Glacier Bancorp reports record third quarter

Glacier Bancorp Inc. on Thursday announced record third-quarter earnings of $31 million, a 5 percent or $1.5 million increase over the prior year third-quarter net income of $29.6 million.

Third-quarter diluted earnings per share of $0.40 represented an increase of 3 percent from the third quarter last year, which saw diluted earnings per share at $0.39.

The third quarter also included the $228,000 and $1.4 million expenses for acquisitions and database system consolidations, respectively. Glacier completed its acquisition of Treasure State Bank in Missoula and the fourth phase of consolidating its bank divisions’ core database systems into the new “Gold Bank” system.

Glacier also reported organic loan growth of $165 million, or 12 percent, for the quarter. Net interest margin of 4 percent as a percentage of earning assets, on tax equivalent basis, compared to 3.96 percent during last year’s third quarter.

Dividends were declared at $0.20 per share, a 5 percent increase over last year’s third quarter. It was the 126th consecutive quarterly dividend Glacier has declared.

For year-to-date highlights, Glacier reported a net income of $90.1 million for the first nine months of 2016, up 4 percent over $86.6 million for the same period last year. Diluted earnings per share were reported at $1.18, an increase of 3 percent from the first nine months of 2015. Organic growth loan came in at $465 million, and net interest margin of 4.02 percent as a percentage of earning assets, compared to 3.99 for the same time last year.

“We again delivered a very good quarter as we reported record earnings, excellent organic loan growth and a 4 percent net interest margin,” Glacier Bancorp President and Chief Executive Officer Mick Blodnick said in a prepared statement. “In addition, we are in the final stage of our two-year core consolation project and will have all our banks, including Treasure State Bank on our new ‘Gold Bank’ platform by the end of October.”