Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended December 31, 2024
Glacier Bancorp, Inc. reported net income of $61.8 million for the current quarter, an increase of $10.7 million, or 21 percent from the prior quarter net income of $51.1 million and an increase of $7.4 million, or 14 percent, from the $54.3 million of net income for the prior year fourth quarter.
Diluted earnings per share for the current quarter was $0.54 per share, an increase of 20 percent from the prior quarter diluted earnings per share of $0.45 per share and an increase of 10 percent from the prior year fourth quarter diluted earnings per share of $0.49.
The increase in net income compared to the prior quarter was primarily driven by an increase in net interest income and a decrease in non-interest expenses.
The increase in net income compared to the prior year fourth quarter was due to the increase in net interest income which outpaced the increased costs associated with the acquisitions of Wheatland and RMB over the prior year fourth quarter.
“The Glacier team once again delivered another strong quarter and year,” said Randy Chesler, President and Chief Executive Officer. “Our positive earnings trends should continue into 2025 and we look forward to optimizing these trends with our focus on the financial markets, our customers and employees.”
Net income for 2024 was $190 million, a decrease of $32.8 million, or 15 percent, from the $223 million net income for the prior year. Diluted earnings per share for 2024 was $1.68 per share, a decrease of $0.33 per share from the prior year diluted earnings per share of $2.01. The decrease in net income for the current year compared to the prior year was primarily due to the significant increase in funding costs and a $8.6 million increase in acquisition-related expenses. Acquisition-related expense was $9.9 million in the current year compared to $1.3 million in the prior year. In addition, the 2024 results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.
On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 20 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
Wheatland
RMB
(Dollars in thousands)
January 31,2024
July 19,2024
Total
Total assets
$
777,705
$
403,052
$
1,180,757
Cash and cash equivalents
12,926
76,781
89,707
Debt securities
187,183
—
187,183
Loans receivable
450,403
271,569
721,972
Non-interest bearing deposits
277,651
93,534
371,185
Interest bearing deposits
339,304
303,156
642,460
Borrowings
58,500
4,305
62,805
Core deposit intangible
16,936
11,808
28,744
Goodwill
38,146
27,780
65,926
Asset Summary
$ Change from
(Dollars in thousands)
Dec 31,2024
Sep 30,2024
Dec 31,2023
Sep 30,2024
Dec 31,2023
Cash and cash equivalents
$
848,408
987,833
1,354,342
(139,425
)
(505,934
)
Debt securities, available-for-sale
4,245,205
4,436,578
4,785,719
(191,373
)
(540,514
)
Debt securities, held-to-maturity
3,294,847
3,348,698
3,502,411
(53,851
)
(207,564
)
Total debt securities
7,540,052
7,785,276
8,288,130
(245,224
)
(748,078
)
Loans receivable
Residential real estate
1,858,929
1,837,697
1,704,544
21,232
154,385
Commercial real estate
10,963,713
10,833,841
10,303,306
129,872
660,407
Other commercial
3,119,535
3,177,051
2,901,863
(57,516
)
217,672
Home equity
930,994
931,440
888,013
(446
)
42,981
Other consumer
388,678
401,158
400,356
(12,480
)
(11,678
)
Loans receivable
17,261,849
17,181,187
16,198,082
80,662
1,063,767
Allowance for credit losses
(206,041
)
(205,170
)
(192,757
)
(871
)
(13,284
)
Loans receivable, net
17,055,808
16,976,017
16,005,325
79,791
1,050,483
Other assets
2,458,719
2,456,643
2,094,832
2,076
363,887
Total assets
$
27,902,987
28,205,769
27,742,629
(302,782
)
160,358
Total debt securities of $7.540 billion at December 31, 2024 decreased $245 million, or 3 percent, during the current quarter and decreased $748 million, or 9 percent, from the prior year fourth quarter. Debt securities represented 27 percent of total assets at December 31, 2024 compared to 30 percent at December 31, 2023.
The loan portfolio of $17.262 billion at December 31, 2024 increased $81 million, or 2 percent annualized, during the current quarter and increased $1.064 billion, or 7 percent, from the prior year end. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $342 million, or 2 percent, during 2024. Excluding the acquisitions, the loan category with the largest dollar increase during 2024 was commercial real estate which increased $234 million, or 2 percent.
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