Glacier Bancorp (GBCI) investor relations material

Executive summary

• Net income for Q1 2026 was $82.1 million, up 29% sequentially and 51% year-over-year, marking record quarterly results.

• Diluted EPS reached $0.63, up 29% from the prior quarter and 31% year-over-year; operating EPS was $0.70, up 49% year-over-year.

• Loan portfolio grew 22% year-over-year to $21.0 billion, with organic growth of 4% excluding acquisitions.

• Total deposits increased 20% year-over-year to $24.7 billion, with organic growth of 2%.

• Integration of Guaranty Bank completed, supporting growth in the Southwest and positioning for further benefits.

Financial highlights

• Net interest income was $269 million, up 1% sequentially and 41% year-over-year, driven by higher loan yields and balances.

• Net interest margin (tax-equivalent) expanded to 3.80%, up 22 bps from the prior quarter and 76 bps year-over-year.

• Total non-interest income was $38.1 million, up 17% year-over-year.

• Non-interest expense rose to $201 million, up 33% year-over-year, mainly due to acquisition costs and higher compensation.

• Efficiency ratio improved to 63.05% from 65.49% a year ago.

Outlook and guidance

• Management remains comfortable with low to mid-single digit loan growth for 2026, expecting improvement in Q2 and Q3.

• Efficiency ratio target of 54%-55% (core operating) reaffirmed for Q4 2026.

• Net interest margin expected to reach 4% in the second half of 2026, with further lift possible but not expected to exceed significantly.

• Asset repricing momentum expected to continue through 2027, with $3 billion in loans repricing over the next 12 months.

• Management continues to monitor macroeconomic and geopolitical uncertainties, including inflation, interest rates, and global conflicts.