グレイシャー・バンコープ（GBCI）2026年第3四半期決算説明会：過去最高益、NIMは4%を突破

グレイシャー・バンコープ（NYSE: GBCI）は、11四半期連続となる純利ざや（NIM）の拡大、幅広い預金の増加、および安定した信用力に支えられ、2026年第3四半期に過去最高の業績を発表した。預金コストの上昇によりペースが鈍化する可能性はあるものの、経営陣は資産の再価格設定（リプライシング）が2027年にかけてさらなるマージン改善を後押しすると見込んでいる。

要点

• 純利益は過去最高の1億500万ドルに達し、前四半期比で7%増加、前年同期比で54%増加した。希薄化後1株当たり利益（EPS）は0.80ドル、営業希薄化後EPSは0.81ドルであった。
• 課税等価ベースの純金利マージンは前四半期比で11ベーシスポイント、前年同期比で62ベーシスポイント上昇して4.01%となり、11四半期連続の拡大を記録した。
• 預金残高合計は253億ドルに達し、前四半期比で6億1,900万ドル（年率換算で10%）増加した。無利息預金残高は77億ドルに増加し、預金全体の30%を占めた。
• 貸出金残高は2億5,600万ドル増加して216億ドルとなり、年率換算で5%の増加に相当する。サウスウェスト部門は約年率換算で8%の増加を記録した。
• 経営陣によると、約35億ドルの貸出金の利回りが125〜150ベーシスポイント今後12か月間で上方改定（リプライシング）される見通しであり、2027年にかけての予想マージン拡大を後押しするとしている。
• 取締役会は四半期配当を0.02ドル（または6%）引き上げて1株当たり0.35ドル。また、経営陣は資本の蓄積に伴い、特別配当や自社株買いについても検討しています。

主要財務実績

事業および営業業績

貸出金の伸びは健全な規律を維持しており、南西部部門が年率約8%増と全体の伸びを上回りました。経営陣は、南西部およびマウンテン地域の市場における案件パイプライン、特に商業用不動産や建設分野が好調であると説明しました。

平均貸出利回りは6.22%に上昇し、前四半期比で10ベーシスポイント、前年同期比で25ベーシスポイント上昇しました。第3四半期の新規貸出実行利回りは6.74%でした。

預金成長は商品、部門、地域全体で広範囲にわたりました。当四半期の主なトピックは無利息預金の増加でした。無利息預金残高を含むコア預金コストは前四半期比で1ベーシスポイント低下し、1.17%となりました。9月30日時点のスポット預金金利は1.20%であったのに対し、新規の有利息口座は約2.25%〜2.5%の金利で開設されました。

信用品質は安定を維持しました。初期段階の延滞率は貸出金の0.27%に低下し、前四半期の0.31%から改善しました。不良資産は120万ドル減少して9,060万ドル（子会社資産の0.28%）となりました。純貸倒償却額は600万ドルで、これには350万ドルの預金当座貸越の償却が含まれます。

経営陣のガイダンス

• 経営陣は1桁台前半から半ばの貸出成長見通しを維持する一方、同社が季節的に緩やかな時期に入りつつあると指摘しました。
• グレイシャー・バンコープは、純金利マージンが2027年まで拡大し続けると予想しています。預金コストが上昇する可能性があるため、第4四半期の改善幅は直近の四半期で達成された10ベーシスポイントの範囲を下回る可能性があります。
• 経営陣は4%〜4.5%を同社の歴史的なマージンレンジと見ており、現在の環境は最終的に4.5%への上昇を後押しする可能性があると述べましたが、タイムフレームを示したり、これを2027年の目標として設定したりはしませんでした。
• 総預金の予想ベータは20%〜25%であり、経営陣は利上げサイクルの初期には下限に近い結果を予想しており、利上げが継続すれば25%に近づく可能性があると考えています。
• 第4四半期の非金利費用は1億8,700万ドル〜1億9,200万ドルとなると予想され、上限に近い水準となる見込みです。通期の費用は7億5,000万ドル〜7億6,000万ドルの範囲内（7億5,700万ドル近辺）にとどまる見込みです。
• 経営陣は第4四半期の効率性比率（エフィシエンシー・レシオ）が約54%〜55%になると予想しています。
• その他の手数料収入は約4,000万ドルで推移すると見込まれる一方、第4四半期および通期の税率は約21%となる予想です。

リスクと注視すべき点

経営陣は、米連邦準備理事会（FRB）が利上げを継続した場合、預金コストが緩やかに上昇すると見込んでいます。利上げサイクルが長期化すると、総預金ベータが20%〜25%のレンジの上限に向かって上昇し、マージンへの増分的なメリットが縮小する可能性があります。

経営陣によると、借入手の慎重姿勢は少なくとも1年前から見られます。一部のプロジェクトは規模を縮小したり、追加の自己資本を投入して進められたりしていますが、電話会議の時点では、金利上昇に起因するパイプライン（案件）の取り消しの著しい増加は見られませんでした。

経営陣はまた、支出や営業環境に対して慎重姿勢を維持する理由として、貸出の季節的な伸び悩み、地政学的な不確実性、および経済の不透明感を挙げました。

アナリスト質疑応答のハイライト

経営陣は資産のリプライシング（金利改定）を推進する複数の要因を挙げました。投資キャッシュフローは、償還利回りを約350ベーシス・ポイント上回る利回りで再投資されています。約35億ドルの貸出金について、今後12か月間で125〜150ベーシス・ポイントの引き上げが見込まれる一方、新規貸出実行利回りは6%台後半にとどまっています。

バランスシートは現在、適度な資産感応的（アセットセンシティブ）と説明されています。経営陣は、資産利回りや再投資収益の上昇が資金調達コストの圧力を相殺して余りあると予想しており、追加の利上げが純利ざや（NIM）にプラスに働く可能性があるとしています。

Glacier Bancorpは、貸出の伸びに資金を供給する柔軟性を維持しつつ、四半期ごとの有価証券償還額とほぼ同額を再投資する計画です。経営陣は、有価証券ポートフォリオにおいて利回りやデュレーションを過度に追求していないと説明しました。

資本配分について、経営陣は収益力の強化が大幅な資本蓄積を生んでいると述べました。そのため同社は、特別配当や自社株買いを含め、あらゆる選択肢を検討しています。

決算説明会 全トランスクリプト

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and thank you for standing by. Welcome to the Glacier Bancorp Third Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Randy Chesler, President and CEO of Glacier Bancorp. Please go ahead.

Randall Chesler

Good morning, and thank you for joining us today. With me here in Kalispell are Ron Copher, our Chief Financial Officer; Tom Dolan, our Chief Credit Administrator; Angela Dose, our Chief Accounting Officer; and Byron Pollan, our Deputy CFO and Treasurer.

I would like to remind everyone that today's discussion is subject to the forward-looking statement considerations included in our earnings release, and we encourage you to review that language. Last night, we issued our earnings release for the third quarter of 2026, and we are very pleased to report record net income for Glacier. The quarter reflected continued earnings momentum, our 11th consecutive quarter of margin expansion, strong deposit growth, solid loan growth and excellent credit performance.

Net income was $105 million for the third quarter, a record for the company and the first time we exceeded $100 million in net income in a quarter. We were up 7% from the prior quarter and up 54% from the third quarter of last year. Diluted earnings per share were $0.80, up 7% from the prior quarter and up 40% from the prior year third quarter. Operating diluted earnings per share were $0.81, up 7% from the prior quarter and up 31% from the prior year third quarter. A key driver of our strong performance continues to be net interest income and margin expansion. Net interest income increased to $290 million, up 5% from the second quarter and up 29% from the third quarter of last year.

Our tax equivalent net interest margin expanded to 4.01%, up 11 basis points from the second quarter and up 62 basis points from the prior year third quarter. This marks our 11th consecutive quarter of margin expansion, and we have now crossed the 4% mark with a strong tailwind driving momentum for further growth in the fourth quarter and into 2027. From a pretax, pre-provision net revenue perspective, our PPNR for the third quarter was $138 million, an increase of 6% from the prior quarter.

Turning to the balance sheet, loans ended the quarter at $21.6 billion, increasing $256 million or 5% annualized from the second quarter. The growth reflected our continued focus on disciplined loan production in our attractive markets. The average loan yield of 6.22% in the current quarter increased 10 basis points from the prior quarter and increased 25 basis points from the prior year third quarter. Noninterest-bearing deposits increased $279 million or 15% annualized to $7.7 billion and represented 30% of total deposits at quarter end. Total deposits were $25.3 billion at quarter end, increasing $619 million or 10% annualized from the prior quarter and increased $3.4 billion or 16% from the prior year third quarter.

Our loan-to-deposit ratio improved to 85.7% from 86.8% at the end of the prior quarter, and our deposit base continues to comfortably support our liquidity, funding strategy and future loan growth. The total cost of funding declined to 1.32%, down 1 basis point from the prior quarter and down 26 basis points from the third quarter of last year. Core deposit costs, including noninterest-bearing deposits, was 1.17%, down 1 basis point from the prior quarter and down 6 basis points from the prior year third quarter. Credit quality remains excellent, consistent with our market-focused divisional model and disciplined underwriting culture. Early-stage delinquencies declined to 0.27% of loans from 0.31% in the prior quarter, and nonperforming assets decreased $1.2 million to $90.6 million or 0.28% of subsidiary assets.

Net charge-offs were $6 million for the quarter, which included $3.5 million of deposit overdraft charge-offs. Noninterest expense was well managed in the quarter. The efficiency ratio improved to 56.08% from 56.65% in the prior quarter. Return on average assets increased to 1.31%, up from 1.25% last quarter and 0.93% in the third quarter of last year. During the quarter, the Board increased the quarterly dividend by $0.02 or 6% to $0.35 per share. This marks our 166th consecutive quarterly dividend, and we have now increased the dividend 50x over our history.

Tangible book value per share grew to $22.05, up 1% from the prior quarter and up 8% from the prior year third quarter. We are very encouraged by our results for the third quarter and through the first 9 months of the year. Record earnings, a margin above 4%, strong deposit growth, disciplined loan growth and excellent credit performance, all driven by Glacier's community banking model, demonstrate the power of the Glacier franchise and provides strong momentum heading into the fourth quarter and 2027. That concludes my remarks.

I will now ask the operator to open the line for questions from our analysts.

Operator

[Operator Instructions] Our first question comes from the line of Jeff Rulis with D.A. Davidson.

質疑応答

Jeff Rulis

Wanted to check in on the kind of the growth in the quarter, a good solid mid-single-digit. I don't know if you had the numbers for sort of the Texas footprint relative to the other areas of your -- the footprint, if you could?

Tom Dolan

Sure, Jeff. This is Tom. Yes, the Southwest division, just how we look at it, outperformed the bank as a whole in the quarter. They came in at about 8% annualized growth.

Jeff Rulis

Appreciate it. And I guess the follow-on to that is the -- I guess, that initial phase of the Guaranty team being on board and their book of business. And I guess as that's aged, I mean, just kind of, getting into the opportunity in this most recent quarter would be a pretty good tell. But the outlook for growth in the Southwest region still pretty positive. And just interested in your view of that plus the Rocky Mountain outlook as well.

Tom Dolan

Yes. No, the Southwest division still sits on a very healthy pipeline, very healthy deal flow. And I think the same extends to the Mountain footprint as well. I would say overall origination activity remains solid. And as you saw this in the quarter and it continues, particularly within our commercial real estate and the construction portfolios, but that we're still seeing a healthy level of ongoing deal flow and pipeline strength. But as we've seen in prior years, we are entering into a seasonally slower period. But overall, we're still comfortable with our low to mid-single-digit outlook.

Jeff Rulis

Right. And then maybe one other one. Byron, I wanted to maybe quantify or frame up the further asset repricing opportunity in '27 -- sort of Randy alluded to it got some tailwinds. Just hoping to frame up the positive factors that may impact that. Year-over-year, up 60 basis points on the margin is impressive, tough to repeat, but just want to see the components of what you're seeing looking forward.

Byron Pollan

Yes. Thanks, Jeff. Very excited to reach 4.01% in the third quarter for our net interest margin. We've been looking ahead at that for some time. It's an important milestone for us in our continued improvement in our earnings profile. But as Randy pointed out, as you say, importantly, there is additional upside from here. So the tailwinds we see ahead in our asset repricing are very strong and, frankly, have gained some momentum with the shift in the curve. I'll start with investments. Investment cash flows are being reinvested roughly 350 basis points higher than the current runoff yield. So that's very helpful, and that's a little stronger than it has been.

Loan repricing, approximately $3.5 billion of loans currently in portfolio will reprice up 125 to 150 basis points in the next 12 months. That's also a little stronger than it has been lately. And on the new production side, with new production yields in the high 6s and trending higher, every new loan we put on the books will lift our margin. So we do have some meaningful momentum on the asset repricing, and that's going to carry us through with increasing margin through '27.

Jeff Rulis

Okay. That's very helpful, Byron. And I guess we'll make our determination on deposit costs, but that seems pretty tame for now. So I appreciate it.

Operator

Our next question comes from the line of Matthew Clark with Piper Sandler.

Matthew Clark

On that front, I guess, it sounds like your, kind of, incremental spread on new loans, in particular, is pretty healthy today. How are you thinking -- I mean, it sounds like this NIM expansion is not just going to continue next year, but the year after. So when you think about a normalized margin, is 4.50% what you're ultimately striving for? Is that realistic?

Byron Pollan

Well, I think we have some good visibility into '27. We're still pulling a lot of things together here. We'll wait and see, kind of, how '27 develops before we can really speak to 2028. But I think of our margin in terms of a historical range, 4% to 4.5% is typically where we have been historically. There are some things that could lift us towards the higher end of the range with what I see today, the market environment, the lending opportunities that we have. Those are the -- this is the type of environment that could help us lift towards the higher end of that range. Now I can't put a time frame on that. I can't say that that's a 2027 event. But certainly, with enough time, I could see us hitting that 4.5% level that at the higher end of our historic range.

Matthew Clark

Got it. And then just on deposit costs, do you have the spot rate at the end of September? And then also, what beta should we assume if we get -- we have this recent one and then we get maybe one in December and March?

Byron Pollan

Sure. The spot rate for deposits on September 30 was 1.20%. And in terms of deposit beta, I think we'll be somewhere in the range of 20% to 25%. I think early on in the cycle, we'll probably be closer to the lower end of that range. If this cycle were to extend, we may push towards the higher end of that range, but that will be further down the road with several more hikes in place. But early on, I think 20%, maybe down the road towards the 25% beta is a good guide.

Matthew Clark

Okay. And then maybe for Randy, your stock on a relative basis is trading at a multiple that we haven't seen in a while. Any appetite to authorize a buyback and consider buying back some stock given where your multiple trades on an absolute and relative basis?

Randall Chesler

Yes. I think that gets to the capital discussion. And we're looking also at the future capital build, which is substantial given the earnings growth. So all -- we are really now going to take a look at all options, including special dividends and share buybacks because of the amount of capital we see accumulating, and we really just want to make sure we have all levers available to us. So yes, that's something that's absolutely in our scope.

Operator

Our next question comes from the line of David Feaster with Raymond James.

David Feaster

I wanted to start on the deposit side. It was a very good quarter. Obviously, we've got the temporary deposits that you called out. I got some seasonal strength. But I mean, core deposit growth was just very good. I wanted to get a sense of what you're seeing that's driving that? I mean, are there any markets that you're seeing notable strength? How marginal funding costs are, the competitive landscape for funding today? And just how do you think about deposit growth going forward as competition intensifies?

Byron Pollan

Yes, David. As you point out, great deposit quarter for us. Really strong results in the quarter from a balance perspective with growth. And at the same time, we were able to reduce our deposit costs. And the real highlight this quarter was our growth in our noninterest-bearing balances. That was fantastic. Seasonally, we do expect to see good growth in the third quarter. I would say this is on the strong side of our seasonal expectations. Where is the growth coming from? I would say it's solid broad-based growth. We saw growth across most of our deposit products, interest-bearing and noninterest-bearing, and we saw growth across most of our divisions and geographies. So it's hard to call out any one area. I would say it was pretty broad-based strength in the quarter. Overall, a fantastic result.

David Feaster

Okay. That's great. And then maybe following up on the loan commentary at the beginning. I just wanted to -- appreciate the mid-single-digit guide. I wanted to get a sense of, like, as you talk to your clients with rates rising, how is demand trending? It sounds like originations have still been good. How is the pipeline headed into the fourth quarter? Have you started to see some stuff that maybe falls out of the pipeline that may not pencil anymore with rates higher, just the competitive landscape? Just, kind of, curious what you're seeing on that front.

Tom Dolan

Yes, sure, David. We haven't seen any material deals fall out of the pipeline as a result of rates. The way I look at it, I think borrower caution has been evident for at least the last year, probably a little bit longer. But we still see projects moving forward, albeit maybe slightly scaled back with additional equity. And in the third quarter with some of the changes in the rate environment, we just haven't seen a material change in borrower behavior. Of course, it's a little early into the cycle to get a strong assessment of that. But as of now, we haven't really seen any material change.

David Feaster

Okay. Okay. That's great. And then maybe just last one, I wanted to touch on your asset sensitivity. I think a lot of investors still look at you as liability sensitive, and you were a couple of years ago. But I just want to -- how do you think about the balance sheet currently and your asset-sensitive position? How do you think about the potential margin benefits in each hike? And how do you think about managing asset sensitivity in this market?

Byron Pollan

Yes, David, we are, I would say, modestly asset sensitive. And I think in this rate environment, frankly, is helpful for us. I walked through the drivers on the asset side of the balance sheet, the continued repricing that we'll see. On the other side of the balance sheet, on the funding side, we will see some upward drift in our deposit costs if the Fed continues to raise rates. However, the benefit of our asset repricing and higher reinvestment yields will more than offset that funding cost pressure. And so I do see our margin continuing to expand throughout '27 as we've talked about. And the shape of the curve is helpful. A couple of incremental hikes would be helpful as well. So yes, I see this as a positive development overall for the balance sheet.

David Feaster

Do you have any expectation for how each hike may benefit the margin? And again, how do you think about managing it as you go forward with your securities portfolio and just managing the balance sheet?

Byron Pollan

Sure. As I mentioned, early on, our deposit beta is likely to be lower. We'll probably, kind of, lag into this deposit repricing a little bit. And so early on, the hikes will be maybe a little bit more beneficial. As I said earlier, if this hiking cycle extends, our deposit beta might float up a little bit towards the higher end of that 20% to 25% range, and so it might be a little bit -- still be helpful, but maybe not provide quite as much lift.

In terms of how we'll manage the investment securities portfolio, we are putting runoff cash flows back to work in new purchases. We're being very conservative with what we're buying there. We're not really reaching for yield, reaching for duration. And we have a meaningful amount of cash flow that is coming back from our securities portfolio. And so that's going to provide us a lot of flexibility in what we do with that cash flow, whether it's funding loans with lending opportunities on comp side of the balance sheet or reinvesting in securities at these higher levels. I see that all of that as being helpful for our margin and net interest income going forward.

Operator

[Operator Instructions] Our next question comes from the line of Andrew Terrell with Stephens.

Andrew Terrell

Maybe sticking on the margin just for a bit. A lot of the commentary, Byron, sounds very positive and maybe this is a better rate environment for you now as you're reinvesting some of the cash flows at a higher rate. Just if I look back the past couple of quarters, I mean, you've got 2 quarters in a row, 10 to 12 basis point, kind of margin lift each quarter. A lot of the commentary sounds like it's better. Is it unfair to think that you could reproduce a similar kind of 10 to 12 basis point lift in the margin in the fourth quarter? And I appreciate I'm not going to ask it about 2027 because I know it's tougher to forecast.

Byron Pollan

I would say, also keep in mind, we are able to, over the last few quarters, reduce our deposit costs. I think going forward, we're likely to see that just drift up a little bit. So that might eat into some of -- if it's a 10 basis point improvement previously, maybe a little bit less than that, just accounting for the potential for increased deposit costs as the Fed is being active.

Andrew Terrell

Got it. Okay. That makes sense. I think last quarter, we talked about, I think it was $187 million to $192 million in expenses. So you're, kind of, right in that range this quarter. Maybe just talk us through the moving pieces and any, kind of, 4Q expense expectation just refresh us on the guide, please?

Ron Copher

Yes. Ron here, Andrew. Yes. So the -- in this third quarter, I want to focus on -- pardon my voice, I want to focus on the operating -- core operating expenses because -- we -- if you take the reported $191.9 million, back out the adjustments that we disclosed in the back of the earnings release, we came in at $190.8 million, and it was on the high side of the guide. But whether it's reported or operating, $4.4 million of that was related to the increased performance-based compensation, and that's based upon year-to-date performance. And so those are essentially the moving parts. And we're going to stick with the guide of $187 million to $192 million in the fourth quarter, as I said back in July. We're doing that because the discretionary spending that was in check for the first half, that could come back still even in this fourth quarter.

So we're going to stick with that guide, but likely to be towards the high end of that, just as we were in this third quarter. For the full year, we will come -- stay within our guide of $750 million to $760 million, probably closer to the $757 million, somewhere in that range. So the overall point I would make is that we still remain cautious on expenses in general. Geopolitical uncertainty, economic uncertainty, pick your pain point. So we're cautious about that, and we've added so much technology that all the divisions are really embracing it. And so that's been very helpful to control compensation expense. So overall, things are looking pretty good. And the efficiency ratio is really where it's showing up. Certainly, net interest income is improving, but we've done a pretty good job of keeping in check that noninterest expense.

Final point, I'd look no further than year-to-date operating efficiency ratio. It's improved nearly 5 percentage points just in the 9 months, going from 62% to 57%.

Andrew Terrell

Yes. And I did want to ask just on the efficiency specifically. I think we've talked about 54%, 55% type efficiency. Do you think you can, kind of, get there either fourth quarter as we look to next year?

Ron Copher

Yes. Yes, definitely. Yes. Fourth quarter, we're pretty confident 54% to 55%. I'll address it again in -- when we're in the budgeting beginning that right now. And so I'll speak more to that when we get through the fourth quarter call.

Operator

Our next question comes from the line of Kelly Motta with KBW.

Kelly Motta

Just to tie up a couple of loose ends. Byron, your comment on 20% to 25% deposit beta, I just wanted to confirm that was for total deposits.

Byron Pollan

That's correct. Total deposits.

Kelly Motta

Got it. That's helpful. And then I think you alluded to this, but can you remind us where new loan production is coming on and as well as the incremental cost of new funding? It was really impressive to see the growth in deposits with minimal increase in costs.

Tom Dolan

Yes. Kelly, this is Tom. In the third quarter, production yields were 6.74%.

Kelly Motta

And then on the deposit side?

Byron Pollan

Yes. Kelly, on the deposit side, new accounts are being opened somewhere in the range of 2.25% to 2.5%, interest cost.

Kelly Motta

Got it. Got it. Okay. That's helpful. And then we saw the really nice securities yield pickup this quarter. Just can you remind us how you're thinking about reinvesting the cash flows? It looks like the securities book is relatively flattish from here. I just wanted to confirm, kind of, how you guys are thinking about that in terms of overall balance sheet growth.

Byron Pollan

Yes. I think roughly, we'll be reinvesting the amount of runoff that we have from here quarter-to-quarter. We do have a lot of cash flow. Again, as I said, that gives us a lot of flexibility. So we'll wait and see how lending opportunities develop, the deposit gathering as well. But I would say a pretty good guide to just to estimate the amount of runoff that we see will likely be reinvested.

Kelly Motta

Got it. That's helpful. And then most of my questions have been asked at this point, just to nitpick on fees on a bit. Other fees came down about $2 million. Just wondering, this $40 million a good run rate? Any, kind of, commentary about the drivers of that variance?

Ron Copher

Yes, Kelly, Ron here. The $40 million is the right way to approach it. Things go up and down within it. But the key I want to point out on that $1.8 million reduction in other income, about $1 million of that was related to fair value increases on equity investments that we have that we account for as noninterest income, and that won't repeat. So we had $41 million in Q2. We got to basically $40 million in Q3, and I think that's a good run rate.

Kelly Motta

Got it. That's helpful. And then obviously, you guys are making a lot more money than you were in the past 2 years with a really nice margin increase. Just wondering, can you remind us about the tax rate?

Ron Copher

Yes, Ron again. So yes, so the -- we were suggesting 22% around there would be the rate for the third quarter, but we came in a little bit lower. And in part, it's because we were able to close transactions that generated additional federal tax credits. So that's why it came down. For the fourth quarter, it will -- the rate will come in right around 21%. And I think for the full year, if I model it, depending upon we got a couple of other opportunities to get some additional federal tax credits here. But I think it will come in right around 21% for the full year.

Operator

And I'm currently showing no further questions at this time. I'd now like to hand the call back over to Randy Chesler for closing remarks.

Randall Chesler

All right. Thank you, Shannon, and thank you all for joining us this morning and your continued interest in Glacier Bancorp. We wish you a great day and a great weekend. Thank you.

Operator

This concludes today's conference. Thank you for your participation. You may now disconnect.