Glacier Bancorp, Inc. (NYSE: GBCI) announced its financial results for the second quarter and first half of 2024, highlighting significant developments in earnings and operational performance.
For the second quarter ended June 30, 2024, Glacier Bancorp reported a net income of $44.7 million, marking a notable increase of $12.1 million, or 37 percent, from the previous quarter’s net income of $32.6 million. However, compared to the second quarter of the prior year, net income declined by $10.2 million, or 19 percent, from $55.0 million. Diluted earnings per share for the quarter were reported at $0.39, reflecting a 34 percent increase from the prior quarter’s $0.29 per share, yet a decrease of 22 percent from $0.50 per share reported in the second quarter of the previous year.
President and Chief Executive Officer Randy Chesler expressed satisfaction with the quarterly performance, citing an expanding margin and continued positive trends across the company. Chesler emphasized the robust credit performance and solid loan growth experienced during the quarter.
For the first half of 2024, Glacier Bancorp reported a net income of $77.3 million, which represented a decrease of $38.8 million, or 33 percent, compared to the $116 million reported for the first six months of the prior year. Diluted earnings per share for the first half of 2024 were $0.68 per share, down $0.37 from $1.05 per share reported in the same period of the previous year. The decline in net income was attributed primarily to increased funding costs and additional expenses related to the acquisition of Wheatland, which the company completed on January 31, 2024.
Regarding the acquisition, Wheatland, headquartered in Spokane, Washington, was integrated into Glacier Bancorp’s operations, contributing significantly to its financial results since the acquisition date.
Financial highlights for the second quarter included a 3 percent increase in the loan portfolio to $16.852 billion and a decrease in non-performing assets by 29 percent to $18.0 million compared to the previous quarter. The company’s stockholders’ equity grew by 1 percent to $3.137 billion during the quarter, reflecting a stable financial foundation.
Glacier Bancorp also declared a quarterly dividend of $0.33 per share, continuing its track record of 157 consecutive quarterly dividends with 49 increases.
As of June 30, 2024, Glacier Bancorp’s total assets stood at $27.805 billion, showing a slight decrease from the previous quarter but an increase compared to the same period last year.
Glacier Bancorp’s stock closed at $37.32 per share on June 30, 2024, reflecting market stability amid the financial performance.
The company remains optimistic about its future outlook, focusing on maintaining operational efficiency and sustaining growth momentum across its diverse portfolio.
By: DNU staff