Glacier Bancorp, Inc. (NYSE:GBCI) Q3 2024 Earnings Call October 25, 2024 11:00 AM ET

Company Participants

Randy Chesler - President and Chief Executive Officer
Ron Copher - Chief Financial Officer
Byron Pollan - Treasurer
Tom Dolan - Chief Credit Administrator
Don Chery - Chief Administrative Officer
Angela Dose - Chief Accounting Officer

Conference Call Participants

Jeff Rulis - D.A. Davidson
Kelly Motta - KBW
David Feaster - Raymond James
Matthew Clark - Piper Sandler

Operator

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.

Randy Chesler

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. In addition, in the third quarter, we finalized the purchase of 6 Montana branches from Heartland Financial of its Rocky Mountain Bank division, including the deposits, loans, owned real estate and fixed assets associated with the branches totaling $403 million in assets.

We closed this transaction on July 19 and converted these branches to Glacier systems over that weekend. This quarter, we had strong EPS growth of 15% or $0.45, primarily driven by increasing interest income and higher non-interest income. Net income was $51 million, which increased $6.3 million or 14% from the prior quarter net income of $44.7 million. Net interest margin grew 15 basis points from 2.68% to 2.83%. Net interest income was $180 million for the current quarter, an increase of $13.8 million or 8% from the prior quarter net interest income.

The loan portfolio of $17.1 billion increased $329 million or 2% during the current quarter and organically increased $57.6 million or 1% annualized during the current quarter. The loan yield of 5.69% in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58%. Total core deposits of $20.7 billion increased $613 million or 3% during the current quarter and organically increased $216 million or 4% annualized during the current quarter.