Glacier Bancorp announces $77 million third-quarter income

Glacier Bancorp, Inc. reported net income of $77.8 million for the current quarter, an increase of $26.2 million, or 51%, from the $51.6 million of net income for the third quarter in 2019.

Diluted earnings per share for the current quarter was $0.81 per share, an increase of 42% from the prior year third quarter diluted earnings per share of $0.57. Included in the current quarter was $793 thousand of acquisition-related expenses.

Net income for the nine months ending Sept. 30, 2020 was $185 million, an increase of $31.4 million, or 21%, from the $153 million net income from the first nine months of the prior year. Diluted earnings per share for the first nine months of the current year was $1.95 per share, an increase of 11%, from the diluted earnings per share of $1.76 for the same period last year.

In response to the COVID-19 pandemic, Glacier Bancorp modified 3,054 loans in the amount of $1.515 billion primarily with short-term payment deferrals under six months during the second quarter of 2020. The majority of these modified loan deferral periods expired and the loans returned to regular payment status with only $466 million in loans, or 5%, remaining deferred as of Sept. 30, 2020.

Glacier Bancorp has also handled 16,090 Small Business Administration Payment Protection Program loans in the amount of $1.472 billion this year. During the current quarter, these loans provided an additional $9.3 million of interest income (including net deferred fees and costs) and $438 thousand of deferred compensation costs for a total increase in income of $9.8 million ($7.3 million net of tax).

This year, Glacier Bancorp was also selected by S&P Dow Jones Indices selected to transition from the S&P SmallCap 600 to the S&P MidCap 400, the most widely followed stock market index for mid-sized companies.