gbci-20211231
00008686712021FYfalse11http://www.glacierbancorp.com/20211231#PropertyPlantAndEquipmentAndLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://www.glacierbancorp.com/20211231#PropertyPlantAndEquipmentAndLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://www.glacierbancorp.com/20211231#PropertyPlantAndEquipmentAndLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://www.glacierbancorp.com/20211231#PropertyPlantAndEquipmentAndLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitieshttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitieshttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitieshttp://fasb.org/us-gaap/2021-01-31#OtherLiabilities5P3M00008686712021-01-012021-12-3100008686712021-06-30iso4217:USD00008686712022-01-31xbrli:shares00008686712021-12-3100008686712020-12-31iso4217:USDxbrli:shares00008686712020-01-012020-12-3100008686712019-01-012019-12-310000868671us-gaap:CommonStockMember2018-12-310000868671us-gaap:AdditionalPaidInCapitalMember2018-12-310000868671us-gaap:RetainedEarningsMember2018-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-3100008686712018-12-310000868671us-gaap:RetainedEarningsMember2019-01-012019-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000868671us-gaap:CommonStockMember2019-01-012019-12-310000868671us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000868671us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000868671srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000868671us-gaap:CommonStockMember2019-12-310000868671us-gaap:AdditionalPaidInCapitalMember2019-12-310000868671us-gaap:RetainedEarningsMember2019-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100008686712019-12-310000868671us-gaap:RetainedEarningsMember2020-01-012020-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000868671us-gaap:CommonStockMember2020-01-012020-12-310000868671us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000868671us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000868671srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000868671us-gaap:CommonStockMember2020-12-310000868671us-gaap:AdditionalPaidInCapitalMember2020-12-310000868671us-gaap:RetainedEarningsMember2020-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000868671us-gaap:RetainedEarningsMember2021-01-012021-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000868671us-gaap:CommonStockMember2021-01-012021-12-310000868671us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000868671us-gaap:CommonStockMember2021-12-310000868671us-gaap:AdditionalPaidInCapitalMember2021-12-310000868671us-gaap:RetainedEarningsMember2021-12-310000868671us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-31gbci:bankDivision0000868671srt:MinimumMember2021-01-012021-12-31gbci:quarter0000868671srt:MaximumMember2021-01-012021-12-31gbci:component0000868671us-gaap:BuildingMembersrt:MinimumMember2021-01-012021-12-310000868671us-gaap:BuildingMembersrt:MaximumMember2021-01-012021-12-310000868671us-gaap:FurnitureAndFixturesMembersrt:MinimumMember2021-01-012021-12-310000868671us-gaap:FurnitureAndFixturesMembersrt:MaximumMember2021-01-012021-12-31xbrli:puregbci:operatingSegmentgbci:reporting_unit0000868671us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000868671us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310000868671us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000868671us-gaap:CorporateBondSecuritiesMember2021-12-310000868671us-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000868671us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000868671us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000868671us-gaap:CorporateBondSecuritiesMember2020-12-310000868671us-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000868671us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-31gbci:security0000868671us-gaap:FinancialAssetPastDueMember2020-12-310000868671us-gaap:FinancialAssetPastDueMember2021-12-310000868671srt:StandardPoorsAAARatingMembersrt:MoodysAaaRatingMemberus-gaap:InternalInvestmentGradeMember2021-12-310000868671srt:StandardPoorsAAARatingMembersrt:MoodysAaaRatingMemberus-gaap:InternalInvestmentGradeMember2020-12-310000868671gbci:StandardPoorsAAAAOrAARatingsMembergbci:MoodysAa1Aa2OrAa3RatingsMemberus-gaap:InternalInvestmentGradeMember2021-12-310000868671gbci:StandardPoorsAAAAOrAARatingsMembergbci:MoodysAa1Aa2OrAa3RatingsMemberus-gaap:InternalInvestmentGradeMember2020-12-310000868671gbci:StandardPoorsAAOrARatingsMembergbci:MoodysA1A2OrA3RatingsMemberus-gaap:InternalInvestmentGradeMember2021-12-310000868671gbci:StandardPoorsAAOrARatingsMembergbci:MoodysA1A2OrA3RatingsMemberus-gaap:InternalInvestmentGradeMember2020-12-310000868671gbci:StandardPoorsNotRatedMemberus-gaap:InternalInvestmentGradeMembergbci:MoodysNotRatedMember2021-12-310000868671gbci:StandardPoorsNotRatedMemberus-gaap:InternalInvestmentGradeMembergbci:MoodysNotRatedMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMember2020-12-310000868671gbci:HomeEquityPortfolioSegmentMember2021-12-310000868671gbci:HomeEquityPortfolioSegmentMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2021-01-012021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-310000868671us-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-310000868671gbci:HomeEquityPortfolioSegmentMember2021-01-012021-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2019-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310000868671us-gaap:CommercialPortfolioSegmentMember2019-12-310000868671gbci:HomeEquityPortfolioSegmentMember2019-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2019-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-12-310000868671us-gaap:CommercialPortfolioSegmentMember2020-01-012020-12-310000868671gbci:HomeEquityPortfolioSegmentMember2020-01-012020-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2018-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2018-12-310000868671us-gaap:CommercialPortfolioSegmentMember2018-12-310000868671gbci:HomeEquityPortfolioSegmentMember2018-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2018-12-310000868671us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-12-310000868671us-gaap:CommercialPortfolioSegmentMember2019-01-012019-12-310000868671gbci:HomeEquityPortfolioSegmentMember2019-01-012019-12-310000868671us-gaap:ConsumerPortfolioSegmentMember2019-01-012019-12-310000868671gbci:AltabancorpMember2021-01-012021-12-310000868671gbci:StateBankOfArizonaMember2020-01-012020-12-310000868671us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000868671us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000868671gbci:HomeEquityPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310000868671us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000868671us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000868671us-gaap:FinancingReceivables60To89DaysPastDueMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310000868671us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000868671us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000868671gbci:HomeEquityPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310000868671us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310000868671gbci:HomeEquityPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310000868671us-gaap:FinancialAssetNotPastDueMember2021-12-310000868671us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000868671us-gaap:FinancialAssetNotPastDueMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310000868671us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000868671gbci:HomeEquityPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000868671us-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000868671us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000868671us-gaap:FinancingReceivables60To89DaysPastDueMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310000868671us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000868671gbci:HomeEquityPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310000868671gbci:HomeEquityPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2020-12-310000868671us-gaap:FinancialAssetNotPastDueMember2020-12-310000868671us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2020-12-310000868671us-gaap:FinancialAssetNotPastDueMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2020-12-310000868671gbci:BusinessAssetsMember2021-12-310000868671us-gaap:ResidentialPortfolioSegmentMembergbci:BusinessAssetsMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMembergbci:BusinessAssetsMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMembergbci:BusinessAssetsMember2021-12-310000868671gbci:HomeEquityPortfolioSegmentMembergbci:BusinessAssetsMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMembergbci:BusinessAssetsMember2021-12-310000868671us-gaap:ResidentialRealEstateMember2021-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310000868671us-gaap:ResidentialRealEstateMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000868671us-gaap:RealEstateMember2021-12-310000868671us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:RealEstateMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateMember2021-12-310000868671us-gaap:RealEstateMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateMember2021-12-310000868671gbci:OtherMember2021-12-310000868671us-gaap:ResidentialPortfolioSegmentMembergbci:OtherMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMembergbci:OtherMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMembergbci:OtherMember2021-12-310000868671gbci:HomeEquityPortfolioSegmentMembergbci:OtherMember2021-12-310000868671us-gaap:ConsumerPortfolioSegmentMembergbci:OtherMember2021-12-310000868671gbci:BusinessAssetsMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMembergbci:BusinessAssetsMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMembergbci:BusinessAssetsMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMembergbci:BusinessAssetsMember2020-12-310000868671gbci:HomeEquityPortfolioSegmentMembergbci:BusinessAssetsMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMembergbci:BusinessAssetsMember2020-12-310000868671us-gaap:ResidentialRealEstateMember2020-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310000868671us-gaap:ResidentialRealEstateMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671us-gaap:ResidentialRealEstateMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000868671us-gaap:RealEstateMember2020-12-310000868671us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:RealEstateMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateMember2020-12-310000868671us-gaap:RealEstateMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMemberus-gaap:RealEstateMember2020-12-310000868671gbci:OtherMember2020-12-310000868671us-gaap:ResidentialPortfolioSegmentMembergbci:OtherMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMembergbci:OtherMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMembergbci:OtherMember2020-12-310000868671gbci:HomeEquityPortfolioSegmentMembergbci:OtherMember2020-12-310000868671us-gaap:ConsumerPortfolioSegmentMembergbci:OtherMember2020-12-31gbci:Loan0000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310000868671us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310000868671us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2020-12-310000868671us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671gbci:NonperformingFinancialInstruments3089DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671gbci:NonperformingFinancialInstrumentsNonAccrualAnd90DaysOrMorePastDueMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310000868671us-gaap:PerformingFinancingReceivableMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671gbci:NonperformingFinancialInstruments3089DaysPastDueMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671gbci:NonperformingFinancialInstrumentsNonAccrualAnd90DaysOrMorePastDueMembergbci:HomeEquityPortfolioSegmentMember2021-12-310000868671us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000868671gbci:NonperformingFinancialInstruments3089DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000868671gbci:NonperformingFinancialInstrumentsNonAccrualAnd90DaysOrMorePastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310000868671us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671gbci:NonperformingFinancialInstruments3089DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671gbci:NonperformingFinancialInstrumentsNonAccrualAnd90DaysOrMorePastDueMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310000868671us-gaap:PerformingFinancingReceivableMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671gbci:NonperformingFinancialInstruments3089DaysPastDueMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671gbci:NonperformingFinancialInstrumentsNonAccrualAnd90DaysOrMorePastDueMembergbci:HomeEquityPortfolioSegmentMember2020-12-310000868671us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000868671gbci:NonperformingFinancialInstruments3089DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000868671gbci:NonperformingFinancialInstrumentsNonAccrualAnd90DaysOrMorePastDueMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310000868671us-gaap:LandMember2021-12-310000868671us-gaap:LandMember2020-12-310000868671us-gaap:BuildingMember2021-12-310000868671us-gaap:BuildingMember2020-12-310000868671us-gaap:FurnitureAndFixturesMember2021-12-310000868671us-gaap:FurnitureAndFixturesMember2020-12-310000868671us-gaap:BuildingImprovementsMember2021-12-310000868671us-gaap:BuildingImprovementsMember2020-12-310000868671us-gaap:CoreDepositsMember2021-12-310000868671us-gaap:CoreDepositsMember2020-12-310000868671us-gaap:CoreDepositsMember2019-12-310000868671us-gaap:CoreDepositsMember2021-01-012021-12-310000868671us-gaap:CoreDepositsMember2020-01-012020-12-310000868671us-gaap:CoreDepositsMember2019-01-012019-12-310000868671gbci:CertifiedDevelopmentEntitiesMember2021-01-012021-12-310000868671us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310000868671us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000868671us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310000868671us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:OtherNoncurrentAssetsMember2020-12-310000868671us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-01-012021-12-310000868671us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-12-310000868671us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-01-012019-12-310000868671us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310000868671us-gaap:MaturityOvernightMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000868671us-gaap:MaturityOvernightMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000868671us-gaap:MaturityOvernightMemberus-gaap:CorporateBondSecuritiesMember2021-12-310000868671us-gaap:MaturityOvernightMemberus-gaap:CorporateBondSecuritiesMember2020-12-310000868671us-gaap:MaturityOvernightMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:MaturityOvernightMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000868671us-gaap:MaturityOvernightMember2021-12-310000868671us-gaap:MaturityOvernightMember2020-12-310000868671gbci:FirstCompanyStatutoryTrust2001Membergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:FirstCompanyStatutoryTrust2001Membergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMembergbci:FirstCompanyStatutoryTrust2003Member2021-12-310000868671gbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMembergbci:FirstCompanyStatutoryTrust2003Member2021-01-012021-12-310000868671gbci:GlacierCapitalTrustIiMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:GlacierCapitalTrustIiMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:CitizensIdStatutoryTrustIMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:CitizensIdStatutoryTrustIMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:GlacierCapitalTrustIiiMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:GlacierCapitalTrustIiiMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:GlacierCapitalTrustIvMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:GlacierCapitalTrustIvMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:BankOfSanJuansBancorporationTrustIMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:BankOfSanJuansBancorporationTrustIMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMembergbci:FNBUTStatutoryTrustIMemberMember2021-12-310000868671gbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMembergbci:FNBUTStatutoryTrustIMemberMember2021-01-012021-12-310000868671gbci:FNBUTStatutoryTrustIIMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671gbci:FNBUTStatutoryTrustIIMembergbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-01-012021-12-310000868671gbci:JuniorSubordinatedDebentureOwedtoUnconsolidatedSubsidiaryTrustMember2021-12-310000868671us-gaap:InterestRateCapMember2020-03-310000868671us-gaap:InterestRateCapMember2020-03-012020-03-310000868671us-gaap:InterestRateCapMembersrt:MinimumMember2020-03-310000868671us-gaap:InterestRateCapMembersrt:MaximumMember2020-03-310000868671us-gaap:InterestRateCapMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-12-310000868671us-gaap:InterestRateCapMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-12-310000868671us-gaap:InterestRateCapMember2021-01-012021-12-310000868671us-gaap:InterestRateCapMember2020-01-012020-12-310000868671us-gaap:InterestRateSwapMember2019-09-300000868671us-gaap:InterestRateSwapMember2019-09-012019-09-300000868671us-gaap:InterestRateSwapMember2021-01-012021-12-310000868671us-gaap:InterestRateSwapMember2020-01-012020-12-310000868671us-gaap:InterestRateSwapMember2019-01-012019-12-310000868671us-gaap:InterestRateLockCommitmentsMember2021-12-310000868671us-gaap:InterestRateLockCommitmentsMember2020-12-310000868671us-gaap:InterestRateLockCommitmentsMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-12-310000868671us-gaap:InterestRateLockCommitmentsMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-12-310000868671us-gaap:ForwardContractsMember2021-12-310000868671us-gaap:ForwardContractsMember2020-12-310000868671us-gaap:ForwardContractsMemberus-gaap:OtherLiabilitiesMember2021-12-310000868671us-gaap:ForwardContractsMemberus-gaap:OtherLiabilitiesMember2020-12-310000868671gbci:GlacierBankMember2021-12-310000868671gbci:GlacierBankMember2020-12-310000868671us-gaap:RestrictedStockMember2021-01-012021-12-310000868671us-gaap:RestrictedStockMember2020-01-012020-12-310000868671us-gaap:RestrictedStockMember2019-01-012019-12-310000868671us-gaap:RestrictedStockMember2021-12-310000868671us-gaap:RestrictedStockMember2020-12-310000868671us-gaap:EmployeeStockOptionMember2021-01-012021-12-310000868671us-gaap:EmployeeStockOptionMember2020-01-012020-12-310000868671us-gaap:EmployeeStockOptionMember2019-01-012019-12-310000868671gbci:DefinedContributionPlanMember2021-01-012021-12-31gbci:yeargbci:hour0000868671gbci:DefinedContributionPlanMember2020-01-012020-12-310000868671gbci:DefinedContributionPlanMember2019-01-012019-12-310000868671gbci:DefinedContributionPlanMembergbci:EmployeeAgeUnder50Member2021-01-012021-12-310000868671gbci:EmployeeAge50andOverMembergbci:DefinedContributionPlanMember2021-01-012021-12-310000868671gbci:DeferredCompensationPlanMember2021-01-012021-12-310000868671gbci:DeferredCompensationPlanMember2021-12-310000868671gbci:DeferredCompensationPlanMember2020-12-310000868671gbci:DeferredCompensationPlanMember2020-01-012020-12-310000868671gbci:DeferredCompensationPlanMember2019-01-012019-12-310000868671gbci:DeferredCompensationPlanAcquiredMember2021-12-310000868671gbci:DeferredCompensationPlanAcquiredMember2020-12-310000868671gbci:DeferredCompensationPlanAcquiredMember2021-01-012021-12-310000868671gbci:DeferredCompensationPlanAcquiredMember2020-01-012020-12-310000868671gbci:DeferredCompensationPlanAcquiredMember2019-01-012019-12-310000868671gbci:SupplementalEmployeeRetirementPlansMember2021-12-310000868671gbci:SupplementalEmployeeRetirementPlansMember2020-12-310000868671gbci:SupplementalEmployeeRetirementPlansMember2021-01-012021-12-310000868671gbci:SupplementalEmployeeRetirementPlansMember2020-01-012020-12-310000868671gbci:SupplementalEmployeeRetirementPlansMember2019-01-012019-12-310000868671us-gaap:InternalRevenueServiceIRSMember2021-12-310000868671stpr:CO2021-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-12-310000868671gbci:AOCIAccumulatedGainLossDebtSecuritiesAvailableForSaleGainsAndTransfersIncludedInNetIncomeParentMember2021-01-012021-12-310000868671gbci:AOCIAccumulatedGainLossDebtSecuritiesAvailableForSaleAmortizationIncludedInNetIncomeParentMember2021-01-012021-12-310000868671us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000868671us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-12-310000868671srt:ParentCompanyMember2021-12-310000868671srt:ParentCompanyMember2020-12-310000868671srt:ParentCompanyMember2021-01-012021-12-310000868671srt:ParentCompanyMember2020-01-012020-12-310000868671srt:ParentCompanyMember2019-01-012019-12-310000868671srt:ParentCompanyMember2019-12-310000868671srt:ParentCompanyMember2018-12-3100008686712021-01-012021-03-3100008686712021-04-012021-06-3000008686712021-07-012021-09-3000008686712021-10-012021-12-3100008686712020-01-012020-03-3100008686712020-04-012020-06-3000008686712020-07-012020-09-3000008686712020-10-012020-12-310000868671gbci:LoansHeldForSaleMembergbci:GainLossonSaleofLoansMember2021-01-012021-12-310000868671gbci:LoansHeldForSaleMembergbci:GainLossonSaleofLoansMember2020-01-012020-12-310000868671gbci:LoansHeldForSaleMembergbci:GainLossonSaleofLoansMember2019-01-012019-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000868671us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000868671us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000868671us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateLockCommitmentsMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:InterestRateSwapMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2021-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000868671us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000868671us-gaap:InterestRateCapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateLockCommitmentsMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2020-12-310000868671us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMember2021-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2021-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2021-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2021-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMember2020-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2020-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2020-12-310000868671us-gaap:CostApproachValuationTechniqueMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2020-12-310000868671us-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMembergbci:CombinedApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Membergbci:CombinedApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membergbci:CombinedApproachValuationTechniqueMembersrt:MaximumMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberus-gaap:FairValueInputsLevel3Membergbci:CombinedApproachValuationTechniqueMembersrt:WeightedAverageMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergbci:CombinedApproachValuationTechniqueMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergbci:CombinedApproachValuationTechniqueMembersrt:MaximumMember2020-12-310000868671us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergbci:CombinedApproachValuationTechniqueMembersrt:WeightedAverageMember2020-12-310000868671us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000868671us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2021-12-310000868671us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000868671us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000868671us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000868671us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2020-12-310000868671us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000868671us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000868671gbci:CommitmenttoExtendCreditMember2021-12-310000868671gbci:CommitmenttoExtendCreditMember2020-12-310000868671gbci:LettersofCreditMember2021-12-310000868671gbci:LettersofCreditMember2020-12-310000868671gbci:AltabancorpMember2021-10-012021-10-010000868671gbci:StateBankOfArizonaMember2020-02-292020-02-290000868671gbci:AltabancorpMember2021-10-010000868671gbci:StateBankOfArizonaMember2020-02-290000868671gbci:CurrentYearAcquisitionsMember2021-01-012021-12-310000868671gbci:CurrentYearAcquisitionsMember2020-01-012020-12-310000868671gbci:StateBankOfArizonaMember2021-01-012021-12-310000868671gbci:PriorYearAcquisitionsMember2020-01-012020-12-310000868671gbci:PriorYearAcquisitionsMember2019-01-012019-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
________________________________________________________________________________________________________________________
FORM 10-K
________________________________________________________________________________________________________________________

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________             
Commission file number 000-18911
________________________________________________________________________________________________________________________
GLACIER BANCORP, INC.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________________________
Montana81-0519541
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
49 Commons LoopKalispell,Montana59901
(Address of principal executive offices)(Zip Code)
(406)756-4200
(Registrant’s telephone number, including area code)
________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGBCIThe New York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   ☒  Yes    ☐  No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    ☐  Yes    ☒  No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes    ☒  No
The aggregate market value of the voting common equity held by non-affiliates at June 30, 2021 (the last business day of the registrant’s most recently completed second fiscal quarter), was $5,284,860,234 (based on the average bid and asked price as quoted on the NASDAQ Global Select Market exchange as of the close of business on that date).
The number of shares of registrant’s common stock outstanding on January 31, 2022 was 110,689,189. No preferred shares are issued or outstanding.
Document Incorporated by Reference
Portions of the 2022 Annual Meeting Proxy Statement dated on or about March 15, 2022 are incorporated by reference into Parts I and III of this Form 10-K.



TABLE OF CONTENTS

 
  Page
PART I
Item 1
Item 1A
Item 1B
Item 2
Item 3
Item 4
PART II
Item 5
Item 6
Item 7
Item 7A
Item 8
Item 9
Item 9A
Item 9B
Item 9C
PART III
Item 10
Item 11
Item 12
Item 13
Item 14
PART IV
Item 15
Item 16
SIGNATURES




ABBREVIATIONS/ACRONYMS

 
ACL – allowance for credit losses
GAAP – accounting principles generally accepted in the
ALCO – Asset Liability Committee
United States of America
AMLA – Anti-Money Laundering Act of 2020
GDP - Gross domestic product
ARRC – Alternative Reference Rates Committee
Ginnie Mae – Government National Mortgage Association
ASC – Accounting Standards CodificationTM
GLBA – Gramm-Leach-Bliley Financial Services
ASU – Accounting Standards Update
Modernization Act of 1999
ATM – automated teller machine
Heritage – Heritage Bancorp and its subsidiary, Heritage Bank of Nevada
Bank – Glacier Bank
HTM - Held-to-maturity
Basel III – third installment of the Basel Accords
Interest rate locks – residential real estate derivatives for commitments
BHCA – Bank Holding Company Act of 1956, as amended
Interstate Act – Riegle-Neal Interstate Banking and Branching
Board – Glacier Bancorp, Inc.’s Board of Directors
Efficiency Act of 1994
bp or bps – basis point(s)
IRS – Internal Revenue Service
BSA – Bank Secrecy Act
KBW NASDAQ Regional Banking Index - KBW Regional
CARES Act - Coronavirus Aid, Relief, and Economic Security Act
Banking Index
CDE – Certified Development Entity
LIBOR – London Interbank Offered Rate
CDFI Fund – Community Development Financial Institutions Fund
LIHTC – Low-Income Housing Tax Credit
CEO – Chief Executive Officer
MT Division of Banking – Montana Department of Administration’s
CECL – current expected credit losses
Division of Banking and Financial Institutions
CFO – Chief Financial Officer
NII – net interest income
CFPB – Consumer Financial Protection Bureau
NMTC – New Markets Tax Credits
Collegiate – Columbine Capital Corp. and its subsidiary,
NOW – negotiable order of withdrawal
Collegiate Peaks Bank
NRSRO – Nationally Recognized Statistical Rating Organizations
Company – Glacier Bancorp, Inc.
NYSE - The New York Stock Exchange
COSO – Committee of Sponsoring Organizations of the
OCI – other comprehensive income
Treadway Commission
OREO – other real estate owned
COVID-19 – coronavirus disease of 2019
Patriot Act – Uniting and Strengthening America by Providing Appropriate
CRA – Community Reinvestment Act of 1977
Tools Required to Intercept and Obstruct Terrorism Act of 2001
DDA – demand deposit account
PCAOB – Public Company Accounting Oversight Board (United States)
DIF – federal Deposit Insurance Fund
PCD – purchased credit-deteriorated
Dodd-Frank Act – Dodd-Frank Wall Street Reform and
PPP – Paycheck Protection Program
Consumer Protection Act of 2010
Proxy Statement – the 2022 Annual Meeting Proxy Statement
EAP – Employee Assistance Program
Repurchase agreements – securities sold under agreements
EGRRC Act – Economic Growth, Regulatory Relief, and Consumer
to repurchase
Protection Act
ROU – right-of-use
ESG – Environmental, social and governance matters
S&P – Standard and Poor’s
Fannie Mae – Federal National Mortgage Association
SBA – United States Small Business Administration
FASB – Financial Accounting Standards Board
SBAZ – State Bank Corp. and its subsidiary, State Bank of Arizona
FDIC – Federal Deposit Insurance Corporation
SEC – United States Securities and Exchange Commission
FHLB – Federal Home Loan Bank
SERP – Supplemental Executive Retirement Plan
Final Rules – final rules implemented by the federal banking
SOFR – Secured Overnight Financing Rate
agencies that amended regulatory risk-based capital rules
SOX Act – Sarbanes-Oxley Act of 2002
FNB – FNB Bancorp and its subsidiary, The First National Bank
Tax Act – The Tax Cuts and Jobs Act
of Layton
TBA – to-be-announced
FRB – Federal Reserve Bank
TDR – troubled debt restructuring
Freddie Mac – Federal Home Loan Mortgage Corporation
VIE – variable interest entity
FSB – Inter-Mountain Bancorp., Inc., and its subsidiary,
First Security Bank




PART I
 
Item 1. Business

General
Glacier Bancorp, Inc., headquartered in Kalispell, Montana, is a Montana corporation incorporated in 2004 as a successor corporation to the Delaware corporation originally incorporated in 1990. The terms “Company,” "we," "us" and "our" mean Glacier Bancorp, Inc. and its subsidiaries, when appropriate. The Company is a publicly-traded company and its common stock trades on the New York Stock Exchange (“NYSE”) under the symbol GBCI. We provide a full range of banking services to individuals and businesses from 224 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada through our wholly-owned bank subsidiary, Glacier Bank (“Bank”). We offer a wide range of banking products and services, including: 1) retail banking; 2) business banking; 3) real estate, commercial, agriculture and consumer loans; and 4) mortgage origination and loan servicing. We serve individuals, small to medium-sized businesses, community organizations and public entities. For information regarding our lending, investment and funding activities, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The Company includes the parent holding company and the Bank. As of December 31, 2021, the Bank consists of seventeen bank divisions and a corporate division. The bank divisions operate under separate names, management teams and advisory directors and include the following:
Glacier Bank (Kalispell, Montana) with operations in Montana;
First Security Bank of Missoula (Missoula, Montana) with operations in Montana;
Valley Bank of Helena (Helena, Montana) with operations in Montana;
First Security Bank (Bozeman, Montana) with operations in Montana;
Western Security Bank (Billings, Montana) with operations in Montana;
First Bank of Montana (Lewistown, Montana) with operations in Montana;
Mountain West Bank (Coeur d’Alene, Idaho) with operations in Idaho and Washington;
Citizens Community Bank (Pocatello, Idaho) with operations in Idaho;
First Bank (Powell, Wyoming) with operations in Wyoming;
First State Bank (Wheatland, Wyoming) with operations in Wyoming;
North Cascades Bank (Chelan, Washington) with operations in Washington;
Bank of the San Juans (Durango, Colorado) with operations in Colorado;
Collegiate Peaks Bank (Buena Vista, Colorado) with operations in Colorado;
The Foothills Bank (Yuma, Arizona) with operations in Arizona;
First Community Bank Utah (Layton, Utah) with operations in Utah;
Heritage Bank of Nevada (Reno, NV) with operations in Nevada; and
Altabank (American Fork, UT) with operations in Utah and Idaho.

The corporate division includes the Bank’s investment portfolio and wholesale borrowings, and other centralized functions. We consider the Bank to be our sole operating segment.

The Bank has subsidiary interests in variable interest entities (“VIE”) for which the Bank has both the power to direct the VIE’s significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. These subsidiary interests are included in the Company’s consolidated financial statements. The Bank also has subsidiary interests in VIEs for which the Bank does not have a controlling financial interest and is not the primary beneficiary. These subsidiary interests are not included in the Company’s consolidated financial statements.

The parent holding company owns non-bank subsidiaries that have issued trust preferred securities which qualify as Tier 2 regulatory capital instruments. The trust subsidiaries are not included in our consolidated financial statements. Our investments in the trust subsidiaries are included in other assets on our statements of financial condition.

As of December 31, 2021, the Company and its subsidiaries were not engaged in any operations in foreign countries.

4


Recent Acquisitions
Our strategy is to profitably grow our business through internal growth and selective acquisitions. We continue to look for profitable expansion opportunities primarily in existing and new markets in the Rocky Mountain and Western states. We have completed the following acquisitions during the last five years:
(Dollars in thousands)DateTotal
Assets
Gross
Loans
Total
Deposits
Altabancorp and its wholly-owned subsidiary, Altabank
  collectively, "Alta")
October 1, 2021$4,131,662 1,902,321 3,273,819 
State Bank Corp. and its wholly-owned subsidiary, State Bank of
  Arizona (collectively, "SBAZ")
February 29, 2020745,420 451,702 603,289 
Heritage Bancorp and its wholly-owned subsidiary, Heritage Bank
  of Nevada (collectively, "Heritage")
July 31, 2019977,944 615,279 722,220 
FNB Bancorp and its wholly-owned subsidiary, The First National
  Bank of Layton (collectively, "FNB")
April 30, 2019379,155 245,485 274,646 
Inter-Mountain Bancorp., Inc. and its wholly-owned subsidiary,
    First Security Bank (collectively, “FSB”)
February 28, 20181,109,684 627,767 877,586 
Columbine Capital Corp., and its wholly-owned subsidiary,
  Collegiate Peaks Bank (collectively, “Collegiate”)
January 31, 2018551,198 354,252 437,171 
TFB Bancorp, Inc. and its subsidiary, The Foothills Bank
April 30, 2017385,839 292,529 296,760 

See Note 23 in the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data” for additional information regarding the 2021 and 2020 acquisitions.

Market Area and Competition
We have 224 locations, which consists of 188 branches and 36 loan or administration offices, in 75 counties within 8 states including Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada. The market area’s economic base primarily focuses on tourism, construction, mining, energy, manufacturing, agriculture, service industry, and health care. The tourism industry is highly influenced by national parks, ski resorts, significant lakes and rural scenic areas.

Commercial banking is a highly competitive business and operates in a rapidly changing environment. There are a large number of depository institutions including savings and loans, commercial banks, and credit unions in the markets in which we have locations. Competition is also increasing for deposit and lending services from internet-based competitors. Non-depository financial service institutions, primarily in the securities, insurance and retail industries, have also become competitors for retail savings, investment funds and lending activities. In addition to offering competitive interest rates, the principal methods used by the Bank to attract deposits include the offering of a variety of services including online banking, mobile banking and convenient office locations and business hours. The primary factors in competing for loans are interest rates and rate adjustment provisions, loan maturities, loan fees, relationships with customers and the quality of service.

The following table summarizes our number of locations, the number of counties we serve and the percentage of Federal Deposit Insurance Corporation (“FDIC”) insured deposits we have in those counties for each of the eight states we operate in. Percent of deposits are based on the FDIC summary of deposits survey as of June 30, 2021 and does not include any bank division acquired after such date.
Number of LocationsNumber of Counties ServedPercent of Deposits
Montana72 18 26.8 %
Idaho29 10 8.0 %
Utah39 0.1 %
Washington16 5.2 %
Wyoming19 10 14.4 %
Colorado26 13 1.7 %
Arizona16 0.7 %
Nevada5.6 %
Total224 75 


5


Human Capital
As of December 31, 2021, we employed 3,559 persons, 3,270 of whom were employed full time. No employees were represented by a collective bargaining group. We believe our employees are united by our commitment to serve our customers and communities and that our customers are best served by a staff of competent, caring employees who are customer oriented. Our employees are one of our most valuable assets. We consider our employee relations to be excellent.

We strive to provide a safe and gratifying workplace for our employees. We promote and support a work environment free from any form of harassment, discrimination, bullying, or retaliation, and we are committed to principles of equal employment opportunity and to taking affirmative steps to hire and advance qualified minorities, women, individuals with disabilities, and protected veterans. We also encourage employee growth and development in a variety of ways, including through formal and informal training, relationships with colleagues and internal mentors, and by making a variety of resources available.

The Company has established a Training Committee charged with creating company-wide training expectations for employees to encourage adherence to internal policies and procedures and compliance with the variety of laws and regulations applicable to our operations. We also strive to offer multidisciplinary educational opportunities for employees to improve their knowledge and skills for their current positions, as well as to create opportunities to advance within the organization. Other targeted development opportunities are available for group leaders and promising employees, such as tuition support for employees seeking additional degrees or certifications through our Tuition Reimbursement program.

Our employee’s overall health and well-being is a top priority. It is our goal for all employees to work hard and experience a high quality work life, but we also encourage employees to be active participants in our communities, and to enjoy quality time with their families and cultivate their independent interests. We have developed several programs to encourage a safe and healthy workplace, including:

GBCI Injury and Illness Prevention Program
Work-life Balance Employee Assistance Program (“EAP”)
WellSteps program offering assessments, goal setting tools, activities, incentives, and rewards
The appointment of Safety & Wellness Ambassadors
Quarterly Wellness Campaign
Workstation Ergonomics Assessments

Through our Injury and Illness Prevention Program, we have established protocols for minimizing work place injuries and incidents. Instilling safety as a standard of practice is facilitated by a Safety Committee at each of our banking divisions and by Safety & Wellness Ambassadors at each location.

We also believe employee retention is critical to our success, and we are proud of our track record when it comes to retaining employees, including many employees at institutions we acquire. Retention strategies are woven into all our compensation and retirement programs, and even our efforts at expansion. We provide our qualifying employees with a comprehensive benefit program, including health, dental and vision insurance, life and accident insurance, short- and long-term disability coverage, vacation and sick leave. In addition we offer a Profit Sharing and 401(k) Plan, stock-based compensation plan, deferred compensation plans, and a supplemental executive retirement plan for certain employees (“SERP”). For select management-level employees, we also offer our Short and Long-Term Incentive Plans, which are cash and equity-based compensation plans, respectively, that are designed to encourage achievement of short and long-term financial goals as our determined by the Company’s Board of Directors (the “Board”) from time to time, and to further retention through long-term vesting of certain awards earned. See Note 14 in the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data” for detailed information regarding employee benefit plans and eligibility requirements.

We have continued to adjust our operations as needed as the coronavirus disease of 2019 (“COVID-19”) has evolved and the federal, state and local response to the pandemic has changed. While most of our employees have returned to physical locations, we have continued to make work from home options available to those who are able to do their jobs remotely. In addition, we have continued to offer a special time off benefit to employees affected by the virus or exposure to the virus, and to make other adjustments to our benefit programs to address pandemic-related issues. Throughout the COVID-19 pandemic, we have remained focused on the health and safety of our associates, especially our associates that have been required to work in person, including by continuing to implement various safety protocols in our facilities consistent with local regulatory requirements and providing support to employees who have been affected by COVID-19.

Board of Directors and Committees
The Board has the ultimate authority and responsibility for overseeing risk management at the Company. Some aspects of risk oversight are fulfilled at the Board level, and the Board delegates other aspects of its risk oversight function to its committees. The Board has established, among others, an Audit Committee, a Compensation Committee, a Nominating/Corporate Governance Committee, a Compliance Committee, and a Risk Oversight Committee. Additional information regarding Board committees is set
6


forth under the heading “Meetings and Committees of the Board of Directors - Committees and Committee Membership” in the Company’s 2022 Annual Meeting Proxy Statement (“Proxy Statement”) and is incorporated herein by reference.

Website Access
Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through our website (www.glacierbancorp.com) as soon as reasonably practicable after we have filed the material with, or furnished it to, the United States Securities and Exchange Commission (“SEC”). Copies can also be obtained by accessing the SEC’s website (www.sec.gov).

Supervision and Regulation
We are subject to extensive regulation under federal and state laws. This section provides a general overview of the federal and state regulatory framework applicable to us. In general, this regulatory framework is designed to protect depositors, the federal Deposit Insurance Fund (“DIF”), and the federal and state banking system as a whole, rather than specifically for the protection of shareholders. Note that this section is not intended to summarize all laws and regulations applicable to us. Descriptions of statutory or regulatory provisions do not purport to be complete and are qualified by reference to those provisions.

These statutes and regulations, as well as related policies, continue to be subject to change by Congress, state legislatures, and federal and state regulators. Changes in statutes, regulations, or regulatory policies applicable to us (including their interpretation or implementation) cannot be predicted and could have a material effect on our business and operations. Numerous changes to the statutes, regulations, and regulatory policies applicable to us have been made or proposed in recent years. Continued efforts to monitor and comply with new regulatory requirements add to the complexity and cost of our business and operations.

The Company is subject to regulation and supervision by the Federal Reserve and the Montana Department of Administration’s Division of Banking and Financial Institutions (“MT Division of Banking”) and regulation generally by the State of Montana. The Company is also subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, which are both administered by the SEC. The Bank is subject to regulation and supervision by the FDIC, the MT Division of Banking, and, with respect to Bank branches outside of the State of Montana, the respective regulators in those states. In addition, we are subject to the direct supervision of the Consumer Financial Protection Bureau (“CFPB”) which is empowered to exercise broad rulemaking, supervision, and enforcement authority for a wide range of consumer protection laws.

Federal and State Bank Holding Company Regulation
General. The Company is a bank holding company under the Bank Holding Company Act of 1956, as amended (“BHCA”), due to its ownership of and control over the Bank. As a bank holding company, the Company is subject to regulation, supervision, and examination by the Federal Reserve. Further, because the Bank is a “regional banking organization” under Montana law, the Company (as a bank holding company of the Bank) is also subject to regulation, supervision and examination by the MT Division of Banking. In general, the BHCA limits the business of a bank holding company to owning or controlling banks and engaging in, or retaining or acquiring shares in a company engaged in, other activities closely related to the business of banking. In addition, the Company must also file reports with and provide additional information to the Federal Reserve.

Holding Company Bank Ownership. The BHCA requires every bank holding company to obtain the prior approval of the Federal Reserve before: 1) acquiring, directly or indirectly, ownership or control of any voting shares of another bank or bank holding company if, after such acquisition, it would own or control more than 5 percent of such shares; 2) acquiring all or substantially all of the assets of another bank or bank holding company; or 3) merging or consolidating with another bank holding company.

Holding Company Control of Non-banks. With some exceptions, the BHCA prohibits a bank holding company from acquiring or retaining direct or indirect ownership or control of more than 5 percent of the voting shares of any company that is not a bank or bank holding company, or from engaging directly or indirectly in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries. The principal exceptions to these prohibitions involve certain non-bank activities that, by federal statute, agency regulation, or order, have been identified as activities closely related to the business of banking or managing or controlling banks.

Transactions with Affiliates. Bank subsidiaries of a bank holding company are subject to restrictions imposed by the Federal Reserve Act on extensions of credit to the holding company or its subsidiaries, on investments in securities, and on the use of securities as collateral for loans to any borrower. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) further extended the definition of an “affiliate” and treats credit exposure arising from derivative transactions, securities lending, and borrowing transactions as covered transactions under the regulations. It also 1) expands the scope of covered transactions required to be collateralized; 2) requires collateral to be maintained at all times for covered transactions required to be collateralized; and 3) places limits on acceptable collateral. These regulations and restrictions may limit the Company’s ability to obtain funds from the Bank for its cash needs, including funds for payments of dividends, interest, and operational expenses.
7



Tying Arrangements. We are also prohibited from engaging in certain tie-in arrangements in connection with any extension of credit, sale or lease of property, or furnishing of services. For example, with certain exceptions, we may not condition an extension of credit to a customer on either 1) a requirement that the customer obtain additional services provided by us; or 2) an agreement by the customer to refrain from obtaining other services from a competitor.

Support of Bank Subsidiaries. Under Federal Reserve policy and the Dodd-Frank Act, the Company is required to act as a source of financial and managerial strength to the Bank. This means that the Company is required to commit, as necessary, capital and resources to support the Bank, including at times when the Company may not be in a financial position to provide such resources or when it may not be in the Company's or its shareholders' best interests to do so. Any capital loans a bank holding company makes to its bank subsidiaries are subordinate to deposits and to certain other indebtedness of the bank subsidiaries.

State Law Restrictions under Corporate Law. As a Montana corporation, the Company is subject to certain limitations and restrictions under applicable Montana corporate law. For example, Montana corporate law includes limitations and restrictions relating to indemnification of directors, distributions to shareholders, transactions involving directors, officers, or interested shareholders, maintenance of books, records, and minutes, and observance of certain corporate formalities.

Federal and State Regulation of the Bank
General. Deposits in the Bank are insured by the FDIC. The Bank is subject to primary supervision, periodic examination, and regulation of the FDIC and the MT Division of Banking. These agencies have the authority to prohibit the Bank from engaging in what they believe constitute unsafe or unsound banking practices. The federal laws that apply to the Bank regulate, among other things, the scope of its business, its investments, its reserves against deposits, the timing of the availability of deposited funds, and the nature and amount of and collateral for loans. Federal laws also regulate community reinvestment and insider credit transactions and impose safety and soundness standards. In addition to federal law and the laws of the State of Montana, with respect to the Bank's branches in Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada, the Bank is also subject to the various laws and regulations governing its activities in those states.

Consumer Protection. The Bank is subject to a variety of federal and state consumer protection laws and regulations that govern its relationships and interactions with consumers, including laws and regulations that impose certain disclosure requirements and that govern the manner in which the Bank takes deposits, makes and collects loans, and provides other services. In recent years, examination and enforcement by federal and state banking agencies for compliance with consumer protection laws and regulations have increased and become more intense. Failure to comply with these laws and regulations may subject the Bank to various penalties, including but not limited to enforcement actions, injunctions, fines, civil monetary penalties, criminal penalties, punitive damages, and the loss of certain contractual rights. The Bank has established a comprehensive compliance system to ensure consumer protection.

Community Reinvestment. The Community Reinvestment Act of 1977 (“CRA”) requires that, in connection with examinations of financial institutions within their jurisdictions, federal bank regulators evaluate the record of financial institutions in meeting the credit needs of their local communities, including low and moderate-income neighborhoods, consistent with the safe and sound operation of those institutions. A bank’s community reinvestment record is also considered by the applicable banking agencies in evaluating mergers, acquisitions, and applications to open a branch or facility. In some cases, a bank's failure to comply with the CRA, or CRA protests filed by interested parties during applicable comment periods, can result in the denial or delay of such transactions. The Bank received a “satisfactory” rating in its most recent CRA examination.

Insider Credit Transactions. Banks are subject to certain restrictions on extensions of credit to executive officers, directors, principal shareholders, and their related interests. These extensions of credit 1) must be made on substantially the same terms (including interest rates and collateral) and follow credit underwriting procedures that are at least as stringent as those prevailing at the time for comparable transactions with persons not related to the lending bank; and 2) must not involve more than the normal risk of repayment or present other unfavorable features. Banks are also subject to certain lending limits and restrictions on overdrafts to insiders. A violation of these restrictions may result in the assessment of substantial civil monetary penalties, regulatory enforcement actions, and other regulatory sanctions. The Dodd-Frank Act and federal regulations place additional restrictions on loans to insiders and generally prohibit loans to senior officers other than for certain specified purposes.

Regulation of Management. Federal law 1) sets forth circumstances under which officers or directors of a bank may be removed by the bank's federal supervisory agency; 2) as discussed above, places restraints on lending by a bank to its executive officers, directors, principal shareholders, and their related interests; and 3) generally prohibits management personnel of a bank from serving as directors or in other management positions of another financial institution whose assets exceed a specified amount or which has an office within a specified geographic area.

8


Safety and Soundness Standards. Certain non-capital safety and soundness standards are also imposed upon banks. These standards cover, among other things, internal controls, information systems and internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, compensation, fees and benefits, such other operational and managerial standards as the agency determines to be appropriate, and standards for asset quality, earnings, and stock valuation. In addition, each insured depository institution must implement a comprehensive written information security program that includes administrative, technical, and physical safeguards appropriate to the institution’s size and complexity and the nature and scope of its activities. The information security program must be designed to ensure the security and confidentiality of customer information, protect against any unanticipated threats or hazards to the security or integrity of such information, protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer, and ensure the proper disposal of customer and consumer information. An institution that fails to meet these standards may be required to submit a compliance plan, or be subject to regulatory sanctions, including restrictions on growth. The Bank has established comprehensive policies and risk management procedures to ensure the safety and soundness of the Bank.

Interstate Banking and Branching
The Dodd-Frank Act eliminated interstate branching restrictions that were implemented as part of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 ("Interstate Act"), and removed many restrictions on de novo interstate branching by state and federally chartered banks.  Federal regulators have authority to approve applications by such banks to establish de novo branches in states other than the bank's home state if the host state's banks could establish a branch at the same location. The Interstate Act requires regulators to consult with community organizations before permitting an interstate institution to close a branch in a low-income area. Federal bank regulations prohibit banks from using their interstate branches primarily for deposit production and federal bank regulatory agencies have implemented a loan-to-deposit ratio screen to ensure compliance with this prohibition.

Dividends
A principal source of the Company’s cash is from dividends received from the Bank, which are subject to regulation and limitation. As a general rule, regulatory authorities may prohibit banks and bank holding companies from paying dividends in a manner that would constitute an unsafe or unsound banking practice. For example, regulators have stated that paying dividends that deplete an institution's capital base to an inadequate level would be an unsafe and unsound banking practice and that an institution should generally pay dividends only out of current operating earnings. In addition, a bank may not pay cash dividends if that payment could reduce the amount of its capital below that necessary to meet minimum applicable regulatory capital requirements. Current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters. In certain circumstances, Montana law also places limits or restrictions on a bank’s ability to declare and pay dividends.

Rules adopted in accordance with the third installment of the Basel Accords (“Basel III”) also impose limitations on the Bank's ability to pay dividends. In general, these rules limit the Bank's ability to pay dividends unless the Bank's common equity conservation buffer exceeds the minimum required capital ratio by at least 2.5 percent of risk-weighted assets.

The Federal Reserve has also issued a policy statement on the payment of cash dividends by bank holding companies. In general, the policy statement expresses the view that although no specific regulations restrict dividend payments by bank holding companies other than state corporate laws, a bank holding company should not pay cash dividends unless the bank holding company’s earnings for the past year are sufficient to cover both the cash dividends and a prospective rate of earnings retention that is consistent with the bank holding company’s capital needs, asset quality, and overall financial condition. A bank holding company's ability to pay dividends may also be restricted if a subsidiary bank becomes undercapitalized. These various regulatory policies may affect our ability to pay dividends or otherwise engage in capital distributions.

The Dodd-Frank Act
General. The Dodd-Frank Act significantly changed the bank regulatory structure and has affected the lending, deposit, investment, trading, and operating activities of banks and bank holding companies. Some of the provisions of the Dodd-Frank Act that may impact our business and operations are summarized below.

Corporate Governance. The Dodd-Frank Act requires publicly traded companies to provide their shareholders with 1) a non-binding shareholder vote on executive compensation; 2) a non-binding shareholder vote on the frequency of such vote; 3) disclosure of “golden parachute” arrangements in connection with specified change in control transactions; and 4) a non-binding shareholder vote on golden parachute arrangements in connection with these change in control transactions. The SEC adopted a rule mandated by the Dodd-Frank Act that requires a public company to disclose the ratio of the compensation of its Chief Executive Officer (“CEO”) to the median compensation of its employees. This rule is intended to provide shareholders with information that they can use to evaluate a CEO’s compensation.

Prohibition Against Charter Conversions of Financial Institutions. The Dodd-Frank Act generally prohibits a depository institution from converting from a state to federal charter, or vice versa, while it is the subject to an enforcement action unless the depository
9


institution seeks prior approval from its primary regulator and complies with specified procedures to ensure compliance with the enforcement action.

Repeal of Demand Deposit Interest Prohibition. The Dodd-Frank Act repealed the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts.

Consumer Financial Protection Bureau. The Dodd-Frank Act established the CFPB and empowered it to exercise broad rulemaking, supervision, and enforcement authority for a wide range of consumer protection laws. The CFPB has issued and continues to issue numerous regulations under which we will continue to incur additional expense in connection with our ongoing compliance obligations. Significant recent CFPB developments that may affect operations and compliance costs include:
Positions taken by the CFPB on fair lending, including applying the disparate impact theory which could make it more difficult for lenders to charge different rates or to apply different terms to loans to different customers;
The CFPB's final rule amending Regulation C, which implements the Home Mortgage Disclosure Act, requiring most lenders to report expanded information in order for the CFPB to more effectively monitor fair lending concerns and other information shortcomings identified by the CFPB;
Positions taken by the CFPB regarding the Electronic Fund Transfer Act and Federal Reserve Regulation E, which require companies to obtain consumer authorizations before automatically debiting a consumer’s account for pre-authorized electronic funds transfers; and
Focused efforts on enforcing certain compliance obligations the CFPB deems a priority, such as overdraft fees, automobile and student loan servicing (including certain forbearance requirements related to the COVID-19 pandemic), debt collection, mortgage origination and servicing, remittances, and fair lending, among others.

Interchange Fees. Under the Durbin Amendment to the Dodd-Frank Act, the Federal Reserve adopted rules establishing standards for assessing whether the interchange fees that may be charged with respect to certain electronic transactions are "reasonable and proportional" to the costs incurred by issuers for processing such transactions. Notably, the Federal Reserve's rules set a maximum permissible interchange fee, among other requirements. Because our total consolidated assets exceeded $10 billion during the first quarter of 2018, we remain subject to the interchange fee cap beginning July 1, 2019.

Stress Testing
In May 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (“EGRRC Act”) was signed into law, rolling back certain provisions of the Dodd-Frank Act to provide regulatory relief to financial institutions. In relevant part, the EGRRC Act raised the applicability threshold for company-run stress testing required under the Dodd-Frank Act by exempting bank holding companies under $100 billion in total assets and raising the asset threshold for covered banks from $10 billion to $250 billion. In November of 2019, the FDIC adopted a final rule to implement these changes. As a result, we are not currently subject to the Dodd-Frank Act stress testing requirements.

Capital Adequacy
Banks and bank holding companies are subject to various regulatory capital requirements administered by state and federal regulatory agencies, which involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory guidelines. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting, and other factors. The capital requirements are intended to ensure that institutions have adequate capital given the risk levels of assets and off-balance sheet financial instruments and are applied separately to the Company and the Bank.

Federal regulations require insured depository institutions and bank holding companies to meet several minimum capital standards, including: 1) a common equity Tier 1 capital to risk-based assets ratio of 4.5 percent; 2) a Tier 1 capital to risk-based assets ratio of 6 percent; 3) a total capital to risk-based assets ratio of 8 percent; and 4) a 4 percent Tier 1 capital to total assets leverage ratio. These minimum capital requirements became effective in January 2015 and were the result of final rules implementing certain regulatory amendments based on the recommendation of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act ("Final Rules").

The Final Rules also require a capital conservation buffer designed to absorb losses during periods of economic stress. Failure to comply with this buffer requirement may result in constraints on capital distributions (e.g., dividends, equity repurchases, and certain bonus compensation for executive officers). The Final Rules change the risk-weights of certain assets for purposes of the risk-based capital ratios and phase out certain instruments as qualifying capital. For additional information regarding trust preferred securities and their impact to regulatory capital, see Note 12 to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data.”

The Final Rules also contain revisions to the prompt corrective action framework, which is designed to place restrictions on an insured depository institution if its capital levels begin to show signs of weakness. Under the prompt corrective action requirements, which
10


are designed to complement the capital conservation buffer, insured depository institutions are required to meet the following increased capital level requirements to qualify as “well capitalized”: 1) a Tier 1 common equity capital ratio of at least 6.5 percent; 2) a Tier 1 capital ratio of at least 8 percent; 3) a total capital ratio of at least 10 percent; 4) a Tier 1 leverage ratio of at least 5 percent; and 5) not be subject to any order or written directive requiring a specific capital level. The FDIC’s rules (as amended by the Final Rules) contain other capital classification categories, such as “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized,” each of which are based on differing capital ratios. Undercapitalized institutions are subject to certain mandatory restrictions, including on capital distributions and growth. Significantly undercapitalized and critically undercapitalized institutions are subject to additional restrictions. An institution may be downgraded to a category lower than indicated by its capital ratios if it is determined to be in an unsafe or unsound condition, or if the institution receives an unsatisfactory examination rating.

The application of the Final Rules may result in lower returns on invested capital, require the raising of additional capital or require regulatory action if the Bank were unable to comply with such requirements. In addition, management may be required to modify its business strategy due to the changes to the asset risk-weights for risk-based capital calculations and the requirement to meet the capital conservation buffers. The imposition of liquidity requirements in connection with these rules could also cause the Bank to increase its holdings of liquid assets, change its business strategy, and make other changes to the terms of its funding.

Regulatory Oversight and Examination
Inspections. The Federal Reserve conducts periodic inspections of bank holding companies. In general, the objectives of the Federal Reserve's inspection program are to ascertain whether the financial strength of a bank holding company is maintained on an ongoing basis and to determine the effects or consequences of transactions between a bank holding company or its non-banking subsidiaries and its bank subsidiaries. The inspection type and frequency typically varies depending on asset size, complexity of the organization, and the bank holding company’s rating at its last inspection.

Examinations. Banks are subject to periodic examinations by their primary regulators. In assessing a bank's condition, bank examinations have evolved from reliance on transaction testing to a risk-focused approach. These examinations are extensive and cover the entire breadth of the operations of a bank. Generally, safety and soundness examinations occur on an 18-month cycle for banks under $3 billion in total assets that are well capitalized and without regulatory issues, and 12-months otherwise. Examinations alternate between the federal and state bank regulatory agencies, and in some cases they may occur on a combined schedule. The frequency of consumer compliance and CRA examinations is linked to the size of the institution and its compliance and CRA ratings at its most recent examinations. However, the examination authority of the Federal Reserve and the FDIC allows them to examine supervised institutions as frequently as deemed necessary based on the condition of the institution or as a result of certain triggering events. Because our total consolidated assets exceed $10 billion, we are also subject to the direct supervision of the CFPB.

Commercial Real Estate Ratios. The federal banking regulators have also issued guidance reminding financial institutions to reexamine the existing regulations regarding concentrations in commercial real estate lending. The purpose of the guidance is to guide banks in developing risk management practices and capital levels commensurate with the level and nature of real estate concentrations. The banking regulators are directed to examine each bank’s exposure to commercial real estate loans that are dependent on cash flow from the real estate held as collateral and to focus their supervisory resources on institutions that may have significant commercial real estate loan concentration risk. The guidance provides that the strength of an institution’s lending and risk management practices with respect to such concentrations will be taken into account in evaluating capital adequacy and does not specifically limit a bank’s commercial real estate lending to a specified concentration level.

Corporate Governance and Accounting
The Sarbanes-Oxley Act of 2002 (“SOX Act”) addresses, among other things, corporate governance, auditing and accounting, enhanced and timely disclosure of corporate information, and penalties for non-compliance. Among other matters, the SOX Act 1) requires chief executive officers and chief financial officers to certify to the accuracy and completeness of periodic reports filed with the SEC and to certain matters relating to disclosure and accounting controls at public companies; 2) imposes specific and enhanced corporate disclosure requirements; 3) accelerates the time frame for reporting insider transactions and periodic disclosures by public companies; and 4) requires companies to adopt and disclose information about corporate governance practices. As a publicly reporting company with the SEC, the Company is subject to the requirements of the SOX Act and related rules and regulations issued by the SEC and the New York Stock Exchange (“NYSE.”)

Anti-Money Laundering and Anti-Terrorism
The Bank Secrecy Act (“BSA”) requires all financial institutions to establish a risk-based system of internal controls reasonably designed to prevent money laundering and the financing of terrorism. The BSA also sets forth various recordkeeping and reporting requirements (such as reporting suspicious activities that might signal criminal activity) and certain due diligence and "know your customer" documentation requirements.

11


The Anti-Money Laundering Act of 2020 (“AMLA”), which amends the BSA, was enacted in January 2021. The AMLA is intended to be a comprehensive reform and modernization to U.S. bank secrecy and anti-money laundering laws. Among other things, it codifies a risk-based approach to anti-money laundering compliance for financial institutions; requires the U.S. Department of the Treasury to promulgate priorities for anti-money laundering and countering the financing of terrorism policy; requires the development of standards for testing technology and internal processes for BSA compliance; expands enforcement- and investigation-related authority, including increasing available sanctions for certain BSA violations; and expands BSA whistleblower incentives and protections. Many of the statutory provisions in the AMLA will require additional rulemakings, reports and other measures, and the impact of the AMLA will depend on, among other things, rulemaking and implementation guidance. In June 2021, the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, issued the priorities for anti-money laundering and countering the financing of terrorism policy required under the AMLA. The priorities include: corruption, cybercrime, terrorist financing, fraud, transnational crime, drug trafficking, human trafficking and proliferation financing.

The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“Patriot Act”), intended to combat terrorism, was renewed with certain amendments in 2006. In relevant part, the Patriot Act 1) prohibits banks from providing correspondent accounts directly to foreign shell banks; 2) imposes due diligence requirements on banks opening or holding accounts for foreign financial institutions or wealthy foreign individuals; 3) requires financial institutions to establish an anti-money laundering compliance program; and 4) eliminates civil liability for persons who file suspicious activity reports. The Patriot Act also includes provisions providing the government with power to investigate terrorism, including expanded government access to bank account records. Regulators are directed to consider a bank holding company’s and a bank’s effectiveness in combating money laundering when reviewing and ruling on applications under the BHCA and the Bank Merger Act. We have established comprehensive compliance programs designed to comply with the requirements of the BSA and Patriot Act.

Financial Services Modernization
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 (“GLBA”) brought about significant changes to the laws affecting banks and bank holding companies. Generally, the GLBA 1) repeals historical restrictions on preventing banks from affiliating with securities firms; 2) provides a uniform framework for the activities of banks, savings institutions, and their holding companies; 3) broadens the activities that may be conducted by national banks and banking subsidiaries of bank holding companies; 4) provides an enhanced framework for protecting the privacy of consumer information and requires notification to consumers of bank privacy policies; and 5) addresses a variety of other legal and regulatory issues affecting both day-to-day operations and long-term activities of financial institutions. The Bank is subject to FDIC regulations implementing the privacy provisions of the GLBA. These regulations require a bank to disclose its privacy policy, including informing consumers of the bank's information sharing practices and their right to opt out of certain practices.

Deposit Insurance
FDIC Insured Deposits. The Bank's deposits are insured under the Federal Deposit Insurance Act, up to the maximum applicable limits and are subject to deposit insurance assessments by the FDIC, which are designed to tie what banks pay for deposit insurance to the risks they pose. The Dodd-Frank Act redefined the assessment base used for calculating deposit insurance assessments by requiring the FDIC to determine assessments based on the average consolidated total assets less average tangible equity capital of a financial institution. Under the FDIC’s assessment system for determining payments to the DIF, insured depository institutions with more than $10 billion in assets are assessed under a “scorecard” methodology that seeks to capture both the probability that such an institution will fail and the magnitude of the impact on the DIF if such a failure occurs. No institution may pay a dividend if it is in default on its federal deposit insurance assessment. The FDIC may also prohibit any insured institution from engaging in any activity determined by regulation or order to pose a serious risk to the DIF.

Safety and Soundness. The FDIC may terminate the deposit insurance of any insured depository institution if the FDIC determines after a hearing that the institution has engaged or is engaging in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, order, or any condition imposed by an agreement with the FDIC. Management is not aware of any existing circumstances that would result in termination of the Bank's deposit insurance.

Insurance of Deposit Accounts. The Dodd-Frank Act permanently increased FDIC deposit insurance from $100,000 to $250,000 per depositor. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

Recent and Proposed Legislation
The economic and political environment of the past several years has led to a number of proposed legislative, governmental, and regulatory initiatives that may significantly impact the banking industry. Other regulatory initiatives by federal and state government agencies may also significantly impact our business, including, as an example, the Biden administration’s July 2021 executive order encouraging more robust scrutiny of mergers and acquisitions and the related efforts of banking regulators to increase scrutiny of transactions. We cannot predict the ultimate impact of any such initiatives on our operations, competitive situation, financial conditions, or results of operations, or whether any other proposals will emerge. Recent history has demonstrated that new legislation or changes to existing laws or regulations typically result in a greater compliance burden (and therefore increase the general costs of
12


doing business), and the new administration under President Biden has demonstrated a general intent to regulate the financial services industry more strictly than the administration of his predecessor.

Effects of Federal Government Monetary Policy
The Company’s earnings and growth are affected not only by general economic conditions, but also by the fiscal and monetary policies of the federal government, particularly the Federal Reserve. The Federal Reserve implements national monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates. Through its open market operations in U.S. government securities, control of the discount rate applicable to borrowings, establishment of reserve requirements against certain deposits, and control of the interest rate applicable to excess reserve balances and reverse repurchase agreements, the Federal Reserve influences the availability and cost of money and credit and, ultimately, a range of economic variables including employment, output, and the prices of goods and services. Recently, the Federal Reserve has suggested that its focus will shift from policies supportive of economic growth, including the maintenance of historical low interest rates and other credit support, to policies that seek to address the rapid increase in inflation experienced in 2021. The nature and impact of future changes in monetary policies and their impact on us cannot be predicted with certainty.

Heightened Requirements for Large Bank Holding Companies and Banks
As mentioned above, the Dodd-Frank Act imposed heightened requirements on large bank holding companies and banks, and the EGRRC Act has rolled back certain provisions of the Dodd-Frank Act. In particular, the EGRRC Act increased the asset threshold for certain rules that previously applied to bank holding companies and banks with at least $10 billion in total consolidated assets. As a result of the EGRRC Act and follow-up rules, we are not currently subject to several of those heightened requirements (e.g., stress testing and a dedicated risk committee), but we will remain subject to other requirements of the Dodd-Frank Act left unaffected by the EGRRC Act, such as the requirement that we be examined, primarily by the CFPB, for compliance with federal consumer protection laws. We have established a comprehensive compliance system to ensure compliance with these rules.

Cybersecurity
In February 2018, the SEC published interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. These SEC guidelines, and any other regulatory guidance, are in addition to notification and disclosure requirements under state and federal banking law and regulations.

The federal banking regulators regularly issue new guidance and standards, and update existing guidance and standards, regarding cybersecurity intended to enhance cyber risk management among financial institutions. Financial institutions are expected to comply with such guidance and standards and to accordingly develop appropriate security controls and risk management processes. If we fail to observe such regulatory guidance or standards, we could be subject to various regulatory sanctions, including financial penalties.

Recently, in November 2021, the federal banking agencies adopted a Final Rule, with compliance required by May 1, 2022, that requires banking organizations to notify their primary banking regulator within 36 hours of determining that a “computer-security incident” has materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade, the banking organization’s ability to carry out banking operations or deliver banking products and services to a material portion of its customer base, its businesses and operations that would result in material loss, or its operations that would impact the stability of the United States.

State regulators have also been increasingly active in implementing privacy and cybersecurity standards and regulations. Several states have regulations requiring certain financial institutions to implement cybersecurity programs and many states, including Montana, have also implemented or recently modified their data breach notification, information security and data privacy requirements. We expect this trend of state-level activity in those areas to continue, and are continually monitoring developments in the states in which our customers are located.

Risks and exposures related to cybersecurity attacks, including litigation and enforcement risks, are expected to be elevated for the foreseeable future due to the rapidly evolving nature and sophistication of these threats, as well as due to the expanding use of internet banking, mobile banking and other technology-based products and services by us and our customers.

COVID-19 Legislation and Regulation
Governments at the federal, state, and local levels have taken significant steps over the last two years to address the impact of the COVID-19 pandemic. On March 27, 2020, the historic $2 trillion federal stimulus package known as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law, which included $350 billion in stimulus for small businesses under the so-called Paycheck Protection Program (“PPP”), along with direct stimulus payments for many eligible Americans. The initial amounts available under the PPP were quickly exhausted and Congress twice provided historic amounts of additional funding to PPP and to provide other programs in support of spending for hospitals, schools and local governments, for vaccination efforts and virus testing, and for other related purposes. The PPP ended in the second quarter of 2021, although we continue to receive and process applications for forgiveness and for those borrowers who remain eligible. The legislative and regulatory landscape surrounding the COVID-19 pandemic and the effects of legislative and regulatory initiatives on the economy, have been subject to rapid change, and
13


may continue to evolve, and neither the Company nor the Bank can predict with certainty the impact it will have on our results of operations or business.

Environmental, Social and Governance
Bank regulatory agencies and the SEC have shown increased interest in environmental, social and governance matters (often referred to as “ESG”) and expressed an intent to increase related regulatory oversight of companies efforts to address how ESG issues may affect their business. We believe that continued focus on environmental and social issues is consistent with our community banking model. We are continually seeking ways to improve our stewardship of the environment through recycling programs, resource conservation, empowered employees, construction evaluation, and more. Our Nominating/Corporate Governance Committee oversees the Company’s efforts in setting and maintaining high standards for corporate social responsibility and reviewing our performance in ESG matters. The Nominating/Corporate Governance Committee’s environmental and social duties include monitoring and assessing developments, trends and issues related to ESG, monitoring risks and overseeing Company solutions related to ESG, overseeing our reporting and disclosures related to ESG, overseeing and reviewing at least annually policies and programs related to ESG, overseeing our human capital management strategy, and evaluating our overall ESG performance and identifying areas for improvement. The Company’s Community and Social Responsibility Report describes our ESG performance and is located on the Company’s website (www.glacierbancorp.com) under the Governance Documents section.

Item 1A. Risk Factors

The following is a discussion of what we believe are the most significant risks and uncertainties that may affect our business, financial condition and future results of operations. These risks are not the only ones that we face. Other risks and uncertainties not currently known to us or currently believed to be material may harm our future business, financial condition, results of operations and prospects.

Economy and Our Markets

Economic conditions in the market areas the Bank serves may adversely impact its earnings and could increase the credit risk associated with its loan portfolio and the value of its investment portfolio.
Substantially all of the Bank’s loans are to businesses and individuals in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada, and a softening of the economies in these market areas could have a material adverse effect on our business, financial condition, results of operations and prospects. Any future deterioration in economic conditions in the markets the Bank serves could result in the following consequences, any of which could have an adverse impact, which could be material, on our business, financial condition, results of operations and prospects:
loan delinquencies may increase;
problem assets and foreclosures may increase;
collateral for loans made may decline in value, in turn reducing customers’ borrowing power and the Bank’s security;
certain securities within the investment portfolio could become other-than-temporarily impaired, requiring a write-down through earnings to fair value, thereby reducing equity;
low cost or non-interest bearing deposits may decrease; and
demand for loan and other products and services may decrease.

Competition in the Bank’s market areas may limit future success.
Commercial banking is a highly competitive business and a consolidating industry. The Bank competes with other commercial banks, credit unions, finance, insurance and other non-depository companies operating in its market areas. The Bank is subject to substantial competition for loans and deposits from other financial institutions. Some of its competitors are not subject to the same degree of regulation and restriction as the Bank while others have greater financial resources than the Bank. If the Bank is unable to effectively compete in its market areas, the Bank’s business, our results of operations and prospects could be adversely affected.

We may not be able to continue to grow organically or through acquisitions.
Historically, we have expanded through a combination of organic growth and acquisitions. If market and regulatory conditions change, we may be unable to grow organically or successfully compete for, complete, and integrate potential future acquisitions at the same pace as we have achieved in recent years, or at all. We have historically used our strong stock currency and capital resources to complete acquisitions. Downturns in the stock market and the market price of our stock, changes in our capital position, and changes in our regulatory standing could each have a negative impact on our ability to complete future acquisitions.

Growth through future acquisitions could, in some circumstances, adversely affect profitability or other performance measures.
In the past, we have been active in acquiring banks and bank holding companies, and we may in the future engage in selected acquisitions of additional financial institutions. There are risks associated with any such acquisitions that could adversely affect profitability and other performance measures. These risks include, among other things, incorrectly assessing the asset quality of a financial institution being acquired, discovering compliance or regulatory issues after the acquisition, encountering greater than anticipated cost and use of management time associated with integrating acquired businesses into our operations, and being unable to
14


profitably deploy funds acquired in an acquisition. We may not be able to continue to grow through acquisitions, and if we do, there is a risk of negative impacts of such acquisitions on our operating results and financial condition, which could be material.

Acquisitions may also cause business disruptions that cause the Bank to lose customers or cause customers to remove their accounts from the Bank and move to competing financial institutions. Further, acquisitions may also disrupt the Bank's ongoing businesses or create inconsistencies in standards, controls, procedures, and policies that adversely affect relationships with employees, clients, customers, and depositors. The loss of key employees during acquisitions may also adversely affect our business.

We anticipate that we might issue capital stock in connection with future acquisitions. Acquisitions and related issuances of stock may have a dilutive effect on earnings per share, book value per share, and the percentage ownership of current shareholders. In acquisitions involving the use of cash as consideration, there will be an impact on our capital position.

If goodwill recorded in connection with acquisitions becomes impaired, it could have an adverse impact on earnings and capital.
Accounting standards require us to account for acquisitions using the acquisition method of accounting. Under acquisition accounting, if the purchase price of an acquired company exceeds the fair value of its net assets, the excess is carried on the acquirer’s balance sheet as goodwill. In accordance with accounting principles generally accepted in the United States of America (“GAAP”), goodwill is not amortized but rather is evaluated for impairment on an annual basis or more frequently if events or circumstances indicate that a potential impairment exists. Our goodwill was not considered impaired as of December 31, 2021 and 2020; however, there can be no assurance that future evaluations of goodwill will not result in findings of impairment and write-downs, which could be material. Since we have $985 million in goodwill, representing 31 percent of our stockholders' equity, impairment of goodwill could have a material adverse effect on our business, financial condition and results of operations. Furthermore, even though it is a non-cash item, significant impairment of goodwill could subject us to regulatory limitations, including the ability to pay dividends on our common stock.

There can be no assurance we will be able to continue paying dividends on our common stock at recent levels.
We may not be able to continue paying quarterly dividends commensurate with recent levels given that our ability to pay dividends on our common stock depends on a variety of factors. The payment of dividends is subject to government regulation in that regulatory authorities may prohibit banks and bank holding companies from paying dividends that would constitute an unsafe or unsound banking practice. This is heavily based on our earnings and capital levels which currently are strong. Current guidance from the Federal Reserve provides, among other things, that dividends per share should not exceed earnings per share measured over the previous four fiscal quarters. In certain circumstances, Montana law also places limits or restrictions on a bank’s ability to declare and pay dividends. As a result, our future dividends will generally depend on the level of earnings at the Bank.

Credit and Asset Quality

The allowance for credit losses may not be adequate to cover actual loan losses, which could adversely affect earnings.
The Bank maintains an allowance for credit losses (“ACL” or “allowance”) in an amount that it believes is adequate to provide for losses in the loan portfolio. While the Bank strives to carefully manage and monitor credit quality and to identify loans that may become non-performing, at any time there are loans included in the portfolio that will result in losses, but that have not been identified as non-performing or potential problem loans. With respect to real estate loans and property taken in satisfaction of such loans (“other real estate owned” or “OREO”), the Bank can be required to recognize significant declines in the value of the underlying real estate collateral quite suddenly as values are updated through appraisals and evaluations (new or updated) performed in the normal course of monitoring the credit quality of the loans. There are many factors that can cause the value of real estate to decline, including declines in the general real estate market, changes in methodology applied by appraisers, and/or using a different appraiser than was used for the prior appraisal or evaluation. The Bank’s ability to recover on real estate loans by selling or disposing of the underlying real estate collateral is adversely impacted by declining values, which increases the likelihood the Bank will suffer losses on defaulted loans beyond the amounts provided for in the ACL. This, in turn, could require material increases in the Bank’s provision for credit losses and ACL. By closely monitoring credit quality, the Bank attempts to identify deteriorating loans before they become non-performing assets and adjust the ACL accordingly. However, because future events are uncertain, and if difficult economic conditions occur, there may be loans that deteriorate to a non-performing status in an accelerated time frame. As a result, future additions to the ACL may be necessary beyond the levels commensurate with any loan growth. Because the loan portfolio contains a number of loans with relatively large balances, the deterioration of one or a few of these loans may cause a significant increase in non-performing loans, requiring an increase to the ACL. Additionally, future significant additions to the ACL may be required based on changes in the mix of loans comprising the portfolio, changes in the financial condition of borrowers, which may result from changes in economic conditions, or changes in the assumptions used in determining the ACL. Additionally, federal and state banking regulators, as an integral part of their supervisory function, periodically review the Bank’s loan portfolio and the adequacy of the ACL. These regulatory authorities may require the Bank to recognize further provision for credit losses or charge-offs based upon their judgments, which may be different from the Bank’s judgments. Any increase in the ACL could have an adverse effect, which could be material, on our financial condition and results of operations.
15


The Bank’s loan portfolio mix increases the exposure to credit risks tied to deteriorating conditions.
The loan portfolio contains a high percentage of commercial, commercial real estate, real estate acquisition and development loans in relation to the total loans and total assets. These types of loans have historically been viewed as having more risk of default than residential real estate loans or certain other types of loans or investments. In fact, the FDIC has issued pronouncements alerting banks of its concern about banks with a heavy concentration of commercial real estate loans. These types of loans also typically are larger than residential real estate loans and other commercial loans. Because the Bank’s loan portfolio contains a significant number of commercial and commercial real estate loans with relatively large balances, the deterioration of one or more of these loans may cause a significant increase in non-performing loans. An increase in non-performing loans could result in a loss of earnings from these loans, an increase in the provision for credit losses, or an increase in charge-offs, which could have a material adverse impact on our results of operations and financial condition.

The Bank has a high concentration of loans secured by real estate, so any future deterioration in the real estate markets could require material increases in the ACL and adversely affect our financial condition and results of operations.
The Bank has a high degree of concentration in loans secured by real estate. Any future deterioration in the real estate markets could adversely impact borrowers’ ability to repay loans secured by real estate and the value of real estate collateral, thereby increasing the credit risk associated with the loan portfolio. The Bank’s ability to recover on these loans by selling or disposing of the underlying real estate collateral would be adversely impacted by any decline in real estate values, which increases the likelihood that the Bank will suffer losses on defaulted loans secured by real estate beyond the amounts provided for in the ACL. This, in turn, could require material increases in the ACL which would adversely affect our financial condition and results of operations.

Non-performing assets could increase, which could adversely affect our results of operations and financial condition.
The Bank may experience increases in non-performing assets in the future. Non-performing assets (which include OREO) adversely affect our financial condition and results of operations in various ways. The Bank does not record interest income on non-accrual loans or OREO, thereby adversely affecting its earnings. When the Bank takes collateral in foreclosures and similar proceedings, it is required to mark the related asset to the then fair value of the collateral, less estimated cost to sell, which may result in a charge-off of the value of the asset and lead the Bank to increase the provision for credit losses. An increase in the level of non-performing assets also increases the Bank’s risk profile and may impact the capital levels its regulators believe are appropriate in light of such risks. Further decreases in the value of these assets, or the underlying collateral, or in these borrowers’ performance or financial condition, whether or not due to economic and market conditions beyond the Bank’s control, could adversely affect our business, results of operations and financial condition, perhaps materially. In addition to the carrying costs to maintain OREO, the resolution of non-performing assets increases the Bank’s loan administration costs generally, and requires significant commitments of time from management and our directors, which reduces the time they have to focus on profitably growing our business.

A decline in the fair value of the Bank’s investment portfolio could adversely affect earnings and capital.
The fair value of the Bank’s debt securities could decline as a result of factors including changes in market interest rates, tax reform, credit quality and credit ratings, lack of market liquidity and other economic conditions. For debt securities in an unrealized loss position, the Company may be required to record an allowance for credit losses or write down the security depending on the type of security and the circumstances. Any such impairment charge would have an adverse effect, which could be material, on our results of operations and financial condition, including its capital.

While we believe that the terms of our debt securities have been kept relatively short, we are subject to elevated interest rate risk exposure if rates were to increase sharply. Further, debt securities present a different type of asset quality risk than the loan portfolio. While we believe a relatively conservative management approach has been applied to the investment portfolio, there is always potential loss exposure under changing economic conditions.

The Bank is subject to environmental liability risk associated with our lending activities.
A significant portion of our loan portfolio is secured by real estate, and we could become subject to environmental liabilities with respect to one or more of these properties. During the ordinary course of business, we may foreclose on and take title to properties securing defaulted loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous conditions or toxic substances are found on these properties, we may be liable for remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require us to incur substantial expenses to address unknown liabilities and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase our exposure to environmental liability. Although we have policies and procedures to perform an environmental review before initiating any foreclosure on nonresidential real property, these reviews may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on us.



16


We face competition from technologies used to support and enable banking and financial services.
Emerging technologies and advances and the growth of e-commerce have lowered geographic and monetary barriers of other financial institutions, made it easier for non-depository institutions to offer products and services that traditionally were banking products and allowed non-traditional financial service providers and technology companies to compete with traditional financial service companies in providing electronic and internet-based financial solutions and services, including electronic securities trading, marketplace lending, financial data aggregation and payment processing, including real-time payment platforms. Further, clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of our clients to do business with us.

Interest Rates, Operations and Risk Management

Fluctuating interest rates can adversely affect profitability.
The Bank’s profitability is dependent to a large extent upon net interest income, which is the difference (or “spread”) between the interest earned on loans, investment securities and other interest earning assets and interest paid on deposits, borrowings, and other interest bearing liabilities. Because of the differences in maturities and repricing characteristics of interest earning assets and interest bearing liabilities, changes in interest rates do not produce equivalent changes in interest income earned on interest earning assets and interest paid on interest bearing liabilities. Accordingly, fluctuations in interest rates could adversely affect the Bank’s interest rate spread, and, in turn, profitability. The Bank seeks to manage its interest rate risk within well-established policies and guidelines. Generally, the Bank seeks an asset and liability structure that insulates net interest income from large deviations attributable to changes in market rates. However, the Bank’s structures and practices to manage interest rate risk may not be effective in a highly volatile rate environment. While the federal funds target rate has been at or near historical lows as part of the fiscal response to the pandemic, the Federal Reserve may increase the federal funds target rate in the future.

We may be impacted by the retirement of London Interbank Offered Rate (“LIBOR”) as a reference rate.
In July 2017, the United Kingdom Financial Conduct Authority announced that LIBOR may no longer be published after 2021. LIBOR is used extensively in the U.S and globally as a “benchmark” or “reference rate” for various commercial and financial contracts. In response, the Alternative Reference Rates Committee (“ARRC”), made up of financial and capital market institutions, was convened to address the replacement of LIBOR in the U.S. The ARRC identified a potential successor to LIBOR in the Secured Overnight Financing Rate (“SOFR”) and crafted a plan to facilitate the transition. However, there are significant conceptual and technical differences between LIBOR and SOFR. The Financial Stability Oversight Committee has stated that the end or waning use of LIBOR has the potential to significantly disrupt trading in many important types of financial contracts.

At this time, no consensus exists as to what rate or rates may become acceptable alternatives to LIBOR and it is impossible to predict the effect of any such alternatives on the value of LIBOR-based securities and variable rate loans, subordinated debentures or other securities or financial arrangements. The replacement of LIBOR with one or more alternative rates may impact the availability and cost of hedging instruments and borrowings, including the rates we pay on our subordinated debentures and derivative financial instruments. If LIBOR rates are no longer available, and we are required to implement substitute indices for the calculation of interest rates under contracts or financial instruments to which we are a party, we may incur significant expenses in effecting the transition.

ICE Benchmark Administration (“IBA”), the authorized and regulated administrator of LIBOR, recently announced it would consult on its plans for discontinuation of LIBOR. IBA ended publication of some LIBOR tenors on December 31, 2021, and intends to end publication of the remaining LIBOR tenors in June 2023. Financial services regulators and industry groups have collaborated to develop alternate reference rate indices or reference rates. The transition to a new reference rate requires changes to contracts, risk and pricing models, valuation tools, systems, product design and hedging strategies.

Our business is subject to the risks of earthquakes, floods, fires, and other natural catastrophes.
With Bank branches located in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada, our business could be affected by a major natural catastrophe, such as a fire, flood, earthquake, or other natural disaster. The occurrence of any of these events may result in a prolonged interruption of our business, which could have a material adverse effect on our financial condition and operations.

Our future performance will depend on our ability to respond timely to technological change.
The financial services industry is experiencing rapid technological changes with frequent introductions of new technology-driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. Our future success will depend upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands for convenience, as well as create additional efficiencies in our operations. We may not be able to effectively implement new technology-driven products or services, or be successful in marketing these products and services. Additionally, the implementation of technological changes and upgrades to maintain current systems and integrate new ones may cause services interruptions, transaction processing errors and system conversion delays and may cause us to
17


fail to comply with applicable laws. There can be no assurance that we will be able to successfully manage the risks associated with increased dependency on technology.

A failure in or breach of the Bank’s operational or security systems, or those of the Bank’s third party service providers, including as a result of cyber attacks, could disrupt business, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase costs and cause losses.
In the normal course of its business, the Bank collects, processes and retains sensitive and confidential customer and consumer information. Despite the security measures we have in place, our facilities may be vulnerable to cyber-attacks, security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming or human errors, and other similar events.

Information security risks for financial institutions such as the Bank have increased recently in part because of new technologies, the use of the Internet and telecommunications technologies, including mobile devices, to conduct financial and other business transactions and the increased sophistication and activities of organized crime, perpetrators of fraud, hackers, terrorists and others. In addition to cyber attacks or other security breaches involving the theft of sensitive and confidential information, hackers have engaged in attacks against financial institutions designed to disrupt key business services such as customer-facing web sites. We are not able to anticipate or implement effective preventative measures against all security breaches of these types. Although the Bank employs detection and response mechanisms designed to contain and mitigate security incidents, early detection may be thwarted by sophisticated attacks and malware designed to avoid detection, which continue to evolve.

Additionally, the Bank faces the risk of operational disruption, failure, termination or capacity constraints of any of the third parties that facilitate its business activities, including exchanges, clearing agents, clearing houses or other financial intermediaries. Such parties could also be the source of an attack on, or breach of, the Bank’s operational systems.

Any failures, interruptions or security breaches in the Bank’s information systems could damage its reputation, result in a loss of customer business, result in a violation of privacy or other laws, or expose us to civil litigation, regulatory fines or losses not covered by insurance.

We have various anti-takeover measures that could impede a takeover.
Our articles of incorporation include certain provisions that could make it more difficult to acquire us by means of a tender offer, a proxy contest, merger or otherwise. These provisions include a requirement that any “Business Combination” (as defined in the articles of incorporation) be approved by at least 80 percent of the voting power of the then outstanding shares, unless it is either approved by our Board or certain price and procedural requirements are satisfied. In addition, the authorization of preferred stock, which is intended primarily as a financing tool and not as a defensive measure against takeovers, may potentially be used by management to make more difficult uninvited attempts to acquire control of us. These provisions may have the effect of lengthening the time required to acquire control of us through a tender offer, proxy contest or otherwise, and may deter any potentially unfriendly offers or other efforts to obtain control of us. This could deprive our shareholders of opportunities to realize a premium for their common stock in the Company, even in circumstances where such action is favored by a majority of our shareholders.

Regulatory Matters

We operate in a highly regulated environment and changes or increases in, or supervisory enforcement of, banking or other laws and regulations or governmental fiscal or monetary policies could adversely affect us.
We are subject to extensive regulation, supervision and examination by federal and state banking regulators. In addition, as a publicly-traded company, we are subject to regulation by the SEC. Any change in applicable regulations or federal, state or local legislation or in policies or interpretations or regulatory approaches to compliance and enforcement, income tax laws and accounting principles could have a substantial impact on us and our operations. Changes in laws and regulations may also increase expenses by imposing additional fees or taxes or restrictions on operations. Additional legislation and regulations that could significantly affect powers, authority and operations may be enacted or adopted in the future, which could have a material adverse effect on our financial condition and results of operations. Failure to appropriately comply with any such laws, regulations or principles could result in sanctions by regulatory agencies or damage to our reputation, all of which could adversely affect our business, financial condition or results of operations.

Regulators have significant discretion and authority to prevent or remedy unsafe or unsound practices or violations of laws or regulations by financial institutions and bank holding companies in the performance of their supervisory and enforcement duties. Existing and proposed federal and state laws and regulations restrict, limit and govern all aspects of our activities and may affect our ability to expand our business over time, may result in an increase in our compliance costs, and may affect our ability to attract and retain qualified executive officers and employees. The exercise of regulatory authority may have a negative impact on our financial condition and results of operations, including limiting the types of financial services and products we may offer or increasing the ability of non-banks to offer competing financial services and products. Additionally, our business is affected significantly by the fiscal and monetary policies of the federal government and its agencies, including the Federal Reserve.

18


We cannot accurately predict the full effects of recent legislation or the various other governmental, regulatory, monetary and fiscal initiatives which have been and may be enacted on the financial markets and on us. The terms and costs of these activities, or the failure of these actions to help stabilize the financial markets, asset prices, market liquidity and a continuation or worsening of current financial market and economic conditions could materially and adversely affect our business, financial condition, results of operations, and the trading price of our common stock.

General Risk Factors

National and international economic and geopolitical conditions could adversely affect our future results of operations or market price of our stock.
Our business is impacted by factors such as economic, political and market conditions, broad trends in industry and finance, changes in government monetary and fiscal policies, inflation, and financial market volatility, all of which are beyond our control. National and global economies are constantly in flux, as evidenced by recent market volatility resulting from, among other things, disruptions in the global supply chain, the effects of inflation, and the ever-changing landscape of the energy and medical industries. Future economic conditions cannot be predicted, and any renewed deterioration in the economies of the nation as a whole or in our markets could have an adverse effect, which could be material, on our business, financial condition, results of operations and prospects, and could cause the market price of our stock to decline.

Our business is heavily dependent on the services of members of the senior management team.
We believe our success to date has been substantially dependent on our executive management team. In addition, our unique model relies upon the Presidents of our separate Bank divisions, particularly in light of our decentralized management structure in which such Bank divisions have significant local decision-making authority. The unexpected loss of any of these persons could have an adverse effect on our business and future growth prospects.

We could suffer operational, reputational and financial harm if we fail to properly anticipate and manage risk.
We use models and strategies to forecast losses, project revenue, measure and assess capital requirements for credit, market, operational and strategic risks, and assess and control our operations and financial condition. These models require oversight, ongoing monitoring, and periodic reassessment. Models are subject to inherent limitations due to the use of historical trends and simplifying assumptions, uncertainty regarding economic and financial outcomes, and emerging risks from the use of applications that may rely on artificial intelligence. Our models and strategies may not be adequate due to limited historical data and shocks caused by extreme or unanticipated market changes, especially during severe market downturns or stress events. Regardless of the steps we take to ensure effective controls, governance, monitoring and testing, and implement new risk management tools, we could suffer operational, reputational and financial harm if our models and strategies and other risk management tools fail to properly anticipate and manage current and evolving risks.

Changes in accounting standards could materially impact our financial statements.
Periodically, the Financial Accounting Standards Board (“FASB”) and the SEC change the financial accounting and reporting standards that govern the preparation of our financial statements. These changes can materially impact how we record and report our financial condition and results of operations. For information regarding the impact of recently issued accounting standards, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The continuing effects of the COVID-19 pandemic could adversely affect our results of operations and/or the market price of our stock.
The COVID-19 pandemic continues to evolve, as do federal, state and local efforts to address it. Both the direct effects of the pandemic and of the resulting U.S. and state level governmental responses were and are of an unprecedented scope. The ongoing efforts and impact of the government in mitigating the health and economic effects of the pandemic cannot currently be predicted, whether on our business or on the economy as a whole. The pandemic and programs adopted to combat the effects of the pandemic have resulted in increasing volatility in international and U.S. markets, which could adversely affect the market price of our stock and stocks in general. The Company believes it continues to be well positioned to mitigate the potential financial impact of the COVID-19 pandemic with a strong liquidity and capital position, and the various measures we have implemented to manage through the pandemic, including efforts to proactively react to, and work with customers to assess, customer needs and provide funding, flexible repayment options or modifications as necessary, and increased monitoring of credit quality and portfolio risk for industries determined to have elevated risk characteristics. Nonetheless, any future deterioration in economic conditions in the markets the Bank serves as a consequence of the pandemic, or a failure of the economy to recover from pandemic related disruptions as quickly as anticipated, could have a material adverse effect on our business, financial condition, results of operations and prospects.

Climate change may materially adversely affect the Company's business and results of operations.
Concerns over the long-term effects of climate change have led governmental efforts around the world to mitigate those impacts. Consumers and businesses also may voluntarily change their behavior as a result of these concerns. The Company and its customers will need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change concerns. The Company and its customers may face cost increases, asset value reductions and operating process changes. The impact
19


on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon-intensive activities. Among the impacts to the Company could be a drop in demand for our products and services, particularly in certain sectors. In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans. The Company’s efforts to take these risks into account in making lending and other decisions, including by increasing our business with climate-friendly companies, may not be effective in protecting the Company from the negative impact of new laws and regulations or changes in consumer or business behavior.

Item 1B. Unresolved Staff Comments

None

Item 2. Properties

The following schedule provides information on the Company’s 224 properties as of December 31, 2021:
 
(Dollars in thousands)Properties
Leased
Properties
Owned
Net Book
Value
Montana11 61 $115,288 
Utah33 60,800 
Idaho23 39,157 
Colorado21 30,734 
Wyoming15 16,486 
Arizona10 15,491 
Nevada10,871 
Washington10 5,122 
Total45 179 $293,949 

We believe that all of our facilities are well maintained, generally adequate and suitable for the current operations of our business, as well as fully utilized. In the normal course of business, new locations and facility upgrades occur as needed.

For additional information regarding the Company’s premises and equipment and lease obligations, see Note 4 to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data.”

Item 3. Legal Proceedings

The Company is involved in various claims, legal actions and complaints which arise in the ordinary course of business. In our opinion, all such matters are adequately covered by insurance, are without merit or are of such kind, or involve such amounts, that unfavorable disposition would not have a material adverse effect on our financial condition or results of operations.

Item 4. Mine Safety Disclosures

Not Applicable
20


PART II
 
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities

The Company’s stock trades on the New York Stock Exchange (“NYSE”) under the symbol: GBCI. Prior to the fourth quarter of 2021, the Company was traded on the NASDAQ Global Select Market under the same symbol. As of December 31, 2021, there were approximately 1,909 shareholders of record for the Company’s common stock. The closing price per share of common stock on December 31, 2021, the last trading day, was $56.70. Future cash dividends will depend on a variety of factors, including earnings, capital, asset quality, general economic conditions and regulatory considerations. Information regarding the regulatory considerations is set forth under the heading “Supervision and Regulation” in “Item 1. Business.”

Issuer Stock Purchases
The Company made no stock repurchases during 2021.

Stock Performance Graph
The following graph compares the yearly cumulative total return of the Company’s common stock over a five-year measurement period with the yearly cumulative total return on the stocks included in 1) the Russell 2000 Index; and 2) the KBW NASDAQ Regional Banking Index (“KBW Regional Banking Index”). Total return includes appreciation in market value of the stock as well as the actual cash and stock dividends paid to shareholders. The graph assumes that the value of the each investment was $100 on December 31, 2016 and that all dividends were reinvested.

https://cdn.kscope.io/01a1e039bf94c10f9d4ffbfbc303e0d6-gbci-20211231_g1.jpg

Period Ending
12/31/1612/31/1712/31/1812/31/1912/31/2012/31/21
Glacier Bancorp, Inc.100.00 113.20 116.68 140.11 145.48 183.96 
Russell 2000 Index100.00 114.65 102.02 128.06 153.62 176.39 
KBW Regional Banking Index100.00 101.75 83.95 103.94 94.89 129.65 
Item 6. [Reserved]

21


Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is intended to provide a more comprehensive review of the Company’s operating results and financial condition than can be obtained from reading the Consolidated Financial Statements alone. The discussion is expected to provide investors an enhanced view of the Company from managements’ perspective. The information includes material information relevant to the Company’s financial condition and results of operations, material events and uncertainties that are reasonably likely to cause reported information not to be indicative of future operating results or future financial condition, and material financial and statistical information that the Company believes will enhance the investors’ understanding of the Company and its financial results. The discussion should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in “Item 8. Financial Statements and Supplementary Data.”


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are 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 (express or implied) or other expectations in the forward-looking statements, including those factors set forth under “Risk Factors” and in other sections in this Annual Report on Form 10-K, or the documents incorporated by reference:
the risks associated with lending and potential adverse changes on the credit quality of loans in the Company’s portfolio;
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin and overall profitability;
legislative or regulatory changes, such as the those signaled by the Biden Administration, as well as increased banking and consumer protection regulation that adversely affect the Company’s business;
ability to complete pending or prospective future acquisitions;
costs or difficulties related to the completion and integration of acquisitions;
the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;
reduced demand for banking products and services;
the reputation of banks and the financial services industry could deteriorate, which could adversely affect the Company's ability to obtain and maintain customers;
competition among financial institutions in the Company's markets may increase significantly;
the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;
the projected business and profitability of an expansion or the opening of a new branch could be lower than expected;
consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
dependence on the Chief Executive Officer (“CEO”), the senior management team and the Presidents of Glacier Bank (the “Bank”) divisions;
material failure, potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures;
natural disasters, including fires, floods, earthquakes, and other unexpected events;
the Company’s success in managing risks involved in the foregoing; and
the effects of any reputational damage to the Company resulting from any of the foregoing.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in “Item 1A. Risk Factors.” Please take into account that forward-looking statements speak only as of the date of this Annual Report on Form 10-K (or documents incorporated by reference, if applicable). Given the described uncertainties and risks, the Company cannot guarantee its future performance or results of operations and you should not place undue reliance on these forward-looking statements. The Company does not undertake any obligation to publicly correct, revise, 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, except as may be required under federal securities laws.

22



FIVE YEAR SELECTED FINANCIAL DATA

Non-GAAP Financial Measures
In addition to the results presented in accordance with GAAP, this Annual Report on Form 10-K contains certain non-GAAP financial measures in the selected financial data below. The Company believes that providing these non-GAAP financial measures provides investors with information useful in understanding and comparing the Company’s financial performance, performance trends, and financial position. While the Company uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be considered an alternative to measurements required by GAAP. The following table provides a reconciliation of certain GAAP financial measures to non-GAAP financial measures.
 Year ended December 31, 2017
(Dollars in thousands, except per share data)GAAPTax Act AdjustmentNon-GAAP
Federal and state income tax expense$64,625 (19,699)44,926 
Net income$116,377 19,699 136,076 
Basic earnings per share$1.50 0.25 1.75 
Diluted earnings per share$1.50 0.25 1.75 
Return on average assets1.20 %0.21 %1.41 %
Return on average equity9.80 %1.66 %11.46 %
Dividend payout ratio76.00 %(10.86 %)65.14 %
Effective income tax rate35.70 %(10.88 %)24.82 %

The reconciling item between the GAAP and non-GAAP financial measures was due to the one-time tax expense of $19.7 million during the year ended December 31, 2017. The one-time tax expense was driven by The Tax Cuts and Jobs Act (“Tax Act”) and the change in the federal marginal corporate income tax rate from 35 percent to 21 percent for 2018 and future years, which resulted in the revaluation of its deferred tax assets and deferred tax liabilities (“net deferred tax asset”). The Company believes the financial results are more comparable excluding the impact of the revaluation of the net deferred tax asset.

Basic earnings per share is calculated by dividing net income by average outstanding shares and diluted earnings per share is calculated by dividing net income by diluted average outstanding shares. The one-time tax expense of $19.7 million was included in determining income for both the GAAP basic earnings per share and the GAAP diluted earnings per share. Conversely, the one-time tax expense of $19.7 million was excluded in determining income for both the non-GAAP basic earnings per share and the non-GAAP diluted earnings per share. Average outstanding shares of 77,537,664 was used in the GAAP and non-GAAP basic earnings per share for the year ended December 31, 2017. Diluted average outstanding shares of 77,607,605 was used in the GAAP and non-GAAP diluted earnings per share for the year ended December 31, 2017.

The return on average assets ratio is calculated by dividing net income by average assets and the return on average equity ratio is calculated by dividing net income by average equity. The one-time tax expense of $19.7 million was included in determining income for both the GAAP return on average assets and the GAAP return on average equity. Conversely, the one-time tax expense of $19.7 million was excluded in determining income for both the non-GAAP return on average assets and the non-GAAP return on average equity. Average assets of $9.678 billion was used in the GAAP and non-GAAP return on average assets ratios for the year ended December 31, 2017. Average equity of $1.188 billion was used in the GAAP and non-GAAP return on average equity ratios for the year ended December 31, 2017.

The dividend payout ratio is calculated by dividing dividends declared per share by basic earnings per share. The non-GAAP dividend payout ratio uses the non-GAAP basic earnings per share for calculating the ratio.

The effective income tax rate is calculated by dividing federal and state income tax expense by income before income taxes. The non-GAAP effective income tax rate uses the non-GAAP federal and state income tax expense of $44.9 million for calculating the rate.
23


Selected Financial Data
The selected financial data of the Company is derived from the Company’s historical audited financial statements and related notes. The information set forth below should be read in conjunction with “Item 8. Financial Statements and Supplementary Data” contained elsewhere in this Annual Report on Form 10-K.
 December 31,Compounded Annual
Growth Rate
(Dollars in thousands, except per share data)202120202019201820171-Year5-Year
Selected Statements of Financial Condition Information
Total assets$25,940,645 $18,504,206 $13,683,999 $12,115,484 $9,706,349 40.2 %21.7 %
Debt securities10,370,013 5,527,650 2,799,863 2,869,578 2,426,556 87.6 %33.7 %
Loans receivable, net13,259,366 10,964,453 9,388,320 8,156,310 6,448,256 20.9 %15.5 %
Allowance for credit losses(172,665)(158,243)(124,490)(131,239)(129,568)9.1 %5.9 %
Goodwill and intangibles1,037,652 569,522 519,704 338,828 191,995 82.2 %40.1 %
Deposits21,337,249 14,797,529 10,776,457 9,493,767 7,579,747 44.2 %23.0 %
Federal Home Loan Bank advances— — 38,611 440,175 353,995 — %(100.0)%
Securities sold under agreements to repurchase and other borrowed funds
1,064,888 1,037,651 598,644 410,859 370,797 2.6 %23.5 %
Stockholders’ equity3,177,622 2,307,041 1,960,733 1,515,854 1,199,057 37.7 %21.5 %
Equity per share28.71 24.18 21.25 17.93 15.37 18.7 %13.3 %
Equity as a percentage of total assets12.3 %12.5 %14.3 %12.5 %12.4 %(1.8)%(0.2)%

 Years ended December 31,Compounded Annual
Growth Rate
(Dollars in thousands, except per share data)202120202019201820171-Year5-Year
Summary Statements of Operations
Interest income$681,074 $627,064 $546,177 $468,996 $375,022 8.6 %12.7 %
Interest expense18,558 27,315 42,773 35,531 29,864 (32.1)%(9.1)%
Net interest income662,516 599,749 503,404 433,465 345,158 10.5 %13.9 %
Provision for credit losses23,076 39,765 57 9,953 10,824 (42.0)%16.3 %
Non-interest income144,820 172,867 130,774 118,824 112,239 (16.2)%5.2 %
Non-interest expense434,822 404,811 374,927 320,127 265,571 7.4 %10.4 %
Income before income taxes349,438 328,040 259,194 222,209 181,002 6.5 %14.1 %
Federal and state income tax expense 1
64,681 61,640 48,650 40,331 44,926 4.9 %7.6 %
Net income 1
$284,757 $266,400 $210,544 $181,878 $136,076 6.9 %15.9 %
Basic earnings per share 1
$2.87 $2.81 $2.39 $2.18 $1.75 2.1 %10.4 %
Diluted earnings per share 1
$2.86 $2.81 $2.38 $2.17 $1.75 1.8 %10.3 %
Dividends declared per share$1.37 $1.33 $1.31 $1.31 $1.14 3.0 %3.7 %
24


 At or for the Years ended December 31,
(Dollars in thousands)20212020201920182017
Selected Ratios and Other Data
Return on average assets 1
1.33 %1.62 %1.64 %1.59 %1.41 %
Return on average equity 1
11.08 %12.15 %12.01 %12.56 %11.46 %
Dividend payout ratio 1
47.74 %47.33 %54.81 %60.09 %65.14 %
Average equity to average asset ratio11.99 %13.35 %13.69 %12.67 %12.27 %
Total capital (to risk-weighted assets)
14.21 %14.63 %14.95 %14.70 %15.64 %
Tier 1 capital (to risk-weighted assets)
12.49 %12.42 %13.76 %13.37 %14.39 %
Common Equity Tier 1 (to risk-weighted assets)
12.49 %12.42 %12.58 %12.10 %12.81 %
Tier 1 capital (to average assets)
8.64 %9.12 %11.65 %11.35 %11.90 %
Net interest margin on average earning assets (tax-equivalent)
3.42 %4.09 %4.39 %4.21 %4.12 %
Efficiency ratio 2
51.35 %49.97 %57.78 %54.73 %53.94 %
Allowance for credit losses as a percent of loans
1.29 %1.42 %1.31 %1.58 %1.97 %
Allowance for credit losses as a percent of nonperforming loans
255 %470 %385 %266 %255 %
Non-performing assets as a percentage of subsidiary assets
0.26 %0.19 %0.27 %0.47 %0.68 %
Non-performing assets$67,691 35,433 37,437 56,750 65,179 
Loans originated and acquired$8,551,419 7,934,881 4,607,536 4,301,678 3,629,493 
Number of full time equivalent employees
3,436 2,970 2,826 2,623 2,278 
Number of locations224 193 181 167 145 
______________________________
1 Excludes a one-time revaluation of the deferred tax assets and deferred tax liabilities as a result of the Tax Act for the year ended December 31, 2017. For additional information on the revaluation, see the “Non-GAAP Financial Measures” discussion.
2 Non-interest expense before OREO expenses, core deposit intangibles amortization, goodwill impairment charges, and non-recurring expense items as a percentage of tax-equivalent net interest income and non-interest income, excluding gains or losses on sale of investments, OREO income, and non-recurring income items.


25


MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2021 COMPARED TO DECEMBER 31, 2020

Highlights and Overview
The Company continued to diligently work through the COVID-19 pandemic during the year, meeting both customers’ and employees’ on-going needs. The Company continued providing Small Business Association (“SBA”) Paycheck Protection Program (“PPP”) funding to its customers during the first half of 2021 with a total of $555 million in originated PPP loans. The majority of the PPP loans were forgiven by the end of 2021, with only $169 million remaining as of December 31, 2021. In addition, the credit quality of the loan portfolio has remained strong during the year with our customers showing signs of economic strength. The Company continued to take measures to protect the health and safety of the employees and customers and remained flexible with the ever changing environment.

During 2021, the Company acquired all the outstanding stock of Altabancorp, the holding company for Altabank (“Alta”) , a community bank based in American Fork, Utah with total assets of $4.132 billion. Alta provides banking services to individuals and businesses primarily in the state of Utah with twenty-five locations from Preston, Idaho south to St. George, Utah. Upon closing of the transaction, Alta became the seventeenth division of the Company and significantly enhanced the Company’s presence in Utah. Alta is the largest community bank in Utah and was the largest acquisition in the Company’s history. See Note 23 in the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data” for additional information regarding this acquisition.

The Company ended the year at $25.941 billion in assets, which was a 40 percent increase over the prior year and was driven primarily by the 2021 acquisition of Alta along with increases from the debt securities purchased as a result of excess liquidity. Organic loan growth, excluding PPP loans, was $1.160 billion, or 11 percent, during 2021 with the majority of the growth in the second half of the year. The Company experienced another great year in core deposit growth which organically increased $3.278 billion, or 22 percent, with non-interest bearing deposits increasing $1.123 billion, or 21 percent, during the year.

Tangible stockholders’ equity increased $402 million, or $1.12 per share, as a result of earnings retention and Company stock issued in connection with the acquisition of Alta in 2021. The Company increased its total regular quarterly dividends declared from $1.18 per share during 2020 to $1.27 per share in 2021. During the fourth quarter of 2021, the Company transferred the listing of its common stock to the New York Stock Exchange from the NASDAQ Global Select Market.

The Company had record net income for the year of $285 million, which was an increase of $18.4 million, or 7 percent, over the prior year net income of $266 million. Diluted earnings per share for the year was $2.86, an increase of 2 percent, from the 2020 diluted earnings per share of $2.81. The improvement in net income for 2021 was due to recent acquisitions, organic growth, the significant increase in debt security interest income. This record in net income was achieved even with the decrease in gain on sale of loans from the record highs in 2020, the continuing pressure from the low interest rate environment, and increasing business costs. The Company's net interest margin for 2021 was 3.42 percent, a 67 basis points decrease from the net interest margin of 4.09 percent from 2020 which was primarily driven by the low rate environment and the shift in the earning asset mix from higher yielding loans to lower yielding debt securities.

Looking forward, the Company’s future performance will depend on many factors including economic conditions in the markets the Company serves, interest rate changes, increasing competition for deposits and loans, loan quality and growth, the impact and successful integration of acquisitions, and managing regulatory requirements.




26


Financial Highlights
 At or for the Years ended
(Dollars in thousands, except per share and market data)December 31,
2021
December 31,
2020
Operating results
Net income
$284,757 266,400 
Basic earnings per share
$2.87 2.81 
Diluted earnings per share
$2.86 2.81 
Dividends declared per share$1.37 1.33 
Market value per share
Closing$56.70 46.01 
High$67.35 47.05 
Low$44.55 26.66 
Selected ratios and other data
Number of common stock shares outstanding110,687,533 95,426,364 
Average outstanding shares - basic99,313,255 94,883,864 
Average outstanding shares - diluted99,398,250 94,932,353 
Return on average assets (annualized)
1.33 %1.62 %
Return on average equity (annualized)
11.08 %12.15 %
Efficiency ratio51.35 %49.97 %
Dividend payout ratio
47.74 %47.33 %
Loan to deposit ratio63.24 %76.29 %
Number of full time equivalent employees3,436 2,970 
Number of locations224 193 
Number of ATMs273 250 

Recent Acquisitions
The Company completed the following acquisitions during the last two years:
Altabancorp and its wholly-owned subsidiary, Altabank; and
State Bank Corp. and its wholly-owned subsidiary, State Bank of Arizona (“SBAZ”).

The business combinations were accounted for using the acquisition method with the results of operations included in the Company’s consolidated financial statements as of the acquisition dates. For additional information regarding acquisitions, see Note 23 to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data.” The following table discloses the preliminary fair value of selected classifications of assets and liabilities acquired:

(Dollars in thousands)Alta October 1, 2021SBAZ
February 29, 2020
Total assets$4,131,662 $745,420 
Cash and cash equivalents1,622,727 57,434 
Debt securities6,658 142,174 
Loans receivable1,902,321 451,702 
Non-interest bearing deposits1,201,464 141,620 
Interest bearing deposits2,072,355 461,669 
Borrowings
— 10,904 

27


Financial Condition Analysis

Assets
The following table summarizes the Company’s assets as of the dates indicated: 
(Dollars in thousands)December 31, 2021December 31, 2020$ Change% Change
Cash and cash equivalents$437,686 $633,142 $(195,456)(31 %)
Debt securities, available-for-sale9,170,849 5,337,814 3,833,035 72 %
Debt securities, held-to-maturity1,199,164 189,836 1,009,328 532 %
Total debt securities10,370,013 5,527,650 4,842,363 88 %
Loans receivable
Residential real estate1,051,883 802,508 249,375 31 %
Commercial real estate8,630,831 6,315,895 2,314,936 37 %
Other commercial2,664,190 3,054,817 (390,627)(13 %)
Home equity736,288 636,405 99,883 16 %
Other consumer348,839 313,071 35,768 11 %
Loans receivable13,432,031 11,122,696 2,309,335 21 %
Allowance for credit losses(172,665)(158,243)(14,422)%
Loans receivable, net13,259,366 10,964,453 2,294,913 21 %
Other assets1,873,580 1,378,961 494,619 36 %
Total assets$25,940,645 $18,504,206 $7,436,439 40 %

Excluding the $1.623 billion of cash received from the Alta acquisition that was invested in 2021, total debt securities at December 31, 2021 increased $3.220 billion, or 58 percent, from the prior year end. The Company continues to selectively purchase debt securities with excess liquidity from the increase in core deposits and SBA forgiveness of PPP loans. Debt securities represented 40 percent of total assets at December 31, 2021 compared to 30 percent of total assets at December 31, 2020.

The loan portfolio of $13.432 billion at December 31, 2021 increased $2.309 billion, or 21 percent, from the prior year end. Excluding the PPP loans and loans from the Alta acquisition, the loan portfolio increased $1.160 billion, or 11 percent, from the prior year end with the largest increase in commercial real estate loans which increased $912 million, or 14 percent.


28


Liabilities
The following table summarizes the Company’s liabilities as of the dates indicated:
(Dollars in thousands)December 31, 2021December 31, 2020$ Change% Change
Deposits
Non-interest bearing deposits$7,779,288 $5,454,539 $2,324,749 43 %
NOW and DDA accounts5,301,832 3,698,559 1,603,273 43 %
Savings accounts3,180,046 2,000,174 1,179,872 59 %
Money market deposit accounts4,014,128 2,627,336 1,386,792 53 %
Certificate accounts1,036,077 978,779 57,298 %
Core deposits, total21,311,371 14,759,387 6,551,984 44 %
Wholesale deposits25,878 38,142 (12,264)(32 %)
Deposits, total21,337,249 14,797,529 6,539,720 44 %
Securities sold under agreements to repurchase1,020,794 1,004,583 16,211 %
Federal Home Loan Bank advances— — — — %
Other borrowed funds44,094 33,068 11,026 33 %
Subordinated debentures132,620 139,959 (7,339)(5 %)
Other liabilities228,266 222,026 6,240 %
Total liabilities$22,763,023 $16,197,165 $6,565,858 41 %

Excluding the Alta acquisition, core deposits increased $3.278 billion, or 22 percent, from the prior year end. Non-interest bearing deposits of $7.779 billion as of December 31, 2021 organically increased $1.123 billion, or 21 percent, from the prior year end. The unprecedented increase in deposits over the prior two years resulted from a number of factors including the PPP loan proceeds deposited by customers, federal stimulus deposits and increases in customer savings. Non-interest bearing deposits were 37 percent of total core deposits at December 31, 2021 compared to 37 percent at December 31, 2020.

The low levels of borrowings, including wholesale deposits and Federal Home Loan Bank (“FHLB”) advances, reflected the significant increase in core deposits which funded the asset growth.

Stockholders’ Equity
The following table summarizes the stockholders’ equity balances as of the dates indicated: 
(Dollars in thousands, except per share data)December 31, 2021December 31, 2020$ Change% Change
Common equity$3,150,263 $2,163,951 $986,312 46 %
Accumulated other comprehensive income
27,359 143,090 (115,731)(81 %)
Total stockholders’ equity3,177,622 2,307,041 870,581 38 %
Goodwill and core deposit intangible, net
(1,037,652)(569,522)(468,130)82 %
Tangible stockholders’ equity$2,139,970 $1,737,519 $402,451 23 %
Stockholders’ equity to total assets12.25 %12.47 %(2 %)
Tangible stockholders’ equity to total tangible assets
8.59 %9.69 %(11 %)
Book value per common share$28.71 $24.18 $4.53 19 %
Tangible book value per common share$19.33 $18.21 $1.12 %

Tangible stockholders’ equity of $2.140 billion at December 31, 2021 increased $402 million, or 23 percent, from the prior year, which was the result of $840 million of Company common stock issued for the acquisition of Alta and earnings retention. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the Alta acquisition and a decrease in other comprehensive income. Tangible book value per common share of $19.33 at December 31, 2021 increased $1.12 per share, or 6 percent, from a year ago.
29


Results of Operations
In this section, the Company’s results of operations are discussed for the year ended December 31, 2021 compared to the year ended December 31, 2020. For a discussion of the year ended December 31, 2020 compared to the year ended December 31, 2019, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Income Summary
The following table summarizes income for the time periods indicated:
 Years ended$ Change% Change
(Dollars in thousands)December 31,
2021
December 31,
2020
Net interest income
Interest income$681,074 $627,064 $54,010 %
Interest expense18,558 27,315 (8,757)(32 %)
Total net interest income662,516 599,749 62,767 10 %
Non-interest income
Service charges and other fees
59,317 52,503 6,814 13 %
Miscellaneous loan fees and charges12,038 7,344 4,694 64 %
Gain on sale of loans63,063 99,450 (36,387)(37 %)
(Loss) gain on sale of investments(638)1,139 (1,777)(156 %)
Other income11,040 12,431 (1,391)(11 %)
Total non-interest income144,820 172,867 (28,047)(16 %)
Total income$807,336 $772,616 $34,720 %
Net interest margin (tax-equivalent)3.42 %4.09 %

Net Interest Income
Net-interest income of $663 million for 2021 increased $62.8 million, or 10 percent, over the same period in 2020 and included a $25.6 million increase from the acquisition of Alta. Interest income of $681 million for 2021 increased $54.0 million, or 9 percent, from the prior year and was primarily attributable to a $26.9 million increase from the Altabank division and a $22.5 million increase in interest income on debt securities. Interest income on debt securities increased $22.5 million, or 23 percent, over the prior year which resulted from the increased volume of debt securities. Interest expense of $18.6 million during 2021 decreased $8.8 million, or 32 percent over the prior year primarily as a result of a decrease in the cost of deposits. The total funding cost (including non-interest bearing deposits) for 2021 was 10 basis points, which decreased 9 basis points compared to 19 basis points in 2020.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during 2021 was 3.42 percent, a 67 basis points decrease from the net interest margin of 4.09 percent for the same period in the prior year. The core net interest margin, excluding 4 basis points of discount accretion, 2 basis point of non-accrual interest and 12 basis points increase from the PPP loans, was 3.24 percent which was an 81 basis point decrease from the core margin of 4.05 percent in the prior year. Although the Company was successful in reducing the total cost of funding, it was not enough to outpace the lower yields on core loans and debt securities driven by the current interest rate environment and the shift in the earning asset mix to lower yielding debt securities.

Non-interest Income
Non-interest income of $145 million for 2021 decreased $28.0 million, or 16 percent, over the same period last year. Gain on the sale of loans of $63.1 million for 2021 decreased $36.4 million, or 37 percent, compared to the same period last year which was the result of the anticipated slowing of purchase and refinance activity after the historically high levels in the prior year. Service charges and other fees of $59.3 million for 2021 increased $6.8 million, or 13 percent, from the prior year as a result of additional fees from increased customer accounts and transaction activity and the acquisition of Alta. Miscellaneous loan fees and charges of $12.0 million increased $4.7 million, or 64 percent, driven by increases in loan servicing income and credit card interchange fees due to increased activity. Other income of $11.0 million decreased $1.4 million, or 11 percent, from the prior year.

30


Non-interest Expense
The following table summarizes non-interest expense for the periods indicated:
 Years ended$ Change% Change
(Dollars in thousands)December 31,
2021
December 31,
2020
Compensation and employee benefits$270,644 $253,047 $17,597 %
Occupancy and equipment39,394 37,673 1,721 %
Advertising and promotions11,949 10,201 1,748 17 %
Data processing23,470 21,132 2,338 11 %
Other real estate owned and foreclosed assets236 923 (687)(74 %)
Regulatory assessments and insurance
8,249 4,656 3,593 77 %
Core deposit intangibles amortization10,271 10,370 (99)(1 %)
Other expenses70,609 66,809 3,800 %
Total non-interest expense$434,822 $404,811 $30,011 %

Total non-interest expense of $435 million for 2021 increased $30.0 million, or 7 percent, over the prior year same period. Excluding the Alta bank division and acquisition-related expenses, non-interest expense increased $11.0 million, or 3 percent, over the prior year. Included in the current year was $9.8 million of acquisition-related expenses and $17.0 million of expenses from the Alta bank division. Compensation and employee benefits for 2021 increased $17.6 million, or 7 percent, from last year due to the increased number of employees from acquisitions and organic growth. Advertising and promotions for 2021 increased $1.7 million, or 17 percent, from the prior year. Data processing expense increased $2.3 million, or 11 percent, from the prior year primarily from the acquisition of Alta. Regulatory assessment and insurance for 2021 increased $3.6 million from the prior year as a result of organic growth, the State of Montana waiving the first semi-annual regulatory assessment of 2020 and Small Bank assessment credits applied by the FDIC in the first quarter of 2020. Other expenses of $70.6 million increased $3.8 million, or 6 percent, from the prior year. Current year other expenses included acquisition-related expenses of $9.8 million compared to $7.8 million in the prior year.

Provision for Credit Losses
The following table summarizes the provision for credit losses on the loan portfolio, net charge-offs and select ratios relating to the provision for credit losses on loans for the previous eight quarters:
(Dollars in thousands)Provision
for Credit Losses on Loans
Net Charge-Offs
(Recoveries)
ACL
as a Percent
of Loans
Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
Non-Performing
Assets to
Total Sub-sidiary Assets
Fourth quarter 2021$19,301 $616 1.29 %0.38 %0.26 %
Third quarter 20212,313 152 1.36 %0.23 %0.24 %
Second quarter 2021(5,723)(725)1.35 %0.11 %0.26 %
First quarter 2021489 2,286 1.39 %0.40 %0.19 %
Fourth quarter 2020(1,528)4,781 1.42 %0.20 %0.19 %
Third quarter 20202,869 826