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Mar 31, 2020
Glacier Q1 2020 Earnings Report
Glacier Bancorp, Inc. reported a decrease in net income and diluted earnings per share due to the impact of CECL accounting standard adoption and the COVID-19 pandemic.
Key Takeaways
Glacier Bancorp, Inc. reported net income of $43.3 million for the quarter ended March 31, 2020, a decrease of 12% compared to the prior year. Diluted earnings per share decreased by 21% to $0.46. The results were impacted by credit loss expenses related to the COVID-19 pandemic and the acquisition of State Bank Corp.
Net income decreased by 12% to $43.3 million due to COVID-19 and CECL adoption.
Diluted earnings per share decreased by 21% to $0.46.
Loan portfolio organically grew by $124 million, or 5% annualized.
Approved 8,775 PPP loans totaling $1.088 billion as of April 21.
Glacier
Glacier
Forward Guidance
The Company is well positioned to mitigate the potential financial impact of COVID-19 with a strong liquidity and capital position and expects continued long-term success.
Positive Outlook
- Best possible service for customers.
- Protecting employees.
- Protecting shareholder value.
- Strong liquidity position.
- Strong capital position.
Challenges Ahead
- Risks associated with lending.
- Potential adverse changes of the credit quality of loans.
- Changes in trade, monetary and fiscal policies and laws.
- Legislative or regulatory changes.
- Material failure, potential interruption or breach in security of the Company’s systems.