The following is a summary of the Glacier Bancorp, Inc. (GBCI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Glacier Bancorp reported Q1 net interest margin as a percentage of earning assets on a tax equivalent basis of 2.59%, up from 2.56% the previous quarter.

• Interest income for the quarter was $279 million, a 2% increase over the previous quarter and a 20% raise over Q1 of the previous year.

• The company reported a loan portfolio increase by $534 million or 3% during the quarter to reach $16.7 billion.

• Total deposits of $20.4 billion increased by 3% during the current quarter and 1% from the previous year's first quarter.

• Q1 net income was $32.6 million, a decrease of 40% from the previous quarter's net income.

Business Progress:

• Glacier Bancorp completed the acquisition and core conversion of Community Financial Group, bringing in total assets of $778 million.

• Glacier Bancorp has a purchase and assumption agreement with Heartland Bank to buy six Montana branches, expecting to close the transaction in July.

• The company was recognized by J.D. Power and Forbes for retail banking satisfaction and as one of the top U.S. banks respectively.

• Expected incoming deposits from the Heartland branch deal are around $463 million with loans at $296 million.

• The company's efficiency ratio is expected to fall to around 69-70% or even to 74-75% without considering transaction costs.

More details: Glacier Bancorp IR

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