Glacier Bancorp, Inc. Announces Results for Quarter Ended September 30, 2010

HIGHLIGHTS:

- Net earnings for the quarter of $9.4 million and year-to-date of $32.7 million.

- Diluted earnings per share of $0.13 for the quarter and $0.48 year-to-date.

- Non-interest bearing deposits increased $36.5 million, or 17 percent annualized, for the quarter and $77.1 million, or 13 percent annualized, for the year-to-date.

- Non-interest income increases 12 percent over prior quarter.

- Capital level hit an all time record of $854 million or 13.61 percent of assets.

- Tangible book value per share rose to a new record of $9.68.

- Early stage delinquencies (accruing loans 30-89 days past due) remained stable.

- Dividend declared of $0.13 per share.

Oct 21, 2010, 19:00 ET from Glacier Bancorp, Inc.

KALISPELL, Mont., Oct. 21 /PRNewswire-FirstCall/ --

Earnings Summary - unaudited


Three months


Nine months

($ in thousands, except per share data)


ended September 30,


ended September 30,



2010


2009


2010


2009










Net earnings (loss)

$

9,445


(1,531)

$

32,737


24,900

Diluted earnings (loss) per share

$

0.13


(0.03)

$

0.48


0.40

Return on average assets (annualized)


0.60%


(0.11%)


0.70%


0.60%

Return on average equity (annualized)


4.37%


(0.88%)


5.43%


4.81%



Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net earnings of $9.4 million for the third quarter of 2010, an increase of $10.9 million, or 717 percent, from the $1.5 million net loss reported for the third quarter of 2009.  The diluted earnings per share of $0.13 for the quarter represented a 533 percent increase from the diluted loss per share of $0.03 for the same quarter of 2009.  This quarter's earnings per share includes $0.02 per share from the gain on sale of investments, net of tax.  Annualized return on average assets and return on average equity for the third quarter were 0.60 percent and 4.37 percent, respectively, which compares with prior year returns for the third quarter of (0.11) percent and (0.88) percent, respectively.

Net earnings for the nine months ended September 30, 2010 were $32.7 million, which is an increase of $7.8 million or 31 percent, over the prior year.  Diluted earnings per share of $0.48 is an increase of 20 percent over $0.40 earned in 2009.  

"I would categorize our third quarter performance as mixed," said Mick Blodnick, President and Chief Executive Officer.  "We again achieved strong growth in the number and dollars of transaction accounts which is something we work hard at.  In addition, we benefited from higher levels of fee income during the quarter, primarily due to increases in both service charge revenue and mortgage origination fees," Blodnick said.  "However, we also saw further contraction to our net interest margin due to a lack of loan growth and our refusal to take additional interest rate risk at this point in the rate cycle by extending assets.  Also, this past quarter we experienced higher costs associated with the disposition and write down of our problem assets."

$ Change from

$ Change from

Assets  

September 30,

December 31,

September 30,

December 31,

September 30,

(Unaudited - $ in thousands)

2010

2009

2009

2009

2009

Cash on hand and in banks

$         83,684

120,731

93,728

(37,047)

(10,044)

Investments, interest bearing deposits,

  FHLB stock, FRB stock, and fed funds

1,856,989

1,596,238

1,262,542

260,751

594,447

Loans:

  Residential real estate

787,335

797,626

787,911

(10,291)

(576)

  Commercial

2,515,767

2,613,218

2,558,270

(97,451)

(42,503)

  Consumer and other

680,858

719,401

700,069

(38,543)

(19,211)

     Loans receivable, gross

3,983,960

4,130,245

4,046,250

(146,285)

(62,290)

  Allowance for loan and lease losses

(134,257)

(142,927)

(125,330)

8,670

(8,927)

     Loans receivable, net

3,849,703

3,987,318

3,920,920

(137,615)

(71,217)

Other assets

482,283

487,508

431,110

(5,225)

51,173

  Total assets

$    6,272,659

6,191,795

5,708,300

80,864

564,359

Total assets at September 30, 2010 were $6.273 billion, which is $81 million, or 1 percent greater than total assets of $6.192 billion at December 31, 2009.  Total assets increased $564 million, or 10 percent, from September 30, 2009, of which $272 million, including $161 million in loans, related to the acquisition of First National Bank & Trust ("First National") in October 2009.  

Investment securities, including interest bearing deposits, FHLB and FRB stock, and federal funds sold, have increased $261 million, or 16 percent, from December 31, 2009 and increased $594 million, or 47 percent, from September 30, 2009.  The Company continues to purchase investment securities as loan originations slow, such purchases predominately mortgage-backed securities issued by Freddie Mac and Fannie Mae with low yields and short-weighted average lives.  The Company also continues to selectively purchase tax-exempt investment securities.  Investment securities represent 30 percent of total assets at September 30, 2010 versus 22 percent of total assets at September 30, 2009.

At September 30, 2010, gross loans were $3.984 billion, a decrease of $146 million over gross loans of $4.130 billion at December 31, 2009.  The largest category decrease was in commercial loans which decreased $97 million, or 4 percent.  The decrease in each loan category is due to the slowing loan demand within the Company's market areas resulting from the current economic downturn.  Excluding net charge-offs of $66 million, loans transferred to other real estate of $67 million, and an increase in loans held for sale of $49 million, loans decreased $62 million, or 2 percent annualized, from December 31, 2009.  

Credit Quality Summary

September 30,

June 30,

December 31,

September 30,

(Unaudited - $ in thousands)

2010

2010

2009

2009

Allowance for loan and lease losses - beginning of year

$

142,927

142,927

76,739

76,739

Provision expense

57,318

38,156

124,618

87,905

Charge-offs

(68,868)

(41,584)

(60,896)

(40,991)

Recoveries

2,880

2,166

2,466

1,677

Allowance for loan and lease losses - end of period

$

134,257

141,665

142,927

125,330

Real estate and other assets owned

$

63,440

64,419

57,320

54,537

Accruing loans 90 days or more overdue

5,335

3,030

5,537

2,891

Non-accrual loans

192,695

190,338

198,281

185,577

   Total non-performing assets

$

261,470

257,787

261,138

243,005

Allowance for loan and lease losses as a

   percentage of non-performing assets

51%

55%

55%

52%

Non-performing assets as a percentage

   of subsidiary assets

4.03%

4.01%

4.13%

4.10%

Allowance for loan and lease losses as a

   percentage of total loans

3.37%

3.51%

3.46%

3.10%

Net charge-offs as a percentage of total loans

(1.66%)

(0.98%)

(1.42%)

(0.97%)

Accruing loans 30-89 days overdue

$

40,923

36,487

87,491

43,606

Credit Quality

At September 30, 2010, the allowance for loan and lease losses ("allowance") was $134.3 million, an increase of $8.9 million from a year ago and a decrease of $8.7 million from year end.  The allowance was 3.37 percent of total loans outstanding at September 30, 2010, such percentage was down from the 3.51 percent at June 30, 2010, but higher than the 3.10 percent at September 30, 2009.  The allowance was 51 percent of non-performing assets at September 30, 2010, compared to 55 percent at the prior year end and down slightly from 52 percent a year ago.  Non-performing assets as a percentage of total subsidiary assets at September 30, 2010 were at 4.03 percent, down from 4.13 percent as of prior year end, and down from 4.10 percent at September 30, 2009.  Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of additional provision for loan loss expense at each subsidiary bank.

Credit Quality Trends

(Unaudited - $ in thousands)

Accruing

Loans 30-89

Non-Performing

Provision

ALLL

Days Overdue

Assets to

for Loan

Net

as a Percent

as a Percent of

Total Bank

Losses

Charge-Offs

of Loans

Loans

Assets

Q3 2010

$

19,162

26,570

3.37%

1.03%

4.03%

Q2 2010

17,246

19,181

3.51%

0.90%

4.01%

Q1 2010

20,910

20,237

3.53%

1.50%

4.19%

Q4 2009

36,713

19,116

3.46%

2.12%

4.13%

Q3 2009

47,050

19,094

3.10%

1.08%

4.10%

Q2 2009

25,140

11,543

2.36%

1.52%

3.06%

Q1 2009

15,715

8,677

2.01%

1.60%

1.97%

Q4 2008

12,223

3,742

1.86%

1.33%

1.46%

Allowance for Loan and Lease Losses

The current quarter provision for loan loss expense was $19.2 million, an increase of $1.9 million from the prior quarter and a decrease of $27.9 million from the same quarter in 2009.  Net charged-off loans for the current quarter were $26.6 million compared to $19.2 million for the prior quarter and $19.1 million for the same quarter in 2009.  "In the recent quarter we continued to see asset quality trends stabilize although non-performing assets did move up slightly from the prior quarter," Blodnick said.  "As expected, a few of our remaining distressed development loans migrated to non-performing status.  On the positive side, early stage delinquencies for the second consecutive quarter remained at a very manageable level.  Hopefully this will allow us to finally start to make some progress reducing the overall level of non-performing assets," Blodnick said.  

During the second quarter of 2010, the Company formed a wholly owned subsidiary, GBCI Other Real Estate ("GORE") to isolate bank foreclosed properties for legal protection and administrative purposes.  During the second and third quarters, foreclosed properties were transferred to the new entity from bank subsidiaries at fair market value and such properties are currently held for sale.  

For additional information regarding credit quality and a breakout of the loan portfolio by regulatory classification, see the exhibits at the end of this press release.

$ Change from

$ Change from

Liabilities  

September 30,

December 31,

September 30,

December 31,

September 30,

(Unaudited - $ in thousands)

2010

2009

2009

2009

2009

Non-interest bearing deposits

$       887,637

810,550

801,261

77,087

86,376

Interest bearing deposits

3,530,204

3,289,602

2,809,756

240,602

720,448

Federal Home Loan Bank advances

579,184

790,367

640,735

(211,183)

(61,551)

Federal Reserve Bank discount window

-

225,000

370,000

(225,000)

(370,000)

Securities sold under agreements to

  repurchase and other borrowed funds

254,995

226,251

225,583

28,744

29,412

Other liabilities

41,889

39,147

42,696

2,742

(807)

Subordinated debentures

125,096

124,988

120,167

108

4,929

    Total liabilities

$    5,419,005

5,505,905

5,010,198

(86,900)

408,807

As of September 30, 2010, non-interest bearing deposits of $888 million increased $77 million, or 13 percent annualized, since December 31, 2009 and increased $86 million, or 11 percent, since September 30, 2009.  Interest bearing deposits of $3.530 billion at September 30, 2010 include $187 million issued through the Certificate of Deposit Account Registry System ("CDARS").  Interest bearing deposits increased $241 million, or 10 percent annualized, from December 31, 2009 and $720 million, or 26 percent from September 30, 2009.  The increase in interest bearing deposits from December 31, 2009 and September 30, 2009 includes $175 million and $292 million, respectively, from wholesale deposits, including CDARS.  The increase in non-interest bearing deposits and interest bearing deposits from September 30, 2009 includes $39 million and $197 million, respectively, from the First National acquisition.  The increase in both interest bearing and non-interest bearing deposits was driven by a greater number of personal and business customers, as well as existing customers retaining cash deposits because of the uncertainty in the current interest rate environment and for liquidity purposes.

Increases in both interest and non-interest bearing deposits have allowed the Company to reduce overall borrowings.  Federal Home Loan Bank advances decreased $211 million, or 27 percent, from December 31, 2009 and decreased $62 million, or 10 percent, from September 30, 2009.  There were no Federal Reserve Bank borrowings through the Term Auction Facility program ("TAF") at September 30, 2010 due to cessation of the TAF program by the Federal Reserve.  TAF borrowings totaled $225 million at December 31, 2009 and $345 million at September 30, 2009.  Repurchase agreements and other borrowed funds were $255 million at September 30, 2010, an increase of $29 million from December 31, 2009 and September 30, 2009.

Stockholders' equity - unaudited

$ Change from

$ Change from

($ in thousands except per share data)

September 30,

December 31,

September 30,

December 31,

September 30,

2010

2009

2009

2009

2009

Common equity

$       837,212

686,238

682,956

150,974

154,256

Accumulated other comprehensive income (loss)

16,442

(348)

15,146

16,790

1,296

  Total stockholders' equity

853,654

685,890

698,102

167,764

155,552

Goodwill and core deposit intangible, net

(157,774)

(160,196)

(156,978)

2,422

(796)

  Tangible stockholders' equity

$       695,880

525,694

541,124

170,186

154,756

Stockholders' equity to total assets

13.61%

11.08%

12.23%

Tangible stockholders' equity to total tangible assets

11.38%

8.72%

9.75%

Book value per common share

$           11.87

11.13

11.35

0.74

0.52

Tangible book value per common share

$             9.68

8.53

8.80

1.15

0.88

Market price per share at end of period

$           14.59

13.72

14.94

0.87

(0.35)

Total stockholders' equity and book value per share increased $168 million and $0.74 per share and $156 million and $0.52 per share, from December 31, 2010 and September 30, 2009, respectively, such increases are largely the result of the $146 million in net proceeds from the Company's March equity offering of 10.291 million shares.  Tangible stockholders' equity has increased $170 million, or 32 percent, and $155 million, or 29 percent, since December 31, 2009 and September 30, 2009, respectively, with tangible stockholders' equity to tangible assets at 11.38 percent, 8.72 percent, and 9.75 percent as of September 30, 2010, December 31, 2010, and September 30, 2009, respectively.  Accumulated other comprehensive income (loss), representing net unrealized gains or losses (net of tax) on investment securities, increased $16.8 million since December 31, 2009 and $1.3 million from September 30, 2009.  

Cash Dividend

On September 29, 2010, the board of directors declared a cash dividend of $0.13 per share, payable October 21, 2010 to shareholders of record on October 12, 2010.  Future cash dividends will depend on a variety of factors, including net income, capital, asset quality and general economic conditions.

Operating Results for Three Months Ended September 30, 2010

Compared to June 30, 2010 and September 30, 2009

Revenue summary

(Unaudited - $ in thousands)

Three months ended

September 30,

June 30,

September 30,

2010

2010

2009

Net interest income

  Interest income

$         72,103

73,818

74,430

  Interest expense

13,581

13,749

13,801

   Total net interest income

58,522

60,069

60,629

Non-interest income

  Service charges, loan fees, and other fees

13,222

11,900

12,103

  Gain on sale of loans

7,367

6,133

5,613

  Gain on sale of investments

2,041

242

2,667

  Other income

1,355

3,143

1,317

     Total non-interest income

23,985

21,418

21,700

$         82,507

81,487

82,329

Net interest margin (tax-equivalent)

4.19%

4.35%

4.80%

(Unaudited - $ in thousands)

$ Change from

$ Change from

% Change from

% Change from

June 30,

September 30,

June 30,

September 30,

2010

2009

2010

2009

Net interest income

  Interest income

$         (1,715)

(2,327)

-2%

-3%

  Interest expense

(168)

(220)

-1%

-2%

   Total net interest income

(1,547)

(2,107)

-3%

-3%

Non-interest income

  Service charges, loan fees, and other fees

1,322

1,119

11%

9%

  Gain on sale of loans

1,234

1,754

20%

31%

  Gain on sale of investments

1,799

(626)

743%

-23%

  Other income

(1,788)

38

-57%

3%

     Total non-interest income

2,567

2,285

12%

11%

$           1,020

178

1%

0%

Net Interest Income

Net interest income decreased $1.5 million from the prior quarter and decreased $2.1 million over prior year's third quarter.  The current quarter net interest margin as a percentage of earning assets, on a tax-equivalent basis, was 4.19 percent which is 16 basis points lower than the 4.35 percent for the prior quarter and included a 7 basis points reduction from the reversal of interest on non-accrual loans.  The net interest margin for the current quarter is 61 basis points lower than the 4.80 percent result for the third quarter of 2009.  The decrease in interest income is due to a lower yield and volume of loans coupled with an increase in lower yielding investment securities.  The decrease in interest expense is primarily attributable to the rate decreases on interest bearing deposits and lower cost borrowings.  

Non-interest Income

Non-interest income for the quarter totaled $24.0 million, an increase of $2.6 million over the prior quarter and $2.3 million over the same quarter as last year.  Fee income of $13.2 million increased $1.3 million, or 11 percent, during the quarter and $1.1 million, or 9 percent over prior year's quarter, such increases resulting from significant growth in debit card income.  Gain on sale of loans increased $1.2 million, or 20 percent, over the prior quarter due to a reduction in mortgage interest rates during the second quarter which continued in the third quarter and led to greater loan origination volume.  Gain on sale of loans increased $1.8 million, or 31 percent, over the same period last year, primarily the result of significant purchase and refinance activity this period compared to the third quarter 2009.  Net gain on sale of investments was $2.0 million for the current quarter 2010 compared to $242 thousand for the previous quarter and $2.7 million for the prior year's quarter.  Such sales were executed with the proceeds used to purchase securities that enable the investment portfolio to perform well across varying interest rates.  Other income of $1.4 million for the current quarter is a decrease of $1.8 million from the prior quarter, such decrease relates to the second quarter sale of Mountain West Bank's merchant card servicing portfolio.  "Service fee income growth was solid for the banks this quarter.  In addition, the strong focus on mortgage lending activity during the quarter showed in the increased gain on loan sales, a real bright spot for the banks," said Ron Copher, Chief Financial Officer.

Non-interest expense summary

Three months ended

(Unaudited - $ in thousands)

September 30,

June 30,

September 30,

2010

2010

2009

Compensation and employee

 benefits and related expense

$          22,235

$          21,652

$          20,935

Occupancy and equipment expense

6,034

5,988

5,835

Advertising and promotion expense

1,912

1,644

1,596

Outsourced data processing expense

750

761

830

Core deposit intangibles amortization

801

801

758

Other real estate owned expense

9,655

7,373

2,881

Federal Deposit Insurance premiums

2,633

2,165

1,699

Other expenses

7,995

7,852

7,362

     Total non-interest expense

$          52,015

$          48,236

$          41,896

(Unaudited - $ in thousands)

$ Change from

$ Change from

% Change from

% Change from

June 30,

September 30,

June 30,

September 30,

2010

2009

2010

2009

Compensation and employee

 benefits and related expense

$               583

$            1,300

3%

6%

Occupancy and equipment expense

46

199

1%

3%

Advertising and promotion expense

268

316

16%

20%

Outsourced data processing expense

(11)

(80)

-1%

-10%

Core deposit intangibles amortization

-

43

0%

6%

Other real estate owned expense

2,282

6,774

31%

235%

FDIC premiums

468

934

22%

55%

Other expenses

143

633

2%

9%

     Total non-interest expense

$            3,779

$          10,119

8%

24%

Non-interest Expense

Non-interest expense of $52.0 million for the quarter increased by $3.8 million, or 8 percent, from the prior quarter and increased $10.1 million, or 24 percent, from the prior year third quarter.  Compensation and employee benefits of $22.2 million increased $583 thousand, or 3 percent, from the previous quarter, partly the result of higher commission expense paid on mortgage originations, and $1.3 million, or 6 percent, from the prior year third quarter which is primarily due to the addition of First National employees in October 2009.  The number of full-time equivalent employees increased from 1,654 to 1,658 during the quarter, and increased from 1,577 since the end of the 2009 third quarter.  

Occupancy and equipment expense increased $46 thousand, or 1 percent, from the prior quarter and increased $199 thousand, or 3 percent, from the prior year third quarter.  Advertising and promotion expense increased $268 thousand, or 16 percent, from prior quarter and increased $316 thousand, or 20 percent, from the third quarter of 2009.  The majority of such increases were driven by aggressive advertising relating to the disposal of other real estate owned.  Other real estate owned expenses increased $2.3 million, or 31 percent, from prior quarter and increased $6.8 million, or 235 percent, from the prior year third quarter.  The current quarter other real estate owned expense of $9.7 million included $1.2 million of operating expenses, $6.4 million of fair value write-downs, and $2.1 million of loss on sale of other real estate owned.  The other real estate owned expenses have increased as the Company continues to aggressively dispose of problem assets and other real estate owned.  FDIC premiums increased $468 thousand, or 22 percent, from prior quarter and increased $934 thousand, or 55 percent, from the prior year third quarter.  Other expenses increased $143 thousand, or 2 percent, from the prior quarter and increased $633 thousand, or 9 percent, from the prior year third quarter.   "The past two quarters we have taken much larger write downs and charge-offs of other real estate owned which should allow us to aggressively dispose and move these properties," Blodnick said.  "This higher level of other real estate owned expense will probably continue unless real estate values improve significantly, something we don't expect to see at least in the near term."

Efficiency Ratio

In the current quarter, the Company has revised the efficiency ratio calculation to be consistent with industry reporting by SNL Financial and has also revised the efficiency ratio reported for all prior periods.  The efficiency ratio is now calculated as non-interest expense before other real estate owned expenses, core deposit intangible amortization, and non-recurring expense items as a percentage of fully taxable equivalent net interest income and non-interest income, excluding gains and losses on sale of investment securities, other real estate owned income, and non-recurring income items.  The efficiency ratio for the quarter was 50 percent compared to 47 percent for the prior year third quarter.  The increase resulted from continuing pressure on net interest margin in the current low interest rate environment coupled with small increases in operating expenses.

Operating Results for Nine Months Ended September 30, 2010

Compared to September 30, 2009

Revenue summary

(Unaudited - $ in thousands)

Nine months ended

$ Change From

% Change From

September 30,

September 30,

September 30,

September 30,

2010

2009

2009

2009

Net interest income

  Interest income

$       219,319

$       224,382

$           (5,063)

-2%

  Interest expense

41,214

42,894

(1,680)

-4%

   Net interest income

178,105

181,488

(3,383)

-2%

Non-interest income

  Service charges, loan fees, and other fees

35,768

33,659

2,109

6%

  Gain on sale of loans

17,391

20,834

(3,443)

-17%

  Gain on sale of investments

2,597

2,667

(70)

-3%

  Other income

5,830

3,235

2,595

80%

     Total non-interest income

61,586

60,395

1,191

2%

$       239,691

$       241,883

$           (2,192)

-1%

Net interest margin (tax-equivalent)

4.32%

4.87%

Net Interest Income

Net interest income for the nine month period decreased $3.4 million, or 2 percent, over the same period in 2009.  Total interest income decreased $5.1 million, or 2 percent, while total interest expense decreased $1.7 million, or 4 percent.  The net interest margin as a percentage of earning assets, on a tax equivalent basis, decreased 55 basis points from 4.87 percent for 2009 to 4.32 percent for 2010 and included a 6 basis points reduction from the reversal of interest on non-accrual loans.

Non-interest Income

Non-interest income increased for the nine month period of 2010 by $1.2 million over the same period in 2009.  Fee income for the first nine months of 2010 has increased $2.1 million, or 6 percent, compared to the prior year primarily from an increase in debit card income.  Gain on sale of loans decreased $3.4 million, or 17 percent, over the first nine months of last year, primarily the result of significant refinance activity in the first half of 2009.  Other income increased $2.6 million over the same period in 2009, of which $1.8 million relates to the second quarter 2010 sale of Mountain West Bank's merchant card servicing portfolio.  

Non-interest expense summary

Nine months ended

$ Change From

% Change From

(Unaudited - $ in thousands)

September 30,

September 30,

September 30,

September 30,

2010

2009

2009

2009

Compensation and employee

 benefits and related expense

$         65,243

$         63,589

$             1,654

3%

Occupancy and equipment expense

17,970

17,341

629

4%

Advertising and promotion expense

5,148

5,042

106

2%

Outsourced data processing expense

2,205

2,181

24

1%

Core deposit intangibles amortization

2,422

2,294

128

6%

Other real estate owned expense

19,346

5,722

13,624

238%

FDIC premiums

6,998

6,700

298

4%

Other expenses

22,880

21,616

1,264

6%

     Total non-interest expense

$       142,212

$       124,485

$           17,727

14%

Non-interest Expense

Non-interest expense for the first nine months of 2010 increased by $17.7 million, or 14 percent, from the same period last year.  Compensation and employee benefits increased $1.7 million, or 3 percent, from 2009.  Occupancy and equipment expense increased $629 thousand, or 4 percent, from 2009.  Advertising and promotion expense increased by $106 thousand, or 2 percent, from 2009.  Other real estate owned expense increased $13.6 million, or 238 percent, from the prior year first nine months.  The other real estate owned expenses of $19.3 million for the first nine months of 2010 included $3.3 million of operating expenses, $9.7 million of fair value write-downs, and $6.3 million of loss on sale of other real estate owned.  FDIC premiums increased $298 thousand, or 4 percent, from the prior year which included a second quarter special assessment of $2.5 million.  Other expense increased $1.3 million, or 6 percent, from the prior year.  

Allowance for Loan and Lease Losses

The provision for loan loss expense was $57.3 million for the first nine months of 2010, a decrease of $30.6 million, or 35 percent, from the same period in 2009.  Net charged-off loans during the nine months ended September 30, 2010 was $66.0 million, an increase of $26.7 million from the same period in 2009.

Efficiency Ratio

The efficiency ratio for the first nine months of 2010 was 50 percent compared to 46 percent for the prior year's first nine months.  The increase in efficiency ratio resulted from continuing pressure on net interest margin in the current low interest rate environment coupled with small increases in operating expenses.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is a regional multi-bank holding company providing commercial banking services in 60 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado.  Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and conducts its operations principally through eleven community bank subsidiaries. These subsidiaries include: six banks domiciled in Montana - Glacier Bank of Kalispell, First Security Bank of Missoula, Valley Bank of Helena, Big Sky Western Bank of Bozeman, Western Security Bank of Billings, and First Bank of Montana of Lewistown; two banks domiciled in Idaho - Mountain West Bank of Coeur d'Alene and Citizens Community Bank of Pocatello; two banks domiciled in Wyoming - 1st Bank of Evanston and First National Bank & Trust of Powell; and one bank domiciled in Colorado - Bank of the San Juans of Durango.

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, including as a result of declines in the housing and real estate markets in its geographic areas;
  • increased loan delinquency rates;
  • the risks presented by a continued economic downturn, which could adversely affect credit quality, loan collateral values, other real estate owned values, investment values, liquidity and capital levels, dividends and loan originations;
  • changes in market interest rates, which could adversely affect the Company's net interest income and profitability;
  • legislative or regulatory changes that adversely affect the Company's business, ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;
  • costs or difficulties related to the integration of acquisitions;
  • the goodwill recorded in connection with acquisitions could become impaired, which may have an adverse impact on the Company's earnings and capital;
  • reduced demand for banking products and services;
  • the risks presented by public stock market volatility, which could adversely affect the Company's stock value and the ability to raise capital in the future;
  • competition from other financial services companies in our markets; and
  • the Company's success in managing risks involved in the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if we later become aware that it is not likely to be achieved.

Visit our website at www.glacierbancorp.com

Glacier Bancorp, Inc.

Consolidated Condensed Statements of Financial Condition

(Unaudited - $ in thousands except per share data)

September 30,

December 31,

September 30,

2010

2009

2009

Assets:

Cash on hand and in banks

$

83,684

120,731

93,728

Federal funds sold

29,675

87,155

47,025

Interest bearing cash deposits

2,155

2,689

2,570

Cash and cash equivalents

115,514

210,575

143,323

Investment securities, available-for-sale

1,825,159

1,506,394

1,212,947

Loans held for sale

114,926

66,330

54,475

Loans receivable, gross

3,869,034

4,063,915

3,991,775

Allowance for loan and lease losses

(134,257)

(142,927)

(125,330)

Loans receivable, net

3,849,703

3,987,318

3,920,920

Premises and equipment, net

143,645

140,921

136,617

Other real estate owned

63,440

57,320

54,537

Accrued interest receivable

30,863

29,729

29,489

Deferred tax asset

29,968

41,082

22,681

Core deposit intangible, net

11,515

13,937

10,719

Goodwill

146,259

146,259

146,259

Other assets

56,593

58,260

30,808

Total assets

$

6,272,659

6,191,795

5,708,300

Liabilities:

Non-interest bearing deposits

$

887,637

810,550

801,261

Interest bearing deposits

3,530,204

3,289,602

2,809,756

Federal Home Loan Bank advances

579,184

790,367

640,735

Securities sold under agreements to repurchase

237,609

212,506

210,519

Federal Reserve Bank discount window

-

225,000

370,000

Other borrowed funds

17,386

13,745

15,064

Accrued interest payable

7,750

7,928

8,015

Subordinated debentures

125,096

124,988

120,167

Other liabilities

34,139

31,219

34,681

Total liabilities

5,419,005

5,505,905

5,010,198

Stockholders' equity:

Preferred shares, $.01 par value per share. 1,000,000

     shares authorized.  None issued or outstanding.

-

-

-

Common stock, $.01 par value per share. 117,187,500  

     shares authorized.

719

616

615

Paid-in capital

643,674

497,493

495,663

Retained earnings - substantially restricted

192,819

188,129

186,678

Accumulated other comprehensive income (loss)  

16,442

(348)

15,146

Total stockholders' equity

853,654

685,890

698,102

Total liabilities and stockholders' equity

$

6,272,659

6,191,795

5,708,300

Number of shares outstanding

71,915,073

61,619,803

61,519,808

Book value of equity per share

11.87

11.13

11.35

Glacier Bancorp, Inc.

Consolidated Condensed Statements of Operations

(Unaudited - $ in thousands except per share data)

Three months ended September 30,

Nine months ended September 30,

2010

2009

2010

2009

Interest income:

Residential real estate loans

$

11,367

13,330

34,621

41,542

Commercial loans

35,734

36,739

109,409

112,302

Consumer and other loans

10,599

11,150

31,959

33,631

Investment securities and other

14,403

13,211

43,330

36,907

      Total interest income

72,103

74,430

219,319

224,382

Interest expense:

Deposits

9,142

9,232

27,695

28,799

Federal Home Loan Bank advances

2,318

2,087

7,083

5,758

Securities sold under agreements to repurchase

412

447

1,227

1,450

Subordinated debentures

1,683

1,641

4,967

5,224

Other borrowed funds

26

394

242

1,663

      Total interest expense

13,581

13,801

41,214

42,894

Net interest income

58,522

60,629

178,105

181,488

Provision for loan losses

19,162

47,050

57,318

87,905

       Net interest income after provision for loan losses

39,360

13,579

120,787

93,583

Non-interest income:

Service charges and other fees

11,956

10,604

32,117

29,838

Miscellaneous loan fees and charges

1,266

1,499

3,651

3,821

Gain on sale of loans

7,367

5,613

17,391

20,834

Gain on sale of investments

2,041

2,667

2,597

2,667

Other income

1,355

1,317

5,830

3,235

     Total non-interest income

23,985

21,700

61,586

60,395

Non-interest expense:

Compensation, employee benefits

       and related expense

22,235

20,935

65,243

63,589

Occupancy and equipment expense

6,034

5,835

17,970

17,341

Advertising and promotion expense

1,912

1,596

5,148

5,042

Outsourced data processing expense

750

830

2,205

2,181

Core deposit intangibles amortization

801

758

2,422

2,294

Other real estate owned expense

9,655

2,881

19,346

5,722

Federal Deposit Insurance Corporation premiums

2,633

1,699

6,998

6,700

Other expenses

7,995

7,362

22,880

21,616

     Total non-interest expense

52,015

41,896

142,212

124,485

Earnings (loss) before income taxes

11,330

(6,617)

40,161

29,493

Federal and state income tax expense (benefit)

1,885

(5,086)

7,424

4,593

Net earnings (loss)

$

9,445

(1,531)

32,737

24,900

Basic earnings (loss) per share

0.13

(0.03)

0.48

0.40

Diluted earnings (loss) per share

0.13

(0.03)

0.48

0.40

Dividends declared per share

0.13

0.13

0.39

0.39

Return on average assets (annualized)

0.60%

(0.11%)

0.70%

0.60%

Return on average equity (annualized)

4.37%

(0.88%)

5.43%

4.81%

Average outstanding shares - basic  

71,915,073

61,519,808

68,897,348

61,499,662

Average outstanding shares - diluted

71,915,073

61,519,808

68,899,228

61,502,073

Glacier Bancorp, Inc.

Average Balance Sheet

For the Three months ended 9/30/10

For the Nine months ended 9/30/10

(Unaudited - $ in thousands)

Interest

Average

Interest

Average

Average

and

Yield/

Average

and

Yield/

Assets:

Balance

Dividends

Rate

Balance

Dividends

Rate

Residential real estate loans

$    773,672

$ 11,367

5.88%

$    774,973

$   34,621

5.96%

Commercial loans

2,543,798

35,734

5.57%

2,574,842

109,409

5.68%

Consumer and other loans

687,139

10,599

6.12%

691,373

31,959

6.18%

Total loans

4,004,609

57,700

5.72%

4,041,188

175,989

5.82%

Tax -exempt investment securities (1)

489,658

5,972

4.88%

474,324

17,410

4.89%

Other investment securities (2)

1,339,456

8,431

2.52%

1,272,642

25,920

2.72%

Total Earning Assets

5,833,723

72,103

4.90%

5,788,154

219,319

5.07%

Goodwill and core deposit intangible

158,239

159,037

Non-earning assets

287,128

282,368

Total assets

$ 6,279,090

$ 6,229,559

Liabilities:

NOW accounts

$    707,097

$      622

0.35%

$    712,650

$     2,028

0.38%

Savings accounts

346,652

175

0.20%

340,125

568

0.22%

Money market accounts

858,942

1,737

0.80%

839,585

5,662

0.90%

Certificates accounts

1,088,215

5,402

1.97%

1,080,434

15,997

1.98%

Wholesale deposits (3)

622,032

1,206

0.77%

533,425

3,440

0.86%

FHLB advances

539,791

2,318

1.70%

657,698

7,083

1.44%

Repurchase agreements

 and other borrowed funds

383,279

2,121

2.19%

414,238

6,436

2.08%

Total interest bearing liabilities

4,546,008

13,581

1.19%

4,578,155

41,214

1.20%

Non-interest bearing deposits

849,977

813,038

Other liabilities

25,259

32,078

Total Liabilities

5,421,244

5,423,271

Stockholders' equity:

Common stock

719

689

Paid-in capital

643,567

600,732

Retained earnings

200,159

196,708

Accumulated other

 comprehensive income

13,401

8,159

Total stockholders' equity

857,846

806,288

Total liabilities and

 stockholders' equity

$ 6,279,090

$ 6,229,559

Net interest income

$ 58,522

$ 178,105

Net interest spread

3.71%

3.87%

Net interest margin

3.98%

4.11%

Net interest margin (tax-equivalent)

4.19%

4.32%

(1)    Excludes tax effect of $7,708,000 and $2,644,000 on tax-exempt investment security income for the year-to-date and quarter ended September 30, 2010, respectively.

(2)    Excludes tax effect of $1,107,000 and $398,000 on investment security tax credits for the year-to-date and quarter ended September 30, 2010, respectively.

(3)    Wholesale deposits include brokered deposits classified as NOW, money market demand, and CD's.

Glacier Bancorp, Inc.

Loan Portfolio - by Regulatory Classification

(Unaudited - $ in thousands)

Loans Receivable, Gross by Bank

% Change

% Change

Balance

Balance

Balance

from

from

9/30/2010

12/31/2009

9/30/2009

12/31/2009

9/30/2009

Glacier

$

891,508

942,254

950,000

-5%

-6%

Mountain West

884,648

957,451

971,240

-8%

-9%

First Security

575,980

566,713

574,371

2%

0%

1st Bank

275,650

296,913

299,095

-7%

-8%

Western

322,452

323,375

332,709

0%

-3%

Big Sky

259,474

270,970

283,110

-4%

-8%

Valley

194,705

187,283

188,221

4%

3%

First National

151,134

153,058

-

-1%

n/m

Citizens

173,941

166,049

172,769

5%

1%

First Bank - MT

114,665

117,017

123,846

-2%

-7%

San Juans

143,616

149,162

150,889

-4%

-5%

Eliminations

(3,813)

-

-

n/m

n/m

  Total

$

3,983,960

4,130,245

4,046,250

-4%

-2%

Land, Lot and Other Construction Loans by Bank

% Change

% Change

Balance

Balance

Balance

from

from

9/30/2010

12/31/2009

9/30/2009

12/31/2009

9/30/2009

Glacier

$

150,167

165,734

164,448

-9%

-9%

Mountain West

173,543

217,078

238,268

-20%

-27%

First Security

74,168

71,404

73,432

4%

1%

1st Bank

29,520

36,888

39,218

-20%

-25%

Western

30,552

32,045

37,887

-5%

-19%

Big Sky

56,440

71,365

73,944

-21%

-24%

Valley

13,423

14,704

15,450

-9%

-13%

First National

12,630

10,247

-

23%

n/m

Citizens

12,622

13,263

21,816

-5%

-42%

First Bank - MT

799

1,010

5,804

-21%

-86%

San Juans

31,389

39,621

36,202

-21%

-13%

  Total

$

585,253

673,359

706,469

-13%

-17%

Land, Lot and Other Construction Loans by Bank, by Type at 9/30/2010

Consumer

Developed

Commercial

Land

Land or

Unimproved

Lots for

Developed

Other

Development

Lot

Land

Operative Builders

Lot

Construction

Glacier

$

60,405

28,784

28,513

8,873

23,592

-

Mountain West

45,079

63,388

17,680

23,407

8,855

15,134

First Security

27,795

6,994

20,125

4,512

499

14,243

1st Bank

7,968

10,565

3,782

218

2,305

4,682

Western

15,190

5,938

4,858

587

1,863

2,116

Big Sky

20,402

17,622

9,290

729

2,377

6,020

Valley

2,259

5,485

1,308

106

3,288

977

First National

2,074

3,992

1,426

477

2,139

2,522

Citizens

2,790

2,292

2,957

50

657

3,876

First Bank - MT

-

50

749

-

-

-

San Juans

3,384

16,821

2,253

-

7,862

1,069

  Total

$

187,346

161,931

92,941

38,959

53,437

50,639

Custom &

Residential Construction Loans by Bank, by Type

% Change

% Change

Owner

Pre-Sold

Balance

Balance

Balance

from

from

Occupied

& Spec

9/30/2010

12/31/2009

9/30/2009

12/31/2009

9/30/2009

9/30/2010

9/30/2010

Glacier

$

42,975

57,183

72,828

-25%

-41%

$

9,037

33,938

Mountain West

22,829

57,437

63,572

-60%

-64%

7,461

15,368

First Security

12,375

19,664

15,981

-37%

-23%

4,628

7,747

1st Bank

10,037

17,633

18,783

-43%

-47%

6,589

3,448

Western

1,294

2,245

3,709

-42%

-65%

871

423

Big Sky

13,724

20,679

27,803

-34%

-51%

256

13,468

Valley

5,550

5,170

5,380

7%

3%

4,455

1,095

First National

2,105

2,612

-

-19%

n/m

1,626

479

Citizens

11,175

13,211

16,705

-15%

-33%

5,166

6,009

First Bank - MT

135

234

179

-42%

-25%

135

-

San Juans

8,421

13,811

13,549

-39%

-38%

8,026

395

  Total

$

130,620

209,879

238,489

-38%

-45%

$

48,250

82,370

   n/m - not measurable

Glacier Bancorp, Inc.

Loan Portfolio - by Regulatory Classification (continued)

(Unaudited - $ in thousands)

Single Family Residential Loans by Bank, by Type

% Change

% Change

1st

Junior

Balance

Balance

Balance

from

from

Lien

Lien

9/30/2010

12/31/2009

9/30/2009

12/31/2009

9/30/2009

9/30/2010

9/30/2010

Glacier

$

193,110

204,789

205,203

-6%

-6%

170,746

22,364

Mountain West

297,676

278,158

275,936

7%

8%

258,331

39,345

First Security

93,629

82,141

82,349

14%

14%

79,130

14,499

1st Bank

59,102

65,555

63,893

-10%

-7%

54,069

5,033

Western

56,914

50,502

45,764

13%

24%

54,701

2,213

Big Sky

34,895

33,308

33,840

5%

3%

31,327

3,568

Valley

66,344

66,644

65,261

0%

2%

55,241

11,103

First National

15,169

19,239

-

-21%

n/m

11,794

3,375

Citizens

25,940

20,937

21,659

24%

20%

23,958

1,982

First Bank - MT

9,314

10,003

10,592

-7%

-12%

8,138

1,176

San Juans

29,164

22,811

22,790

28%

28%

27,571

1,593

  Total

$

881,257

854,087

827,287

3%

7%

775,006

106,251

Commercial Real Estate Loans by Bank, by Type

% Change

% Change

Owner

Non-Owner

Balance

Balance

Balance

from

from

Occupied

Occupied

9/30/2010

12/31/2009

9/30/2009

12/31/2009

9/30/2009

9/30/2010

9/30/2010

Glacier

$

228,090

232,552

235,576

-2%

-3%

113,859

114,231

Mountain West

221,761

230,383

212,865

-4%

4%

145,032

76,729

First Security

225,806

224,425

223,756

1%

1%

152,480

73,326

1st Bank

61,460

64,008

66,924

-4%

-8%

43,559

17,901

Western

104,052

107,173

104,450

-3%

0%

54,236

49,816

Big Sky

90,337

82,303

83,489

10%

8%

54,758

35,579

Valley

51,985

48,144

48,202

8%

8%

33,866

18,119

First National

28,336

26,703

-

6%

n/m

22,406

5,930

Citizens

60,070

55,660

53,424

8%

12%

44,161

15,909

First Bank - MT

17,095

18,827

13,772

-9%

24%

11,070

6,025

San Juans

49,530

47,838

54,525

4%

-9%

28,820

20,710

  Total

$

1,138,522

1,138,016

1,096,983

0%

4%

704,247

434,275

Consumer Loans by Bank, by Type

% Change

% Change

Home Equity

Other

Balance

Balance

Balance

from

from

Line of Credit

Consumer

9/30/2010

12/31/2009

9/30/2009

12/31/2009

9/30/2009

9/30/2010

9/30/2010

Glacier

$

155,150

162,723

161,416

-5%

-4%

139,773

15,377

Mountain West

71,818

71,702

72,696

0%

-1%

62,729

9,089

First Security

74,765

78,345

80,444

-5%

-7%

48,793

25,972

1st Bank

41,937

46,455

46,686

-10%

-10%

16,654

25,283

Western

46,772

48,946

49,912

-4%

-6%

33,309

13,463

Big Sky

27,462

28,903

28,906

-5%

-5%

24,584

2,878

Valley

25,204

24,625

25,753

2%

-2%

15,771

9,433

First National

26,416

27,320

-

-3%

n/m

16,292

10,124

Citizens

30,566

29,253

28,276

4%

8%

24,174

6,392

First Bank - MT

7,937

7,650

7,699

4%

3%

3,803

4,134

San Juans

13,900

14,189

13,935

-2%

0%

12,605

1,295

  Total

$

521,927

540,111

515,723

-3%

1%

398,487

123,440

   n/m - not measurable

Glacier Bancorp, Inc.

Credit Quality Summary

(Unaudited - $ in thousands)

Non-

Accruing

Other

Non-Performing Assets, by Loan Type

Accruing

Loans 90 Days or

Real Estate

Balance

Balance

Balance

Loans

More Overdue

Owned

9/30/2010

12/31/2009

9/30/2009

9/30/2010

9/30/2010

9/30/2010

Custom & owner occupied construction

$

4,126

3,281

1,131

1,752

1,609

765

Pre-sold & spec construction

19,628

29,580

39,812

17,016

-

2,612

Land development

81,505

88,488

84,929

58,443

-

23,062

Consumer land or lots

11,488

10,120

12,092

7,101

678

3,709

Unimproved land

40,082

32,453

29,779

25,366

-

14,716

Developed lots for operative builders

8,721

11,565

10,909

7,297

-

1,424

Commercial lots

3,219

909

1,011

3,183

-

36

Other construction

3,485

-

-

3,485

-

-

Commercial real estate

30,107

32,300

21,475

20,757

379

8,971

Commercial & industrial

14,005

12,271

9,235

12,195

1,780

30

Agriculture loans

5,645

283

1,121

5,115

125

405

1-4 Family

31,782

30,868

24,615

24,652

412

6,718

Home equity line of credits

5,446

6,234

5,539

4,432

253

761

Consumer

746

1,042

923

416

99

231

Other

1,485

1,744

434

1,485

-

-

  Total

$

261,470

261,138

243,005

192,695

5,335

63,440

Non-Accrual &

Accruing 30-89 Days Delinquent Loans and

Accruing

Accruing Loans

Other

Non-Performing Assets, by Bank

30-89 Days

90 Days or

Real Estate

Balance

Balance

Balance

Overdue

More Overdue

Owned

9/30/2010

12/31/2009

9/30/2009

9/30/2010

9/30/2010

9/30/2010

Glacier

$

77,144

97,666

99,792

8,267

62,413

6,464

Mountain West

71,780

109,187

76,073

14,989

53,756

3,035

First Security

55,627

59,351

46,321

7,245

35,950

12,432

1st Bank

18,166

21,117

19,744

2,890

6,566

8,710

Western

10,293

9,315

8,917

533

6,622

3,138

Big Sky

23,882

31,711

26,941

1,653

15,910

6,319

Valley

1,916

2,542

1,638

840

1,003

73

First National

10,519

9,290

-

701

9,073

745

Citizens

7,989

5,340

5,653

1,965

4,412

1,612

First Bank - MT

669

800

538

245

320

104

San Juans

5,252

2,310

994

1,595

2,005

1,652

GORE

19,156

-

-

-

-

19,156

  Total

$

302,393

348,629

286,611

40,923

198,030

63,440

Provision for

Provision for

the Year-to-Date

ALLL

Allowance for Loan and Lease Losses

Year-to-Date

Ended 9/30/2010

as a Percent

Balance

Balance

Balance

Ended

Over Net

of Loans

9/30/2010

12/31/2009

9/30/2009

9/30/2010

Charge-Offs

9/30/2010

Glacier

$

34,936

38,978

35,835

18,300

0.8

3.92%

Mountain West

28,963

37,551

32,686

23,300

0.7

3.27%

First Security

19,007

18,242

15,673

5,100

1.2

3.30%

1st Bank

11,224

10,895

10,038

2,150

1.2

4.07%

Western

8,719

8,762

8,020

700

0.9

2.70%

Big Sky

10,450

10,536

8,862

2,900

1.0

4.03%

Valley

4,752

4,367

4,132

500

4.3

2.44%

First National

2,498

1,679

-

1,453

2.3

1.65%

Citizens

6,000

4,865

4,064

1,900

2.5

3.45%

First Bank - MT

3,070

2,904

2,699

265

2.7

2.68%

San Juans

4,638

4,148

3,321

750

2.9

3.23%

  Total

$

134,257

142,927

125,330

57,318

0.9

3.37%

Glacier Bancorp, Inc.

Credit Quality Summary (continued)

(Unaudited - $ in thousands)

Net Charge-Offs, Year-to-Date Period Ending, By Bank

Charge-Offs

Recoveries

9/30/2010

12/31/2009

9/30/2009

9/30/2010

9/30/2010

Glacier

$

22,342

12,012

4,155

22,762

420

Mountain West

31,888

28,931

21,296

32,521

633

First Security

4,335

3,745

1,889

5,431

1,096

1st Bank

1,821

5,917

5,024

2,288

467

Western

743

1,500

1,342

827

84

Big Sky

2,986

4,896

4,370

3,073

87

Valley

115

414

349

125

10

First National

634

4

-

655

21

Citizens

765

656

532

771

6

First Bank - MT

99

26

31

104

5

San Juans

260

329

326

311

51

  Total

$

65,988

58,430

39,314

68,868

2,880

Net Charge-Offs (Recoveries), Year-to-Date

Period Ending, By Loan Type

Charge-Offs

Recoveries

9/30/2010

12/31/2009

9/30/2009

9/30/2010

9/30/2010

Residential construction

$

6,248

13,455

6,363

6,530

282

Land, lot and other construction

37,456

28,310

22,567

38,465

1,009

Commercial real estate

7,965

1,187

763

8,108

143

Commercial and industrial

4,010

3,610

2,022

4,655

645

1-4 Family

6,771

7,242

4,745

7,195

424

Home equity lines of credit

2,987

2,357

1,419

3,015

28

Consumer

583

1,895

1,370

854

271

Other

(32)

374

65

46

78

  Total

$

65,988

58,430

39,314

68,868

2,880

SOURCE Glacier Bancorp, Inc.



RELATED LINKS

http://www.glacierbancorp.com