Glacier Bancorp, Inc. (NYSE:GBCI) Q1 2022 Earnings Conference Call April 22, 2022 11:00 AM ET
Corporate Participants
Randall Chesler - President and Chief Executive Officer
Ron Copher - Chief Financial Officer
Tom Dolan - Chief Credit Administrator
Byron Pollan - Treasurer
Conference Call Participants
Matthew Clark - Piper Sandler
David Feaster - Raymond James
Jeff Rulis - D.A. Davidson
Brandon King - Truist Securities
Kelly Motta - KBW
Andrew Terrell - Stephens
Tim Coffey - Janney
Operator
Thank you for standing by and welcome to the Glacier Bancorp First Quarter Earnings Conference Call. At this time all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. [Operator Instructions]. As a reminder, today's conference call is being recorded.
I will now like to turn the conference over to your host, Mr. Randy Chesler, President and CEO. Sir, you may begin.
Randall Chesler
Great, thank you, Valerie. Good morning and thank you for joining us today. With me here in Kalispell this morning is Ron Copher, our Chief Financial Officer, Angela Dose, our Chief Accounting Officer, Byron Pollen, our treasury, Tom Dolan, our Chief Credit Administrator, and Don Cherry, our Chief Administrative Officer.
So we ended the quarter very encouraged by our strong results across the business that are evident in many of the key performance metrics that we'll cover today. Results were better than what we expected given some of the economic uncertainty caused by the biggest quarterly increase in interest rates in decades and steadily increasing inflation.
Our leadership position in some of the best high growth markets in the country continues to be a strong tailwind for the company, as we build one of the premier community banks in the Western United States. According to Forbes, the top five states in the U.S. for GDP growth in 2021 were all in our eight-state footprint, Utah, Washington, Idaho, Colorado, and Arizona.
I'll touch on the business highlights first and then provide some additional thoughts on the quarter. Net income for the quarter was 67.8 million an increase of 17.1 million or 34% from the prior quarter net income of 50.7 million. Pre-tax pre provision net revenue was 88.8 million versus prior quarter of 87.9 million, an increase of 900,000 or 1%. The loan portfolio excluding PPP loans had very strong organic growth during the quarter up 407 million or 12% annualized. This is a very strong first quarter historically, our first quarters have been a bit more subdued.