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Last10K.com | 10-Q Quarterly Report Mon Aug 02 2021
NEWS RELEASE
July 22, 2021
| FOR IMMEDIATE RELEASE | CONTACT: Randall M. Chesler, CEO | ||||
| (406) 751-4722 | |||||
| Ron J. Copher, CFO | |||||
| (406) 751-7706 | |||||
GLACIER BANCORP, INC. ANNOUNCES
RESULTS FOR THE QUARTER AND PERIOD ENDED JUNE 30, 2021
2nd Quarter 2021 Highlights:
•Net income of $77.6 million, an increase of $14.2 million, or 22 percent, over the prior year second quarter net income of $63.4 million.
•Diluted earnings per share of $0.81, an increase of 23 percent from the prior year second quarter diluted earnings per share of $0.66.
•Total assets crossed $20 billion during the current quarter ending at $20.488 billion at June 30, 2021.
•The loan portfolio, excluding the Payroll Protection Program (“PPP”) loans, increased $249 million, or 10 percent annualized, in the current quarter.
•Core deposits increased $669 million, or 17 percent annualized, during the current quarter.
•Early stage delinquencies (accruing loans 30-89 days past due) of $12.1 million at June 30, 2021 decreased $32.5 million from the prior quarter and decreased $13.1 million from the prior year second quarter.
•An improved economic outlook drove a credit loss benefit of $5.7 million in the current quarter.
•The Company funded 1,947 new PPP loans for $67.6 million during the current quarter.
•The Company received $350 million in PPP loan forgiveness from the U.S. Small Business Administration (“SBA”) during the current quarter.
•Declared a quarterly dividend of $0.32 per share, an increase of $0.01 per share, or 3 percent, over the prior quarter regular dividend. The Company has declared 145 consecutive quarterly dividends and has increased the dividend 48 times.
•The Company announced the signing of definitive agreement to acquire Altabancorp, the parent company of Altabank, a community bank based in American Fork, Utah, with total assets of $3.522 billion. Altabank, was recently honored with the prestigious Utah Best of State Bank Award in the Community Banking category which marked its second consecutive year for receiving the award. This will be the largest Bank acquisition in the Company’s history and its 24th acquisition since 2000.
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The following information was filed by Glacier Bancorp Inc (GBCI) on Thursday, July 22, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Glacier Bancorp Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Glacier Bancorp Inc.
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Glacier Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Financial - Earnings Highlight
The core net interest margin decreased 23 basis points in the current quarter and decreased 88 basis points from the prior year second quarter due to a decrease in earning asset yields.
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Financial - Dividend Highlight
Cash Dividend On June 30, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.32 per share, an increase of $0.01 per share, or 3 percent, over the prior quarter regular dividend.
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Other - Other Highlight
63 Allowance for Credit Losses - Loans Receivable On January 1, 2020, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Updates ("ASU") 2016-13, Financial Instruments - Credit Losses, which significantly changed the allowance for credit loss accounting policies.
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Financial - Expense Highlight
The current quarter interest expense of $4.5 million decreased $253 thousand, or 5 percent, over the prior quarter and decreased $2.7 million, or 38 percent, over the prior year second quarter primarily as result of a decrease in deposit rates along with a shift in funding liabilities to low cost deposits.
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Financial - Expense Highlight
The following table summarizes the allocation of the ACL as of the dates indicated: 64 The following table summarizes the ACL experience for the periods indicated: The current quarter provision for credit loss benefit on loans of $5.7 million was a decrease of $6.2 million from the prior quarter provision for credit loss expense of $489 thousand and a $19.3 million decrease from the prior year second quarter provision for credit loss expense of $13.6 million.
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Financial - Expense
The provision for credit loss...Read more
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Financial - Cash Flow
providing for an adequate cushion...Read more
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Financial - Earnings
The net interest margin as...Read more
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Financial - Shares
Conversely, the Company may decide...Read more
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Other - Other
The following table illustrates the...Read more
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Other - Other
The determination of the allowance...Read more
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Financial - Expense
FHLB advances and certain other...Read more
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Financial - Income
74 The following table summarizes...Read more
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Other - Other
The last fifteen months unprecedented...Read more
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Financial - Shares
50 Stockholders' Equity The following...Read more
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Financial - Expense
Interest expense of $9.2 million...Read more
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Financial - Earnings
Diluted earnings per share for...Read more
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Other - Other
The allowance for credit losses...Read more
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Other - Other
Effective liquidity management entails three...Read more
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Financial - Income
The current quarter interest income...Read more
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Financial - Income
Additionally, interest income on debt...Read more
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Financial - Earnings
The core net interest margin,...Read more
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Revenue - Product
The low levels of borrowings,...Read more
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Revenue - Geography
The following table provides information...Read more
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Financial - Shares
Tangible book value per common...Read more
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Financial - Income
Other income of $5.4 million...Read more
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Financial - Income
Interest income and interest expense,...Read more
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Revenue - Geography
Administered by the Community Development...Read more
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Revenue - Product
During the first quarter of...Read more
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Other - Other
Non-performing assets of $53.0 million...Read more
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Financial - Expense
Total interest expense decreased from...Read more
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Financial - Income
The income recognized in the...Read more
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Financial - Expense
Short-term borrowings are accompanied by...Read more
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Other - Other
61 Most of the Company's...Read more
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Revenue - Product
Gain on the sale of...Read more
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Other - Other
The increase in the fees...Read more
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Financial - Dividend
The dividend was payable July...Read more
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Other - Other
______________________________ 1 Mortgage-backed securities, which...Read more
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Financial - Debt
The Company monitors liquidity and...Read more
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Financial - Shares
Based on the Company's evaluation...Read more
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Other - Other
Non-performing assets increased $7.1 million,...Read more
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Other - Other
71 Short-term borrowings A critical...Read more
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Financial - Shares
Tangible stockholders' equity of at...Read more
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Financial - Earnings
47 MANAGEMENT'S DISCUSSION AND ANALYSIS...Read more
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Other - Other
The Company evaluates its potential...Read more
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Revenue - Product
The Company transferred an additional...Read more
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Financial - Income
52 Non-interest Income Non-interest income...Read more
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Other - Other
The lower levels in the...Read more
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Revenue - Product
Based on an analysis of...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Changes In Stockholders' Equity
Unaudited Condensed Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Unaudited Condensed Consolidated Statements Of Comprehensive Income
Unaudited Condensed Consolidated Statements Of Financial Condition
Unaudited Condensed Consolidated Statements Of Financial Condition (Parenthetical)
Unaudited Condensed Consolidated Statements Of Operations
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Debt Securities
Debt Securities (Tables)
Debt Securities - Afs Debt Securities In An Unrealized Loss Position (Details)
Debt Securities - Amortized Cost, Gross Unrealized Gains And Losses And Fair Value Of Investment Securities (Details)
Debt Securities - Credit Quality Indictors For Htm Debt Securities (Details)
Debt Securities - Maturity Schedule (Details)
Debt Securities - Narrative (Details)
Debt Securities - Proceeds From Sales And Calls Of Debt Securities And Associates Gains Or Losses (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Details)
Derivatives And Hedging Activities (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Tables)
Fair Value Of Assets And Liabilities - Carrying Amount And Estimated Fair Value Of Financial Instruments Not Carried At Fair Value (Details)
Fair Value Of Assets And Liabilities - Fair Value Measurements On A Non-Recurring Basis (Details)
Fair Value Of Assets And Liabilities - Fair Value Measurements On A Recurring Basis (Details)
Fair Value Of Assets And Liabilities - Quantitative Information About Level 3 Fair Value Measurements (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Summary (Details)
Leases - Supplemental Cash Flow Information (Details)
Loan Servicing
Loan Servicing (Details)
Loan Servicing (Tables)
Loans Receivable, Net
Loans Receivable, Net (Tables)
Loans Receivable, Net - Acl Activity (Details)
Loans Receivable, Net - Aging Analysis (Details)
Loans Receivable, Net - Collateral-Dependent Loans (Details)
Loans Receivable, Net - Credit Quality Indicators For Commercial Loans (Details)
Loans Receivable, Net - Credit Quality Indicators For Rre And Consumer Loans (Details)
Loans Receivable, Net - Narrative (Details)
Loans Receivable, Net - Summary Of Loans Receivable (Details)
Loans Receivable, Net - Troubled Debt Restructurings (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Other Expenses
Other Expenses (Details)
Other Expenses (Tables)
Securities Sold Under Agreements To Repurchase
Securities Sold Under Agreements To Repurchase (Tables)
Securities Sold Under Agreements To Repurchase - Carrying Value Of Repurchase Agreements (Details)
Securities Sold Under Agreements To Repurchase - Narrative (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Amortization Expense And Tax Credits And Other Tax Benefits (Details)
Variable Interest Entities - Future Unfunded Contingent Commitments (Details)
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Vie Carrying Amounts Included In Financial Statements (Details)
Material Contracts, Statements, Certifications & more
Glacier Bancorp Inc provided additional information to their SEC Filing as exhibits
Ticker: GBCI
CIK: 868671
Form Type: 10-Q Quarterly Report
Accession Number: 0000868671-21-000076
Submitted to the SEC: Mon Aug 02 2021 4:33:31 PM EST
Accepted by the SEC: Mon Aug 02 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks
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