Glacier Bancorp Completes Acquisition of Community Financial Group

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
The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.