Glacier Bancorp(US:GBCI)2026-01-22 21:46Financial Performance - The company reported net income of $63.8 million for Q4 2025, a decrease of $4.1 million, or 6%, from Q3 2025, but an increase of $2.0 million, or 3%, from Q4 2024[1]. - Diluted earnings per share for Q4 2025 was $0.49, a decrease of $0.08 per share, or 14%, from Q3 2025, and a decrease of $0.05 per share, or 9%, from Q4 2024[1]. - For the year 2025, net income was $239 million, an increase of $48.9 million, or 26%, from the prior year[2]. - The effective tax rate for the current quarter was 16.4 percent, down from 20.4 percent in the prior quarter, reflecting a decrease in pre-tax income[35]. - Net income for the year ended December 31, 2025, was $239.03 million, up 25.7% from $190.14 million in 2024[55]. Asset and Deposit Growth - The company's total assets exceeded $30 billion, ending the year at $31.978 billion[1]. - Total deposits reached $24.591 billion at December 31, 2025, an increase of $2.720 billion, or 12%, from the prior quarter[1]. - Total assets increased to $31.98 billion as of December 31, 2025, up from $29.02 billion in the previous quarter, representing a 10.1% increase year-over-year[53]. - Total liabilities increased to $27.76 billion, up from $24.68 billion year-over-year, reflecting a 12.4% growth[53]. - Total stockholders' equity increased to $4.21 billion, a 30.8% increase from $3.22 billion in the previous year[53]. Loan Portfolio - The loan portfolio increased to $20.928 billion at December 31, 2025, an increase of $2.137 billion, or 11%, from the prior quarter[1]. - Total loans receivable reached $20.93 billion, an increase of 21.5% from $17.26 billion year-over-year[53]. - Total loans increased to $20,988,722 thousand for the three months ended December 31, 2025, up from $18,678,194 thousand in the previous quarter, representing a growth of 12.5%[57]. - The average yield on total loans improved to 6.09% for the three months ended December 31, 2025, compared to 5.97% in the previous quarter[57]. - The average yield on total loans increased to 5.93% in 2025 from 5.61% in 2024, indicating improved loan performance and interest income generation[63]. Interest Income and Margin - Net interest income for Q4 2025 was $266 million, an increase of $40.7 million, or 18%, from Q3 2025, and an increase of $74.6 million, or 39%, from Q4 2024[1]. - Interest income reached $373 million, up $47.8 million, or 15%, from the prior quarter and $75.8 million, or 26%, from the prior year fourth quarter, attributed to higher loan yields[27]. - The net interest margin for Q4 2025 was 3.58%, an increase of 19 basis points from Q3 2025 and an increase of 61 basis points from Q4 2024[1]. - The net interest margin (tax-equivalent) improved to 3.32% in 2025 from 2.77% in 2024, showcasing enhanced profitability from earning assets[63]. - The net interest margin (tax-equivalent) improved to 3.58% for the three months ended December 31, 2025, compared to 3.39% in the previous quarter[57]. Non-Interest Income and Expenses - Non-interest income totaled $40.4 million, a rise of $5.1 million, or 14%, from the prior quarter and $8.9 million, or 28%, from the prior year fourth quarter[30]. - Total non-interest expense was $195 million, an increase of $26.8 million, or 16%, from the prior quarter and $53.6 million, or 38%, from the prior year fourth quarter, primarily due to acquisition-related costs[31]. - Total non-interest income totaled $141 million for 2025, a 10% increase from the prior year, with service charges and fees contributing $85.1 million, up 8%[43]. - Total non-interest expense was $669 million for 2025, an increase of $90.3 million, or 16%, primarily due to costs associated with recent acquisitions[44]. Credit Quality and Allowance for Losses - Non-performing assets were $68.9 million, increasing by $14.6 million, or 27 percent, over the prior quarter and $41.1 million, or 148 percent, over the prior year end[11]. - The allowance for credit losses increased to $255.3 million, representing 1.22 percent of total loans, compared to 1.19 percent at December 31, 2024[11]. - The provision for credit losses for the current quarter was $35.7 million, including $25.6 million on loans and $1.6 million on unfunded loan commitments[13]. - Provision for credit losses rose to $35.66 million in Q4 2025, compared to $8.53 million in Q4 2024, indicating increased caution in credit risk management[55]. - The provision for credit losses was $71.4 million for 2025, an increase of $43.1 million, or 152%, largely due to acquisitions[45]. Acquisitions - The company completed the acquisition of Guaranty Bancshares, Inc. on October 1, 2025, which had total assets of $3.357 billion[1][5]. - The company also completed the acquisition of Bank of Idaho Holding Co. on April 30, 2025, which had total assets of $1.364 billion[6]. Future Outlook and Risks - The company anticipates potential risks from changes in economic conditions, regulatory changes, and competition that could impact future performance[48]. - A conference call for investors is scheduled for January 23, 2026, to discuss further details and outlook[50].