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Published on Monday, October 27, 2014

Glacier Bancorp Reports Quarterly Increase of $3.7 Million

Glacier Bancorp reported net income of $29.3 million for the current quarter, an increase of $3.7 million (14%) from the $25.6 million of net income for the prior year 3rd quarter.  Net income for the 9 months ended Sept. 30, 2014 was $84.7 million, an increase of $15.6 million (23%) from the $69.1 million of net income for the same period the prior year.  “It was another strong quarter driven by a nice increase to top-line revenue,” said CEO Mick Blodnick.  “As we continue to change the mix of our balance sheet by increasing loans and decreasing investments, revenue in the form of interest income has clearly improved.  Hopefully this trend continues,” Blodnick said.  Loan growth was led by Citizens Community Bank in southeast Idaho but overall, all divisions are contributing.  Provision expense was $1.7 million for the 1st 9 months of 2014 versus $5.1 million for the similar period in 2013.  The allowance for loan losses equaled $130.4 million, or 2.93% of total loans.  During the quarter, ORE increased $2.0 million to $28.4 million while nonperforming loans decreased $6.4 million to $69.7 million.  Glacier hopes to have Blodnick’s successor identified by the end of the 2nd quarter next year.

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Author: Smillie, Monica

Categories: Montana Banking

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