Glacier Bancorp, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
As of September 30, 2024, Glacier Bancorp's total assets increased to $28.21 billion, up from $27.74 billion at the end of 2023. The company reported total loans receivable, net, of $16.98 billion, reflecting a rise from $16.01 billion at the end of the previous year. Total liabilities also grew to $24.96 billion, up from $24.72 billion, while total stockholders’ equity increased to $3.25 billion from $3.02 billion.
For the three months ended September 30, 2024, total interest income rose to $289.58 million, compared to $264.91 million in the same period of 2023. However, total interest expense also increased to $109.35 million from $97.85 million, leading to net interest income of $180.23 million, up from $167.05 million year-over-year. After accounting for provisions for credit losses, net interest income was $172.23 million, compared to $163.52 million in the prior year.
Net income for the third quarter of 2024 was $51.06 million, a decrease from $52.45 million in the same quarter of 2023. For the nine months ended September 30, 2024, net income totaled $128.39 million, down from $168.61 million in the prior year. The decline in net income was attributed to increased funding costs, higher operating expenses, and a provision for credit losses of $21.14 million, primarily related to acquisitions.
The company completed two significant acquisitions in 2024: Community Financial Group, Inc. and its subsidiary Wheatland Bank, and six Montana branch banking offices from Rocky Mountain Bank. These acquisitions contributed to the increase in total assets and loans receivable.
Non-interest income for the third quarter of 2024 was $34.70 million, up from $30.24 million in the same period of 2023. However, total non-interest expense increased to $144.71 million from $129.58 million, driven by higher compensation and employee benefits, as well as acquisition-related expenses.
The efficiency ratio for the nine months ended September 30, 2024, was 68.98%, compared to 62.10% in the same period of 2023, reflecting rising non-interest expenses outpacing income growth. The company declared a cash dividend of $0.33 per share, marking its 158th consecutive regular dividend.
Overall, Glacier Bancorp's financial performance in the third quarter and year-to-date reflects a mix of growth from acquisitions and challenges from increased costs and provisions for credit losses.
About GLACIER BANCORP, INC.
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