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Mar 31, 2023
Glacier Q1 2023 Earnings Report
Glacier Bancorp's first quarter results for 2023 were announced, with a decrease in net income compared to the previous quarter and the same quarter last year, primarily due to increased funding costs.
Key Takeaways
Glacier Bancorp reported a net income of $61.2 million for the first quarter of 2023, a decrease of 10% compared to the prior year's first quarter. The decrease was primarily due to the significant increase in funding costs.
Net income was $61.2 million, a decrease of $18.5 million from the prior quarter and $6.6 million from the prior year first quarter.
Interest income of $232 million increased $6.8 million over the prior quarter and $41.4 million over the prior year first quarter.
Total deposits and retail repurchase agreements were $21.340 billion, a decrease of $213 million during the quarter.
The loan portfolio of $15.519 billion, increased $272 million during the current quarter.
Glacier
Glacier
Forward Guidance
This news release contains forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially from those anticipated due to various factors, including risks associated with lending, changes in monetary and fiscal policies, regulatory changes, economic conditions, and other risks related to the company's operations and the financial services industry.
Challenges Ahead
- Risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio
- Changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity
- Legislative or regulatory changes, including increased banking and consumer protection regulations, that may adversely affect the Company’s business
- Risks related to overall economic conditions, including the impact on the economy of a rising interest rate environment, inflationary pressures, and geopolitical instability, including the war in Ukraine
- Risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions