Glacier Bancorp(US:GBCI)2023-07-31 16:00Financial Performance - Net income for the three months ended June 30, 2023, was $54.96 million, a decrease of 28.06% from $76.39 million in the same period of 2022[10] - For the six months ended June 30, 2023, net income was $116.166 million, a decrease of 19.5% compared to $144.187 million for the same period in 2022[18] - Basic earnings per share for the three months ended June 30, 2023, was $0.50, down from $0.69 in the same period of 2022[10] - Basic earnings per share for Q2 2023 was $0.50, down from $0.69 in Q2 2022, a decrease of 27.54%[10] - Total non-interest income for the six months ended June 30, 2023, was $56.97 million, a decrease of 8.93% from $61.84 million in the first half of 2022[10] Assets and Liabilities - Total assets increased to $27.53 billion as of June 30, 2023, compared to $26.64 billion at the end of 2022, reflecting a growth of approximately 3.34%[9] - Total liabilities increased to $24.60 billion as of June 30, 2023, from $23.79 billion at the end of 2022, marking a growth of approximately 3.39%[9] - The company’s total stockholders' equity increased to $2.926 billion as of June 30, 2023, from $2.896 billion at the end of June 2022[16] - The company’s cash, cash equivalents, and restricted cash at the end of the period were $1.051 billion, compared to $415.406 million at the end of June 2022[19] Income and Expenses - Total interest income rose to $247.37 million for the three months ended June 30, 2023, up 23.88% from $199.64 million in the prior year[10] - Total non-interest expense for the six months ended June 30, 2023, was $265.59 million, an increase of 2.93% from $259.83 million in the same period of 2022[10] - The company reported a net cash used in investing activities of $282.796 million for the six months ended June 30, 2023, compared to $1.175 billion in the same period of 2022[19] Credit Losses - The provision for credit losses was $2.77 million for the three months ended June 30, 2023, compared to a benefit of $1.53 million in the same period of 2022[10] - The provision for credit losses increased to $8.243 million for the six months ended June 30, 2023, from $5.498 million in the same period of 2022[18] - The allowance for credit losses increased to $189.39 million as of June 30, 2023, from $182.28 million at the end of 2022[9] Cash Flow - The company reported a net cash provided by operating activities of $219.527 million for the six months ended June 30, 2023, compared to $216.666 million for the same period in 2022[18] - The company experienced a net cash increase of $649.325 million in cash, cash equivalents, and restricted cash by the end of June 2023, compared to a decrease of $22.280 million in the same period last year[19] Securities and Investments - The fair value of available-for-sale debt securities as of June 30, 2023, had a fair value of $4,999,820,000, with gross unrealized losses amounting to $575,739,000[93] - The total held-to-maturity debt securities as of June 30, 2023, had a fair value of $3,212,962,000, with gross unrealized losses of $396,931,000[93] - The Company has designated certain acquired debt securities as purchased credit-deteriorated (PCD) securities, impacting their initial amortized cost basis[32] Loan Performance - Loans receivable increased to $15,954,962,000 as of June 30, 2023, compared to $15,246,812,000 at the end of 2022[111] - The performance of loans modified in the last twelve months showed a total of $11,891,000, with $5,051,000 past due and $1,703,000 in non-accrual status[122] - As of June 30, 2023, total past due and non-accrual loans amounted to $56,833,000, with $3,684,000 in residential, $40,325,000 in commercial real estate, and $4,502,000 in other consumer loans[116] Regulatory and Accounting Changes - The company adopted FASB ASU 2022-02 on January 1, 2023, which eliminated the accounting guidance for troubled debt restructurings and enhanced disclosure requirements for loan modifications[61] - The Company has transitioned all LIBOR-based products to another index as LIBOR ceased publication after June 30, 2023, with no material impact on financial results[91]