total Income			$	585,352					$	562,154					$	23,198					4		%
Net interest margin (tax-equivalent)			3.52		%				4.12		%

Net Interest Income

Net-interest income of $475 million for the first nine months of 2021 increased $40.9 million, or 9 percent, over the same period in 2020. Interest income of $488 million for the first nine months of the current year increased $32.5 million, or 7 percent, from the prior year and was primarily attributable to a $25.4 million increase in income from commercial loans, including $20.1 million from the PPP loans. Additionally, interest income on debt securities increased $14.2 million, or 20 percent, over the prior year which resulted from the increased volume of debt securities. Interest expense of $13.4 million for the first nine months of 2021 decreased $8.4 million, or 39 percent over the prior year primarily as a result of a decrease in the cost of deposits. The total funding cost (including non-interest bearing deposits) for the first nine months of 2021 was 10 basis points, which decreased 12 basis points compared to 22 basis points in first nine months of 2020.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2021 was 3.52 percent, a 60 basis points decrease from the net interest margin of 4.12 percent for the same period in the prior year. The core net interest margin, excluding 3 basis points of discount accretion, 1 basis point of non-accrual interest and 13 basis points increase from the PPP loans, was 3.35 which was an 85 basis point decrease from the core margin of 4.20 percent in the prior year. Although the Company was successful in

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reducing the total cost of funding, it was not enough to outpace the lower yields on core loans and debt securities driven by the current interest rate environment and the shift in the earning asset mix to lower yielding debt securities.

Non-interest Income

Non-interest income of $110 million for the first nine months of 2021 decreased $17.7 million, or 14 percent, over the same period last year. Service charges and other fees of $41.7 million for the first nine months of 2021 increased $3.0 million, or 8 percent, from prior year as a result of additional fees from increased customer accounts and transaction activity. Miscellaneous loan fees and charges of $8.3 million increased $3.2 million, or 64 percent, driven by increases in loan servicing income and credit card interchange fees due to increased activity. Gain on the sale of loans of $51.6 million for the first nine months of 2021 decreased $21.6 million, or 29 percent, compared to the same period last year which was the result of the anticipated slowing of purchase and refinance activity after the historically high levels in the prior year. Other income of $8.7 million decreased $1.3 million from the prior year and was primarily the result of a gain of $2.4 million on the sale of a former branch building in the first quarter of 2020.

Non-interest Expense Summary

			Nine Months ended
(Dollars in thousands)			Sep 30, 2021						Sep 30, 2020						$ Change						% Change
Compensation and employee benefits			$	192,941					$	182,507					$	10,434					6		%
Occupancy and equipment			28,135						27,945						190						1		%
Advertising and promotions			8,513						7,404						1,109						15		%
Data processing			16,002						15,921						81						1		%
Other real estate owned and foreclosed assets			202						373						(171)						(46)		%
Regulatory assessments and insurance			5,592						3,622						1,970						54		%
Core deposit intangibles amortization			7,464						7,758						(294)						(4)		%
Other expenses			41,926						48,094						(6,168)						(13)		%
Total non-interest expense			$	300,775					$	293,624					$	7,151					2		%

Total non-interest expense of $301 million for the first nine months of 2021 increased $7.2 million, or 2 percent, over the prior year same period. Compensation and employee benefits for the first nine months of 2021 increased $10.4 million, or 6 percent, from last year due to the increased number of employees from organic growth, increased performance-related compensation and annual salary increases. Advertising and promotions for the first nine months of 2021 increased $1.1 million, or 15 percent, from the prior year. Regulatory assessment and insurance for the first nine months of 2021 increased $2.0 million from the prior year same period primarily as a result of the State of Montana waiving the first semi-annual regulatory assessment of 2020 and Small Bank assessment credits applied by the FDIC in the first quarter of 2020. Other expenses of $41.9 million, decreased $6.2 million, or 13 percent, from the prior year, primarily from a decrease in acquisition-related expenses. Acquisition-related expenses were $1.7 million in the current year compared to $7.3 million in the prior year.

Provision for Credit Losses

The provision for credit loss benefit was $4.9 million for the first nine months of 2021, including provision for credit loss benefit of $2.9 million on the loan portfolio and credit loss benefit of $2.0 million on unfunded loan commitments. The provision for credit loss benefit of $2.9 million on the loan portfolio in the current year decreased $42.1 million over the provision for credit loss expense of $39.2 million in the prior year which was primarily attributable to changes in the economic forecast related to COVID-19. Net charge-offs during the current year were $1.7 million compared to $2.9 million during the prior year.

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Federal and State Income Tax Expense

Tax expense of $55.4 million in the first nine months of 2021 increased $12.7 million, or 30 percent, over the prior year same period. The effective tax rate for the first nine months of 2021 was 19.1 percent compared to 18.8 percent in the prior year same period.

Efficiency Ratio

The efficiency ratio was 48.94 percent for the first nine months of 2021 compared to 49.83 percent for the same period last year. Excluding the impact from the PPP loans, the efficiency ratio was 53.34 in 2021 compared to 53.30 in 2020.

Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:

•the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;

•changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;

•changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties;

•legislative or regulatory changes, such as the those signaled by the Biden Administration, as well as increased banking and consumer protection regulation that adversely affect the Company’s business, both generally and as a result of the Company exceeding $10 billion in total consolidated assets;

•ability to complete pending or prospective future acquisitions;

•costs or difficulties related to the completion and integration of acquisitions;

•the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;

•reduced demand for banking products and services;

•the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain and maintain customers;

•competition among financial institutions in the Company's markets may increase significantly;

•the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;

•the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;

•consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;

•dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions;

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•material failure, potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures;

•natural disasters, including fires, floods, earthquakes, and other unexpected events;

•the Company’s success in managing risks involved in the foregoing; and

•the effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information

A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 22, 2021. The conference call will be accessible by telephone and webcast. Interested individuals are invited to listen to the call by dialing 877-561-2748 and conference ID 9278886. To participate on the webcast, log on to: https://edge.media-server.com/mmc/p/y8hi69ox. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 9278886 by October 29, 2021.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. (NASDAQ:GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT).

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Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Assets
Cash on hand and in banks			$	250,579					272,363						227,108						249,245
Federal funds sold			—						—						—						590
Interest bearing cash deposits			98,309						648,844						406,034						520,044
Cash and cash equivalents			348,888						921,207						633,142						769,879
Debt securities, available-for-sale			7,390,580						6,147,143						5,337,814						4,125,548
Debt securities, held-to-maturity			1,128,299						1,024,730						189,836						193,509
Total debt securities			8,518,879						7,171,873						5,527,650						4,319,057
Loans held for sale, at fair value			94,138						98,410						166,572						147,937
Loans receivable			11,293,891						11,238,048						11,122,696						11,618,731
Allowance for credit losses			(153,609)						(151,448)						(158,243)						(164,552)
Loans receivable, net			11,140,282						11,086,600						10,964,453						11,454,179
Premises and equipment, net			316,191						315,573						325,335						326,925
Other real estate owned and foreclosed assets			106						771						1,744						5,361
Accrued interest receivable			79,699						70,452						75,497						91,393
Core deposit intangible, net			48,045						50,533						55,509						58,121
Goodwill			514,013						514,013						514,013						514,013
Non-marketable equity securities			10,021						10,019						10,023						10,366
Bank-owned life insurance			123,729						123,035						123,763						123,095
Other assets			120,028						125,547						106,505						105,741
Total assets			$	21,314,019					20,488,033						18,504,206						17,926,067
Liabilities
Non-interest bearing deposits			$	6,632,402					6,307,794						5,454,539						5,479,311
Interest bearing deposits			10,870,912						10,453,098						9,342,990						8,820,577
Securities sold under agreements to repurchase			1,040,939						995,201						1,004,583						965,668
FHLB advances			—						—						—						7,318
Other borrowed funds			33,671						33,556						33,068						32,967
Subordinated debentures			132,580						132,540						139,959						139,918
Accrued interest payable			2,437						2,433						3,305						3,951
Deferred tax liability			1,815						6,463						23,860						17,227
Other liabilities			211,647						202,993						194,861						204,041
Total liabilities			18,926,403						18,134,078						16,197,165						15,670,978
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			955						955						954						954
Paid-in capital			1,497,939						1,496,488						1,495,053						1,493,928
Retained earnings - substantially restricted			811,063						766,070						667,944						629,109
Accumulated other comprehensive income			77,659						90,442						143,090						131,098
Total stockholders’ equity			2,387,616						2,353,955						2,307,041						2,255,089
Total liabilities and stockholders’ equity			$	21,314,019					20,488,033						18,504,206						17,926,067

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Glacier Bancorp, Inc.

Unaudited Condensed Consolidated Statements of Operations

			Three Months ended																								Nine Months ended
(Dollars in thousands, except per share data)			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Sep 30, 2020												Sep 30, 2021						Sep 30, 2020
Interest Income
Debt securities			$	30,352					28,730						27,306						25,381												86,388						72,228
Residential real estate loans			9,885						9,541						10,146						11,592												29,572						35,216
Commercial loans			115,533						110,829						113,541						109,514												339,903						314,541
Consumer and other loans			10,971						10,856						10,559						11,000												32,386						33,771
Total interest income			166,741						159,956						161,552						157,487												488,249						455,756
Interest Expense
Deposits			2,609						2,804						3,014						3,952												8,427						14,120
Securities sold under agreements to   repurchase			496						651						689						886												1,836						2,783
Federal Home Loan Bank advances			—						—						—						70												—						684
Other borrowed funds			178						177						174						173												529						473
Subordinated debentures			845						855						863						1,003												2,563						3,705
Total interest expense			4,128						4,487						4,740						6,084												13,355						21,765
Net Interest Income			162,613						155,469						156,812						151,403												474,894						433,991
Provision for credit losses			725						(5,653)						48						5,186												(4,880)						41,300
Net interest income after provision for credit losses			161,888						161,122						156,764						146,217												479,774						392,691
Non-Interest Income
Service charges and other fees			15,154						13,795						12,792						13,404												41,741						38,790
Miscellaneous loan fees and charges			2,592						2,923						2,778						2,084												8,293						5,051
Gain on sale of loans			13,902						16,106						21,624						35,516												51,632						73,236
(Loss) gain on sale of debt securities			(168)						(61)						284						24												55						1,015
Other income			3,335						2,759						2,643						2,639												8,737						10,071
Total non-interest income			34,815						35,522						40,121						53,667												110,458						128,163
Non-Interest Expense
Compensation and employee benefits			66,364						64,109						62,468						64,866												192,941						182,507
Occupancy and equipment			9,412						9,208						9,515						9,369												28,135						27,945
Advertising and promotions			3,236						2,906						2,371						2,779												8,513						7,404
Data processing			5,135						5,661						5,206						5,597												16,002						15,921
Other real estate owned and foreclosed   assets			142						48						12						186												202						373
Regulatory assessments and insurance			2,011						1,702						1,879						1,495												5,592						3,622
Core deposit intangibles amortization			2,488						2,488						2,488						2,612												7,464						7,758
Other expenses			15,320						13,960						12,646						16,469												41,926						48,094
Total non-interest expense			104,108						100,082						96,585						103,373												300,775						293,624
Income Before Income Taxes			92,595						96,562						100,300						96,511												289,457						227,230
Federal and state income tax expense			16,976						18,935						19,498						18,754												55,409						42,690
Net Income			$	75,619					77,627						80,802						77,757												234,048						184,540

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Glacier Bancorp, Inc.

Average Balance Sheets

			Three Months ended
			September 30, 2021																		June 30, 2021
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	817,150					$	9,885					4.84		%				$	825,467					$	9,541					4.62		%
Commercial loans 1			9,468,440						116,963						4.90		%				9,520,603						112,226						4.73		%
Consumer and other loans			974,582						10,971						4.47		%				964,415						10,856						4.51		%
Total loans 2			11,260,172						137,819						4.86		%				11,310,485						132,623						4.70		%
Tax-exempt debt securities 2			1,548,447						14,711						3.80		%				1,548,323						14,740						3.81		%
Taxable debt securities 4			6,767,418						18,896						1.12		%				5,810,800						17,251						1.19		%
Total earning assets			19,576,037						171,426						3.47		%				18,669,608						164,614						3.54		%
Goodwill and intangibles			563,257																		565,749
Non-earning assets			803,226																		804,897
Total assets			$	20,942,520																	$	20,040,254
Liabilities
Non-interest bearing deposits			$	6,505,530					$	—					—		%				$	6,100,872					$	—					—		%
NOW and DDA accounts			4,261,648						597						0.06		%				4,073,819						600						0.06		%
Savings accounts			2,440,332						146						0.02		%				2,295,334						141						0.02		%
Money market deposit accounts			3,041,634						814						0.11		%				2,921,642						861						0.12		%
Certificate accounts			928,165						1,036						0.44		%				955,694						1,181						0.50		%
Total core deposits			17,177,309						2,593						0.06		%				16,347,361						2,783						0.07		%
Wholesale deposits 5			26,117						16						0.24		%				34,301						21						0.24		%
Repurchase agreements			988,283						495						0.20		%				974,744						651						0.27		%
Subordinated debentures and other borrowed funds			166,151						1,024						2.44		%				166,002						1,032						2.49		%
Total funding liabilities			18,357,860						4,128						0.09		%				17,522,408						4,487						0.10		%
Other liabilities			182,573																		168,613
Total liabilities			18,540,433																		17,691,021
Stockholders’ Equity
Common stock			955																		955
Paid-in capital			1,497,107																		1,495,886
Retained earnings			805,253																		756,561
Accumulated other comprehensive income			98,772																		95,831
Total stockholders’ equity			2,402,087																		2,349,233
Total liabilities and stockholders’ equity			$	20,942,520																	$	20,040,254
Net interest income (tax-equivalent)									$	167,298																	$	160,127
Net interest spread (tax-equivalent)															3.38		%																3.44		%
Net interest margin (tax-equivalent)															3.39		%																3.44		%

______________________________

1 Includes tax effect of $1.4 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2021 and June 30, 2021, respectively.

2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.

3 Includes tax effect of $3.0 million and $3.0 million on tax-exempt debt securities income for the three months ended September 30, 2021 and June 30, 2021, respectively.

4 Includes tax effect of $255 thousand and $255 thousand on federal income tax credits for the three months ended September 30, 2021 and June 30, 2021, respectively.

5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

17

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Glacier Bancorp, Inc.

Average Balance Sheets (continued)

			Three Months ended
			September 30, 2021																		September 30, 2020
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	817,150					$	9,885					4.84		%				$	1,010,503					$	11,592					4.59		%
Commercial loans 1			9,468,440						116,963						4.90		%				9,636,631						110,847						4.58		%
Consumer and other loans			974,582						10,971						4.47		%				957,284						11,000						4.57		%
Total loans 2			11,260,172						137,819						4.86		%				11,604,418						133,439						4.57		%
Tax-exempt debt securities 3			1,548,447						14,711						3.80		%				1,379,577						13,885						4.03		%
Taxable debt securities 4			6,767,418						18,896						1.12		%				2,809,545						14,568						2.07		%
Total earning assets			19,576,037						171,426						3.47		%				15,793,540						161,892						4.08		%
Goodwill and intangibles			563,257																		572,759
Non-earning assets			803,226																		794,165
Total assets			$	20,942,520																	$	17,160,464
Liabilities
Non-interest bearing deposits			$	6,505,530					$	—					—		%				$	5,171,984					$	—					—		%
NOW and DDA accounts			4,261,648						597						0.06		%				3,218,536						642						0.08		%
Savings accounts			2,440,332						146						0.02		%				1,804,438						166						0.04		%
Money market deposit accounts			3,041,634						814						0.11		%				2,453,659						1,161						0.19		%
Certificate accounts			928,165						1,036						0.44		%				981,385						1,936						0.78		%
Total core deposits			17,177,309						2,593						0.06		%				13,630,002						3,905						0.11		%
Wholesale deposits 5			26,117						16						0.24		%				86,852						47						0.22		%
Repurchase agreements			988,283						495						0.20		%				1,049,002						2,062						0.78		%
FHLB advances			—						—						—		%				21,273						70						1.30		%
Subordinated debentures and other borrowed funds			166,151						1,024						2.44		%				—						—						—		%
Total funding liabilities			18,357,860						4,128						0.09		%				14,787,129						6,084						0.16		%
Other liabilities			182,573																		120,294
Total liabilities			18,540,433																		14,907,423
Stockholders’ Equity
Common stock			955																		954
Paid-in capital			1,497,107																		1,493,353
Retained earnings			805,253																		622,099
Accumulated other comprehensive income			98,772																		136,635
Total stockholders’ equity			2,402,087																		2,253,041
Total liabilities and stockholders’ equity			$	20,942,520																	$	17,160,464
Net interest income (tax-equivalent)									$	167,298																	$	155,808
Net interest spread (tax-equivalent)															3.38		%																3.92		%
Net interest margin (tax-equivalent)															3.39		%																3.92		%

______________________________

1 Includes tax effect of $1.4 million and $1.3 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2021 and 2020, respectively.

2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.

3 Includes tax effect of $3.0 million and $2.8 million on tax-exempt debt securities income for the three months ended September 30, 2021 and 2020, respectively.

4 Includes tax effect of $255 thousand and $266 thousand on federal income tax credits for the three months ended September 30, 2021 and 2020, respectively.

5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

18

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Glacier Bancorp, Inc.

Average Balance Sheets (continued)

			Nine Months ended
			September 30, 2021																		September 30, 2020
(Dollars in thousands)			Average Balance						Interest & Dividends						Average Yield/ Rate						Average Balance						Interest & Dividends						Average Yield/ Rate
Assets
Residential real estate loans			$	844,945					$	29,572					4.67		%				$	1,013,072					$	35,216					4.63		%
Commercial loans 1			9,467,329						344,117						4.86		%				8,896,708						318,435						4.78		%
Consumer and other loans			963,002						32,386						4.50		%				947,372						33,771						4.76		%
Total loans 2			11,275,276						406,075						4.82		%				10,857,152						387,422						4.77		%
Tax-exempt debt securities 3			1,547,429						44,162						3.81		%				1,237,779						37,542						4.04		%
Taxable debt securities 4			5,771,573						51,998						1.20		%				2,380,184						43,070						2.41		%
Total earning assets			18,594,278						502,235						3.61		%				14,475,115						468,034						4.32		%
Goodwill and intangibles			565,724																		562,533
Non-earning assets			816,982																		760,758
Total assets			$	19,976,984																	$	15,798,406
Liabilities
Non-interest bearing deposits			$	6,069,326					$	—					—		%				$	4,528,500					$	—					—		%
NOW and DDA accounts			4,057,019						1,768						0.06		%				2,971,702						2,244						0.10		%
Savings accounts			2,277,335						425						0.02		%				1,670,722						580						0.05		%
Money market deposit accounts			2,895,362						2,540						0.12		%				2,262,781						4,025						0.24		%
Certificate accounts			951,655						3,640						0.51		%				986,807						6,940						0.94		%
Total core deposits			16,250,697						8,373						0.07		%				12,420,512						13,789						0.15		%
Wholesale deposits 5			32,787						55						0.22		%				70,880						332						0.63		%
Repurchase agreements			988,092						1,835						0.25		%				892,418						6,960						1.04		%
FHLB advances			—						—						—		%				103,700						684						0.87		%
Subordinated debentures and other borrowed funds			165,996						3,092						2.49		%				—						—						—		%
Total funding liabilities			17,437,572						13,355						0.10		%				13,487,510						21,765						0.22		%
Other liabilities			181,640																		149,423
Total liabilities			17,619,212																		13,636,933
Stockholders’ Equity
Common stock			955																		947
Paid-in capital			1,496,051																		1,467,623
Retained earnings			757,666																		586,963
Accumulated other comprehensive income			103,100																		105,940
Total stockholders’ equity			2,357,772																		2,161,473
Total liabilities and stockholders’ equity			$	19,976,984																	$	15,798,406
Net interest income (tax-equivalent)									$	488,880																	$	446,269
Net interest spread (tax-equivalent)															3.51		%																4.10		%
Net interest margin (tax-equivalent)															3.52		%																4.12		%

______________________________

1 Includes tax effect of $4.2 million and $3.9 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2021 and 2020, respectively.

2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.

3 Includes tax effect of $9.0 million and $7.6 million on tax-exempt debt securities income for the nine months ended September 30, 2021 and 2020, respectively.

4 Includes tax effect of $766 thousand and $798 thousand on federal income tax credits for the nine months ended September 30, 2021 and 2020, respectively.

5 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

19

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Glacier Bancorp, Inc.

Loan Portfolio by Regulatory Classification

			Loans Receivable, by Loan Type																								% Change from
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Custom and owner occupied construction			$	170,489					$	158,405					$	157,529					$	166,195					8		%				8		%				3		%
Pre-sold and spec construction			188,668						163,740						148,845						157,242						15		%				27		%				20		%
Total residential construction			359,157						322,145						306,374						323,437						11		%				17		%				11		%
Land development			151,640						111,736						102,930						96,814						36		%				47		%				57		%
Consumer land or lots			143,977						138,292						123,747						122,019						4		%				16		%				18		%
Unimproved land			68,805						63,469						59,500						64,770						8		%				16		%				6		%
Developed lots for operative builders			33,487						27,143						30,449						30,871						23		%				10		%				8		%
Commercial lots			76,382						64,664						60,499						62,445						18		%				26		%				22		%
Other construction			562,223						554,548						555,375						537,105						1		%				1		%				5		%
Total land, lot, and other construction			1,036,514						959,852						932,500						914,024						8		%				11		%				13		%
Owner occupied			2,069,551						2,019,860						1,945,686						1,889,512						2		%				6		%				10		%
Non-owner occupied			2,561,777						2,436,672						2,290,512						2,259,062						5		%				12		%				13		%
Total commercial real estate			4,631,328						4,456,532						4,236,198						4,148,574						4		%				9		%				12		%
Commercial and industrial			1,407,353						1,654,237						1,850,197						2,308,710						(15)		%				(24)		%				(39)		%
Agriculture			748,548						746,678						721,490						747,145						—		%				4		%				—		%
1st lien			1,159,265						1,105,579						1,228,867						1,256,111						5		%				(6)		%				(8)		%
Junior lien			36,942						38,029						41,641						43,355						(3)		%				(11)		%				(15)		%
Total 1-4 family			1,196,207						1,143,608						1,270,508						1,299,466						5		%				(6)		%				(8)		%
Multifamily residential			373,022						398,499						391,895						359,030						(6)		%				(5)		%				4		%
Home equity lines of credit			709,828						693,135						657,626						651,546						2		%				8		%				9		%
Other consumer			198,763						201,336						190,186						191,761						(1)		%				5		%				4		%
Total consumer			908,591						894,471						847,812						843,307						2		%				7		%				8		%
States and political subdivisions			612,882						631,199						575,647						617,624						(3)		%				6		%				(1)		%
Other			114,427						129,237						156,647						205,351						(11)		%				(27)		%				(44)		%
Total loans receivable, including   loans held for sale			11,388,029						11,336,458						11,289,268						11,766,668						—		%				1		%				(3)		%
Less loans held for sale 1			(94,138)						(98,410)						(166,572)						(147,937)						(4)		%				(43)		%				(36)		%
Total loans receivable			$	11,293,891					$	11,238,048					$	11,122,696					$	11,618,731					—		%				2		%				(3)		%

______________________________

1 Loans held for sale are primarily 1st lien 1-4 family loans.

20

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Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification

			Non-performing Assets, by Loan Type																								Non- Accrual Loans						Accruing Loans 90 Days or More Past Due						Other real estate owned and foreclosed assets
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Sep 30, 2021						Sep 30, 2021						Sep 30, 2021
Custom and owner occupied construction			$	240					243						247						249						240						—						—
Land development			31						279						342						450						31						—						—
Consumer land or lots			186						190						201						223						186						—						—
Unimproved land			166						178						294						417						166						—						—
Commercial lots			—						368						368						682						—						—						—
Other construction			276						—						—						—						276						—						—
Total land, lot and other construction			659						1,015						1,205						1,772						659						—						—
Owner occupied			3,323						3,747						6,725						9,077						3,323						—						—
Non-owner occupied			2,089						1,892						4,796						4,879						1,716						373						—
Total commercial real estate			5,412						5,639						11,521						13,956						5,039						373						—
Commercial and Industrial			5,621						6,046						6,689						8,571						5,444						177						—
Agriculture			32,712						31,742						6,313						8,972						28,412						4,300						—
1st lien			3,178						4,186						5,353						6,559						3,091						87						—
Junior lien			166						272						301						986						166						—						—
Total 1-4 family			3,344						4,458						5,654						7,545						3,257						87						—
Multifamily residential			—						—						—						—						—						—						—
Home equity lines of credit			2,393						2,653						2,939						2,903						2,224						81						88
Other consumer			539						542						572						407						392						129						18
Total consumer			2,932						3,195						3,511						3,310						2,616						210						106
Other			259						703						293						288						234						25						—
Total			$	51,179					53,041						35,433						44,663						45,901						5,172						106

21

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Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)

			Accruing 30-89 Days Delinquent Loans,  by Loan Type																								% Change from
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020
Custom and owner occupied construction			$	892					$	—					$	788					$	448					n/m						13		%				99		%
Pre-sold and spec construction			325						70						—						—						364		%				n/m						n/m
Total residential construction			1,217						70						788						448						1,639		%				54		%				172		%
Land development			276						—						202						—						n/m						37		%				n/m
Consumer land or lots			325						—						71						220						n/m						358		%				48		%
Unimproved land			181						307						357						381						(41)		%				(49)		%				(52)		%
Developed lots for operative builders			59						—						306						—						n/m						(81)		%				n/m
Other construction			12,884						—						—						—						n/m						n/m						n/m
Total land, lot and other construction			13,725						307						936						601						4,371		%				1,366		%				2,184		%
Owner occupied			1,933						2,243						3,432						3,163						(14)		%				(44)		%				(39)		%
Non-owner occupied			443						574						149						1,157						(23)		%				197		%				(62)		%
Total commercial real estate			2,376						2,817						3,581						4,320						(16)		%				(34)		%				(45)		%
Commercial and industrial			1,581						2,947						1,814						2,354						(46)		%				(13)		%				(33)		%
Agriculture			1,032						837						1,553						2,795						23		%				(34)		%				(63)		%
1st lien			350						736						6,677						2,589						(52)		%				(95)		%				(86)		%
Junior lien			167						106						55						738						58		%				204		%				(77)		%
Total 1-4 family			517						842						6,732						3,327						(39)		%				(92)		%				(84)		%
Home equity lines of credit			3,023						1,942						2,840						2,200						56		%				6		%				37		%
Other consumer			1,361						919						1,054						789						48		%				29		%				72		%
Total consumer			4,384						2,861						3,894						2,989						53		%				13		%				47		%
States and political subdivisions			—						—						2,358						—						n/m						(100)		%				n/m
Other			1,170						1,395						1,065						797						(16)		%				10		%				47		%
Total			$	26,002					$	12,076					$	22,721					$	17,631					115		%				14		%				47		%

______________________________

n/m - not measurable

22

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Glacier Bancorp, Inc.

Credit Quality Summary by Regulatory Classification (continued)

			Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type																								Charge-Offs						Recoveries
(Dollars in thousands)			Sep 30, 2021						Jun 30, 2021						Dec 31, 2020						Sep 30, 2020						Sep 30, 2021						Sep 30, 2021
Custom and owner occupied construction			$	—					—						(9)						(9)						—						—
Pre-sold and spec construction			(12)						(8)						(24)						(19)						—						12
Total residential construction			(12)						(8)						(33)						(28)						—						12
Land development			(163)						(77)						(106)						(63)						—						163
Consumer land or lots			(164)						(164)						(221)						(217)						3						167
Unimproved land			(241)						(21)						(489)						(489)						—						241
Commercial lots			—						—						(55)						(5)						—						—
Total land, lot and other construction			(568)						(262)						(871)						(774)						3						571
Owner occupied			(410)						(70)						(168)						(82)						41						451
Non-owner occupied			(356)						(503)						3,030						246						148						504
Total commercial real estate			(766)						(573)						2,862						164						189						955
Commercial and industrial			(87)						(218)						1,533						740						481						568
Agriculture			—						(6)						337						309						12						12
1st lien			(250)						(237)						69						(27)						42						292
Junior lien			(511)						(475)						(211)						(169)						—						511
Total 1-4 family			(761)						(712)						(142)						(196)						42						803
Multifamily residential			(40)						(40)						(244)						(244)						—						40
Home equity lines of credit			(601)						(23)						101						79						41						642
Other consumer			145						74						307						233						369						224
Total consumer			(456)						51						408						312						410						866
Other			4,403						3,329						3,803						2,589						7,429						3,026
Total			$	1,713					1,561						7,653						2,872						8,566						6,853

Visit our website at www.glacierbancorp.com

23

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Attachment: XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

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Attachment: XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

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Attachment: XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT