Glacier Bancorp, Inc. has reported its financial results for the second quarter and first half of 2024. The company's net income for the second quarter was $44.7 million, representing a 37% increase from the prior quarter and a 19% decrease from the prior year second quarter. Diluted earnings per share for the quarter increased by 34% from the prior quarter but decreased by 22% from the prior year second quarter.
The net interest margin as a percentage of earning assets increased by 9 basis points from the prior quarter. The loan portfolio saw a $119 million increase during the current quarter, with a loan yield of 5.58%, which is a 12 basis point increase from the prior quarter.
Non-interest expense for the current quarter decreased by $10.9 million from the prior quarter, while non-interest bearing deposits increased by $38.4 million, or 3% annualized. The total cost of funding, including non-interest bearing deposits, decreased by 4 basis points to 1.80% in the current quarter.
Stockholders' equity increased by $26.7 million during the current quarter, representing a 1% increase. The company also declared a quarterly dividend of $0.33 per share, marking the 157th consecutive quarterly dividend.
For the first half of 2024, net income was $77.3 million, a decrease of $38.8 million, or 33%, from the prior year first half net income of $116 million. The loan portfolio organically increased by $204 million, or 3% annualized, during the first half of 2024.
The company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank, with total assets of $778 million.
The loan portfolio as of June 30, 2024, increased by $119 million, or 3% annualized, from the prior quarter and by $897 million, or 6%, from the prior year second quarter. Excluding the Wheatland acquisition, the loan portfolio increased by $204 million, or 3% annualized, during the first half of 2024.
Non-performing assets decreased by $7.4 million, or 29%, over the prior quarter and by $14.0 million, or 44%, over the prior year second quarter. Stockholders' equity increased by $26.7 million, or 1%, during the current quarter and by $211 million, or 7%, over the prior year second quarter.
The company's net charge-offs for the current quarter were $2.9 million, compared to $3.1 million in the prior quarter and $2.5 million for the prior year second quarter. The provision for credit losses included $5.1 million of credit loss expense from loans and $1.6 million of credit loss benefit from unfunded loan commitments.
The total core deposits of $20.099 billion at June 30, 2024, decreased by $325 million, or 2%, during the current quarter and increased by $569 million, or 3%, from the prior year second quarter. Non-interest bearing deposits represented 30% of total deposits at both June 30, 2024, and December 31, 2023, compared to 32% at June 30, 2023.
Following these announcements, the company's shares moved -1.9%, and are now trading at a price of $43.27. If you want to know more, read the company's complete 8-K report here.
