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Glacier Bancorp, Inc. (NYSE:GBCI) 2023 Q4 Earnings Report Call Record January 26, 2024
Glacier Bancorp, Inc. wasn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (Please see here for the detail).
operator: Hello. Thank you for always being by my side. Welcome to Glacier Bancorp’s fourth quarter earnings conference call. All participants are currently in listen-only mode. After the speakers’ presentations, there will be time for questions and answers. [Operator Instructions] Please note that today’s meeting is being recorded. Now, today’s speaker, Glacier, he’s the President and CEO of Bancorp, and I’d like to turn the conference over to Mr. Chesler. Mr. Chesler, please begin.
Randy Chesler: Okay. thank you very much. Sorry for any technical issues. I think I’m ready. So, good morning and thank you for joining us today. Joining me this morning in Kalispell is Ron Cofer, our Chief Financial Officer. Angela Dawes, Chief Accounting Officer of the Company; Byron Pollan, Treasurer; Our chief credit officer is Tom Dolan and our chief credit officer is Don Chery. We would like to point out that today’s discussion is based on the same forward-looking considerations described on page 14 of the press release, and we encourage you to review this section carefully. Announcing his fourth quarter and full year 2023 earnings after the market closed yesterday, the Glacier Bancorp team closed out a difficult year with a very strong quarter.
Earnings per share were $0.49, an increase of $0.02 from the prior quarter. Net income for the quarter was $54.3 million, an increase of $1.9 million, or 4%, from the prior quarter. Interest income for the quarter was $273 million, an increase of $8.6 million, or 3%, compared to the prior quarter. Net interest margin on a tax-equivalent basis was 2.56%, compared to 2.58% in the previous quarter, the smallest decrease in any quarter this year. Total noninterest expense for the quarter was $132 million, including a one-time FDIC special assessment of $6 million, an increase of $2.6 million (2%) compared to the prior quarter. The increase remained constant. Portfolio loan yield was 5.34%, an increase of 7 basis points from the prior quarter. The yield on new loans was 8.24%, an increase of 32 basis points from the previous quarter.
Nonperforming assets as a percentage of bank assets decreased $16.7 million, or 39%, from the prior quarter to 9% of assets, or 9 basis points. Net charge-offs as a percentage of total loans at the end of the period were only 6 basis points. Reserve expense for the quarter was stable at $3.0 million compared to the prior quarter’s reserve expense of $3.5 million. Provision for credit losses as a percentage of total loans outstanding at year-end was 1.19%, flat with the prior quarter and relatively unchanged compared to 1.2% in the fourth quarter of last year. Although the industry saw significant deposit outflows during the year, the company’s core deposits and retail sales contracts were down $108 million, or 50 basis points, from the year-end. The company ended the year with $1.3 billion in cash, an increase of $952 million from the end of the previous year.
Stockholders’ equity of $3 billion increased by $146 million, or 5%, in the quarter and $177 million, or 6%, from the prior year end. The company announced a quarterly dividend of $0.33 per share, so far he has announced 155 consecutive quarterly dividends, and the dividend has increased 49 times. and the Company received all regulatory approvals for the acquisition of Wheatland Bank, a leading community bank in Eastern Washington headquartered in Spokane. Wheatland Bank had total assets of $728 million at year-end. “This is our 25th acquisition since 2000 and we expect to close on January 31st. We welcome the Wheatland team to Glacier Bancorp. Glacier team has been outstanding in caring for customers and communities across the West, despite two incidents and wild swings, with depositors concerned about bank safety and historic interest rate increases. We did our job and ended 2023 in a good position for a strong 2024.
This concludes my formal remarks. If you have any analyst questions, I’d like Norma to open the call.
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