Glacier Bancorp(GBCI) - 2024 Q4 - Annual Results

Financial Performance - Diluted earnings per share for Q4 2024 was $0.54, a 20% increase from Q3 2024 and a 10% increase from Q4 2023[1]. - Net income for Q4 2024 was $61.8 million, up $10.7 million or 21% from Q3 2024 and up $7.4 million or 14% from Q4 2023[1]. - Net income for the year 2024 was $190 million, a decrease of $32.8 million or 15% from 2023[2]. - Net income for the three months ended December 31, 2024, was $61,754 thousand, up 13.2% from $54,316 thousand in the same period of 2023[55]. Interest Income and Expenses - Net interest income for Q4 2024 was $191 million, an increase of $11.2 million or 6% from Q3 2024 and an increase of $25 million or 15% from Q4 2023[1]. - Interest income rose to $297 million, up $7.5 million, or 3 percent, from the prior quarter and $23.5 million, or 9 percent, year-over-year[24]. - Net interest income for 2024 was $705 million, an increase of $13 million, or 2%, compared to 2023, driven by a 12% increase in interest income to $1.140 billion[38]. - Interest expense rose to $435 million in 2024, up $109 million, or 34%, primarily due to higher interest rates on deposits and increased deposit balances[39]. Loan Portfolio - The loan portfolio increased to $17.262 billion, up $81 million or 2% annualized during Q4 2024[1]. - The loan portfolio increased by $81 million, or 2 percent annualized, to $17.262 billion at December 31, 2024, and increased by $1.064 billion, or 7 percent, from the prior year end[8]. - Total loans increased to $17,269,351 thousand for the three months ended December 31, 2024, up from $16,176,636 thousand in the same period of 2023, representing a growth of 6.75%[59]. - Total loans receivable increased to $17,261,849 thousand, a 7% increase from $16,198,082 thousand year-over-year[65]. Non-Interest Income and Expenses - Non-interest income totaled $31.5 million, a decrease of $3.2 million, or 9 percent, from the prior quarter, but an increase of $684 thousand, or 2 percent, year-over-year[28]. - Non-interest income increased to $128 million in 2024, up $10.4 million, or 9%, with a 38% increase in gains on the sale of residential loans[42]. - Total non-interest expense was $141 million, down $3.7 million, or 3 percent, from the prior quarter, and up $8.8 million, or 7 percent, year-over-year[30]. - Total non-interest expense for the year ended December 31, 2024, was $578,468 thousand, an increase of 9.7% from $527,358 thousand in 2023[55]. Asset and Equity Changes - Total assets as of December 31, 2024, were $27.903 billion, a slight increase from $27.743 billion in the prior year[53]. - The total stockholders' equity decreased by $21.196 million to $3.224 billion at December 31, 2024, compared to the prior quarter[19]. - Stockholders' equity grew to $3,222,565 thousand as of December 31, 2024, compared to $2,913,714 thousand in the previous year, an increase of 10.61%[59]. Credit Quality - Non-performing assets totaled $27.8 million at December 31, 2024, a decrease of $335 thousand, or 1 percent, from the prior quarter, and an increase of $2.2 million, or 8 percent, from the prior year[9]. - The allowance for credit losses increased to $206.041 million at December 31, 2024, representing 1.19 percent of total loans, unchanged from the prior year end[13]. - The provision for credit losses was $28.3 million in 2024, a significant increase of $13.5 million, or 91%, primarily due to acquisitions[43]. - The provision for credit losses for the three months ended December 31, 2024, was $8,534 thousand, significantly higher than $3,013 thousand in the same period of 2023[55]. Dividends - The company declared a quarterly dividend of $0.33 per share, marking 159 consecutive quarterly dividends[2]. - The company declared a quarterly cash dividend of $0.33 per share, marking the 159th consecutive regular dividend[21]. Efficiency and Tax Rates - The effective tax rate for the current quarter was 16.0 percent, compared to 17.9 percent in the prior quarter and 12.6 percent in the prior year fourth quarter[34]. - The efficiency ratio improved to 60.50 percent from 64.92 percent in the prior quarter, driven by increased net interest income and decreased non-interest expense[35]. - The efficiency ratio increased to 66.71% in 2024 from 62.85% in 2023, attributed to rising interest and non-interest expenses[46].