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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Glacier Bancorp Inc | NASDAQ:GBCI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.96 | 33.00 | 65.00 | 0 | 01:00:00 |
Montana | 000-18911 | 81-0519541 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
49 Commons Loop, Kalispell, Montana | 59901 |
(Address of principal executive offices) | (Zip Code) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibit 99.1 - Press Release dated January 28, 2016, announcing financial results for the quarter ended December 31, 2015. |
Glacier Bancorp, Inc. | ||
(Registrant) | ||
January 28, 2016 | /s/ MICHAEL J. BLODNICK | |
(Date) | Michael J. Blodnick President and Chief Executive Officer |
• | Net income of $29.5 million for the current quarter was basically unchanged from the prior quarter’s $29.6 million net income and was an increase of 5 percent from the prior year fourth quarter net income of $28.1 million. |
• | Current quarter diluted earnings per share of $0.39 compared to the prior quarter diluted earnings per share of $0.39 and the prior year fourth quarter diluted earnings per share of $0.37, an increase of 5 percent. |
• | Organic loan growth was $346 million, or 8 percent, for the current year. |
• | Net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.02 percent, an increase of 6 basis points from 3.96 percent in the prior quarter. |
• | Approved a special dividend of $0.30 per share. This was the twelfth special dividend the Company has declared. |
• | Paid a regular quarterly dividend of $0.19 per share in December. The dividend was the 123rd consecutive quarterly dividend declared by the Company. |
• | The Company completed the acquisition of Cañon National Bank, a community bank based in Cañon City, Colorado. |
Three Months ended | Year ended | |||||||||||||||||
(Dollars in thousands, except per share data) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2014 | ||||||||||||
Net income | $ | 29,508 | 29,614 | 29,335 | 28,054 | 116,127 | 112,755 | |||||||||||
Diluted earnings per share | $ | 0.39 | 0.39 | 0.39 | 0.37 | 1.54 | 1.51 | |||||||||||
Return on average assets (annualized) | 1.32 | % | 1.36 | % | 1.39 | % | 1.37 | % | 1.36 | % | 1.42 | % | ||||||
Return on average equity (annualized) | 10.66 | % | 10.93 | % | 11.05 | % | 10.66 | % | 10.84 | % | 11.11 | % |
Cañon | CB | ||||||||
(Dollars in thousands) | Oct 31, 2015 | Feb 28, 2015 | Total | ||||||
Total assets | $ | 270,121 | 175,774 | 445,895 | |||||
Investment securities | 68,486 | 42,350 | 110,836 | ||||||
Loans receivable | 159,759 | 84,689 | 244,448 | ||||||
Non-interest bearing deposits | 89,083 | 41,779 | 130,862 | ||||||
Interest bearing deposits | 148,243 | 105,041 | 253,284 | ||||||
Federal Home Loan Bank advances and other borrowed funds | — | 3,292 | 3,292 |
$ Change from | |||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Sep 30, 2015 | Dec 31, 2014 | ||||||||||
Cash and cash equivalents | $ | 193,253 | 242,835 | 442,409 | (49,582 | ) | (249,156 | ) | |||||||
Investment securities, available-for-sale | 2,610,760 | 2,530,994 | 2,387,428 | 79,766 | 223,332 | ||||||||||
Investment securities, held-to-maturity | 702,072 | 651,822 | 520,997 | 50,250 | 181,075 | ||||||||||
Total investment securities | 3,312,832 | 3,182,816 | 2,908,425 | 130,016 | 404,407 | ||||||||||
Loans receivable | |||||||||||||||
Residential real estate | 688,912 | 644,694 | 611,463 | 44,218 | 77,449 | ||||||||||
Commercial | 3,733,517 | 3,581,667 | 3,263,448 | 151,850 | 470,069 | ||||||||||
Consumer and other | 656,252 | 650,058 | 613,184 | 6,194 | 43,068 | ||||||||||
Loans receivable | 5,078,681 | 4,876,419 | 4,488,095 | 202,262 | 590,586 | ||||||||||
Allowance for loan and lease losses | (129,697 | ) | (130,768 | ) | (129,753 | ) | 1,071 | 56 | |||||||
Loans receivable, net | 4,948,984 | 4,745,651 | 4,358,342 | 203,333 | 590,642 | ||||||||||
Other assets | 634,163 | 592,997 | 597,331 | 41,166 | 36,832 | ||||||||||
Total assets | $ | 9,089,232 | 8,764,299 | 8,306,507 | 324,933 | 782,725 |
At or for the Year ended | At or for the Nine Months ended | At or for the Year ended | |||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | ||||||
Allowance for loan and lease losses | |||||||||
Balance at beginning of period | $ | 129,753 | 129,753 | 130,351 | |||||
Provision for loan losses | 2,284 | 1,873 | 1,912 | ||||||
Charge-offs | (7,001 | ) | (4,671 | ) | (7,603 | ) | |||
Recoveries | 4,661 | 3,813 | 5,093 | ||||||
Balance at end of period | $ | 129,697 | 130,768 | 129,753 | |||||
Other real estate owned | $ | 26,815 | 26,609 | 27,804 | |||||
Accruing loans 90 days or more past due | 2,131 | 3,784 | 214 | ||||||
Non-accrual loans | 51,133 | 54,632 | 61,882 | ||||||
Total non-performing assets 1 | $ | 80,079 | 85,025 | 89,900 | |||||
Non-performing assets as a percentage of subsidiary assets | 0.88 | % | 0.97 | % | 1.08 | % | |||
Allowance for loan and lease losses as a percentage of non-performing loans | 244 | % | 224 | % | 209 | % | |||
Allowance for loan and lease losses as a percentage of total loans | 2.55 | % | 2.68 | % | 2.89 | % | |||
Net charge-offs as a percentage of total loans | 0.05 | % | 0.02 | % | 0.06 | % | |||
Accruing loans 30-89 days past due | $ | 19,413 | 17,822 | 25,904 | |||||
Accruing troubled debt restructurings | $ | 63,590 | 63,638 | 69,129 | |||||
Non-accrual troubled debt restructurings | $ | 27,057 | 27,442 | 33,714 |
(Dollars in thousands) | Provision for Loan Losses | Net Charge-Offs (Recoveries) | ALLL as a Percent of Loans | Accruing Loans 30-89 Days Past Due as a Percent of Loans | Non-Performing Assets to Total Subsidiary Assets | |||||||||||
Fourth quarter 2015 | $ | 411 | $ | 1,482 | 2.55 | % | 0.38 | % | 0.88 | % | ||||||
Third quarter 2015 | 826 | 577 | 2.68 | % | 0.37 | % | 0.97 | % | ||||||||
Second quarter 2015 | 282 | (381 | ) | 2.71 | % | 0.59 | % | 0.98 | % | |||||||
First quarter 2015 | 765 | 662 | 2.77 | % | 0.71 | % | 1.07 | % | ||||||||
Fourth quarter 2014 | 191 | 1,070 | 2.89 | % | 0.58 | % | 1.08 | % | ||||||||
Third quarter 2014 | 360 | 364 | 2.93 | % | 0.39 | % | 1.21 | % | ||||||||
Second quarter 2014 | 239 | 332 | 3.11 | % | 0.44 | % | 1.30 | % | ||||||||
First quarter 2014 | 1,122 | 744 | 3.20 | % | 1.05 | % | 1.37 | % |
$ Change from | |||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Sep 30, 2015 | Dec 31, 2014 | ||||||||||
Non-interest bearing deposits | $ | 1,918,310 | 1,893,723 | 1,632,403 | 24,587 | 285,907 | |||||||||
Interest bearing deposits | 5,026,698 | 4,779,456 | 4,712,809 | 247,242 | 313,889 | ||||||||||
Repurchase agreements | 423,414 | 441,041 | 397,107 | (17,627 | ) | 26,307 | |||||||||
Federal Home Loan Bank advances | 394,131 | 329,299 | 296,944 | 64,832 | 97,187 | ||||||||||
Other borrowed funds | 6,602 | 6,619 | 7,311 | (17 | ) | (709 | ) | ||||||||
Subordinated debentures | 125,848 | 125,812 | 125,705 | 36 | 143 | ||||||||||
Other liabilities | 117,579 | 113,541 | 106,181 | 4,038 | 11,398 | ||||||||||
Total liabilities | $ | 8,012,582 | 7,689,491 | 7,278,460 | 323,091 | 734,122 |
$ Change from | |||||||||||||||
(Dollars in thousands, except per share data) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Sep 30, 2015 | Dec 31, 2014 | ||||||||||
Common equity | $ | 1,074,661 | 1,066,801 | 1,010,303 | 7,860 | 64,358 | |||||||||
Accumulated other comprehensive income | 1,989 | 8,007 | 17,744 | (6,018 | ) | (15,755 | ) | ||||||||
Total stockholders’ equity | 1,076,650 | 1,074,808 | 1,028,047 | 1,842 | 48,603 | ||||||||||
Goodwill and core deposit intangible, net | (155,193 | ) | (141,624 | ) | (140,606 | ) | (13,569 | ) | (14,587 | ) | |||||
Tangible stockholders’ equity | $ | 921,457 | 933,184 | 887,441 | (11,727 | ) | 34,016 |
Stockholders’ equity to total assets | 11.85 | % | 12.26 | % | 12.38 | % | |||||||||
Tangible stockholders’ equity to total tangible assets | 10.31 | % | 10.82 | % | 10.87 | % | |||||||||
Book value per common share | $ | 14.15 | 14.23 | 13.70 | (0.08 | ) | 0.45 | ||||||||
Tangible book value per common share | $ | 12.11 | 12.35 | 11.83 | (0.24 | ) | 0.28 | ||||||||
Market price per share at end of period | $ | 26.53 | 26.39 | 27.77 | 0.14 | (1.24 | ) |
Three Months ended | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||||
Net interest income | ||||||||||||||||
Interest income | $ | 83,211 | 80,367 | 78,617 | 77,486 | 76,179 | ||||||||||
Interest expense | 7,215 | 7,309 | 7,369 | 7,382 | 7,368 | |||||||||||
Total net interest income | 75,996 | 73,058 | 71,248 | 70,104 | 68,811 | |||||||||||
Non-interest income | ||||||||||||||||
Service charges, loan fees, and other fees | 15,966 | 16,030 | 15,445 | 14,156 | 15,129 | |||||||||||
Gain on sale of loans | 6,033 | 7,326 | 7,600 | 5,430 | 5,424 | |||||||||||
Gain (loss) on sale of investments | 143 | (31 | ) | (98 | ) | 5 | (28 | ) | ||||||||
Other income | 2,325 | 2,474 | 2,855 | 3,102 | 3,453 | |||||||||||
Total non-interest income | 24,467 | 25,799 | 25,802 | 22,693 | 23,978 | |||||||||||
$ | 100,463 | 98,857 | 97,050 | 92,797 | 92,789 | |||||||||||
Net interest margin (tax-equivalent) | 4.02 | % | 3.96 | % | 3.98 | % | 4.03 | % | 3.92 | % | ||||||
$ Change from | ||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||
Net interest income | ||||||||||||||||
Interest income | $ | 2,844 | 4,594 | 5,725 | 7,032 | |||||||||||
Interest expense | (94 | ) | (154 | ) | (167 | ) | (153 | ) | ||||||||
Total net interest income | 2,938 | 4,748 | 5,892 | 7,185 | ||||||||||||
Non-interest income | ||||||||||||||||
Service charges, loan fees, and other fees | (64 | ) | 521 | 1,810 | 837 | |||||||||||
Gain on sale of loans | (1,293 | ) | (1,567 | ) | 603 | 609 | ||||||||||
Gain (loss) on sale of investments | 174 | 241 | 138 | 171 | ||||||||||||
Other income | (149 | ) | (530 | ) | (777 | ) | (1,128 | ) | ||||||||
Total non-interest income | (1,332 | ) | (1,335 | ) | 1,774 | 489 | ||||||||||
$ | 1,606 | 3,413 | 7,666 | 7,674 |
Three Months ended | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||||
Compensation and employee benefits | $ | 35,902 | 33,534 | 32,729 | 32,244 | 30,807 | ||||||||||
Occupancy and equipment | 8,090 | 7,887 | 7,810 | 7,362 | 7,191 | |||||||||||
Advertising and promotions | 2,035 | 2,459 | 2,240 | 1,927 | 2,046 | |||||||||||
Data processing | 1,733 | 1,258 | 1,593 | 1,249 | 1,815 | |||||||||||
Other real estate owned | 511 | 1,047 | 1,377 | 758 | 893 | |||||||||||
Regulatory assessments and insurance | 1,494 | 1,478 | 1,006 | 1,305 | 1,009 | |||||||||||
Core deposit intangibles amortization | 758 | 720 | 755 | 731 | 716 | |||||||||||
Other expenses | 11,680 | 10,729 | 12,435 | 9,921 | 11,221 | |||||||||||
Total non-interest expense | $ | 62,203 | 59,112 | 59,945 | 55,497 | 55,698 | ||||||||||
$ Change from | ||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||
Compensation and employee benefits | $ | 2,368 | 3,173 | 3,658 | 5,095 | |||||||||||
Occupancy and equipment | 203 | 280 | 728 | 899 | ||||||||||||
Advertising and promotions | (424 | ) | (205 | ) | 108 | (11 | ) | |||||||||
Data processing | 475 | 140 | 484 | (82 | ) | |||||||||||
Other real estate owned | (536 | ) | (866 | ) | (247 | ) | (382 | ) | ||||||||
Regulatory assessments and insurance | 16 | 488 | 189 | 485 | ||||||||||||
Core deposit intangibles amortization | 38 | 3 | 27 | 42 | ||||||||||||
Other expense | 951 | (755 | ) | 1,759 | 459 | |||||||||||
Total non-interest expense | $ | 3,091 | 2,258 | 6,706 | 6,505 |
Year ended | $ Change | % Change | ||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Dec 31, 2014 | ||||||||||||
Net interest income | ||||||||||||||
Interest income | $ | 319,681 | $ | 299,919 | $ | 19,762 | 7 | % | ||||||
Interest expense | 29,275 | 26,966 | 2,309 | 9 | % | |||||||||
Total net interest income | 290,406 | 272,953 | 17,453 | 6 | % | |||||||||
Non-interest income | ||||||||||||||
Service charges, loan fees, and other fees | 61,597 | 58,785 | 2,812 | 5 | % | |||||||||
Gain on sale of loans | 26,389 | 19,797 | 6,592 | 33 | % | |||||||||
Gain (loss) on sale of investments | 19 | (188 | ) | 207 | (110 | )% | ||||||||
Other income | 10,756 | 11,908 | (1,152 | ) | (10 | )% | ||||||||
Total non-interest income | 98,761 | 90,302 | 8,459 | 9 | % | |||||||||
$ | 389,167 | $ | 363,255 | $ | 25,912 | 7 | % | |||||||
Net interest margin (tax-equivalent) | 4.00 | % | 3.98 | % |
Year ended | $ Change | % Change | ||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Dec 31, 2014 | ||||||||||||
Compensation and employee benefits | $ | 134,409 | $ | 118,571 | $ | 15,838 | 13 | % | ||||||
Occupancy and equipment | 31,149 | 27,498 | 3,651 | 13 | % | |||||||||
Advertising and promotions | 8,661 | 7,912 | 749 | 9 | % | |||||||||
Data processing | 5,833 | 6,607 | (774 | ) | (12 | )% | ||||||||
Other real estate owned | 3,693 | 2,568 | 1,125 | 44 | % | |||||||||
Regulatory assessments and insurance | 5,283 | 5,064 | 219 | 4 | % | |||||||||
Core deposit intangible amortization | 2,964 | 2,811 | 153 | 5 | % | |||||||||
Other expenses | 44,765 | 41,648 | 3,117 | 7 | % | |||||||||
Total non-interest expense | $ | 236,757 | $ | 212,679 | $ | 24,078 | 11 | % |
• | the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio; |
• | changes in market interest rates, which could adversely affect the Company’s net interest income and profitability; |
• | legislative or regulatory changes that adversely affect the Company’s business, ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations; |
• | costs or difficulties related to the completion and integration of acquisitions; |
• | the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital; |
• | reduced demand for banking products and services; |
• | the risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions; |
• | consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape; |
• | dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions; |
• | potential interruption or breach in security of the Company’s systems; and |
• | the Company’s success in managing risks involved in the foregoing. |
(Dollars in thousands, except per share data) | December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||||
Cash on hand and in banks | $ | 117,137 | 104,363 | 122,834 | |||||
Federal funds sold | 6,080 | 2,210 | 1,025 | ||||||
Interest bearing cash deposits | 70,036 | 136,262 | 318,550 | ||||||
Cash and cash equivalents | 193,253 | 242,835 | 442,409 | ||||||
Investment securities, available-for-sale | 2,610,760 | 2,530,994 | 2,387,428 | ||||||
Investment securities, held-to-maturity | 702,072 | 651,822 | 520,997 | ||||||
Total investment securities | 3,312,832 | 3,182,816 | 2,908,425 | ||||||
Loans held for sale | 56,514 | 40,456 | 46,726 | ||||||
Loans receivable | 5,078,681 | 4,876,419 | 4,488,095 | ||||||
Allowance for loan and lease losses | (129,697 | ) | (130,768 | ) | (129,753 | ) | |||
Loans receivable, net | 4,948,984 | 4,745,651 | 4,358,342 | ||||||
Premises and equipment, net | 194,030 | 185,864 | 179,175 | ||||||
Other real estate owned | 26,815 | 26,609 | 27,804 | ||||||
Accrued interest receivable | 44,524 | 46,786 | 40,587 | ||||||
Deferred tax asset | 58,475 | 55,095 | 41,737 | ||||||
Core deposit intangible, net | 14,555 | 10,781 | 10,900 | ||||||
Goodwill | 140,638 | 130,843 | 129,706 | ||||||
Non-marketable equity securities | 27,495 | 24,905 | 52,868 | ||||||
Other assets | 71,117 | 71,658 | 67,828 | ||||||
Total assets | $ | 9,089,232 | 8,764,299 | 8,306,507 | |||||
Liabilities | |||||||||
Non-interest bearing deposits | $ | 1,918,310 | 1,893,723 | 1,632,403 | |||||
Interest bearing deposits | 5,026,698 | 4,779,456 | 4,712,809 | ||||||
Securities sold under agreements to repurchase | 423,414 | 441,041 | 397,107 | ||||||
FHLB advances | 394,131 | 329,299 | 296,944 | ||||||
Other borrowed funds | 6,602 | 6,619 | 7,311 | ||||||
Subordinated debentures | 125,848 | 125,812 | 125,705 | ||||||
Accrued interest payable | 3,517 | 3,641 | 4,155 | ||||||
Other liabilities | 114,062 | 109,900 | 102,026 | ||||||
Total liabilities | 8,012,582 | 7,689,491 | 7,278,460 | ||||||
Stockholders’ Equity | |||||||||
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding | — | — | — | ||||||
Common stock, $0.01 par value per share, 117,187,500 shares authorized | 761 | 755 | 750 | ||||||
Paid-in capital | 736,368 | 720,639 | 708,356 | ||||||
Retained earnings - substantially restricted | 337,532 | 345,407 | 301,197 | ||||||
Accumulated other comprehensive income | 1,989 | 8,007 | 17,744 | ||||||
Total stockholders’ equity | 1,076,650 | 1,074,808 | 1,028,047 | ||||||
Total liabilities and stockholders’ equity | $ | 9,089,232 | 8,764,299 | 8,306,507 | |||||
Number of common stock shares issued and outstanding | 76,086,288 | 75,532,082 | 75,026,092 |
Three Months ended | Year ended | ||||||||||||||
(Dollars in thousands, except per share data) | December 31, 2015 | September 30, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | ||||||||||
Interest Income | |||||||||||||||
Investment securities | $ | 23,731 | 22,437 | 22,050 | 91,086 | 93,052 | |||||||||
Residential real estate loans | 8,572 | 7,878 | 8,464 | 32,153 | 30,721 | ||||||||||
Commercial loans | 43,109 | 42,137 | 37,935 | 164,966 | 145,631 | ||||||||||
Consumer and other loans | 7,799 | 7,915 | 7,730 | 31,476 | 30,515 | ||||||||||
Total interest income | 83,211 | 80,367 | 76,179 | 319,681 | 299,919 | ||||||||||
Interest Expense | |||||||||||||||
Deposits | 3,932 | 3,947 | 4,018 | 16,138 | 13,195 | ||||||||||
Securities sold under agreements to repurchase | 287 | 261 | 238 | 1,021 | 865 | ||||||||||
Federal Home Loan Bank advances | 2,156 | 2,273 | 2,253 | 8,841 | 9,570 | ||||||||||
Federal funds purchased and other borrowed funds | 18 | 21 | 64 | 81 | 199 | ||||||||||
Subordinated debentures | 822 | 807 | 795 | 3,194 | 3,137 | ||||||||||
Total interest expense | 7,215 | 7,309 | 7,368 | 29,275 | 26,966 | ||||||||||
Net Interest Income | 75,996 | 73,058 | 68,811 | 290,406 | 272,953 | ||||||||||
Provision for loan losses | 411 | 826 | 191 | 2,284 | 1,912 | ||||||||||
Net interest income after provision for loan losses | 75,585 | 72,232 | 68,620 | 288,122 | 271,041 | ||||||||||
Non-Interest Income | |||||||||||||||
Service charges and other fees | 15,044 | 14,975 | 14,004 | 57,321 | 54,089 | ||||||||||
Miscellaneous loan fees and charges | 922 | 1,055 | 1,125 | 4,276 | 4,696 | ||||||||||
Gain on sale of loans | 6,033 | 7,326 | 5,424 | 26,389 | 19,797 | ||||||||||
Gain (loss) on sale of investments | 143 | (31 | ) | (28 | ) | 19 | (188 | ) | |||||||
Other income | 2,325 | 2,474 | 3,453 | 10,756 | 11,908 | ||||||||||
Total non-interest income | 24,467 | 25,799 | 23,978 | 98,761 | 90,302 | ||||||||||
Non-Interest Expense | |||||||||||||||
Compensation and employee benefits | 35,902 | 33,534 | 30,807 | 134,409 | 118,571 | ||||||||||
Occupancy and equipment | 8,090 | 7,887 | 7,191 | 31,149 | 27,498 | ||||||||||
Advertising and promotions | 2,035 | 2,459 | 2,046 | 8,661 | 7,912 | ||||||||||
Data processing | 1,733 | 1,258 | 1,815 | 5,833 | 6,607 | ||||||||||
Other real estate owned | 511 | 1,047 | 893 | 3,693 | 2,568 | ||||||||||
Regulatory assessments and insurance | 1,494 | 1,478 | 1,009 | 5,283 | 5,064 | ||||||||||
Core deposit intangibles amortization | 758 | 720 | 716 | 2,964 | 2,811 | ||||||||||
Other expenses | 11,680 | 10,729 | 11,221 | 44,765 | 41,648 | ||||||||||
Total non-interest expense | 62,203 | 59,112 | 55,698 | 236,757 | 212,679 | ||||||||||
Income Before Income Taxes | 37,849 | 38,919 | 36,900 | 150,126 | 148,664 | ||||||||||
Federal and state income tax expense | 8,341 | 9,305 | 8,846 | 33,999 | 35,909 | ||||||||||
Net Income | $ | 29,508 | 29,614 | 28,054 | 116,127 | 112,755 | |||||||||
Basic earnings per share | $ | 0.39 | 0.39 | 0.37 | 1.54 | 1.51 | |||||||||
Diluted earnings per share | $ | 0.39 | 0.39 | 0.37 | 1.54 | 1.51 | |||||||||
Dividends declared per share | $ | 0.49 | 0.19 | 0.48 | 1.05 | 0.98 | |||||||||
Average outstanding shares - basic | 75,893,521 | 75,531,923 | 75,025,201 | 75,542,455 | 74,641,957 | ||||||||||
Average outstanding shares - diluted | 75,968,169 | 75,586,453 | 75,082,566 | 75,595,581 | 74,687,315 |
Three Months ended | Year ended | ||||||||||||||||||||
December 31, 2015 | December 31, 2015 | ||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest & Dividends | Average Yield/ Rate | Average Balance | Interest & Dividends | Average Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Residential real estate loans | $ | 728,346 | $ | 8,572 | 4.71 | % | $ | 687,013 | $ | 32,153 | 4.68 | % | |||||||||
Commercial loans 1 | 3,601,427 | 43,828 | 4.83 | % | 3,459,470 | 167,587 | 4.84 | % | |||||||||||||
Consumer and other loans | 648,683 | 7,799 | 4.77 | % | 631,512 | 31,476 | 4.98 | % | |||||||||||||
Total loans 2 | 4,978,456 | 60,199 | 4.80 | % | 4,777,995 | 231,216 | 4.84 | % | |||||||||||||
Tax-exempt investment securities 3 | 1,361,905 | 20,173 | 5.92 | % | 1,328,908 | 77,199 | 5.81 | % | |||||||||||||
Taxable investment securities 4 | 1,988,643 | 11,176 | 2.25 | % | 1,918,283 | 41,648 | 2.17 | % | |||||||||||||
Total earning assets | 8,329,004 | 91,548 | 4.36 | % | 8,025,186 | 350,063 | 4.36 | % | |||||||||||||
Goodwill and intangibles | 147,572 | 143,293 | |||||||||||||||||||
Non-earning assets | 400,730 | 389,126 | |||||||||||||||||||
Total assets | $ | 8,877,306 | $ | 8,557,605 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Non-interest bearing deposits | $ | 1,918,399 | $ | — | — | % | $ | 1,756,888 | $ | — | — | % | |||||||||
NOW accounts | 1,441,615 | 284 | 0.08 | % | 1,371,340 | 1,074 | 0.08 | % | |||||||||||||
Savings accounts | 811,804 | 97 | 0.05 | % | 758,776 | 360 | 0.05 | % | |||||||||||||
Money market deposit accounts | 1,372,881 | 522 | 0.15 | % | 1,340,967 | 2,066 | 0.15 | % | |||||||||||||
Certificate accounts | 1,081,921 | 1,607 | 0.59 | % | 1,131,210 | 6,891 | 0.61 | % | |||||||||||||
Wholesale deposits 5 | 201,695 | 1,422 | 2.80 | % | 206,889 | 5,747 | 2.78 | % | |||||||||||||
FHLB advances | 332,910 | 2,156 | 2.53 | % | 319,565 | 8,841 | 2.73 | % | |||||||||||||
Repurchase agreements and other borrowed funds | 523,213 | 1,127 | 0.85 | % | 509,431 | 4,296 | 0.84 | % | |||||||||||||
Total funding liabilities | 7,684,438 | 7,215 | 0.37 | % | 7,395,066 | 29,275 | 0.40 | % | |||||||||||||
Other liabilities | 94,505 | 91,360 | |||||||||||||||||||
Total liabilities | 7,778,943 | 7,486,426 | |||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||
Common stock | 759 | 755 | |||||||||||||||||||
Paid-in capital | 730,927 | 720,827 | |||||||||||||||||||
Retained earnings | 358,860 | 336,998 | |||||||||||||||||||
Accumulated other comprehensive income | 7,817 | 12,599 | |||||||||||||||||||
Total stockholders’ equity | 1,098,363 | 1,071,179 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 8,877,306 | $ | 8,557,605 | |||||||||||||||||
Net interest income (tax-equivalent) | $ | 84,333 | $ | 320,788 | |||||||||||||||||
Net interest spread (tax-equivalent) | 3.99 | % | 3.96 | % | |||||||||||||||||
Net interest margin (tax-equivalent) | 4.02 | % | 4.00 | % |
1 | Includes tax effect of $719 thousand and $2.6 million on tax-exempt municipal loan and lease income for the three months and year ended December 31, 2015. |
2 | Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period. |
3 | Includes tax effect of $7.3 million and $26.3 million on tax-exempt investment security income for the three months and year ended December 31, 2015. |
4 | Includes tax effect of $362 thousand and $1.4 million on federal income tax credits for the three months and year ended December 31, 2015. |
5 | Wholesale deposits include brokered deposits classified as NOW, money market deposit and certificate accounts. |
Loans Receivable, by Loan Type | % Change from | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Sep 30, 2015 | Dec 31, 2014 | ||||||||||||
Custom and owner occupied construction | $ | 75,094 | $ | 64,951 | $ | 56,689 | 16 | % | 32 | % | |||||||
Pre-sold and spec construction | 50,288 | 46,921 | 47,406 | 7 | % | 6 | % | ||||||||||
Total residential construction | 125,382 | 111,872 | 104,095 | 12 | % | 20 | % | ||||||||||
Land development | 62,356 | 83,756 | 82,829 | (26 | )% | (25 | )% | ||||||||||
Consumer land or lots | 97,270 | 98,490 | 101,818 | (1 | )% | (4 | )% | ||||||||||
Unimproved land | 73,844 | 74,439 | 86,116 | (1 | )% | (14 | )% | ||||||||||
Developed lots for operative builders | 12,336 | 13,697 | 14,126 | (10 | )% | (13 | )% | ||||||||||
Commercial lots | 22,035 | 22,937 | 16,205 | (4 | )% | 36 | % | ||||||||||
Other construction | 156,784 | 122,347 | 150,075 | 28 | % | 4 | % | ||||||||||
Total land, lot, and other construction | 424,625 | 415,666 | 451,169 | 2 | % | (6 | )% | ||||||||||
Owner occupied | 938,625 | 885,736 | 849,148 | 6 | % | 11 | % | ||||||||||
Non-owner occupied | 774,192 | 739,057 | 674,381 | 5 | % | 15 | % | ||||||||||
Total commercial real estate | 1,712,817 | 1,624,793 | 1,523,529 | 5 | % | 12 | % | ||||||||||
Commercial and industrial | 649,553 | 619,688 | 547,910 | 5 | % | 19 | % | ||||||||||
Agriculture | 367,339 | 386,523 | 310,785 | (5 | )% | 18 | % | ||||||||||
1st lien | 856,193 | 801,705 | 775,785 | 7 | % | 10 | % | ||||||||||
Junior lien | 65,383 | 67,351 | 68,358 | (3 | )% | (4 | )% | ||||||||||
Total 1-4 family | 921,576 | 869,056 | 844,143 | 6 | % | 9 | % | ||||||||||
Multifamily residential | 201,542 | 189,944 | 160,426 | 6 | % | 26 | % | ||||||||||
Home equity lines of credit | 372,039 | 359,605 | 334,788 | 3 | % | 11 | % | ||||||||||
Other consumer | 150,469 | 154,095 | 133,773 | (2 | )% | 12 | % | ||||||||||
Total consumer | 522,508 | 513,700 | 468,561 | 2 | % | 12 | % | ||||||||||
Other | 209,853 | 185,633 | 124,203 | 13 | % | 69 | % | ||||||||||
Total loans receivable, including loans held for sale | 5,135,195 | 4,916,875 | 4,534,821 | 4 | % | 13 | % | ||||||||||
Less loans held for sale 1 | (56,514 | ) | (40,456 | ) | (46,726 | ) | 40 | % | 21 | % | |||||||
Total loans receivable | $ | 5,078,681 | $ | 4,876,419 | $ | 4,488,095 | 4 | % | 13 | % |
_______ |
1 Loans held for sale are primarily 1st lien 1-4 family loans. |
Non-performing Assets, by Loan Type | Non- Accrual Loans | Accruing Loans 90 Days or More Past Due | Other Real Estate Owned | |||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2015 | Dec 31, 2015 | ||||||||||||
Custom and owner occupied construction | $ | 1,016 | 1,048 | 1,132 | 1,016 | — | — | |||||||||||
Pre-sold and spec construction | — | — | 218 | — | — | — | ||||||||||||
Total residential construction | 1,016 | 1,048 | 1,350 | 1,016 | — | — | ||||||||||||
Land development | 17,582 | 17,719 | 20,842 | 6,791 | — | 10,791 | ||||||||||||
Consumer land or lots | 2,250 | 2,430 | 3,581 | 934 | 20 | 1,296 | ||||||||||||
Unimproved land | 12,328 | 12,055 | 14,170 | 8,382 | — | 3,946 | ||||||||||||
Developed lots for operative builders | 488 | 492 | 1,318 | 267 | — | 221 | ||||||||||||
Commercial lots | 1,521 | 1,631 | 2,660 | 241 | — | 1,280 | ||||||||||||
Other construction | 4,236 | 4,244 | 5,151 | — | — | 4,236 | ||||||||||||
Total land, lot and other construction | 38,405 | 38,571 | 47,722 | 16,615 | 20 | 21,770 | ||||||||||||
Owner occupied | 10,952 | 12,719 | 13,574 | 8,794 | — | 2,158 | ||||||||||||
Non-owner occupied | 3,446 | 3,833 | 3,013 | 2,634 | — | 812 | ||||||||||||
Total commercial real estate | 14,398 | 16,552 | 16,587 | 11,428 | — | 2,970 | ||||||||||||
Commercial and industrial | 3,993 | 5,110 | 4,375 | 3,916 | 20 | 57 | ||||||||||||
Agriculture | 3,281 | 3,114 | 3,074 | 2,666 | 167 | 448 | ||||||||||||
1st lien | 10,691 | 11,953 | 9,580 | 9,264 | 64 | 1,363 | ||||||||||||
Junior lien | 668 | 660 | 442 | 668 | — | — | ||||||||||||
Total 1-4 family | 11,359 | 12,613 | 10,022 | 9,932 | 64 | 1,363 | ||||||||||||
Multifamily residential | 113 | — | 440 | 113 | — | — | ||||||||||||
Home equity lines of credit | 5,486 | 6,013 | 6,099 | 5,338 | 15 | 133 | ||||||||||||
Other consumer | 228 | 204 | 231 | 109 | 45 | 74 | ||||||||||||
Total consumer | 5,714 | 6,217 | 6,330 | 5,447 | 60 | 207 | ||||||||||||
Other | 1,800 | 1,800 | — | — | 1,800 | — | ||||||||||||
Total | $ | 80,079 | 85,025 | 89,900 | 51,133 | 2,131 | 26,815 |
Accruing 30-89 Days Delinquent Loans, by Loan Type | % Change from | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Sep 30, 2015 | Dec 31, 2014 | ||||||||||||
Custom and owner occupied construction | $ | 462 | $ | 138 | $ | — | 235 | % | n/m | ||||||||
Pre-sold and spec construction | 181 | 144 | 869 | 26 | % | (79 | )% | ||||||||||
Total residential construction | 643 | 282 | 869 | 128 | % | (26 | )% | ||||||||||
Land development | 447 | — | — | n/m | n/m | ||||||||||||
Consumer land or lots | 166 | 266 | 391 | (38 | )% | (58 | )% | ||||||||||
Unimproved land | 774 | 304 | 267 | 155 | % | 190 | % | ||||||||||
Commercial lots | — | — | 21 | n/m | (100 | )% | |||||||||||
Other construction | 337 | — | — | n/m | n/m | ||||||||||||
Total land, lot and other construction | 1,724 | 570 | 679 | 202 | % | 154 | % | ||||||||||
Owner occupied | 2,760 | 2,497 | 5,971 | 11 | % | (54 | )% | ||||||||||
Non-owner occupied | 923 | 5,529 | 3,131 | (83 | )% | (71 | )% | ||||||||||
Total commercial real estate | 3,683 | 8,026 | 9,102 | (54 | )% | (60 | )% | ||||||||||
Commercial and industrial | 1,968 | 2,774 | 2,915 | (29 | )% | (32 | )% | ||||||||||
Agriculture | 1,014 | 867 | 994 | 17 | % | 2 | % | ||||||||||
1st lien | 6,272 | 2,510 | 6,804 | 150 | % | (8 | )% | ||||||||||
Junior lien | 1,077 | 228 | 491 | 372 | % | 119 | % | ||||||||||
Total 1-4 family | 7,349 | 2,738 | 7,295 | 168 | % | 1 | % | ||||||||||
Multifamily Residential | 662 | 114 | — | 481 | % | n/m | |||||||||||
Home equity lines of credit | 1,046 | 1,599 | 1,288 | (35 | )% | (19 | )% | ||||||||||
Other consumer | 1,227 | 811 | 928 | 51 | % | 32 | % | ||||||||||
Total consumer | 2,273 | 2,410 | 2,216 | (6 | )% | 3 | % | ||||||||||
Other | 97 | 41 | 1,834 | 137 | % | (95 | )% | ||||||||||
Total | $ | 19,413 | $ | 17,822 | $ | 25,904 | 9 | % | (25 | )% |
_______ |
n/m - not measurable |
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type | Charge-Offs | Recoveries | |||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2015 | ||||||||||
Pre-sold and spec construction | $ | (53 | ) | (34 | ) | (94 | ) | — | 53 | ||||||
Land development | (288 | ) | (293 | ) | (390 | ) | 957 | 1,245 | |||||||
Consumer land or lots | 66 | (8 | ) | 375 | 512 | 446 | |||||||||
Unimproved land | (325 | ) | (152 | ) | 52 | — | 325 | ||||||||
Developed lots for operative builders | (85 | ) | (72 | ) | (140 | ) | 51 | 136 | |||||||
Commercial lots | (26 | ) | (5 | ) | (6 | ) | — | 26 | |||||||
Other construction | (1 | ) | (1 | ) | — | — | 1 | ||||||||
Total land, lot and other construction | (659 | ) | (531 | ) | (109 | ) | 1,520 | 2,179 | |||||||
Owner occupied | 247 | 249 | 669 | 668 | 421 | ||||||||||
Non-owner occupied | 93 | 105 | (162 | ) | 116 | 23 | |||||||||
Total commercial real estate | 340 | 354 | 507 | 784 | 444 | ||||||||||
Commercial and industrial | 1,389 | 1,011 | 1,069 | 2,166 | 777 | ||||||||||
Agriculture | 50 | (8 | ) | 28 | 59 | 9 | |||||||||
1st lien | 834 | (80 | ) | 372 | 971 | 137 | |||||||||
Junior lien | (125 | ) | (106 | ) | 183 | 79 | 204 | ||||||||
Total 1-4 family | 709 | (186 | ) | 555 | 1,050 | 341 | |||||||||
Multifamily residential | (318 | ) | (318 | ) | 138 | — | 318 | ||||||||
Home equity lines of credit | 740 | 531 | 190 | 897 | 157 | ||||||||||
Other consumer | 143 | 39 | 226 | 525 | 382 | ||||||||||
Total consumer | 883 | 570 | 416 | 1,422 | 539 | ||||||||||
Other | (1 | ) | — | — | — | 1 | |||||||||
Total | $ | 2,340 | 858 | 2,510 | 7,001 | 4,661 |
1 Year Glacier Bancorp Chart |
1 Month Glacier Bancorp Chart |
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