Strong Financial Performance
Glacier Bancorp reported net income of $67.9 million or $0.57 per diluted share for the third quarter, marking a 29% increase from the prior quarter and a 33% increase compared to the same quarter last year.
Expansion Through Acquisitions
The company completed the core conversion of the Bank of Idaho and successfully closed the acquisition of Guaranty Bank and Trust, adding $3.1 billion in assets and expanding its presence into Texas.
Loan and Deposit Growth
Loan portfolio grew by $258 million to $18.8 billion, an annualized growth of 6%. Deposits increased to $22 billion, up 4% annualized from the last quarter.
Net Interest Margin Expansion
Net interest income increased by $18 million or 9% from the prior quarter and 25% year-over-year. The net interest margin expanded to 3.39%, up 18 basis points from the prior quarter and 56 basis points year-over-year.
Credit Quality and Capital Position
Nonperforming assets remained low at 0.19% of total assets, and net charge-offs were $2.9 million for the quarter. The company maintained a strong capital position with tangible stockholders' equity increasing by $34 million or 14%.