Glacier Bancorp, Inc. · NYSE:GBCI
Glacier Bancorp — Investor Presentation (February 2025)
54 slides from Glacier Bancorp's investor presentation, Feb 28, 2025
Slide 1: Investor Presentation December 31, 2024
Investor Presentation December 31, 2024
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, Inc. 12/31/2024 Snapshot
Glacier Bancorp, Inc. 12/31/2024 Snapshot Ticker GBCI Total Assets $27.90 billion Gross Loans $17.26 billion Deposits $20.55 billion TCBV Per Share $18.71 Dividends $1.32 Stock Price $50.22 Market Cap $5.70 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 12/31/2024) 6
Slide 7: Acquisition - Community Financial Group, Inc.
Acquisition - Community Financial Group, Inc. • The January 31, 2024 acquisition complements GBCI’s existing strong loan and deposit portfolios and deepens its agricultural presence in one of the top Ag producing markets in the United States • Established a market-leading Eastern Washington franchis
Slide 8: Acquisition - Community Financial Group, Inc. fair values
Acquisition - Community Financial Group, Inc. * Excludes $2.34 million of Loans Held for Sale Total assets $777,05 Cash and cash equivalents 12,926 Debt securities 187,183 Loans receivable * 450,403 Non-interest bearing deposits 277,651 Interest bearing deposits 339,304 Borrowings 58,500 Core Deposi
Slide 9: Acquisition - Six Montana Branches of HTLF Bank
Acquisition - Six Montana Branches of HTLF Bank • On July 19, 2024, Glacier Bank completed the acquisition of six Montana branch locations of the Rocky Mountain Bank division of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. • The six branches Glacier Bank will acquire are loc
Slide 10: Acquisition - Six Montana Branches
Acquisition – Six Montana Branches Total assets $403,052 Cash and cash equivalents 76,781 Debt securities - Loans receivable 271,569 Non-interest bearing deposits 93,534 Interest bearing deposits 303,156 Borrowings 4,305 Core Deposit Intangible 11,808 Goodwill 27,780 Fair Value of Select Assets and
Slide 11: Bank of Idaho Holding Company Acquisition - Pending
Bank of Idaho Holding Company Acquisition - Pending • 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
Slide 12: Bank of Idaho Holding Company Acquisition - Pending
Bank of Idaho Holding Company Acquisition - Pending 12 • 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 ma
Slide 13: Bank of Idaho Transaction Overview and Assumptions
Bank of Idaho Holding Company Transaction Overview and Assumptions 13 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 value Implied Tra
Slide 14: GBCI Acquisition History - 2015 through 2024
Pending* $1,293M Assets July 2024 Six Montana Branches GBCI Acquisition History – 2015 through 2024 • Long history of adding high quality community banks that fit the Glacier banking model February 2015 $176M Assets October 2015 $270M Assets October 2021 $4,132M Assets July 2019 $978M Assets April 2
Slide 15: 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 8.9% Montana 2 $3,274 21.0% 1 $7,532 26.1% Eastern Washington 8 $451 4.1% 4 $1,757 10.6% Colorado 10 $492 1.3% 7 $1,758 2.4% Nevada -- -- -- 1 $1,044 16.1%
Slide 16: Significant Runway of Additional Acquisition Opportunities
Significant Runway of Additional Acquisition Opportunities 16 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(
Slide 17: 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 17
Slide 18: Solid Financial Results
Solid Financial Results @ Glacier Bancorp 18
Slide 19: 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 2019 2020 2021 2022 2023 2024 $2.38 $2.81 $0.55 $0.29 $0.50 $0.39 $0.47 $0.45 $0.49 $0.54 $2.74 $2.01 • The decrease in 2024 EPS over 2023 EPS was driven primarily by the significant increa
Slide 20: Return on Assets
0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2019 2020 2021 2022 2023 2024 1.62%1.64% 1.33% 0.81% 0.68% • ROA for 2024 was 0.68% • ROA of 0.62% for the third quarter of 2024 was in the 24th♦ percentile among Glacier’s peer group Return on Assets ♦BHCPR as of 9/30/2024 1.15% 20
Slide 21: Return on Tangible Equity
4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 2019 2020 2021 2022 2023 2024 16.15% 15.49% 16.59%16.85% 12.14% 9.61% • The Company’s historically high capital levels have made it more difficult to produce higher ROTE. Return on Tangible Equity 21
Slide 22: Net Interest Income / Margin
$100 $200 $300 $400 $500 $600 $700 $800 $900 2019 2020 2021 2022 2023 2024 $503 $600 $663 $788 $692 $705 4.39% 4.09% 3.42% 3.27% 2.73% YTD 2.77% • Net interest income of $705 million for 2024 increased $13 million, or 1.87%, over net interest income of $692 million for 2023 • Net interest margin of
Slide 23: Net Interest Margin Year-to-Date 2024 compared to 2023
Net Interest Margin Year-to-Date 2024 compared to Year-to-Date 2023 Loans provided interest income of $951.3 million in 2024 compared to $821.6 million in 2023 primarily due to the increase in average yields (up 42 bps from 5.19% to 5.61%) and the increase in loan volume Securities interest inco
Slide 24: Strong Balance Sheet
Strong Balance Sheet 24
Slide 25: Asset Trends
$13,864 $18,504 $25,941 $26,635 $27,743 $27,903 $12,000 $14,000 $16,000 $18,000 $20,000 $22,000 $24,000 $26,000 $28,000 $30,000 2019 2020 2021 2022 2023 2024 • Total assets organically decreased $1.020 billion, or 4%, during 2024 • Total assets grew $1.107 billion, or 4%, in 2023 • Decreased cash po
Slide 26: CET 1 Capital Relative to Peers
11.00% 12.00% 13.00% CET1 ♦ 12.4% 12.7% Peers Glacier • Regulatory capital CET1 ratio was 12.7% at the end of 2024 • Regulatory capital CET1 was 12.5% at September 30, 2024, which was well above the peer median♦ CET 1 Capital Relative to Peers ♦ Proxy Compensation Peer Group Median as of 12/31/2024
Slide 27: Ample Liquidity of $14.5 Billion at December 31, 2024
Ample Liquidity of $14.5 Billion at December 31, 2024 • Ready access to liquidity totaling $9.2 billion • $4.9 billion in available borrowing capacity o Federal Reserve: $1.9 billion o FHLB: $2.5 billion o Correspondent banks: $0.5 billion • $3.5 billion of unpledged marketable securities • Cash of
Slide 28: 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 29: Strong Core Deposit Base - Continued
Strong Core Deposit Base - Continued • Demand and savings deposit characteristics • Deposit Granularity • Retail: 664,984 accounts ; average balance = $11,780 • Commercial: 162,652 accounts ; average balance = $59,969 • Relationship Length • Weighted average relationship age is 16 years • Compositio
Slide 30: Deposit Trends
$10,776 $14,798 $21,337 $20,607 $19,929 $20,547 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 $22,000 2019 2020 2021 2022 2023 2024 • During 2024: • total deposits increased $618 million, or 3% • core deposits also grew $618 million or 3%, • deposits and repurchase agreements increased $909 millio
Slide 31: Deposit Composition
Non- Interest Bearing 30% NOW and DDA 27% Savings 14% MMDA 14% CDs 15% Wholesale 0% 12/31/2023 Non- Interest Bearing 30% NOW and DDA 27% Savings 14% MMDA 14% CDs 15% Wholesale 0% 12/31/2024 Deposit Composition 31
Slide 32: Non-Interest Bearing Deposits
$3,697 $5,455 $7,779 $7,691 $6,023 $6,137 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 2019 2020 2021 2022 2023 2024 • Non-interest bearing deposits increased $114 million, or 2%, during 2024 • Non-interest bearing deposits were 30% of total core deposits at December 31, 2024 compared to 30% at
Slide 33: Interest-Bearing Deposit Cost Relative to Peers
0.24% 0.15% 0.09% 0.11% 1.22% 1.94% 1.10% 0.53% 0.21% 0.58% 2.49% 3.21% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Glacier Peers • Interest-bearing deposit cost increased to 1.92% at December 31, 2024 due to market dynamics and the competitive rate environment • Total deposit cost increased to
Slide 34: Organic Loan Growth
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2019 2020 2021 2022 2023 2024 $364 $1,158 $419 $1,815 $951 $342 • Organic loan growth for 2024 was $342 million, or 2%, compared to $951 million, or 6% for 2023 Organic Loan Growth (Dollars in millions) 34
Slide 35: Loan Composition
Residential Real Estate 11% CRE 64% Other Commercial 18% HELOC 5% Other Consumer 2% 12/31/2023 Residential Real Estate 11% CRE 64% Other Commercial 18% HELOC 5% Other Consumer 2% 12/31/2024 Loan Composition 35
Slide 36: 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% 12/31/2024 Geographic Loan Dispersion 36
Slide 37: 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) • $892 thousand average loan balance • 58% average LTV • 0.12% past due rate • 0.04% non-performing • 98% of loans have recourse
Slide 38: Office CRE Portfolio
Office CRE Portfolio * • $699 thousand average loan balance • 59% average LTV • 0.11% past due • 0.05% non-performing • 98% of loans have recourse through guaranties • Includes $146 million in medical office • 14% of office portfolio matures or reprices prior to 2026 • Limited exposure to loans abov
Slide 39: Office CRE - Continued
Office CRE - Continued Denver $41 million Phoenix $26 million Salt Lake City $24 million Suburban/Rural $1.42 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 40: Investment Portfolio Trends
$2,800 $5,528 $10,370 $9,022 $8,288 $7,540 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 2019 2020 2021 2022 2023 2024 • Investment securities ended 2024 at 27% of total assets compared to 30% at the end of 2023 • Investment securities decreased $748 million, or 9%, during
Slide 41: Investment Composition
US Gov't & Federal Agency 16% US Gov't Sponsored Enterprises 4% State & Local Gov'ts 21% Corporate Bonds 0% Residential MBS 46% Commercial MBS 13% 12/31/2023 US Gov't & Federal Agency 18% US Gov't Sponsored Enterprises 4% State & Local Gov'ts 22% Corporate Bonds 0% Residential MBS 42% Commercial MBS
Slide 42: Credit Quality
Credit Quality 42
Slide 43: NPAs to Bank Assets
0.00% 0.10% 0.20% 0.30% 0.40% 2019 2020 2021 2022 2023 2024 0.27% 0.19% 0.12% 0.09% 0.10% • During 2024, NPAs increased $2.2 million to 0.10% of Bank assets compared to 0.09% of Bank assets in 2023 NPAs to Bank Assets 0.26% 43
Slide 44: 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 45: Provision For Credit Losses
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 2019 2020 2021 2022 2023 2024 $57 $39,765 $23,076 $19,963 $14,795 $28,306 • Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will determin
Slide 46: Net Charge-Offs
$0 $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 2019 2020 2021 2022 2023 2024 $6,806 $7,653 $2,329 $7,815 $10,316 $13,898 • During 2024, net charge-offs as a percentage of total loans were 0.08% compared to 0.06% in 2023 Net Charge-Offs (Dollars in thousands) 46
Slide 47: ACL as a Percentage of Loans
1.00% 1.25% 1.50% 1.75% 2019 2020 2021 2022 2023 2024 1.31% 1.42% 1.29% 1.20% 1.19% 1.19% • ACL was in the 46th♦ percentile of Glacier’s peer group for the third quarter 2024 • The ACL was 1.19% of loans at the end of 2024 and at the end of 2023 • As credit trends change, expect the ACL to adjust ac
Slide 48: Shareholder Return
Shareholder Return @ Glacier Bancorp 48
Slide 49: Dividends Declared
$0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 • At December 31, 2024, Glacier’s dividend yield was 2.63% • The Company has declared 159 consecutive quarterly dividends Dividends Declared 49
Slide 50: Year Total Return 12/31/2014 - 12/31/2024
10 Year Total Return 12/31/2014 – 12/31/2024 50
Slide 51: Year Total Return 12/31/2023 - 12/31/2024
1 Year Total Return 12/31/2023 – 12/31/2024 51
Slide 52: 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
Slide 53: Named by Forbes as a World's Best Bank
Named by Forbes as a World’s Best Bank Five consecutive years (2020-2024) 53
Slide 54: Glacier Bancorp
Glacier Bancorp — Investor Presentation (February 2025) on 6ix