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Mar 31, 2024
Glacier Q1 2024 Earnings Report
Reported a net income decrease due to increased funding and acquisition costs, but net interest margin grew.
Key Takeaways
Glacier Bancorp, Inc. reported a net income of $32.6 million for Q1 2024, a 47% decrease compared to the prior year. The decrease was primarily due to increased funding costs and expenses related to the acquisition of Wheatland Bank. However, the net interest margin increased slightly during the quarter.
Net income for the current quarter was $32.6 million, down 40% from the prior quarter and 47% from the prior year first quarter.
Net interest margin increased by 3 basis points to 2.59% from the prior quarter.
The loan portfolio increased by 3% during the current quarter, reaching $16.733 billion.
Total deposits increased by 3% during the current quarter, reaching $20.428 billion.
Glacier
Glacier
Glacier Revenue by Segment
Revenue by Segment
Net Interest Income Revenue
CapyFin.comNon-Interest Income Revenue
CapyFin.com Forward Guidance
The Company expects net interest margin to continue its positive trend during 2024.
Positive Outlook
- Margin is expected to grow in the quarter and continue during 2024.
- The company is confident in the quality of its loan portfolio.
- The acquisition of six Rocky Mountain Bank branches in Montana from Heartland Financial was announced.
- Wheatland Bank was welcomed to the Company.
- Continued positive trend in net interest margin is anticipated throughout 2024.
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 FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies.
- 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 wars in Ukraine and the Middle East.
- Risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income