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Jun 30, 2023
Glacier Q2 2023 Earnings Report
Reported a decrease in net income due to increased funding costs.
Key Takeaways
Glacier Bancorp reported a net income of $55.0 million for the quarter ended June 30, 2023, a decrease of 28% compared to the prior year second quarter. The decrease was primarily due to the continued increase in funding costs.
Net income was $55.0 million, a decrease of $6.2 million from the prior quarter.
Interest income increased $15.5 million, or 7 percent, over the prior quarter.
Total deposits and retail repurchase agreements increased $25.5 million during the quarter.
The loan portfolio increased $436 million, or 11 percent annualized, during the quarter.
Glacier
Glacier
Forward Guidance
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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.