Market Overview

Glacier Bancorp, Inc. Announces Results for the Quarter Ended September 30, 2017

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3rd Quarter 2017 Highlights:

  • Net income of $36.5 million for the current quarter, an increase of $5.5 million, or 18 percent, over the prior year third quarter net income of $31.0 million.
  • Current quarter diluted earnings per share of $0.47, an increase of 18 percent from the prior year third quarter diluted earnings per share of $0.40.
  • Loan growth of $164 million, or 10 percent annualized, for the current quarter.
  • Net interest margin of 4.11 percent as a percentage of earning assets, on a tax equivalent basis, an 11 basis point increase over the 4.00 percent net interest margin in the third quarter of the prior year.
  • Declared and paid a special dividend of $0.30 per share.  This was the 14th special dividend the Company has declared.
  • Declared and paid a regular quarterly dividend of $0.21 per share.  The dividend was the 130th consecutive quarterly dividend.
  • The Company announced the appointment of George R. Sutton as a Director of the Company.  Mr. Sutton is an experienced financial services attorney, a past board member of Synchrony Bank and the former Commissioner of the Utah Department of Financial Institutions.

Year-to-Date 2017 Highlights:

  • Net income of $101.4 million for the first nine months of 2017, an increase of $11.3 million, or 13 percent, over the first nine months of 2016 net income of $90.1 million.
  • Diluted earnings per share of $1.31, an increase of 11 percent from the prior year first nine months diluted earnings per share of $1.18.
  • Organic loan growth of $532 million, or 13 percent annualized, for the first nine months of the current year.
  • Net interest margin of 4.09 percent as a percentage of earning assets, on a tax equivalent basis, a 7 basis point increase over the 4.02 percent net interest margin in the first nine months of the prior year.
Financial Highlights        
    At or for the Three Months ended   At or for the Nine Months ended
(Dollars in thousands, except per share and market data)   Sep 30,
 2017
  Jun 30,
 2017
  Mar 31,
 2017
  Sep 30,
 2016
  Sep 30,
 2017
  Sep 30,
 2016
Operating results                        
Net income   $ 36,479     33,687     31,255     30,957     101,421     90,090  
Basic earnings per share   $ 0.47     0.43     0.41     0.40     1.31     1.18  
Diluted earnings per share   $ 0.47     0.43     0.41     0.40     1.31     1.18  
Dividends declared per share 1   $ 0.51     0.21     0.21     0.20     0.93     0.60  
Market value per share                        
Closing   $ 37.76     36.61     33.93     28.52     37.76     28.52  
High   $ 37.76     36.72     38.03     29.99     38.03     29.99  
Low   $ 31.50     32.06     32.47     25.49     31.50     22.19  
Selected ratios and other data                        
Number of common stock shares outstanding     78,006,956     78,001,890     76,619,952     76,525,402     78,006,956     76,525,402  
Average outstanding shares - basic     78,004,450     77,546,236     76,572,116     76,288,640     77,379,514     76,195,550  
Average outstanding shares - diluted     78,065,942     77,592,325     76,633,283     76,350,873     77,442,944     76,247,051  
Return on average assets (annualized)   1.46 %   1.39 %   1.35 %   1.34 %   1.40 %   1.32 %
Return on average equity (annualized)   11.87 %   11.37 %   11.19 %   10.80 %   11.49 %   10.77 %
Efficiency ratio   53.44 %   52.89 %   55.57 %   55.84 %   53.92 %   56.15 %
Dividend payout ratio 1   108.51 %   48.84 %   51.22 %   50.00 %   70.99 %   50.85 %
Loan to deposit ratio   84.43 %   81.86 %   78.91 %   77.53 %   84.43 %   77.53 %
Number of full time equivalent employees     2,250     2,265     2,224     2,207     2,250     2,207  
Number of locations     145     145     142     142     145     142  
Number of ATMs     200     199     195     200     200     200  
                         
             
                       
1 Includes a special dividend declared of $0.30 per share for the three and nine months ended September 30, 2017.
 

KALISPELL, Mont., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NASDAQ:GBCI) reported net income of $36.5 million for the current quarter, an increase of $5.5 million, or 18 percent, from the $31.0 million of net income for the prior year third quarter.  Diluted earnings per share for the current quarter was $0.47 per share, an increase of $0.07, or 18 percent, from the prior year third quarter diluted earnings per share of $0.40.  Included in the current quarter was $245 thousand of acquisition-related expenses.  "We are very pleased to see the strong results posted by our bank Divisions.  Our dedicated employees, across the Company, turned in a strong quarter with broad based growth," said Randy Chesler, President and Chief Executive Officer.

Net income for the nine months ended September 30, 2017 was $101.4 million, an increase of $11.3 million, or 13 percent, from the $90.1 million of net income for the first nine months of the prior year.  Diluted earnings per share for the first nine months of 2017 was $1.31 per share, an increase of $0.13, or 11 percent, from the diluted earnings per share of $1.18 for the same period in the prior year.

During the second quarter of  2017, the Company announced the signing of a definitive agreement to acquire Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado (collectively, "Collegiate").  As of September 30, 2017, Collegiate had total assets of $536 million, gross loans of $331

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