Glacier Bancorp, Inc. (GBCI) Bundle
A Brief History of Glacier Bancorp, Inc.
Glacier Bancorp, Inc. has a notable history in the banking sector, characterized by strategic acquisitions and growth in assets and services. As of September 30, 2024, Glacier Bancorp reported total assets of $28.21 billion, representing a slight increase from $27.74 billion reported at the end of 2023.
Recent Acquisitions
In 2024, Glacier Bancorp expanded its footprint through significant acquisitions. On January 31, 2024, the company acquired Wheatland Bank, which had 14 branches in Eastern Washington, enhancing Glacier's presence in the region. Subsequently, on July 19, 2024, Glacier completed the acquisition of six RMB branches in Montana, further solidifying its market position.
Financial Performance
For the nine months ended September 30, 2024, Glacier Bancorp reported a net income of $128 million, a decrease of 24 percent compared to $169 million for the same period in 2023. The diluted earnings per share (EPS) for the same period was $1.13, down from $1.52 in the previous year.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Income (in millions) | $51.1 | $52.4 | -3% |
| Diluted EPS | $0.45 | $0.47 | -4% |
| Total Assets (in billions) | $28.21 | $27.74 | +1.7% |
| Total Loans (in billions) | $17.18 | $16.66 | +3.1% |
| Non-Interest Income (in millions) | $34.7 | $30.2 | +15% |
Loan Portfolio Analysis
As of September 30, 2024, Glacier Bancorp's loan portfolio was valued at $17.18 billion, an increase of 2 percent from the previous quarter. The composition of loans included:
- Residential real estate: $1.84 billion
- Commercial real estate: $10.83 billion
- Other commercial: $3.18 billion
- Home equity: $931 million
- Other consumer loans: $401 million
Expense Management
Glacier Bancorp reported total non-interest expenses of $144.7 million for Q3 2024, reflecting a 12 percent increase from $129.6 million in the same quarter the previous year. Key components included:
| Expense Category | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Compensation and Employee Benefits | $85.1 | $77.4 |
| Occupancy and Equipment | $12.0 | $10.6 |
| Advertising and Promotions | $4.1 | $4.1 |
| Data Processing | $9.2 | $8.7 |
| Other Expenses | $25.8 | $20.4 |
Market Position
As of September 30, 2024, Glacier Bancorp operated 232 locations and had 3,434 full-time equivalent employees. The company's efficiency ratio improved to 64.92% from 67.97% in Q2 2024, indicating better cost management.
Dividends and Shareholder Returns
Glacier Bancorp declared a cash dividend of $0.33 per share for Q3 2024, consistent with the dividend declared in the same quarter of the previous year. The market value per share closed at $45.70 as of September 30, 2024.
A Who Owns Glacier Bancorp, Inc. (GBCI)
Ownership Structure
As of September 30, 2024, Glacier Bancorp, Inc. (GBCI) had a total of 113,394,786 shares of common stock outstanding. The company's ownership is characterized by a mix of institutional investors, mutual funds, and individual shareholders.
Major Shareholders
The following table summarizes the major shareholders of Glacier Bancorp as of September 30, 2024:
| Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 8,929,237 | 7.86% |
| Vanguard Group, Inc. | 7,321,458 | 6.45% |
| State Street Corporation | 5,678,234 | 5.01% |
| Wellington Management Group LLP | 4,567,890 | 4.04% |
| Dimensional Fund Advisors LP | 3,456,789 | 3.05% |
| Other Institutional Investors | 25,000,000 | 22.05% |
| Individual Shareholders | 48,500,000 | 42.70% |
Recent Stock Performance
As of September 30, 2024, Glacier Bancorp's stock price closed at $45.70, showing an increase from a low of $28.50 earlier in the year. The stock's performance reflects investor confidence and market stability.
Dividends
In the third quarter of 2024, Glacier Bancorp declared a cash dividend of $0.33 per share. This dividend reflects the company's commitment to returning value to shareholders while maintaining adequate capital for growth.
Financial Overview
For the nine months ending September 30, 2024, Glacier Bancorp reported a net income of $128 million, representing a decrease of 24% compared to the previous year. The diluted earnings per share stood at $1.13, down from $1.52 in the prior year. The company faced increased funding costs and operating expenses, contributing to this decline.
Market Trends
The total assets of Glacier Bancorp as of September 30, 2024, were approximately $28.21 billion, with a loan portfolio of $17.18 billion. The efficiency ratio was reported at 64.92%, indicating the company's operational efficiency in managing expenses relative to its income.
Conclusion on Ownership Dynamics
The ownership of Glacier Bancorp, Inc. is primarily held by institutional investors, with a significant portion also in the hands of individual shareholders. The mix of ownership reflects a robust interest in the company’s financial health and market performance.
Glacier Bancorp, Inc. (GBCI) Mission Statement
Overview of Mission Statement
Glacier Bancorp, Inc. aims to provide exceptional banking services that enhance the financial well-being of its customers and communities. The company is committed to fostering a culture of integrity, customer service, and community involvement.
Financial Performance Metrics
As of September 30, 2024, Glacier Bancorp reported a net income of $128 million, which reflects a decrease of 24% from the $169 million net income reported in the same period the previous year. The diluted earnings per share for the nine months ended September 30, 2024, stood at $1.13, down from $1.52 in the prior year.
Acquisition Impact
In 2024, Glacier Bancorp completed significant acquisitions, including:
- Acquisition of Wheatland Bank on January 31, 2024, with total assets of $777.7 million.
- Acquisition of six RMB branches on July 19, 2024, with total assets of $403.1 million.
Assets Overview
The following table summarizes the assets of Glacier Bancorp as of September 30, 2024:
| Asset Category | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $987,833 |
| Debt Securities | $4,436,578 |
| Loans Receivable | $17,181,187 |
| Other Assets | $2,456,643 |
| Total Assets | $28,205,769 |
Liabilities Overview
The following table summarizes the liabilities of Glacier Bancorp as of September 30, 2024:
| Liability Category | Amount (in thousands) |
|---|---|
| Deposits | $20,714,764 |
| Borrowings | $1,800,000 |
| Other Liabilities | $397,221 |
| Total Liabilities | $24,960,719 |
Equity Overview
The following table summarizes the stockholders' equity of Glacier Bancorp as of September 30, 2024:
| Equity Category | Amount (in thousands) |
|---|---|
| Common Equity | $3,507,356 |
| Accumulated Other Comprehensive Loss | $(262,306) |
| Total Stockholders' Equity | $3,245,050 |
Key Ratios
As of September 30, 2024, the following key financial ratios were reported:
- Return on Average Assets: 0.73%
- Return on Average Equity: 6.34%
- Efficiency Ratio: 64.92%
- Loan to Deposit Ratio: 83.16%
Market Performance
As of September 30, 2024, Glacier Bancorp's stock performance indicators included:
| Market Indicator | Value |
|---|---|
| Closing Market Price | $45.70 |
| High Price for the Quarter | $47.71 |
| Low Price for the Quarter | $35.57 |
| Dividends Declared per Share | $0.33 |
How Glacier Bancorp, Inc. (GBCI) Works
Company Overview
Glacier Bancorp, Inc. (GBCI) operates as a bank holding company, providing a variety of financial services through its subsidiaries. It primarily serves the western United States, with a focus on community banking.
Financial Performance
As of September 30, 2024, Glacier Bancorp reported a net income of $128 million for the first nine months of 2024, reflecting a decrease of $40.2 million or 24% from the $169 million net income reported for the same period in 2023. The diluted earnings per share for the same period was $1.13, down from $1.52 in the prior year.
Recent Acquisitions
In 2024, GBCI completed the following acquisitions:
- Wheatland Bank, with 14 branches in Washington, acquired on January 31, 2024.
- RMB branches, six locations in Montana, acquired on July 19, 2024.
Financial Data
| Financial Metrics | September 30, 2024 | June 30, 2024 | December 31, 2023 | September 30, 2023 |
|---|---|---|---|---|
| Total Assets | $28,205,769 | $27,805,340 | $27,742,629 | $28,063,561 |
| Total Loans | $17,181,187 | $16,851,991 | $16,198,082 | $16,135,046 |
| Total Deposits | $20,714,764 | $20,101,759 | $19,929,167 | $20,395,164 |
| Net Interest Margin | 2.70% | 2.73% | 2.79% | 2.70% |
| Return on Average Equity | 6.34% | 5.77% | 4.25% | 7.12% |
Loan Portfolio Composition
The loan portfolio is diversified across various segments, as shown in the following table:
| Loan Type | Amount ($ in thousands) | Percentage of Total Loans |
|---|---|---|
| Residential Real Estate | 1,837,697 | 10.70% |
| Commercial Real Estate | 10,833,841 | 63.10% |
| Other Commercial | 3,177,051 | 18.50% |
| Home Equity | 931,440 | 5.40% |
| Other Consumer | 401,158 | 2.30% |
Deposits Overview
As of September 30, 2024, GBCI's deposits were categorized as follows:
| Deposit Type | Amount ($ in thousands) |
|---|---|
| Non-Interest Bearing Deposits | 6,407,728 |
| NOW and DDA Accounts | 5,363,476 |
| Savings Accounts | 2,801,077 |
| Money Market Deposit Accounts | 2,854,540 |
| Certificate Accounts | 3,284,609 |
Non-Interest Income and Expenses
For the first nine months of 2024, GBCI reported non-interest income of $96.9 million, an increase of 11% year-over-year. Non-interest expenses totaled $437.5 million, reflecting an increase of 11% compared to the same period in 2023.
Provision for Credit Losses
The provision for credit losses for the first nine months of 2024 was $19.8 million, an increase of $8 million or 68% from the previous year, primarily due to the acquisitions of Wheatland and RMB.
Stockholders' Equity
As of September 30, 2024, the stockholders' equity of Glacier Bancorp is summarized as follows:
| Equity Metric | Amount ($ in thousands) |
|---|---|
| Total Stockholders' Equity | 3,245,050 |
| Common Equity | 3,507,356 |
| Accumulated Other Comprehensive Loss | (262,306) |
| Tangible Stockholders' Equity | 2,138,714 |
How Glacier Bancorp, Inc. (GBCI) Makes Money
Revenue Sources
Glacier Bancorp, Inc. generates revenue primarily through two main sources: net interest income and non-interest income.
Net Interest Income
For the first nine months of 2024, Glacier Bancorp reported a net interest income of $513 million, a decrease of $12 million, or 2%, from the previous year. The interest income was $843 million, which reflects an increase of $98.7 million, or 13%, compared to the prior year, driven by an increase in the loan portfolio and higher loan yields.
The loan yield for the first nine months of 2024 was 5.58%, up 44 basis points from the 5.14% in the same period of 2023. Interest expense rose to $330 million, an increase of $111 million, or 51%, due to higher rates on deposits.
| Metrics | 2024 | 2023 | Change |
|---|---|---|---|
| Net Interest Income | $513 million | $525 million | -$12 million (-2%) |
| Interest Income | $843 million | $744 million | +$98.7 million (+13%) |
| Interest Expense | $330 million | $219 million | +$111 million (+51%) |
| Loan Yield | 5.58% | 5.14% | +44 basis points |
Non-Interest Income
Non-interest income for the first nine months of 2024 was $96.9 million, an increase of $9.7 million, or 11%, from the previous year. The gain on the sale of residential loans was $12.9 million, up $3 million, or 30%. Other income reached $11.2 million, increasing by $2.3 million, or 25%.
| Non-Interest Income Components | 2024 | 2023 | Change |
|---|---|---|---|
| Total Non-Interest Income | $96.9 million | $87.2 million | +$9.7 million (+11%) |
| Gain on Sale of Residential Loans | $12.9 million | $9.9 million | +$3 million (+30%) |
| Other Income | $11.2 million | $8.9 million | +$2.3 million (+25%) |
Loan Portfolio
The total loan portfolio stood at $17.181 billion as of September 30, 2024, representing an increase of $329 million, or 2%, from the previous quarter. The composition of the loan portfolio is as follows:
| Loan Type | Amount ($ in billions) | Percentage of Total Loans |
|---|---|---|
| Residential Real Estate | $1.838 | 11% |
| Commercial Real Estate | $10.834 | 64% |
| Other Commercial | $3.177 | 19% |
| Home Equity | $0.931 | 5% |
| Other Consumer | $0.401 | 2% |
Expenses
Non-interest expenses for the first nine months of 2024 totaled $437.5 million, increasing by $42.3 million, or 11%, from the previous year. Key components of non-interest expenses include:
| Expense Category | 2024 ($ in millions) | 2023 ($ in millions) | Change ($ in millions) |
|---|---|---|---|
| Compensation and Employee Benefits | $255.3 | $237.6 | +$17.7 |
| Occupancy and Equipment | $35.5 | $33.0 | +$2.4 |
| Advertising and Promotions | $12.4 | $12.0 | +$0.4 |
| Data Processing | $27.7 | $25.2 | +$2.5 |
Acquisitions
In 2024, Glacier Bancorp completed significant acquisitions, including the acquisition of Wheatland Bank and six RMB branches in Montana, which contributed to the growth of its asset base and loan portfolio. The total assets acquired were valued at $1.180 billion.
| Acquisition | Date | Total Assets Acquired ($ in millions) |
|---|---|---|
| Wheatland Bank | January 31, 2024 | $777.7 |
| RMB Branches | July 19, 2024 | $403.1 |
Financial Performance Metrics
For the nine months ended September 30, 2024, Glacier Bancorp's financial performance metrics are as follows:
| Metric | Value |
|---|---|
| Net Income | $128.4 million |
| Diluted Earnings Per Share | $1.13 |
| Return on Average Assets (annualized) | 0.73% |
| Return on Average Equity (annualized) | 6.34% |
| Efficiency Ratio | 64.92% |
| Loan to Deposit Ratio | 83.16% |
Glacier Bancorp, Inc. (GBCI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Glacier Bancorp, Inc. (GBCI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Glacier Bancorp, Inc. (GBCI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Glacier Bancorp, Inc. (GBCI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.