Glacier Bancorp, Inc.

Second-quarter net income was $97.9 million, up 19% from Q1 and 85% from Q2 last year. Diluted EPS was $0.75, up 19% sequentially and 67% year over year. Net interest income rose to $276 million, up 3% from Q1 and 33% from a year ago, and tax-equivalent NIM expanded to 3.9%, up 10 bps sequentially and 69 bps year over year. PPNR was $130.8 million, up 23% quarter over quarter and 53% year over year. Loans ended at $21.4 billion, up $330 million, and average deposits were $24.5 billion, up $112 million. The total cost of funding fell to 1.33%, core deposit cost was 1.18%, and the efficiency ratio improved to 56.21% from 63.05%. For the first half, net income was $180 million, EPS was $1.38, net interest income was $545 million, and the tax-equivalent NIM was 3.85%. Guidance: deposit costs are expected to stay stable if the Fed remains on hold; expense guidance stays at $187 million to $192 million per quarter; earning assets are expected to rise in Q3 and Q4; the company expects NIM to reach 4% early in Q4 2026 and to be north of 4% by year-end, with longer-term margin potential in a 4% to 4.5% range.

Randall Chesler framed the quarter as another period of strong operating momentum, emphasizing margin expansion, efficiency gains, and disciplined balance sheet growth. He said both the Southwest and Mountain West are performing well, and described the company’s community banking model as a solid foundation for the rest of 2026. He also said early customer movement from larger-bank acquisitions is appearing in some markets, which he views as favorable so far.

Byron Pollan said deposit costs were 1.18% at quarter-end, in line with the quarter average, and he expects them to remain stable unless the Fed changes course. He noted the company bought about $250 million of bonds in the quarter and expects to keep putting cash to work, with earning assets likely to rise in Q3 and Q4 now that FHLB paydowns are largely behind them. On margin, he said Glacier should reach 4% early in the fourth quarter and end 2026 above 4%, with Q2 accretion seen as a more normal level going forward. He also said capital is strong, will keep building with earnings, and management is evaluating all capital-return options.

Analysts focused on deposit costs, loan growth, margin upside, securities reinvestment, expense guidance, capital management, and M&A. Management said deposit costs should be stable, loan pipelines remain healthy with Q2/Q3 seasonality supporting growth, and the company has already started reinvesting in securities and expects earning assets to increase in coming quarters. On capital, management said capital is strong and growing, and while M&A remains a topic, they are keeping all options open rather than giving a specific action plan.