Glacier Bancorp reported record quarterly net income of $105 million, slightly exceeding analyst expectations for both revenue and earnings. The results were primarily driven by the eleventh consecutive quarter of net interest margin expansion, reaching 4.01% as the bank successfully repriced its balance sheet and integrated recent acquisitions.
Key Highlights
- Net interest margin (tax-equivalent) expanded to 4.01%, up 11 basis points sequentially and 62 basis points year-over-year.
- Total interest income rose 17% year-over-year to $380 million, fueled by a loan portfolio that grew to $21.6 billion.
- Core deposit costs improved to 1.17% from 1.18% in the prior quarter, helping to lower total funding costs to 1.32%.
- Asset quality remains stable with non-performing assets at 0.28% of subsidiary assets and an allowance for credit losses of 1.20% of total loans.
- The company increased its quarterly dividend by 6% to $0.35 per share, representing its 166th consecutive quarterly dividend.