Glacier Bancorp, Inc. (NYSE:GBCI) Q3 2023 Earnings Conference Call October 20, 2023 11:00 AM ET
Company Participants
Randy Chesler - President and Chief Executive Officer
Byron Pollan - Treasurer
Ron Copher - Chief Financial Officer
Tom Dolan - Chief Credit Administrator
Conference Call Participants
Matthew Clark - Piper Sandler
David Feaster - Raymond James
Jeff Rulis - D.A. Davidson
Kelly Motta - KBW
Brandon King - Truist
Andrew Terrell - Stephens
Operator
Good day, and thank you for standing by. Welcome to Glacier Bancorp's Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [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, President and Chief Executive Officer of Glacier Bancorp. Please begin, sir.
Randy Chesler
All right. Thank you, Norma, 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 Pollan, our Treasurer; Tom Dolan, our Chief Credit Administrator; Don Chery, our Chief Administrative Officer, is on the road today visiting our Mountain West division.
I'd like to point out that the discussion today is subject to the same forward-looking considerations found on Page 12 of our press release, and we encourage you to review this section.
So, we released our third quarter earnings after the close of the market yesterday, and the Glacier Bancorp team delivered another strong quarter. Net income was $52 million for the current quarter, and we generated earnings per share of $0.47. Net interest income ended the quarter at $167 million. Pre-tax, pre-provision net revenue came in at $68 million.
Interest income of $265 million in the current quarter increased $18 million or 7% over the prior quarter and increased $51 million or 24% over the prior year third quarter. The current quarter interest expense of $98 million increased $23 million or 30% over the prior quarter. Our net interest margin as a percentage of earning assets on a tax equivalent basis was 2.58% for the current quarter compared to 2.74% in the prior quarter. And although the net interest margin has been negatively impacted by the increase in interest rates in the current year, we experienced a slower pace in the decline in the net interest margin during the current quarter. We like the positive trends on our interest income and expect some moderating trends on interest expense at this point, and believe this sets the stage for margin growth in 2024.