Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2023

2nd Quarter 2023 Highlights:

• Net income was $55.0 million for the current quarter, a decrease of $6.2 million, or 10 percent, from the prior quarter net income of $61.2 million. Net income for the current quarter decreased $21.4 million, or 28 percent, from the prior year second quarter net income of $76.4 million.
• Interest income of $247 million in the current quarter increased $15.5 million, or 7 percent, over the prior quarter interest income of $232 million. Interest income in the current quarter increased $47.7 million, or 24 percent, over the prior year second quarter.
• Total deposits and retail repurchase agreements of $21.365 billion at the current quarter end increased $25.5 million, or 12 basis points, during the current quarter.
• The loan portfolio of $15.955 billion, increased $436 million, or 11 percent annualized, during the current quarter.
• The loan yield for the current quarter of 5.12 percent, increased 10 basis points, compared to 5.02 percent in the prior quarter and increased 60 basis points from the prior year second quarter loan yield of 4.52 percent.
• Non-performing assets as a percentage of subsidiary assets was 0.12 percent in the current and prior quarter, compared to 0.16 percent in the prior year second quarter.
• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 153 consecutive quarterly dividends and has increased the dividend 49 times.
  

First Half 2023 Highlights

• Net Income for the first half of 2023 was $116 million, a decrease of $28.0 million, or 19 percent, from the $144 million net income for the first half of the prior year.
• Interest income for the first six months of 2023 was $479 million, an increase of $89.1 million, or 23 percent over the first half of the prior year interest income of $390 million.
• The loan portfolio of $15.955 billion, increased $708 million, or 9 percent annualized, during the first half of the current year. The loan portfolio, excluding the Paycheck Protection Program (“PPP”) loans, increased $1.121 billion, or 17 percent annualized, during the first half of the prior year.
• The loan yield was 5.07 percent for the first half of the current year, an increase of 51 basis points from the first half of the prior year loan yield of 4.56 percent.
• Stockholders’ equity of $2.927 billion increased $83.2 million, or 3 percent, during the first six months of the current year.
• Dividends declared in the first half of 2023 were $0.66 per share.

Financial Summary

KALISPELL, Mont., July 20, 2023 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (: GBCI) reported net income of $55.0 million for the current quarter, a decrease of $21.4 million, or 28 percent, from the $76.4 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.50 per share, a decrease of 28 percent from the prior year second quarter diluted earnings per share of $0.69. The decrease in net income compared to the prior quarter and prior year second quarter is primarily due to the continued increase in funding costs. “The growth in total deposits and repurchase agreements this quarter underscores the effectiveness of our team in successfully meeting the needs of local deposit relationships in this highly competitive environment,” said Randy Chesler, President and Chief Executive Officer. “Our deep local relationships, strong capital position and consistent financial performance helped set the stage for this growth.”

Net income for the six months ended June 30, 2023 was $116 million, a decrease of $28.0 million, or 19 percent, from the $144 million for the first six months in the prior year. Diluted earnings per share for the first half of 2023 was $1.05 per share, a decrease of 19 percent from the prior year first half diluted earnings per share of $1.30.

Asset Summary