Glacier Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 09:30 pm
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Glacier Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2016. For the quarter, the company reported net interest income of $80,545,000 against $75,996,000 a year ago. Income before income taxes was $40,703,000 against $37,849,000 a year ago. Net income was $31,041,000 or $0.41 basic and diluted per share against $29,508,000 or $0.39 basic and diluted per share a year ago. Book value per common share was $14.59 against $14.15 a year ago. Tangible book value per common share was $12.51 against $12.11 a year ago. Return on average assets (annualized) was 1.33% against 1.32% a year ago. Return on average equity (annualized) was 10.82% against 10.66% a year ago.
For the fourth quarter, the company reported net interest income of $314,522,000 against $290,406,000 a year ago. Income before income taxes was $160,793,000 against $150,126,000 a year ago. Net income was $121,131,000 or $1.59 basic and diluted per share against $116,127,000 or $1.54 basic and diluted per share a year ago. Return on average assets (annualized) was 1.32% against 1.36% a year ago. Return on average equity (annualized) was 10.79% against 10.84% a year ago.
Net charge-offs for the current quarter were $4.1 million compared to $478 thousand for the prior quarter and $1.5 million from the same quarter last year. The quarterly net charge-offs continue to experience a fair amount of volatility on a quarterly basis.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions. The Company provides a range of banking services to individuals and businesses from 221 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada through its wholly owned bank subsidiary, Glacier Bank (Bank). It offers a range of banking products and services, including retail banking, business banking, real estate, commercial, agriculture and consumer loans, and mortgage origination and loan servicing. It serves individuals, small to medium-sized businesses, community organizations and public entities. Its bank divisions include Glacier Bank (Kalispell, Montana), First Security Bank of Missoula (Missoula, Montana), Valley Bank of Helena (Helena, Montana), First Security Bank (Bozeman, Montana), Western Security Bank (Billings, Montana), First Bank of Montana (Lewistown, Montana), First Community Bank Utah (Layton, Utah), Mountain West Bank (Coeur dâAlene, Idaho) and others.
Glacier Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016