Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Investor Presentation (May 2025)
51 slides from Glacier Bancorp's investor presentation, May 5, 2025
Slide 1: Investor Presentation March 31, 2025
1 Investor Presentation March 31, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains 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 the Company’s plans, objectives, expectations and intentions
Slide 3: Glacier Bancorp 3/31/2025 Snapshot
Glacier Bancorp, Inc. 3/31/2025 Snapshot Ticker GBCI Total Assets $27.86 billion Gross Loans $17.22 billion Deposits $20.63 billion TCBV Per Share $19.28 Dividends $0.33 Stock Price $44.22 Market Cap $5.02 billion 3
Slide 4: Differentiated Bank Model
Differentiated Bank Model • Genuine community banking model • Backed by resources and support of Glacier Bancorp • Strategy of growth through acquisitions and organically 4
Slide 5: Glacier is a "Company of Banks"
Glacier is a “Company of Banks” 5
Slide 6: Bank Divisions and Locations
WY ID UT AZ NV WA CO MT • 17 Bank Divisions • 227 Locations (as of 3/31/2025) 6
Slide 7: Acquisition – Bank of Idaho Holding Co.
Acquisition – Bank of Idaho Holding Co. • Founded in 1985 and headquartered in Idaho Falls, Idaho • Full-service community bank, providing comprehensive financial services to businesses and individuals with 15 branch locations throughout Eastern Idaho, Boise Metro and Eastern Washington • Bank of Id
Slide 8: Acquisition – Bank of Idaho Holding Co. Rationale
Acquisition – Bank of Idaho Holding Co. • Acquisition complements Glacier’s existing strong loan and deposit portfolios and deepens its presence in several of the top growth markets in the United States • Aligns with Glacier’s long-term strategy of acquiring quality banks in strong markets with exce
Slide 9: Bank of Idaho Transaction Overview and Assumptions
Acquisition – Bank of Idaho Holding Co. (“BOID”) Transaction Overview and Assumptions Consideration Mix 100% stock consideration to BOID common shareholders 1.100x shares of Glacier stock for each BOID share BOID options and stock appreciation rights will be cashed out for their in-the-money v
Slide 10: GBCI Acquisition History – 2015 through 2025 YTD
$9.1 $9.5 $9.7 $12.1 $13.7 $18.5 $25.9 $26.6 $27.7 $27.9 $29.2 $- $5 $10 $15 $20 $25 $30 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD* Total Assets ($B) Acquisitions April 2025 $1,293M Assets July 2024 Six Montana Branches GBCI Acquisition History – 2015 through 2025 YTD • Long history
Slide 11: Track Record of Increasing Market Share
2015 2024 Glacier Market Glacier Market $s in millions Rank Deposits Share Transactions since 2015 Rank Deposits Share Arizona -- -- -- 2 $1,744 8.1% Montana 2 $3,274 21.0% 1 $7,632 26.2% Eastern Washington 8 $451 4.1% 4 $1,757 10.6% Colorado 10 $492 1.3% 8 $1,758 2.3% Nevada -- -- -- 1 $1,044 16.1%
Slide 12: Significant Runway of Additional Acquisition Opportunities
Significant Runway of Additional Acquisition Opportunities Mountain West Business Friendly In-Migration Stable, growing economies Glacier top market share throughout Southwest Business Friendly In-Migration Stable, growing economies Large # of Potential Targets Total Deposits Excl. Top 4(1):
Slide 13: GBCI Is Prepared for Expected M&A Acceleration
GBCI Is Prepared for Expected M&A Acceleration Capital Team Technology and Product Investments Reputation –with Regulators and Sellers Defined Playbook that Works Disciplined M&A Approach Attractive Model 13
Slide 14: Foundation for Growth and Acquisitions
Foundation for Growth and Acquisitions “Best of Breed” Technology and Product Introduce exceptional technology and top-tier banking products Ensure we offer the best solutions in the market Product Management Organization Dedicated team to drive innovation and alignment Strengthens market focus and
Slide 15: Solid Financial Results
Solid Financial Results @® Glacier Bancore 15
Slide 16: Diluted Earnings Per Share
Diluted Earnings Per Share $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $2.74$2.81 $1.68 $0.29 $0.48 $2.01 • EPS for the first quarter 2025 increased $0.19, or 66%, over the first quarter 2024 EPS • The increase in EPS was driven primarily by an increase in net
Slide 17: Return on Assets
0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 1.62% 0.68% 1.33% 0.81% 0.47% 0.80% • ROA for the first quarter 2025 was 0.80% • ROA of 0.68% for the fourth quarter of 2024 was in the 28th♦ percentile among Glacier’s peer group Return on Assets ♦BHCPR as of 12/31/2024 1.15% 17
Slide 18: Return on Tangible Equity
4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 12.14% 15.49% 16.59%16.85% 9.61% 6.86% 10.67% • The Company’s historically high capital levels have made it more difficult to produce higher ROTE. Return on Tangible Equity 18
Slide 19: Net Interest Income / Margin
$100 $200 $300 $400 $500 $600 $700 $800 $900 $600 $663 $788 $692 $705 $670 $770 4.09% 3.42% 3.27% 2.73% 2.77% 2.59% 3.04% • Net interest income of $770 million for the first quarter 2025 increased $100 million, or 15.07%, over net interest income of $670 million for the first quarter 2024 • Net inte
Slide 20: Net Interest Margin Year-to-Date 2025 compared to 2024
Net Interest Margin Year-to-Date 2025 compared to Year-to-Date 2024 2.54% 2.58% 2.59% 2.61% 2.62% 2.64% 2.65% 2.68% 2.70% 2.72% 2.75% 2.77% 2.95% 3.05% 3.04% 2.50% 2.60% 2.70% 2.80% 2.90% 3.00% 3.10% Jan Feb March April May June July Aug Sept Oct Nov Dec 2024 2025 (YTD NIM as of the end of each repo
Slide 21: Efficiency Ratio
38.0% 42.0% 46.0% 50.0% 54.0% 58.0% 62.0% 66.0% 70.0% 74.0% 78.0% 50.0% 51.4% 54.6% 62.9% 66.7% 74.4% 65.5% • The efficiency ratio for the first quarter of 2025 was 65.5% compared to 74.4% for the first quarter of 2024 and was primarily due to the increase in net interest income • First quarter 2025
Slide 22: Strong Balance Sheet
Strong Balance Sheet 22
Slide 23: Asset Trends
$18,504 $25,941 $26,635 $27,743 $27,903 $27,859 $18,000 $20,000 $22,000 $24,000 $26,000 $28,000 $30,000 • At March 31, 2025, total assets remained constant at $27.9 billion • Increased cash position by $133 million in the first quarter 2025 Asset Trends (Dollars in millions) 23
Slide 24: CET1 Capital Relative to Peers
11.00% 12.00% 13.00% CET1 ♦ 12.4% 12.7% Peers Glacier • Regulatory capital CET1 was 12.7% at December 31, 2024, which was well above the peer median♦ CET 1 Capital Relative to Peers ♦ Proxy Compensation Peer Group Median as of 12/31/2024 24
Slide 25: Ample Liquidity of $14.7 Billion at March 31, 2025
Ample Liquidity of $14.7 Billion at March 31, 2025 • Ready access to liquidity totaling $9.4 billion • $5.2 billion in available borrowing capacity o Federal Reserve: $1.9 billion o FHLB: $2.8 billion o Correspondent banks: $0.5 billion • $3.2 billion of unpledged marketable securities • Cash of $1.
Slide 26: Strong Core Deposit Base
Strong Core Deposit Base • Our community banking model is customer relationship driven • Uninsured deposits, excluding collateralized public deposits and cash held at the holding company, are 24% of total deposits • 34% of uninsured deposits are with customers that also have a loan relationship with
Slide 27: Strong Core Deposit Base - Continued
Strong Core Deposit Base - Continued • Demand and savings deposit characteristics • Deposit Granularity • Retail: 665,655 accounts ; average balance = $11,921 • Commercial: 162,798 accounts ; average balance = $59,826 • Relationship Length • Weighted average relationship age is 16 years • Compositio
Slide 28: Deposit Trends
$14,798 $21,337 $20,607 $19,929 $20,547 $20,634 $14,000 $15,000 $16,000 $17,000 $18,000 $19,000 $20,000 $21,000 $22,000 • During the first quarter 2025: • total deposits and core deposits increased $87 million, or 0.42% • deposits and repurchase agreements increased $158 million, or 1% Deposit Trend
Slide 29: Deposit Composition
Non- Interest Bearing 30% NOW and DDA 26% Savings 14% MMDA 15% CDs 15% Wholesale 0% 3/31/2024 Non- Interest Bearing 30% NOW and DDA 27% Savings 14% MMDA 14% CDs 15% Wholesale 0% 3/31/2025 Deposit Composition 29
Slide 30: Non-Interest Bearing Deposits
$5,455 $7,779 $7,691 $6,023 $6,137 $6,101 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 • Non-interest bearing deposits decreased $36 million, or 1%, during the first quarter of 2025 • Non-interest bearing deposits were 30% of total core deposits at March 31, 2025 compared to 30% at December 31,
Slide 31: Interest-Bearing Deposit Cost Relative to Peers
0.24% 0.15% 0.09% 0.11% 1.22% 1.92% 1.10% 0.53% 0.21% 0.58% 2.49% 3.17% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Glacier Peers • Interest-bearing deposit cost decreased to 1.77% at March 31, 2025, from 1.92% at December 31, 2024 due to market dynamics and the competitive rate environment • To
Slide 32: Loan Trends
$11,123 $13,432 $15,247 $16,198 $17,262 $17,219 $11,000 $12,000 $13,000 $14,000 $15,000 $16,000 $17,000 $18,000 • Gross loans decreased $43 million, or 1% annualized, during first quarter of 2025 with the largest decrease in other consumer loans of $15 million, or 15% annualized Loan Trends (Dollars
Slide 33: Loan Composition
Residential Real Estate 11% CRE 64% Other Commercial 18% HELOC 5% Other Consumer 2% 3/31/2024 Residential Real Estate 11% CRE 64% Other Commercial 18% HELOC 5% Other Consumer 2% 3/31/2025 Loan Composition 33
Slide 34: Geographic Loan Dispersion
Montana 62% Idaho 22% Utah 2% Washington 1% Wyoming 9% Colorado 4% 12/31/2009 Montana 34% Idaho 13%Utah 15% Washington 8% Wyoming 8% Colorado 9% Arizona 9% Nevada 4% 3/31/2025 Geographic Loan Dispersion 34
Slide 35: Term CRE Portfolio
Term CRE Portfolio * Diversified and Low Risk Portfolio • Total portfolio $7.2 billion (42% of total portfolio) • Non-owner portfolio $4.0 billion (23% of total portfolio) • $896 thousand average loan balance • 58% average LTV • 0.06% past due rate • 0.06% non-performing • 98% of loans have recourse
Slide 36: Office CRE Portfolio
Office CRE Portfolio * • $703 thousand average loan balance • 59% average LTV • 0.05% past due • 0.05% non-performing • 98% of loans have recourse through guaranties • Includes $125 million in medical office • 11% of office portfolio matures or reprices prior to 2026 • Limited exposure to loans abov
Slide 37: Office CRE - Continued
Office CRE - Continued Denver $39 million Phoenix $25 million Salt Lake City $22 million Suburban/Rural $1.40 billion • Highly diversified portfolio across 8 states primarily in rural markets • Portfolio in Denver, Phoenix, and Salt Lake City represent 6% of total office (0.5% of total loans) • $17
Slide 38: Investment Portfolio Trends
$5,528 $10,370 $9,022 $8,288 $7,540 $7,434 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 • Investment securities ended the first quarter 2025 at 27% of total assets compared to 29% at the end of the first quarter 2024 • Investment securities decreased $106 million, or 1%, during the first quart
Slide 39: Investment Composition
US Gov't & Federal Agency 16% US Gov't Sponsored Enterprises 4% State & Local Gov'ts 22% Corporate Bonds 0% Residential MBS 45% Commercial MBS 13% 3/31/2024 US Gov't & Federal Agency 18% US Gov't Sponsored Enterprises 4% State & Local Gov'ts 23% Corporate Bonds 0% Residential MBS 41% Commercial MBS
Slide 40: Credit Quality
Credit Quality 40
Slide 41: NPAs to Bank Assets
0.00% 0.10% 0.20% 0.30% 0.40% 0.19% 0.26% 0.09%0.10%0.09% 0.14% • During the first quarter 2025, NPAs increased $11.6 million to 0.14% of Bank assets compared to 0.09% of Bank assets in the first quarter 2024 NPAs to Bank Assets 0.12% 41
Slide 42: CECL and Allowance for Credit Losses (ACL)
CECL and Allowance for Credit Losses (ACL) • Commercial Asset Quality Ratings • Consumer Loan Past Due Status • Additional Qualitative Adjustments • Prepayment Speed Assumptions • Low levels of unemployment • Historical Loss Period Capture (Dollars in millions) Other Key Model Inputs National Econom
Slide 43: Provision For Credit Losses
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $39,765 $23,076 $19,963 $14,795 $28,306 $8,249 $7,814 • Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will determine the future level o
Slide 44: Net Charge-Offs
$0 $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 $7,653 $2,329 $7,815 $10,316 $13,898 $3,072 $1,795 • During the first quarter 2025, net charge- offs as a percentage of total loans were 0.01% compared to 0.02% in the first quarter 2024 Net Charge-Offs (Dollars in thousands) 44
Slide 45: ACL as a Percentage of Loans
1.00% 1.25% 1.50% 1.75% 1.42% 1.29% 1.20% 1.19% 1.19% 1.19% 1.22% • ACL was in the 48th♦ percentile of Glacier’s peer group for the fourth quarter 2024 • The ACL was 1.22% of loans at the end of the first quarter 2025 compared to 1.19% at the end of the first quarter 2024 • As credit trends change,
Slide 46: Shareholder Return
Shareholder Return @® Glacier Bancore 46
Slide 47: Dividends Declared
$0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 • At March 31, 2025, Glacier’s dividend yield was 2.98% • The Company has declared 160 consecutive quarterly dividends Dividends Declared 47
Slide 48: Total Return 3/31/2015 – 3/31/2025
10 Year Total Return 3/31/2015 – 3/31/2025 48
Slide 49: Total Return 3/31/2024 – 3/31/2025
1 Year Total Return 3/31/2024 – 3/31/2025 49
Slide 50: A Definitive Ranking of Publicly Traded Banks
A Definitive Ranking of Publicly Traded Banks Every publicly traded bank ranked by all-time total shareholder return * Includes both dividends paid and share price appreciation ** Normalized to account for the time period that each bank has been publicly traded GBCI shares have been publicly traded
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