Q2 2024 Glacier Bancorp Inc Earnings Call Transcript
Key Points
- Strong EPS growth driven by lower non-interest and credit loss expense.
- Net income increased by $12.1 million or 37% from the prior quarter.
- Net interest margin grew 9 basis points from 2.59% to 2.68%.
- Non-interest bearing deposits increased by $38.4 million or 3% annualized.
- Declared a quarterly dividend of $0.33 per share, marking 157 consecutive quarterly dividends.
- Net interest income remained flat compared to the prior quarter.
- Core deposits of $20 billion were down versus the prior quarter.
- Borrowing costs increased by 14 basis points.
- Provision expense included $5.1 million of credit loss expense.
- Non-interest expense ended the quarter at $141 million, down $10.9 million or 7% versus the prior quarter, indicating cost-cutting measures.
Good day and thank you for standing by, and welcome to the Glacier Bancorp second quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
And now I'd like to hand the conference over to your speaker today, Randy Chesler, President and CEO of Glacier Bancorp. Please go ahead.
All right. Thank you, Justin, and good morning and thank you for joining us today. With me here in Kalispell this morning is Ron Copher; Chief Financial Officer; Byron Pollan, our Treasurer; Tom Dolan, our Chief Credit Administrator; Don Chery, our Chief Administrative Officer, and joining us on the phone is Angela Dose, our Chief Accounting Officer.
I'd like to point out that the discussion today is subject to the same forward-looking considerations starting on page 13 of our press release, and we encourage you to review this section. The positive trends that were evident in our first quarter came into sharper focus in the
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