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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