Unassociated Document

KALISPELL, MONTANA - Glacier Bancorp, Inc. (Nasdaq GS: GBCI) reported net earnings of $10.070 million for the first quarter of 2010, a decrease of $5.709 million, or 36 percent, from the $15.779 million net earnings reported for the first quarter of 2009. The diluted earnings per share of $0.16 for the quarter represented a 38 percent decrease from the diluted earnings per share of $0.26 for the same quarter of 2009. Annualized return on average assets and return on average equity for the first quarter were 0.67 percent and 5.75 percent, respectively, which compares with prior year returns for the first quarter of 1.15 percent and 9.27 percent, respectively.

										$ Change from			$ change from
Assets	March 31,			December 31,			March 31,			December 31,			March 31,
(Unaudited - $ in thousands)	2010			2009			2009			2009			2009

Cash on hand and in banks	$	93,242			120,731			110,220			(27,489	)		(16,978	)
Investments, interest bearing deposits,
FHLB stock, FRB stock, and fed funds		1,721,491			1,596,238			1,007,283			125,253			714,208
Loans:
Residential real estate		773,901			797,626			847,245			(23,725	)		(73,344	)
Commercial		2,593,266			2,613,218			2,607,655			(19,952	)		(14,389	)
Consumer and other		704,789			719,401			705,805			(14,612	)		(1,016	)
Total loans		4,071,956			4,130,245			4,160,705			(58,289	)		(88,749	)
Allowance for loan and lease losses		(143,600	)		(142,927	)		(83,777	)		(673	)		(59,823	)
Total loans, net of allowance for
loan and lease losses		3,928,356			3,987,318			4,076,928			(58,962	)		(148,572	)
Other assets		482,779			487,508			386,369			(4,729	)		96,410
Total assets	$	6,225,868			6,191,795			5,580,800			34,073			645,068

Total assets at March 31, 2010 were $6.226 billion, which is $34 million, or 1 percent, greater than total assets of $6.192 billion at December 31, 2009. Total assets increased $645 million, or 12 percent, from March 31, 2009, of which $272 million, including $161 million in loans related to the acquisition of First National Bank & Trust (“First National”) in October 2009. At March 31, 2010, total loans were $4.072 billion, a decrease of $58 million over total loans of $4.130 billion at December 31, 2009 and a decrease of $89 million over total loans at March 31, 2009. Loan originations have slowed, which was the basis for the decrease in all loan categories including a decrease of $24 million, or 3 percent, in residential real estate loans, a decrease of $15 million, or 2 percent in consumer loans, and a decrease of $20 million, or 1 percent, in commercial loans since December 31, 2009.

							$ Change from			$ change from
Liabilities	March 31,		December 31,		March 31,		December 31,			March 31,
(Unaudited - $ in thousands)	2010		2009		2009		2009			2009

Non-interest bearing deposits	$	828,141		810,550		743,552		17,591			84,589
Interest bearing deposits		3,336,703		3,289,602		2,551,180		47,101			785,523
Advances from Federal Home Loan Bank		802,886		790,367		225,695		12,519			577,191
Federal Reserve Bank discount window		-		225,000		1,005,000		(225,000	)		(1,005,000	)
Securities sold under agreements to
repurchase and other borrowed funds		248,894		226,251		205,778		22,643			43,116
Other liabilities		45,765		39,147		47,461		6,618			(1,696	)
Subordinated debentures		125,024		124,988		120,149		36			4,875
Total liabilities	$	5,387,413		5,505,905		4,898,815		(118,492	)		488,598

As of March 31, 2010, non-interest bearing deposits increased $18 million, or 2 percent, since December 31, 2009 and increased $85 million, or 11 percent, since March 31, 2009. Interest bearing deposits of $3.337 billion at March 31, 2010 includes $249 million issued through the Certificate of Deposit Account Registry System. Interest bearing deposits increased $47 million, or 1 percent, from December 31, 2009 and $786 million, or 31 percent from March 31, 2009. The increase in non-interest bearing deposits and interest bearing deposits from March 31, 2009 includes $39 million and $197 million, respectively, from the First National acquisition.

As a result of the deposit growth, borrowings have been reduced. There were no Federal Reserve Bank borrowings through the Term Auction Facility program (“TAF”) at March 31, 2010. TAF borrowings totaled $225 million at December 31, 2009 and $1.005 billion at March 31, 2009. Federal Home Loan Bank (“FHLB”) advances increased $13 million, or 2 percent, from December 31, 2009 and increased $577 million, or 256 percent, from March 31, 2009. Repurchase agreements and other borrowed funds were $249 million at March 31, 2010, an increase of $23 million from December 31, 2009 and an increase of $43 million, or 21 percent, from March 31, 2009.

Stockholders' equity - unaudited										$ Change from		$ change from
($ in thousands except per share data)	March 31,			December 31,			March 31,			December 31,		March 31,
	2010			2009			2009			2009		2009

Common equity	$	832,941			686,238			689,041			146,703		143,900
Accumulated other comprehensive income (loss)		5,514			(348	)		(7,056	)		5,862		12,570
Total stockholders' equity		838,455			685,890			681,985			152,565		156,470
Goodwill and core deposit intangible, net		(159,376	)		(160,196	)		(158,498	)		820		(878	)
Tangible stockholders' equity	$	679,079			525,694			523,487			153,385		155,592

Stockholders' equity to total assets		13.47	%		11.08	%		12.22	%
Tangible stockholders' equity to total tangible assets		11.19	%		8.72	%		9.65	%
Book value per common share	$	11.66			11.13			11.09			0.53		0.57
Tangible book value per common share	$	9.44			8.53			8.51			0.91		0.93
Market price per share at end of period	$	15.23			13.72			15.71			1.51		(0.48	)

Total stockholders’ equity and book value per share increased $156 million and $0.57 per share, respectively, from March 31, 2009, such increases largely the result of the $146 million in net proceeds from the Company’s March equity offering of $10.291 million shares. Tangible stockholders’ equity has increased $156 million, or 30 percent, since March 31, 2009, with tangible stockholders’ equity to tangible assets at 11.19 percent and 9.65 percent as of March 31, 2010 and March 31, 2009, respectively. Accumulated other comprehensive income, representing net unrealized gains (net of tax) on investment securities, increased $5.9 million since December 31, 2009 and $13 million from March 31, 2009. “In March, we completed a very successful secondary offering,” Blodnick said. “Demand for Glacier Bancorp, Inc. shares was strong and we were very pleased with the investor interest we received. As a result of the offering, we have brought our capital ratios to all time historic highs and are in a great position to take advantage of what we feel will be some exciting and rewarding opportunities the next couple of years.”

Revenue summary
(Unaudited - $ in thousands)	Three months ended
	March 31,			December 31,			March 31,
	2010			2009			2009
Net interest income
Interest income	$	73,398			78,112			75,532
Interest expense		13,884			14,273			15,154
Total net interest income		59,514			63,839			60,378

Non-interest income
Service charges, loan fees, and other fees		10,646			12,212			10,179
Gain on sale of loans		3,891			6,089			6,150
Gain on sale of investments		314			3,328			-
Other income		1,332			4,450			1,048
Total non-interest income		16,183			26,079			17,377
	$	75,697			89,918			77,755

Net interest margin (tax-equivalent)		4.43	%		4.70	%		4.92	%


(Unaudited - $ in thousands)	$ Change from			$ Change from			% Change from			% Change from
	December 31,			March 31,			December 31,			March 31,
	2009			2009			2009			2009
Net interest income
Interest income	$	(4,714	)		(2,134	)		-6	%		-3	%
Interest expense		(389	)		(1,270	)		-3	%		-8	%
Total net interest income		(4,325	)		(864	)		-7	%		-1	%

Non-interest income
Service charges, loan fees, and other fees		(1,566	)		467			-13	%		5	%
Gain on sale of loans		(2,198	)		(2,259	)		-36	%		-37	%
Gain on sale of investments		(3,014	)		314			-91	%		n/m
Other income		(3,118	)		284			-70	%		27	%
Total non-interest income		(9,896	)		(1,194	)		-38	%		-7	%
	$	(14,221	)		(2,058	)		-16	%		-3	%
n/m - not measurable

Net interest income for the current quarter decreased $4.3 million, or 7 percent, with interest income decreasing $4.7 million, or 6 percent, compared to the prior quarter. The decrease in interest income for the current quarter was primarily the result of fewer days and a decrease in interest rates on investments and loans. Net interest income for the current quarter decreased $0.9 million, or 1 percent, with interest expense decreasing $1.3 million, or 8 percent, over the same period in 2009. The decrease in total interest expense from the prior year first quarter is attributable to rate decreases in interest bearing deposits and borrowings. The current quarter net interest margin as a percentage of earning assets, on a tax-equivalent basis, was 4.43 percent which is 27 basis points lower than the 4.70 percent achieved for the prior quarter, and 49 basis points lower than the 4.92 percent result for the first quarter of 2009. “Although the funding costs have remained stable, the softening of loan demand and reinvestment into lower yielding investment securities along with higher levels of assets on non-accrual loans has caused a compression of the net interest margin,” said Ron Copher, Chief Financial Officer.

Non-interest income for the current quarter totaled $16 million, a decrease of $10 million and $1.2 million over the prior quarter and prior year first quarter, respectively. The prior quarter other income had a $3.5 million one-time bargain purchase gain from the acquisition of First National. Excluding the bargain purchase gain and gain on investments, non-interest income decreased $3.4 million, or 18 percent, from the prior quarter, and decreased $1.5 million, or 9 percent, over the same period in 2009. Fee income decreased $1.6 million, or 13 percent, during the quarter primarily from a decrease in non-sufficient-funds fee income, compared to an increase of $467 thousand, or 5 percent, over the same period last year. Gain on sale of loans decreased $2.2 million, or 36 percent, over the prior quarter, and $2.3 million, or 37 percent, over the same period last year, primarily the result of a significant reduction in re-finance activity and a slowing of residential loans originated and sold in the secondary market. Net gain on sale of investments was $314 thousand for the current quarter 2010 compared to $3.3 million for the previous quarter, a 91 percent decrease.

Non-interest expense summary	Three months ended
(Unaudited - $ in thousands)	March 31,			December 31,			March 31,
	2010			2009			2009
Compensation and employee
benefits and related expenses	$	21,356		$	21,376		$	21,944
Occupancy and equipment expense		5,948			6,130			5,895
Advertising and promotion expense		1,592			1,435			1,724
Outsourced data processing		694			850			671
Core deposit intangibles amortization		820			822			774
Foreclosed asset expenses and losses		2,318			3,370			520
Federal Deposit Insurance premiums		2,200			1,940			1,168
Other expenses		7,033			8,410			6,930
Total non-interest expense	$	41,961		$	44,333		$	39,626


(Unaudited - $ in thousands)	$ Change from			$ Change from			% Change from			% Change from
	December 31,			March 31,			December 31,			March 31,
	2009			2009			2009			2009
Compensation and employee
benefits and related expenses	$	(20	)	$	(588	)		0	%		-3	%
Occupancy and equipment expense		(182	)		53			-3	%		1	%
Advertising and promotion expense		157			(132	)		11	%		-8	%
Outsourced data processing		(156	)		23			-18	%		3	%
Core deposit intangibles amortization		(2	)		46			0	%		6	%
Foreclosed asset expenses and losses		(1,052	)		1,798			-31	%		346	%
FDIC premiums		260			1,032			13	%		88	%
Other expenses		(1,377	)		103			-16	%		1	%
Total non-interest expense	$	(2,372	)	$	2,335			-5	%		6	%

Occupancy and equipment expense decreased $182 thousand, or 3 percent, from the prior quarter and increased $53 thousand, or 1 percent, from the prior quarter and the prior year first quarter, respectively. Advertising and promotion expense increased $157 thousand, or 11 percent, from prior quarter and decreased $132 thousand, or 8 percent, from the first quarter of 2009. Foreclosed asset expenses, losses and write-downs decreased $1.1 million, or 31 percent, and increased $1.8 million, or 346 percent, from the prior quarter and the prior year first quarter, respectively. Federal Deposit Insurance Corporation (“FDIC”) premiums increased $260 thousand, or 13 percent, and increased $1.0 million, or 88 percent, from the prior quarter and the prior year first quarter, respectively, as the FDIC increased premiums. The decrease of $1.4 million, or 16 percent, in other expense from the prior quarter includes $313 thousand in legal and outside service expenses, the majority of which relate to the acquisition of First National, $201 thousand in supplies and printing, $361 thousand in checking account losses. “The banks continue to do a great job of controlling their discretionary expenses,” Blodnick said. “Compensation and benefit expenses continue to be well managed.”

Credit Quality Summary	March 31,			December 31,			March 31,
(Unaudited - $ in thousands)	2010			2009			2009

Allowance for loan and lease losses - beginning of year	$	142,927			76,739			76,739
Provision expense		20,910			124,618			15,715
Charge-offs		(21,477	)		(60,896	)		(8,994	)
Recoveries		1,240			2,466			317
Allowance for loan and lease losses - end of period	$	143,600			142,927			83,777

Real estate and other assets owned	$	59,481			57,320			18,985
Accruing loans 90 days or more overdue		10,489			5,537			4,439
Non-accrual loans		198,169			198,281			92,288
Total non-performing assets	$	268,139			261,138			115,712

Allowance for loan and lease losses as a
percentage of non-performing assets		54	%		55	%		72	%

Non-performing assets as a percentage of total bank assets		4.19	%		4.13	%		1.97	%

Allowance for loan and lease losses as a
percentage of total loans		3.53	%		3.46	%		2.01	%

Net charge-offs as a percentage of total loans		(0.50	%)		(1.42	%)		(0.21	%)

Accruing loans 30-89 days overdue	$	61,255			87,491			66,534

At March 31, 2010, the allowance for loan and lease losses was $143.6 million, an increase of $59.8 million, or 71 percent, from a year ago. The allowance was 3.53 percent of total loans outstanding at March 31, 2010, up from 3.46 percent at the prior quarter end, and up from 2.01 percent at March 31, 2009. The allowance was 54 percent of non-performing assets at March 31, 2010, down from 55 percent for the prior quarter end and down from 72 percent a year ago. Non-performing assets as a percentage of total bank assets at March 31, 2010 were at 4.19 percent, up from 4.13 percent as of prior quarter end, and up from 1.97 percent at March 31, 2009. Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of additional provision for loan loss expense.

The current quarter provision for loan loss expense was $21 million, a decrease of $16 million from prior quarter and an increase of $5 million from the same quarter in 2009. Net charged-off loans for the current quarter were $20 million compared to $19 million for the prior quarter and $9 million for the same quarter in 2009. For the quarter, the provision covered net charge-offs 1.0 times. ”As we have been predicting, we did end the quarter with a higher level of non-performing assets, although it was the smallest increase in non-performing assets in the last seven quarters,” Blodnick said. “In addition, early stage delinquencies showed a significant decrease during the quarter. Hopefully, we are beginning to see stabilization taking place in non-performing assets and we can start to witness some reduction in the second half of the year, if not sooner.”

Glacier Bancorp, Inc. is a regional multi-bank holding company providing commercial banking services in 60 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and conducts its operations principally through eleven community bank subsidiaries. These subsidiaries include: six Montana banks - Glacier Bank of Kalispell, First Security Bank of Missoula, Valley Bank of Helena, Big Sky Western Bank of Bozeman, Western Security Bank of Billings, First Bank of Montana of Lewistown; Mountain West Bank in Idaho, Utah and Washington; 1st Bank in Wyoming and Utah; First National Bank & Trust in Wyoming; Citizens Community Bank in Idaho; and Bank of the San Juans in Colorado.

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:

Glacier Bancorp, Inc.
Consolidated Condensed Statements of Financial Condition
(Unaudited - $ in thousands except per share data)	March 31,			December 31,			March 31,
	2010			2009			2009
Assets:
Cash on hand and in banks	$	93,242			120,731			110,220
Federal funds sold		71,250			87,155			27,520
Interest bearing cash deposits		12,595			2,689			14,122

Investment securities, available-for-sale		1,637,646			1,506,394			965,641

Net loans receivable:
Residential real estate loans		773,901			797,626			847,245
Commercial loans		2,593,266			2,613,218			2,607,655
Consumer and other loans		704,789			719,401			705,805
Total loans, gross		4,071,956			4,130,245			4,160,705
Allowance for loan and lease losses		(143,600	)		(142,927	)		(83,777	)
Total loans, net		3,928,356			3,987,318			4,076,928

Premises and equipment, net		140,994			140,921			135,688
Real estate and other assets owned, net		59,481			57,320			18,985
Accrued interest receivable		28,356			29,729			28,143
Deferred tax asset		37,404			41,082			17,948
Core deposit intangible, net		13,117			13,937			12,239
Goodwill		146,259			146,259			146,259
Other assets		57,168			58,260			27,107
Total assets	$	6,225,868			6,191,795			5,580,800

Liabilities:
Non-interest bearing deposits	$	828,141			810,550			743,552
Interest bearing deposits		3,336,703			3,289,602			2,551,180
Advances from Federal Home Loan Bank		802,886			790,367			225,695
Securities sold under agreements to repurchase		242,110			212,506			199,669
Federal Reserve Bank discount window		-			225,000			1,005,000
Other borrowed funds		6,784			13,745			6,109
Accrued interest payable		7,983			7,928			8,675
Subordinated debentures		125,024			124,988			120,149
Other liabilities		37,782			31,219			38,786
Total liabilities		5,387,413			5,505,905			4,898,815

Stockholders' equity:
Preferred shares, $.01 par value per share. 1,000,000
shares authorized. None issued or outstanding		-			-			-
Common stock, $.01 par value per share. 117,187,500
shares authorized		719			616			615
Paid-in capital		643,371			497,493			494,874
Retained earnings - substantially restricted		188,851			188,129			193,552
Accumulated other comprehensive income (loss)		5,514			(348	)		(7,056	)
Total stockholders' equity		838,455			685,890			681,985
Total liabilities and stockholders' equity	$	6,225,868			6,191,795			5,580,800

Number of shares outstanding		71,911,268			61,619,803			61,509,818
Book value of equity per share		11.66			11.13			11.09

Glacier Bancorp, Inc.
Consolidated Condensed Statements of Operations

(Unaudited - $ in thousands except per share data)	Three months ended March 31,
	2010			2009
Interest income:
Residential real estate loans	$	11,833			14,341
Commercial loans		36,672			37,966
Consumer and other loans		10,640			11,339
Investment securities and other		14,253			11,886
Total interest income		73,398			75,532

Interest expense:
Deposits		9,331			10,134
Federal Home Loan Bank advances		2,311			1,819
Securities sold under agreements to repurchase		416			594
Subordinated debentures		1,636			1,907
Other borrowed funds		190			700
Total interest expense		13,884			15,154

Net interest income		59,514			60,378
Provision for loan losses		20,910			15,715
Net interest income after provision for loan losses		38,604			44,663

Non-interest income:
Service charges and other fees		9,520			9,019
Miscellaneous loan fees and charges		1,126			1,160
Gain on sale of loans		3,891			6,150
Gain on sale of investments		314			-
Other income		1,332			1,048
Total non-interest income		16,183			17,377

Non-interest expense:
Compensation, employee benefits
and related expenses		21,356			21,944
Occupancy and equipment expense		5,948			5,895
Advertising and promotion expense		1,592			1,724
Outsourced data processing expense		694			671
Core deposit intangibles amortization		820			774
Foreclosed asset expenses, losses and write-downs		2,318			520
Federal Deposit Insurance Corporation premiums		2,200			1,168
Other expenses		7,033			6,930
Total non-interest expense		41,961			39,626
Earnings before income taxes		12,826			22,414

Federal and state income tax expense		2,756			6,635
Net earnings	$	10,070			15,779

Basic earnings per share		0.16			0.26
Diluted earnings per share		0.16			0.26
Dividends declared per share		0.13			0.13
Return on average assets (annualized)		0.67	%		1.15	%
Return on average equity (annualized)		5.75	%		9.27	%
Average outstanding shares - basic		62,763,299			61,460,619
Average outstanding shares - diluted		62,763,299			61,468,167

Glacier Bancorp, Inc.
Average Balance Sheet

	For the Three months ended 3/31/10							For the Three months ended 3/31/09
(Unaudited - $ in thousands)			Interest		Average					Interest		Average
	Average		and		Yield/			Average		and		Yield/
Assets:	Balance		Dividends		Rate			Balance		Dividends		Rate
Residential real estate loans	$	783,177	$	11,833		6.04	%	$	856,049	$	14,341		6.70	%
Commercial loans		2,592,529		36,672		5.74	%		2,593,490		37,966		5.94	%
Consumer and other loans		691,190		10,640		6.24	%		707,260		11,339		6.50	%
Total loans		4,066,896		59,145		5.90	%		4,156,799		63,646		6.21	%
Tax -exempt investment securities 1		459,764		5,568		4.84	%		425,283		5,331		5.01	%
Other investment securities 2		1,181,846		8,685		2.94	%		587,091		6,555		4.47	%
Total Earning Assets		5,708,506		73,398		5.21	%		5,169,173		75,532		5.84	%
Goodwill and core deposit intangible		159,851							159,341
Non-earning assets		268,688							228,322
Total assets	$	6,137,045						$	5,556,836

Liabilities:
NOW accounts	$	716,239	$	733		0.41	%	$	507,950	$	557		0.45	%
Savings accounts		331,676		204		0.25	%		287,454		272		0.38	%
Money market accounts		811,580		1,963		0.98	%		759,856		2,412		1.29	%
Certificates accounts		1,072,352		5,411		2.05	%		913,959		6,637		2.94	%
Wholesale deposits 3		373,167		1,020		1.11	%		33,545		256		3.10	%
Advances from FHLB		802,000		2,311		1.17	%		336,790		1,819		2.19	%
Repurchase agreements
and other borrowed funds		507,963		2,242		1.79	%		1,269,324		3,201		1.02	%
Total interest bearing liabilities		4,614,977		13,884		1.22	%		4,108,878		15,154		1.50	%
Non-interest bearing deposits		779,998							718,290
Other liabilities		31,400							39,737
Total Liabilities		5,426,375							4,866,905

Stockholders' equity:
Common stock		628							614
Paid-in capital		513,808							493,597
Retained earnings		193,643							191,202
Accumulated other
comprehensive income		2,591							4,518
Total stockholders' equity		710,670							689,931
Total liabilities and
stockholders' equity	$	6,137,045						$	5,556,836


Net interest income			$	59,514						$	60,378
Net interest spread						3.99	%						4.34	%
Net interest margin						4.23	%						4.74	%
Net interest margin (tax-equivalent)						4.43	%						4.92	%

Excludes tax effect of $2,465,000 and $2,360,000 on non-taxable investment security income for the quarters ended March 31, 2010 and March 31, 2009, respectively.

Excludes tax effect of $312,000 and $0 in investment security tax credits for the quarters ended March 31, 2010 and March 31, 2009, respectively.

Wholesale deposits include brokered deposits classified as NOW, money market demand, and CD's.

Glacier Bancorp, Inc.
Loan Portfolio - by Regulatory Classification
(Unaudited - $ in thousands)

	Loans Receivable, Gross						% Change			% Change
	Balance		Balance		Balance		from			from
	3/31/2010		12/31/2009		3/31/2009		12/31/2009			3/31/2009
Glacier	$	915,116		942,254		985,768		-3	%		-7	%
Mountain West		946,514		957,451		981,310		-1	%		-4	%
First Security		580,996		566,713		584,414		3	%		-1	%
1st Bank		284,596		296,913		324,645		-4	%		-12	%
Western		311,974		323,375		357,292		-4	%		-13	%
Big Sky		263,755		270,970		292,020		-3	%		-10	%
Valley		186,218		187,283		201,037		-1	%		-7	%
First National		148,931		153,058		-		-3	%		n/m
Citizens		169,377		166,049		168,019		2	%		1	%
First Bank - MT		115,425		117,017		117,059		-1	%		-1	%
San Juans		149,054		149,162		149,141		0	%		0	%
Total	$	4,071,956		4,130,245		4,160,705		-1	%		-2	%

	Land, Lot and Other Construction Loans						% Change			% Change
	Balance		Balance		Balance		from			from
	3/31/2010		12/31/2009		3/31/2009		12/31/2009			3/31/2009
Glacier	$	160,171		165,734		204,892		-3	%		-22	%
Mountain West		206,953		217,078		255,053		-5	%		-19	%
First Security		81,068		71,404		98,964		14	%		-18	%
1st Bank		30,272		36,888		45,263		-18	%		-33	%
Western		30,893		32,045		41,855		-4	%		-26	%
Big Sky		64,484		71,365		81,354		-10	%		-21	%
Valley		14,204		14,704		17,954		-3	%		-21	%
First National		10,635		10,247		-		4	%		n/m
Citizens		13,168		13,263		21,608		-1	%		-39	%
First Bank - MT		982		1,010		5,424		-3	%		-82	%
San Juans		36,152		39,621		34,608		-9	%		4	%
Total	$	648,982		673,359		806,975		-4	%		-20	%

	Land, Lot and Other Construction Loans at 3/31/10
			Consumer				Developed			Commercial
	Land		Land or		Unimproved		Lots for			Developed			Other
	Development		Lot		Land		Operative Builders			Lot			Construction
Glacier	$	72,118		32,927		29,634		9,202			16,290			-
Mountain West		55,355		71,788		28,460		27,020			9,842			14,488
First Security		30,142		7,212		25,477		4,610			514			13,113
1st Bank		8,657		11,630		4,138		223			2,496			3,128
Western		16,027		7,166		4,827		587			1,882			404
Big Sky		22,350		17,966		10,021		1,485			2,561			10,101
Valley		2,410		5,643		1,379		159			3,397			1,216
First National		1,918		3,069		728		254			2,221			2,445
Citizens		2,829		2,574		2,624		50			662			4,429
First Bank - MT		-		61		796		-			-			125
San Juans		2,893		17,831		2,039		-			8,205			5,184
Total	$	214,699		177,867		110,123		43,590			48,070			54,633

													Custom &
	Residential Construction Loans						% Change			% Change			Owner		Pre-Sold
	Balance		Balance		Balance		from			from			Occupied		& Spec
	3/31/2010		12/31/2009		3/31/2009		12/31/2009			3/31/2009			3/31/2010		3/31/2010
Glacier	$	53,824		57,183		82,357		-6	%		-35	%	$	9,714		44,110
Mountain West		43,725		57,437		86,995		-24	%		-50	%		12,780		30,945
First Security		17,321		19,664		19,273		-12	%		-10	%		7,786		9,535
1st Bank		14,914		17,633		30,022		-15	%		-50	%		8,926		5,988
Western		3,196		2,245		5,285		42	%		-40	%		1,895		1,301
Big Sky		17,608		20,679		28,553		-15	%		-38	%		550		17,058
Valley		5,109		5,170		6,240		-1	%		-18	%		3,739		1,370
First National		2,583		2,612		-		-1	%		n/m			1,400		1,183
Citizens		11,553		13,211		17,842		-13	%		-35	%		5,483		6,070
First Bank - MT		265		234		1,183		13	%		-78	%		202		63
San Juans		6,957		13,811		12,423		-50	%		-44	%		6,213		744
Total	$	177,055		209,879		290,173		-16	%		-39	%	$	58,688		118,367

n/m - not measurable

Glacier Bancorp, Inc.
Loan Portfolio - by Regulatory Classification (continued)
(Unaudited - $ in thousands)




	Single Family Residential Loans						% Change			% Change			1st		Junior
	Balance		Balance		Balance		from			from			Lien		Lien
	3/31/2010		12/31/2009		3/31/2009		12/31/2009			3/31/2009			3/31/2010		3/31/2010
Glacier	$	194,253		204,789		204,330		-5	%		-5	%		171,973		22,280
Mountain West		284,456		278,158		278,592		2	%		2	%		244,109		40,347
First Security		84,665		82,141		85,323		3	%		-1	%		70,568		14,097
1st Bank		60,576		65,555		63,842		-8	%		-5	%		55,747		4,829
Western		43,413		50,502		58,997		-14	%		-26	%		41,477		1,936
Big Sky		32,715		33,308		31,043		-2	%		5	%		28,826		3,889
Valley		64,268		66,644		74,987		-4	%		-14	%		52,684		11,584
First National		17,580		19,239		-		-9	%		n/m			14,421		3,159
Citizens		21,020		20,937		16,161		0	%		30	%		18,984		2,036
First Bank - MT		9,902		10,003		11,015		-1	%		-10	%		8,523		1,379
San Juans		30,804		22,811		25,012		35	%		23	%		29,355		1,449
Total	$	843,652		854,087		849,302		-1	%		-1	%		736,667		106,985



	Commercial Real Estate Loans						% Change			% Change			Owner		Non-Owner
	Balance		Balance		Balance		from			from			Occupied		Occupied
	3/31/2010		12/31/2009		3/31/2009		12/31/2009			3/31/2009			3/31/2010		3/31/2010
Glacier	$	230,338		232,552		220,068		-1	%		5	%		114,884		115,454
Mountain West		231,804		230,383		196,830		1	%		18	%		155,021		76,783
First Security		225,168		224,425		193,716		0	%		16	%		151,397		73,771
1st Bank		64,363		64,008		66,215		1	%		-3	%		47,640		16,723
Western		105,358		107,173		101,866		-2	%		3	%		53,201		52,157
Big Sky		87,446		82,303		80,092		6	%		9	%		56,645		30,801
Valley		49,601		48,144		48,043		3	%		3	%		32,478		17,123
First National		25,706		26,703		-		-4	%		n/m			17,236		8,470
Citizens		57,733		55,660		50,901		4	%		13	%		45,031		12,702
First Bank - MT		18,367		18,827		15,038		-2	%		22	%		12,168		6,199
San Juans		48,166		47,838		54,680		1	%		-12	%		27,932		20,234
Total	$	1,144,050		1,138,016		1,027,449		1	%		11	%		713,633		430,417



	Consumer Loans						% Change			% Change			Home Equity		Other
	Balance		Balance		Balance		from			from			Line of Credit		Consumer
	3/31/2010		12/31/2009		3/31/2009		12/31/2009			3/31/2009			3/31/2010		3/31/2010
Glacier	$	163,345		162,723		163,987		0	%		0	%		142,881		20,464
Mountain West		72,329		71,702		69,405		1	%		4	%		62,640		9,689
First Security		76,276		78,345		82,649		-3	%		-8	%		49,276		27,000
1st Bank		42,953		46,455		49,019		-8	%		-12	%		17,449		25,504
Western		47,836		48,946		51,584		-2	%		-7	%		33,285		14,551
Big Sky		28,054		28,903		32,517		-3	%		-14	%		24,682		3,372
Valley		25,105		24,625		25,027		2	%		0	%		15,994		9,111
First National		25,810		27,320		-		-6	%		n/m			15,839		9,971
Citizens		30,314		29,253		29,366		4	%		3	%		23,410		6,904
First Bank - MT		7,896		7,650		6,284		3	%		26	%		3,667		4,229
San Juans		15,359		14,189		13,007		8	%		18	%		13,733		1,626
Total	$	535,277		540,111		522,845		-1	%		2	%		402,856		132,421



n/m - not measurable

Glacier Bancorp, Inc.
Credit Quality Summary
(Unaudited - $ in thousands)

							Non-		Accruing		Other
	Non-Performing Assets, by Loan Type						Accruing		Loans 90 Days or		Real Estate
	Balance		Balance		Balance		Loans		More Overdue		Owned
	3/31/2010		12/31/2009		3/31/2009		3/31/2010		3/31/2010		3/31/2010
Custom & owner occupied construction	$	1,842		3,281		1,419		1,202		-		640
Pre-sold & spec construction		30,339		29,580		29,392		26,055		-		4,284
Land development		76,254		88,488		28,047		55,929		219		20,106
Consumer land or lots		12,245		10,120		3,400		7,122		117		5,006
Unimproved land		38,585		32,453		11,428		25,556		642		12,387
Developed lots for operative builders		11,626		11,565		6,958		6,437		164		5,025
Commercial lots		1,705		909		98		1,576		-		129
Other construction		3,485		-		2,917		3,485		-		-
Commercial real estate		35,222		32,300		8,630		28,067		2,216		4,939
Commercial & industrial		13,055		12,271		8,399		12,438		577		40
Agriculture loans		5,293		283		52		5,293		-		-
Municipal loans		4,495		-		-		-		4,495
1-4 Family		25,151		30,868		12,058		19,056		386		5,709
Home equity line of credits		7,083		6,234		2,258		5,120		1,474		489
Consumer		850		1,042		650		494		34		322
Other		909		1,744		6		339		165		405
Total	$	268,139		261,138		115,712		198,169		10,489		59,481

									Non-Accrual &
	Accruing 30 - 89 Days Delinquent Loans and						Accruing		Accruing Loans		Other
	Non-Performing Assets, by Bank						30-89 Days		90 Days or		Real Estate
	Balance		Balance		Balance		Overdue		More Overdue		Owned
	3/31/2010		12/31/2009		3/31/2009		3/31/2010		3/31/2010		3/31/2010
Glacier	$	92,315		97,666		42,867		17,027		68,874		6,414
Mountain West		94,952		109,187		59,650		16,760		68,265		9,927
First Security		57,775		59,351		29,515		14,495		30,343		12,937
1st Bank		21,244		21,117		19,265		3,821		3,623		13,800
Western		8,427		9,315		4,078		1,395		2,722		4,310
Big Sky		34,090		31,711		19,235		2,838		21,930		9,322
Valley		2,123		2,542		1,482		471		1,322		330
First National		9,009		9,290		-		1,531		7,340		138
Citizens		5,909		5,340		5,083		2,253		1,547		2,109
First Bank - MT		1,394		800		827		653		583		158
San Juans		2,156		2,310		244		11		2,109		36
Total	$	329,394		348,629		182,246		61,255		208,658		59,481


									Provision for
							Provision for		the Year-to-Date		ALLL
	Allowance for Loan and Lease Losses						Year-to-Date		Ended 3/31/10		as a Percent
	Balance		Balance		Balance		Ended		Over Net		of Loans
	3/31/2010		12/31/2009		3/31/2009		3/31/2010		Charge-Offs		3/31/2010
Glacier	$	37,618		38,978		22,596		9,200		0.9		4.11	%
Mountain West		35,858		37,551		17,562		4,000		0.7		3.79	%
First Security		18,913		18,242		12,447		2,300		1.4		3.26	%
1st Bank		11,310		10,895		7,007		750		2.2		3.97	%
Western		8,737		8,762		6,300		300		0.9		2.80	%
Big Sky		11,144		10,536		5,857		1,800		1.5		4.23	%
Valley		4,634		4,367		3,838		300		9.1		2.49	%
First National		2,212		1,679		-		770		3.2		1.49	%
Citizens		5,554		4,865		3,105		750		12.3		3.28	%
First Bank - MT		2,965		2,904		2,197		165		1.6		2.57	%
San Juans		4,655		4,148		2,868		575		8.5		3.12	%
Total	$	143,600		142,927		83,777		20,910		1.0		3.53	%

Glacier Bancorp, Inc.
Credit Quality Summary (continued)
(Unaudited - $ in thousands)



	Net Charge-Offs, Year-to-Date Period Ending, By Bank								Charge-Offs		Recoveries
	3/31/2010			12/31/2009		3/31/2009			3/31/2010		3/31/2010
Glacier	$	10,560			12,012		1,394			10,699		139
Mountain West		5,693			28,931		3,420			5,802		109
First Security		1,629			3,745		140			2,234		605
1st Bank		335			5,917		505			670		335
Western		325			1,500		1,262			355		30
Big Sky		1,192			4,896		1,775			1,206		14
Valley		33			414		43			36		3
First National		237			4		-			237		-
Citizens		61			656		116			66		5
First Bank - MT		104			26		3			104		-
San Juans		68			329		19			68		-
Total	$	20,237			58,430		8,677			21,477		1,240



	Net Charge-Offs (Recoveries), Year-to-Date
	Period Ending, By Loan Type								Charge-Offs		Recoveries
	3/31/2010			12/31/2009		3/31/2009			3/31/2010		3/31/2010
Residential construction	$	853			13,455		970			855		2
Land, lot and other construction		12,090			28,310		5,629			12,840		750
Commercial real estate		1,532			1,187		(3	)		1,538		6
Commercial and industrial		2,459			3,610		627			2,847		388
1-4 Family		2,517			7,242		229			2,532		15
Home equity lines of credit		614			2,357		821			622		8
Consumer		188			1,895		407			240		52
Other		(16	)		374		(3	)		3		19
Total	$	20,237			58,430		8,677			21,477		1,240

FOR IMMEDIATE RELEASE	Contact: Michael J. Blodnick
	(406) 751-4701
	Ron J. Copher
	(406) 751-7706

Credit Quality Trends
(Unaudited - $ in thousands)
								Accruing Loans 30-89			Non-Performing
	Provision				ALLL			Days Overdue			Assets to
	for Loan		Net		as a Percent			as a Percent of			Total Bank
	Losses		Charge-Offs		of Loans			Loans			Assets
Q1 2010	$	20,910		20,237		3.53	%		1.50	%		4.19	%

Q4 2009		36,713		19,116		3.46	%		2.12	%		4.13	%
Q3 2009		47,050		19,094		3.10	%		1.08	%		4.10	%
Q2 2009		25,140		11,543		2.36	%		1.52	%		3.06	%
Q1 2009		15,715		8,677		2.01	%		1.60	%		1.97	%

Q4 2008		12,223		3,742		1.86	%		1.33	%		1.46	%
Q3 2008		8,715		3,889		1.67	%		0.65	%		1.30	%
Q2 2008		5,042		915		1.59	%		0.92	%		0.58	%

Earnings Summary - unaudited	Three months
($ in thousands, except per share data)	ended March 31,
	2010			2009

Net earnings	$	10,070			15,779
Diluted earnings per share	$	0.16			0.26
Return on average assets (annualized)		0.67	%		1.15	%
Return on average equity (annualized)		5.75	%		9.27	%