Glacier Bancorp (GBCI) Reports Strong Q4 2024

By Tamara Parker • Friday, January 24 10:29 • Permanent Link

Glacier Bancorp, Inc. reported a strong fourth quarter for 2024, with diluted earnings per share at $0.54, marking a 20 percent increase from the prior quarter and a 10 percent increase from the prior year's fourth quarter. Net income for the current quarter was $61.8 million, a 21 percent increase from the prior quarter and a 14 percent increase from the prior year's fourth quarter.

The net interest margin as a percentage of earning assets increased to 2.97 percent, up 14 basis points from the prior quarter and 41 basis points from the prior year's fourth quarter. Net interest income for the current quarter was $191 million, representing a 6 percent increase from the prior quarter and a 15 percent increase from the prior year's fourth quarter.

Non-interest expense decreased by $3.7 million, or 3 percent, from the prior quarter. The loan portfolio increased by $81 million, or 2 percent annualized, during the current quarter, with a loan yield of 5.72 percent, up 3 basis points from the prior quarter and 38 basis points from the prior year's fourth quarter.

The total earning asset yield increased to 4.57 percent in the current quarter, up 5 basis points from the prior quarter and 40 basis points from the prior year's fourth quarter. The total core deposit cost decreased to 1.29 percent, down 8 basis points from the prior quarter.

For the year 2024, net income was $190 million, a decrease of $32.8 million, or 15 percent, from the prior year. Net interest income for the year was $705 million, an increase of $13.0 million, or 2 percent, from the prior year.

Glacier Bancorp, Inc. declared a quarterly dividend of $0.33 per share, marking the 159th consecutive quarterly dividend. The company has increased the dividend 49 times.

The company completed the acquisitions and core system conversions of six Montana branch locations of Rocky Mountain Bank Division ("RMB") of HTLF Bank, and Community Financial Group, Inc., the parent company of Wheatland Bank. The acquisitions contributed to the increase in net interest income.

The regulatory classification of loans is based primarily on collateral type, while the company's loan segments are based on the purpose of the loan.

Today the company's shares have moved 0.1% to a price of $51.41. Check out the company's full 8-K submission here.

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