Earnings call transcript: Glacier Bancorp Q3 2025 reveals mixed results

Glacier Bancorp’s recent earnings call for the third quarter of 2025 revealed a mixed financial performance for the $5.7 billion market cap bank. The company reported earnings per share (EPS) of $0.57, falling short of the forecasted $0.61, while revenue exceeded expectations at $260.73 million against a forecast of $259.83 million. Following the earnings release, the stock initially dropped by 2.09% but recovered in premarket trading with a 3.22% increase, reflecting a volatile market reaction. According to InvestingPro analysis, the stock currently trades below its Fair Value, suggesting potential upside opportunity.

Key Takeaways

• EPS of $0.57 missed expectations by 6.56%.
• Revenue of $260.73 million slightly surpassed forecasts.
• Stock price fell post-earnings but rebounded in premarket trading.
• Net income increased significantly, both quarter-over-quarter and year-over-year.
• Expansion into the Texas market and successful acquisitions were highlighted.

Company Performance

Glacier Bancorp demonstrated robust operational growth with net income rising 29% quarter-over-quarter and 33% year-over-year. The company’s strategic acquisitions and market expansion, notably into Texas, underscore its growth trajectory, with revenue growing at 15.38% over the last twelve months. While the EPS miss highlights potential challenges in cost management or profitability, InvestingPro data shows the company maintains strong fundamentals with a ’Fair’ overall financial health score.

Financial Highlights

• Revenue: $260.73 million, up from the forecast of $259.83 million.
• Earnings per share: $0.57, below the forecast of $0.61.
• Net interest income: $225 million, up 9% quarter-over-quarter and 25% year-over-year.
• Net interest margin: Expanded to 3.39%, up 18 basis points quarter-over-quarter.

Earnings vs. Forecast

Glacier Bancorp’s actual EPS of $0.57 fell short of the $0.61 forecast, resulting in a negative surprise of 6.56%. Despite this, the company achieved a slight revenue beat with $260.73 million compared to the expected $259.83 million, marking a positive surprise of 0.35%.

Market Reaction

Following the earnings announcement, Glacier Bancorp’s stock experienced a 2.09% decline, closing at $45.05. However, in premarket trading, the stock rebounded by 3.22% to $46.5, indicating a recovery in investor sentiment possibly due to the positive revenue performance and future growth prospects. Notably, analysts maintain a positive outlook, with a consensus target price indicating potential upside, and two analysts have recently revised their earnings estimates upward. For detailed analysis and more insights, check out the comprehensive Pro Research Report available on InvestingPro, which covers this and 1,400+ other US stocks.

Outlook & Guidance

The company anticipates continued margin growth into 2026, with a potential return to a 4%+ net interest margin. The Guaranty Bank acquisition is expected to yield significant cost savings, with 50% anticipated in 2026 and the remainder in 2027. One notable strength highlighted by InvestingPro is the company’s impressive 41-year track record of maintaining dividend payments, with a current yield of 2.93%. Additional ProTips and detailed financial metrics are available to InvestingPro subscribers.

Executive Commentary

CEO Randy Chesler remarked on the successful integration of acquisitions, stating, "Guaranty may be the best cultural fit of any acquisition we’ve done in the last 10 years." Treasurer Byron Pollan highlighted future margin potential, saying, "We do see the potential to get back to the 4% threshold. It’s a matter of timing."

Risks and Challenges

• Stress in the agricultural sector due to low grain and hay prices.
• Moderate pricing competition in larger markets could impact margins.
• The EPS miss may raise concerns about profitability and cost control.

Q&A

Analysts inquired about the company’s deposit beta, credit quality, and focus on direct lending relationships. Executives confirmed strong credit quality and emphasized careful credit administration and borrower monitoring.

Full transcript - Glacier Bancorp Inc (GBCI) Q3 2025:

Conference Operator: Good day, everyone, and welcome to the Glacier Bancorp third-quarter earnings conference call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. To participate, you will need to press star 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 11 again. Please note this conference is being recorded. Now, it’s my pleasure to turn the call over to Glacier Bancorp’s President and CEO, Randy Chesler. Please go ahead.

Randy Chesler, President and CEO, Glacier Bancorp: Good morning, and thank you for joining us today. With me here in Kalispell is Ron Copher, our Chief Financial Officer, Tom Dolan, our Chief Credit Administrator, Angela Dose, our Chief Accounting Officer, and Byron Pollan, our Treasurer. I’d like to point out that the discussion today is subject to the same forward-looking considerations outlined starting on page 13 of our press release, and we encourage you to review this section. We delivered another excellent quarter, continuing our momentum with strong margin expansion, higher loan yields, lower deposit costs, and solid, high-quality loan growth. We also completed the core conversion of the Bank of Idaho with assets of approximately $1.4 billion, and shortly after quarter end, we successfully closed the acquisition of Guaranty Bank and Trust, adding $3.1 billion in assets and expanding our presence in the Southwest.

Bank of Idaho was successfully folded into three of our existing divisions: Citizens Community Bank in Pocatello, Mountain West Bank in Boise, and Wheatland Bank in Eastern Washington. The Bank of Idaho brought us a terrific team of lenders and staff, as well as excellent customer relationships. The Guaranty transaction marks our first entrance into the state of Texas, and we’re excited about the long-term opportunities this brings. Our focus now is on delivering a flawless conversion in the first quarter of 2026 and making sure we have happy employees and customers. For the third quarter, Glacier Bancorp reported net income of $67.9 million or $0.57 per diluted share. The third quarter net income represents an increase of 29% from the prior quarter and reflects a 33% increase in net income compared to the same quarter last year.

Pre-tax, pre-provision net revenues of $250 million for the first nine months of the current year increased $77.1 million or 45% over the prior year’s first nine months. Our loan portfolio grew $258 million to $18.8 billion or 6% annualized from the prior quarter. Commercial real estate continues to be a key driver of loan growth. Deposits also grew, reaching $22 billion, up 4% annualized from the last quarter. Non-interest-bearing deposits grew again this quarter, increasing 5% annualized and now representing 31% of total deposits. We reported net interest income of $225 million, up $18 million or 9% from the prior quarter, and up $45 million or 25% from the same quarter last year. Our net interest margin on a tax-adjusted basis expanded to 3.39%, up 18 basis points from the prior quarter, and up 56 basis points year over year.

This marks our seventh consecutive quarter of margin expansion, reflecting the strength of our loan portfolio repricing, our ability to get good margin on new loans, and our continued focus on managing funding costs. The loan yield of 5.97% in the current quarter increased 11 basis points from the prior quarter and increased 28 basis points from the prior year third quarter. The total earning asset yield of 4.86% in the current quarter increased 13 basis points from the prior quarter and increased 34 basis points from the prior year third quarter. Total cost of funding declined to 1.58%, down 5 basis points from the prior quarter, as we reduced higher-cost Federal Home Loan Bank borrowings by $360 million. Core deposit costs decreased in the quarter to 1.23% from 1.25% in the prior quarter.

Non-interest expense was $168 million, up $13 million or 8% from the second quarter, primarily due to increased costs from acquisitions. Non-interest income totaled $35 million in the current quarter, up $2.4 million or 7% from the prior quarter, and up 2% year over year. Service charges and fees increased 5% from the prior quarter, while gains on loan sales increased 18% from the prior quarter. Our efficiency ratio remained at 62%, down from 65% a year ago, with good momentum for continued steady reduction. Credit quality remains very strong. Our non-performing assets remain low at 0.19% of total assets, and net charge-offs were $2.9 million for the quarter or 3 basis points of loans. Our allowance for credit remains at 1.22% of total loans, reflecting our conservative approach to risk management.

We continue to maintain a strong capital position, with tangible stockholders’ equity increasing $304 million or 14% in the current year. Tangible book value per share increased to $20.46, up 8% year over year. We declare our 162nd consecutive quarterly dividend of $0.33 per share, underscoring our commitment to delivering consistent shareholder returns. We are very pleased with our performance this quarter. Our expanding footprint, unique business model, strong business performance, disciplined credit culture, and strong capital base provide a solid foundation for future growth. That ends my formal remarks, and I would now like the operator to open the line for any questions that our analysts may have.

Conference Operator: Thank you, and as a reminder, to ask a question, simply press star 11 to get in the queue and wait for your name to be announced. To remove yourself, press star 11 again. Please stand by while we compile the Q&A roster. One moment for our first question that comes from the line of Jeffrey Rulis with D.A. Davidson & Co. Please go ahead.

Thanks. Good morning.

Randy Chesler, President and CEO, Glacier Bancorp: Good morning, Jeff.

You guys, on the margin, you did note the seven consecutive quarters of expansion. This quarter’s was the largest sequential of all of them. I won’t read into kind of the lumpiness of that, I suppose, but a good sign nonetheless. You guys have really guided very well on the trend on that front. Maybe just catch us up on where you think you see it headed in light of September’s cut and potentially a couple more this through the end of the year. That’d be great on the visibility front.

Byron Pollan, Treasurer, Glacier Bancorp: Hi, Jeff. This is Byron. Yeah, it has been great to see the continued improvement in our margin. I would say those repricing drivers in our balance sheet that we’ve discussed remain in place. We do see continued growth ahead of us in terms of our outlook. For Q4, we anticipate that will grow our margin an additional 18 to 20 basis points in the fourth quarter. That does include the impact of Guaranty. I know a lot of folks will be interested in our 2026 outlook. I don’t have specifics for you there. We’re just now starting our budgeting cycle for 2026. Broadly speaking, what I can say is we do expect to see continued margin growth throughout the year. I would say, though, that the pace of quarterly increase is likely to moderate throughout next year. Hopefully, that gives you some color for where we’re headed.

We do see continued growth.

Just to refine that, Byron, when you said the margin growth throughout the year, you’re mentioning additionally in 2026, but not specifically. Is that what you were referring to?

Exactly right. I don’t have a specific guide for you in 2026. I think we need to get to our budgeting cycle first to really refine that expectation. From where we sit right now, we do see continued growth throughout the year. Quarter to quarter, I could see the pace of growth starting to moderate a little bit.

Thank you. Randy, you know, we are early goings in the Texas market, but interested in the reception there and how potentially your view of finding further partnerships in Texas and Oklahoma, if that’s if you’ve got any update there, if you’re just as encouraged or less more, just interested in that feedback so far. Again, very early, but notable anyway.

Randy Chesler, President and CEO, Glacier Bancorp: Yeah. No, absolutely. First, I’d say I think Guaranty may be the best cultural fit of any acquisition we’ve done in the last 10 years. Very, very good fit. Our focus right now is on getting Guaranty converted in Q1 and making sure that goes extremely well. I will tell you, there’s conversations already. We’ll have plenty of interested banks who’d like to have a conversation when we’re ready. Our job, one, right now is making sure we get through the conversion in Q1 and do it really, really well. Make sure our customers are happy, employees are happy, and then, like I said, we’ll have plenty of banks to talk to.

Gotcha. Maybe one last housekeeping, if I could squeeze it in. The tax rates seemed a little elevated. I don’t know if that’s a factor of kind of merger costs, but if you could just point us to maybe a good rate going forward.

Byron Pollan, Treasurer, Glacier Bancorp: Yeah, Jeff. Ron here. It is a function of largely the merger-related expenses, some of which are non-deductible. I would tell you that third-quarter rate, I would use that as well for fourth quarter.

Okay. Ron, is that an assumption of additional merger costs or just more of a core rate to match third quarter?

We’ll have some more merger costs as well, but I think it’s a pretty good rate to go with.

Okay, thank you.

Conference Operator: Thank you so much. One moment for our next question. That comes from the line of David Pfister with Raymond James & Associates Inc. Please proceed.

Hey, good morning, everybody.

Randy Chesler, President and CEO, Glacier Bancorp: Morning, David.

Maybe just on the growth side, loan growth has been solid, kind of remained in that mid-single-digit realm. Just wanted to get a sense of how demand’s trending, how the pipeline’s shaping up, and you’re backfilling that production. Just any comments on the competitive landscape as well. We’re hearing more competition, especially on the pricing side, maybe a bit more on the structure as well. Just wanted to get a sense of your thoughts on the loan growth side and how that competitive landscape’s shaping up.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: Yeah, David, this is Tom. Third quarter was another good quarter for us. Typically, second and third quarter are seasonally stronger for us, a little bit less so in fourth and first quarter. I think we expect that a little bit. From a pipeline perspective, we continue to see consistent pull-through. We continue to see consistent build-back, and it’s really fairly consistent throughout the footprint too. I think from a competition standpoint, it’s a little bit geographic-specific. In some of the larger markets, we’ll see more pricing competition, a little bit less so in markets where we have more of a controlling market share. Certainly in the types of deals that we go after, just core Main Street lending, we’re not really seeing competitors stretch on the structure side, which is encouraging. That’s certainly not something that we would do. It tends to be more pricing related.

Okay. Maybe just staying on credit broadly, I mean, credit is still pretty benign for y’all, especially just, you know, given the government, the increase that you guys saw in non-accruals, all government guaranteed. Is there anything on the credit front that you’re seeing at this point or watching more closely, or is there anything specific within the small business space that you’re seeing notable pressures?

The only industry that I would say is a little bit outside is probably the ag sector. Hard grain prices, hay prices are still quite depressed. We’re faring quite well through this. I think our banks do a good job of securing those assets with certainly more hard assets than crops. I think that gives the flexibility to both us and the borrower to work through these cycles. Certainly, our ag lenders have a tremendous amount of experience and have seen cycles like this over and over again. Outside of that, David, there’s really no specific geography or industry segment that’s showing an outsized level of risk. We saw a little bit of an increase this quarter, similar to last quarter. I think we’re just continuing to see more normalization from the historic lows that we were showing for the last couple of years.

Okay. Maybe last one for me, just maybe a bit higher level conceptual. I mean, we look back, there’s obviously, you guys have done a great job driving the margin expansion, right? There is a huge tailwind just from the remixing your pricing side. Again, obviously, organic, you know, loan and deposit growth is, again, accretive to the margin as well. You know, you look pre-pandemic, right? I mean, you guys were consistently operating, you know, well north of 4%. Is that just in this kind of world, is that still a reasonable target? I mean, you guys have continued to march your way towards that, but is that a reasonable target that we could hit in some time in the foreseeable future? Just kind of curious your thoughts on that.

Byron Pollan, Treasurer, Glacier Bancorp: Yeah, David, I do think we can get back to that 4% threshold. It’s a matter of timing. I think it’s really a matter of when, not if. I don’t have specific timing for you. It wouldn’t surprise me towards the end of next year if we see a full handle on our net interest margin. A lot of things could impact that between here and there. What happens with our loan growth and deposit growth? What’s the Fed doing and shape of the curve? All of those things are going to influence that longer-term margin. I do see the potential to get there in the future.

Okay. That’s super helpful. Thanks, everybody.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: You’re welcome.

Conference Operator: Thank you. Our next question comes from the line of Matthew Clark with Piper Sandler. Please proceed.

Hey, good morning, everyone.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: Hey.

I want to start it on the deposit cost side, just if you could give us the spot rate on deposits at the end of September, and just give us a sense for what kind of beta you think you can achieve with this last rate cut that we just got and subsequent rate cuts.

Byron Pollan, Treasurer, Glacier Bancorp: Sure. Our spot deposit cost on September 30 was 1.22%. In terms of our beta, to this point, we’ve been able to achieve a downright beta somewhere in the mid-teens with some amount of lag. Our deposit cost doesn’t react immediately to a rate cut. It takes us a little time to kind of work into that, call it 15% deposit beta. With the addition of Guaranty, their deposit base has a slightly higher beta. If we were 15, I think somewhere going forward with a combination of Glacier and Guaranty, maybe that pushes us up another couple of percent. Somewhere in the range of, call it 15% to 20% would be my expectation for our downright beta going forward.

Okay. Thank you. The other one for me just around the expense run rate and your updated guidance there, whether or not that’s changed since last quarter with Guaranty now in the fold at the start of the fourth quarter. I don’t know if you want to, it sounds like you’re still budgeting for next year, so I don’t know if you want to offer up anything in the first quarter, but I assume there’s some seasonality there.

Yeah. It’s Ron here, and thank you for the question. Yeah, we’re budgeting, so I’m just going to limit the discussion to the third quarter. I want to touch on that and then build towards the fourth quarter. In the third quarter, we finished reported non-interest expense at $167.8 million. That includes $7 million in acquisition-related expense and $800,000 we incurred for a fixed asset write-down related to a branch consolidation in one of our Montana markets. I want to remind folks that the core non-interest expense includes merger-related expenses and other one-time unusual items. Taking those adjustments into account, our core non-interest expense was flat at $160 million, right in the midpoint of the guide of $159 million to $161 million that was shared on the last quarter’s call.

Moving into the fourth quarter, just looking at Bank of Idaho, we had a full three months of expense from them versus two months in the prior quarter. Bank of Idaho was projected to add $9 million to $10 million in that third quarter and came in just about $9 million, the low end of that guide. We expect that to occur. Bank of Idaho impact for the fourth quarter will be just right around that $9 million number. With the acquisition of Guaranty Bank and Trust on October 1 versus we were thinking it would be October 31, we’re now going to have a full three months of expense from Guaranty. This will cause a step up in our core non-interest expense. It’ll add $21 million to $22 million to core non-interest expense in the fourth quarter.

In addition, because of purchase accounting, we’re going to have $3 million of amortization expense for a core deposit intangible that we had to record as we would on any acquisition. In the fourth quarter, when you look across it and put it all together, we’re expecting a range of $185 million to $189 million. Again, that includes Guaranty Bank and Trust. Collectively, I just want to speak very highly of our bank divisions and corporate departments. They’ve done very well in limiting and controlling their expenses. We do continue to take a cautious approach in hiring and spending in general. You still have higher levels of market volatility, etc. Let me open it up for questions.

That’s great, Ron. Thanks for the color.

Conference Operator: A moment for our next question. He is from the line of Andrew Terrell with Stephens Inc. Please proceed.

Hey, good morning.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: Morning.

Maybe I’ll just start back there on expenses, Ron. I really appreciate the guidance on 4Q with all the kind of the moving pieces. Just understanding that, you know, the core conversion for Guaranty Bank and Trust isn’t until the first quarter of 2026. I’m assuming the $185 to $189 million guide for the fourth quarter doesn’t incorporate much in terms of cost save. You know, question being, should we expect some moderation off that $185 to $189 million going into 2026, just as we experience the core conversion and get some cost saves?

Byron Pollan, Treasurer, Glacier Bancorp: Yeah, we will have in the beginning in the first quarter, again, largely related to after the conversion, you know, that’s when the cost saves really start to kick in. As we modeled, we’re modeling 20% reduction in non-interest expense cost saves. 50% of that we will achieve in 2026. The other 50% will be in 2027. As I mentioned earlier, you know, we’re still beginning, I should say, in the budgeting process, but there will be some moderation.

Yeah, got it. Okay, I appreciate it. If I could go back to just the margin commentary briefly for Byron, I appreciate all the color there. I specifically wanted to ask about the comment of just, you know, less margin expansion sequentially throughout 2026 versus what you’ve experienced this year. You guys have benefited from a few things this year. It’s, you know, M&A has helped. The FHLB leverage has helped significantly, and I think that slows down or kind of ends in Q1 of next year. Then the fixed asset repricing, and I’m curious, the comments on slower margin expansion next year, is that mostly reflective of less FHLB leverage potential, less, you know, M&A related expansion, but asset repricing trends staying intact, or do you expect relatively less asset repricing benefits as well?

I would say for the most part, it’s the FHLB leverage. As you point out, we really finished that by the end of the first quarter, so we don’t, you know, that extra boost or pop that we get from paying down high-cost funding, that will end in Q1. Also, on the fixed asset repricing, we still see from a balance perspective, we still see that asset repricing is there. I would say from a rate perspective, the five-year point of the curve has come down some, so that’s also kind of playing into and influencing that comment I made earlier where we’re seeing less lift. I think we’ll see less repricing lift just because of where that five-year point of the curve is right now. It could change, of course.

Yep, fair enough. Okay. Last one just for Randy. I appreciate your comments on the Texas market and how well the Guaranty acquisition has gone so far. I wanted to ask about your comments. I know the near-term priority is getting everything integrated from Guaranty, but it sounds like conversations maybe could be picking up. I think your comments were specific to Texas, but I’m curious just on the overall M&A strategy going forward. Should we expect there’s more of an emphasis in the Texas market as you build out scale there, or are you equally as focused kind of legacy Mountain West franchise and Texas? I guess, is one more in a role, or would you expect to grow more in one than the other?

Randy Chesler, President and CEO, Glacier Bancorp: Yeah. I’d say overall M&A, I think what we offer is becoming even more attractive to sellers, especially with some of the larger banks purchasing banks in our market. We think that’s very, very positive for us. We offer something that’s very different and very attractive to a lot of sellers. I don’t think we can put an emphasis on Texas over the Mountain West, the Southwest over the Mountain West. It’s just getting back to we have a lot of optionality with very, very good sellers across that entire area. We are not really prioritizing one area over the other. Like I said, our focus is to do a great job on the conversion, and then we’ll see where the conversations take us.

Great. Thanks so much for taking my questions.

Conference Operator: Thank you. Our next question is from Kelly Motta with Keefe, Bruyette & Woods. Please proceed.

Hey, good morning. Thanks for the question.

Randy Chesler, President and CEO, Glacier Bancorp: Morning, Kelly.

Maybe one for Byron. I think the guidance for margin last quarter was 15 to 17 basis points, plus another 5 to 7 from Guaranty. It seems like at least near-term it might be a little bit lower. Can you provide any context for the color around that? Wondering if Guaranty is maybe contributing less or there’s less accretion income. Any color would be helpful. Thank you.

Byron Pollan, Treasurer, Glacier Bancorp: Sure. We have an estimate in there for the loan marks and the purchase accounting accretion. We have an estimate in there. I think it may be a little bit more modest than it was prior quarter. Also, kind of back to that five-year point of the curve, our repricing list is just a little bit softer. Also, just looking at the rate cuts, and I mentioned that lag on the deposit side. The timing of the cuts and the reaction of our deposit base can create a little bit of noise during the quarter. Put that all together, thought it might be good to just kind of rein in just a little bit that margin cut. 18 to 20 is still a very strong quarter for us.

Got it. That’s really helpful. Another question that maybe you can humor me on, this non-depository financial institution lending. From what I can see in the call reports, it looks like it’s almost negligible where you guys, what your exposure is. Just wondering if that’s the case and if you could provide just a moment. Credit has been such a strong selling point of Glacier, just the types of commercial credits you look at and kind of what gives you comfort with the outlook ahead. Thank you.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: Sure, Kelly, it’s Tom. You’re right on the assessment of the non-depository financial institution. It’s immaterial. You know, Kelly, it’s just, it’s not a business line for us. Neither is syndicated or any other indirect type of business. With our division model of financial, the last part of your question, at the end of the day, we’re a collection of community banks. We’re Main Street lenders that deal with local businesses and consumers. We just haven’t had the appetite, really at all for syndicated indirect, nor do we foresee exploring it. I think when we look at the nature of the pipeline, it really falls right in line with how the footprint is laid out, good, strong local borrowers, Main Street lenders that we’ve had relationships with for years.

Thank you, Tom. I’ll step back.

Conference Operator: Thank you so much. As a reminder, to ask a question, simply press star 11 to get in the queue. Our last question comes from the line of Timothy Coffey with Janney Montgomery Scott. Please proceed.

Byron Pollan, Treasurer, Glacier Bancorp: Thank you. Good morning, everybody.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: Morning.

Byron Pollan, Treasurer, Glacier Bancorp: Morning.

Tom Dolan, Chief Credit Administrator, Glacier Bancorp: Tom, if I could follow on that last question Kelly was asking, I mean, we’ve seen a handful of missteps in the last couple of weeks from some banks. I was wondering if, in general, you could discuss kind of the processes and checks you have in place at Glacier to ensure that borrowers are doing what they’re supposed to be doing. Yeah, sure. First of all, begin with knowing your customer. The other thing is the loans that we have on our books, we’re in control over. That kind of goes back to that indirect comment or purchase participations or syndications. That just isn’t really a space that we play in. We want to be directly in control of the relationship. I think to answer the latter part of your question, we have credit administration functions in every single one of our divisions.

That’s proximate to the street, proximate to the customers. They’re in the communities where we meet with our borrowers on a regular basis, typically minimum on a quarterly basis for our larger borrowers. We’re also seeing these borrowers at community events and sporting events. It goes back to just the true core community bank type lending. From a more formal perspective, we’re very good and deliberate with our covenant structure and our new originations, our ongoing annual reviews of both each of the division banks, and then also an ongoing regular review of the portfolio at large. I think when you just encapsulate all those things together, we really have a strong understanding of what’s going on with our borrowers.

Byron Pollan, Treasurer, Glacier Bancorp: All right. That’s great. All my other questions have been asked and answered. Thank you.

Conference Operator: Thank you so much. This will conclude our Q&A session, and I will pass it back to Randy for concluding comments.

Randy Chesler, President and CEO, Glacier Bancorp: All right. Thank you, Carmen. I want to thank everyone for dialing in today and joining our call. Have a great Friday and a great weekend.

Conference Operator: Thank you. This concludes our conference. Thank you all for participating. You may now disconnect.

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