Q3 2024 Glacier Bancorp Inc Earnings Call Transcript
Key Points
- Glacier Bancorp Inc (GBCI) reported strong EPS growth of 15% driven by increasing interest income and higher noninterest income.
- Net income increased by 14% from the prior quarter, reaching $51 million.
- The company successfully finalized the acquisition of six Montana branches from Heartland Financial, adding $403 million in assets.
- Core deposits increased by 3% during the quarter, with non-interest-bearing deposits growing by 5%.
- The company declared a quarterly dividend of $0.33 per share, marking 158 consecutive quarterly dividends and 49 increases.
- Non-performing assets and net charge-offs showed a slight increase, indicating some pressure on asset quality.
- Organic loan growth was relatively modest, with a 1% annualized increase, reflecting weaker demand and higher payoffs.
- The total cost of funding decreased only marginally by 1 basis point, indicating limited improvement in funding costs.
- Non-interest expense increased by 3% over the prior quarter, which could pressure future profitability if not controlled.
- The company anticipates potential flat to slightly down non-interest-bearing deposits in the fourth quarter due to seasonal factors.
Good day, and thank you for standing by. Welcome to the Glacier Bancorp third quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Randy Chesler, Glacier Bancorp President and CEO. Please go ahead.
Good morning, and thank you for joining us today. With me here in Kalispell is Ron Copher, our 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 outlined starting on Page 13 of our press release, and we encourage you to review this section. The positive organic trends that emerged in our first and second quarters continued and became more pronounced through our third quarter.
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