4th Quarter 2024 Highlights:
- Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49 per share.
- Net income was $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent, from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the prior year fourth quarter net income of $54.3 million.
- The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.97 percent, an increase of 14 basis points from the prior quarter net interest margin of 2.83 percent and an increase of 41 basis points from the prior year fourth quarter net interest margin of 2.56 percent.
- Net interest income was $191 million for the current quarter, an increase of $11.2 million, or 6 percent, from the prior quarter net interest income of $180 million and an increase of $25.0 million, or 15 percent, from the prior year fourth quarter net interest income of $166 million.
- Non-interest expense was $141 million for the current quarter, a decrease of $3.7 million, or 3 percent, from the prior quarter.
- The loan portfolio of $17.262 billion increased $81 million, or 2 percent annualized, during the current quarter.
- The loan yield of 5.72 percent in the current quarter increased 3 basis points from the prior quarter loan yield of 5.69 percent and increased 38 basis points from the prior year fourth quarter loan yield of 5.34 percent.
- The total earning asset yield of 4.57 percent in the current quarter increased 5 basis points from the prior quarter earning asset yield of 4.52 percent and increased 40 basis points from the prior year fourth quarter earning asset yield of 4.17 percent.
- The total core deposit cost (including non-interest bearing deposits) of 1.29 percent in the current quarter decreased 8 basis point from the prior quarter total core deposit cost of 1.37 percent.
- The total cost of funding (including non-interest bearing deposits) of 1.71 percent in the current quarter decreased 8 basis point from the prior quarter total cost of funding of 1.79 percent.
- The Company declared a quarterly dividend of $0.33 per share. The Company has declared 159 consecutive quarterly dividends and has increased the dividend 49 times.
- Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the prior year net income of $223 million.
- Net interest income for 2024 was $705 million, an increase of $13.0 million, or 2 percent, from the prior year net interest income of $692 million.
- The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current year was 2.77 percent, an increase of 4 basis points from the prior year net interest margin of 2.73.
- The loan portfolio increased $1.064 billion, or 7 percent, from the prior year end and organically increased $342 million, or 2 percent, during 2024.
- The $2.740 billion of FRB Bank Term Funding ("BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank ("FHLB”) advances and cash.
- Dividends declared in 2024 were $1.32 per share.
- The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division ("RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million.
- The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, "Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.
| At or for the Three Months ended | At or for the Year ended | ||||||||||||||||||||
| (Dollars in thousands, except per share and market data) | Dec 31,
2024 | Sep 30, 2024 | Jun 30,
2024 | Mar 31, 2024 | Dec 31,
2023 | Dec 31,
2024 | Dec 31,
2023 | ||||||||||||||
| Operating results | |||||||||||||||||||||
| Net income | $ | 61,754 | 51,055 | 44,708 | 32,627 | 54,316 | 190,144 | 222,927 | |||||||||||||
| Basic earnings per share | $ | 0.54 | 0.45 | 0.39 | 0.29 | 0.49 | 1.68 | 2.01 | |||||||||||||
| Diluted earnings per share | $ | 0.54 | 0.45 | 0.39 | 0.29 | 0.49 | 1.68 | 2.01 | |||||||||||||
| Dividends declared per share | $ | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 1.32 | 1.32 | |||||||||||||
| Market value per share | |||||||||||||||||||||
| Closing | $ | 50.22 | 45.70 | 37.32 | 40.28 | 41.32 | 50.22 | 41.32 | |||||||||||||
| High | $ | 60.67 | 47.71 | 40.18 | 42.75 | 44.06 | 60.67 | 50.03 | |||||||||||||
| Low | $ | 43.70 | 35.57 | 34.35 | 34.74 | 27.36 | 34.35 | 26.77 | |||||||||||||
| Selected ratios and other data | |||||||||||||||||||||
| Number of common stock shares outstanding | 113,401,955 | 113,394,786 | 113,394,092 | 113,388,590 | 110,888,942 | 113,401,955 | 110,888,942 | ||||||||||||||
| Average outstanding shares - basic | 113,398,213 | 113,394,758 | 113,390,539 | 112,492,142 | 110,884,496 | 113,170,157 | 110,864,501 | ||||||||||||||
| Average outstanding shares - diluted | 113,541,026 | 113,473,107 | 113,405,491 | 112,554,402 | 110,907,640 | 113,243,427 | 110,890,447 | ||||||||||||||
| Return on average assets (annualized) | 0.87 | % | 0.73 | % | 0.66 | % | 0.47 | % | 0.77 | % | 0.68 | % | 0.81 | % | |||||||
| Return on average equity (annualized) | 7.62 | % | 6.34 | % | 5.77 | % | 4.25 | % | 7.40 | % | 6.02 | % | 7.64 | % | |||||||
| Efficiency ratio | 60.50 | % | 64.92 | % | 67.97 | % | 74.41 | % | 65.20 | % | 66.71 | % | 62.85 | % | |||||||
| Loan to deposit ratio | 84.17 | % | 83.16 | % | 84.03 | % | 82.04 | % | 81.36 | % | 84.17 | % | 81.36 | % | |||||||
| Number of full time equivalent employees | 3,441 | 3,434 | 3,399 | 3,438 | 3,294 | 3,441 | 3,294 | ||||||||||||||
| Number of locations | 227 | 232 | 231 | 232 | 221 | 227 | 221 | ||||||||||||||
| Number of ATMs | 284 | 285 | 286 | 285 | 275 | 284 | 275 | ||||||||||||||
KALISPELL, Mont., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the $54.3 million of net income for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49. The increase in net income compared to the prior quarter was primarily driven by an increase in net interest income and a decrease in non-interest expenses. The increase in net income compared to the prior year fourth quarter was due to the increase in net interest income which outpaced the increased costs associated with the acquisitions of Wheatland and RMB over the prior year fourth quarter. "The Glacier team once again delivered another strong quarter and year,” said Randy Chesler, President and Chief Executive Officer. "Our positive earnings trends should continue into 2025 and we look forward to optimizing these trends with our focus on the financial markets, our customers and employees.”
Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the $223 million net income for the prior year. Diluted earnings per share for 2024 was $1.68 per share, a decrease of $0.33 per share from the prior year diluted earnings per share of $2.01. The decrease in net income for the current year compared to the prior year was primarily due to the significant increase in funding costs and a $8.6 million increase in acquisition-related expenses. Acquisition-related expense was $9.9 million in the current year compared to $1.3 million in the prior year. In addition, the 2024 results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.
On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 20 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company's results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
| Wheatland | RMB | |||||||
| (Dollars in thousands) | January 31, 2024 | July 19, 2024 | Total | |||||
| Total assets | $ | 777,705 | $ | 403,052 | $ | 1,180,757 | ||
| Cash and cash equivalents | 12,926 | 76,781 | 89,707 | |||||
| Debt securities | 187,183 | - | 187,183 | |||||
| Loans receivable | 450,403 | 271,569 | 721,972 | |||||
| Non-interest bearing deposits | 277,651 | 93,534 | 371,185 | |||||
| Interest bearing deposits | 339,304 | 303,156 | 642,460 | |||||
| Borrowings | 58,500 | 4,305 | 62,805 | |||||
| Core deposit intangible | 16,936 | 11,808 | 28,744 | |||||
| Goodwill | 38,146 | 27,780 | 65,926 | |||||
Asset Summary
| $ Change from | |||||||||||||||
| (Dollars in thousands) | Dec 31, 2024 | Sep 30, 2024 | Dec 31,
2023 | Sep 30, 2024 | Dec 31, 2023 | ||||||||||
| Cash and cash equivalents | $ | 848,408 | 987,833 | 1,354,342 | (139,425 | ) | (505,934 | ) | |||||||
| Debt securities, available-for-sale | 4,245,205 | 4,436,578 | 4,785,719 | (191,373 | ) | (540,514 | ) | ||||||||
| Debt securities, held-to-maturity | 3,294,847 | 3,348,698 | 3,502,411 | (53,851 | ) | (207,564 | ) | ||||||||
| Total debt securities | 7,540,052 | 7,785,276 | |||||||||||||