Glacier Bancorp, Inc. (NYSE: GBCI) reported a 21% increase in net income for the fourth quarter of 2024, reaching $61.8 million, up from $51.1 million in Q3 2024 and 14% higher than Q4 2023’s $54.3 million. Diluted earnings per share rose 20% from the previous quarter to $0.54, marking a 10% increase from the same period last year.
The increase in net income was driven by higher net interest income and lower non-interest expenses. However, for the full year 2024, Glacier Bancorp reported a 15% decline in net income to $190 million, down from $223 million in 2023. The drop was attributed to higher funding costs and $9.9 million in acquisition-related expenses, including the company’s acquisitions of Wheatland Bank in Washington and six RMB branches in Montana.
Key Q4 2024 Highlights:
- Net interest income rose 6% from Q3 2024 to $191 million, up 15% from Q4 2023.
- Net interest margin improved to 2.97%, a 14 basis point increase from Q3 and a 41 basis point increase from a year ago.
- Non-interest expenses fell 3% from the previous quarter to $141 million.
- Loan portfolio reached $17.26 billion, increasing 7% year-over-year, with organic loan growth of $342 million excluding acquisitions.
- Debt securities totaled $7.54 billion, down 3% from Q3 and 9% from Q4 2023, now making up 27% of total assets compared to 30% last year.
In 2024, Glacier Bancorp completed two major acquisitions:
- Wheatland Bank (January 2024): Added 14 branches in eastern Washington, now part of the North Cascades Bank division under the Wheatland Bank name, making it a Top 5 community bank by deposit share in Eastern Washington.
- RMB Branches (July 2024): Acquired six branches in Montana, which merged with existing Glacier Bank divisions, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank.
Despite the yearly earnings decline, CEO Randy Chesler remains optimistic, citing positive earnings momentum, continued loan growth, and an improving net interest margin. “The Glacier team once again delivered a strong quarter and year,” Chesler said. “We look forward to optimizing these trends in 2025 with our focus on financial markets, customers, and employees.”
With a growing loan portfolio and strong deposit base, Glacier Bancorp is positioned for continued success, leveraging recent acquisitions to expand its regional footprint and enhance profitability.
By: DNU staff