Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2013

Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2013

HIGHLIGHTS:

  *Current quarter net income of $20.8 million, an increase of 27 percent
    from the prior year first quarter net income of $16.3 million.
  *Current quarter diluted earnings per share of $0.29, an increase of 26
    percent from the prior year first quarter diluted earnings per share of
    $0.23.
  *Announced the acquisition of First State Bank in Wheatland, Wyoming.
  *Announced the acquisition of North Cascades National Bank in Chelan,
    Washington.
  *The loan portfolio increased $6.4 million, or 76 basis points annualized,
    during the current quarter.
  *Non-performing assets of $135 million decreased $8.1 million, or 6
    percent, from the prior quarter and decreased $79.2 million, or 37
    percent, from the prior year first quarter.
  *Current quarter net interest margin, on a tax-equivalent basis, of 3.14
    percent, an increase of 9 basis points from the prior quarter net interest
    margin of 3.05 percent.
  *Dividend declared of $0.14 per share during the quarter.

Results Summary                                                    

                                             Three Months ended
(Dollars in thousands, except per share data) March 31, December 31, March 31,
                                              2013      2012         2012
Net income                                    $20,768 20,758     16,333
Diluted earnings per share                    $0.29   0.29       0.23
Return on average assets (annualized)         1.11%    1.06%       0.91%
Return on average equity (annualized)         9.20%    9.17%       7.58%

KALISPELL, Mont., April 18, 2013 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc.
(Nasdaq:GBCI) reported net income for the current quarter of $20.8 million, an
increase of $4.4 million, or 27 percent, from the $16.3 million of net income
for the prior year first quarter.Diluted earnings per share for the current
quarter was $0.29 per share, an increase of $0.06, or 26 percent, from the
prior year first quarter diluted earnings per share of $0.23."We had a solid
first quarter and good start to the year highlighted by the announcement to
acquire First State Bank in Wheatland, WY and North Cascades National Bank
headquartered in Chelan, WA," said Mick Blodnick, President and Chief
ExecutiveOfficer."It's exciting to add this type of talent and
diversification to our Company," Blodnick said."Also, for the first time in a
number of years we saw positive results in credit quality, loan growth and our
net interest margin all in the same quarter.The quarter brought a long
awaited reduction in premium amortization and gives us hope that through the
course of this year we could benefit from further reductions."

During the first quarter of 2013, the Company announced the signing of a
definitive agreement to acquire First State Bank, a community bank based in
Wheatland, Wyoming.As of December 31, 2012, First State Bank had total assets
of $281 million, gross loans of $179 million and total deposits of $249
million.The transaction is expected to be completed in the second quarter of
2013.The Company also announced the signing of a definitive agreement to
acquire North Cascades National Bank, a community bank based in Chelan,
Washington.As of December 31, 2012, North Cascades National Bank had total
assets of $347 million, gross loans of $219 million and total deposits of $300
million.The transaction is expected to be completed in the third quarter of
2013.

Asset Summary                                                    

                                                       $ Change  $ Change
                                                           from      from
(Dollars in thousands)    March 31,    December  March 31, December  March 31,
                          2013         31, 2012  2012      31, 2012  2012
Cash and cash equivalents $129,057   187,040   131,757   (57,983)  (2,700)
Investment securities,    3,658,037    3,683,005 3,239,019 (24,968)  419,018
available-for-sale
Loans receivable                                                 
Residential real estate   513,784      516,467   515,405   (2,683)   (1,621)
Commercial                2,307,632    2,278,905 2,283,488 28,727    24,144
Consumer and other        582,429      602,053   634,318   (19,624)  (51,889)
Loans receivable          3,403,845    3,397,425 3,433,211 6,420     (29,366)
Allowance for loan and    (130,835)    (130,854) (136,586) 19        5,751
lease losses
Loans receivable, net     3,273,010    3,266,571 3,296,625 6,439     (23,615)
Other assets              549,133      610,824   574,444   (61,691)  (25,311)
Total assets              $7,609,237 7,747,440 7,241,845 (138,203) 367,392

Investment securities decreased $25.0 million, or 1 percent, during the
current quarter and increased $419 million, or 13 percent, from March 31,
2012.The Company continued to purchase investment securities during the
current quarter to offset the slow loan growth; however, the Company purchased
investment securities (net of principal paydowns) at a slower pace than in the
past several quarters.Additionally, the Company has moderately shifted the
mix of investment securities through purchase activity in an effort to lessen
the impact of the elevated premium amortization on collateralized mortgage
obligation ("CMO") securities. The investment securities purchased during the
current quarter included U.S. Agency mortgage-backed securities, U.S. Agency
CMO's, corporate and municipal bonds.Investment securities represent 48
percent of total assets at March 31, 2013 and December 31,2012 versus 45
percent at March 31,2012.

The loan portfolio increased during the current quarter by $6.4 million, or 76
basis points annualized, to a total of $3.404 billion at March
31,2013.Excluding charge-offs of $3.6 million and loans of $6.7 million
transferred to other real estate owned, loans increased $16.7 million from the
prior quarter.The loan portfolio decreased $29.4 million, or 86 basis points,
from the prior year first quarter.The largest increase was in commercial
loans, which increased $28.7 million, or 1.3 percent, over the prior quarter
and increased $24.1 million, or 1.1 percent, from the prior year first
quarter.The largest decrease was in consumer and other loans which decreased
$19.6 million, or 3 percent, from the prior quarter and decreased $51.9
million, or 8 percent, over the prior year first quarter.The decreases in
consumer and other loans was primarily attributable to customers paying off
home equity lines of credit (HELOC's).Other assets decreased $61.7 million
during the current quarter, of which $57.5 million was from the decrease in
loans held for sale resulting from a decline in the levels of refinanced
residential loans at quarter end.

Credit Quality Summary
                                                             
                                                             
                               At or for the  At or for the     At or for the
(Dollars in thousands)         Three Months   Year ended        Three Months
                               ended          December31, 2012 ended
                               March31, 2013                   March31, 2012
Allowance for loan and lease                                  
losses
Balance at beginning of period $130,854     137,516           137,516
Provision for loan losses      2,100          21,525            8,625
Charge-offs                    (3,614)        (34,672)          (11,058)
Recoveries                     1,495          6,485             1,503
Balance at end of period       $130,835     130,854           136,586
Other real estate owned        $43,975      45,115            74,337
Accruing loans 90 days or more 563            1,479             9,231
past due
Non-accrual loans              90,856         96,933            131,026
Total non-performing assets ^1 $135,394     143,527           214,594
Non-performing assets as a
percentage of subsidiary       1.79%          1.87%             2.91%
assets
Allowance for loan and lease
losses as a percentage         143%           133%              97%
ofnon-performing loans
Allowance for loan and lease
losses as a percentage of      3.84%          3.85%             3.98%
total loans
Net charge-offs as a           0.06%          0.83%             0.28%
percentage of total loans
Accruing loans 30-89 days past $32,278      27,097            42,581
due
                                                             
^1 As of March31, 2013, non-performing assets have not been reduced by U.S.
government guarantees of $1.4 million.

In the first quarter of 2013, the Company maintained the positive trend of
reducing non-performing assets that was established throughout
2012.Non-performing assets at March 31, 2013 were $135 million, a decrease of
$8.1 million, or 6 percent, during the current quarter and a decrease of $79.2
million, or 37 percent, from a year ago.The largest category of
non-performing assets was the land, lot and other construction category which
was $62.3 million, or 46 percent, of the non-performing assets at March 31,
2013.Included in this category was $28.9 million of land development loans
and $17.4 million in unimproved land loans at March 31, 2013.The Company has
continued to reduce the land, lot and other construction category over the
prior two years and during the current quarter, this category of
non-performing assets was further reduced by $4.2 million, or 6 percent.

The Company's early stage delinquencies (accruing loans 30-89 days past due)
of $32.3 million at March 31, 2013 increased $5.2 million, or 19 percent, from
the prior quarter and decreased $10.3 million, or 24 percent, from the prior
year first quarter early stage delinquencies."Our goal this year of reducing
non-performing assets below $100 million is definitely within reach after the
success we recorded in the first quarter," said Blodnick."We also saw a
significant decrease in our credit costs compared to the prior and year ago
quarters.The only increase came in early stage delinquencies which was
expected and for us is driven each year at this time more by seasonal
employment trends due to weather rather than changes in the economy."

At March 31, 2013, the allowance for loan and lease losses ("allowance") was
$131 million, a decrease of $19 thousand from the prior quarter and a decrease
of $5.8 million from a year ago.The allowance was 3.84 percent of total loans
outstanding at March 31, 2013, compared to 3.85 percent at December 31, 2012
and 3.98 percent at March 31, 2012.The allowance was 143 percent of
non-performing loans at March 31,2013, an increase from 133 percent at
December 31, 2012 and an increase from 97 percent at March 31, 2012.

Credit Quality Trends and Provision for Loan Losses
                                                         
                                                   Accruing
                                                   Loans      Non-Performing
(Dollars in      Provision   Net         ALLL as a 30-89 Days Assets to Total
thousands)       for         Charge-Offs Percent   Past Due   Subsidiary
                 Loan Losses             of Loans  as a       Assets
                                                   Percent of
                                                   Loans
First quarter    $2,100    2,119       3.84%     0.95%      1.79%
2013
Fourth quarter   2,275       8,081       3.85%     0.80%      1.87%
2012
Third quarter    2,700       3,499       4.01%     0.83%      2.33%
2012
Second quarter   7,925       7,052       3.99%     1.41%      2.69%
2012
First quarter    8,625       9,555       3.98%     1.24%      2.91%
2012
Fourth quarter   8,675       9,252       3.97%     1.42%      2.92%
2011
Third quarter    17,175      18,877      3.92%     0.60%      3.49%
2011
Second quarter   19,150      20,184      3.88%     1.14%      3.68%
2011

Net charged-off loans of $2.1 million during the current quarter decreased
$6.0 million, or 74 percent, compared to the prior quarter.Although there has
been fluctuation in the amount of charged-off loans the past several quarters,
the Company continues to see overall better results as credit trends
improve. The current quarter provision for loan losses was $2.1 million,
which decreased $175 thousand compared to the $2.3 million provision for loan
losses for the prior quarter and decreased $6.5 million from the first quarter
of the prior year.Loan portfolio growth, composition, average loan size,
credit quality considerations, and other environmental factors will continue
to determine the level of provision for loan loss expense.

Supplemental information regarding credit quality and identification of the
Company's loan portfolio based on regulatory classification 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  $ Change
                                                           from      from
(Dollars in          March 31, 2013 December 31, March 31, December  March 31,
thousands)                          2012         2012      31, 2012  2012
Non-interest bearing $1,180,738   1,191,933    1,039,068 (11,195)  141,670
deposits
Interest bearing     4,192,477      4,172,528    3,888,750 19,949    303,727
deposits
Repurchase           312,505        289,508      259,290   22,997    53,215
agreements
FHLB advances        802,004        997,013      995,038   (195,009) (193,034)
Other borrowed funds 10,276         10,032       10,358    244       (82)
Subordinated         125,454        125,418      125,311   36        143
debentures
Other liabilities    71,503         60,059       60,033    11,444    11,470
Total liabilities    $6,694,957   6,846,491    6,377,848 (151,534) 317,109

The Company's deposits continued to increase and allowed the Company to fund
the investment portfolio at lower funding costs.At March 31, 2013,
non-interest bearing deposits of $1.181 billion decreased $11.2 million, or 1
percent, since December 31, 2012 and increased $142 million, or 14 percent,
since March 31,2012.Interest bearing deposits of $4.192 billion at March 31,
2013 included $656 million of wholesale deposits (i.e., brokered deposits
classified as NOW, money market deposit and certificate accounts).Interest
bearing deposits increased $19.9 million, or 48 basis points, since December
31, 2012 and included an increase of $26.6 million in wholesale
deposits.Interest bearing deposits increased $304 million, or 8 percent, from
March 31, 2012 and included an increase of $181 million in wholesale
deposits.Federal Home Loan Bank ("FHLB") advances decreased $195 million from
the prior quarter and decreased $193 million since the prior year first
quarter as a result of the decrease in total assets and the decreased need for
funding.

Stockholders' Equity Summary

                                                         $ Change $ Change
                                                             from     from
(Dollars in thousands,     March 31,  December 31, March 31, December March
except per share data)     2013       2012         2012      31, 2012 31, 2012
Common equity              $864,205 852,987      822,488   11,218   41,717
Accumulated other          50,075     47,962       41,509    2,113    8,566
comprehensive income
Total stockholders' equity 914,280    900,949      863,997   13,331   50,283
Goodwill and core deposit  (111,788)  (112,274)    (113,832) 486      2,044
intangible, net
Tangible stockholders'     $802,492 788,675      750,165   13,817   52,327
equity
Stockholders' equity to    12.02%    11.63%      11.93%           
total assets
Tangible stockholders'
equity to total tangible   10.70%    10.33%      10.52%           
assets
Book value per common      $12.70   12.52       12.01    0.18    0.69
share
Tangible book value per    $11.14   10.96       10.43    0.18    0.71
common share
Market price per share at  $18.98   14.71       14.94    4.27    4.04
end of period

Tangible stockholders' equity and tangible book value per share increased
$13.8 million and $0.18 per share from the prior quarter, resulting in
tangible stockholders' equity to tangible assets of 10.70 percent and tangible
book value per share of $11.14 as of March 31, 2013. The increases were from
earnings retention and an increase in accumulated other comprehensive income.

Cash Dividend

On March 27, 2013, the Company's Board of Directors declared a cash dividend
of $0.14 per share, payable April18, 2013 to shareholders of record on April
9, 2013.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 March31, 2013
Compared to December31, 2012 and March31, 2012
                                                                 
Revenue Summary                                                   
                                                                 
                       Three Months ended                           
(Dollars in thousands)  March31, 2013 December31,   March31, 2012 
                                       2012
Net interest income                                               
Interest income         $ 57,955       59,666         67,884         
Interest expense        7,458          8,165          9,598          
Total net interest      50,497         51,501         58,286         
income
Non-interest income                                               
Service charges, loan   11,675         12,845         11,438         
fees, and other fees
Gain on sale of loans   9,089          9,164          6,813          
Loss on sale of         (137)          —              —              
investments
Other income            2,323          3,384          2,087          
Total non-interest      22,950         25,393         20,338         
income
                       $ 73,447       76,894         78,624         
Net interest margin     3.14%          3.05%          3.73%          
(tax-equivalent)
                                                                 
                       $ Change from  $ Change from  % Change from  % Change
                                                                     from
(Dollars in thousands)  December31,   March31, 2012 December31,   March31,
                        2012                          2012           2012
Net interest income                                               
Interest income         $ (1,711)      $ (9,929)      (3)%           (15)%
Interest expense        (707)          (2,140)        (9)%           (22)%
Total net interest      (1,004)        (7,789)        (2)%           (13)%
income
Non-interest income                                               
Service charges, loan   (1,170)        237            (9)%           2%
fees, and other fees
Gain on sale of loans   (75)           2,276          (1)%           33%
Loss on sale of         (137)          (137)          n/m            n/m
investments
Other income            (1,061)        236            (31)%          11%
Total non-interest      (2,443)        2,612          (10)%          13%
income
                       $ (3,447)      $ (5,177)      (4)%           (7)%

Net Interest Income

The current quarter net interest income of $50.5 million decreased $1.0
million, or 2 percent, over the prior quarter and decreased $7.8 million, or
13 percent, over the prior year first quarter.The current quarter interest
income of $58.0 million decreased $1.7 million, or 3 percent, over the prior
quarter as a result of the decrease in interest income on the loan
portfolio.Included in the current quarter interest income was $21.4 million
of premium amortization (net of discount accretion) on investment securities
compared to $23.3 million in the prior quarter.The decrease of $1.9 million
in premium amortization (net of discount accretion) on investment securities
during the current quarter was the first quarterly decrease in seven
quarters.The current quarter interest income decreased $9.9 million, or 15
percent, over the prior year first quarter primarily due to an $8.1 million
increase in premium amortization (net of discount accretion) on investment
securities coupled with a decrease of $4.2 million in loan interest income
from the prior year first quarter.The current quarter decrease in interest
expense of $707 thousand, or 9 percent, from the prior quarter and the
decrease of $2.1 million, or 22 percent, in interest expense from the prior
year first quarter was the result of a decrease in interest rates on deposits
and a decrease in the amount of borrowings.The cost of total funding
(including non-interest bearing deposits) for the current quarter was 46 basis
points compared to 48 basis points for the prior quarter and 61 basis points
for the prior year first quarter.

The current quarter net interest margin as a percentage of earning assets, on
a tax-equivalent basis, was 3.14 percent, an increase of 9 basis points from
the prior quarter net interest margin of 3.05 percent.The increase in the net
interest margin during the current quarter was the first increase in seven
quarters and was primarily attributable to the increased yield on the
investment securities.Of the 13 basis points increase in yield on the
investment securities, 12 basis points was due to the decrease in premium
amortization.The premium amortization in the current quarter accounted for a
123 basis points reduction in the net interest margin compared to a 128 basis
points reduction in the prior quarter and 79 basis points reduction in the net
interest margin in the prior year first quarter. "The welcomed reduction in
premium amortization is largely attributable to reduced holdings of U.S.
Agency CMO's in favor of increased holdings of investment grade corporate
bonds," said Ron Copher, Chief Financial Officer.

Non-interest Income

Non-interest income for the current quarter totaled $23.0 million, a decrease
of $2.4 million over the prior quarter and an increase of $2.6 million over
the same quarter last year.Service charge fee income decreased $1.2
million,or 9 percent, from the prior quarter as a result of seasonal activity
and fewer days in the quarter.Service charge fee income increased $237
thousand, or 2 percent, from the prior year first quarter.Gain on sale of
loans of $9.1 million for the current quarter remained at historically high
levels, but decreased $75 thousand, or 1 percent, from the prior
quarter.Compared to the prior year period, the Company recorded a $2.3
million increase on the gain on sale of loans.Other income of $2.3 million
for the current quarter decreased $1.1 million, or 31 percent, from the prior
quarter primarily a result of decreases in income related to other real estate
owned and gains on the sale of bank assets.Included in other income was
operating revenue of $62 thousand from other real estate owned and gains of
$664 thousand on the sale of other real estate owned, which totaled $726
thousand for the current quarter compared to $910 thousand for the prior
quarter and $528 thousand for the prior year first quarter.

Non-interest Expense Summary

                       Three Months ended                           
(Dollars in thousands)  March31, 2013 December31,   March31, 2012 
                                       2012
Compensation and        $24,577      24,083         23,560         
employee benefits
Occupancy and equipment 5,825          6,043          5,968          
Advertising and         1,548          1,478          1,402          
promotions
Outsourced data         825            889            846            
processing
Other real estate owned 884            3,570          6,822          
Federal Deposit
Insurance Corporation   1,304          1,306          1,712          
premiums
Core deposit
intangibles             486            491            552            
amortization
Other expense           7,985          10,148         8,183          
Total non-interest      $43,434      48,008         49,045         
expense
                                                                 
                       $ Change from  $ Change from  % Change from  % Change
                                                                     from
(Dollars in thousands)  December31,   March31, 2012 December31,   March31,
                        2012                          2012           2012
Compensation and        $494         $1,017       2%             4%
employee benefits
Occupancy and equipment (218)          (143)          (4)%           (2)%
Advertising and         70             146            5%             10%
promotions
Outsourced data         (64)           (21)           (7)%           (2)%
processing
Other real estate owned (2,686)        (5,938)        (75)%          (87)%
Federal Deposit
Insurance Corporation   (2)            (408)          —%             (24)%
premiums
Core deposit
intangibles             (5)            (66)           (1)%           (12)%
amortization
Other expense           (2,163)        (198)          (21)%          (2)%
Total non-interest      $(4,574)      $ (5,611)      (10)%          (11)%
expense

Non-interest expense of $43.4 million for the current quarter decreased by
$4.6 million, or 10 percent, from the prior quarter and decreased by $5.6
million, or 11 percent, from the prior year first quarter primarily driven by
the decrease in other real estate owned ("OREO").OREO expense decreased $2.7
million, or 75 percent, from the prior quarter and decreased $5.9 million, or
87 percent, from the prior year first quarter.The current quarter other real
estate owned expense of $884 thousand included $422 thousand of operating
expense, $227 thousand of fair value write-downs, and $235 thousand of loss on
sale of other real estate owned.Other real estate owned expense will
fluctuate as the Company continues to work through non-performing loans and
dispose of foreclosed properties. Compensation and employee benefits
increased by $494 thousand, or 2 percent, from the prior quarter and increased
$1.0 million, or 4 percent, from the prior year first quarter.Other expense
decreased by $2.2 million, or 21 percent, from the prior quarter and decreased
by $198 thousand, or 2 percent, from the prior year first quarter and was the
result of changes in several miscellaneous categories.

Efficiency Ratio

The efficiency ratio for the current quarter was 55 percent compared to 51
percent for the prior year first quarter.Although there was an increase in
non-interest income during the current quarter, it was not enough to offset
the decrease in net interest income.

About Glacier Bancorp, Inc.

Glacier Bancorp, Inc. is a regional 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 is the parent company for Glacier Bank, Kalispell and bank
divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky
Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of
Montana, Lewistown; all operating in Montana; as well as Mountain West Bank,
Coeur d'Alene operatingin Idaho, Utah and Washington; Citizens Community
Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming
and Utah; First Bank of Wyoming, Powell, operating in Wyoming; and Bank of
the San Juans, Durango, operating in Colorado.

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 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 a slow recovery in the housing and real estate markets in its
    geographic areas;
  *increased loan delinquency rates;
  *the risks presented by a slow economic recovery, 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 completion and integration of
    acquisitions;
  *the goodwill the Company has recorded in connection with acquisitions
    could become additionally impaired, which may have an adverse impact on
    earnings and capital;
  *reduced demand for banking products and services;
  *the 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 in the future;
  *competition from other financial services companies in the Company's
    markets;
  *loss of services from the CEO and senior management team;
  *potential interruption or breach in security of the Company's systems; 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 it later becomes aware that actual results
are likely to differ materially from those expressed in such forward-looking
statement.

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
                                                             
                                                             
(Dollars in thousands, except  March31, 2013 December31, 2012 March31, 2012
per share data)
Assets                                                        
Cash on hand and in banks      $88,132      123,270           95,687
Interest bearing cash deposits 40,925         63,770            36,070
Cash and cash equivalents      129,057        187,040           131,757
Investment securities,         3,658,037      3,683,005         3,239,019
available-for-sale
Loans held for sale            88,035         145,501           77,528
Loans receivable               3,403,845      3,397,425         3,433,211
Allowance for loan and lease   (130,835)      (130,854)         (136,586)
losses
Loans receivable, net          3,273,010      3,266,571         3,296,625
Premises and equipment, net    159,224        158,989           158,646
Other real estate owned        43,975         45,115            74,337
Accrued interest receivable    39,024         37,770            35,487
Deferred tax asset             17,449         20,394            24,511
Core deposit intangible, net   5,688          6,174             7,732
Goodwill                       106,100        106,100           106,100
Non-marketable equity          48,812         48,812            49,699
securities
Other assets                   40,826         41,969            40,404
Total assets                   $7,609,237   7,747,440         7,241,845
Liabilities                                                   
Non-interest bearing deposits  $1,180,738   1,191,933         1,039,068
Interest bearing deposits      4,192,477      4,172,528         3,888,750
Securities sold under          312,505        289,508           259,290
agreements to repurchase
Federal Home Loan Bank         802,004        997,013           995,038
advances
Other borrowed funds           10,276         10,032            10,358
Subordinated debentures        125,454        125,418           125,311
Accrued interest payable       4,095          4,675             5,318
Other liabilities              67,408         55,384            54,715
Total liabilities              6,694,957      6,846,491         6,377,848
Stockholders' Equity                                          
Preferred shares, $0.01 par
value per share, 1,000,000     —              —                 —
shares authorized, none issued
or outstanding
Common stock, $0.01 par value
per share, 117,187,500 shares  720            719               719
authorized
Paid-in capital                642,285        641,737           641,647
Retained earnings -            221,200        210,531           180,122
substantially restricted
Accumulated other              50,075         47,962            41,509
comprehensive income
Total stockholders' equity     914,280        900,949           863,997
Total liabilities and          $7,609,237   7,747,440         7,241,845
stockholders' equity
Number of common stock shares  72,018,617     71,937,222        71,915,073
issued and outstanding



Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
                                                              
                                                Three Months ended
(Dollars in thousands, except per share data)    March31, 2013 March31, 2012
Interest Income                                                
Residential real estate loans                    $7,260       7,784
Commercial loans                                 28,632         31,041
Consumer and other loans                         7,864          9,170
Investment securities                            14,199         19,889
Total interest income                            57,955         67,884
Interest Expense                                               
Deposits                                         3,712          4,954
Securities sold under agreements to repurchase   227            299
Federal Home Loan Bank advances                  2,651          3,381
Federal funds purchased and other borrowed funds 52             62
Subordinated debentures                          816            902
Total interest expense                           7,458          9,598
Net Interest Income                              50,497         58,286
Provision for loan losses                        2,100          8,625
Net interest income after provision for loan     48,397         49,661
losses
Non-Interest Income                                            
Service charges and other fees                   10,586         10,492
Miscellaneous loan fees and charges              1,089          946
Gain on sale of loans                            9,089          6,813
Loss on sale of investments                      (137)          —
Other income                                     2,323          2,087
Total non-interest income                        22,950         20,338
Non-Interest Expense                                           
Compensation and employee benefits               24,577         23,560
Occupancy and equipment                          5,825          5,968
Advertising and promotions                       1,548          1,402
Outsourced data processing                       825            846
Other real estate owned                          884            6,822
Federal Deposit Insurance Corporation premiums   1,304          1,712
Core deposit intangibles amortization            486            552
Other expense                                    7,985          8,183
Total non-interest expense                       43,434         49,045
Income Before Income Taxes                       27,913         20,954
Federal and state income tax expense             7,145          4,621
Net Income                                       $20,768      16,333
Basic earnings per share                         $0.29        0.23
Diluted earnings per share                       $0.29        0.23
Dividends declared per share                     $0.14        0.13
Average outstanding shares - basic               71,965,665     71,915,073
Average outstanding shares - diluted             72,013,177     71,915,130



Glacier Bancorp, Inc.
Average Balance Sheet

                                               
                Three Months ended              Three Months ended
                 March 31, 2013                  March 31, 2012
(Dollars in      Average    Interest  Average    Average    Interest  Average
thousands)       Balance    &         Yield/Rate Balance    &         Yield/Rate
                            Dividends                       Dividends
Assets                                                           
Residential real $617,852 7,260     4.70%      $584,758 7,784     5.32%
estate loans
Commercial loans 2,271,070  28,632    5.11%      2,290,236  31,041    5.44%
Consumer and     587,433    7,864     5.43%      639,302    9,170     5.75%
other loans
Total loans ^1   3,476,355  43,756    5.10%      3,514,296  47,995    5.48%
Tax-exempt
investment       959,728    14,150    5.90%      867,621    13,955    6.43%
securities ^2
Taxable
investment       2,686,727  4,772     0.71%      2,382,119  10,602    1.78%
securities ^3
Total earning    7,122,810  62,678    3.57%      6,764,036  72,552    4.30%
assets
Goodwill and     112,037                       114,138             
intangibles
Non-earning      349,000                       358,294             
assets
Total assets     $                            $                  
                 7,583,847                       7,236,468
Liabilities                                                      
Non-interest     $         —         —%         $         —         —%
bearing deposits 1,141,181                       1,003,604
NOW accounts     965,799    273       0.11%      830,821    369       0.18%
Savings accounts 495,975    73        0.06%      427,129    91        0.09%
Money market     997,088    514       0.21%      874,239    600       0.28%
deposit accounts
Certificate      1,082,132  2,426     0.91%      1,071,999  3,285     1.23%
accounts
Wholesale        579,188    426       0.30%      643,507    609       0.38%
deposits ^4
FHLB advances    921,652    2,651     1.17%      1,011,711  3,381     1.34%
Repurchase
agreements,
federal funds    427,693    1,095     1.04%      456,340    1,263     1.11%
purchased and
other borrowed
funds
Total funding    6,610,708  7,458     0.46%      6,319,350  9,598     0.61%
liabilities
Other            57,767                        50,850              
liabilities
Total            6,668,475                     6,370,200           
liabilities
Stockholders'                                                    
Equity
Common stock     720                           719                 
Paid-in capital  641,997                       642,869             
Retained         220,438                       181,972             
earnings
Accumulated
other            52,217                        40,708              
comprehensive
income
Total
stockholders'    915,372                       866,268             
equity
Total
liabilities and  $                            $                  
stockholders'    7,583,847                       7,236,468
equity
Net interest
income                     $55,220                     $62,954 
(tax-equivalent)
Net interest
spread                              3.11%                         3.69%
(tax-equivalent)
Net interest
margin                              3.14%                         3.73%
(tax-equivalent)
                                                                
^1 Total loans are gross of the allowance for loan and lease losses, net of
unearned income and include loans held for sale.Non-accrual loans were included
in the average volume for the entire period.
^2 Includes tax effect of $4.3 million and $4.3 million on tax-exempt
investment security income for the three months ended March 31, 2013 and 2012,
respectively.
^3 Includes tax effect of $381 thousand and $386 thousand on investment
security tax credits for the three months ended March 31, 2013 and 2012,
respectively.
^4 Wholesale deposits include brokered deposits classified as NOW, money market
deposit and certificate accounts.


Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
                                                                
                 Loans Receivable, by Loan Type     % Change from % Change
                                                                   from
(Dollars in       March31,   December31, March31, December31,  March31,
thousands)        2013        2012         2012      2012          2012
                                                              
Custom and owner
occupied          $ 36,607    40,327       38,540    (9)%          (5)%
construction
Pre-sold and spec 36,162      34,970       50,699    3%            (29)%
construction
Total residential 72,769      75,297       89,239    (3)%          (18)%
construction
Land development  78,524      80,132       98,315    (2)%          (20)%
Consumer land or  100,722     104,229      118,689   (3)%          (15)%
lots
Unimproved land   49,904      53,459       61,462    (7)%          (19)%
Developed lots
for operative     15,713      16,675       23,910    (6)%          (34)%
builders
Commercial lots   17,717      19,654       26,228    (10)%         (32)%
Other             68,046      56,109       32,503    21%           109%
construction
Total land, lot,
and other         330,626     330,258      361,107   —%            (8)%
construction
Owner occupied    705,232     710,161      709,979   (1)%          (1)%
Non-owner         466,493     452,966      445,118   3%            5%
occupied
Total commercial  1,171,725   1,163,127    1,155,097 1%            1%
real estate
Commercial and    428,202     420,459      399,889   2%            7%
industrial
1st lien          684,968     738,854      667,341   (7)%          3%
Junior lien       79,549      82,083       92,578    (3)%          (14)%
Total 1-4 family  764,517     820,937      759,919   (7)%          1%
Home equity lines 306,606     319,779      342,693   (4)%          (11)%
of credit
Other consumer    109,047     109,019      107,933   —%            1%
Total consumer    415,653     428,798      450,626   (3)%          (8)%
Agriculture       146,606     145,890      146,943   —%            —%
Other             161,782     158,160      147,919   2%            9%
Loans held for    (88,035)    (145,501)    (77,528)  (39)%         14%
sale
Total             $ 3,403,845 3,397,425    3,433,211 —%            (1)%


Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification

                                                 Non-      Accruing         Other
            Non-performingAssets,byLoanType Accruing  Loans90 Days   RealEstate
                                                 Loans     orMorePastDue Owned
(Dollars in  March31,  December31,  March31,  March31, March31,        March31,
thousands)   2013       2012          2012       2013      2013             2013
                                                                      
Custom and
owner        $ 1,322    1,343         2,688      1,322     —                —
occupied
construction
Pre-sold and
spec         1,101      1,603         9,085      778       —                323
construction
Total
residential  2,423      2,946         11,773     2,100     —                323
construction
Land         28,872     31,471        50,746     16,392    —                12,480
development
Consumer     5,800      6,459         8,271      2,862     37               2,901
land or lots
Unimproved   17,407     19,121        31,891     12,963    —                4,444
land
Developed
lots for     2,177      2,393         8,918      1,339     —                838
operative
builders
Commercial   2,828      1,959         2,643      327       —                2,501
lots
Other        5,181      5,105         5,128      192       —                4,989
construction
Total land,
lot and      62,265     66,508        107,597    34,075    37               28,153
other
construction
Owner        14,097     15,662        20,818     8,850     —                5,247
occupied
Non-owner    4,972      4,621         3,645      3,946     —                1,026
occupied
Total
commercial   19,069     20,283        24,463     12,796    —                6,273
real estate
Commercial
and          5,727      5,970         12,818     5,640     —                87
industrial
1st lien     23,341     25,739        29,199     18,961    172              4,208
Junior lien  6,366      6,660         10,749     6,274     92               —
Total 1-4    29,707     32,399        39,948     25,235    264              4,208
family
Home equity
lines of     8,402      8,041         6,607      6,792     247              1,363
credit
Other        520        441           307        293       15               212
consumer
Total        8,922      8,482         6,914      7,085     262              1,575
consumer
Agriculture  6,213      6,686         10,738     3,110     —                3,103
Other        1,068      253           343        815       —                253
Total        $ 135,394  143,527       214,594    90,856    563              43,975


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

            Accruing30-89DaysDelinquentLoans,byLoanType % Change     % Change
                                                                from         from
(Dollars in  March31,       December31,       March31,       December31, March31,
thousands)   2013            2012               2012            2012       2012
                                                                        
Custom and
owner        $ —             5                  415             (100)%       (100)%
occupied
construction
Pre-sold and
spec         394             893                303             (56)%        30%
construction
Total
residential  394             898                718             (56)%        (45)%
construction
Land         1,437           191                870             652%         65%
development
Consumer     1,665           762                3,844           119%         (57)%
land or lots
Unimproved   915             422                117             117%         682%
land
Developed
lots for     303             422                253             (28)%        20%
operative
builders
Commercial   —               11                 —               (100)%       n/m
lots
Other        —               —                  122             n/m          (100)%
construction
Total land,
lot and      4,320           1,808              5,206           139%         (17)%
other
construction
Owner        5,524           5,523              12,003          —%           (54)%
occupied
Non-owner    3,825           2,802              2,116           37%          81%
occupied
Total
commercial   9,349           8,325              14,119          12%          (34)%
real estate
Commercial
and          3,873           1,905              4,490           103%         (14)%
industrial
1st lien     8,254           7,352              10,861          12%          (24)%
Junior lien  625             732                1,815           (15)%        (66)%
Total 1-4    8,879           8,084              12,676          10%          (30)%
family
Home equity
lines of     1,238           4,164              2,609           (70)%        (53)%
credit
Other        1,428           1,001              915             43%          56%
consumer
Total        2,666           5,165              3,524           (48)%        (24)%
consumer
Agriculture  2,785           912                1,174           205%         137%
Other        12              —                  674             n/m          (98)%
Total        $ 32,278        27,097             42,581          19%          (24)%
                                                                        
n/m - not                                                                
measurable


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

            NetCharge-Offs(Recoveries),Year-to-Date Charge-Offs Recoveries
             Period Ending, By Loan Type
(Dollars in  March31,     December31,    March31,    March31,   March31,
thousands)   2013         2012            2012         2013        2013
                                                               
Custom and
owner        $(1)         24              —            —           1
occupied
construction
Pre-sold and
spec         (7)           2,489           1,919        —           7
construction
Total
residential  (8)           2,513           1,919        —           8
construction
Land         68            3,035           1,236        205         137
development
Consumer     (38)          4,003           1,195        160         198
land or lots
Unimproved   239           636             130          250         11
land
Developed
lots for     (22)          1,802           394          22          44
operative
builders
Commercial   242           362             (120)        244         2
lots
Other        (1)           —               —            —           1
construction
Total land,
lot and      488           9,838           2,835        881         393
other
construction
Owner        (305)         1,312           1,372        211         516
occupied
Non-owner    12            597             546          30          18
occupied
Total
commercial   (293)         1,909           1,918        241         534
real estate
Commercial
and          575           2,651           334          836         261
industrial
1st lien     181           5,257           893          232         51
Junior lien  71            3,464           1,176        145         74
Total 1-4    252           8,721           2,069        377         125
family
Home equity
lines of     1,154         2,124           346          1,185       31
credit
Other        (47)          262             36           91          138
consumer
Total        1,107         2,386           382          1,276       169
consumer
Agriculture  3             125             —            3           —
Other        (5)           44              98           —           5
Total        $ 2,119       28,187          9,555        3,614       1,495

Visit our website at www.glacierbancorp.com

CONTACT: Michael J. Blodnick
         (406) 751-4701
         Ron J. Copher
         (406) 751-7706
 
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