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Glacier Bancorp Inc. Reports Operating Results (10-Q)

May 08, 2009 | About:

Glacier Bancorp Inc. (GBCI) filed Quarterly Report for the period ended 2009-03-31.

Glacier Bancorp Inc. is a bank holding company. Glacier Bancorp Inc. has a market cap of $1.06 billion; its shares were traded at around $17.16 with a P/E ratio of 14.4 and P/S ratio of 2.9. The dividend yield of Glacier Bancorp Inc. stocks is 3%. Glacier Bancorp Inc. had an annual average earning growth of 11.9% over the past 5 years.

Highlight of Business Operations:



Real Estate Loans:

Residential real estate $ 776,005 19.0% $ 786,869 19.4% $ 684,007 18.9%

Loans held for sale 74,515 1.8% 54,976 1.4% 39,341 1.1%

- - - - - -

Total 850,520 20.8% 841,845 20.8% 723,348 20.0%

Commercial Loans:

Real estate 1,958,466 48.0% 1,935,341 47.8% 1,669,876 46.1%

Other commercial 652,839 16.0% 645,033 15.9% 648,202 17.9%

- - - - - -

Total 2,611,305 64.0% 2,580,374 63.7% 2,318,078 64.0%

Consumer and other Loans:

Consumer 202,138 5.0% 208,166 5.1% 213,346 5.9%

Home equity 503,762 12.4% 507,831 12.5% 436,505 12.0%

- - - - - -

Total 705,900 17.4% 715,997 17.6% 649,851 17.9%

Net deferred loan fees, premiums

and discounts (7,020) -0.2% (8,023) -0.2% (9,409) -0.3%

Allowance for loan and lease losses (83,777) -2.0% (76,739) -1.9% (56,680) -1.6%

- - - - - -

Loan receivable, net $4,076,928 100.0% $4,053,454 100.0% $3,625,188 100.0%

= = = = = =





March 31, December 31, March 31,

(Dollars in thousands) 2009 2008 2008

- - - -



Real estate and other assets owned $ 18,985 11,539 2,098

Accruing Loans 90 days or more overdue 4,439 8,613 4,717

Non-accrual loans 92,288 64,301 21,747

- - -

Total non-performing assets $115,712 84,453 28,562

= = =

Non-performing assets as a percentage of total bank assets 1.97% 1.46% 0.57%





As of and As of and As of and

for the three for the for the three

months ended year ended months ended

(Dollars in thousands) March 31, 2009 December 31, 2008 March 31, 2008

- - - -



FHLB advances:

Amount outstanding at end of period .... $ 225,695 338,456 472,761

Average balance ........................ $ 336,790 566,933 595,268

Maximum outstanding at any month-end ... $ 380,535 822,107 815,860

Weighted average interest rate ......... 2.19% 2.71% 3.85%

Repurchase agreements:

Amount outstanding at end of period .... $ 199,669 188,363 191,369

Average balance ........................ $ 196,064 188,952 190,064

Maximum outstanding at any month-end ... $ 199,669 196,461 191,369

Weighted average interest rate ......... 1.23% 2.02% 2.83%

U.S. Treasury Tax and Loan:

Amount outstanding at end of period .... $ 3,545 6,067 241,665

Average balance ........................ $ 3,593 165,690 172,706

Maximum outstanding at any month-end ... $ 3,545 385,246 241,665

Weighted average interest rate ......... 0.00% 2.28% 3.21%

Federal Reserve Bank discount window:

Amount outstanding at end of period .... $1,005,000 914,000 57,000

Average balance ........................ $ 946,433 277,611 20,802

Maximum outstanding at any month-end ... $1,005,000 928,000 57,000

Weighted average interest rate ......... 0.29% 1.76% 3.77%





CONSOLIDATED Tier 1 (Core) Tier 2 (Total) Leverage

(Dollars in thousands) Capital Capital Capital

- - - -



Total stockholder's equity ................... $ 681,985 681,985 681,985

Less: Goodwill and intangibles ............... (157,705) (157,705) (157,705)

Plus: Allowance for loan and lease losses .... - 56,494 -

Accumulated other comprehensive

Unrealized loss on AFS securities ...... 7,056 7,056 7,056

Subordinated debentures ...................... 117,500 117,500 117,500

- - -

Regulatory capital computed .................. $ 648,836 705,330 648,836

= = =

Risk weighted assets ......................... $4,492,201 4,492,201

= =

Total adjusted average assets ................ $5,399,131

=

Capital as % of risk weighted assets ......... 14.44% 15.70% 12.02%

Regulatory "well capitalized" requirement .... 6.00% 10.00% 5.00%

- - -

Excess over "well capitalized" requirement ... 8.44% 5.70% 7.02%

= = =





For the Three months ended 3-31-09 For the Three months ended 3-31-08

- -

Interest Average Interest Average

Average and Yield/ Average and Yield/

(Dollars in thousands) Balance Dividends Rate Balance Dividends Rate

- - - - - - -



ASSETS

Residential real estate loans $ 856,049 14,341 6.70% $ 719,371 12,592 7.00%

Commercial loans 2,593,490 37,966 5.94% 2 ,275,044 42,533 7.50%

Consumer and other loans 707,260 11,339 6.50% 639,091 12,107 7.60%

- - - -

Total Loans 4,156,799 63,646 6.21% 3 ,633,506 67,232 7.42%

Tax - exempt investment securities (1) 425,283 5,331 5.01% 259,894 3,174 4.89%

Other investment securities 587,091 6,555 4.47% 522,511 5,610 4.29%

- - - -

Total Earning Assets 5,169,173 75,532 5.84% 4 ,415,911 76,016 6.89%

- -

Goodwill and core deposit intangible 159,341 154,018

Other non-earning assets 228,322 239,529

- -

TOTAL ASSETS $5,556,836 $4 ,809,458

= =

LIABILITIES

AND STOCKHOLDERS' EQUITY

NOW accounts $ 507,950 557 0.45% $ 463,716 912 0.79%

Savings accounts 287,454 272 0.38% 267,285 547 0.82%

Money market accounts 759,856 2,412 1.29% 799,407 5,950 2.99%

Certificates of deposit 947,504 6,893 2.95% 860,552 9,460 4.41%

FHLB advances 336,790 1,819 2.19% 595,268 5,718 3.85%

Repurchase agreements

and other borrowed funds 1,269,324 3,201 1.02% 504,296 4,800 3.82%

- - - -

Total Interest Bearing Liabilities 4,108,878 15,154 1.50% 3 ,490,524 27,387 3.15%

- -

Non-interest bearing deposits 718,290 735,205

Other liabilities 39,737 44,586

- -

Total Liabilities 4,866,905 4 ,270,315

- -

Common stock 614 538

Paid-in capital 493,597 376,451

Retained earnings 191,202 156,779

Accumulated other

comprehensive income 4,518 5,375

- -

Total Stockholders' Equity 689,931 539,143

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY $5,556,836 $4 ,809,458

= =

Net interest income $60,378 $48,629

= =

Net interest spread 4.34% 3.74%

Net Interest Margin 4.74% 4.42%

Net Interest Margin (Tax Equivalent) 4.92% 4.54%

Return on average assets (annualized) 1.15% 1.46%

Return on average equity (annualized) 9.27% 12.98%





$ change from $ change from % change from % change from

December 31, March 31, December 31, March 31,

(UNAUDITED - $ IN THOUSANDS) 2008 2008 2008 2008

- - - - -



Net interest income

Interest income $(1,175) $ (484) -2% -1%

Interest expense $(3,445) $(12,233) -19% -45%

- -

Net interest income 2,270 11,749 4% 24%

Non-interest income

Service charges, loan fees, and other fees (1,343) (782) -12% -7%

Gain on sale of loans 2,955 2,270 92% 59%

Gain on sale of investments - (248) n/m -100%

Other income 128 (125) 14% -11%

- -

Total non-interest income 1,740 1,115 11% 7%

- -

$ 4,010 $ 12,864 5% 20%

= =



Read the The complete ReportGBCI is in the portfolios of Bruce Sherman of Private Capital Management, Andreas Halvorsen of Viking Global Investors LP, Ron Baron of Baron Funds, Kenneth Fisher of Fisher Asset Management, LLC, Kenneth Fisher of Fisher Asset Management, LLC.

Rating: 3.0/5 (1 vote)

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