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

3rd Quarter 2023 Highlights:

• Net income was $52.4 million for the current quarter, a decrease of $2.6 million, or 5 percent, from the prior quarter net income of $55.0 million. Net income for the current quarter decreased $26.9 million, or 34 percent, from the prior year third quarter net income of $79.3 million.
• Interest income of $265 million in the current quarter increased $17.5 million, or 7 percent, over the prior quarter interest income of $247 million. Interest income in the current quarter increased $50.5 million, or 24 percent, over the prior year third quarter.
• Total deposits and retail repurchase agreements of $21.895 billion at the current quarter end increased $530 million, or 10 percent annualized, during the current quarter.
• Non-interest bearing deposits remained stable in the current quarter with a $7.0 million increase over the prior quarter.
• The loan portfolio of $16.135 billion increased $180 million, or 5 percent annualized, during the current quarter.
• The loan yield for the current quarter of 5.27 percent, increased 15 basis points, compared to 5.12 percent in the prior quarter and increased 60 basis points from the prior year third quarter loan yield of 4.67 percent.
• Early stage delinquencies (accruing loans 30-89 days past due) of $15.3 million at September 30, 2023 decreased $9.6 million from the prior quarter.
• The Company declared a quarterly dividend of $0.33 per share. The Company has declared 154 consecutive quarterly dividends and has increased the dividend 49 times.
• The Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank, a leading eastern Washington community bank headquartered in Spokane with total assets of $763 million as of September 30, 2023. This will be the Company’s 25th acquisition since 2000.
  

Year-to-date 2023 Highlights

• Net Income for the first nine months of 2023 was $169 million, a decrease of $54.9 million, or 25 percent, from the $224 million for the prior year first nine months net income.
• Interest income for the first nine months of 2023 was $744 million, an increase of $139 million, or 23 percent over the first nine months of the prior year interest income of $605 million.
• Total core deposits and retail repurchase agreements of $21.827 billion at the current quarter end increased $307 million, or 1 percent, during the first nine months of 2023.
• The loan portfolio of $16.135 billion increased $888 million, or 8 percent annualized, during the first nine months of the current year. The loan portfolio, excluding the Paycheck Protection Program (“PPP”) loans, increased $1.578 billion, or 16 percent annualized, during the first nine months of the prior year.
• The loan yield was 5.14 percent for the first nine months of the current year, an increase of 54 basis points from the first nine months of the prior year loan yield of 4.60 percent.
• Stockholders’ equity of $2.875 billion increased $31.3 million, or 1 percent, during the first nine months of the current year.
• Dividends declared in the first nine months of 2023 were $0.99 per share.
  

Financial Summary

KALISPELL, Mont., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (: GBCI) reported net income of $52.4 million for the current quarter, a decrease of $26.9 million, or 34 percent, from the $79.3 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.47 per share, a decrease of 35 percent from the prior year third quarter diluted earnings per share of $0.72. The decrease in net income compared to the prior quarter and prior year third quarter was primarily due to the continued increase in funding costs, which has outpaced the increase in interest income. “Our strong core deposit growth in the quarter shows the strength of our business model and employees. We were able to significantly grow deposits this quarter by leveraging existing banking relationships across all of our divisions,” said Randy Chesler, President and Chief Executive Officer. “We were also pleased to see the increase in interest income for the quarter, reflecting higher yields on loans and investments.”

Net income for the nine months ended September 30, 2023 was $169 million, a decrease of $54.9 million, or 25 percent, from the $224 million for the first nine months in the prior year, which was primarily driven by the increase in funding costs outpacing the increase in interest income. Diluted earnings per share for the first nine months of 2023 was $1.52 per share, a decrease of 25 percent from the prior year first nine months diluted earnings per share of $2.02.

On August 8, 2023, the Company announced the signing of a definitive agreement to acquire Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), headquartered in Spokane, Washington. Wheatland has 14 branches in eastern Washington with total assets of $763 million, total loans of $491 million and total deposits of $609 million as of September 30, 2023. The acquisition is subject to required regulatory and shareholder approvals and other customary conditions of closing and is expected to be completed in the fourth quarter of 2023.

Asset Summary