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

May 07, 2010 | About:
10qk

10qk

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Glacier Bancorp Inc. (GBCI) filed Quarterly Report for the period ended 2010-03-31.

Glacier Bancorp Inc. has a market cap of $1.19 billion; its shares were traded at around $16.92 with a P/E ratio of 42.3 and P/S ratio of 3.1. The dividend yield of Glacier Bancorp Inc. stocks is 3.1%. Glacier Bancorp Inc. had an annual average earning growth of 3.2% over the past 10 years.GBCI is in the portfolios of Private Capital of Private Capital Management, Kenneth Fisher of Fisher Asset Management, LLC, John Keeley of Keeley Fund Management.

Highlight of Business Operations:



THREE MONTHS ENDED MARCH 31,

-

(Dollars in thousands, except per share data) 2010 2009

- - -



INTEREST INCOME

Residential real estate loans $ 11,833 14,341

Commercial loans 36,672 37,966

Consumer and other loans 10,640 11,339

Investment securities and other 14,253 11,886

- -

Total interest income 73,398 75,532

- -

INTEREST EXPENSE

Deposits 9,331 10,134

Federal Home Loan Bank advances 2,311 1,819

Securities sold under agreements to repurchase 416 594

Subordinated debentures 1,636 1,907

Other borrowed funds 190 700

- -

Total interest expense 13,884 15,154

- -

NET INTEREST INCOME 59,514 60,378

Provision for loan losses 20,910 15,715

- -

Net interest income after provision for loan

losses 38,604 44,663

- -

NON-INTEREST INCOME

Service charges and other fees 9,520 9,019

Miscellaneous loan fees and charges 1,126 1,160

Gain on sale of loans 3,891 6,150

Gain on sale of investments 314 -

Other income 1,332 1,048

- -

Total non-interest income 16,183 17,377

- -

NON-INTEREST EXPENSE

Compensation, employee benefits and related expense 21,356 21,944

Occupancy and equipment expense 5,948 5,895

Advertising and promotions 1,592 1,724

Outsourced data processing expense 694 671

Core deposit intangibles amortization 820 774

Foreclosed asset expenses, losses and write-downs 2,318 520

Federal Deposit Insurance Corporation premiums 2,200 1,168

Other expense 7,033 6,930

- -

Total non-interest expense 41,961 39,626

- -

EARNINGS BEFORE INCOME TAXES 12,826 22,414

Federal and state income tax expense 2,756 6,635

- -

NET EARNINGS $ 10,070 15,779

= =

Basic earnings per share $ 0.16 0.26

Diluted earnings per share $ 0.16 0.26

Dividends declared per share $ 0.13 0.13

Return on average assets (annualized) 0.67% 1.15%

Return on average equity (annualized) 5.75% 9.27%

Average outstanding shares - basic 62,763,299 61,460,619

Average outstanding shares - diluted 62,763,299 61,468,167





Gross Unrealized Estimated

Weighted Amortized - Fair

(Dollars in thousands) Yield Cost Gains Losses Value

- - - - - -



U.S. GOVERNMENT AND FEDERAL AGENCY

maturing after one year through five years 1.62% $ 209 - - 209

GOVERNMENT SPONSORED ENTERPRISES

maturing after one year through five years 3.15% 70 - - 70

maturing after five years through ten years 2.00% 88 - - 88

maturing after ten years 1.15% 11 - - 11

- - - -

2.42% 169 - - 169

- - - -

STATE AND LOCAL GOVERNMENTS AND OTHER ISSUES

maturing within one year 2.59% 2,196 9 - 2,205

maturing after one year through five years 3.48% 9,427 217 (5) 9,639

maturing after five years through ten years 3.99% 25,891 703 (109) 26,485

maturing after ten years 4.70% 453,204 10,384 (2,369) 461,219

- - - -

4.63% 490,718 11,313 (2,483) 499,548

- - - -

COLLATERALIZED DEBT OBLIGATIONS

maturing after ten years 8.40% 14,687 - (5,513) 9,174

RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.92% 1,058,910 15,940 (10,189) 1,064,661

- - - -

TOTAL MARKETABLE SECURITIES 3.51% 1,564,693 27,253 (18,185) 1,573,761

- - - -

OTHER INVESTMENTS

FHLB and FRB stock, at cost 1.35% 63,261 - - 63,261

Other stock 0.05% 624 4 (4) 624

- - - -

TOTAL INVESTMENTS 3.42% $1,628,578 27,257 (18,189) 1,637,646

= = = =





Gross Unrealized Estimated

Weighted Amortized - Fair

(DOLLARS IN THOUSANDS) Yield Cost Gains Losses Value

- - - - - -



U.S. GOVERNMENT AND FEDERAL AGENCY

maturing after one year through five years 1.62% $ 210 - (1) 209

GOVERNMENT SPONSORED ENTERPRISES

maturing after one year through five years 3.21% 74 - - 74

maturing after five years through ten years 1.64% 40 - - 40

maturing after ten years 2.05% 63 - - 63

- - - -

2.43% 177 - - 177

- - - -

STATE AND LOCAL GOVERNMENTS AND OTHER ISSUES

maturing within one year 2.48% 2,040 6 - 2,046

maturing after one year through five years 3.30% 9,326 208 (12) 9,522

maturing after five years through ten years 3.84% 27,125 786 (168) 27,743

maturing after ten years 4.80% 434,165 10,140 (2,640) 441,665

- - - -

4.71% 472,656 11,140 (2,820) 480,976

- - - -

COLLATERALIZED DEBT OBLIGATIONS

maturing after ten years 8.40% 14,688 - (7,899) 6,789

RESIDENTIAL MORTGAGE-BACKED SECURITIES 3.42% 956,033 15,167 (16,158) 955,042

- - - -

TOTAL MARKETABLE SECURITIES 3.89% 1,443,764 26,307 (26,878) 1,443,193

- - - -

OTHER INVESTMENTS

FHLB and FRB stock, at cost 1.30% 62,577 - - 62,577

Other stock 0.05% 624 - - 624

- - - -

TOTAL INVESTMENTS 3.78% $1,506,965 26,307 (26,878) 1,506,394

= = = =



Read the The complete Report

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10qk
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