GLACIER BANCORP, INC.GBCI

GLACIER BANCORP, INC. Debt Disclosure

10-KFiled Feb 25, 20262 min read
Borrowings
The Company’s securities sold under agreements to repurchase totaled $2,084,113,000 and $1,777,475,000 at December 31, 2025 and 2024, respectively, and are secured by debt securities with carrying values of $2,432,683,000 and $2,184,627,000, respectively. Securities are pledged to customers at the time of the transaction in an amount at least equal to the outstanding balance and are held in custody accounts by third parties. The fair value of collateral is continually monitored and additional collateral is provided as deemed appropriate. The following tables summarize the carrying value of the Company’s repurchase agreements by remaining contractual maturity and category of collateral:
December 31, 2025December 31, 2024
Remaining Contractual Maturity of the Agreements
(Dollars in thousands)Overnight and Continuous
U.S. government and federal agency$308,437 — 
Residential mortgage-backed securities1,775,676 1,777,475 
Total$2,084,113 1,777,475 
FHLB advances are collateralized by specifically pledged loans and debt securities, FHLB stock owned by the Company, and a blanket assignment of the unpledged qualifying loans and investments. The scheduled maturities of FHLB advances consist of the following:
December 31,
2025		December 31,
2024
(Dollars in thousands)AmountWeighted
Rate		AmountWeighted
Rate
Maturing within one year$440,000 4.61 %$1,360,000 4.79 %
Maturing one year through two years— — %440,000 4.61 %
Maturing two years through three years— — %— — %
Maturing three years through four years— — %— — %
Maturing four years through five years— — %— — %
Thereafter— — %— — %
Total$440,000 4.61 %$1,800,000 4.75 %


The Company’s other borrowed funds consisted of finance lease liabilities and other debt obligations through consolidation of certain VIEs. At December 31, 2025, the Company had $530,000,000 in unsecured lines of credit which are typically renewed on an annual basis with various correspondent entities.
The Company has entered into borrowing transactions with its related parties in connection with the certain variable interest entities. The aggregate amount of borrowings with such related parties was $10,251,000 at December 31, 2025 and 2024, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 25, 2025
2023Feb 23, 2024
2022Feb 24, 2023
2021Feb 23, 2022
2020Mar 1, 2021
2019Feb 21, 2020
2018Feb 22, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 25, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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