Glacier Bancorp Reports $190.1 Million Net Income, 15% Decrease for Fiscal Year 2024

Glacier Bancorp, Inc. reported a net income of $190.1 million for the fiscal year ending December 31, 2024, a decrease of 15% from the previous year's net income of $222.9 million. This decline was attributed to increased funding costs and operational expenses related to recent acquisitions, including Community Financial Group, Inc. and Rocky Mountain Bank branches. The company's diluted earnings per share fell to $1.68 from $2.01 in 2023. Despite these challenges, net interest income rose by 2% to $704.6 million, driven by higher interest income that outpaced the increase in interest expenses, which surged by 33.5% to $435.2 million.

In terms of operational metrics, Glacier Bancorp's total assets increased by 1% to $27.9 billion, primarily due to a 7% growth in the loan portfolio, which reached $17.3 billion. Total deposits also rose by 3% to $20.5 billion, bolstered by the acquisitions. The company maintained a strong credit quality profile, with non-performing assets totaling $27.8 million, slightly up from $25.6 million in the prior year. The allowance for credit losses stood at 1.19% of total loans, unchanged from the previous year, indicating a stable outlook on credit risk.

Strategically, Glacier Bancorp has focused on growth through acquisitions, completing two significant transactions in 2024. The acquisition of Wheatland Bank added $778 million in assets, while the Rocky Mountain Bank branches contributed $403 million. These acquisitions are expected to enhance the company's market presence in the Rocky Mountain and Western states. Additionally, the company announced plans to acquire Bank of Idaho Holding Co. in January 2025, which will further expand its footprint in Idaho.

The company employed 3,441 individuals as of December 31, 2024, an increase from 3,294 the previous year, reflecting the integration of new staff from the acquired entities. Glacier Bancorp operates 227 locations across eight states, including Montana, Idaho, and Utah, and continues to adapt to competitive pressures in the banking sector, particularly from online and non-traditional financial service providers. The company’s management remains optimistic about future performance, citing factors such as economic conditions, interest rate changes, and the successful integration of acquisitions as key determinants of growth.

Looking ahead, Glacier Bancorp anticipates that its performance will be influenced by various factors, including the economic landscape in its operating markets, interest rate fluctuations, and the competitive environment for deposits and loans. The company is committed to managing regulatory requirements and expenses while leveraging its recent acquisitions to drive future growth.