<SEC-DOCUMENT>0000950123-11-017308.txt : 20110411
<SEC-HEADER>0000950123-11-017308.hdr.sgml : 20110408
<ACCEPTANCE-DATETIME>20110223185907
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-017308
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLACIER BANCORP INC
		CENTRAL INDEX KEY:			0000868671
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				810519541
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		49 COMMONS LOOP
		STREET 2:		.
		CITY:			KALISPELL
		STATE:			MT
		ZIP:			59901
		BUSINESS PHONE:		4067564200

	MAIL ADDRESS:	
		STREET 1:		49 COMMONS LOOP
		STREET 2:		.
		CITY:			KALISPELL
		STATE:			MT
		ZIP:			59901
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA EDGAR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Amit Pande<BR>
Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F. Street N.E.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Glacier Bancorp, Inc.</B><BR>
<B>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2009</B><BR>
<B>Filed March&nbsp;1, 2010</B><BR>
<B>Form&nbsp;10-Q for the Quarterly Periods Ended March&nbsp;31, 2010,</B><BR>
<B>June&nbsp;30, 2010, and September&nbsp;30, 2010</B><BR>
<B>File No.&nbsp;0-18911</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Pande:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consistent with telephone conversations of Monday, February&nbsp;14 and Tuesday, February&nbsp;22, 2011 with
Ms.&nbsp;Lindsay McCord, Accountant, and you, the following response has been prepared by Glacier
Bancorp, Inc. (the &#147;Company&#148;) to your February&nbsp;9, 2011 comment letter regarding the Form 10-K filed
by the Company for the fiscal year ended December&nbsp;31, 2009 and Forms 10-Q for the quarterly periods
ended March&nbsp;31, 2010, June&nbsp;30, 2010 and September&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For convenience and ease of review, we have reprinted below the text of the comment in your
correspondence, followed by the Company&#146;s response.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Form&nbsp;10-Q for the Fiscal Quarter Ended September&nbsp;30, 2010</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Additional Management&#146;s Discussion and Analysis</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Non-Performing Assets, page 42</U>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 2 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note your response to prior comment four of our letter dated January&nbsp;12,
2011, that after a partial charge-off is made on an impaired loan it could either be
designated as non-accrual or accrual. In addition, we note that if a loan is in the
process of collection and the loan is well-secured by collateral with sufficient fair
value to pay off the debt in full you will resume the accrual of interest on the loan.
It is not clear from this response whether a partially charged-off impaired loan is
returned to performing status or remains as non-performing. Please tell us and revise
your disclosures in future filings beginning with your 2010 Form 10-K to distinguish
between when a partially charged-off impaired loan will be designated as performing
versus when it would remain as non-performing. Specifically, state for partially
charged-off loans how you consider the delinquency status of the loan in your accrual
determination.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following is an expanded discussion consistent with the request that will be included in
future filings beginning with the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010</B>, <B>as deemed necessary:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Loans that are thirty days or more past due based on payments received and applied to the
loan are considered delinquent. Loans are designated non-accrual and the accrual of
interest is discontinued when the collection of the contractual principal or interest is
unlikely. A loan is typically placed on non-accrual when principal or interest is due and
has remained unpaid for ninety days or more. When a loan is placed on non-accrual status,
interest previously accrued but not collected is reversed against current period interest
income. Subsequent payments are applied to the outstanding principal balance if doubt
remains as to the ultimate collectability of the loan. Interest accruals are not resumed on
partially charged-off impaired loans. For other loans on non-accrual, interest accruals are
resumed only when they are brought fully current with respect to interest and principal and
when, in the judgment of management, the loans are estimated to be fully collectible as to
both principal and interest.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note that your general allowance decreased from $123.17&nbsp;million at December&nbsp;31, 2009
to $115.64&nbsp;million at September&nbsp;30, 2010. In addition, we note from your disclosure on
page 42 that the total non-accrual loans in the 1-4 family, home equity lines of credit,
consumer, and other categories actually increased from $29.41&nbsp;million at December&nbsp;31, 2009
to $30.99&nbsp;million at September&nbsp;30, 2010. Please tell us and revise your disclosure in
future filings beginning with your 2010 Form 10-K to more clearly bridge the gap between
the decline in your credit quality in these loan portfolios with the decrease in your
general allowance for loan losses.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 3 of 12

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following is an expanded discussion consistent with the request that will be included in
future filings beginning with the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010</B>, <B>as deemed necessary:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In total, the ALLL has decreased $5.8&nbsp;million, or 4&nbsp;percent, from a year ago. The ALLL of
$137.1&nbsp;million is 3.58&nbsp;percent of total loans outstanding at December&nbsp;31, 2010, up from 3.46
percent of total loans at the prior year end. While the overall amount of the ALLL
decreased, the increase in the ALLL as a percent of loans is the result of a continuing
overall upward increase in environmental factors upon each bank subsidiary&#146;s historical loss
experience. Despite the overall continuing upward increase in environmental factors upon
each bank subsidiary&#146;s historical loss experience, the general allocation of the Company&#146;s
allowance decrease by $2.9&nbsp;million due to the decrease of $304.7&nbsp;million, or 7&nbsp;percent, in
total loans at December&nbsp;31, 2010 compared to the prior year end. For additional information
regarding the trends and conditions impacting the environmental factors, see &#147;Item&nbsp;7.
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations.&#148;</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Presented below are select aggregated statistics that are also considered when determining
the adequacy of the Company&#146;s ALLL:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Positive Trends</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The provision for loan losses in 2010 was $84.7&nbsp;million, a decrease of
$39.9&nbsp;million from 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-accrual construction loans (i.e., residential construction and
land, lot and other construction) was $117.7&nbsp;million, or 61&nbsp;percent, of the $192.5
million of non-accrual loans at year end 2010, a decrease of $9.7&nbsp;million from the
prior year end. Non-accrual construction loans at year end 2009 accounted for 64
percent of the $198.3&nbsp;million of non-accrual loans.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The allowance as a percent of non-performing loans was 70&nbsp;percent at
year ends 2010 and 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Early stage delinquencies (accruing loans 30-89&nbsp;days past due)
decreased to $45.5&nbsp;million at year end 2010 from $87.5&nbsp;million at prior year end.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Negative Trends</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The $37.3&nbsp;million total of non-accrual loans in the agriculture, 1-4
family, home equity lines of credit, consumer, and other loans at year end 2010
increased by $7.9&nbsp;million from the year end 2009.</B></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 4 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Charge-offs, net of recoveries, in 2010 was $90.5&nbsp;million, an increase
of $32.1&nbsp;million from 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Net charge-offs of construction loans was $58.7&nbsp;million, or 65&nbsp;percent,
of the $90.5&nbsp;million of net charge-offs in 2010, compared to net-charge-offs of
construction loans of $41.8&nbsp;million, or 71&nbsp;percent, of the $58.4&nbsp;million of net
charge-offs in 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Impaired loans as a percent of total loans increased to 5.88&nbsp;percent at
year end 2010 as compared to 5.30&nbsp;percent at year end 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-performing loans as a percent of total loans increased to 5.15
percent at year end 2010 as compared to 4.93&nbsp;percent at year end 2009.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note your earnings release dated January&nbsp;27, 2011, on your website that states
unaudited net charge-offs and provision for loan losses for 2010 were $90.51&nbsp;million and
$84.69&nbsp;million. In addition, we note that net charge-offs for 2009 totaled $58.43&nbsp;million.
Given the significant increase in net charge-offs from 2009 to 2010 and the higher net
charge-offs than provision for loan losses in 2010, please tell us and provide enhanced
disclosures in future filings beginning with your 2010 Form 10-K, that bridge the gap
between observed changes in asset quality and resulting period end allowance and recorded
provision for loan losses.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following is an expanded discussion consistent with the request that will be included in
future filings beginning with the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010</B>, <B>as deemed necessary:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Presented below are select aggregated statistics that are also considered when determining
the adequacy of the Company&#146;s ALLL:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Positive Trends</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The provision for loan losses in 2010 was $84.7&nbsp;million, a decrease of
$39.9&nbsp;million from 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-accrual construction loans (i.e., residential construction and
land, lot and other construction) was $117.7&nbsp;million, or 61&nbsp;percent, of the $192.5
million of non-accrual loans at year end 2010, a decrease of $9.7&nbsp;million from the
prior year end. Non-accrual construction loans at year end 2009 accounted for 64
percent of the $198.3&nbsp;million of non-accrual loans.</B></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 5 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The allowance as a percent of non-performing loans was 70&nbsp;percent at
year ends 2010 and 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Early stage delinquencies (accruing loans 30-89&nbsp;days past due)
decreased to $45.5&nbsp;million at year end 2010 from $87.5&nbsp;million at prior year end.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Negative Trends</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The $37.3&nbsp;million total of non-accrual loans in the agriculture, 1-4
family, home equity lines of credit, consumer, and other loans at year end 2010
increased by $7.9&nbsp;million from the year end 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Charge-offs, net of recoveries, in 2010 was $90.5&nbsp;million, an increase
of $32.1&nbsp;million from 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Net charge-offs of construction loans was $58.7&nbsp;million, or 65&nbsp;percent,
of the $90.5&nbsp;million of net charge-offs in 2010, compared to net-charge-offs of
construction loans of $41.8&nbsp;million, or 71&nbsp;percent, of the $58.4&nbsp;million of net
charge-offs in 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Impaired loans as a percent of total loans increased to 5.88&nbsp;percent at
year end 2010 as compared to 5.30&nbsp;percent at year end 2009.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-performing loans as a percent of total loans increased to 5.15
percent at year end 2010 as compared to 4.93&nbsp;percent at year end 2009.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When applied to each bank subsidiary&#146;s historical loss experience, the environmental factors
result in the provision for loan losses being recorded in the period in which the loss has
probably occurred. When the loss is confirmed at a later date, a charge-off is recorded.
The occurrence of confirming events in 2010 for previously recognized provision for loan
losses resulted in loan charge-offs, net of recoveries, exceeding the provision for loan
losses by $5.8&nbsp;million. During 2009, the provision for loan losses exceeded loan
charge-offs, net of recoveries, by $66.2&nbsp;million.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, in the future please file within the prescribed time limits a Form 8-K
under Item&nbsp;2.02 &#151; Results of Operations and Financial Condition when you make a public
announcement or release regarding your results of operations or financial condition for a
completed quarterly or annual fiscal period.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 6 of 12

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Company&#146;s </B><B>Form 8-K</B><B> reporting its net earnings for the quarter and for the year ended
December&nbsp;31, 2010 was filed on Thursday, February&nbsp;10, 2010.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note from your response to prior comment five of our letter dated January&nbsp;12, 2011,
that you consider TDR (troubled debt restructuring) loans as impaired loans and that at
least quarterly you perform an updated and comprehensive assessment of the willingness and
capacity of the borrower(s) to timely and ultimately repay their <I>total </I>debt obligations.
Please tell us and revise future filings beginning with your 2010 Form 10-K to disclose
whether the total debt obligations due from a single or related party group of borrowers,
where at least one of the loans was is considered a TDR, is classified as impaired and
evaluated under the guidance of ASC 310-10-35.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Company has evaluated its evaluation and accounting for the subject matter in the above
comment and has determined that such is in accord with the guidance of ASC 310-10-35</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following is an expanded discussion consistent with the request that will be included in
future filings beginning with the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010</B>, <B>as deemed necessary:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Company recognizes that while borrowers may experience deterioration in their financial
condition, many continue to be creditworthy customers who have the willingness and capacity
for debt repayment. In determining whether non-restructured or unimpaired loans issued to a
single or related party group of borrowers should continue to accrue interest when the
borrower has other loans that are impaired or troubled debt restructurings, the Company on a
quarterly or more frequent basis performs an updated and comprehensive assessment of the
willingness and capacity of the borrowers to timely and ultimately repay their total debt
obligations, including contingent obligations. Such analysis takes into account current
financial information about the borrowers and financially responsible guarantors, if any,
including for example:</B></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 7 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>analysis of global, i.e., aggregate debt service for total debt obligations;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>assessment of the value and security protection of collateral pledged
using current market conditions and alternative market assumptions across a variety
of potential future situations; and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>loan structures and related covenants.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Following is an example for illustrative purposes only and will </B><U><B><I>not</I></B></U> <B>be included in
future filings including the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>For example, assume a borrower (or a related party group of borrowers) has two loans with a
subsidiary bank of the Company. One loan is for a land acquisition and development project
(&#147;Real Estate Project&#148;) and the other loan is to finance a commercial real estate office
building (&#147;CRE Loan&#148;) with a nationally recognized tenant. These loans are not
cross-collateralized and the loans do not guarantee each other. Assume further that the
real estate project has stalled and the borrower (or related party group of borrowers) does
not have the resources to keep contractual principal and interest current and the value of
the collateral property is insufficient to repay the loan. In such circumstance, the Real
Estate Project loan is placed on non-accrual status with concessions made by the bank
resulting in the loan designated as a TDR. Provided the lease income assigned to the bank
covers the CRE Loan&#146;s debt service requirements and the collateral value supports the full
and timely repayment of the principal and interest, the CRE Loan would remain an accruing,
performing loan.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note your response to prior comment six of our letter dated January&nbsp;12, 2011, and
also note in your &#147;Credit Quality Summary&#148; tabular disclosures in your news release dated
January&nbsp;27, 2011, on your website that the categories residential construction and land,
lot and other construction loans account for 61% or $117.68&nbsp;million of your total unaudited
non-accrual loans at December&nbsp;31, 2010. In addition, we note these same categories
accounted for $58.73&nbsp;million of 65% of your total unaudited non-accrual loans at December
31, 2010. In addition, we note these same categories accounted for $58.73&nbsp;million or 65%
of your total unaudited net charge-offs for 2010. Given the concentration of credit risk
in these loan categories, please tell us and provide the following information in future
filings beginning with your 2010 Form 10-K related to your residential construction and
land, lot and other construction non-performing loans:</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 8 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General information about the type of collateral securing these
non-performing loans and the borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is a concentration of 5% or more for these loans in a bank
subsidiary or geographic location of the underlying collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Status of the construction project or development; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appraisal method for these loans (i.e. &#147;as-is&#148; versus at
completion).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following is an expanded discussion consistent with the request that will be included in
future filings beginning with the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010</B>, <B>as deemed necessary:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In evaluating the need for a specific or general valuation allowance for impaired and
unimpaired loans, respectively, within the Company&#146;s construction loan portfolio, including
residential construction and land, lot and other construction loans, the credit risk related
to such loans was considered in the ongoing monitoring of such loans, including assessments
based on current information, including new or updated appraisals or evaluations of the
underlying collateral, expected cash flows and the timing thereof, as well as the estimated
costs to sell when such costs are expected to reduce the cash flows available to repay or
otherwise satisfy the construction loan. Construction loans are 17&nbsp;percent of the Company&#146;s
total loan portfolio and account for 61&nbsp;percent of the Company&#146;s non-accrual loans at
December&nbsp;31, 2010. Collateral securing construction loans include residential buildings
(e.g., single/multi-family and condominiums), commercial buildings, and associated land
(multi-acre parcels and individual lots, with and without shorelines). Outstanding balances
are centered in Western Montana and Northern Idaho, as well as Boise, Ketchum and Sun
Valley, Idaho. None of the individual bank subsidiaries have a concentration of
constructions loans exceeding 5&nbsp;percent of the Company&#146;s total loan portfolio.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>As identified below, the following four bank subsidiaries had non-accrual construction loans
that aggregated 5&nbsp;percent or more of the Company&#146;s $117.7&nbsp;million of non-accrual
construction loans at December&nbsp;31, 2010. Also identified below are the principal areas of
the bank subsidiaries&#146; operations in which the collateral properties of such non-accrual
construction loans are located:</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mountain West</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>38&nbsp;percent</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Northern Idaho</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Boise and Sun Valley, Idaho</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Glacier</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>31&nbsp;percent</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Western Montana</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Security</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>14&nbsp;percent</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Western Montana</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Big Sky</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>7&nbsp;percent</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Western Montana</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 9 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Residential non-accrual construction loans are 11&nbsp;percent of the total construction loans on
non-accrual status as of year end 2010. Unimproved land and land development loans
collectively account for the bulk of the non-accrual commercial construction loans at each
of the four bank subsidiaries. With locations and operations in the contiguous northern
Rocky Mountain states of Idaho and Montana, the geography and economies of each of the four
bank subsidiaries are predominantly tied to real estate development given the sprawling
abundance of timbered valleys and mountainous terrain with significant lakes, streams and
watershed areas. Consistent with the general economic downturn, the market for upscale
primary, secondary and other housing as well as the associated construction and building
industries have stalled after years of significant growth. As the housing market (rental
and owner-occupied) and related industries continue to recover from the downturn, the
Company continues to reduce its exposure to loss in the construction loan and other segments
of the total loan portfolio.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>For non-performing construction loans involving residential structures, the percentage of
completion exceeds 95% at December&nbsp;31, 2010. For construction loans involving commercial
structures, the percentage of completion ranges from projects not started to projects
completed at year end 2010. During the construction loan term, all construction loan
collateral properties are inspected at least monthly, or more frequently as needed, until
completion. Draws on construction loans are predicated upon the results of the inspection
and advanced based upon a percentage of completion basis versus original budget percentages.
When construction loans become non-performing and the associated project is not complete,
the Company on a case-by-case basis makes the decision to advance additional funds or to
initiate collection/foreclosure proceedings. Such decision includes obtaining &#147;as-is&#148; and
&#147;at completion&#148; appraisals for consideration of potential increases or decreases in the
collateral&#146;s value. The Company also considers the increased costs of monitoring progress
to completion, and the related collection/holding period costs should collateral ownership
be transferred to the Company. With very limited exception, the Company does not disburse
additional funds on non-performing loans; instead, the Company has proceeded to collection
and foreclosure actions in order to reduce the Company&#146;s exposure to loss on such loans.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note from your response to prior comment seven in our letter dated January&nbsp;12, 2011,
that 37% of your commercial real estate loan dollar balances as of December&nbsp;31, 2010, were
based on an appraisal greater than twelve months. Please tell us and disclose in future
filings beginning with your 2010 Form 10-K the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>How you determine whether to order a new appraisal or rely on your
internal evaluation. We note from your policy that at least quarterly you review
appraisals or evaluations (new or updated) for your collateral-dependent impaired
loans.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 10 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The specific procedures you perform and third-party evidence you rely
upon to update the valuation of the underlying collateral with an appraisal more
than twelve months old.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In instances where current valuations of the underlying collateral are
not available for an impaired loan, how you factor into your impairment analysis
knows depreciation in the collateral values of similar properties. For example, if
you receive an updated appraisal on a similar property that reflects deterioration
in the market value of that property; do you make adjustments to the collateral
values of other properties in the same area to reflect the market deterioration?
If not, please tell us why you don&#146;t believe this would be relevant information to
be considered in your impairment analysis.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Response:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following is an expanded discussion consistent with the request that will be included in
future filings beginning with the </B><B>Form 10-K</B><B> filed by the Company for the fiscal year ended
December&nbsp;31, 2010</B>, <B>as deemed necessary:</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appraisal and Evaluation Process</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Company&#146;s Loan Policy and credit administration practices adopt and implement the
applicable requirements of the Interagency Appraisal and Evaluation Guidelines (and the
Interagency Guidelines for Real Estate Lending Policies in Appendix&nbsp;A to Part&nbsp;365 of Title
12, CFR) (collectively, the &#147;Guidelines&#148;) and the Uniform Standards of Professional
Appraisal Practice (&#147;USPAP&#148;) as established and amended by the Appraisal Standards Board.
The Company&#146;s Loan Policy establishes criteria for obtaining appraisals or evaluations,
including transactions that are otherwise exempt from the appraisal requirements set forth
within the Guidelines.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Each of the Company&#146;s eleven bank subsidiaries monitor conditions, including supply and
demand factors, in the real estate markets served so they can react quickly to changing
market conditions to mitigate potential losses from specific credit exposures within the
loan portfolio. Evidence of the following real estate market conditions and trends is
obtained from lending personnel and third party sources:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>demographic indicators, including employment and population trends;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>foreclosures, vacancy, construction and absorption rates;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>property sales prices, rental rates, and lease terms;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>current tax assessments;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>economic indicators, including trends within the lending areas; and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>valuation trends, including discount and capitalization rates.</B></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 11 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Third party information sources include federal, state, and local governments and agencies
thereof, private sector economic data vendors, real estate brokers, licensed agents, sales,
rental and foreclosure data tracking services.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The time between ordering an appraisal or evaluation and receipt from third party vendors is
typically two to three weeks for residential property and four to six weeks for
non-residential property. For real estate properties that are of highly specialized or
limited use, significantly complex or large, additional time beyond the typical times may be
required for new appraisals or evaluations.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>As part of the Company&#146;s credit administration and portfolio monitoring practices, the
Company&#146;s regular internal and external credit examinations review a significant number of
individual loan files. Appraisals and evaluations are reviewed to determine whether the
timeliness, methods, assumptions, and findings are reasonable and in compliance with the
Company&#146;s Loan Policy and credit administration practices, the Guidelines and USPAP
standards. Such reviews include the adequacy of the steps taken by the Company to ensure
that the individuals who perform appraisals and evaluations are appropriately qualified and
are not subject to conflicts of interest. Deficiencies, if any, are reported to the Banks&#146;
Board of Directors and prompt corrective action is taken.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>For collateral-dependent loans and real estate loans for which foreclosure or a deed-in-lieu
of foreclosure is probable, impairment is measured by the fair value of the collateral, less
estimated cost to sell. The fair value of the collateral is determined primarily based upon
appraisal or evaluation (new or updated) of the underlying property value. The Company
reviews appraisals or evaluations, giving consideration to the highest and best use of the
collateral, with values reduced by discounts to consider lack of marketability and estimated
cost to sell. Appraisals or evaluations (new or updated) are reviewed at least quarterly
and more frequently based on current market conditions, including deterioration in a
borrower&#146;s financial condition and when property values may be subject to significant
volatility. After review and acceptance of the collateral appraisal or evaluation (new or
updated), adjustments to an impaired loan&#146;s value may occur.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In deciding whether to obtain a new or updated appraisal or evaluation, the Company
considers the impact of the following factors and environmental events:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>passage of time;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>improvements to, or lack of maintenance of, the collateral property;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>stressed and volatile economic conditions, including market values;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>changes in the performance, risk profile, size and complexity of the credit
exposure;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>limited or specific use collateral property;</B></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2011<BR>
Mr.&nbsp;Amit Pande, Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Page 12 of 12

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>high loan-to-value credit exposures;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>changes in the adequacy of the collateral protections, including loan covenants
and financially responsible guarantors;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>competing properties in the market area;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>changes in zoning and environmental contamination;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>the nature of subsequent transactions (e.g., modification, restructuring,
refinancing); and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>the availability of alternative financing sources.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Company also takes into account (i)&nbsp;the Company&#146;s experience with whether the appraised
values of impaired collateral-dependent loans are actually realized, and (ii)&nbsp;the timing of
cash flows expected to be received from the underlying collateral to the extent such timing
is significantly different than anticipated in the most recent appraisal.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Company generally obtains new or updated appraisals or evaluations annually for
collateral underlying impaired loans. For collateral-dependent loans for which the
appraisal of the underlying collateral is more than twelve months old, the Company updates
collateral valuations through procedures that include obtaining current inspections of the
collateral property, broker price opinions, comprehensive market analyses and current data
for conditions and assumptions (e.g., discounts, comparable sales and trends) underlying the
appraisals&#146; valuation techniques. The Company&#146;s impairment/valuation procedures take into
account new and updated appraisals on similar properties in the same area in order to
capture current market valuation changes, unfavorable and favorable.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We trust that the above is fully responsive to your comments. However, if you have any further
questions or concerns, please do not hesitate to call our counsel Steve Klein at (206)&nbsp;340-9648 or
the undersigned at (406)&nbsp;751-7706.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Very truly yours,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Glacier Bancorp, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ron J. Copher</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ron J. Copher</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Vice President and Chief Financial Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">CC:</TD>
    <TD>&nbsp;</TD>
    <TD>Ms Lindsay McCord</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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