Glacier Bancorp, Inc. has completed its acquisition of Community Financial Group, Inc. (CFGW) based in Spokane, Washington, marking the formation of a new division named "Wheatland Bank, a division of Glacier Bank." This move will see the existing North Cascades division integrated into Wheatland Bank, which will operate through 23 branches in central and eastern Washington. As a result, Wheatland Bank is set to become one of the top 5 community banks by deposit market share, with total assets of $763 million, total loans of $491 million, and total deposits of $609 million as of September 30, 2023.
Susan M. Horton, who has served as the president and chief executive officer of Wheatland Bank for over 20 years, will lead the operations of Wheatland Bank as a division of Glacier Bank. The acquisition is expected to enhance service accessibility and provide a more diverse suite of technology, products, and services to customers in key markets.
In light of these developments, Randall M. Chesler, Chief Executive Officer of Glacier Bancorp, stated, "We are excited to welcome Wheatland Bank to the Glacier family. This strategic acquisition expands our presence in Washington and strengthens our position as a leading community bank in the region."
The company's shares have experienced a -1.8% movement following the announcement and are currently trading at $37.57. The full 8-K submission detailing the acquisition is available here.
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|---|
Revenue (k) | $468,996 | $546,177 | $627,064 | $681,074 | $829,640 | $969,244 |
Revenue Growth | n/a | 16.46% | 14.81% | 8.61% | 21.81% | 16.83% |
Interest Income (k) | $433,465 | $503,404 | $599,749 | $662,516 | $788,379 | $729,285 |
Operating Margins | 47% | 47% | 52% | 51% | 45% | 31% |
Net Margins | 39% | 39% | 42% | 42% | 37% | 26% |
Net Income (k) | $181,878 | $210,544 | $266,400 | $284,757 | $303,202 | $248,288 |
Depreciation & Amort. (k) | $6,270 | $8,485 | $10,370 | $10,271 | $10,658 | $9,968 |
Earnings Per Share | $2.17 | $2.38 | $2.81 | $2.86 | $2.74 | $2.24 |
EPS Growth | n/a | 9.68% | 18.07% | 1.78% | -4.2% | -18.25% |
Diluted Shares (k) | 83,677 | 88,386 | 94,932 | 99,398 | 110,828 | 110,887 |
Free Cash Flow (k) | $262,074 | $210,251 | $177,828 | $562,613 | $447,422 | $426,603 |
Capital Expenditures | $18,637 | $16,398 | $11,717 | $9,436 | $23,238 | $42,821 |