Glacier Bancorp Inc. (GBCI, Financial) 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.
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
= = = =
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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
= = = =
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