Net income was $67.9 million for the current quarter, an increase of $15.1 million, or 29 percent, from the prior quarter net income of $52.8 million and an increase of $16.8 million, or 33 percent, from the prior year third quarter net income of $51.1 million.
Diluted earnings per share for the current quarter was $0.57 per share, an increase of $0.12 per share, or 27 percent, from each of the prior quarter and the prior year third quarter diluted earnings per share of $0.45 per share.
Net interest income of $225 million for the current quarter increased $17.8 million, or 9 percent, from the prior quarter net interest income of $208 million and increased $45.1 million, or 25 percent, from the prior year third quarter net interest income of $180 million.
The loan portfolio of $18.791 billion at September 30, 2025 increased $258 million, or 6 percent annualized, from the prior quarter.
Total deposits of $21.871 billion at September 30, 2025 increased $242 million, or 4 percent annualized, from the prior quarter.
Non-interest bearing deposits of $6.674 billion increased $80.7 million, or 5 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 3.39 percent, an increase of 18 basis points from the prior quarter net interest margin of 3.21 percent and an increase of 56 basis points from the prior year third quarter net interest margin of 2.83 percent.
The loan yield of 5.97 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.86 percent and increased 28 basis points from the prior year third quarter loan yield of 5.69 percent.
The total earning asset yield of 4.86 percent in the current quarter increased 13 basis points from the prior quarter earning asset yield of 4.73 percent and increased 34 basis points from the prior year third quarter earning asset yield of 4.52 percent.
The total cost of funding (including non-interest bearing deposits) of 1.58 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.63 percent and decreased 21 basis points form the prior year third quarter total cost of funding of 1.79 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 162 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the core system conversion of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, "BOID") which had total assets of $1.365 billion as of the acquisition date of April 30, 2025.
Year-to-Date 2025 Highlights
Net income for the first nine months of 2025 was $175 million, an increase of $46.9 million, or 36 percent, from the prior year first nine months net income of $128 million.
Diluted earnings per share for the first nine months of 2025 was $1.51 per share, an increase of 34 percent from the prior year first nine months diluted earnings per share of $1.13 per share.
Net interest income of $623 million for the first nine months of 2025 increased $110 million, or 21 percent, from the prior year net interest income of $513 million.
The loan portfolio increased $1.529 billion, or 9 percent, during the first nine months of 2025 and organically increased $454 million, or 3 percent, during the first nine months of 2025.
Total deposits increased $1.324 billion, or 6 percent, during the first nine months of 2025 and organically increased $246 million, or 1 percent, during the first nine months of 2025.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first nine months of 2025 was 3.21 percent, an increase of 51 basis points from the prior year first nine months net interest margin of 2.70 percent.
Dividends declared in the first nine months of 2025 were $0.99 per share.
On June, 24, 2025 the Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, "Guaranty"). The acquisition was completed on October 1, 2025 and expanded the Company's southwest presence and its the first entrance into the state of Texas. Guaranty had total assets of $3.111 billion as of September 30, 2025.
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 30,2025
Jun 30,2025
Mar 31,2025
Sep 30,2024
Sep 30,2025
Sep 30,2024
Operating results
Net income
$
67,900
52,781
54,568
51,055
175,249
128,390
Basic earnings per share
$
0.57
0.45
0.48
0.45
1.51
1.14
Diluted earnings per share
$
0.57
0.45
0.48
0.45
1.51
1.13
Dividends declared per share
$
0.33
0.33
0.33
0.33
0.99
0.99
Market value per share
Closing
$
48.67
43.08
44.22
45.70
48.67
45.70
High
$
50.54
44.70
52.81
47.71
52.81
47.71
Low
$
42.08
36.76
43.18
35.57
36.76
34.35
Selected ratios and other data
Number of common stock shares outstanding
118,552,847
118,550,475
113,517,944
113,394,786
118,552,847
113,394,786
Average outstanding shares - basic
118,552,231
116,890,776
113,451,199
113,394,758
116,316,754
113,093,583
Average outstanding shares - diluted
118,628,434
116,918,290
113,546,365
113,473,107
116,382,822
113,137,861
Return on average assets (annualized)
0.93%
0.74%
0.80%
0.73%
0.82%
0.62%
Return on average equity (annualized)
7.52%
6.13%
6.77%
6.34%
6.82%
5.47%
Efficiency ratio
62.05%
62.08%
65.49%
64.92%
63.12%
68.98%
Loan to deposit ratio
86.11%
85.91%
83.64%
83.16%
86.11%
83.16%
Number of full time equivalent employees
3,649
3,665
3,457
3,434
3,649
3,434
Number of locations
248
247
227
232
248
232
Number of ATMs
298
300
286
279
298
279
KALISPELL, Mont., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE:GBCI) reported net income of $67.9 million for the current quarter, an increase of $15.1 million, or 29 percent from the prior quarter net income of $52.8 million and an increase of $16.8 million, or 33 percent, from the $51.1 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.57 per share, an increase of 27 percent from the prior quarter and prior year third quarter diluted earnings per share of $0.45 per share. The current quarter included $7.0 million in acquisition-related expenses. "We are pleased with the continuation of very favorable trends across the Company and the strong results we reported this quarter," said Randy Chesler, President and Chief Executive Officer. "We closed our acquisition of Guaranty Bank in Texas on October 1 and look forward to expanding into Texas with the impressive Guaranty team leading the way."
Net income for the first nine months of 2025 was $175 million, an increase of $46.9 million, or 36 percent, from the prior year first nine months net income of $128 million. Diluted earnings per share for the first nine months of 2025 was $1.51 per share, an increase of 34 percent from the prior year first nine months diluted earnings per share of $1.13 per share.
On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion in the third quarter of 2025, the BOID operations joined three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho joined Citizens Community Bank, the Boise operations joined Mountain West Bank and the Eastern Washington operations joined Wheatland Bank. The Company's results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
BOID
(Dollars in thousands)
April 30,2025
Total assets
$
1,364,640
Cash and cash equivalents
26,127
Debt securities
139,974
Loans receivable
1,075,232
Non-interest bearing deposits
271,385
Interest bearing deposits
806,992
Borrowings and subordinated debt
71,932
Core deposit intangible
19,758
Goodwill
70,083
Asset Summary
$ Change from
(Dollars in thousands)
Sep 30,2025
Jun 30,2025
Dec 31,2024
Sep 30,2024
Jun 30,2025
Dec 31,2024
Sep 30,2024
Cash and cash equivalents
$
854,244
915,507
848,408
987,833
(61,263
)
5,836
(133,589
)
Debt securities, available-for-sale
3,916,189
4,024,980
4,245,205
4,436,578
(108,791
)
(329,016
)
(520,389
)
Debt securities, held-to-maturity
3,155,901
3,206,133
3,294,847
3,348,698
(50,232
)
(138,946
)
(192,797
)
Total debt securities
7,072,090
7,231,113
7,540,052
7,785,276
(159,023
)
(467,962
)
(713,186
)
Loans receivable
Residential real estate
1,926,448
1,931,554
1,858,929
1,837,697
(5,106
)
67,519
88,751
Commercial real estate
12,045,446
11,935,109
10,963,713
10,833,841
110,337
1,081,733
1,211,605
Other commercial
3,451,177
3,303,889
3,119,535
3,177,051
147,288
331,642
274,126
Home equity
980,472
975,429
930,994
931,440
5,043
49,478
49,032
Other consumer
387,443
386,759
388,678
401,158
684
(1,235
)
(13,715
)
Loans receivable
18,790,986
18,532,740
17,261,849
17,181,187
258,246
1,529,137
1,609,799
Allowance for credit losses
(229,077
)
(226,799
)
(206,041
)
(205,170
)
(2,278
)
(23,036
)
(23,907
)
Loans receivable, net
18,561,909
18,305,941
17,055,808
16,976,017
255,968
1,506,101
1,585,892
Other assets
2,527,384
2,552,422
2,458,719
2,456,643
(25,038
)
68,665
70,741
Total assets
$
29,015,627
29,004,983
27,902,987
28,205,769
10,644
1,112,640
809,858
The Company continues to maintain a strong cash position of $854 million at September 30, 2025 which was a decrease of $61 million over the prior quarter and a decrease of $134 million over the prior year third quarter. Total debt securities of $7.072 billion at September 30, 2025 decreased $159 million, or 2 percent, during the current quarter and decreased $713 million, or 9 percent, from the prior year third quarter. Debt securities represented 24 percent of total assets at September 30, 2025 compared to 25 percent at June 30, 2025 and 28 percent at September 30, 2024.
The loan portfolio of $18.791 billion at September 30, 2025 increased $258 million, or 6 percent annualized, during the current quarter. The loan category with the largest dollar increase during the current quarter was other commercial loans which increased $147 million, or 4 percent over the prior quarter. Excluding the BOID acquisition, the loan portfolio organically increased $535 million, or 3 percent, since the prior year third quarter. Excluding the acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $481 million, or 4 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 30,2025
Jun 30,2025
Dec 31,2024
Sep 30,2024
Allowance for credit losses
Balance at beginning of period
$
206,041
206,041
192,757
192,757
Acquisitions
35
35
3
3
Provision for credit losses
29,355
24,163
27,179
21,138
Charge-offs
(11,276)
(7,236)
(18,626)
(12,406)
Recoveries
4,922
3,796
4,728
3,678
Balance at end of period
$
229,077
226,799
206,041
205,170
Provision for credit losses
Loan portfolio
$
29,355
24,163
27,179
21,138
Unfunded loan commitments
6,382
3,918
1,127
(1,366)
Total provision for credit losses
$
35,737
28,081
28,306
19,772
Other real estate owned
$
1,376
1,737
1,085
432
Other foreclosed assets
37
142
79
201
Accruing loans 90 days or more past due
7,449
11,371
6,177
11,551
Non-accrual loans
45,450
35,356
20,445
15,937
Total non-performing assets
$
54,312
48,606
27,786
28,121
Non-performing assets as a percentage of subsidiary assets
0.19
%
0.17
%
0.10
%
0.10
%
Allowance for credit losses as a percentage of non-performing loans
433
%
485
%
774
%
730
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.19
%
1.19
%
Net charge-offs as a percentage of total loans
0.03
%
0.02
%
0.08
%
0.05
%
Accruing loans 30-89 days past due
$
39,524
54,403
32,228
56,213
U.S. government guarantees included in non-performing assets
$
12,262
2,651
748
1,802
Non-performing assets as a percentage of subsidiary assets at September 30, 2025 was 0.19 percent compared to 0.17 percent in the prior quarter and 0.10 percent in the prior year third quarter. Non-performing assets of $54.3 million at September 30, 2025 increased $5.7 million, or 12 percent, over the prior quarter and increased $26.2 million, or 93 percent, over the prior year third quarter.
Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2025 were 0.21 percent compared to 0.29 percent for the prior quarter end and 0.33 percent for the prior year third quarter. Early stage delinquencies of $39.5 million at September 30, 2025 decreased $14.9 million from the prior quarter and decreased $16.7 million from the prior year third quarter.
The current quarter provision for credit loss expense of $7.7 million included $5.2 million of credit loss expense on loans and $2.5 million of credit loss expense on unfunded loan commitments from the acquisition. The allowance for credit losses ("ACL") on loans as a percentage of total loans outstanding was 1.22 percent at September 30, 2025 and June 30, 2025 compared to 1.19 percent at September 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
(Dollars in thousands)
Provision forCredit LossesLoans
Net Charge-Offs
ACLas a Percentof Loans
AccruingLoans 30-89Days Past Dueas a Percent ofLoans
Non-PerformingAssets toTotal SubsidiaryAssets
Third quarter 2025
$
5,192
$
2,914
1.22
%
0.21
%
0.19
%
Second quarter 2025
18,009
1,645
1.22
%
0.29
%
0.17
%
First quarter 2025
6,154
1,795
1.22
%
0.27
%
0.14
%
Fourth quarter 2024
6,041
5,170
1.19
%
0.19
%
0.10
%
Third quarter 2024
6,981
2,766
1.19
%
0.33
%
0.10
%
Second quarter 2024
5,066
2,890
1.19
%
0.29
%
0.06
%
First quarter 2024
9,091
3,072
1.19
%
0.37
%
0.09
%
Fourth quarter 2023
4,181
3,695
1.19
%
0.31
%
0.09
%
Net charge-offs for the current quarter were $2.9 million compared to $1.6 million in the prior quarter and $2.8 million for the prior year third quarter. The current quarter net charge-offs included $1.8 million in deposit overdraft net charge-offs and $1.1 million of net loan charge-offs.
Supplemental information regarding credit quality and identification of the Company's loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company's loan segments presented herein are based on the purpose of the loan.
Liability Summary
$ Change from
(Dollars in thousands)
Sep 30,2025
Jun 30,2025
Dec 31,2024
Sep 30,2024
Jun 30,2025
Dec 31,2024
Sep 30,2024
Deposits
Non-interest bearing deposits
$
6,674,441
6,593,728
6,136,709
6,407,728
80,713
537,732
266,713
NOW and DDA accounts
5,805,816
5,747,388
5,543,512
5,363,476
58,428
262,304
442,340
Savings accounts
3,049,753
2,956,387
2,845,124
2,801,077
93,366
204,629
248,676
Money market deposit accounts
3,137,810
3,089,115
2,878,213
2,854,540
48,695
259,597
283,270
Certificate accounts
3,199,825
3,238,576
3,139,821
3,284,609
(38,751
)
60,004
(84,784
)
Core deposits, total
21,867,645
21,625,194
20,543,379
20,711,430
242,451
1,324,266
1,156,215
Wholesale deposits
3,304
3,308
3,615
3,334
(4
)
(311
)
(30
)
Deposits, total
21,870,949
21,628,502
20,546,994
20,714,764
242,447
1,323,955
1,156,185
Repurchase agreements
2,004,286
1,976,228
1,777,475
1,831,501
28,058
226,811
172,785
Deposits and repurchase agreements, total
23,875,235
23,604,730
22,324,469
22,546,265
270,505
1,550,766
1,328,970
Federal Home Loan Bank advances
895,022
1,255,088
1,800,000
1,800,000
(360,066
)
(904,978
)
(904,978
)
Other borrowed funds
78,180
81,771
83,341
84,168
(3,591
)
(5,161
)
(5,988
)
Subordinated debentures
157,379
157,127
133,105
133,065
252
24,274
24,314
Other liabilities
401,523
374,003
338,218
397,221
27,520
63,305
4,302
Total liabilities
$
25,407,339
25,472,719
24,679,133
24,960,719
(65,380
)
728,206
446,620
Total deposits of $21.871 billion at September 30, 2025 increased $242 million, or 4 percent annualized, during the current quarter and non-interest bearing deposits of $6.674 billion increased $80.7 million, or 5 percent annualized, from the prior quarter. Total deposits at September 30, 2025 increased $1.324 billion, or 6 percent, from the prior year end and organically increased $246 million, or 1 percent, from the prior year end. Non-interest bearing deposits at September 30, 2025 increased $538 million, or 9 percent, from the prior year end and organically increased $266 million, or 4 percent, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at September 30, 2025 compared to 30 percent at December 31, 2024 and 31 percent at September 30, 2024.
Federal Home Loan Bank ("FHLB") advances of $895 million decreased $360 million, or 29 percent, from the prior quarter and decreased $905 million, or 50 percent, from the prior year third quarter. Subordinated debentures of $157 million increased $24.0 million, or 18 percent, from the prior year end as a result of the acquisition of BOID.
Stockholders' Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Sep 30,2025
Jun 30,2025
Dec 31,2024
Sep 30,2024
Jun 30,2025
Dec 31,2024
Sep 30,2024
Common equity
$
3,801,178
3,770,919
3,533,150
3,507,356
30,259
268,028
293,822
Accumulated other comprehensive loss
(192,890
)
(238,655
)
(309,296
)
(262,306
)
45,765
116,406
69,416
Total stockholders' equity
3,608,288
3,532,264
3,223,854
3,245,050
76,024
384,434
363,238
Goodwill and intangibles, net
(1,182,536
)
(1,186,350
)
(1,102,500
)
(1,106,336
)
3,814
(80,036
)
(76,200
)
Tangible stockholders' equity
$
2,425,752
2,345,914
2,121,354
2,138,714
79,838
304,398
287,038
Stockholders' equity to total assets
12.44
%
12.18
%
11.55
%
11.50
%
Tangible stockholders' equity to total tangible assets
8.72
%
8.43
%
7.92
%
7.89
%
Book value per common share
$
30.44
29.80
28.43
28.62
0.64
2.01
1.82
Tangible book value per common share
$
20.46
19.79
18.71
18.86
0.67
1.75
1.60
Tangible stockholders' equity of $2.426 billion at September 30, 2025 increased $79.8 million, or 3 percent, compared to the prior quarter and was primarily due to a decrease in other comprehensive loss and earnings retention. Tangible stockholders' equity at September 30, 2025 increased $304 million, or 14 percent, compared to the prior year end and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID and a $116 million decrease in other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the BOID acquisition. Tangible book value per common share of $20.46 at the current quarter end increased $0.67 per share, or 3 percent, from the prior quarter and increased $1.60 per share, or 8 percent, from the prior year third quarter.
Cash DividendsOn September 22, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 16, 2025 to shareholders of record on October 7, 2025. The dividend was the Company's 162nd 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 September 30, 2025 Compared to June 30, 2025, March 31, 2025, and September 30, 2024
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Sep 30,2025
Jun 30,2025
Mar 31,2025
Sep 30,2024
Jun 30,2025
Mar 31,2025
Sep 30,2024
Net interest income
Interest income
$
325,003
308,115
289,925
289,578
16,888
35,078
35,425
Interest expense
99,624
100,499
99,946
109,347
(875
)
(322
)
(9,723
)
Total net interest income
225,379
207,616
189,979
180,231
17,763
35,400
45,148
Non-interest income
Service charges and other fees
21,460
20,405
18,818
20,587
1,055
2,642
873
Miscellaneous loan fees and charges
5,123
5,067
4,664
4,970
56
459
153
Gain on sale of loans
5,027
4,273
4,311
4,898
754
716
129
Gain on sale of securities
—
—
—
26
—
—
(26
)
Other income
3,742
3,199
4,849
4,223
543
(1,107
)
(481
)
Total non-interest income
35,352
32,944
32,642
34,704
2,408
2,710
648
Total income
$
260,731
240,560
222,621
214,935
20,171
38,110
45,796
Net interest margin (tax-equivalent)
3.39
