Glacier Bancorp (GBCI) Cuộc họp công bố kết quả kinh doanh Quý 3/2026: Lợi nhuận kỷ lục, NIM vượt 4%

Glacier Bancorp (NYSE: GBCI) đã báo cáo lợi nhuận kỷ lục trong quý 3 năm 2026, nhờ biên lãi thuần mở rộng quý thứ 11 liên tiếp, tăng trưởng tiền gửi trên diện rộng và chất lượng tín dụng ổn định. Ban lãnh đạo kỳ vọng việc tái ấn định lãi suất tài sản sẽ hỗ trợ biên lãi thuần tiếp tục tăng cho đến năm 2027, mặc dù chi phí tiền gửi gia tăng có thể làm chậm lại tốc độ này.

Điểm tin chính

• Lợi nhuận ròng đạt mức kỷ lục 105 triệu USD, tăng 7% so với quý trước và 54% so với cùng kỳ năm trước. EPS pha loãng đạt 0,80 USD, trong khi EPS pha loãng từ hoạt động kinh doanh đạt 0,81 USD.
• Biên lãi thuần quy đổi thuế tăng 11 điểm cơ bản so với quý trước và 62 điểm cơ bản so với cùng kỳ năm trước lên 4,01%, đánh dấu quý thứ 11 liên tiếp mở rộng.
• Tổng tiền gửi tăng lên 25,3 tỷ USD, tăng 619 triệu USD, tương đương 10% tính theo năm, so với quý trước. Tiền gửi không tính lãi tăng lên 7,7 tỷ USD, chiếm 30% tổng tiền gửi.
• Dư nợ cho vay tăng 256 triệu USD lên 21,6 tỷ USD, tương đương mức tăng trưởng 5% tính theo năm. Bộ phận Tây Nam đạt mức tăng trưởng khoảng 8% tính theo năm.
• Ban lãnh đạo cho biết khoảng 3,5 tỷ USD dư nợ cho vay sẽ được điều chỉnh tăng lãi suất từ 125 đến 150 điểm cơ bản trong 12 tháng tới, hỗ trợ mở rộng biên lãi thuần như kỳ vọng cho đến năm 2027.
• Hội đồng quản trị đã tăng cổ tức hàng quý thêm 0,02 USD, tương đương 6%, lên 0,35 USD/cổ phiếu. Ban lãnh đạo cũng đang đánh giá việc chia cổ tức đặc biệt và mua lại cổ phiếu khi nguồn vốn tích lũy.

Kết quả tài chính cốt lõi

Kết quả hoạt động kinh doanh

Tăng trưởng cho vay tiếp tục duy trì kỷ luật, trong đó bộ phận phía Tây Nam đạt kết quả vượt trội so với toàn công ty với mức tăng trưởng khoảng 8% tính theo năm. Ban lãnh đạo nhận định cơ hội đầu tư tiềm năng ở các thị trường phía Tây Nam và vùng Mountain là tích cực, đặc biệt là trong lĩnh vực bất động sản thương mại và xây dựng.

Lợi suất cho vay trung bình tăng lên 6.22%, tăng 10 điểm cơ bản so với quý trước và 25 điểm cơ bản so với cùng kỳ năm ngoái. Lợi suất từ các khoản cho vay mới trong quý 3 đạt 6.74%.

Tăng trưởng tiền gửi diễn ra trên diện rộng ở các sản phẩm, bộ phận và khu vực địa lý. Điểm sáng chính trong quý là sự tăng trưởng của tiền gửi không trả lãi. Chi phí tiền gửi cốt lõi, bao gồm cả số dư không trả lãi, đã giảm 1 điểm cơ bản so với quý trước xuống 1.17%. Lãi suất tiền gửi tại thời điểm ngày 30 tháng 9 là 1.20%, trong khi các tài khoản tính lãi mới đang được mở với mức lãi suất khoảng 2.25% đến 2.5%.

Chất lượng tín dụng duy trì ổn định. Tỷ lệ nợ quá hạn giai đoạn đầu giảm xuống 0.27% tổng dư nợ cho vay từ mức 0.31% trong quý trước. Tài sản nợ xấu giảm 1.2 triệu USD xuống 90.6 triệu USD, tương đương 0.28% tổng tài sản của công ty con. Các khoản xóa nợ ròng là 6 triệu USD, bao gồm 3.5 triệu USD khoản xóa nợ thấu chi tiền gửi.

Định hướng từ Ban lãnh đạo

• Ban lãnh đạo duy trì triển vọng tăng trưởng dư nợ cho vay ở mức từ thấp đến trung bình một chữ số, đồng thời lưu ý rằng công ty đang bước vào giai đoạn tăng trưởng chậm hơn theo mùa.
• Glacier Bancorp dự kiến biên lãi ròng sẽ tiếp tục mở rộng cho đến hết năm 2027. Mức cải thiện trong quý 4 có thể thấp hơn mức 10 điểm cơ bản đạt được trong các quý gần đây do chi phí tiền gửi có thể tăng cao hơn.
• Ban lãnh đạo xem 4% đến 4.5% là khoảng biên lãi ròng lịch sử của công ty và cho biết môi trường hiện tại cuối cùng có thể hỗ trợ mức tăng hướng tới 4.5%, nhưng không đưa ra khung thời gian cụ thể hoặc xác định đây là mục tiêu cho năm 2027.
• Hệ số beta dự kiến cho tổng tiền gửi là 20% đến 25%, với việc ban lãnh đạo dự báo kết quả sẽ nằm gần mức thấp của khoảng này ở giai đoạn đầu của chu kỳ lãi suất và có thể tiến gần mức 25% nếu các đợt tăng lãi suất tiếp tục.
• Chi phí ngoài lãi quý 4 dự kiến dao động từ 187 triệu USD đến 192 triệu USD, nhiều khả năng tiệm cận mức cao. Chi phí cả năm dự kiến nằm trong khoảng 750 triệu USD đến 760 triệu USD, xoay quanh mức 757 triệu USD.
• Ban lãnh đạo dự kiến tỷ lệ hiệu quả hoạt động quý 4 đạt khoảng 54% đến 55%.
• Thu nhập từ phí khác dự kiến đạt khoảng 40 triệu USD, trong khi thuế suất quý 4 và cả năm dự kiến khoảng 21%.

Rủi ro và các vấn đề cần theo dõi

Ban lãnh đạo dự kiến chi phí tiền gửi sẽ tăng dần nếu Cục Dự trữ Liên bang (Fed) tiếp tục tăng lãi suất. Chu kỳ lãi suất kéo dài có thể đẩy hệ số beta của tổng tiền gửi lên giới hạn trên của khoảng 20% đến 25%, làm giảm lợi ích gia tăng đối với biên lãi ròng.

Theo ban lãnh đạo, sự thận trọng của người vay đã thể hiện rõ trong ít nhất một năm qua. Một số dự án đang được triển khai ở quy mô nhỏ hơn hoặc bổ sung thêm vốn chủ sở hữu, mặc dù công ty chưa thấy sự gia tăng đáng kể nào trong việc rút khỏi danh mục dự án liên quan đến lãi suất tại thời điểm diễn ra cuộc họp.

Ban lãnh đạo cũng nêu ra tình trạng suy yếu hoạt động cho vay theo mùa, sự bất ổn địa chính trị và sự không chắc chắn về kinh tế là những lý do để tiếp tục thận trọng đối với chi tiêu và các điều kiện hoạt động.

Điểm nhấn phần Hỏi & Đáp với nhà phân tích

Ban lãnh đạo đã xác định một số động lực định giá lại tài sản. Dòng tiền đầu tư đang được tái đầu tư với lợi suất cao hơn khoảng 350 điểm cơ bản so với lợi suất của tài sản đáo hạn. Khoảng 3,5 tỷ USD dư nợ cho vay dự kiến sẽ được định giá lại tăng thêm từ 125 đến 150 điểm cơ bản trong 12 tháng tới, trong khi lợi suất các khoản cho vay mới phát sinh vẫn duy trì ở vùng cao của khoảng 6%.

Bảng cân đối kế toán hiện được mô tả là nhạy cảm nhẹ với tài sản. Ban lãnh đạo kỳ vọng lợi suất tài sản và lợi nhuận tái đầu tư cao hơn sẽ bù đắp nhiều hơn áp lực chi phí vốn, cùng với việc lãi suất tăng thêm có thể mang lại lợi ích cho biên lãi thuần.

Glacier Bancorp dự định tái đầu tư khoảng bằng số tiền chứng khoán đáo hạn hàng quý, đồng thời duy trì sự linh hoạt để tài trợ cho tăng trưởng cho vay. Ban lãnh đạo cho biết công ty không mạo hiểm chạy theo lợi suất hay kéo dài thời lượng (duration) trong danh mục chứng khoán.

Về phân bổ vốn, ban lãnh đạo cho biết lợi nhuận tăng trưởng mạnh mẽ đang tạo ra sự tích lũy vốn đáng kể. Do đó, công ty đang xem xét tất cả các phương án khả thi, bao gồm cổ tức đặc biệt và mua lại cổ phiếu.

Toàn văn cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.