Market Overview

Glacier Bancorp, Inc. Announces Results for the Quarter Ended March 31, 2018

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1st Quarter 2018 Highlights:

  • Net income of $38.6 million for the current quarter, an increase of $7.3 million, or 23 percent, over the prior year first quarter net income of $31.3 million.  Pre-tax income of $47.0 million for the current quarter, an increase of $5.9 million, or 15 percent, over the prior year first quarter pre-tax income of $41.0 million
  • Current quarter diluted earnings per share of $0.48, an increase of 17 percent from the prior year first quarter diluted earnings per share of $0.41.
  • Current quarter organic loan growth of $110.2 million, or 7 percent annualized.
  • Current quarter organic deposit growth of $144 million, or 8 percent annualized, with 20 percent of the increase in non-interest bearing deposits.
  • Dividend declared of $0.23 per share, an increase of $0.02 per share, or 10 percent, over the prior quarter.   The dividend was the 132nd consecutive quarterly dividend.
  • The Company completed the acquisition of Columbine Capital Corp., the holding company for Collegiate Peaks Bank, a community bank in Buena Vista, Colorado, with total assets of $551 million.
  • The Company completed the acquisition of Inter-Mountain Bancorp, Inc., the holding company for First Security Bank, a community bank in Bozeman, Montana, with total assets of $1.110 billion.
  • The Company surpassed $10 billion in total assets ending the quarter at $11.659 billion, an increase of $1.952 billion, or 20 percent, from the prior quarter.

In addition to the results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures.  The Company believes that providing these non-GAAP financial measures provides investors with information useful in understanding the Company's financial performance, performance trends, and financial position.  While the Company uses these non-GAAP measures in its analysis of the Company's performance, this information should not be considered an alternative to measurements required by GAAP.

The following table provides a reconciliation of certain GAAP financial measures to non-GAAP financial measures.  The reconciling item between the GAAP and non-GAAP financial measures consisted of the one-time net tax expense of $19.7 million during the three months ended December 31, 2017.  The one-time net tax expense was driven by the Tax Cuts and Jobs Act ("Tax Act") and the change in the federal marginal rate from 35 percent to 21 percent, which resulted in the revaluation of its deferred tax assets and deferred tax liabilities ("net deferred tax asset").  The Company believes that the financial results are more comparable excluding the impact of the revaluation of the net deferred tax asset.

Non-GAAP Financial Measures - Tax Cuts and Jobs Act

  Three Months ended
(Dollars in thousands, except per share data) Mar 31,
 2018
  Dec 31,
 2017
  Mar 31,
 2017
Net income (GAAP) $ 38,559     14,956     31,255  
Tax Act adjustment (GAAP)     19,699      
Net income (non-GAAP) $ 38,559     34,655     31,255  
Basic earnings per share (GAAP) $ 0.48     0.19     0.41  
Tax Act adjustment (GAAP)     0.25      
Basic earnings per share (non-GAAP) $ 0.48     0.44     0.41  
Diluted earnings per share (GAAP) $ 0.48     0.19     0.41  
Tax Act adjustment (GAAP)     0.25      
Diluted earnings per share (non-GAAP) $ 0.48     0.44     0.41  
Return on average assets (annualized) (GAAP) 1.50 %   0.61 %   1.35 %
Tax Act adjustment (GAAP) %   0.81 %   %
Return on average assets (annualized) (non-GAAP) 1.50 %   1.42 %   1.35 %
Return on average equity (annualized) (GAAP) 11.90 %   4.91 %   11.19 %
Tax Act adjustment (GAAP) %   6.47 %   %
Return on average equity (annualized) (non-GAAP) 11.90 %   11.38 %   11.19 %
Dividend payout ratio (annualized) (GAAP) 47.92 %   110.53 %   51.22 %
Tax Act adjustment (GAAP) %   (62.80 )%   %
Dividend payout ratio (annualized) (non-GAAP) 47.92 %   47.73 %   51.22 %
Effective tax rate (GAAP) 17.88 %   67.69 %   23.79 %
Tax Act adjustment (GAAP) %   (42.57 )%   %
Effective tax rate (non-GAAP) 17.88 %   25.12 %   23.79 %
 

Financial Highlights

  At or for the Three Months ended
(Dollars in thousands, except per share and market data) Mar 31,
 2018
  Dec 31,
 2017
  Mar 31,
 2017
Operating results          
Net income 1 $ 38,559     34,655     31,255  
Basic earnings per share 1 $ 0.48     0.44     0.41  
Diluted earnings per share 1 $ 0.48     0.44     0.41  
Dividends declared per share $ 0.23     0.21     0.21  
Market value per share          
Closing $ 38.38     39.39     33.93  
High $ 41.24     41.23     38.17  
Low $ 36.72     35.50     31.70  
Selected ratios and other data          
Number of common stock shares outstanding 84,511,472     78,006,956     76,619,952  
Average outstanding shares - basic 80,808,904     78,006,956     76,572,116  
Average outstanding shares - diluted 80,887,135     78,094,494     76,633,283  
Return on average assets (annualized) 1 1.50 %   1.42 %   1.35 %
Return on average equity (annualized) 1 11.90 %   11.38 %   11.19 %
Efficiency ratio 57.80 %   54.02 %   55.57 %
Dividend payout ratio 1 47.92 %   47.73 %   51.22 %
Loan to deposit ratio 81.83 %   87.29 %   78.91 %
Number of full time equivalent employees 2,492     2,278     2,224  
Number of locations 166     145     142  
Number of ATMs
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