Glacier Bancorp, Inc. Announces Results For The Quarter and Period Ended March 31, 2026

1st Quarter 2026 Highlights:

• Net income was $82.1 million for the current quarter, an increase of $18.4 million, or 29 percent, from the prior quarter net income of $63.8 million and an increase of $27.6 million, or 51 percent, from the prior year first quarter net income of $54.6 million.

• Diluted earnings per share for the current quarter was $0.63 per share, an increase of $0.14 per share, or 29 percent, from the prior quarter diluted earnings per share of $0.49 and an increase of $0.15 per share, or 31 percent, from the prior year first quarter diluted earnings per share of $0.48.

• Diluted operating earnings per share¹ for the current quarter was $0.70 per share, an increase of $0.01 per share, or 1 percent, from the prior quarter diluted operating earnings per share of $0.69 and an increase of $0.23 per share, or 49 percent, from the prior year first quarter diluted operating earnings per share of $0.47.

• The loan portfolio of $21.034 billion at March 31, 2026 increased $106 million, or 2 percent annualized, from the prior quarter.

• Total deposits of $24.742 billion at March 31, 2026 increased $151 million, or 2 percent annualized, from the prior quarter.

• Non-interest bearing deposits of $7.427 billion at March 31, 2026 increased $113 million, or 6 percent annualized, from the prior quarter.

• The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.80 percent, an increase of 22 basis points from the prior quarter net interest margin of 3.58 percent and an increase of 76 basis points from the prior year first quarter net interest margin of 3.04 percent.

• The loan yield of 6.16 percent in the current quarter increased 7 basis points from the prior quarter loan yield of 6.09 percent and increased 39 basis points from the prior year first quarter loan yield of 5.77 percent.

• The total earning asset yield of 5.11 percent in the current quarter increased 11 basis points from the prior quarter earning asset yield of 5.00 percent and increased 50 basis points from the prior year first quarter earning asset yield of 4.61 percent.

• The total cost of funding (including non-interest bearing deposits) of 1.40 percent in the current quarter decreased 12 basis points from the prior quarter total cost of funding of 1.52 percent and decreased 28 basis points from the prior year first quarter total cost of funding of 1.68 percent.

• The Company completed the core system conversion of Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”). Guaranty was acquired on October 1, 2025 with total assets of $3.357 billion.

• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 164 consecutive quarterly dividends and has increased the dividend 49 times.

Financial Summary

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KALISPELL, Mont., April 23, 2026 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $82.1 million for the current quarter, an increase of $18.4 million, or 29 percent, from the prior quarter net income of $63.8 million and an increase of $27.6 million, or 51 percent, from the prior year first quarter net income of $54.6 million. Diluted earnings per share for the current quarter was $0.63 per share, an increase of $0.14 per share, or 29 percent, from the prior quarter diluted earnings per share of $0.49 and an increase of $0.15 per share, or 31 percent, from the prior year first quarter diluted earnings per share of $0.48. Diluted operating earnings per share for the current quarter was $0.70 per share, an increase of $0.01 per share, or 1 percent, from the prior quarter diluted operating earnings per share of $0.69 and an increase of $0.23 per share, or 49 percent, from the prior year first quarter diluted operating earnings per share of $0.47. The current quarter included $8.9 million in acquisition-related expenses and $2.8 million of compensation from acquisition-related employment agreements. “We opened 2026 with strong results, delivering record net income, net interest margin expansion and loan and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We also completed the Guaranty core systems conversion during the current quarter. This was an important milestone that positions us to capture the full benefits of the acquisition. Our teams remain focused on disciplined growth, delivering operating leverage and creating long-term value for shareholders.”

Asset Summary

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The Company continues to maintain a strong cash position of $1.385 billion at March 31, 2026, which was an increase of $150 million, or 12 percent, over the prior quarter and an increase of $404 million, or 41 percent, over the prior year first quarter. Total debt securities of $6.644 billion at March 31, 2026 decreased $474 million, or 7 percent, during the current quarter and decreased $790 million, or 11 percent, from the prior year first quarter. Debt securities represented 21 percent of total assets at March 31, 2026 compared to 22 percent at December 31, 2025 and 27 percent at March 31, 2025.

The loan portfolio of $21.034 billion at March 31, 2026 increased $106 million, or 2 percent annualized, during the current quarter. The loan portfolio increased $3.815 billion, or 22 percent, from the prior year first quarter. Excluding the Bank of Idaho (“BOID”) acquisition on April 30, 2025 and the Guaranty acquisition on October 1, 2025, the loan portfolio organically increased $638 million, or 4 percent, from the prior year first quarter.

Credit Quality Summary

Non-performing assets of $79.5 million at March 31, 2026 increased $10.6 million, or 15 percent, over the prior quarter and increased $40.2 million, or 102 percent, over the prior year first quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $91.8 million at March 31, 2026 increased $12.9 million from the prior quarter and increased $45.3 million from the prior year first quarter. Early stage delinquencies as a percentage of loans at March 31, 2026 were 0.44 percent compared to 0.38 percent for the prior quarter and 0.27 percent for the prior year first quarter and remain at historically low levels for the Company.

The current quarter provision for credit loss expense of $6.1 million included $3.5 million of credit loss expense on loans and $2.6 million of credit loss expense on unfunded loan commitments. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at each of March 31, 2026, December 31, 2025 and March 31, 2025. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans.

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

Net charge-offs for the current quarter were $3.1 million compared to $6.4 million in the prior quarter and $1.8 million for the prior year first quarter. The current quarter net charge-offs included $2.2 million in deposit overdraft net charge-offs and $896 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

Total deposits of $24.7 billion at March 31, 2026 increased $151 million, or 2 percent annualized, during the current quarter and increased $4.108 billion, or 20 percent, from the prior year first quarter. Excluding acquisitions, total deposits organically increased $323 million, or 2 percent, from the prior year first quarter.

Non-interest bearing deposits of $7.427 billion at March 31, 2026 increased $113 million, or 6 percent annualized, from the prior quarter and increased $1.327 billion, or 22 percent, from the prior year first quarter. Excluding acquisitions, total non-interest bearing deposits organically increased $223 million, or 4 percent, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2026, December 31, 2025 and March 31, 2025.

The remaining $440 million of Federal Home Loan Bank (“FHLB”) advances were paid off during the current quarter. Subordinated debentures of $188 million increased $54.9 million, or 41 percent, from the prior year first quarter as a result of the acquisitions.

Stockholders’ Equity Summary

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Tangible stockholders’ equity of $2.770 billion at March 31, 2026 increased $39 million, or 1 percent, compared to the prior quarter and was primarily due to earnings retention. Tangible stockholders’ equity increased $581 million, or 27 percent, from the prior year first quarter and was primarily due to $765 million of Company stock issued in connection with the acquisitions of BOID and Guaranty and an $87 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the BOID and Guaranty acquisitions. Tangible book value per common share of $21.29 at the current quarter end increased $0.28 per share, or 1 percent, from the prior quarter and increased $2.01 per share, or 10 percent, from the prior year first quarter.

Cash Dividends
On March 25, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 16, 2026 to shareholders of record on April 7, 2026. The dividend was the Company’s 164th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended March 31, 2026 
Compared to December 31, 2025 and March 31, 2025

Income Summary

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Net Interest Income
Net interest income of $269 million for the current quarter increased $2.6 million, or 1 percent, from the prior quarter net interest income of $266 million and increased $78.7 million, or 41 percent, from the prior year first quarter net interest income of $190 million. The current quarter interest income of $362 million decreased $10.4 million, or 3 percent, over the prior quarter which primarily resulted from a decrease in debt securities. The current quarter interest income increased $72.4 million, or 25 percent, over the prior year first quarter and was primarily driven by both increased loans and increased interest rates on earning assets. The loan yield of 6.16 percent in the current quarter increased 7 basis points from the prior quarter loan yield of 6.09 percent and increased 39 basis points from the prior year first quarter loan yield of 5.77 percent.

The current quarter interest expense of $93.7 million decreased $13.0 million, or 12 percent, from the prior quarter, primarily due to a decrease in interest rates on deposits and a decrease in higher cost borrowings. The current quarter interest expense decreased $6.3 million, or 6 percent, from the prior year first quarter and was primarily attributable to the decrease in higher cost borrowings. Deposit cost (including non-interest bearing deposits) decreased to 1.20 percent in the current quarter compared to 1.26 percent in the prior quarter and 1.25 percent in the prior year first quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.80 percent, an increase of 22 basis points from the prior quarter net interest margin of 3.58 percent and was primarily driven by an increase in loan yields and a decrease in the total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter increased 76 basis points from the prior year first quarter net interest margin of 3.04 percent and was also primarily driven by the increase in loan yields and the decrease in the total cost of funding. Core net interest margin was 3.73 percent in the current quarter compared to 3.51 percent in the prior quarter and 2.98 percent in the prior year first quarter with the increases also primarily driven by an increase in loan yields and a decrease in total cost of funding. “The Company delivered improvement in both net interest margin and net interest income during the current quarter,” said Ron Copher, Chief Financial Officer. “Improved loan yields and continued reduction in funding costs strengthened core earnings and underscores the Company’s improving net interest income profile.”

Non-interest Income
Non-interest income for the current quarter totaled $38.1 million, which was a decrease of $2.4 million, or 6 percent, over the prior quarter and an increase of $5.4 million, or 17 percent, over the prior year first quarter. Deposit service charges and other fees of $15.3 million for the current quarter decreased $639 thousand, or 4 percent, compared to the prior quarter and was primarily due to seasonal fluctuations. Payment services of $11.4 million for the current quarter decreased $1.3 million, or 10 percent, from the prior quarter and was also primarily driven by seasonal fluctuations. Deposit service charges and other fees increased $2.1 million, or 15 percent, compared to the prior year first quarter and payment services increased $2.0 million, or 22 percent, over the prior year first quarter. Gain on the sale of residential loans of $5.1 million for the current quarter increased $514 thousand, or 11 percent, compared to the prior quarter and increased $797 thousand, or 18 percent, from the prior year first quarter. Other income of $4.1 million in the current quarter decreased $742 thousand, or 15 percent, and was primarily attributable to an $825 thousand decrease in income related to bank owned life insurance proceeds.

Non-interest Expense Summary

Total non-interest expense of $201 million for the current quarter increased $6.0 million, or 3 percent, over the prior quarter. Total non-interest expense increased $49.2 million, or 33 percent, over the prior year first quarter and was primarily driven by increased costs from the acquired banks.

Compensation and employee benefits of $116 million for the current quarter increased by $4.8 million, or 4 percent, over the prior quarter which was primarily driven by annual salary increases and increased employee benefits. Compensation and employee benefits increased $24.3 million, or 27 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from the acquired banks. Occupancy and equipment expense of $15.7 million decreased $1.8 million, or 11 percent, from the prior quarter and was primarily due to the prior quarter including $1.1 million of expenses related to vacating branch locations. Regulatory assessment and insurance expense of $6.4 million increased $908 thousand, or 17 percent, from the prior quarter primarily from a $739 thousand decrease in expense reduction related to the FDIC special assessment. Other expenses of $39.1 million increased $1.6 million, or 4 percent, from the prior quarter and was primarily driven by increased acquisition-related expenses.

Acquisition-related expense was $8.9 million in the current quarter compared to $5.8 million in the prior quarter and $587 thousand in the prior year first quarter. In addition, compensation and employee benefits included $2.8 million of expense attributable to acquisition-related employment agreements in the current quarter compared to $2.9 million in the prior quarter and $251 thousand in the prior year first quarter.

Federal and State Income Tax Expense

Tax expense during the first quarter of 2026 was $18.0 million, an increase of $5.5 million, or 44 percent, compared to the prior quarter and an increase of $9.1 million, or 102 percent, from the prior year first quarter. The effective tax rate in the current quarter was 18.0 percent compared to 16.4 percent in the prior quarter and 14.1 percent in the prior year first quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter and prior year first quarter was primarily the result of an increase in pre-tax income.

Efficiency Ratio
The efficiency ratio was 63.05 percent in the current quarter compared to 61.04 percent in the prior quarter and 65.49 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the increase in acquisition-related expenses. The decrease from the prior year first quarter was primarily due to the increase in net interest income which outpaced the increase in non-interest expense.

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 the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. 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 based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

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

• changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;

• legislative or regulatory changes, including the possibility of increases in FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increases or changes in banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;

• risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;

• risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Iran and Ukraine, further conflicts in the Middle East, and potential for future conflicts or disruptions in other parts of the world;

• risks associated with the Company’s ability to negotiate, complete, and successfully integrate acquisitions;

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

• impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;

• reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;

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

• changes in the competitive landscape, including as may result from new market entrants, additional competition from internet-based financial institutions operating nationally, or further consolidation in the financial services industry, resulting in increased competition, including the creation of larger competitors with greater financial resources;

• risks presented by 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 through acquisitions;

• Risks related to rapidly evolving artificial intelligence technologies;

• risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;

• material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;

• risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;

• success in managing risks involved in any of the foregoing; and

• 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, April 24, 2026. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BId56d290e29e945559b681adb3a18978d. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/2ords9eb.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: 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 nine state 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), Guaranty Bank & Trust (Mount Pleasant, TX), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Non-GAAP Financial Measures
Certain financial measures and ratios the Company presents are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). The Company refers to these financial measures and ratios as “non-GAAP financial measures.” A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is provided in the exhibits within this press release. The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and in evaluating period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain income or intangible items that the Company believes are not indicative of its primary business operating results.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and investors should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures presented may differ from non-GAAP financial measures used by the Company’s peers or other companies. The Company compensates for these differences by providing the equivalent GAAP measures whenever the Company presents the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

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Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

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Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)