GLACIER BANCORP INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
GBCI$48.79-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Years ended | |||
|---|---|---|---|
| (Dollars in thousands) | December 31,2023 | December 31,2022 | December 31,2021 |
| Operating Activities | |||
| Net income | $222,927 | 303,202 | 284,757 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 14,795 | 19,963 | 23,076 |
| Net amortization of debt securities | 15,506 | 29,587 | 47,299 |
| Net amortization of purchase accounting adjustments and deferred loan fees and costs | (5,347) | 2,789 | (17,881) |
| Origination of loans held for sale | (435,649) | (743,212) | (1,550,787) |
| Proceeds from loans held for sale | 549,778 | 844,940 | 1,797,566 |
| Gain on sale of loans | (12,202) | (20,032) | (63,063) |
| (Gain) loss on sale of securities | (1,510) | (620) | 638 |
| Bank-owned life insurance income, net | (3,849) | (3,579) | (2,873) |
| Stock-based compensation, net of tax benefits | 5,929 | 5,366 | 4,349 |
| Depreciation and amortization of premises and equipment | 27,412 | 25,830 | 21,768 |
| Gain on sale and write-downs of other real estate owned, net | (321) | (121) | (105) |
| Deferred tax expense (benefit) | 507 | 2,177 | (9,095) |
| Amortization of core deposit intangibles | 9,731 | 10,658 | 10,271 |
| Amortization of investments in variable interest entities | 20,515 | 16,640 | 13,457 |
| Net (increase) decrease in accrued interest receivable | (10,989) | (6,865) | 5,118 |
| Net (increase) decrease in other assets | (9,801) | (25,807) | 8,188 |
| Net increase (decrease) in accrued interest payable | 121,576 | 1,922 | (1,222) |
| Net (decrease) increase in other liabilities | (8,293) | 7,822 | 588 |
| Net cash provided by operating activities | 500,715 | 470,660 | 572,049 |
| Investing Activities | |||
| Sales of available-for-sale debt securities | 29,972 | 326,302 | — |
| Maturities, prepayments and calls of available-for-sale debt securities | 621,878 | 1,101,420 | 1,453,049 |
| Purchases of available-for-sale debt securities | — | (471,581) | (6,315,164) |
| Maturities, prepayments and calls of held-to-maturity debt securities | 209,909 | 211,700 | 48,955 |
| Purchases of held-to-maturity debt securities | — | (523,060) | (222,695) |
| Principal collected on loans | 2,946,294 | 5,432,753 | 6,529,504 |
| Loan originations | (4,013,701) | (7,296,411) | (7,000,632) |
| Net additions to premises and equipment | (49,283) | (23,238) | (9,436) |
| Proceeds from sale of other real estate owned | 391 | 1,014 | 3,313 |
| Proceeds from redemption of non-marketable equity securities | 630,584 | 366,467 | 4,218 |
| Purchases of non-marketable equity securities | (559,601) | (438,398) | (2) |
| Proceeds from bank-owned life insurance | 1,787 | 2,217 | 2,112 |
| Investments in variable interest entities | (25,722) | (40,967) | (22,640) |
| Net cash received from acquisitions | — | — | 1,622,717 |
| Net cash used in investing activities | (207,492) | (1,351,782) | (3,906,701) |
| Years ended | |||
|---|---|---|---|
| (Dollars in thousands) | December 31, 2023 | December 31, 2022 | December 31, 2021 |
| Financing Activities | |||
| Net (decrease) increase in deposits | $(676,652) | (729,707) | 3,266,304 |
| Net increase (decrease) in securities sold under agreements to repurchase | 540,934 | (74,878) | 16,211 |
| Net (decrease) increase in short-term Federal Home Loan Bank advances | (1,800,000) | 1,800,000 | — |
| Proceeds from short-term FRB Bank Term Funding advances | 2,740,000 | — | — |
| Net increase in other borrowed funds | 3,327 | 9,120 | 3,526 |
| Cash dividends paid | (146,690) | (157,540) | (145,557) |
| Tax withholding payments for stock-based compensation | (1,795) | (1,704) | (1,553) |
| Proceeds from stock option exercises | — | 140 | 265 |
| Net cash provided by financing activities | 659,124 | 845,431 | 3,139,196 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 952,347 | (35,691) | (195,456) |
| Cash, cash equivalents and restricted cash at beginning of period | 401,995 | 437,686 | 633,142 |
| Cash, cash equivalents and restricted cash at end of period | $1,354,342 | 401,995 | 437,686 |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid during the period for interest | $204,397 | 39,339 | 19,779 |
| Cash paid during the period for income taxes | 27,932 | 55,197 | 67,306 |
| Supplemental Disclosure of Non-Cash Investing Activities | |||
| Transfer of debt securities from held-to-maturity to available-for-sale | $— | 2,154,475 | 844,020 |
| Sale and refinancing of other real estate owned | 22 | — | — |
| Transfer of loans to other real estate owned | 1,563 | 907 | 1,482 |
| Right-of-use assets obtained in exchange for new lease liabilities | 1,979 | 25,048 | 801 |
| Dividends declared during the period but not paid | 370 | 346 | 11,352 |
| Acquisitions | |||
| Fair value of common stock shares issued | — | — | 839,853 |
| Cash consideration | — | — | 9 |
| Fair value of assets acquired | — | — | 4,131,662 |
| Liabilities assumed | — | — | 3,291,800 |
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