Successful Acquisition of Bank of Idaho
Glacier Bancorp successfully completed the acquisition of the Bank of Idaho, adding $1.4 billion in assets and expanding their presence in Idaho and Eastern Washington.
Strong Financial Performance
Net income for the second quarter was $52.8 million, representing an 18% increase in net income and a 15% increase in earnings per share compared to the same quarter last year.
Loan and Deposit Growth
Loan portfolio grew by $1.3 billion to $18.5 billion, an 8% increase from the prior quarter. Deposits grew to $21.6 billion, up 5% quarter-over-quarter, with noninterest-bearing deposits increasing by 8%.
Net Interest Income and Margin Expansion
Net interest income increased by $17.6 million or 9% from the prior quarter and by $41.1 million or 25% from the same quarter last year. Net interest margin expanded to 3.21%, marking the sixth consecutive quarter of margin expansion.
Strong Credit Quality
Nonperforming assets remain low at 0.17% of total assets, with net charge-offs at $1.6 million for the quarter. The allowance for credit remains at 1.22% of loans.
Positive Operating Leverage
Efficiency ratio improved to 62.08%, down from 65.49% in the prior quarter and 67.97% a year ago.
Strong Capital Position
Tangible book value per share increased to $19.79, up 8% year-over-year, and the company declared its 161st consecutive quarterly dividend of $0.33 per share.