• Glacier Bancorp, Inc. Announces Results For The Quarter And Period Ended March 31, 2024

    Источник: Nasdaq GlobeNewswire / 18 апр 2024 15:48:13   America/Chicago

    1st Quarter 2024 Highlights:

    • Net income was $32.6 million for the current quarter, a decrease of $21.7 million, or 40 percent, from the prior quarter net income of $54.3 million and a decrease of $28.6 million, or 47 percent, from the prior year first quarter net income of $61.2 million. The current quarter included a total of $13.3 million related to credit loss expense from the acquisition of Wheatland Bank, acquisition-related expense and increased expense from the Federal Deposit Insurance Corporation (“FDIC”) special assessment.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.59 percent, an increase of 3 basis points from the prior quarter net interest margin of 2.56 percent.
    • Interest income of $279 million in the current quarter increased $5.9 million, or 2 percent, over the prior quarter and increased $47.5 million, or 20 percent, over the prior year first quarter.
    • The loan portfolio of $16.733 billion increased $534 million, or 3 percent, during the current quarter.
    • The loan yield for the current quarter of 5.46 percent increased 12 basis points compared to 5.34 percent in the prior quarter and increased 44 basis points from the prior year first quarter loan yield of 5.02 percent.
    • Total deposits of $20.428 billion increased $498 million, or 3 percent, during the current quarter and increased $279 million, or 1 percent, from the prior year first quarter.
    • The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current quarter through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
    • Non-performing assets of $25.4 million at March 31, 2024 decreased $206 thousand, or 1 percent, from the prior quarter and decreased $6.6 million, or 20 percent, from the prior year first quarter.
    • Stockholders’ equity of $3.111 billion increased $90.4 million, or 3 percent, during the current quarter and increased $184 million, or 6 percent, over the prior year first quarter.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 156 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.
    • The Company announced a purchase and assumption agreement with Heartland Bank (“HTLF”) to purchase six Montana branches from its Rocky Mountain Bank division including the deposits, loans, owned real estate and fixed assets associated with the branches.

    Financial Summary

     At or for the Three Months ended
    (Dollars in thousands, except per share and market data)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023
    Operating results     
    Net income$32,627  54,316  61,211 
    Basic earnings per share$0.29  0.49  0.55 
    Diluted earnings per share$0.29  0.49  0.55 
    Dividends declared per share$0.33  0.33  0.33 
    Market value per share     
    Closing$40.28  41.32  42.01 
    High$42.75  44.06  50.03 
    Low$34.74  27.36  37.07 
    Selected ratios and other data     
    Number of common stock shares outstanding 113,388,590  110,888,942  110,868,713 
    Average outstanding shares - basic 112,492,142  110,884,496  110,824,648 
    Average outstanding shares - diluted 112,554,402  110,907,640  110,881,708 
    Return on average assets (annualized) 0.47% 0.77% 0.93%
    Return on average equity (annualized) 4.25% 7.40% 8.54%
    Efficiency ratio 74.41% 65.20% 60.39%
    Loan to deposit ratio 82.04% 81.36% 77.09%
    Number of full time equivalent employees 3,438  3,294  3,390 
    Number of locations 232  221  222 
    Number of ATMs 285  275  263 
              

    KALISPELL, Mont., April 18, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $32.6 million for the current quarter, a decrease of $28.6 million, or 47 percent, from the $61.2 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.29 per share, a decrease of 47 percent from the prior year first quarter diluted earnings per share of $0.55. The decrease in net income compared to the prior year first quarter was primarily due to the significant increase in funding costs over the year combined with the increased costs associated with the acquisition of Wheatland Bank. The current quarter included $5.7 million of acquisition-related expense and $6.1 million of credit loss expense from the acquisition of Wheatland Bank. Included in the current quarter non-interest expense was $1.5 million related to the FDIC increased loss estimates from the special assessment pursuant to a systemic risk determination. “We are pleased to see our margin grow in the quarter and believe this positive trend will continue during 2024,” said Randy Chesler, President and Chief Executive Officer. “We remain very confident in the quality of our loan portfolio and were pleased to welcome Wheatland Bank to the Company and announce the acquisition of the six Rocky Mountain Bank branches in Montana from Heartland Financial.”

    On January 31, 2024, the Company completed the acquisition of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington and was combined with the North Cascades Bank division, with combined operations under the name Wheatland Bank, division of Glacier Bank. The Company’s results of operations and financial condition include the Wheatland acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

     Wheatland
    (Dollars in thousands)January 31,
    2024
    Total assets$777,659
    Debt securities 187,183
    Loans receivable 450,403
    Non-interest bearing deposits 277,651
    Interest bearing deposits 339,304
    Borrowings 58,500
       

    During the current quarter, the Company announced the signing of a purchase and assumption agreement to purchase six Montana branches from the Rocky Mountain Bank division of HTLF. The branches will join Glacier Bank divisions operating in Montana. The branch acquisition is subject to regulatory approvals and other customary conditions of closing and is expected to be completed in the third quarter of 2024.

    Asset Summary

           $ Change from
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Cash and cash equivalents$788,660  1,354,342  1,529,534  (565,682) (740,874)
    Debt securities, available-for-sale 4,629,073  4,785,719  5,198,313  (156,646) (569,240)
    Debt securities, held-to-maturity 3,451,583  3,502,411  3,664,393  (50,828) (212,810)
    Total debt securities 8,080,656  8,288,130  8,862,706  (207,474) (782,050)
    Loans receivable         
    Residential real estate 1,752,514  1,704,544  1,508,403  47,970  244,111 
    Commercial real estate 10,672,269  10,303,306  9,992,019  368,963  680,250 
    Other commercial 3,030,608  2,901,863  2,804,104  128,745  226,504 
    Home equity 883,062  888,013  829,844  (4,951) 53,218 
    Other consumer 394,049  400,356  384,242  (6,307) 9,807 
    Loans receivable 16,732,502  16,198,082  15,518,612  534,420  1,213,890 
    Allowance for credit losses (198,779) (192,757) (186,604) (6,022) (12,175)
    Loans receivable, net 16,533,723  16,005,325  15,332,008  528,398  1,201,715 
    Other assets 2,419,131  2,094,832  2,078,186  324,299  340,945 
    Total assets$27,822,170  27,742,629  27,802,434  79,541  19,736 
                    

    The $789 million cash balance at March 31, 2024 decreased $566 million during the current quarter as cash was utilized to partially fund the maturity of the BTFP. Total debt securities of $8.081 billion at March 31, 2024 decreased $207 million during the current quarter and decreased $782 million, or 9 percent, from the prior year end. Debt securities represented 29 percent of total assets at March 31, 2024 compared to 30 percent at December 31, 2023 and 32 percent at March 31, 2023.

    The loan portfolio of $16.733 billion at March 31, 2024 increased $534 million, or 3 percent, during the current quarter and increased $1.214 billion, or 8 percent, from the prior year. Excluding the Wheatland acquisition, the loan portfolio increased $84.0 million, or 2 percent annualized, with the largest increase in commercial real estate, which increased $63.9 million, or 2 percent annualized. Excluding the Wheatland acquisition, the loan portfolio increased $763 million, or 5 percent, from the prior year first quarter with the largest increase in commercial real estate loans, which increased $375 million, or 4 percent.

    Credit Quality Summary

     At or for the
    Three Months
    ended    		 At or for the
    Year ended    		 At or for the
    Three Months
    ended
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023
    Allowance for credit losses     
    Balance at beginning of period$192,757  182,283  182,283 
    Acquisitions 3  —  — 
    Provision for credit losses 9,091  20,790  6,260 
    Charge-offs (4,295) (15,095) (3,293)
    Recoveries 1,223  4,779  1,354 
    Balance at end of period$198,779  192,757  186,604 
    Provision for credit losses     
    Loan portfolio$9,091  20,790  6,260 
    Unfunded loan commitments (842) (5,995) (790)
    Total provision for credit losses$8,249  14,795  5,470 
    Other real estate owned$432  1,032  — 
    Other foreclosed assets 459  471  31 
    Accruing loans 90 days or more past due 3,796  3,312  3,545 
    Non-accrual loans 20,738  20,816  28,403 
    Total non-performing assets$25,425  25,631  31,979 
    Non-performing assets as a percentage of subsidiary assets 0.09% 0.09% 0.12%
    Allowance for credit losses as a percentage of non-performing loans 810% 799% 584%
    Allowance for credit losses as a percentage of total loans 1.19% 1.19% 1.20%
    Net charge-offs as a percentage of total loans 0.02% 0.06% 0.01%
    Accruing loans 30-89 days past due$62,423  49,967  24,993 
    U.S. government guarantees included in non-performing assets$1,490  1,503  2,071 
              

    Non-performing assets of $25.4 million at March 31, 2024 decreased $206 thousand, or 1 percent, over the prior quarter and decreased $6.6 million, or 20 percent, over the prior year first quarter. Non-performing assets as a percentage of subsidiary assets at March 31, 2024 was 0.09 percent compared to 0.09 percent in the prior quarter and 0.12 percent in the prior year first quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) of $62.4 million at March 31, 2024 increased $12.5 million from the prior quarter and increased $37.4 million from prior year first quarter. The increase over the prior period was primarily isolated to one credit relationship of $18.1 million. Early stage delinquencies as a percentage of loans at March 31, 2024 were 0.37 percent compared to 0.31 percent for the prior quarter end and 0.16 percent for the prior year first quarter.

    The current quarter credit loss expense of $8.2 million included $5.3 million of provision for credit losses on loans and $818 thousand of provision for credit loss on unfunded loan commitments from the acquisition of Wheatland. Excluding the acquisition of Wheatland, the current quarter credit loss expense was $2.1 million, including a $3.8 million credit loss expense from loans and $1.7 million of credit loss benefit from unfunded loan commitments. The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at March 31, 2024 and December 31, 2023 was 1.19 percent compared to 1.20 percent at March 31, 2023.

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands)Provision for
    Credit Losses
    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 Subsidiary
    Assets
    First quarter 2024$9,091  $3,072 1.19% 0.37% 0.09%
    Fourth quarter 2023 4,181   3,695 1.19% 0.31% 0.09%
    Third quarter 2023 5,095   2,209 1.19% 0.09% 0.15%
    Second quarter 2023 5,254   2,473 1.19% 0.16% 0.12%
    First quarter 2023 6,260   1,939 1.20% 0.16% 0.12%
    Fourth quarter 2022 6,060   1,968 1.20% 0.14% 0.12%
    Third quarter 2022 8,382   3,154 1.20% 0.07% 0.13%
    Second quarter 2022 (1,353)  1,843 1.20% 0.12% 0.16%
                    

    Net charge-offs for the current quarter were $3.1 million compared to $3.7 million in the prior quarter and $1.9 million for the prior year first quarter. Net charge-offs of $3.1 million included $2.4 million in deposit overdraft net charge-offs and $626 thousand of net loan charge-offs.

    Excluding the acquisition of Wheatland, the current quarter provision for credit loss expense for loans was $3.8 million, which was a decrease of $361 thousand from the prior quarter and a $2.4 million decrease from the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

           $ Change from
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Deposits         
    Non-interest bearing deposits$6,055,069 6,022,980 7,001,241 32,089  (946,172)
    NOW and DDA accounts 5,376,605 5,321,257 5,156,709 55,348  219,896 
    Savings accounts 2,949,908 2,833,887 2,985,351 116,021  (35,443)
    Money market deposit accounts 3,002,942 2,831,624 3,429,123 171,318  (426,181)
    Certificate accounts 3,039,190 2,915,393 1,155,494 123,797  1,883,696 
    Core deposits, total 20,423,714 19,925,141 19,727,918 498,573  695,796 
    Wholesale deposits 3,809 4,026 420,390 (217) (416,581)
    Deposits, total 20,427,523 19,929,167 20,148,308 498,356  279,215 
    Repurchase agreements 1,540,008 1,486,850 1,191,323 53,158  348,685 
    Deposits and repurchase agreements, total 21,967,531 21,416,017 21,339,631 551,514  627,900 
    Federal Home Loan Bank advances 2,140,157 — 335,000 2,140,157  1,805,157 
    FRB Bank Term Funding — 2,740,000 2,740,000 (2,740,000) (2,740,000)
    Other borrowed funds 88,814 81,695 76,185 7,119  12,629 
    Subordinated debentures 132,984 132,943 132,822 41  162 
    Other liabilities 381,977 351,693 251,892 30,284  130,085 
    Total liabilities$24,711,463 24,722,348 24,875,530 (10,885) (164,067)
                 

    Total deposits of $20.428 billion at March 31, 2024 increased $498 million, or 3 percent, during the current quarter and increased $279 million, or 1 percent, from the prior year first quarter. Excluding the Wheatland acquisition, total deposits decreased $119 million, or 1 percent, during the current quarter and decreased $338 million, or 2 percent, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at both March 31, 2024 and December 31, 2023 compared to 35 percent at March 31, 2023.

    Upon maturity in the current quarter, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash, resulting in a net reduction of $600 million in borrowings. The FHLB borrowings of $2.140 billion at quarter end included $340 million of overnight borrowings and $1.800 billion in term borrowings that will mature between March of 2025 and March of 2026 at a weighted average rate of 4.75 percent and a FHLB dividend adjusted weighted average rate of 4.41 percent compared to 4.38 percent for the matured BTFP borrowings.

    Stockholders’ Equity Summary

           $ Change from
    (Dollars in thousands, except per share data)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Common equity$3,483,012  3,394,394  3,337,132  88,618  145,880 
    Accumulated other comprehensive loss (372,305) (374,113) (410,228) 1,808  37,923 
    Total stockholders’ equity 3,110,707  3,020,281  2,926,904  90,426  183,803 
    Goodwill and core deposit intangible, net (1,069,808) (1,017,263) (1,024,545) (52,545) (45,263)
    Tangible stockholders’ equity$2,040,899  2,003,018  1,902,359  37,881  138,540 


    Stockholders’ equity to total assets 11.18% 10.89% 10.53%     
    Tangible stockholders’ equity to total tangible assets 7.63% 7.49% 7.10%     
    Book value per common share$27.43  27.24  26.40  0.19  1.03 
    Tangible book value per common share$18.00  18.06  17.16  (0.06) 0.84 
                    

    Tangible stockholders’ equity of $2.041 billion at March 31, 2024 increased $37.9 million, or 2 percent, compared to the prior quarter and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland. The increase was partially offset by the increase in goodwill and core deposits associated the acquisition of Wheatland. Tangible book value per common share of $18.00 at the current quarter end decreased $0.06 per share, or 33 basis points, from the prior quarter and increased $0.84 per share, or 5 percent, from the prior year first quarter.

    Cash Dividends
    On March 27, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 18, 2024 to shareholders of record on April 9, 2024. The dividend was the Company’s 156th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

     
    Operating Results for Three Months Ended March 31, 2024 
    Compared to December 31, 2023, and March 31, 2023
     
    Income Summary
     
     Three Months ended $ Change from
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Net interest income         
    Interest income$279,402  273,496  231,888  5,906  47,514 
    Interest expense 112,922  107,040  45,696  5,882  67,226 
    Total net interest income 166,480  166,456  186,192  24  (19,712)
    Non-interest income         
    Service charges and other fees 18,563  19,115  17,771  (552) 792 
    Miscellaneous loan fees and charges 4,362  4,484  3,967  (122) 395 
    Gain on sale of loans 3,362  2,228  2,400  1,134  962 
    Gain (loss) on sale of securities 16  1,712  (114) (1,696) 130 
    Other income 3,686  3,326  3,871  360  (185)
    Total non-interest income 29,989  30,865  27,895  (876) 2,094 
    Total income$196,469  197,321  214,087  (852) (17,618)
    Net interest margin (tax-equivalent) 2.59% 2.56% 3.08%    
                  

    Net Interest Income
    The current quarter interest income of $279 million increased $5.9 million, or 2 percent, over the prior quarter and increased $47.5 million, or 20 percent, from the prior year first quarter. Both increases were primarily driven by the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.46 percent in the current quarter increased 12 basis points from the prior quarter loan yield of 5.34 percent and increased 44 basis points from the prior year first quarter loan yield of 5.02 percent.

    The current quarter interest expense of $113 million increased $5.9 million, or 6 percent, over the prior quarter and increased $67.2 million, or 147 percent, over the prior year first quarter primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.34 percent for the current quarter compared to 1.24 percent in the prior quarter and 0.23 percent for the prior year first quarter. The increase in core deposit costs during the current quarter of 10 basis points was the smallest increase since the fourth quarter of 2022. The total cost of funding (including non-interest bearing deposits) was 1.84 percent in the current quarter compared to 1.72 percent in the prior quarter and 0.79 percent in the prior year first quarter, which was the result of the increased deposit and borrowing rates.

    The current quarter experienced an increase in the net interest margin for the first time since the third quarter of 2022. The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.59 percent compared to 2.56 percent in the prior quarter and was primarily driven by the increase in loan yields outpacing the increase in deposit costs. Excluding the 3 basis points from discount accretion and the 1 basis point from recovery of non-accrual interest, the core net interest margin was 2.55 percent compared to 2.54 in the prior quarter and 3.07 percent in the prior year first quarter.

    Non-interest Income
    Non-interest income for the current quarter totaled $30.0 million, which was a decrease of $876 thousand, or 3 percent, over the prior quarter. Gain on the sale of residential loans of $3.4 million for the current quarter increased $1.1 million, or 51 percent, compared to the prior quarter and increased $962 thousand, or 40 percent, from the prior year first quarter. Included in the prior quarter gain on sale of securities was $1.7 million of gain on the sale of all of the Company’s Visa class B shares.

    Non-interest Expense Summary

     Three Months ended $ Change from
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Compensation and employee benefits$85,789 71,420 81,477 14,369  4,312 
    Occupancy and equipment 11,883 10,533 11,665 1,350  218 
    Advertising and promotions 3,983 3,410 4,235 573  (252)
    Data processing 9,159 8,511 8,109 648  1,050 
    Other real estate owned and foreclosed assets 25 78 12 (53) 13 
    Regulatory assessments and insurance 7,761 12,435 4,903 (4,674) 2,858 
    Core deposit intangibles amortization 2,760 2,427 2,449 333  311 
    Other expenses 30,483 23,382 22,132 7,101  8,351 
    Total non-interest expense$151,843 132,196 134,982 19,647  16,861 
                 

    Total non-interest expense of $152 million for the current quarter increased $19.6 million, or 15 percent, over the prior quarter and increased $16.9 million, or 12 percent, over the prior year first quarter. In the prior quarter, the FDIC issued a special assessment for the estimated losses associated with the bank failures in March of 2023 and FDIC loss estimates were again increased by $1.5 million in the current quarter from $6.0 million in the prior quarter. Included in the current quarter was a total of $10.7 million of non-interest expense associated with the Wheatland acquisition, including $5.0 million in operating expenses and $5.7 million in acquisition-related expenses. Excluding the $10.7 million impact of the Wheatland acquisition and the $1.5 million FDIC special assessment, non-interest expense for the current quarter was $139.6 million. Excluding the $6.0 million FDIC special assessment, $459 thousand of acquisition-related expenses, and $6.0 million reduction in accrued performance-related compensation, non-interest expense for the prior quarter was $131.7 million. As adjusted, total non-interest expense of $139.6 million for the current quarter increased $7.9 million, or 6 percent, over the prior quarter non-interest expense of $131.7 million, and an increase of $5.0 million, or 4 percent, over the prior year first quarter.

    Compensation and employee benefits expense of $85.8 million for the current quarter increased $14.4 million, or 20 percent, from the prior quarter and increased $4.3 million, or 5 percent, over the prior year first quarter which was driven by the acquisition of Wheatland, annual salary increases and increases in other benefits. Excluding the prior quarter $6.0 million accrual reduction and the $2.2 million compensation from the Wheatland acquisition, compensation and employee benefit expenses for the current quarter increased $6.2 million, or 8 percent over the prior quarter.

    Other expense of $30.5 million increased $7.1 million, or 30 percent, from the prior quarter and increased $8.4 million from the prior year first quarter with both increases primarily attributable to increased acquisition-related expenses. Included in other expenses was acquisition-related expenses of $5.7 million in the current quarter, $459 thousand in the prior quarter and $352 thousand in the prior year first quarter. “The Company was excellent in controlling non-interest expenses in a challenging environment including the inflationary pressures that persist,” said Ron Copher, Chief Financial Officer.

    Federal and State Income Tax Expense
    Tax expense during the first quarter of 2024 was $3.8 million, a decrease of $4.0 million, or 52 percent, compared to the prior quarter and a decrease of $8.7 million, or 70 percent, from the prior year first quarter. The effective tax rate in the current quarter was 10.3 percent compared to 12.6 percent in the prior quarter and 16.9 percent in the prior year first quarter. The current quarter decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal income tax credits and a decrease in pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 74.4 percent in the current quarter compared to 65.20 percent in the prior quarter and 60.39 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the increased operating costs, including acquisition-related costs, from the Wheatland acquisition. The increase in the efficiency ratio from prior year first quarter was the combined impact of the expenses related to the Wheatland acquisition and a decrease in net interest income.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about 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 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 based on assumptions 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 made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • 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 through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 19, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BId550ca03e5d445a9891dc7564271bdf4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ah79xpra. If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

     
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023
    Assets     
    Cash on hand and in banks$232,064  246,525  290,960 
    Interest bearing cash deposits 556,596  1,107,817  1,238,574 
    Cash and cash equivalents 788,660  1,354,342  1,529,534 
    Debt securities, available-for-sale 4,629,073  4,785,719  5,198,313 
    Debt securities, held-to-maturity 3,451,583  3,502,411  3,664,393 
    Total debt securities 8,080,656  8,288,130  8,862,706 
    Loans held for sale, at fair value 27,035  15,691  14,461 
    Loans receivable 16,732,502  16,198,082  15,518,612 
    Allowance for credit losses (198,779) (192,757) (186,604)
    Loans receivable, net 16,533,723  16,005,325  15,332,008 
    Premises and equipment, net 443,273  421,791  399,740 
    Other real estate owned and foreclosed assets 891  1,503  31 
    Accrued interest receivable 106,063  94,526  90,642 
    Deferred tax asset 161,327  159,070  172,453 
    Core deposit intangible, net 46,046  31,870  39,152 
    Goodwill 1,023,762  985,393  985,393 
    Non-marketable equity securities 111,129  12,755  23,414 
    Bank-owned life insurance 186,625  171,101  168,235 
    Other assets 312,980  201,132  184,665 
    Total assets$27,822,170  27,742,629  27,802,434 
    Liabilities     
    Non-interest bearing deposits$6,055,069  6,022,980  7,001,241 
    Interest bearing deposits 14,372,454  13,906,187  13,147,067 
    Securities sold under agreements to repurchase 1,540,008  1,486,850  1,191,323 
    FHLB advances 2,140,157  —  335,000 
    FRB Bank Term Funding —  2,740,000  2,740,000 
    Other borrowed funds 88,814  81,695  76,185 
    Subordinated debentures 132,984  132,943  132,822 
    Accrued interest payable 32,584  125,907  8,968 
    Other liabilities 349,393  225,786  242,924 
    Total liabilities 24,711,463  24,722,348  24,875,530 
    Commitments and Contingent Liabilities     
    Stockholders’ Equity     
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding —  —  — 
    Common stock, $0.01 par value per share, 234,000,000 shares authorized 1,134  1,109  1,109 
    Paid-in capital 2,443,584  2,350,104  2,344,514 
    Retained earnings - substantially restricted 1,038,294  1,043,181  991,509 
    Accumulated other comprehensive loss (372,305) (374,113) (410,228)
    Total stockholders’ equity 3,110,707  3,020,281  2,926,904 
    Total liabilities and stockholders’ equity$27,822,170  27,742,629  27,802,434 


     
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
     Three Months ended
    (Dollars in thousands, except per share data)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023
    Interest Income     
    Investment securities$56,218 57,233  43,642 
    Residential real estate loans 20,764 19,820  15,838 
    Commercial loans 181,472 175,957  155,682 
    Consumer and other loans 20,948 20,486  16,726 
    Total interest income 279,402 273,496  231,888 
    Interest Expense     
    Deposits 67,196 63,484  12,545 
    Securities sold under agreements to repurchase 12,598 12,229  4,606 
    Federal Home Loan Bank advances 4,249 —  23,605 
    FRB Bank Term Funding 27,097 30,228  3,032 
    Other borrowed funds 344 (372) 496 
    Subordinated debentures 1,438 1,471  1,412 
    Total interest expense 112,922 107,040  45,696 
    Net Interest Income 166,480 166,456  186,192 
    Provision for credit losses 8,249 3,013  5,470 
    Net interest income after provision for credit losses 158,231 163,443  180,722 
    Non-Interest Income     
    Service charges and other fees 18,563 19,115  17,771 
    Miscellaneous loan fees and charges 4,362 4,484  3,967 
    Gain on sale of loans 3,362 2,228  2,400 
    Gain (loss) on sale of securities 16 1,712  (114)
    Other income 3,686 3,326  3,871 
    Total non-interest income 29,989 30,865  27,895 
    Non-Interest Expense     
    Compensation and employee benefits 85,789 71,420  81,477 
    Occupancy and equipment 11,883 10,533  11,665 
    Advertising and promotions 3,983 3,410  4,235 
    Data processing 9,159 8,511  8,109 
    Other real estate owned and foreclosed assets 25 78  12 
    Regulatory assessments and insurance 7,761 12,435  4,903 
    Core deposit intangibles amortization 2,760 2,427  2,449 
    Other expenses 30,483 23,382  22,132 
    Total non-interest expense 151,843 132,196  134,982 
    Income Before Income Taxes 36,377 62,112  73,635 
    Federal and state income tax expense 3,750 7,796  12,424 
    Net Income$32,627 54,316  61,211 


     
     Glacier Bancorp, Inc.
    Average Balance Sheets
     
     Three Months ended
     March 31, 2024 December 31, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,747,184 $20,764 4.75% $1,700,598 $19,820 4.66%
    Commercial loans 1 13,513,426  183,045 5.45%  13,196,412  177,397 5.33%
    Consumer and other loans 1,283,388  20,948 6.56%  1,279,626  20,486 6.35%
    Total loans 2 16,543,998  224,757 5.46%  16,176,636  217,703 5.34%
    Tax-exempt debt securities 3 1,720,370  15,157 3.52%  1,725,858  14,738 3.42%
    Taxable debt securities 4, 5 8,176,974  43,477 2.13%  8,466,825  44,665 2.11%
    Total earning assets 26,441,342  283,391 4.31%  26,369,319  277,106 4.17%
    Goodwill and intangibles 1,051,954      1,018,423    
    Non-earning assets 611,550      487,979    
    Total assets$28,104,846     $27,875,721    
    Liabilities           
    Non-interest bearing deposits$5,966,546 $— —% $6,262,801 $— —%
    NOW and DDA accounts 5,275,703  15,918 1.21%  5,245,602  14,751 1.12%
    Savings accounts 2,900,649  5,655 0.78%  2,843,788  4,848 0.68%
    Money market deposit accounts 2,948,294  14,393 1.96%  2,911,054  13,600 1.85%
    Certificate accounts 3,000,713  31,175 4.18%  2,872,192  29,563 4.08%
    Total core deposits 20,091,905  67,141 1.34%  20,135,437  62,762 1.24%
    Wholesale deposits 6 3,965  55 5.50%  53,841  722 5.32%
    Repurchase agreements 1,513,397  12,598 3.35%  1,488,419  12,229 3.26%
    FHLB advances 350,754  4,249 4.79%  —  — —%
    FRB Bank Term Funding 2,483,077  27,097 4.39%  2,740,000  30,228 4.38%
    Subordinated debentures and other borrowed funds 218,271  1,782 3.28%  211,570  1,099 2.06%
    Total funding liabilities 24,661,369  112,922 1.84%  24,629,267  107,040 1.72%
    Other liabilities 356,554      332,740    
    Total liabilities 25,017,923      24,962,007    
    Stockholders’ Equity           
    Stockholders’ equity 3,086,923      2,913,714    
    Total liabilities and stockholders’ equity$28,104,846     $27,875,721    
    Net interest income (tax-equivalent)  $170,469     $170,066  
    Net interest spread (tax-equivalent)    2.47%     2.45%
    Net interest margin (tax-equivalent)    2.59%     2.56%

    ______________________________

    1 Includes tax effect of $1.6 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2024 and December 31, 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.2 million and $2.0 million on tax-exempt debt securities income for the three months ended March 31, 2024 and December 31, 2023, respectively.
    4 Includes interest income of $15.3 million and $17.7 million on average interest-bearing cash balances of $1.12 billion and $1.29 billion for the three months ended March 31, 2024 and December 31, 2023, respectively.
    5 Includes tax effect of $215 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2024 and December 31, 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


     
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
     Three Months ended
     March 31, 2024 March 31, 2023
    (Dollars in thousands)Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate    		 Average
    Balance    		 Interest &
    Dividends    		 Average
    Yield/
    Rate
    Assets           
    Residential real estate loans$1,747,184 $20,764 4.75% $1,493,938 $15,838 4.24%
    Commercial loans 1 13,513,426  183,045 5.45%  12,655,551  157,456 5.05%
    Consumer and other loans 1,283,388  20,948 6.56%  1,207,315  16,726 5.62%
    Total loans 2 16,543,998  224,757 5.46%  15,356,804  190,020 5.02%
    Tax-exempt debt securities 3 1,720,370  15,157 3.52%  1,761,533  16,030 3.64%
    Taxable debt securities 4, 5 8,176,974  43,477 2.13%  8,052,662  31,084 1.54%
    Total earning assets 26,441,342  283,391 4.31%  25,170,999  237,134 3.82%
    Goodwill and intangibles 1,051,954      1,025,716    
    Non-earning assets 611,550      478,962    
    Total assets$28,104,846     $26,675,677    
    Liabilities           
    Non-interest bearing deposits$5,966,546 $— —% $7,274,228 $— —%
    NOW and DDA accounts 5,275,703  15,918 1.21%  5,080,175  2,271 0.18%
    Savings accounts 2,900,649  5,655 0.78%  3,107,559  514 0.07%
    Money market deposit accounts 2,948,294  14,393 1.96%  3,468,953  5,834 0.68%
    Certificate accounts 3,000,713  31,175 4.18%  984,770  2,584 1.06%
    Total core deposits 20,091,905  67,141 1.34%  19,915,685  11,203 0.23%
    Wholesale deposits 6 3,965  55 5.50%  120,468  1,342 4.52%
    Repurchase agreements 1,513,397  12,598 3.35%  1,035,582  4,606 1.80%
    FHLB advances 350,754  4,249 4.79%  1,990,833  23,605 4.74%
    FRB Bank Term Funding 2,483,077  27,097 4.39%  280,944  3,032 4.32%
    Subordinated debentures and other borrowed funds 218,271  1,782 3.28%  209,547  1,908 3.69%
    Total funding liabilities 24,661,369  112,922 1.84%  23,553,059  45,696 0.79%
    Other liabilities 356,554      217,245    
    Total liabilities 25,017,923      23,770,304    
    Stockholders’ Equity           
    Stockholders’ equity 3,086,923      2,905,373    
    Total liabilities and stockholders’ equity$28,104,846     $26,675,677    
    Net interest income (tax-equivalent)  $170,469     $191,438  
    Net interest spread (tax-equivalent)    2.47%     3.03%
    Net interest margin (tax-equivalent)    2.59%     3.08%

    ______________________________ 

    1 Includes tax effect of $1.6 million and $1.8 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.2 million and $3.3 million on tax-exempt debt securities income for the three months ended March 31, 2024 and 2023, respectively.
    4 Includes interest income of $15.3 million and $2.1 million on average interest-bearing cash balances of $1.12 billion and $176.9 million for the three months ended March 31, 2024 and 2023, respectively.
    5 Includes tax effect of $215 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.


     
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
     Loans Receivable, by Loan Type % Change from
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Custom and owner occupied construction$273,835  $290,572  $295,604  (6)% (7)%
    Pre-sold and spec construction 223,294   236,596   312,715  (6)% (29)%
    Total residential construction 497,129   527,168   608,319  (6)% (18)%
    Land development 215,828   232,966   230,823  (7)% (6)%
    Consumer land or lots 188,635   187,545   187,498  1% 1%
    Unimproved land 103,032   87,739   104,811  17% (2)%
    Developed lots for operative builders 47,591   56,142   69,896  (15)% (32)%
    Commercial lots 92,748   87,185   91,780  6% 1%
    Other construction 915,782   900,547   965,244  2% (5)%
    Total land, lot, and other construction 1,563,616   1,552,124   1,650,052  1% (5)%
    Owner occupied 3,057,348   3,035,768   2,885,798  1% 6%
    Non-owner occupied 3,920,696   3,742,916   3,631,158  5% 8%
    Total commercial real estate 6,978,044   6,778,684   6,516,956  3% 7%
    Commercial and industrial 1,371,201   1,363,479   1,353,919  1% 1%
    Agriculture 929,420   772,458   715,863  20% 30%
    1st lien 2,276,638   2,127,989   1,864,294  7% 22%
    Junior lien 51,579   47,230   42,397  9% 22%
    Total 1-4 family 2,328,217   2,175,219   1,906,691  7% 22%
    Multifamily residential 881,117   796,538   649,148  11% 36%
    Home equity lines of credit 947,652   979,891   893,037  (3)% 6%
    Other consumer 223,566   229,154   224,125  (2)% —%
    Total consumer 1,171,218   1,209,045   1,117,162  (3)% 5%
    States and political subdivisions 848,454   834,947   806,878  2% 5%
    Other 191,121   204,111   208,085  (6)% (8)%
    Total loans receivable, including loans held for sale 16,759,537   16,213,773   15,533,073  3% 8%
    Less loans held for sale 1 (27,035)  (15,691)  (14,461) 72% 87%
    Total loans receivable$16,732,502  $16,198,082  $15,518,612  3% 8%

    ______________________________ 

    1 Loans held for sale are primarily 1st lien 1-4 family loans.

     

     
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
      

    Non-performing Assets, by Loan Type    		 Non-
    Accrual
    Loans    		 Accruing
    Loans 90
    Days
    or More Past
    Due    		 Other real
    estate owned
    and
    foreclosed
    assets
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Mar 31,
    2024    		 Mar 31,
    2024    		 Mar 31,
    2024
    Custom and owner occupied construction$210 214 220 210 — —
    Pre-sold and spec construction 1,049 763 1,548 — 1,049 —
    Total residential construction 1,259 977 1,768 210 1,049 —
    Land development 28 35 129 28 — —
    Consumer land or lots 144 96 112 144 — —
    Unimproved land — — 51 — — —
    Developed lots for operative builders 608 608 607 — 608 —
    Commercial lots 2,205 47 188 2,158 47 —
    Other construction — — 12,884 — — —
    Total land, lot and other construction 2,985 786 13,971 2,330 655 —
    Owner occupied 1,501 1,838 2,682 799 270 432
    Non-owner occupied 8,853 11,016 4,544 8,596 257 —
    Total commercial real estate 10,354 12,854 7,226 9,395 527 432
    Commercial and Industrial 1,698 1,971 2,001 1,100 447 151
    Agriculture 2,855 2,558 2,573 2,426 429 —
    1st lien 2,930 2,664 2,015 2,540 390 —
    Junior lien 69 180 111 44 25 —
    Total 1-4 family 2,999 2,844 2,126 2,584 415 —
    Multifamily residential 395 395 — 395 — —
    Home equity lines of credit 1,892 2,043 1,225 1,727 165 —
    Other consumer 927 1,187 1,062 571 48 308
    Total consumer 2,819 3,230 2,287 2,298 213 308
    Other 61 16 27 — 61 —
    Total$25,425 25,631 31,979 20,738 3,796 891


     
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Dec 31,
    2023    		 Mar 31,
    2023
    Custom and owner occupied construction$4,784 $2,549 $1,624 88% 195%
    Pre-sold and spec construction 1,181  1,219  — (3)% n/m
    Total residential construction 5,965  3,768  1,624 58% 267%
    Land development 59  163  946 (64)% (94)%
    Consumer land or lots 332  624  668 (47)% (50)%
    Unimproved land 575  —  — n/m
    		 n/m
    Commercial lots 1,225  2,159  — (43)% n/m
    Other construction 1,248  —  5,264 n/m (76)%
    Total land, lot and other construction 3,439  2,946  6,878 17% (50)%
    Owner occupied 2,991  2,222  1,783 35% 68%
    Non-owner occupied 18,118  14,471  429 25% 4,123%
    Total commercial real estate 21,109  16,693  2,212 26% 854%
    Commercial and industrial 14,806  12,905  3,677 15% 303%
    Agriculture 3,922  594  947 560% 314%
    1st lien 5,626  3,768  3,321 49% 69%
    Junior lien 145  1  385 14,400% (62)%
    Total 1-4 family 5,771  3,769  3,706 53% 56%
    Multifamily Residential —  —  201 n/m (100)%
    Home equity lines of credit 3,668  4,518  2,804 (19)% 31%
    Other consumer 1,948  3,264  1,598 (40)% 22%
    Total consumer 5,616  7,782  4,402 (28)% 28%
    Other 1,795  1,510  1,346 19% 33%
    Total$62,423 $49,967 $24,993 25% 150%

    ______________________________

    n/m - not measurable

     
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
     Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		 Charge-Offs Recoveries
    (Dollars in thousands)Mar 31,
    2024    		 Dec 31,
    2023    		 Mar 31,
    2023    		 Mar 31,
    2024    		 Mar 31,
    2024
    Pre-sold and spec construction (4) (15) (4) — 4
    Total residential construction (4) (15) (4) — 4
    Land development (1) (135) —  — 1
    Consumer land or lots (1) (19) —  — 1
    Other construction —  889  —  — —
    Total land, lot and other construction (2) 735  —  — 2
    Owner occupied (3) (59) (68) — 3
    Non-owner occupied (1) 799  298  — 1
    Total commercial real estate (4) 740  230  — 4
    Commercial and industrial 328  364  (382) 674 346
    Agriculture 68  —  —  68 —
    1st lien (4) 66  44  — 4
    Junior lien (5) 24  (5) 10 15
    Total 1-4 family (9) 90  39  10 19
    Multifamily residential —  (136) —  — —
    Home equity lines of credit 5  (6) (39) 15 10
    Other consumer 251  1,097  125  342 91
    Total consumer 256  1,091  86  357 101
    Other 2,439  7,447  1,970  3,186 747
    Total$3,072  10,316  1,939  4,295 1,223
                  

    Visit our website at www.glacierbancorp.com

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706


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