GBCI

The following management’s discussion and analysis is intended to provide a more comprehensive review of the Company’s operating results and financial condition than can be obtained from reading the Consolidated Financial Statements alone. The discussion should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in “Part I. Item 1. Financial Statements.” FORWARD-LOOKING STATEMENTS This Form 10-Q may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, including additional factors identified in the sections titled “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as applicable, in this report and in the Company’s 2025 Annual Report on Form 10-K, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements: •risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio; •changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity; •legislative or regulatory changes, including the possibility of increases in FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increases or changes in banking and consumer protection regulations, that may adversely affect the Company’s business and strategies; •risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration; •risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Iran and Ukraine, further conflicts in the Middle East, and potential for future conflicts or disruptions in other parts of the world; •risks associated with the Company’s ability to negotiate, complete, and successfully integrate acquisitions; •costs or difficulties related to the completion and integration of future or recently completed acquisitions; •impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital; •reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition; •deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company's ability to obtain and maintain customers; •changes in the competitive landscape, including as may result from new market entrants, additional competition from internet-based financial institutions operating nationally, or further consolidation in the financial services industry, resulting in increased competition, including the creation of larger competitors with greater financial resources; •risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions; •risks related to rapidly evolving artificial intelligence technologies; •risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions; •material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities; •risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events; •success in managing risks involved in any of the foregoing; and •effects of any reputational damage to the Company resulting from any of the foregoing. 50 Forward looking statements speak only as of the date of this Form 10-Q. The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement. Non-GAAP Financial Measures Certain financial measures and ratios the Company presents are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). The Company refers to these financial measures and ratios as “non-GAAP financial measures.” A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is provided in the tables within this Form 10Q. The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and in evaluating period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain income, expense, or intangible items that the Company believes are not indicative of its primary business operating results. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and investors should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures presented may differ from non-GAAP financial measures used by the Company’s peers or other companies. The Company compensates for these differences by providing the equivalent GAAP measures whenever the Company presents the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. 51 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Highlights At or for the Three Months ended At or for the Six Months ended (Dollars in thousands, except per share and market data) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Performance results Net income $ 97,862 82,144 52,781 180,006 107,349 Basic earnings per share $ 0.75 0.63 0.45 1.38 0.93 Diluted earnings per share $ 0.75 0.63 0.45 1.38 0.93 Operating diluted earnings per share (non-GAAP) 1 $ 0.76 0.70 0.57 1.45 1.04 Dividends declared per share $ 0.33 0.33 0.33 0.66 0.66 Market value per share Closing $ 51.58 44.67 43.08 51.58 43.08 High $ 52.16 53.99 44.70 53.99 52.81 Low $ 44.26 41.87 36.76 41.87 36.76 Selected ratios and other data Number of common stock shares outstanding 130,202,054 130,124,378 118,550,475 130,202,054 118,550,475 Average outstanding shares - basic 130,167,496 130,052,858 116,890,776 130,110,494 115,180,489 Average outstanding shares - diluted 130,346,888 130,242,765 116,918,290 130,283,236 115,244,550 Return on average assets (annualized) 1.25 % 1.05 % 0.74 % 1.15 % 0.77 % Return on average equity (annualized) 9.13 % 7.82 % 6.13 % 8.48 % 6.44 % Efficiency ratio 56.65 % 63.05 % 62.08 % 59.79 % 63.72 % Operating efficiency ratio (non-GAAP) 1 56.21 % 59.25 % 61.19 % 57.70 % 63.49 % Loan to deposit ratio 86.84 % 85.18 % 85.91 % 86.84 % 85.91 % Number of full time equivalent employees 4,125 4,139 3,665 4,125 3,665 Number of locations 282 282 247 282 247 Number of ATMs 339 337 300 339 300 ______________________________ 1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP. The Company reported net income of $97.9 million for the current quarter, an increase of $15.8 million, or 19 percent, from the prior quarter net income of $82.1 million and an increase of $45.1 million, or 85 percent, from the prior year second quarter net income of $52.8 million. Diluted earnings per share for the current quarter was $0.75 per share, an increase of $0.12 per share, or 19 percent, from the prior quarter diluted earnings per share of $0.63 and an increase of $0.30 per share, or 67 percent, from the prior year second quarter diluted earnings per share of $0.45. Operating diluted earnings per share for the current quarter was $0.76 per share, an increase of $0.06 per share, or 9 percent, from the prior quarter operating diluted earnings per share of $0.70 and an increase of $0.19 per share, or 33 percent, from the prior year second quarter operating diluted earnings per share of $0.57. The current quarter included $1.6 million in acquisition-related expenses, $2.5 million of compensation from acquisition-related employment agreements and $2.6 million of gains from the sale of former branch facilities and disposal of fixed assets. Net income for the first half of 2026 was $180 million, an increase of $72.7 million, or 68 percent, from the prior year first half net income of $107 million which was driven primarily by the increase in net interest income from the improvement in the net interest margin. Diluted earnings per share for the first half of 2026 was $1.38 per share, an increase of $0.45 per share, or 48 percent, from the prior year first half diluted earnings per share of $0.93. Operating diluted earnings per share for the first half of 2026 was $1.45 per share, an increase of $0.41 per share, or 39 percent, from the prior year first half operating diluted earnings per share of $1.04. 52 Market Conditions The current macroeconomic and geopolitical environment is subject to a number of uncertainties, including geopolitical conflicts, tariffs (or the threat thereof) or other changes in trade policies, capital markets volatility, and inflation. These and other factors may contribute to slower or negative economic growth and a challenging business environment for banking customers. The Company continues to monitor the changing macroeconomic and geopolitical environment and any potential future negative impact on our financial condition or results of operations. For more information about these risks, see “Part II, Item 1A, Risk Factors” below.” Financial Condition Analysis Assets The following table summarizes the Company’s assets as of the dates indicated: $ Change from (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Cash and cash equivalents $ 1,056,679 1,385,237 1,235,261 915,507 (328,558) (178,582) 141,172 Debt securities, available-for-sale 3,482,725 3,585,531 4,007,512 4,024,980 (102,806) (524,787) (542,255) Debt securities, held-to-maturity 3,004,758 3,058,662 3,110,216 3,206,133 (53,904) (105,458) (201,375) Total debt securities 6,487,483 6,644,193 7,117,728 7,231,113 (156,710) (630,245) (743,630) Loans receivable 1 Residential real estate 2,111,683 2,167,860 2,457,907 1,931,554 (56,177) (346,224) 180,129 Commercial real estate 14,155,059 13,918,178 13,565,512 11,935,109 236,881 589,547 2,219,950 Other commercial 3,615,240 3,466,863 3,497,829 3,303,889 148,377 117,411 311,351 Home equity 1,054,110 1,048,971 977,206 975,429 5,139 76,904 78,681 Other consumer 427,631 431,791 429,342 386,759 (4,160) (1,711) 40,872 Loans receivable 21,363,723 21,033,663 20,927,796 18,532,740 330,060 435,927 2,830,983 Allowance for credit losses (260,025) (255,771) (255,319) (226,799) (4,254) (4,706) (33,226) Loans receivable, net 21,103,698 20,777,892 20,672,477 18,305,941 325,806 431,221 2,797,757 Other assets 2,951,141 2,926,760 2,952,597 2,552,422 24,381 (1,456) 398,719 Total assets $ 31,599,001 31,734,082 31,978,063 29,004,983 (135,081) (379,062) 2,594,018 ______________________________ 1 In connection with the Guaranty core system conversion, Guaranty loans were reclassified in the prior quarter to conform to the Company’s classifications. There were approximately $236 million of loans reclassified from residential loans into other categories, the majority of which were reclassified to commercial real estate loans. Total debt securities of $6.487 billion at June 30, 2026 decreased $157 million, or 2 percent, during the current quarter and decreased $744 million, or 10 percent, from the prior year second quarter. The Company selectively purchased debt securities during the current quarter with the Company’s excess liquidity position. Debt securities represented 21 percent of total assets at June 30, 2026 and March 31, 2026 compared to 25 percent at June 30, 2025. The loan portfolio of $21.364 billion at June 30, 2026 increased $330 million, or 6 percent annualized, from the prior quarter. The loan portfolio increased $2.831 billion, or 15 percent, from the prior year second quarter. Excluding the Guaranty acquisition on October 1, 2025, the loan portfolio organically increased $728 million, or 4 percent, from the prior year second quarter. 53 Liabilities The following table summarizes the Company’s liabilities as of the dates indicated: $ Change from (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Deposits Non-interest bearing deposits $ 7,423,439 7,427,280 7,314,779 6,593,728 (3,841) 108,660 829,711 NOW and DDA accounts 6,192,363 6,217,728 6,236,551 5,747,388 (25,365) (44,188) 444,975 Savings accounts 3,169,141 3,193,293 3,158,939 2,956,387 (24,152) 10,202 212,754 Money market deposit accounts 4,132,820 4,049,361 3,948,201 3,089,115 83,459 184,619 1,043,705 Certificate accounts 3,732,971 3,851,209 3,928,550 3,238,576 (118,238) (195,579) 494,395 Core deposits, total 24,650,734 24,738,871 24,587,020 21,625,194 (88,137) 63,714 3,025,540 Wholesale deposits 3,383 3,000 4,076 3,308 383 (693) 75 Deposits, total 24,654,117 24,741,871 24,591,096 21,628,502 (87,754) 63,021 3,025,615 Securities sold under agreements to repurchase 1,952,501 2,085,623 2,084,113 1,976,228 (133,122) (131,612) (23,727) FHLB advances — — 440,000 1,255,088 — (440,000) (1,255,088) Other borrowed funds 52,880 51,564 51,473 62,366 1,316 1,407 (9,486) Finance lease liabilities 31,606 31,209 28,808 19,405 397 2,798 12,201 Subordinated debentures 188,573 188,032 187,492 157,127 541 1,081 31,446 Other liabilities 406,302 387,284 381,260 374,003 19,018 25,042 32,299 Total liabilities $ 27,285,979 27,485,583 27,764,242 25,472,719 (199,604) (478,263) 1,813,260 Total deposits of $24.7 billion at June 30, 2026 decreased $87.8 million, or 35 basis points, during the current quarter and increased $3.026 billion, or 14 percent, from the prior year second quarter. Excluding the acquisition, total deposits organically increased $319 million, or 1 percent, from the prior year second quarter. Non-interest bearing deposits of $7.423 billion at June 30, 2026 decreased $3.8 million, or 5 basis points, from the prior quarter and increased $830 million, or 13 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at June 30, 2026, March 31, 2026 and June 30, 2025. See “Additional Management’s Discussion and Analysis - Source of Funds - Borrowers” for additional information regarding borrowings. 54 Stockholders’ Equity The following table summarizes the stockholders’ equity ratios as of the dates indicated: $ Change from (Dollars in thousands, except per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Common equity $ 4,484,316 4,424,548 4,380,931 3,770,919 59,768 103,385 713,397 Accumulated other comprehensive loss (171,294) (176,049) (167,110) (238,655) 4,755 (4,184) 67,361 Total stockholders’ equity 4,313,022 4,248,499 4,213,821 3,532,264 64,523 99,201 780,758 Goodwill and core deposit intangible, net (1,473,954) (1,478,753) (1,483,552) (1,186,350) 4,799 9,598 (287,604) Tangible stockholders’ equity (non-GAAP) 1 $ 2,839,068 2,769,746 2,730,269 2,345,914 69,322 108,799 493,154 Stockholders’ equity to total assets 13.65 % 13.39 % 13.18 % 12.18 % Tangible stockholders’ equity to total tangible assets (non-GAAP) 1 9.42 % 9.15 % 8.95 % 8.43 % Book value per common share $ 33.13 32.65 32.42 29.80 0.48 0.71 3.33 Tangible book value per common share (non-GAAP) 1 $ 21.81 21.29 21.01 19.79 0.52 0.80 2.02 ______________________________ 1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP. Tangible stockholders’ equity of $2.839 billion at June 30, 2026 increased $69 million, or 3 percent, compared to the prior quarter and was primarily due to earnings retention. Tangible stockholders’ equity at June 30, 2026 increased $493 million, or 21 percent, from the prior year second quarter and was primarily due to $560 million of Company stock issued in connection with the acquisition of Guaranty, earnings retention and a $67 million decrease in accumulated other comprehensive loss. The increase was partially offset by the increase in goodwill and core deposit intangible associated with the Guaranty acquisition. Tangible book value per common share of $21.81 at the current quarter end increased $0.52 per share, or 2 percent, from the prior quarter and increased $2.02 per share, or 10 percent, from the prior year second quarter. Cash Dividend On June 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 16, 2026 to shareholders of record on July 7, 2026. The dividend was the Company’s 165th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations. 55 Operating Results for Three Months Ended June 30, 2026 Compared to March 31, 2026, and June 30, 2025 Income Summary The following table summarizes income for the periods indicated: Three Months ended $ Change from (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Mar 31, 2026 Jun 30, 2025 Net interest income Interest income $ 365,220 362,337 308,115 2,883 57,105 Interest expense 88,792 93,660 100,499 (4,868) (11,707) Total net interest income 276,428 268,677 207,616 7,751 68,812 Non-interest income Deposit service charges and other fees 16,351 15,265 13,910 1,086 2,441 Payment services 12,012 11,368 10,457 644 1,555 Miscellaneous loan fees and charges 2,558 2,279 1,890 279 668 Gain on sale of loans 5,007 5,108 4,273 (101) 734 Gain (loss) on sale of securities — — — — — Other income 5,173 4,062 2,414 1,111 2,759 Total non-interest income 41,101 38,082 32,944 3,019 8,157 Total income $ 317,529 306,759 240,560 10,770 76,969 Net interest margin (tax-equivalent) 3.90 % 3.80 % 3.21 % Core net interest margin (tax-equivalent) (non-GAAP) 1 3.86 % 3.73 % 3.18 % ______________________________ 1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP. Net Interest Income Net interest income of $276 million for the current quarter increased $7.8 million, or 3 percent, from the prior quarter net interest income of $269 million and increased $68.8 million, or 33 percent, from the prior year second quarter net interest income of $208 million. The current quarter interest income of $365 million increased $2.9 million, or 1 percent, over the prior quarter and increased $57.1 million, or 19 percent, over the prior year second quarter and was primarily driven by both increased loans and increased interest rates on the loan portfolio. The loan yield of 6.12 percent in the current quarter decreased 4 basis points from the prior quarter loan yield of 6.16 percent and was principally due to a 3 basis points decrease in loan discount accretion and a 2 basis points decrease in non-accrual loan interest reversal. The core loan yield of 6.06 percent in the current quarter increased 1 basis point from the prior quarter core loan yield of 6.05 percent. The loan yield increased 26 basis points from the prior year second quarter loan yield of 5.86 percent. The current quarter interest expense of $88.8 million decreased $4.9 million, or 5 percent, from the prior quarter, and decreased $11.7 million, or 12 percent, from the prior year second quarter primarily due to a decrease in interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) decreased to 1.18 percent in the current quarter compared to 1.20 percent in the prior quarter and 1.25 percent in the prior year second quarter. The total funding cost (including non-interest bearing deposits) decreased to 1.33 percent in the current quarter compared to 1.40 percent in the prior quarter and 1.63 percent in the prior year second quarter. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.90 percent, an increase of 10 basis points from the prior quarter net interest margin of 3.80 percent and was primarily driven by the shift in the earning assets mix to higher yielding loans and a decrease in high cost borrowings. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter increased 69 basis points from the prior year second quarter net interest margin of 3.21 percent and was primarily driven by the increase in loan yields, the shift in the earning assets mix to 56 higher yielding loans and the decrease in high cost borrowings. Core net interest margin was 3.86 percent in the current quarter compared to 3.73 percent in the prior quarter and 3.18 percent in the prior year second quarter. Non-interest Income Non-interest income for the current quarter totaled $41.1 million, which was an increase of $3.0 million, or 8 percent, over the prior quarter. Non-interest income increased $8.2 million, or 25 percent, over the prior year second quarter. Deposit service charges and other fees of $16.4 million for the current quarter increased $1.1 million, or 7 percent, compared to the prior quarter and increased $2.4 million, or 18 percent, from the prior year second quarter. Payment services of $12.0 million for the current quarter increased $644 thousand, or 6 percent, from the prior quarter and increased $1.6 million, or 15 percent, over the prior year second quarter. Non-interest Expense The following table summarizes non-interest expense for the periods indicated: Three Months ended $ Change from (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Mar 31, 2026 Jun 30, 2025 Compensation and employee benefits $ 116,299 115,770 94,355 529 21,944 Occupancy and equipment 15,661 15,682 12,558 (21) 3,103 Advertising and promotions 5,092 5,256 4,394 (164) 698 Data processing 12,380 13,273 9,883 (893) 2,497 Other real estate owned and foreclosed assets 83 206 26 (123) 57 Regulatory assessments and insurance 5,506 6,403 5,847 (897) (341) Intangibles amortization 4,799 4,799 3,624 — 1,175 Other expenses 26,880 39,140 24,432 (12,260) 2,448 Total non-interest expense $ 186,700 200,529 155,119 (13,829) 31,581 Total non-interest expense of $187 million for the current quarter decreased $13.8 million, or 7 percent, over the prior quarter. Total non-interest expense increased $31.6 million, or 20 percent, over the prior year second quarter and was primarily driven by increased costs from the acquired banks. Compensation and employee benefits of $116 million for the current quarter increased by $529 thousand, or 46 basis points, over the prior quarter. Compensation and employee benefits increased $21.9 million, or 23 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from the acquired banks. Other expenses of $26.9 million decreased $12.3 million, or 31 percent, from the prior quarter and was primarily driven by $7.3 million of decreased acquisition-related expenses and a $3.1 million increase in gains from the sale of former branch facilities and disposal of fixed assets. Acquisition-related expense was $1.6 million in the current quarter compared to $8.9 million in the prior quarter and $3.2 million in the prior year second quarter. In addition, compensation and employee benefits included $2.5 million of expense attributable to acquisition-related employment agreements in the current quarter compared to $2.8 million in the prior quarter and $544 thousand in the prior year second quarter. Efficiency Ratio The efficiency ratio was 56.65 percent in the current quarter compared to 63.05 percent in the prior quarter and 62.08 percent in the prior year second quarter. The decrease from the prior quarter was primarily driven by the combination of a decrease in non-interest expense and an increase in net interest income. The decrease from the prior year second quarter was primarily due to the increase in net interest income which outpaced the increase in non-interest expense. 57 Provision for Credit Losses for Loans The following table summarizes provision for credit losses for loans, net charge-offs and select ratios relating to provision for credit losses for the previous eight quarters: (Dollars in thousands) Provision for Credit Losses on Loans Net Charge-Offs (Recoveries) Allowance for Credit Losses as a Percent of Loans Accruing Loans 30-89 Days Past Due as a Percent of Loans Non-Performing Assets to Total Sub-sidiary Assets Second quarter 2026 $ 10,125 $ 5,871 1.22 % 0.31 % 0.29 % First quarter 2026 3,514 3,062 1.22 % 0.44 % 0.25 % Fourth quarter 2025 32,491 6,368 1.22 % 0.38 % 0.22 % Third quarter 2025 5,192 2,914 1.22 % 0.21 % 0.19 % Second quarter 2025 18,009 1,645 1.22 % 0.29 % 0.17 % First quarter 2025 6,154 1,795 1.22 % 0.27 % 0.14 % Fourth quarter 2024 6,041 5,170 1.19 % 0.19 % 0.10 % Third quarter 2024 6,981 2,766 1.19 % 0.33 % 0.10 % Net charge-offs for the current quarter were $5.9 million compared to $3.1 million in the prior quarter and $1.6 million for the prior year second quarter. The current quarter net charge-offs included $2.8 million in deposit overdraft net charge-offs and $3.1 million of net loan charge-offs. The current quarter provision for credit loss expense of $6.4 million included $10.1 million of credit loss expense on loans and $3.7 million of credit loss benefit on unfunded loan commitments. The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at each of June 30, 2026, December 31, 2025 and June 30, 2025. Loan portfolio growth, composition, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the ACL on loans. The determination of the ACL on loans and the related provision for credit losses is a critical accounting estimate that involves management’s judgments about the loan portfolio that impact credit losses. For additional information on the allowance, see the Allowance For Credit Losses section under “Additional Management’s Discussion and Analysis.” 58 Operating Results for Six Months ended June 30, 2026 Compared to June 30, 2025 Income Summary The following table summarizes income for the periods indicated: Six Months ended (Dollars in thousands) Jun 30, 2026 Jun 30, 2025 $ Change % Change Net interest income Interest income $ 727,557 598,040 129,517 22 % Interest expense 182,452 200,445 (17,993) (9) % Total net interest income 545,105 397,595 147,510 37 % Non-interest income Deposit service charges and other fees 31,616 27,125 4,491 17 % Payment services 23,380 19,785 3,595 18 % Miscellaneous loan fees and charges 4,837 3,581 1,256 35 % Gain on sale of loans 10,115 8,584 1,531 18 % Gain (loss) on sale of securities — — — N/A Other income 9,235 6,511 2,724 42 % Total non-interest income 79,183 65,586 13,597 21 % Total income $ 624,288 463,181 161,107 35 % Net interest margin (tax-equivalent) 3.85 % 3.12 % Core net interest margin (tax-equivalent) (non-GAAP) 1 3.79 % 3.08 % ______________________________ 1 Represents a non-GAAP financial measure. Supplemental “Non-GAAP Financial Measures and Reconciliations” tables are provided to reconcile the most directly comparable financial measure calculated and presented in accordance with GAAP. Net Interest Income Net interest income of $545 million for the first half of 2026 increased $148 million, or 37 percent, from the first half of the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $728 million for the first half of 2026 increased $130 million, or 22 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 6.14 percent during the first half of 2026, an increase of 32 basis points from the prior year first half loan yield of 5.82 percent. Interest expense of $182 million for the first half of 2026 decreased $18.0 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.19 percent for the first half of 2026, which was a decrease of 6 basis points over the first half of the prior year core deposit cost of 1.25 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2026 was 1.36 percent, which was a decrease of 29 basis points over the first half of the prior year funding cost of 1.65 percent. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2026 was 3.85 percent, a 73 basis points increase from the net interest margin of 3.12 percent for the first half of the prior year. Core net interest margin during the first half of 2026 was 3.79 percent compared to 3.08 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by a 32 basis points increase in loan yields and a 29 basis points decrease in total funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits. 59 Non-interest Income Non-interest income of $79.2 million for the first half of 2026 increased $13.6 million, or 21 percent, over the first half of the prior year and was primarily driven by increased income from the acquired banks. Deposit service charges and other fees of $31.6 million for the first half of 2026 increased $4.5 million, or 17 percent, over the first half of the prior year. Payment services of $23.4 million for the first half of 2026 increased by $3.6 million, or 18 percent, over the first half of the prior year. Non-interest Expense The following table summarizes non-interest expense for the periods indicated: Six Months ended (Dollars in thousands) Jun 30, 2026 Jun 30, 2025 $ Change % Change Compensation and employee benefits $ 232,069 $ 185,798 $ 46,271 25 % Occupancy and equipment 31,343 24,852 6,491 26 % Advertising and promotions 10,348 8,538 1,810 21 % Data processing 25,653 19,021 6,632 35 % Other real estate owned and foreclosed assets 289 89 200 225 % Regulatory assessments and insurance 11,909 11,381 528 5 % Intangibles amortization 9,598 6,894 2,704 39 % Other expenses 66,020 49,864 16,156 32 % Total non-interest expense $ 387,229 $ 306,437 $ 80,792 26 % Total non-interest expense of $387 million for the first half of 2026 increased $80.8 million, or 26 percent, over the first half of the prior year and was primarily driven by increased costs from the acquired banks. Compensation and employee benefits expense of $232 million in the first half of 2026 increased $46.3 million, or 25 percent, over the first half of the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Occupancy and equipment expense of $31.3 million in the first half of 2026 increased $6.5 million, or 26 percent, over the first half of the prior year primarily due to increased costs from the acquired banks. Data processing expense of $25.7 million in the first half of 2026 increased $6.6 million, or 35 percent, over the first half of the prior year primarily due to increased costs from the acquired banks. Other expenses of $66.0 million for the first half of 2026 increased $16.2 million, or 32 percent, from the first half of the prior year and was primarily driven by an increase in acquisition-related expenses. Acquisition-related expense was $10.5 million in the first half of the current year compared to $3.8 million in the prior year first half. In addition, compensation and employee benefits included $5.2 million of expense attributable to acquisition-related employment agreements in the first half of the current year compared to $795 thousand in the first half of the prior year. Efficiency Ratio The efficiency ratio was 59.79 percent for the first half of 2026 compared to 63.72 percent for the same period of 2025. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense. Provision for Credit Losses The provision for credit loss expense was $12.4 million for the first half of 2026, a decrease of $15.7 million, or 56 percent, over the same period in the prior year. Included in the first half of the prior year provision for credit losses was $16.7 million from the acquisition of Bank of Idaho. Net charge-offs for the first half of 2026 were $8.9 million compared to $3.4 million in the first half of 2025. 60 Non-GAAP Financial Measures and Reconciliations (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Tangible Equity Total stockholders’ equity $ 4,313,022 $ 4,248,499 4,213,821 3,532,264 Less: goodwill and intangible assets, net (1,473,954) (1,478,753) (1,483,552) (1,186,350) Tangible stockholders' equity (non-GAAP) $ 2,839,068 $ 2,769,746 2,730,269 2,345,914 Tangible Assets Total assets $ 31,599,001 $ 31,734,082 31,978,063 29,004,983 Less: goodwill and intangible assets, net (1,473,954) (1,478,753) (1,483,552) (1,186,350) Tangible assets (non-GAAP) $ 30,125,047 $ 30,255,329 30,494,511 27,818,633 Tangible equity to tangible assets (non-GAAP) 9.42 % 9.15 % 8.95 % 8.43 % Book value per share $ 33.13 $ 32.65 $ 32.42 $ 29.80 Tangible book value per share (non-GAAP) $ 21.81 $ 21.29 $ 21.01 $ 19.79 At or for the Three Months ended At or for the Six Months ended (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Core Net Interest Margin Net interest income (tax equivalent) 1 $ 280,016 272,383 211,081 552,399 404,481 Purchase accounting (3,832) (5,140) (2,103) (8,973) (5,463) Non-accrual loan interest (recovery) reversal 825 (42) 191 784 204 Core net interest income (tax equivalent) (non-GAAP) $ 277,009 267,201 209,169 544,210 399,222 Average earning assets $ 28,793,343 29,078,665 26,401,636 28,935,216 26,117,798 Net interest margin (tax equivalent) 3.90 % 3.80 % 3.21 % 3.85 % 3.12 % Core net interest margin (tax equivalent) (non- GAAP) 3.86 % 3.73 % 3.18 % 3.79 % 3.08 % ______________________________ 1 Includes tax effect of $3.6 million, $3.5 million and $3.7 million on tax-exempt municipal loan and lease income, tax-exempt debt securities income and federal income tax credits for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Includes tax effect of $7.3 million and $6.9 million on tax-exempt municipal loan and lease income, tax-exempt debt securities income and federal income tax credits for the six months ended June 30, 2026 and June 30, 2025, respectively. 61 At or for the Three Months ended At or for the Six Months ended (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 Operating Diluted Earnings Per Share Net income $ 97,862 82,144 52,781 180,006 107,349 Provision for credit losses - acquisition ACL expense — — 16,693 — 16,693 Operating adjustments - non-interest income (Gain) loss on securities — — — — — BOLI proceeds (63) (776) — (839) (1,113) Total operating adjustments - non-interest income (63) (776) — (839) (1,113) Operating adjustments - non-interest expense Acquisition-related compensation 2,462 2,775 544 5,237 795 Lease terminations — 200 — 200 — FDIC special assessment — (87) — (87) (219) (Gain) loss on fixed assets (2,618) 445 (1,612) (2,173) (2,622) Acquisition-related expense 1,590 8,907 3,231 10,497 3,818 Total operating adjustments - non-interest expense 1,434 12,240 2,163 13,674 1,772 Tax impact (341) (3,028) (4,699) (3,369) (4,432) Net operating adjustments 1,030 8,436 14,157 9,466 12,920 Operating net income (non-GAAP) $ 98,892 90,580 66,938 189,472 120,269 Weighted average diluted common shares outstanding 130,346,888 130,242,765 116,890,776 130,283,236 115,244,550 Diluted EPS $ 0.75 $ 0.63 $ 0.45 $ 1.38 $ 0.93 Operating diluted EPS (non-GAAP) $ 0.76 $ 0.70 $ 0.57 $ 1.45 $ 1.04 62 At or for the Three Months ended At or for the Six Months ended (Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Operating Efficiency Ratio Non-interest expense $ 186,700 $ 200,529 $ 155,119 $ 387,229 $ 306,437 OREO expense (60) (16) (13) (76) (31) Intangible amortization (4,799) (4,799) (3,624) (9,598) (6,894) Total expenses 181,841 195,714 151,482 377,555 299,512 Operating expense adjustments (pre-tax) 1 (1,434) (12,240) (2,163) (13,674) (1,772) Total operating non-interest expense (non-GAAP) 180,407 183,474 149,319 363,881 297,740 Net interest income (tax equivalent) 280,016 272,383 211,081 552,399 404,481 Non-interest income 41,101 38,082 32,944 79,183 65,586 Gain (loss) on sale of securities — — — — — OREO income (110) (35) — (145) — Total revenues 321,007 310,430 244,025 631,437 470,067 Operating revenue adjustments (pre-tax) (63) (776) — (839) (1,113) Total revenues (non-GAAP) $ 320,944 $ 309,654 $ 244,025 $ 630,598 $ 468,954 Efficiency ratio 56.65 % 63.05 % 62.08 % 59.79 % 63.72 % Efficiency ratio (non-GAAP) 56.21 % 59.25 % 61.19 % 57.70 % 63.49 % ______________________________ 1 Operating expense adjustments (pre-tax) are as defined on within the Operating Diluted Earnings Per Share table. 63 ADDITIONAL MANAGEMENT’S DISCUSSION AND ANALYSIS Investment Activity The Company’s investment securities primarily consist of debt securities classified as either AFS or HTM. Equity securities primarily consist of capital stock issued by the FHLB of Des Moines. Debt Securities Debt securities classified as AFS are carried at estimated fair value and debt securities classified as HTM are carried at amortized cost. Unrealized gains or losses, net of tax, on AFS debt securities are reflected as an adjustment to OCI. The Company’s debt securities are summarized below: June 30, 2026 December 31, 2025 June 30, 2025 (Dollars in thousands) Carrying Amount Percent Carrying Amount Percent Carrying Amount Percent Available-for-sale U.S. government and federal agency $ 65,743 1 % $ 255,930 4 % $ 425,300 6 % U.S. government sponsored enterprises 123,985 2 % 312,488 4 % 315,982 4 % State and local governments 137,353 2 % 164,084 2 % 70,704 1 % Corporate bonds 11,466 — % 33,949 1 % 14,633 1 % Residential mortgage-backed securities 1,962,861 31 % 2,215,119 31 % 2,187,864 30 % Commercial mortgage-backed securities 1,181,317 18 % 1,025,942 14 % 1,010,497 14 % Total available-for-sale 3,482,725 54 % 4,007,512 56 % 4,024,980 56 % Held-to-maturity U.S. government and federal agency 868,813 13 % 865,696 12 % 862,536 12 % State and local governments 1,560,541 24 % 1,587,673 23 % 1,600,848 22 % Residential mortgage-backed securities 575,404 9 % 656,847 9 % 742,749 10 % Total held-to-maturity 3,004,758 46 % 3,110,216 44 % 3,206,133 44 % Total debt securities $ 6,487,483 100 % $ 7,117,728 100 % $ 7,231,113 100 % The Company’s debt securities were primarily comprised of U.S. government and federal agency and mortgage-backed securities. State and local government securities are largely exempt from federal income tax and the Company’s federal statutory income tax rate of 21 percent is used in calculating the tax-equivalent yields on the tax-exempt securities. Mortgage-backed securities largely consists of short weighted-average life U.S. agency guaranteed residential and commercial mortgage pass-through securities and to a lesser extent, short weighted-average life U.S. agency guaranteed residential collateralized mortgage obligations. Combined, the mortgage-backed securities provide the Company with ongoing liquidity as scheduled and pre-paid principal is received on the securities. State and local government securities carry different risks that are not as prevalent in other security types. The Company evaluates the investment grade quality of its securities in accordance with regulatory guidance. Investment grade securities are those where the issuer has an adequate capacity to meet the financial commitments under the security for the projected life of the investment. An issuer has an adequate capacity to meet financial commitments if the risk of default by the obligor is low and the full and timely payment of principal and interest are expected. In assessing credit risk, the Company may use credit ratings from NRSRO entities such as S&P and Moody’s as support for the evaluation; however, they are not solely relied upon. There have been no significant differences in the Company’s internal evaluation of the creditworthiness of any issuer when compared with the ratings assigned by the NRSROs. 64 The following table stratifies the state and local government securities by the associated NRSRO ratings. The highest issued rating was used to categorize the securities in the table for those securities where the NRSRO ratings were not at the same level. June 30, 2026 December 31, 2025 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value S&P: AAA / Moody’s: Aaa $ 460,449 423,561 470,591 430,538 S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3 1,194,047 1,072,233 1,228,601 1,093,684 S&P: A+, A, A- / Moody’s: A1, A2, A3 33,936 33,520 45,339 45,083 S&P: BBB+, BBB, BBB- / Moody’s: Baa1, Baa2, Baa3 120 120 — — Not rated by either entity 11,053 10,788 8,447 8,170 Total $ 1,699,605 1,540,222 1,752,978 1,577,475 State and local government securities largely consist of general obligation and revenue bonds. The following table stratifies the state and local government securities by the associated security type. June 30, 2026 December 31, 2025 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value General obligation - unlimited $ 336,005 317,504 368,095 348,356 General obligation - limited 191,507 175,123 204,370 185,810 Revenue 1,133,835 1,011,908 1,142,091 1,008,112 Certificate of participation 34,977 32,373 35,134 31,854 Other 3,281 3,314 3,288 3,343 Total $ 1,699,605 1,540,222 1,752,978 1,577,475 The following table outlines the five states in which the Company owns the highest concentrations of state and local government securities. June 30, 2026 December 31, 2025 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value New York $ 366,918 334,271 367,478 332,746 Texas 184,573 175,412 204,775 194,031 California 108,221 101,441 108,915 101,273 Washington 85,690 79,211 86,633 78,960 Colorado 77,268 69,769 77,665 68,872 All other states 876,935 780,118 907,512 801,593 Total $ 1,699,605 1,540,222 1,752,978 1,577,475 65 The following table presents the carrying amount and weighted-average yield of AFS (at fair value) and HTM (at amortized cost) debt securities by contractual maturity at June 30, 2026. Weighted-average yields are based upon the amortized cost of securities and are calculated using the interest method which takes into consideration premium amortization, discount accretion and mortgage-backed securities’ prepayment provisions. Weighted-average yields on tax-exempt debt securities exclude the federal income tax benefit. One Year or Less After One through Five Years After Five through Ten Years After Ten Years Mortgage-Backed Securities 1 Total (Dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available-for-sale U.S. government and federal agency $ 5,014 3.73 % $ 54,375 3.66 % $ 834 4.48 % $ 5,520 3.63 % $ — — % $ 65,743 3.73 % U.S. government sponsored enterprises 114,481 1.39 % 9,504 3.71 % — — % — — % — — % 123,985 1.56 % State and local governments 5,326 2.47 % 24,161 2.91 % 61,364 3.21 % 46,502 3.73 % — — % 137,353 3.30 % Corporate bonds — — % 9,868 6.41 % 903 5.93 % 695 0.46 % — — % 11,466 6.01 % Residential mortgage-backed securities — — % — — % — — % — — % 1,962,861 1.43 % 1,962,861 1.43 % Commercial mortgage-backed securities — — % — — % — — % — — % 1,181,317 3.82 % 1,181,317 3.82 % Total available-for-sale 124,821 1.53 % 97,908 3.79 % 63,101 3.26 % 52,717 3.67 % 3,144,178 2.30 % 3,482,725 2.35 % Held-to-maturity U.S. government and federal agency 502,657 1.12 % 366,156 1.22 % — — % — — % — — % 868,813 1.16 % State and local governments 7,691 3.80 % 114,157 3.54 % 258,479 3.41 % 1,180,214 3.03 % — — % 1,560,541 3.13 % Residential mortgage-backed securities — — % — — % — — % — — % 575,404 0.99 % 575,404 0.99 % Total held-to-maturity 510,348 1.16 % 480,313 1.77 % 258,479 3.41 % 1,180,214 3.03 % 575,404 0.99 % 3,004,758 2.15 % Total debt securities $ 635,169 1.23 % $ 578,221 2.11 % $ 321,580 3.38 % $ 1,232,931 3.05 % $ 3,719,582 2.11 % $ 6,487,483 2.26 % ______________________________ 1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Based on an analysis of its AFS debt securities with unrealized losses as of June 30, 2026, the Company determined the decline in value was unrelated to credit loss and was primarily the result of interest rate changes and market spreads subsequent to acquisition. The fair value of the debt securities is expected to recover as payments are received and the debt securities approach maturity. In addition, the Company determined an insignificant amount of credit losses is expected on the HTM debt securities portfolio; therefore, no ACL has been recognized at June 30, 2026 on either category. For additional information on the Company’s debt securities, see Note 2 to the Unaudited Condensed Consolidated Financial Statements in “Part I. Item 1. Financial Statements.” 66 Lending Activity The Company focuses its lending activities primarily on the following types of loans: 1) first-mortgage, conventional loans secured by residential properties, particularly single-family; 2) commercial lending, including agriculture and public entities; and 3) installment lending for consumer purposes (e.g., home equity, automobile, etc.). Loan information included in this section of “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” is based on the Company’s loan segments, which are based on the purpose of the loan, unless otherwise noted as a regulatory classification. Supplemental information regarding the Company’s loan portfolio and credit quality based on regulatory classification of loans is provided in the section captioned “Loans by Regulatory Classification” included in “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The regulatory classification of loans is based primarily on the type of collateral for the loans. The following table summarizes the Company’s loan portfolio as of the dates indicated: June 30, 2026 December 31, 2025 June 30, 2025 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Residential real estate $ 2,111,683 10 % $ 2,457,907 12 % $ 1,931,554 11 % Commercial real estate 14,155,059 67 % 13,565,512 65 % 11,935,109 65 % Other commercial 3,615,240 17 % 3,497,829 17 % 3,303,889 18 % Home equity 1,054,110 5 % 977,206 5 % 975,429 5 % Other consumer 427,631 2 % 429,342 2 % 386,759 2 % Loans receivable 1 21,363,723 101 % 20,927,796 101 % 18,532,740 101 % Allowance for credit losses (260,025) (1) % (255,319) (1) % (226,799) (1) % Loans receivable, net $ 21,103,698 100 % $ 20,672,477 100 % $ 18,305,941 100 % ______________________________ 1 In connection with the Guaranty core system conversion in the first quarter 2026, Guaranty loans were reclassified to conform to the Company’s classifications. There were approximately $236 million of loans reclassified from residential loans into other categories, the majority of which were reclassified to commercial real estate loans. The largest category of the Company’s loan portfolio is CRE. An additional breakdown of the Company’s CRE portfolio follows. June 30, 2026 (Dollars in thousands) Owner Occupied Non-Owner Occupied Total Percent of total CRE Office $ 795,836 $ 934,489 $ 1,730,325 12 % Retail 517,948 1,195,404 1,713,352 12 % Industrial and warehouse 979,832 567,258 1,547,090 11 % Multi-family — 1,381,319 1,381,319 10 % Hotel — 896,605 896,605 6 % Mini and RV Storage 21,653 774,886 796,539 6 % Medical and nursing 363,908 358,344 722,252 5 % Agriculture real estate 703,701 — 703,701 5 % Land 87,062 607,084 694,146 5 % Restaurant and entertainment 315,751 154,176 469,927 3 % Automotive and transportation 390,872 88,149 479,021 3 % Other commercial real estate 2,404,186 616,596 3,020,782 22 % Total commercial real estate $ 6,580,749 $ 7,574,310 $ 14,155,059 100 % 67 The following table summarizes the Company’s CRE portfolio by geographic location as of the date indicated: (Dollars in thousands) June 30, 2026 Amount Percent of total CRE Montana $ 3,293,031 23.3 % Utah 2,178,381 15.4 % Idaho 1,928,665 13.6 % Texas 1,485,681 10.5 % Arizona 1,435,288 10.1 % Colorado 1,218,960 8.6 % Washington 1,010,847 7.1 % Wyoming 830,808 5.9 % Nevada 773,398 5.5 % Total commercial real estate $ 14,155,059 100 % The CRE portfolio is comprised of loans made to purchase, construct and finance commercial real estate properties. On average, the balances are small and geographically disbursed across our nine-state footprint. Specifically, our CRE portfolio has an average loan balance of $823.9 million with an average loan-to-value ratio (“LTV”) of 57% as of June 30, 2026. Due to the recent trends in the banking industry, there has been increased risk associated with CRE loans, including with respect to the higher vulnerability of these credits to pressure as interest rates remain elevated and market conditions in many large metropolitan areas continue to show signs of stress. The Company has limited exposure to the office building sector in central business districts as the office portfolio is generally diversified in suburban and rural markets with strong occupancy levels. The Company maintains a practice of regular and ongoing loan reviews, stress tests, and sensitivity analyses to assess the level of risk in the loan portfolio. Loan reviews include monitoring past due rates, non-performing trends, concentrations, LTV’s, among other qualitative factors. Loan policies are robust and are updated as needed to meet the strategic and risk mitigation goals of the Company. 68 Non-performing Assets The following table summarizes information regarding non-performing assets at the dates indicated: At or for the Six Months ended At or for the Three Months ended At or for the Year ended At or for the Six Months ended (Dollars in thousands) June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Other real estate owned and foreclosed assets $ 1,541 1,610 411 1,879 Accruing loans 90 days or more past due 15,867 13,470 5,997 11,371 Non-accrual loans 74,441 64,415 62,487 35,356 Total non-performing assets $ 91,849 79,495 68,895 48,606 Non-performing assets as a percentage of subsidiary assets 0.29 % 0.25 % 0.22 % 0.17 % ACL as a percentage of non-performing loans 288 % 328 % 373 % 485 % Accruing loans 30-89 days past due $ 65,483 91,760 78,826 54,403 U.S. government guarantees included in non-performing assets $ 7,497 8,066 8,733 2,651 Interest income 1 $ 2,254 984 3,669 1,016 ______________________________ 1Amounts represent estimated interest income that would have been recognized on loans accounted for on a non-accrual basis as of the end of each period had such loans performed pursuant to contractual terms. Non-performing assets of $91.8 million at June 30, 2026 increased $12.4 million, or 16 percent, over the prior quarter and increased $43.2 million, or 89 percent, over the prior year second quarter. Early stage delinquencies (accruing loans 30-89 days past due) of $65.5 million at June 30, 2026 decreased $26.3 million from the prior quarter and increased $11.1 million from the prior year second quarter. Early stage delinquencies as a percentage of loans at June 30, 2026 were 0.31 percent compared to 0.44 percent for the prior quarter and 0.29 percent for the prior year second quarter. Most of the Company’s non-performing assets are secured by real estate, and based on the most current information available to management, including updated appraisals or evaluations (new or updated), the Company believes the value of the underlying real estate collateral is adequate to minimize significant charge-offs or losses to the Company. Through pro-active credit administration, the Company works closely with its borrowers to seek favorable resolution to the extent possible, thereby attempting to minimize net charge-offs or losses to the Company. With very limited exceptions, the Company does not disburse additional funds on non-performing loans. Instead, the Company proceeds to collection and foreclosure actions in order to reduce the Company’s exposure to loss on such loans. For additional information on accounting policies relating to non-performing assets, see Note 1 to the Unaudited Condensed Consolidated Financial Statements in “Part I. Item 1. Financial Statements.” Modifications to Borrowers Experiencing Financial Difficulty The Company identifies and monitors MBFD loans. The Company considers some of the indicators that a borrower is experiencing financial difficulty to be: current payment default on any of their debt, declaring bankruptcy, going concern, borrower’s securities have been delisted, and other indicators of inability to meet obligations. Each debt modification is separately negotiated with the borrower and includes terms and conditions that reflect the borrower’s prospective ability to service their obligations as modified. Such loans at June 30, 2026 had an amortized cost of $22.0 million. 69 Other Real Estate Owned and Foreclosed Assets The book value of loans prior to the acquisition of collateral and transfer of the loans into OREO and other foreclosed assets during 2026 was $3.0 million. The fair value of the loan collateral acquired in foreclosure during 2026 was $2.0 million. The following table sets forth the changes in OREO for the periods indicated: At or for the Six Months ended At or for the Three Months ended At or for the Year ended At or for the Six Months ended (Dollars in thousands) June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Balance at beginning of period $ 411 411 1,164 1,164 Acquisitions — — — 1,397 Additions 1,992 1,374 2,367 — Write-downs (14) — (76) — Sales (848) (175) (3,044) (682) Balance at end of period $ 1,541 1,610 411 1,879 Allowance for Credit Losses - Loans Receivable The following table summarizes the allocation of the ACL as of the dates indicated: June 30, 2026 December 31, 2025 June 30, 2025 (Dollars in thousands) ACL Percent of ACL in Category Percent of Loans in Category ACL Percent of ACL in Category Percent of Loans in Category ACL Percent of ACL in Category Percent of Loans in Category Residential real estate $ 25,226 10 % 10 % $ 31,875 12 % 12 % $ 27,915 12 % 10 % Commercial real estate 179,701 69 % 66 % 166,803 65 % 65 % 152,189 67 % 65 % Other commercial 36,353 14 % 17 % 37,954 15 % 16 % 28,316 13 % 18 % Home equity 11,437 4 % 5 % 11,645 5 % 5 % 11,701 5 % 5 % Other consumer 7,308 3 % 2 % 7,042 3 % 2 % 6,678 3 % 2 % Total $ 260,025 100 % 100 % $ 255,319 100 % 100 % $ 226,799 100 % 100 % 70 The following table summarizes the ACL experience for the periods indicated: At or for the Six Months ended At or for the Three Months ended At or for the Year ended At or for the Six Months ended (Dollars in thousands) June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Balance at beginning of period $ 255,319 255,319 206,041 206,041 Acquisitions — — 154 35 Provision for credit losses 13,639 3,514 61,846 24,163 Net (charge-offs) recoveries Residential real estate 22 14 273 192 Commercial real estate (1,278) (94) (1,827) 311 Other commercial (3,752) (1,094) (3,568) (685) Home equity (288) (295) (28) 33 Other consumer (3,637) (1,593) (7,572) (3,291) Net charge-offs (8,933) (3,062) (12,722) (3,440) Balance at end of period $ 260,025 255,771 255,319 226,799 ACL as a percentage of total loans 1.22 % 1.22 % 1.22 % 1.22 % Non-accrual loans as a percentage of total loans 0.35 % 0.31 % 0.30 % 0.19 % ACL as a percentage of non-accrual loans 349.30 % 397.07 % 408.60 % 641.47 % The following table summarizes net (charge-offs) recoveries as a percentage of average loans for the periods indicated: June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Residential real estate — % — % 0.01 % — % Commercial real estate (0.01) % — % (0.02) % — % Other commercial (0.11) % (0.03) % (0.11) % (0.02) % Home equity (0.03) % (0.03) % — % — % Other consumer (0.85) % (0.37) % (1.91) % (0.86) % Total net (charge-offs) recoveries (0.04) % (0.01) % (0.70) % (0.02) % The provision for credit loss expense was $12.4 million for the first half of 2026, a decrease of $15.7 million, or 56 percent, over the same period in the prior year. Included in the first half of the prior year provision for credit losses was $16.7 million from the acquisition of Bank of Idaho. Net charge-offs for the first half of 2026 were $8.9 million compared to $3.4 million in the first half of 2025. The ACL on loans as a percentage of total loans outstanding was 1.22 percent at each of June 30, 2026, December 31, 2025 and June 30, 2025. The Company’s ACL of $260 million is considered adequate to absorb the estimated credit losses from any segment of its loan portfolio. For the periods ended June 30, 2026 and 2025, the Company believes the ACL is commensurate with the risk in the Company’s loan portfolio and is directionally consistent with the change in the quality of the Company’s loan portfolio. 71 At the end of each quarter, the Company analyzes its loan portfolio and maintains an ACL at a level that is appropriate and determined in accordance with GAAP. Determining the adequacy of the ACL involves a high degree of judgment and is inevitably imprecise as the risk of loss is difficult to quantify. The ACL methodology is designed to reasonably estimate the probable credit losses within the Company’s loan portfolio. Accordingly, the ACL is maintained within a range of estimated losses. The determination of the ACL on loans, including credit loss expense and net charge-offs, is a critical accounting estimate that involves management’s judgments about the loan portfolio that impact credit losses, including the credit risk inherent in the loan portfolio, economic forecasts nationally and in the local markets in which the Company operates, trends and changes in collateral values, delinquencies, non-performing assets, net charge-offs, credit-related policies and personnel, and other environmental factors. In determining the allowance, the loan portfolio is separated into pools of loans that share similar risk characteristics which are the Company’s loan segments. The Company then derives estimated loss assumptions from its model by loan segment. The loss assumptions are then applied to each segment of loan to estimate the ACL on the pooled loans. For any loans that do not share similar risk characteristics, the estimated credit losses are determined on an individual loan basis and such loans primarily consist of non-accrual loans. An estimated credit loss is recorded on individually reviewed loans when the fair value of a collateral-dependent loan or the present value of the loan’s expected future cash flows (discounted at the loans original effective interest rate) is less than the amortized cost of the loan. The Company provides commercial banking services to individuals, small to medium-sized businesses, community organizations and public entities from 282 locations, including 238 branches, across Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, Nevada, and Texas. The states in which the Company operates have diverse economies and markets that are tied to commodities (crops, livestock, minerals, oil and natural gas), tourism, real estate and land development and an assortment of industries, both manufacturing and service-related. Thus, the effects of changes in the global, national, and local economies are not uniform across the Company’s geographic locations. The geographic dispersion of these market areas helps to mitigate the risk of credit loss. The Company’s model of eighteen bank divisions with separate management teams is also a significant benefit in mitigating and managing the Company’s credit risk. This model provides substantial local oversight to the lending and credit management function and requires multiple reviews of larger loans before credit is extended. The primary responsibility for credit risk assessment and identification of problem loans rests with the loan officer of the account. This continuous process of identifying non-performing loans is necessary to support management’s evaluation of the ACL adequacy. An independent loan review function verifying credit risk ratings evaluates the loan officer’s and management’s evaluation of the loan portfolio credit quality. The ACL evaluation is well documented and approved by the Company’s Board. In addition, the policy and procedures for determining the balance of the ACL are reviewed annually by the Company’s Board, the internal audit department, independent credit reviewers and state and federal bank regulatory agencies. Although the Company continues to actively monitor economic trends and regulatory developments, no assurance can be given that the Company will not, in any particular period, sustain losses that are significant relative to the ACL amount, or that subsequent evaluations of the loan portfolio applying management’s judgment about then current factors will not require significant changes in the ACL. Under such circumstances, additional credit loss expense could result. For additional information regarding the ACL, its relation to credit loss expense and risks related to asset quality, see Note 3 to the Unaudited Condensed Consolidated Financial Statements in “Part I. Item 1. Financial Statements.”’ 72 Loans by Regulatory Classification Supplemental information regarding identification of the Company’s loan portfolio and credit quality based on regulatory classification is provided in the following tables. The regulatory classification of loans is based primarily on the type of collateral for the loans. There may be differences when compared to loan tables and loan amounts appearing elsewhere which reflect the Company’s internal loan segments which are based on the purpose of the loan. The following table summarizes the Company’s loan portfolio by regulatory classification: Loans Receivable, by Loan Type % Change from (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Custom and owner occupied construction $ 240,093 $ 227,869 $ 263,713 $ 254,790 5 % (9) % (6) % Pre-sold and spec construction 261,642 268,831 255,542 208,106 (3) % 2 % 26 % Total residential construction 501,735 496,700 519,255 462,896 1 % (3) % 8 % Land development 232,548 218,943 263,262 176,925 6 % (12) % 31 % Consumer land or lots 231,468 234,467 247,769 229,823 (1) % (7) % 1 % Unimproved land 256,084 240,944 167,796 127,550 6 % 53 % 101 % Developed lots for operative builders 51,831 50,056 69,786 73,053 4 % (26) % (29) % Commercial lots 131,320 120,528 155,631 175,929 9 % (16) % (25) % Other construction 1,254,856 1,144,637 1,122,350 753,056 10 % 12 % 67 % Total land, lot, and other construction 2,158,107 2,009,575 2,026,594 1,536,336 7 % 6 % 40 % Owner occupied 3,928,083 3,908,697 3,950,726 3,529,536 — % (1) % 11 % Non-owner occupied 5,195,855 5,125,101 4,859,173 4,283,986 1 % 7 % 21 % Total commercial real estate 9,123,938 9,033,798 8,809,899 7,813,522 1 % 4 % 17 % Commercial and industrial 1,687,362 1,630,625 1,649,101 1,545,498 3 % 2 % 9 % Agriculture 1,313,581 1,252,040 1,282,861 1,167,611 5 % 2 % 13 % First lien 2,996,965 3,051,563 3,098,023 2,590,433 (2) % (3) % 16 % Junior lien 110,601 103,240 106,205 80,170 7 % 4 % 38 % Total 1-4 family 3,107,566 3,154,803 3,204,228 2,670,603 (1) % (3) % 16 % Multifamily residential 1,075,562 1,068,813 1,019,484 975,785 1 % 6 % 10 % Home equity lines of credit 1,089,052 1,081,438 1,076,201 1,048,595 1 % 1 % 4 % Other consumer 222,289 227,762 237,393 197,744 (2) % (6) % 12 % Total consumer 1,311,341 1,309,200 1,313,594 1,246,339 — % — % 5 % States and political subdivisions 950,829 945,587 964,591 973,145 1 % (1) % (2) % Other 178,847 174,174 177,375 188,743 3 % 1 % (5) % Total loans receivable, including loans held for sale 21,408,868 21,075,315 20,966,982 18,580,478 2 % 2 % 15 % Less loans held for sale 1 (45,145) (41,652) (39,186) (47,738) 8 % 15 % (5) % Total loans receivable $ 21,363,723 $ 21,033,663 $ 20,927,796 $ 18,532,740 2 % 2 % 15 % ______________________________ 1 Loans held for sale are primarily First lien 1-4 family loans. 73 The following table summarizes the Company’s non-performing assets by regulatory classification: Non-performing Assets, by Loan Type Non- Accrual Loans Accruing Loans 90 Days or More Past Due Other Real Estate Owned (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Jun 30, 2026 Jun 30, 2026 Jun 30, 2026 Custom and owner occupied construction $ 397 404 183 235 397 — — Pre-sold and spec construction — 889 919 2,806 — — — Total residential construction 397 1,293 1,102 3,041 397 — — Land development 1,022 866 898 885 865 157 — Consumer land or lots 248 17 79 460 15 233 — Developed lots for operative builders 113 567 456 531 — — 113 Commercial lots — — 556 47 — — — Other construction 500 580 129 — — — 500 Total land, lot and other construction 1,883 2,030 2,118 1,923 880 390 613 Owner occupied 5,174 4,254 3,969 4,412 4,102 1,072 — Non-owner occupied 24,176 18,423 7,606 1,206 21,115 3,061 — Total commercial real estate 29,350 22,677 11,575 5,618 25,217 4,133 — Commercial and industrial 24,436 26,480 27,308 14,764 22,787 1,400 249 Agriculture 10,592 6,119 3,549 6,603 7,576 3,016 — First lien 16,733 14,231 15,816 10,549 11,712 4,627 394 Junior lien 2,302 1,276 1,776 533 1,629 673 — Total 1-4 family 19,035 15,507 17,592 11,082 13,341 5,300 394 Multifamily residential — 409 395 398 — — — Home equity lines of credit 4,932 3,746 3,968 4,016 3,561 1,160 211 Other consumer 1,071 1,151 1,229 921 682 315 74 Total consumer 6,003 4,897 5,197 4,937 4,243 1,475 285 Other 153 83 59 240 — 153 — Total $ 91,849 79,495 68,895 48,606 74,441 15,867 1,541 74 The following table summarizes the Company’s accruing loans 30-89 days past due by regulatory classification: Accruing 30-89 Days Delinquent Loans, by Loan Type % Change from (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Custom and owner occupied construction $ 2,277 $ — $ 533 $ 385 n/m 327 % 491 % Pre-sold and spec construction 4,498 2,284 1,189 — 97 % 278 % n/m Total residential construction 6,775 2,284 1,722 385 197 % 293 % 1,660 % Land development 2,290 416 3,994 170 450 % (43) % 1,247 % Consumer land or lots 1,968 1,041 1,162 1,210 89 % 69 % 63 % Unimproved land 18 454 — 75 (96) % n/m (76) % Developed lots for operative builders — 5,218 2,300 — (100) % (100) % n/m Commercial lots 180 — 965 — n/m (81) % n/m Other construction — — 4,787 7,840 n/m (100) % (100) % Total land, lot and other construction 4,456 7,129 13,208 9,295 (37) % (66) % (52) % Owner occupied 6,038 9,985 6,103 3,903 (40) % (1) % 55 % Non-owner occupied 18,064 21,459 15,388 13,806 (16) % 17 % 31 % Total commercial real estate 24,102 31,444 21,491 17,709 (23) % 12 % 36 % Commercial and industrial 4,787 11,662 10,215 6,711 (59) % (53) % (29) % Agriculture 6,537 4,424 2,390 8,243 48 % 174 % (21) % First lien 7,292 19,407 19,699 3,583 (62) % (63) % 104 % Junior lien 1,279 2,576 20 — (50) % 6,295 % n/m Total 1-4 family 8,571 21,983 19,719 3,583 (61) % (57) % 139 % Multifamily residential 278 869 150 — (68) % 85 n/m Home equity lines of credit 5,354 7,111 5,415 5,482 (25) % (1) % (2) % Other consumer 1,990 1,755 1,866 1,615 13 % 7 % 23 % Total consumer 7,344 8,866 7,281 7,097 (17) % 1 % 3 % Other 2,633 3,099 2,650 1,380 (15) % (1) % 91 % Total $ 65,483 $ 91,760 $ 78,826 $ 54,403 (29) % (17) % 20 % ______________________________ n/m - not measurable 75 The following table summarizes the Company’s charge-offs and recoveries by regulatory classification: Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type Charge-Offs Recoveries (Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Jun 30, 2025 Jun 30, 2026 Jun 30, 2026 Pre-sold and spec construction $ — — — 50 — — Land development — — (358) (341) — — Consumer land or lots — — (5) (3) — — Developed lots for operative builders — — (8) — — — Total land, lot and other construction — — (371) (344) — — Owner occupied 256 — (2) (1) 349 93 Non-owner occupied 308 — 2,232 (8) 383 75 Total commercial real estate 564 — 2,230 (9) 732 168 Commercial and industrial 2,298 576 2,104 26 2,598 300 Agriculture — (2) (112) (109) 4 4 First lien 119 86 (182) (79) 187 68 Junior lien (22) (19) (38) (137) — 22 Total 1-4 family 97 67 (220) (216) 187 90 Multifamily residential 409 — — — 409 — Home equity lines of credit 78 82 43 (20) 116 38 Other consumer 504 173 1,600 656 708 204 Total consumer 582 255 1,643 636 824 242 Other 4,983 2,166 7,448 3,406 6,808 1,825 Total $ 8,933 3,062 12,722 3,440 11,562 2,629 76 Sources of Funds The Company’s deposits have traditionally been the principal source of funds for use in lending and other business purposes. The Company also obtains funds from repayment of loans and debt securities, repurchase agreements, wholesale deposits, advances from FHLB, Federal Reserve facilities, and other borrowings. Loan repayments are a relatively stable source of funds, while interest bearing deposit inflows and outflows are significantly influenced by general interest rate levels and market conditions. Borrowings and advances may be used on a short-term basis to compensate for reductions in normal sources of funds such as deposit inflows at less than projected levels. Borrowings also may be used on a long-term basis to support expanded activities, match maturities of longer-term assets or manage interest rate risk. Deposits The Company has several deposit programs designed to attract both short-term and long-term deposits from the general public by providing a wide selection of accounts and rates. These programs include non-interest bearing deposit accounts and interest bearing deposit accounts such as negotiable on withdrawal (“NOW”), demand deposit accounts (“DDA”), savings, money market deposits, fixed rate certificates of deposit with maturities ranging from three months to five years, negotiated-rate jumbo certificates, and individual retirement accounts. These deposits are obtained primarily from individual and business residents in the Bank’s geographic market areas. Wholesale deposits are obtained through various programs and include brokered deposits classified as NOW, DDA, money market deposits and certificate accounts. The Company’s deposits are summarized below: June 30, 2026 December 31, 2025 June 30, 2025 (Dollars in thousands) Amount Percent Amount Percent Amount Percent Non-interest bearing deposits $ 7,423,439 30 % $ 7,314,779 30 % $ 6,593,728 30 % NOW and DDA accounts 6,192,363 25 % 6,236,551 25 % 5,747,388 27 % Savings accounts 3,169,141 13 % 3,158,939 13 % 2,956,387 14 % Money market deposit accounts 4,132,820 17 % 3,948,201 16 % 3,089,115 14 % Certificate accounts 3,732,971 15 % 3,928,550 16 % 3,238,576 15 % Wholesale deposits 3,383 — % 4,076 — % 3,308 — % Total interest bearing deposits 17,230,678 70 % 17,276,317 70 % 15,034,774 70 % Total deposits $ 24,654,117 100 % $ 24,591,096 100 % $ 21,628,502 100 % Borrowings The Bank has secured borrowings through repurchase agreements. This process involves the selling of one or more of the securities in the Bank’s investment portfolio and simultaneously entering into an agreement to repurchase the same securities at an agreed upon later date, typically overnight. A rate of interest is paid for the agreed period of time. The Bank enters into repurchase agreements with local municipalities, and certain customers, and has adopted procedures designed to ensure proper transfer of title and safekeeping of the underlying securities. In addition to retail repurchase agreements, the Bank periodically enters into wholesale repurchase agreements as additional funding sources. The Bank has not entered into reverse repurchase agreements. The Bank is a member of the FHLB of Des Moines, which is one of eleven banks that comprise the FHLB system. The Bank is required to maintain a certain level of activity-based stock in order to borrow or to engage in other transactions with the FHLB of Des Moines. Additionally, the Bank is subject to a membership capital stock requirement that is based upon an annual calibration tied to the total assets of the Bank. The borrowings are collateralized by eligible categories of loans and debt securities (principally, securities which are obligations of, or guaranteed by, the U.S. government and its agencies), provided certain standards related to credit-worthiness have been met. Advances are made pursuant to several different credit programs, each of which has its own interest rates and range of maturities. The Bank’s maximum amount of FHLB advances is limited to the lesser of a fixed percentage of the Bank’s total assets or the discounted value of eligible collateral. FHLB advances fluctuate to meet seasonal and other withdrawals of deposits and to expand lending or investment opportunities of the Bank. Additionally, the Company has other sources of secured and unsecured borrowing lines from various sources that may be used from time to time. 77 Short-term borrowings A critical component of the Company’s liquidity and capital resources is access to short-term borrowings to fund its operations. Short-term borrowings are accompanied by increased risks managed by the Bank’s Asset Liability Committee (“ALCO”) such as rate increases or unfavorable change in terms which would make it more costly to obtain future short-term borrowings. The Company’s short-term borrowing sources include FHLB advances, federal funds purchased and retail and wholesale repurchase agreements. The Company also has access to the short-term discount window borrowing programs (i.e., primary credit) of the FRB as well as a line of credit with a large national banking institution. FHLB advances and certain other short-term borrowings may be renewed as long-term borrowings to decrease certain risks such as liquidity or interest rate risk; however, the reduction in risks are weighed against the increased cost of funds and other risks. Subordinated Debentures In addition to funds obtained in the ordinary course of business, the Company formed or acquired financing subsidiaries for the purpose of issuing or holding trust preferred securities that entitle the investor to receive cumulative cash distributions thereon. Subordinated debentures were issued in conjunction with the trust preferred securities and the terms of the subordinated debentures and trust preferred securities are the same. For regulatory capital purposes, the trust preferred securities are included in Tier 2 capital at June 30, 2026. The subordinated debentures outstanding as of June 30, 2026 were $189 million, including fair value adjustments from acquisitions. Contractual Obligations and Off-Balance Sheet Arrangements In the normal course of business, there may be various outstanding commitments to obtain funding and to extend credit, such as letters of credit and unfunded loan commitments, which are not reflected in the accompanying condensed consolidated financial statements. The Company assessed the off-balance sheet credit exposures as of June 30, 2026 and determined its ACL of $28.8 million was adequate to absorb the estimated credit losses. Off-balance sheet arrangements also include any obligation related to a variable interest held in an unconsolidated entity. The Company does not anticipate any material losses as a result of these transactions. For additional information regarding the Company’s interests in unconsolidated VIEs, see Note 7 to the Unaudited Condensed Consolidated Financial Statements in “Part I. Item 1. Financial Statements.” 78 Liquidity Risk In the normal course of business, the Company has commitments that require material cash requirements for customer deposits outflows, repurchase agreements, borrowed funds, lease obligations, off-balance sheet obligations, operating expenses and other contractual obligations. The source of funding for such requirements includes loan repayments, customer deposit inflows, borrowings, revenue from operations, and capital resources. Liquidity risk is the possibility that the Company will not be able to fund present and future obligations as they come due because of an inability to liquidate assets or obtain adequate funding at a reasonable cost. The objective of liquidity management is to maintain cash flows adequate to meet current and future needs for credit demand, deposit withdrawals, maturing liabilities and corporate operating expenses. Effective liquidity management entails three elements: 1.assessing on an ongoing basis, the current and expected future needs for funds, and ensuring that sufficient funds or access to funds exist to meet those needs at the appropriate time; 2.providing for an adequate cushion of liquidity to meet unanticipated cash flow needs that may arise from potential adverse circumstances ranging from high probability/low severity events to low probability/high severity; and 3.balancing the benefits between providing for adequate liquidity to mitigate potential adverse events and the cost of that liquidity. The Company has a wide range of versatility in managing the liquidity and asset/liability mix. The Bank’s ALCO meets regularly to assess liquidity risk, among other matters. The Company monitors liquidity and contingency funding alternatives through management reports of liquid assets (e.g., debt securities), both unencumbered and pledged, as well as borrowing capacity, both secured and unsecured, including off-balance sheet funding sources. The Company evaluates its potential funding needs across alternative scenarios and maintains contingency funding plans consistent with the Company’s access to diversified sources of contingent funding. The following table identifies certain liquidity sources and capacity available to the Company as of the dates indicated: (Dollars in thousands) June 30, 2026 December 31, 2025 FHLB advances Borrowing capacity $ 5,422,173 4,872,433 Amount utilized — (440,000) Letters of credit and other pledged collateral (17,460) (10,224) Amount available $ 5,404,713 4,422,209 FRB discount window Borrowing capacity $ 2,285,572 2,048,309 Amount utilized — — Amount available $ 2,285,572 2,048,309 Unsecured lines of credit available $ 540,000 530,000 Unencumbered debt securities U.S. government and federal agency $ 38,984 90,783 U.S. government sponsored enterprises 52,681 13,758 State and local governments 808,522 929,248 Corporate bonds 11,465 33,949 Residential mortgage-backed securities 67,755 160,623 Commercial mortgage-backed securities 597,929 794,427 Total unencumbered debt securities 1 $ 1,577,336 2,022,788 ____________________________ 1 Total unencumbered debt securities at June 30, 2026, included $797.3 million classified as AFS and $780.0 million classified as HTM. Total unencumbered debt securities at December 31, 2025, included $1.2 billion classified as AFS, and $828.1 million classified as HTM. 79 Capital Resources Maintaining capital strength continues to be a long-term objective of the Company. Abundant capital is necessary to sustain growth, provide protection against unanticipated declines in asset values, and to safeguard the funds of depositors. Capital is also a source of funds for loan demand and enables the Company to effectively manage its assets and liabilities. The Company has the capacity to issue 234,000,000 shares of common stock of which 130,202,054 have been issued as of June 30, 2026. The Company also has the capacity to issue 1,000,000 shares of preferred stock of which none have been issued as of June 30, 2026. Conversely, the Company may decide to utilize a portion of its strong capital position, as it has done in the past, to repurchase shares of its outstanding common stock, depending on market price and other relevant considerations. The Federal Reserve has adopted capital adequacy guidelines that are used to assess the adequacy of capital in supervising a bank holding company. The federal banking agencies issued final rules (“Final Rules”) that established a comprehensive regulatory capital framework based on the recommendation of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Final Rules require the Company to hold a 2.5 percent capital conservation buffer designed to absorb losses during periods of economic stress. As of June 30, 2026, management believes the Company and Bank meet all capital adequacy requirements to which they are subject and there are no conditions or events subsequent to this date that management believes have changed the Company’s or Bank’s risk-based capital category. The following table illustrates the Bank’s regulatory capital ratios and the Federal Reserve’s capital adequacy guidelines as of June 30, 2026: Total Capital (To Risk-Weighted Assets) Tier 1 Capital (To Risk-Weighted Assets) Common Equity Tier 1 (To Risk-Weighted Assets) Leverage Ratio/ Tier 1 Capital (To Average Assets) Glacier Bank regulatory ratios 14.21 % 12.99 % 12.99 % 10.10 % Minimum capital requirements 8.00 % 6.00 % 4.50 % 4.00 % Minimum capital requirements plus capital conservation buffer 10.50 % 8.50 % 7.00 % N/A Well capitalized requirements 10.00 % 8.00 % 6.50 % 5.00 % Federal and State Income Taxes The Company files a consolidated federal income tax return using the accrual method of accounting. All required tax returns have been timely filed. Financial institutions are subject to the provisions of the Internal Revenue Code of 1986, as amended, in the same general manner as other corporations. The federal statutory corporate income tax rate is 21 percent. Within the Company’s geographic footprint under Montana, Idaho, Utah, Colorado and Arizona law, financial institutions are subject to a corporation income tax, which incorporates or is substantially similar to applicable provisions of the Internal Revenue Code. The corporation income tax is imposed on federal taxable income, subject to certain adjustments. State taxes are incurred at the rate of 6.75 percent in Montana, 5.30 percent in Idaho, 4.45 percent in Utah, 4.40 percent in Colorado and 4.90 percent in Arizona. Washington, Wyoming, Nevada, and Texas do not impose a corporate income tax. The Company is also required to file in states other than the nine states in which it has properties. 80 The following table summarizes information relevant to the Company’s federal and state income taxes: Six Months ended (Dollars in thousands) June 30, 2026 June 30, 2025 Income before income taxes $ 224,640 128,663 Federal and state income tax expense 44,634 21,314 Net income $ 180,006 107,349 Effective tax rate 1 19.9 % 16.6 % Income from tax-exempt debt securities, municipal loans and leases $ 41,729 41,975 Benefits from federal income tax credits $ 18,318 16,610 ______________________________ 1The current and prior year’s low effective income tax rates are due to income from tax-exempt debt securities, municipal loans and leases and benefits from federal income tax credits. Tax expense of $44.6 million for the first half of 2026 increased $23.3 million, or 109 percent, over the same period in the prior year. The effective tax rate for the first half of 2026 was 19.9 percent compared to 16.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income. The Company has equity investments in CDEs which have received allocations of NMTCs. Administered by the CDFI Fund of the U.S. Department of the Treasury, the NMTC program is aimed at stimulating economic and community development and job creation in low-income communities. The federal income tax credits received are claimed over a seven-year credit allowance period. The Company also has equity investments in LIHTC which are indirect federal subsidies used to finance the development of affordable rental housing for low-income households. The federal income tax credits are claimed over a ten-year credit allowance period. As of June 30, 2026, the Company has investments of $1.4 million in Qualified School Construction bonds whereby the Company receives quarterly federal income tax credits in lieu of taxable interest income. The federal income tax credits on these debt securities are subject to federal and state income tax. The Company has investments in historic tax credits that are claimed over a five-year credit allowance period. Following is a list of expected federal income tax credits to be received in the years indicated. (Dollars in thousands) New Markets Tax Credits Low-Income Housing Tax Credits Debt Securities Tax Credits Historic Tax Credits Total 2026 $ 5,527 31,640 43 564 37,774 2027 5,705 34,042 43 564 40,354 2028 3,689 32,003 43 — 35,735 2029 2,160 30,680 43 — 32,883 2030 1,470 29,179 43 — 30,692 Thereafter 804 102,657 62 — 103,523 $ 19,355 260,201 277 1,128 280,961 81 Average Balance Sheet The following schedule provides 1) the total dollar amount of interest and dividend income of the Company for earning assets and the average yields; 2) the total dollar amount of interest expense on interest bearing liabilities and the average rates; 3) net interest and dividend income and interest rate spread; and 4) net interest margin (tax-equivalent). Three Months ended Six Months ended June 30, 2026 June 30, 2026 (Dollars in thousands) Average Balance Interest and Dividends Average Yield/ Rate Average Balance Interest and Dividends Average Yield/ Rate Assets Residential real estate loans $ 2,172,055 $ 30,104 5.54 % $ 2,265,738 $ 63,812 5.63 % Commercial loans 1 17,562,322 267,705 6.11 % 17,385,333 527,992 6.12 % Consumer and other loans 1,479,518 26,103 7.08 % 1,452,740 50,990 7.08 % Total loans 2 21,213,895 323,912 6.12 % 21,103,811 642,794 6.14 % Tax-exempt investment securities 3 1,624,487 14,246 3.51 % 1,635,986 28,698 3.51 % Taxable investment securities 4, 5 5,954,961 30,650 2.06 % 6,195,419 63,359 2.05 % Total earning assets 28,793,343 368,808 5.14 % 28,935,216 734,851 5.12 % Goodwill and intangibles 1,476,292 1,478,726 Non-earning assets 1,201,401 1,202,289 Total assets $ 31,471,036 $ 31,616,231 Liabilities Non-interest bearing deposits $ 7,298,710 $ — — % $ 7,264,754 $ — — % NOW and DDA accounts 6,206,979 16,103 1.04 % 6,187,446 32,000 1.04 % Savings accounts 3,170,155 5,451 0.69 % 3,167,020 10,951 0.70 % Money market deposit accounts 4,052,361 20,154 1.99 % 4,008,235 39,232 1.97 % Certificate accounts 3,807,368 30,233 3.18 % 3,851,888 61,975 3.24 % Total core deposits 24,535,573 71,941 1.18 % 24,479,343 144,158 1.19 % Short-term borrowings Wholesale deposits 6 3,337 31 3.77 % 3,475 65 3.79 % Repurchase agreements 1,995,035 13,227 2.66 % 2,034,340 26,846 2.66 % FHLB advances 55 — 3.87 % 179,917 4,226 4.67 % Total short-term borrowings 1,998,427 13,258 2.62 % 2,217,732 31,137 2.79 % Long-term borrowings Subordinated debentures and other borrowed funds 271,589 3,593 5.31 % 269,531 7,157 5.35 % Total interest bearing liabilities 26,805,589 88,792 1.33 % 26,966,606 182,452 1.36 % Other liabilities 364,792 368,648 Total liabilities 27,170,381 27,335,254 Stockholders’ Equity Stockholders’ equity 4,300,655 4,280,977 Total liabilities and stockholders’ equity $ 31,471,036 $ 31,616,231 Net interest income (tax-equivalent) $ 280,016 $ 552,399 Net interest spread (tax-equivalent) 3.81 % 3.76 % Net interest margin (tax-equivalent) 3.90 % 3.85 % 82 Average Balance Sheet - continued ______________________________ 1Includes tax effect of $1.6 million and $3.3 million on tax-exempt municipal loan and lease income for the three and six months ended June 30, 2026, respectively. 2Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. 3Includes tax effect of $1.9 million and $3.9 million on tax-exempt debt securities income for the three and six months ended June 30, 2026, respectively. 4Includes interest income of $7.0 million and $15.1 million on average interest-bearing cash balances of $772.3 million and $832.8 million for the three and six months ended June 30, 2026, respectively. 5Includes tax effect of $68 thousand and $136 thousand on federal income tax credits for the three and six months ended June 30, 2026, respectively. 6Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities. Rate/Volume Analysis Net interest income can be evaluated from the perspective of relative dollars of change in each period. Interest income and interest expense, which are the components of net interest income, are shown in the following table on the basis of the amount of any increases (or decreases) attributable to changes in the dollar levels of the Company’s interest earning assets and interest bearing liabilities (“volume”) and the yields earned and paid on such assets and liabilities (“rate”). The change in interest income and interest expense attributable to changes in both volume and rates has been allocated proportionately to the change due to volume and the change due to rate. Six Months ended June 30, 2026 2026 vs. 2025 Increase (Decrease) Due to: (Dollars in thousands) Volume Rate Net Interest income Residential real estate loans $ 9,147 5,029 14,176 Commercial loans (tax-equivalent) 82,977 29,711 112,688 Consumer and other loans 4,688 (104) 4,584 Investment securities (tax-equivalent) (6,282) 4,760 (1,522) Total interest income 90,530 39,396 129,926 Interest expense NOW and DDA accounts 3,258 (2,368) 890 Savings accounts 1,040 (651) 389 Money market deposit accounts 10,703 (386) 10,317 Certificate accounts 12,157 (7,924) 4,233 Wholesale deposits (26) (14) (40) Repurchase agreements 2,431 (3,427) (996) FHLB advances (34,243) (56) (34,299) Subordinated debentures and other borrowed funds 1,146 367 1,513 Total interest expense (3,534) (14,459) (17,993) Net interest income (tax-equivalent) $ 94,064 53,855 147,919 Net interest income (tax-equivalent) increased $147.9 million for the six months ended June 30, 2026 compared to the same period in 2025. The interest income for the first six months of the current year increased over the same period in the prior year, primarily from increased loan yields, loan growth and lower cost of borrowings. The decrease in interest expense for the first six months of the current year compared to prior year was primarily the result of a decrease in higher cost borrowings and a decrease in deposit costs. 83 Market Risk Market risk is the risk of loss in a financial instrument arising from adverse changes in market rates/prices such as interest rates, foreign currency exchange rates, commodity prices, and equity prices. The Company’s primary market risk exposure is interest rate risk. Interest Rate Risk Interest rate risk is the potential for loss of future earnings resulting from adverse changes in the level of interest rates. Interest rate risk results from many factors and could have a significant impact on the Company’s net interest income, which is the Company’s primary source of net income. Net interest income is affected by a myriad of variables, including changes in interest rates, the relationship between rates on interest bearing assets and liabilities, the impact of the interest fluctuations on asset prepayments and the mix of interest bearing assets and liabilities. Although interest rate risk is inherent in the banking industry, banks are expected to have sound risk management practices in place to measure, monitor and control interest rate exposures. The objective of interest rate risk management is to appropriately manage the risks associated with interest rate fluctuations. The process includes identification and management of the sensitivity of net interest income to changing interest rates. Net interest income simulation The Company uses a detailed and dynamic simulation model to quantify the estimated exposure of net interest income (“NII”) to sustained interest rate changes. While ALCO routinely monitors simulated NII sensitivity over rolling two-year and five-year horizons, it also utilizes additional tools to monitor potential longer-term interest rate risk. The simulation model captures the impact of changing interest rates on the interest income received and interest expense paid on all assets and liabilities reflected on the Company’s unaudited condensed consolidated statements of financial condition. This sensitivity analysis is compared to ALCO policy limits which specify a maximum tolerance level for NII exposure over a one year and two year horizon, assuming no balance sheet growth. The ALCO policy rate scenarios include upward and downward shifts in interest rates for 100 bps and 200 bps scenarios with instantaneous and parallel changes in current market yield curves. The ALCO policy also includes 200 bps and 400 bps rate scenarios with gradual parallel shifts in interest rates over 12-month and 24-month periods, respectively. Other non-parallel rate movement scenarios are also modeled to determine the potential impact on net interest income. The additional scenarios are adjusted as the economic environment changes and provide ALCO additional interest rate risk monitoring tools to evaluate current market conditions. The following is indicative of the Company’s overall NII sensitivity analysis as of June 30, 2026. Estimated Sensitivity Rate Scenarios One Year Two Years -400 bp Rate ramp 0.19 % (2.38 %) -200 bp Rate ramp (0.14 %) (3.58 %) -200 bp Rate shock (1.07 %) (6.13 %) -100 bp Rate shock (1.32 %) (3.73 %) +100 bp Rate shock 1.88 % 4.02 % +200 bp Rate shock 1.93 % 6.06 % +200 bp Rate ramp 0.72 % 3.59 % +400 bp Rate ramp 0.62 % 3.05 % The preceding sensitivity analysis does not represent a forecast and should not be relied upon as being indicative of expected operating results. It is important to note that these hypothetical estimates are based upon numerous assumptions that are specific to our Company and thus may not be directly comparable to other institutions. These assumptions include: the nature and timing of interest rate levels including, but not limited to, yield curve shape, prepayments on loans and securities, deposit decay rates, pricing decisions on loans and deposits and reinvestment/replacement of asset and liability cash flows. While assumptions are developed based upon current economic and local market conditions, the Company cannot make any assurances as to the predictive nature of these assumptions including how customer preferences or competitor influences might change. Also, as market conditions vary from those assumed in the sensitivity analysis, actual results will also differ due to prepayment/refinancing levels likely deviating from those assumed, the varying impact of interest rate caps or floors on adjustable rate assets, the potential effect of changing debt service levels on customers with adjustable rate loans, depositor early withdrawals and product preference changes, and other internal and external variables. Furthermore, the sensitivity analysis does not reflect actions that ALCO might take in responding to or anticipating changes in interest rates. 84