UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|X| Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 2000
|_| Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _______________ to _________________
COMMISSION FILE 0-18911
-------
GLACIER BANCORP, INC.
---------------------
(Exact name of registrant as specified in its charter)
DELAWARE 81-0519541
--------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
49 Commons Loop, Kalispell, Montana 59901
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (406) 756-4200
--------------------------------------------------------------------------------
N/A
--------------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes |X| No |_|
The number of shares of Registrant's common stock outstanding on October 31,
2000 was 11,441,234. No preferred shares are issued or outstanding.
1
<PAGE>
Item 1.
GLACIER BANCORP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
------------- ------------ -------------
(Unaudited - $ in thousands except per share and per share data) September 30, December 31, September 30,
2000 1999 1999
------------- ------------ -------------
<S> <C> <C> <C>
Assets:
Cash on hand and in banks ..................................... $ 33,700 50,590 33,435
Federal funds sold ............................................ -- 64 278
Interest bearing cash deposits ................................ 4,255 1,711 8,742
------------ ------------ ------------
Cash and cash equivalents ................................ 37,955 52,365 42,455
------------ ------------ ------------
Investments:
Investment securities, held-to-maturity .................. -- 500 500
Investment securities, available-for-sale ................ 65,419 61,560 61,351
Mortgage backed securities, held-to-maturity ............. -- 251 264
Mortgage backed securities, available-for-sale ........... 138,430 147,001 142,945
------------ ------------ ------------
Total Investments ................................... 203,849 209,312 205,060
------------ ------------ ------------
Net loans receivable:
Real estate loans ........................................ 236,071 225,041 220,443
Commercial Loans ......................................... 325,974 279,341 258,704
Installment and other loans .............................. 168,789 154,548 147,016
Allowance for losses ..................................... (7,808) (6,722) (6,549)
------------ ------------ ------------
Total Loans, net .................................... 723,026 652,208 619,614
------------ ------------ ------------
Premises and equipment, net ................................... 25,005 24,670 22,429
Real estate and other assets owned ............................ 97 550 183
Federal Home Loan Bank of Seattle stock, at cost .............. 16,146 15,134 14,624
Federal Reserve stock, at cost ................................ 1,639 1,467 1,431
Accrued interest receivable ................................... 6,233 5,611 4,871
Goodwill, net ................................................. 6,628 7,035 2,432
Deferred taxes ................................................ 1,512 2,895 125
Other assets .................................................. 3,951 2,754 4,916
------------ ------------ ------------
$ 1,026,041 974,001 918,140
============ ============ ============
Liabilities and stockholders' equity:
Deposits - non-interest bearing ............................... $ 152,022 126,927 134,824
Deposits - interest bearing ................................... 564,965 517,179 441,960
Advances from Federal Home Loan Bank of Seattle ............... 177,909 208,650 193,942
Securities sold under agreements to repurchase ................ 20,699 19,766 43,771
Other borrowed funds .......................................... 7,985 6,848 7,769
Accrued interest payable ...................................... 3,387 2,717 2,992
Current income taxes .......................................... 941 108 178
Other liabilities ............................................. 5,970 6,442 7,137
Minority Interest ............................................. 325 308 307
------------ ------------ ------------
Total liabilities ........................................ 934,203 888,945 832,880
------------ ------------ ------------
Common stock, $ 01 par value per share ........................ 114 104 104
Paid-in capital ............................................... 101,756 87,386 87,052
Retained earnings (deficit) - substantially restricted ........ (6,057) 2,997 1,884
Accumulated other comprehensive (loss) ........................ (3,975) (5,431) (3,780)
------------ ------------ ------------
Total stockholders' equity ............................... 91,838 85,056 85,260
------------ ------------ ------------
$ 1,026,041 974,001 918,140
============ ============ ============
Number of shares outstanding .................................. 11,441,234 10,394,701 10,385,246
</TABLE>
See accompanying notes to consolidated condensed financial statements
3
<PAGE>
GLACIER BANCORP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
-------------------------------- --------------------------------
(unaudited - $ in thousands except per share data) Three months ended Sept. 30, Nine months ended Sept. 30,
-------------------------------- --------------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Interest income:
Real estate loans ........................... $ 4,891 4,395 14,136 13,351
Commercial loans ............................ 7,638 5,583 20,943 15,594
Consumer and other loans .................... 4,002 3,200 11,259 8,963
Investment securities ....................... 3,869 3,671 11,601 8,815
------------ ------------ ------------ ------------
Total interest income ................. 20,400 16,849 57,939 46,723
------------ ------------ ------------ ------------
Interest expense:
Deposits .................................... 6,025 3,953 16,246 11,695
Advances .................................... 3,540 2,678 10,237 6,788
Repurchase agreements ....................... 272 599 643 1,006
Other borrowed funds ........................ 44 30 234 214
------------ ------------ ------------ ------------
Total interest expense ................ 9,881 7,260 27,360 19,703
------------ ------------ ------------ ------------
Net interest income ............................... 10,519 9,589 30,579 27,020
Provision for loan losses ................... 491 478 1,483 1,246
------------ ------------ ------------ ------------
Net Interest Income after provision for loan losses 10,028 9,111 29,096 25,774
------------ ------------ ------------ ------------
Non-interest income:
Service charges and other fees .............. 1,997 1,724 5,911 5,006
Miscellaneous loan fees and charges ......... 508 364 1,344 1,244
Gain on sale of loans ....................... 545 708 1,512 2,607
Gains on sale of investments ................ (5) 1 (5) 21
Other income ................................ 536 402 1,335 874
------------ ------------ ------------ ------------
Total fees and other income ............ 3,581 3,199 10,097 9,752
------------ ------------ ------------ ------------
Non-interest expense:
Compensation, employee benefits
and related expenses ................. 3,992 3,627 12,078 10,663
Occupancy expense ........................... 1,221 997 3,568 3,056
Data processing expense ..................... 264 388 1,143 957
Other expenses .............................. 1,980 2,186 6,261 6,433
Minority interest ........................... 16 13 45 36
------------ ------------ ------------ ------------
Total non-interest expense ............. 7,473 7,211 23,095 21,145
------------ ------------ ------------ ------------
Earnings before income taxes ...................... 6,137 5,099 16,098 14,381
Federal and state income tax expense .............. 2,283 1,833 5,825 5,058
------------ ------------ ------------ ------------
Net earnings ...................................... $ 3,853 3,266 10,273 9,323
============ ============ ============ ============
Basic earnings per share (1) ...................... 0.34 0.29 0.90 0.82
Diluted earnings per share (1) .................... 0.33 0.28 0.89 0.81
Dividends declared per share (1) .................. 0.15 0.14 0.44 0.40
Return on average assets (annualized) ............. 1.50% 1.66% 1.37% 1.60%
Return on average equity (annualized) ............. 17.30% 15.14% 15.82% 14.46%
Average outstanding shares - basic (1) ............ 11,441,234 11,418,202 11,439,462 11,340,937
Average outstanding shares - diluted (1) .......... 11,536,174 11,607,113 11,547,895 11,554,851
</TABLE>
(1) Adjusted for stock dividends
See accompanying notes to consolidated financial statements.
4
<PAGE>
GLACIER BANCORP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
---------------------------
(Unaudited -dollars in thousands) Nine months ended Sept 30,
---------------------------
2000 1999
---------- ----------
<S> <C> <C>
OPERATING ACTIVITIES :
Net earnings ...................................................... $ 10,273 9,323
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Mortgage loans held for sale originated or acquired ............. (69,791) (117,322)
Proceeds from sales of mortgage loans held for sale ............. 69,590 136,210
Proceeds from sales of commercial loans ......................... 18,270 7,538
Provision for loan losses ....................................... 1,483 1,246
Depreciation of premises and equipment .......................... 1,056 1,356
Amortization of goodwill ........................................ 407 169
Amortization of investment securities premiums and discounts, net 116 498
Net loss (gain) on investment sales ............................. 5 (21)
Net decrease in deferred income taxes ........................... 387 231
Net (increase) in accrued interest receivable ................... (622) (606)
Net increase in accrued interest payable ........................ 670 714
Net increase in current income taxes ............................ 833 451
Net (increase) in other assets .................................. (1,197) (874)
Net (decrease) in other liabilities and minority interest ....... (455) (95)
FHLB stock dividends ............................................ (745) (784)
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES .................... 30,280 38,033
--------- ---------
INVESTING ACTIVITIES:
Proceeds from sales, maturities and prepayments of
securities available-for-sale ................................. 31,007 23,352
Purchases of securities available-for-sale ........................ (23,213) (120,965)
Proceeds from maturities and prepayments of
securities held-to-maturity ................................... -- 828
Principal collected on installment and commercial loans ........... 181,586 157,799
Installment and commercial loans originated or acquired ........... (261,127) (235,303)
Principal collections on mortgage loans ........................... 98,727 75,018
Mortgage loans originated or acquired ............................. (109,556) (73,279)
Net proceeds from sales (acquisition) of real estate owned ........ 453 (36)
Net purchase of FHLB and FRB stock ................................ (439) (1,103)
Net addition of premises and equipment ............................ (1,391) (3,210)
--------- ---------
NET CASH USED IN INVESTING ACTIVITIES ........................ (83,953) (176,900)
--------- ---------
FINANCING ACTIVITIES:
Net increase (decrease) in deposits ............................... 72,881 31,874
Net increase (decrease) in FHLB advances and other borrowed funds . (29,604) 74,184
Net increase in securities sold under repurchase agreements ....... 933 26,532
Cash dividends paid to stockholders ............................... (5,010) (4,510)
Proceeds from exercise of stock options and other stock issued .... 63 1,370
--------- ---------
NET CASH PROVIDED BY FINANCING ACTIVITIES ..................... 39,263 129,450
--------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS ..................... (14,410) (9,417)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD .................. 52,365 51,872
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD ........................ $ 37,955 42,455
========= =========
NON-CASH INVESTING AND FINANCING ACTIVITIES (See Note 12)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for: Interest ......................... $ 26,690 19,036
Income taxes ..................... 4,992 5,333
</TABLE>
See accompanying notes to consolidated condensed financial statements
5
<PAGE>
Notes to Consolidated Condensed Financial Statements
1) Basis of Presentation:
In the opinion of Management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting of
normal recurring adjustments) necessary for a fair presentation of Glacier
Bancorp Inc.'s (the "Company") financial condition as of September 30,
2000, December 31, 1999, and September 30, 1999 and the results of
operations and cash flows for the nine months ended September 30, 2000 and
1999.
The accompanying consolidated condensed financial statements do not
include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. These
consolidated condensed financial statements should be read in conjunction
with the consolidated financial statements and notes thereto contained in
the Company's Annual Report on Form 10-K for the year ended December 31,
1999. Operating results for the three months ended September 30, 2000 are
not necessarily indicative of the results anticipated for the year ending
December 31, 2000. Certain reclassifications have been made to the 1999
financial statements to conform to the 2000 presentation.
2) Organizational Structure:
The Company is the parent company for eight subsidiaries: Glacier Bank
("Glacier"); Glacier Bank of Whitefish ("Whitefish"); Glacier Bank of
Eureka ("Eureka"); First Security Bank of Missoula ("Missoula"); Valley
Bank of Helena ("Helena"), Big Sky Western Bank ("Big Sky"), and Community
First, Inc. ("CFI"), all located in Montana, and Mountain West Bank
(Mountain West) which is located in Idaho. CFI provides full service
brokerage services through Raymond James Financial Services, Inc. Big Sky
Western Bank became a subsidiary of the Company on January 20, 1999 and
Mountain West became a subsidiary on February 4, 2000. The pooling of
interests accounting method was used for both acquisitions. Under this
method, financial information for each of the periods presented includes
the combined companies as though the mergers had occurred prior to the
earliest date presented. At September 30, 2000, the Company owned 100% of
Glacier, Missoula, Helena, Big Sky, Mountain West and CFI; 94% of
Whitefish, and 98% of Eureka.
The following abbreviated organizational chart illustrates the various
relationships:
<TABLE>
------------------------
Glacier Bancorp, Inc.
(Parent Holding Company)
------------------------
|
|
|
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Glacier Bank First Security Bank | Glacier Bank Glacier Bank
(Commercial bank) of Missoula | of Whitefish of Eureka
(Commercial bank) | (Commercial bank) (Commercial bank)
------------------ -------------------- | ----------------------- ---------------------
|
------------------------------------------------------------------------------------------------------
Big Sky Valley Bank Mountain West Bank Community First, Inc.
Western Bank of Helena of Coeur d'Alene, Idaho (Brokerage services)
(Commercial bank) (Commercial bank) (Commercial bank)
------------------ -------------------- ----------------------- ---------------------
</TABLE>
On February 4, 2000, the Company issued 844,257 shares of common stock in
exchange for all of the outstanding stock of Mountain West Bank. This
business combination has been accounted for as a
6
<PAGE>
pooling-of-interests combination and, accordingly, the consolidated
condensed financial statements for periods prior to the combination have
been restated to include the accounts and results of operations of
Mountain West Bank. The results of operations previously reported by the
separate companies and the combined amounts presented in the accompanying
consolidated condensed financial statements are summarized below: (Dollars
in thousands)
<TABLE>
<CAPTION>
Three months ended Nine months ended
Sept. 30, 1999 Sept. 30, 1999
------------------ -----------------
<S> <C> <C>
Net earnings of:
Glacier Bancorp, Inc ................... $3,163 9,060
Mountain West Bank ..................... 103 263
------ ------
Combined ............................... $3,266 9,323
====== ======
</TABLE>
3) Stock Dividend:
On April, 26, 2000, a 10% stock dividend was approved by the Board of
Directors. As a result all per share amounts from time periods preceding
this date have been restated to illustrate the effect of the stock
dividend. The current deficit in retained earnings is a result of the
stock dividend. Any fractional shares were paid in cash.
4) Ratios:
Returns on average assets and average equity were calculated based on
daily averages.
5) Cash Dividend Declared:
On September 27, 2000, the Board of Directors declared of $.15 per share
quarterly cash dividend to stockholders of record on October 10, 2000,
payable on October 19, 2000.
6) Computation of Earnings Per Share:
Basic earnings per common share is computed by dividing net earnings by
the weighted average number of shares of common stock outstanding during
the period presented. Diluted earnings per share is computed by including
the net increase in shares if dilutive outstanding stock options were
exercised, using the treasury stock method. Previous period amounts are
restated for the effect of the 2000 stock dividend. The following schedule
contains the data used in the calculation of basic and diluted earnings
per share.
<TABLE>
<CAPTION>
Three Three Nine Nine
months ended months ended months ended months ended
(Dollars in thousands except per share amounts) Sept. 30, 2000 Sept. 30, 1999 Sept. 30, 2000 Sept. 30, 1999
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net income available to common
stockholders, basic and diluted $ 3,853 3,266 10,273 9,323
=========== =========== =========== ===========
Average outstanding shares - basic 11,441,234 11,418,202 11,439,462 11,340,937
Add: dilutive stock options 94,940 188,911 108,433 213,914
----------- ----------- ----------- -----------
Average outstanding shares - diluted 11,536,174 11,607,113 11,547,895 11,554,851
=========== =========== =========== ===========
Basic earnings per share $ .34 .29 .90 .82
=========== =========== =========== ===========
Diluted earnings per share $ .33 .28 .89 .81
=========== =========== =========== ===========
</TABLE>
7
<PAGE>
7) Investments:
A comparison of the amortized cost and estimated fair value of the
Company's investment securities is as follows:
INVESTMENT SECURITIES AS OF SEPT 30, 2000
<TABLE>
<CAPTION>
Dollars in thousands
Available for Sale Estimated
Weighted Amortized Gross Unrealized Fair
U.S. Government and Federal Agencies Yield Cost Gains Losses Value
-------- --------- ----- ---------- ---------
<S> <C> <C> <C> <C> <C>
maturing within one year .................... 5.21% 700 0 (7) 693
maturing one year through five years ........ 6.30% 4,975 -- (106) 4,869
maturing five years though ten years ........ 6.66% 3,049 -- (65) 2,984
maturing after ten years .................... 8.11% 1,098 1 (11) 1,088
---- ------- ------- ------- -------
6.54% 9,822 1 (189) 9,634
---- ------- ------- ------- -------
State and Local Governments and other issues:
maturing within one year .................... 5.61% 500 0 (34) 466
maturing one year through five years ........ 5.91% 1,822 30 (3) 1,849
maturing five years through ten years ....... 7.61% 4,020 23 (57) 3,986
maturing after ten years .................... 5.56% 50,499 485 (1,500) 49,484
---- ------- ------- ------- -------
5.72% 56,841 538 (1,594) 55,785
---- ------- ------- ------- -------
Mortgage-Backed Securities .................... 6.84% 40,682 57 (854) 39,885
Real Estate Mortgage Investment Conduits ...... 7.12% 103,005 117 (4,577) 98,545
---- ------- ------- ------- -------
Total Available-for-Sale Securities .... 6.66% 210,350 713 (7,214) 203,849
==== ======= ======= ======= =======
</TABLE>
INVESTMENT SECURITIES AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
Estimated
Dollars in thousands Weighted Amortized Gross Unrealized Fair
Held-to-Maturity Yield Cost Gains Losses Value
-------- --------- ------- ------- ---------
<S> <C> <C> <C> <C> <C>
U.S. Government and Federal Agencies
maturing one year through five years ............... 6.26% $ 500 -- (5) 495
Mortgage-Backed Securities ........................... 6.50% 251 -- (6) 245
---- -------- --- ------ -------
Total Held-to-Maturity Securities ............. 6.42% 751 -- (11) 740
==== ======== === ====== =======
Available for Sale
U.S. Government and Federal Agencies
maturing within one year ............................ 5.98% 1,998 3 (4) 1,997
maturing one year through five years ................ 6.37% 4,480 15 (105) 4,391
maturing five years though ten years ................ 6.76% 4,546 -- (221) 4,325
maturing after ten years ............................ 5.20% 1,322 2 (13) 1,310
---- -------- --- ------ -------
6.33% 12,346 20 (343) 12,023
---- -------- --- ------ -------
State and Local Governments and other issues:
maturing within one year ............................ 6.50% 397 1 (49) 349
maturing one year through five years ................ 4.92% 1,302 14 (5) 1,311
maturing five years through ten years ............... 6.88% 4,120 25 (20) 4,125
maturing after ten years ............................ 5.21% 46,698 39 (2,985) 43,752
---- -------- --- ------ -------
5.34% 52,517 79 (3,059) 49,537
---- -------- --- ------ -------
Mortgage-Backed Securities ............................ 6.96% 44,277 164 (1,310) 43,131
Real Estate Mortgage Investment Conduits .............. 6.94% 108,374 126 (4,630) 103,870
---- -------- --- ------ -------
Total Available for Sale Securities ................... 6.52% $217,514 389 (9,342) 208,561
==== ======== === ====== =======
</TABLE>
8) Stockholders' Equity:
The Federal Reserve Board has adopted capital adequacy guidelines that are
used to assess the adequacy of capital in supervising a bank holding
company. The following table illustrates the Federal Reserve Board's
capital adequacy guidelines and the Company's compliance with those
guidelines as of Sept. 30, 2000
8
<PAGE>
<TABLE>
<CAPTION>
Tier 1 (Core) Tier 2 (Total) Leverage
(dollars in thousands) Capital Capital Capital
----------- ----------- -----------
<S> <C> <C> <C>
GAAP Capital ............................. $ 91,838 91,838 91,838
Less: Goodwill .......................... (6,628) (6,628) (6,628)
Plus: Accumulated other comprehensive
loss on AFS securities .............. 3,975 3,975 3,975
Minority Interest ........................ 325 325 325
Allowance for loan losses ................ -- 7,808 --
Other regulatory adjustments ............. (169) (169) (169)
----------- ----------- -----------
Regulatory capital computed .............. $ 89,341 97,149 89,341
=========== =========== ===========
Risk weighted assets ..................... $ 737,468 737,468
=========== ===========
Total average assets ..................... 1,037,097
===========
Capital as % of defined assets ........... 12.11% 13.17% 8.61%
Regulatory "well capitalized" requirement 6.00% 10.00% 5.00%
----------- ----------- -----------
Excess over "well capitalized" requirement 6.11% 3.17% 3.93%
=========== =========== ===========
</TABLE>
9) Comprehensive Earnings:
The Company's only component of other comprehensive earnings is the
unrealized gains and losses on available-for-sale securities.
<TABLE>
<CAPTION>
For the three months For the nine months
ended Sept 30, ended Sept 30,
Dollars in thousands 2000 1999 2000 1999
------- ----- ------ -----
<S> <C> <C> <C> <C>
Net earnings .............................................. $ 3,853 3,266 10,273 9,323
Unrealized holding gains (losses) arising during the period 2,598 (2,888) 2,460 (8,256)
Transfer from held-to-maturity ............................ -- -- (11) 288
Tax expense ............................................... (1,020) 916 (996) 2,977
------- ----- ------ -----
Net after tax ................................. 1,578 (1,972) 1,453 (4,991)
Less: reclassification adjustment for amounts
included in net income ................................. (5) 1 (5) 21
Tax expense ............................................... 2 -- 2 (7)
------- ----- ------ -----
Net after tax ................................. (3) 1 (3) 14
Net unrealized gain (loss) on securities ..... 1,581 (1,973) 1,456 (5,005)
------- ----- ------ -----
Total comprehensive earnings .............. $ 5,434 1,293 11,729 4,318
======= ===== ====== =====
</TABLE>
10) Subsequent Events
None
11) Segment Information
The Company evaluates segment performance internally based on individual
bank charter, and thus the operating segments are so defined. The
following schedule provides selected financial data for the Company's
operating segments. Centrally provided services to the Banks are allocated
based on
9
<PAGE>
estimated usage of those services. The operating segment identified as
"Other" includes the Parent, Community First, Inc., and inter-company
eliminations.
<TABLE>
<CAPTION>
Nine months ended and as of Sept. 30, 2000
-----------------------------------------------------------
(Dollars in thousands) Glacier Whitefish Eureka Missoula Helena
------- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C>
Revenues from external customers 29,340 3,665 1,985 14,190 6,230
Intersegment revenues 866 6 2 -- 75
Expenses 25,244 2,980 1,605 11,326 5,458
Intercompany eliminations -- -- -- -- --
------- ------- ------- ------- -------
Net income 4,962 691 382 2,864 847
======= ======= ======= ======= =======
Total Assets 459,096 55,206 30,907 202,782 86,678
======= ======= ======= ======= =======
<CAPTION>
Mountain Total
Big Sky West Other Consolidated
------- --------- ----- ------------
<S> <C> <C> <C> <C>
Revenues from external customers 4,648 7,634 344 68,036
Intersegment revenues -- -- 12,513 13,462
Expenses 4,259 6,943 (52) 57,763
Intercompany eliminations -- -- (13,462) (13,462)
------ ------- ------ ---------
Net income 389 691 (553) 10,273
====== ======= ====== =========
Total Assets 72,806 116,477 2,089 1,026,041
====== ======= ====== =========
</TABLE>
================================================================================
<TABLE>
<CAPTION>
Nine months ended and as of Sept. 30, 1999
-----------------------------------------------------------
(Dollars in thousands) Glacier Whitefish Eureka Missoula Helena
------- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C>
Revenues from external customers 24,732 2,816 1,687 12,371 5,395
Intersegment revenues 461 50 2 51 75
Expenses 20,638 2,297 1,410 9,578 4,560
Intercompany eliminations -- -- -- -- --
------- ------- ------- ------- -------
Net income 4,555 569 279 2,844 910
======= ======= ======= ======= =======
Total Assets 433,910 48,518 27,487 183,410 78,836
======= ======= ======= ======= =======
<CAPTION>
Mountain Total
Big Sky West Other Consolidated
------- --------- ----- ------------
<S> <C> <C> <C> <C>
Revenues from external customers 3,400 5,675 399 56,475
Intersegment revenues 33 -- 9,667 10,339
Expenses 3,111 5,412 146 47,152
Intercompany eliminations -- -- (10,339) (10,339)
------ ------ ------ -------
Net income 322 263 (419) 9,323
====== ====== ====== =======
Total Assets 58,356 82,884 4,739 918,140
====== ====== ====== =======
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Three months ended and as of Sept. 30, 2000
-----------------------------------------------------------
(Dollars in thousands) Glacier Whitefish Eureka Missoula Helena
------- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C>
Revenues from external customers 10,246 1,276 714 4,924 2,231
Intersegment revenues 236 1 1 -- 25
Expenses 8,722 1,043 581 3,881 1,885
Intercompany eliminations -- -- -- -- --
------- ------- ------- ------- -------
Net income 1,760 234 133 1,044 371
======= ======= ======= ======= =======
Total Assets 459,096 55,206 30,907 202,782 86,678
======= ======= ======= ======= =======
<CAPTION>
Mountain Total
Big Sky West Other Consolidated
------- --------- ----- ------------
<S> <C> <C> <C> <C>
Revenues from external customers 1,687 2,715 188 23,981
Intersegment revenues -- -- 4,523 4,786
Expenses 1,528 2,434 53 20,128
Intercompany eliminations -- -- (4,786) (4,786)
------ ------- ----- ---------
Net income 159 281 (128) 3,853
====== ======= ===== =========
Total Assets 72,806 116,477 2,089 1,026,041
====== ======= ===== =========
</TABLE>
================================================================================
<TABLE>
<CAPTION>
Three months ended and as of Sept. 30, 1999
-----------------------------------------------------------
(Dollars in thousands) Glacier Whitefish Eureka Missoula Helena
------- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C>
Revenues from external customers 8,789 1,048 608 4,250 1,855
Intersegment revenues 315 3 (3) 30 52
Expenses 7,455 837 482 3,296 1,622
Intercompany eliminations -- -- -- -- --
------- ------- ------- ------- -------
Net income 1,670 209 112 1,005 308
======= ======= ======= ======= =======
Total Assets 433,910 48,518 27,487 183,410 78,836
======= ======= ======= ======= =======
<CAPTION>
Mountain Total
Big Sky West Other Consolidated
------- --------- ----- ------------
<S> <C> <C> <C> <C>
Revenues from external customers 1,682 1,903 (87) 20,048
Intersegment revenues 33 -- 2,659 3,089
Expenses 1,560 1,800 (256) 16,782
Intercompany eliminations -- -- (3,089) (3,089)
------ ------ ----- -------
Net income 120 103 (261) 3,266
====== ====== ===== =======
Total Assets 58,356 82,884 4,739 918,140
====== ====== ===== =======
</TABLE>
12) Non-Cash Investing and Financing Activities
Non-cash investing and financing activities consist of the following
(dollars in thousands):
<TABLE>
<CAPTION>
Nine months ended September 30,
-------------------------------
2000 1999
----------- ------------
<S> <C> <C>
Transfer from held-to-maturity to available-for-sale securities $ 751 8,272
10% stock dividend, transferred from retained earnings to
capital stock and additional paid in capital $ 14,317 19,886
</TABLE>
11
<PAGE>
13) Pending Acquisitions
On September 14, 2000, the Company entered into agreements to purchase
seven Wells Fargo & Company and First Security Corporation branches
located in Boise, Nampa, Hailey, and Ketchum, Idaho and Brigham City and
Park City, Utah to be operated by its wholly owned subsidiary, Mountain
West Bank of Coeur d'Alene, Idaho. The purchase includes approximately
$185 million in deposits, $50 million in loans, and real estate and
equipment of the branches. The acquisition is expected to be completed by
March 31, 2000, pending regulatory approvals.
On September 20, 2000, the Company announced that it had entered into a
definitive agreement for the acquisition of Missoula, Montana based
WesterFed Financial Corporation with June 30, 2000 assets of $946 million,
loans of $619 million, and deposits of $607 million. WesterFed is the
holding company for Western Security Bank, Montana's largest savings bank
with twenty-seven offices in fourteen Montana communities. Shareholders of
WesterFed will be allowed to elect to receive shares of Glacier common
stock or cash, within certain limitations. The acquisition is expected to
be completed in the first quarter of 2001, pending regulatory approval and
approval by both company's shareholders.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly cause this amended report to be signed on its behalf by the
undersigned thereunto duly authorized.
GLACIER BANCORP, INC.
November 14, 2000 By: /s/ Michael J. Blodnick
----------------------------
Michael J. Blodnick
President/CEO
November 14, 2000 By: /s/ James H. Strosahl
----------------------------
James H. Strosahl
Executive Vice President/CFO
12
