Exhibit 99.1
Glacier Bancorp, Inc. Earnings for Quarter and
Six Months Ended June 30, 2005
| HIGHLIGHTS: | |
| – | Net earnings for the quarter were a record $13.090 million, up 22 percent from last year’s quarter. |
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| – | Net earnings year-to-date of $24.610 million, up 15 percent from the same period last year. |
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| – | Diluted quarterly earnings per share of $.41, up 17 percent from last year’s quarter. |
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| – | Diluted earnings per share of $.78, up 13 percent from last year-to- date. |
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| – | Loans outstanding increased $427 million, or 25 percent, since December 31, 2004. |
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| – | Non-interest bearing deposits increased $171 million, or 37 percent during 2005. |
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| – | Cash dividend of $.15 declared, which is an increase of 7 percent over the prior year’s quarter. |
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| – | Acquisition of First National Bank-West, Evanston, Wyoming completed as of February 28, 2005. |
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| – | Acquisition of Citizens Community Bank, Pocatello, Idaho completed as of April 1, 2005. |
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| – | Acquisition of the Bonners Ferry, Idaho branch of Zions Bank completed as of May 20, 2005. |
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| – | Announced agreement to acquire Thompson Falls Holding Co. and its subsidiary First State Bank. |
KALISPELL, Mont., July 28 /PRNewswire-FirstCall/ --
Earnings Summary
(Unaudited - $ in thousands, except per share data)
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| Three months |
| Six months |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
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Net earnings |
| $ | 13,090 |
| $ | 10,763 |
| $ | 24,610 |
| $ | 21,373 |
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Diluted earnings per share |
| $ | 0.41 |
| $ | 0.35 |
| $ | 0.78 |
| $ | 0.69 |
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Return on average assets (annualized) |
|
| 1.52 | % |
| 1.51 | % |
| 1.51 | % |
| 1.53 | % |
Return on average equity (annualized) |
|
| 18.03 | % |
| 17.60 | % |
| 17.56 | % |
| 17.54 | % |
Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net quarterly earnings of $13.090 million, an increase of $2.3 million, or 22 percent, over the $10.763 million for the second quarter of 2004. Diluted earnings per share for the quarter of $.41, is an increase of 17 percent over the per share earnings of $.35 for the same quarter of 2004. “This was the strongest quarter and six month results Glacier Bancorp, Inc. has ever achieved. What makes it even more rewarding is the challenging interest rate environment we have been operating under,” said Mick Blodnick, President and Chief Executive Officer, “We continue to experience strong loan demand and our focus on generating low cost deposits continues to help our margin.” Return on average assets and return on average equity for the quarter were 1.52 percent and 18.03 percent, respectively, which compares with prior year returns for the second quarter of 1.51 percent and 17.60 percent.
Net earnings for the six months ended June 30, 2005 were $24.610 million, which is an increase of $3.237 million, or 15 percent over the prior year. Diluted earnings per share of $.78 is an increase of 13 percent over the $.69 earned in the first six months of 2004. The 2005 six month return on average assets and return on average equity was 1.51 percent and 17.56 percent, respectively, which compares with the prior year six month returns of 1.53 percent and 17.54 percent.
The results of operations and financial condition include the acquisitions from the completion dates forward. The following table provides information on selected classifications of assets and liabilities acquired:
(Unaudited - $ in thousands)
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| Total |
| First |
| Citizens |
| Bonners |
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Total assets |
| $ | 417,388 |
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| 267,126 |
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| 126,394 |
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| 23,868 |
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Investments |
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| 132,649 |
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| 124,733 |
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| 7,916 |
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| — |
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Net loans |
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| 181,965 |
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| 87,678 |
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| 89,240 |
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| 5,047 |
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Non-interest bearing deposits |
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| 126,915 |
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| 95,053 |
|
| 25,789 |
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| 6,073 |
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Interest bearing deposits |
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| 222,482 |
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| 129,697 |
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| 75,008 |
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| 17,777 |
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Assets (Unaudited - $ in thousands)
|
| June 30, |
| Dec. 31, |
| June 30, |
| $ change |
| $ change |
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Cash on hand and in banks |
| $ | 109,402 |
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| 79,300 |
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| 69,848 |
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| 30,102 |
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| 39,554 |
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Investments, interest bearing deposits, |
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FHLB stock, FRB stock, and Fed Funds |
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| 1,114,334 |
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| 1,098,633 |
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| 1,148,900 |
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| 15,701 |
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| (34,566 | ) |
Loans: |
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Real estate |
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| 505,296 |
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| 393,141 |
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| 339,945 |
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| 112,155 |
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| 165,351 |
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Commercial |
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| 1,215,919 |
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| 991,081 |
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| 934,100 |
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| 224,838 |
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| 281,819 |
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Consumer |
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| 433,900 |
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| 344,075 |
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| 322,345 |
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| 89,825 |
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| 111,555 |
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Total loans |
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| 2,155,115 |
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| 1,728,297 |
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| 1,596,390 |
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| 426,818 |
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| 558,725 |
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Allowance for loan losses |
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| (32,917 | ) |
| (26,492 | ) |
| (25,146 | ) |
| (6,425 | ) |
| (7,771 | ) |
Total loans net of allowance for losses |
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| 2,122,198 |
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| 1,701,805 |
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| 1,571,244 |
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| 420,393 |
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| 550,954 |
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Other assets |
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| 186,001 |
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| 130,999 |
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| 125,917 |
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| 55,002 |
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| 60,084 |
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Total Assets |
| $ | 3,531,935 |
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| 3,010,737 |
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| 2,915,909 |
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| 521,198 |
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| 616,026 |
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At June 30, 2005 total assets were $3.532 billion, which is $616 million greater than the June 30, 2004 assets of $2.916 billion, an increase of 21 percent, and $521 million greater than at December 31, 2004, an increase of
17 percent. Without $417 million in assets acquired in acquisitions, total assets are up $199 million from a year ago, or 7 percent, and $104 million, or 3 percent from year end 2004.
Total loans have increased $559 million from June 30, 2004, or 35 percent, with the growth occurring in all loan categories. Commercial loans have increased $282 million, or 30 percent, real estate loans gained $165 million, or 49 percent, and consumer loans grew by $112 million, or 35 percent. Acquisitions added $182 million of the total with internal growth contributing $377 million, a 24 percent increase.
Loan volume continues to be very strong with internal loan growth of $245 million since December 31, 2004, or 14 percent. Including loans acquired, commercial loans are up by $225 million, or 23 percent, real estate loans increased by $112 million, or 29 percent, and consumer loans gained $90 million, or 26 percent. “Loan production during the second quarter continued at the record pace established in the first quarter,” Blodnick said, “The growth in loans has increased the rates on our earning asset by reducing our reliance on investment securities to generate interest income.”
Investment securities, including interest bearing deposits in other financial institutions, and federal funds sold, have decreased $35 million from June 30, 2004. Without the acquisitions, investments would have declined $167 million, or 15 percent, from June 30, 2004. Cash flow from investment pay downs is now being used to fund the significant growth in loans.
Liabilities (Unaudited - $ in thousands)
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| June 30, |
| Dec. 31, |
| June 30, |
| $ change |
| $ change |
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Non-interest bearing deposits |
| $ | 630,983 |
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| 460,059 |
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| 402,337 |
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| 170,924 |
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| 228,646 |
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Interest bearing deposits |
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| 1,576,872 |
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| 1,269,649 |
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| 1,233,418 |
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| 307,223 |
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| 343,454 |
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Advances from Federal Home Loan Bank |
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| 804,047 |
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| 818,933 |
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| 848,770 |
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| (14,886 | ) |
| (44,723 | ) |
Securities sold under agreements to repurchase and other borrowed funds |
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| 100,811 |
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| 81,215 |
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| 86,319 |
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| 19,596 |
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| 14,492 |
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Other liabilities |
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| 36,463 |
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| 30,697 |
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| 23,001 |
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| 5,766 |
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| 13,462 |
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Subordinated debentures |
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| 85,000 |
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| 80,000 |
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| 80,000 |
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| 5,000 |
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| 5,000 |
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Total liabilities |
| $ | 3,234,176 |
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| 2,740,553 |
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| 2,673,845 |
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| 493,623 |
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| 560,331 |
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Non-interest bearing deposits have increased $229 million, or 57 percent, since June 30, 2004. Without acquisitions the increase was $102 million, or 25 percent. Since December 31, 2004 the increase was $171 million, and without acquisitions $44 million, or 10 percent. This continues to be a primary focus of our banks and the programs we have initiated this past year continue to gain momentum. Interest bearing deposits have increased $343 million from June 30, 2004 with $222 million from the acquisitions. Since December 31, 2004, without acquisitions, interest bearing deposits increased $85 million. This growth in deposits, a low cost stable funding source, gives us increased flexibility in managing our asset mix. Federal Home Loan Bank advances decreased $45 million, and repurchase agreements and other borrowed funds increased $14 million from June 30, 2004. Since December 31, 2004 Federal Home Loan Bank advances declined $15 million, and repurchase agreements and other borrowed funds increased $20 million.
Stockholders’ equity
(Unaudited - $ in thousands except per share data)
|
| June 30, |
| Dec. 31, |
| June 30, |
| $ change |
| $ change |
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Common equity |
| $ | 291,062 |
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| 264,250 |
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| 246,667 |
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| 26,812 |
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| 44,395 |
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Accumulated other comprehensive income (loss) |
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| 6,697 |
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| 5,934 |
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| (4,603 | ) |
| 763 |
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| 11,300 |
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Total stockholders’ equity |
| $ | 297,759 |
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| 270,184 |
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| 242,064 |
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| 27,575 |
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| 55,695 |
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Stockholders’ equity to total assets |
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| 8.43 | % |
| 8.97 | % |
| 8.30 | % |
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Book value per common share |
| $ | 9.53 |
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| 8.80 |
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| 7.92 |
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| 0.73 |
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| 1.61 |
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Market price per share at end of quarter |
| $ | 26.13 |
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| 27.23 |
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| 22.54 |
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| (1.10 | ) |
| 3.59 |
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Total equity and book value per share amounts have increased substantially from June 30, 2004 and from year end 2004, primarily the result of earnings retention, and stock options exercised. Accumulated other comprehensive income, representing net unrealized gains on securities available for sale, increased $11 million from June 30, 2004 and $763 thousand from year end 2004, primarily a function of interest rate changes.
Operating Results for Three Months Ended June 30, 2005 Compared to June 30, 2004
Operating results include amounts resulting from the acquisitions from the acquisition date forward.
Revenue summary
(Unaudited - $ in thousands)
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| Three months ended June 30, |
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| 2005 |
| 2004 |
| $ change |
| % change |
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Net interest income |
| $ | 32,087 |
| $ | 25,779 |
| $ | 6,308 |
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| 24 | % |
Non-interest income |
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Service charges, loan fees, and other fees |
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| 7,850 |
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| 6,322 |
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| 1,528 |
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| 24 | % |
Gain on sale of loans |
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| 2,884 |
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| 2,026 |
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| 858 |
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| 42 | % |
Loss on sale of investments |
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| (107 | ) |
| — |
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| (107 | ) |
| n/m |
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Other income |
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| 886 |
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| 500 |
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| 386 |
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| 77 | % |
Total non-interest income |
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| 11,513 |
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| 8,848 |
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| 2,665 |
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| 30 | % |
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| $ | 43,600 |
| $ | 34,627 |
| $ | 8,973 |
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| 26 | % |
Tax equivalent net interest margin |
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| 4.12 | % |
| 4.04 | % |
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Net Interest Income
Net interest income for the quarter increased $6.308 million, or 24 percent, over the same period in 2004, and $3.631 million from the first quarter of 2005. Total interest income increased $11.104 million, or 31 percent, while total interest expense was $4.796 million, or 50 percent higher. The increase in interest expense is primarily attributable to the volume increase in interest bearing liabilities, and increases in short term interest rates during 2004 and 2005. The Federal Reserve Bank has increased targeted fed funds rates nine times, 225 basis points, in the last twelve months. The net interest margin as a percentage of earning assets, on a tax equivalent basis, was 4.12 percent which was higher then the 4.04 percent result for the second quarter of 2004. The margin for the second quarter also increased from the 4.08 percent experienced for the first quarter of 2005. The second quarter interest margin was reduced by not receiving FHLB dividends for the 2005 quarter. FHLB dividends received were $444 thousand less than the same quarter last year.
Non-interest Income
Fee income increased $1.528 million, or 24 percent, over the same period last year, driven primarily by an increased number of loan and deposit accounts, acquisitions, and additional customer services offered. Gain on sale of loans increased $858 thousand from the second quarter of last year. Loan origination activity for housing construction and purchases remains strong in our markets and has offset much of the reduction in refinance activity experienced last year. Other income was $386 thousand higher than the second quarter of 2004 of which $220 thousand was from the sale of property held for future expansion that was no longer needed.
Non-interest expense summary
(Unaudited - $ in thousands)
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| Three months ended June 30, |
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| 2005 |
| 2004 |
| $ change |
| % change |
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Compensation and employee benefits |
| $ | 12,474 |
| $ | 9,851 |
| $ | 2,623 |
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| 27 | % |
Occupancy and equipment expense |
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| 3,152 |
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| 2,733 |
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| 419 |
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| 15 | % |
Outsourced data processing |
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| 423 |
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| 368 |
|
| 55 |
|
| 15 | % |
Core deposit intangibles amortization |
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| 384 |
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| 251 |
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| 133 |
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| 53 | % |
Other expenses |
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| 6,043 |
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| 4,805 |
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| 1,238 |
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| 26 | % |
Total non-interest expense |
| $ | 22,476 |
| $ | 18,008 |
| $ | 4,468 |
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| 25 | % |
Non-interest Expense
Non-interest expense increased by $4.468 million, or 25 percent, from the same quarter of 2004. Compensation and benefit expense increased $2.623 million, or 27 percent from the second quarter of 2004, with acquisitions, additional bank branches, normal compensation increases for job performance and increased cost for benefits accounting for the majority of the increase. The number of full-time-equivalent employees has increased from 842 to 1057, a 26 percent increase, since June 30, 2004. Occupancy and equipment expense increased $419 thousand, or 15 percent, reflecting the acquisitions, cost of additional locations and facility upgrades. Other expenses increased $1.238 million, or 26 percent, primarily from acquisitions, audit costs from compliance with Sarbanes-Oxley rules, additional marketing expenses, and costs associated with new branch offices. The efficiency ratio (non-interest expense/net interest income + non-interest income) remained at 52 percent for the 2005 quarter, the same as 2004.
Credit quality information
(Unaudited - $ in thousands)
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| June 30, |
| December 31, |
| June 30, |
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Allowance for loan losses |
| $ | 32,917 |
| $ | 26,492 |
| $ | 25,146 |
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Non-performing assets |
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| 8,093 |
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| 9,608 |
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| 10,654 |
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Allowance as a percentage of non performing assets |
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| 407 | % |
| 276 | % |
| 236 | % |
Non-performing assets as a percentage of total assets |
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| 0.23 | % |
| 0.32 | % |
| 0.37 | % |
Allowance as a percentage of total loans |
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| 1.53 | % |
| 1.53 | % |
| 1.58 | % |
Net charge-offs as a percentage of loans |
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| 0.021 | % |
| 0.098 | % |
| 0.040 | % |
Allowance for Loan Loss and Non-Performing Assets
Non-performing assets as a percentage of total assets at June 30, 2005 were at .23 percent, a decrease from .37 percent at June 30, 2004 and .32 percent at December 31, 2004. This compares favorably to the Federal Reserve Bank Peer Group average of .45 percent at March 31, 2004, the most recent information available. The allowance for loan losses was 407 percent of non-performing assets at June 30, 2005, compared to 236 percent a year ago. “Credit quality continues to improve with our ratio of non-performing assets at the lowest level since 2000, and loans past due more than 30 days at a very low .69 percent of total loans”, said Blodnick. “We are pleased with the results but continue to be diligent in maintaining a quality portfolio of loans”. The allowance, including $3.834 million from acquisitions, has increased $7.771 million, or 31 percent, from a year ago. The allowance of $32.917 million, is 1.53 percent of June 30, 2005 total loans outstanding, down slightly from the 1.58 percent a year ago. The second quarter provision for loan losses expense was $1.552 million, an increase of $587 thousand from the same quarter in 2004. The additional expense relates to the continuing growth in the number and average size of loans.
Operating Results for Six Months Ended June 30, 2005 Compared to June 30, 2004
Revenue summary
(Unaudited - $ in thousands)
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| Six months ended June 30, |
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| 2005 |
| 2004 |
| $ change |
| % change |
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Net interest income |
| $ | 60,543 |
| $ | 52,168 |
| $ | 8,375 |
|
| 16 | % |
Non-interest income |
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Service charges, loan fees, and other fees |
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| 14,332 |
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| 11,414 |
|
| 2,918 |
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| 26 | % |
Gain on sale of loans |
|
| 4,976 |
|
| 3,797 |
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| 1,179 |
|
| 31 | % |
Loss on sale of investments |
|
| (137 | ) |
| — |
|
| (137 | ) |
| n/m |
|
Other income |
|
| 1,450 |
|
| 1,048 |
|
| 402 |
|
| 38 | % |
Total non-interest income |
|
| 20,621 |
|
| 16,259 |
|
| 4,362 |
|
| 27 | % |
|
| $ | 81,164 |
| $ | 68,427 |
| $ | 12,737 |
|
| 19 | % |
Tax equivalent net interest margin |
|
| 4.10 | % |
| 4.17 | % |
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Net Interest Income
Net interest income for the six months increased $8.375 million, or 16 percent, over the same period in 2004. Total interest income increased $16.146 million, or 23 percent, while total interest expense was $7.771 million, or 41 percent higher. The increase in interest expense is primarily attributable to the volume increase in interest bearing liabilities, and increases in short term interest rates during 2004 and 2005. The net interest margin as a percentage of earning assets, on a tax equivalent basis, was 4.10 percent which was lower then the 4.17 percent result for the same six months of 2004. The interest margin was reduced by lower FHLB dividends in 2005. FHLB dividends received were $699 thousand less than the same period last year.
Non-interest Income
Total non-interest income increased $4.362 million, or 27 percent in 2005. Fee income increased $2.918 million, or 26 percent, over the same period last year, driven primarily by an increased number of loan and deposit accounts, acquisitions, and additional customer product and services offered. Gain on sale of loans increased $1.179 million, or 31 percent, from the first six months of last year. Loan origination activity for housing construction and purchases remains strong in our markets and has offset much of the reduction in refinance activity experienced last year. “Through six months we are on pace to eclipse our previous record for mortgage originations set in 2003,” Blodnick said. Other income was $402 higher than 2004 of which $220 was from the sale of property held for future expansion that was no longer needed, and the remainder from various volume increases.
Non-interest expense summary
(Unaudited - $ in thousands)
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| Six months ended June 30, |
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| 2005 |
| 2004 |
| $ change |
| % change |
| ||||
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Compensation and employee benefits |
| $ | 23,418 |
| $ | 19,657 |
| $ | 3,761 |
|
| 19 | % |
Occupancy and equipment expense |
|
| 6,007 |
|
| 5,364 |
|
| 643 |
|
| 12 | % |
Outsourced data processing |
|
| 655 |
|
| 781 |
|
| (126 | ) |
| -16 | % |
Core deposit intangibles amortization |
|
| 667 |
|
| 545 |
|
| 122 |
|
| 22 | % |
Other expenses |
|
| 10,803 |
|
| 9,087 |
|
| 1,716 |
|
| 19 | % |
Total non-interest expense |
| $ | 41,550 |
| $ | 35,434 |
| $ | 6,116 |
|
| 17 | % |
Non-interest Expense
Non-interest expense increased by $6.116 million, or 17 percent, from the same six months of 2004. Compensation and benefit expense increased $3.761 million, or 19 percent from the prior year, with acquisitions, additional bank branches, normal compensation increases for job performance and increased cost for benefits accounting for the majority of the increase. Occupancy and equipment expense increased $643 thousand, or 12 percent, reflecting the acquisitions, cost of additional locations and facility upgrades. Other expenses increased $1.716 million, or 19 percent, primarily from acquisitions, audit costs from compliance with Sarbanes-Oxley rules, additional marketing expenses, and costs associated with new branch offices. The efficiency ratio (non-interest expense/net interest income + non-interest income) improved to 51 percent from 52 percent for the first six months of 2005.
Allowance for Loan Loss and Non-Performing Assets
The provision expense for loan losses was $3.042 million for the first six months of 2005, an increase of $1.247 million, or 69 percent, from the same period in 2004. Net charge offs of $452 thousand during the first six months were .021 percent of loans outstanding, or .042 percent annualized, which is substantially lower than the full year 2004 percentage of .098.
Cash dividend
On June 29, 2005, the board of directors declared a cash dividend of $.15 payable July 21, 2005 to shareholders of record on July 12, 2005. This is an increase of 7 percent over the dividend declared this quarter last year.
Completed acquisitions
The acquisition of First National Bank-West Co., a bank holding company for First National Bank-West, Evanston, Wyoming was completed as of the close of business February 28, 2005. This bank has seven locations in western Wyoming and became the eighth subsidiary bank of the Company and the first to be located in the state of Wyoming.
The acquisition of Citizens Bank Holding Company and its subsidiary bank Citizens Community Bank, Pocatello, Idaho, with assets of approximately $126 million, was completed as of close of business March 31, 2005. This bank operates from three banking offices in Pocatello and Idaho Falls, and a loan production office in Rexburg, Idaho. As of April 1, 2005 this bank became the ninth subsidiary bank of the Company.
Mountain West Bank of Coeur d’Alene completed the purchase of the Zions First National Bank Bonners Ferry, Idaho branch with total deposits of approximately $23 million on May 20, 2005.
Announced acquisitions
On July 14, 2005 the Company announced the signing of a definitive agreement to acquire Thompson Falls Holding Co. and its subsidiary First State Bank with banking offices in Thompson Falls, Plains, and Dillon, Montana. First State Bank, with total assets of approximately $156 million, will merge into Glacier Bancorp, Inc. subsidiary First Security Bank of Missoula.
Headquartered in Kalispell, Montana, Glacier Bancorp, Inc. conducts business from Glacier Bank of Kalispell, First Security Bank of Missoula, Glacier Bank of Whitefish, Valley Bank of Helena, Big Sky Western Bank of Bozeman, Western Security Bank of Billings, all located in Montana, Mountain West Bank located in Idaho with two branches in Utah and two in Washington, First National Bank - West, Evanston, Wyoming, and Citizens Community Bank Pocatello, Idaho.
This news release includes forward looking statements, which describe management’s expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of the Company’ style of banking and the strength of the local economies in which it operates. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in the Company’s public filings, factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, the following possibilities: (1) local, national and international economic conditions are less favorable than expected or have a more direct and pronounced effect on the Company than expected and adversely affect the company’s ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new banks and/or branches are lower than expected; (4) costs or difficulties related to the integration of acquisitions are greater than expected; (5) competitive pressure among financial institutions increases significantly; (6) legislation or regulatory requirements or changes adversely affect the businesses in which the Company is engaged.
Visit our website at www.glacierbancorp.com
GLACIER BANCORP, INC.
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
($ in thousands except per share data)
|
| June 30, |
| December 31, |
| June 30, |
| |||
|
|
|
|
| ||||||
|
| (unaudited) |
|
|
|
| (unaudited) |
| ||
Assets: |
|
|
|
|
|
|
|
|
|
|
Cash on hand and in banks |
| $ | 109,402 |
|
| 79,300 |
|
| 69,848 |
|
Federal funds sold |
|
| 10,576 |
|
| — |
|
| — |
|
Interest bearing cash deposits |
|
| 19,657 |
|
| 13,007 |
|
| 13,302 |
|
Investment securities, available-for-sale |
|
| 1,084,101 |
|
| 1,085,626 |
|
| 1,135,598 |
|
Net loans receivable: |
|
|
|
|
|
|
|
|
|
|
Real estate loans |
|
| 505,296 |
|
| 393,141 |
|
| 339,945 |
|
Commercial Loans |
|
| 1,215,919 |
|
| 991,081 |
|
| 934,100 |
|
Consumer and other loans |
|
| 433,900 |
|
| 344,075 |
|
| 322,345 |
|
Allowance for losses |
|
| (32,917 | ) |
| (26,492 | ) |
| (25,146 | ) |
Total Loans, net |
|
| 2,122,198 |
|
| 1,701,805 |
|
| 1,571,244 |
|
Premises and equipment, net |
|
| 69,280 |
|
| 55,732 |
|
| 53,037 |
|
Real estate and other assets owned, net |
|
| 2,319 |
|
| 2,016 |
|
| 448 |
|
Accrued interest receivable |
|
| 17,820 |
|
| 15,637 |
|
| 15,480 |
|
Core deposit intangible, net |
|
| 7,904 |
|
| 4,939 |
|
| 5,468 |
|
Goodwill |
|
| 72,382 |
|
| 37,376 |
|
| 37,375 |
|
Other assets |
|
| 16,296 |
|
| 15,299 |
|
| 14,109 |
|
|
| $ | 3,531,935 |
|
| 3,010,737 |
|
| 2,915,909 |
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
| $ | 630,983 |
|
| 460,059 |
|
| 402,337 |
|
Interest bearing deposits |
|
| 1,576,872 |
|
| 1,269,649 |
|
| 1,233,418 |
|
Advances from Federal Home Loan Bank of Seattle |
|
| 804,047 |
|
| 818,933 |
|
| 848,770 |
|
Securities sold under agreements to repurchase |
|
| 95,235 |
|
| 76,158 |
|
| 72,268 |
|
Other borrowed funds |
|
| 5,576 |
|
| 5,057 |
|
| 14,051 |
|
Accrued interest payable |
|
| 6,574 |
|
| 4,864 |
|
| 5,667 |
|
Deferred tax liability |
|
| 9,262 |
|
| 8,392 |
|
| 128 |
|
Subordinated debentures |
|
| 85,000 |
|
| 80,000 |
|
| 80,000 |
|
Other liabilities |
|
| 20,627 |
|
| 17,441 |
|
| 17,206 |
|
Total liabilities |
|
| 3,234,176 |
|
| 2,740,553 |
|
| 2,673,845 |
|
Preferred shares, 1,000,000 shares authorized. |
|
|
|
|
|
|
|
|
|
|
None outstanding |
|
| — |
|
| — |
|
| — |
|
Common stock, $.01 par value per share. 62,500,000 shares authorized |
|
| 313 |
|
| 307 |
|
| 306 |
|
Paid-in capital |
|
| 238,941 |
|
| 227,552 |
|
| 224,872 |
|
Retained earnings - substantially restricted |
|
| 51,808 |
|
| 36,391 |
|
| 21,489 |
|
Accumulated other comprehensive income (loss) |
|
| 6,697 |
|
| 5,934 |
|
| (4,603 | ) |
Total stockholders’ equity |
|
| 297,759 |
|
| 270,184 |
|
| 242,064 |
|
|
| $ | 3,531,935 |
|
| 3,010,737 |
|
| 2,915,909 |
|
Number of shares outstanding |
|
| 31,258,586 |
|
| 30,686,763 |
|
| 30,571,291 |
|
Book value of equity per share |
|
| 9.53 |
|
| 8.80 |
|
| 7.92 |
|
GLACIER BANCORP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited - $ in thousands except per share data)
|
| Three months ended June 30, |
| Six months ended June 30, |
| ||||||||
|
|
|
| ||||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
| ||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
| $ | 8,097 |
|
| 5,408 |
|
| 14,712 |
|
| 10,689 |
|
Commercial loans |
|
| 19,588 |
|
| 13,715 |
|
| 36,112 |
|
| 26,938 |
|
Consumer and other loans |
|
| 7,011 |
|
| 4,912 |
|
| 12,741 |
|
| 9,748 |
|
Investment securities and other |
|
| 11,849 |
|
| 11,406 |
|
| 23,487 |
|
| 23,531 |
|
Total interest income |
|
| 46,545 |
|
| 35,441 |
|
| 87,052 |
|
| 70,906 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
| 5,582 |
|
| 3,413 |
|
| 9,651 |
|
| 6,896 |
|
Federal Home Loan Bank of Seattle advances |
|
| 5,770 |
|
| 4,491 |
|
| 11,013 |
|
| 8,936 |
|
Securities sold under agreements to repurchase |
|
| 601 |
|
| 177 |
|
| 999 |
|
| 334 |
|
Subordinated debentures |
|
| 1,629 |
|
| 1,555 |
|
| 3,184 |
|
| 2,517 |
|
Other borrowed funds |
|
| 876 |
|
| 26 |
|
| 1,662 |
|
| 55 |
|
Total interest expense |
|
| 14,458 |
|
| 9,662 |
|
| 26,509 |
|
| 18,738 |
|
Net interest income |
|
| 32,087 |
|
| 25,779 |
|
| 60,543 |
|
| 52,168 |
|
Provision for loan losses |
|
| 1,552 |
|
| 965 |
|
| 3,042 |
|
| 1,795 |
|
Net Interest income after provision for loan losses |
|
| 30,535 |
|
| 24,814 |
|
| 57,501 |
|
| 50,373 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
| 6,241 |
|
| 4,982 |
|
| 11,445 |
|
| 9,055 |
|
Miscellaneous loan fees and charges |
|
| 1,609 |
|
| 1,340 |
|
| 2,887 |
|
| 2,359 |
|
Gain on sale of loans |
|
| 2,884 |
|
| 2,026 |
|
| 4,976 |
|
| 3,797 |
|
Loss on sale of investments |
|
| (107 | ) |
| — |
|
| (137 | ) |
| — |
|
Other income |
|
| 886 |
|
| 500 |
|
| 1,450 |
|
| 1,048 |
|
Total non-interest income |
|
| 11,513 |
|
| 8,848 |
|
| 20,621 |
|
| 16,259 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation, employee benefits and related expenses |
|
| 12,474 |
|
| 9,851 |
|
| 23,418 |
|
| 19,657 |
|
Occupancy and equipment expense |
|
| 3,152 |
|
| 2,733 |
|
| 6,007 |
|
| 5,364 |
|
Outsourced data processing expense |
|
| 423 |
|
| 368 |
|
| 655 |
|
| 781 |
|
Core deposit intangibles amortization |
|
| 384 |
|
| 251 |
|
| 667 |
|
| 545 |
|
Other expenses |
|
| 6,043 |
|
| 4,805 |
|
| 10,803 |
|
| 9,087 |
|
Total non-interest expense |
|
| 22,476 |
|
| 18,008 |
|
| 41,550 |
|
| 35,434 |
|
Earnings before income taxes |
|
| 19,572 |
|
| 15,654 |
|
| 36,572 |
|
| 31,198 |
|
Federal and state income tax expense |
|
| 6,482 |
|
| 4,891 |
|
| 11,962 |
|
| 9,825 |
|
Net earnings |
| $ | 13,090 |
|
| 10,763 |
|
| 24,610 |
|
| 21,373 |
|
Basic earnings per share |
|
| 0.42 |
|
| 0.35 |
|
| 0.79 |
|
| 0.70 |
|
Diluted earnings per share |
|
| 0.41 |
|
| 0.35 |
|
| 0.78 |
|
| 0.69 |
|
Dividends declared per share |
|
| 0.15 |
|
| 0.14 |
|
| 0.29 |
|
| 0.27 |
|
Return on average assets (annualized) |
|
| 1.52 | % |
| 1.51 | % |
| 1.51 | % |
| 1.53 | % |
Return on average equity (annualized) |
|
| 18.03 | % |
| 17.60 | % |
| 17.56 | % |
| 17.54 | % |
Average outstanding shares - basic |
|
| 31,228,123 |
|
| 30,568,564 |
|
| 30,997,527 |
|
| 30,500,828 |
|
Average outstanding shares - diluted |
|
| 31,753,966 |
|
| 31,081,085 |
|
| 31,530,648 |
|
| 31,021,306 |
|
AVERAGE BALANCE SHEET
(Dollars in Thousands)
|
| For the Three months ended 6-30-05 |
| For the Six months ended 6-30-05 |
| ||||||||||||||
|
|
|
| ||||||||||||||||
|
| Average |
| Interest |
| Average |
| Average |
| Interest |
| Average |
| ||||||
|
|
|
|
|
|
|
| ||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans |
| $ | 482,264 |
|
| 8,097 |
|
| 6.72 | % | $ | 446,569 |
|
| 14,712 |
|
| 6.59 | % |
Commercial Loans |
|
| 1,170,187 |
|
| 19,588 |
|
| 6.71 | % |
| 1,101,574 |
|
| 36,112 |
|
| 6.61 | % |
Consumer and Other Loans |
|
| 419,518 |
|
| 7,011 |
|
| 6.70 | % |
| 389,651 |
|
| 12,741 |
|
| 6.59 | % |
Total Loans |
|
| 2,071,969 |
|
| 34,696 |
|
| 6.72 | % |
| 1,937,794 |
|
| 63,565 |
|
| 6.61 | % |
Tax -Exempt Investment Securities (1) |
|
| 283,400 |
|
| 3,465 |
|
| 4.89 | % |
| 282,785 |
|
| 6,932 |
|
| 4.90 | % |
Investment Securities |
|
| 821,701 |
|
| 8,384 |
|
| 4.08 | % |
| 824,586 |
|
| 16,555 |
|
| 4.02 | % |
Total Earning Assets |
|
| 3,177,070 |
|
| 46,545 |
|
| 5.86 | % |
| 3,045,165 |
|
| 87,052 |
|
| 5.72 | % |
Non-Earning Assets |
|
| 279,809 |
|
|
|
|
|
|
|
| 241,049 |
|
|
|
|
|
|
|
TOTAL ASSETS |
| $ | 3,456,879 |
|
|
|
|
|
|
| $ | 3,286,214 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW Accounts |
| $ | 313,293 |
|
| 192 |
|
| 0.25 | % | $ | 298,309 |
|
| 341 |
|
| 0.23 | % |
Savings Accounts |
|
| 210,694 |
|
| 254 |
|
| 0.48 | % |
| 194,721 |
|
| 409 |
|
| 0.42 | % |
Money Market Accounts |
|
| 491,380 |
|
| 1,710 |
|
| 1.40 | % |
| 461,850 |
|
| 3,021 |
|
| 1.32 | % |
Certificates of Deposit |
|
| 521,823 |
|
| 3,426 |
|
| 2.63 | % |
| 478,668 |
|
| 5,880 |
|
| 2.48 | % |
FHLB Advances |
|
| 742,064 |
|
| 5,770 |
|
| 3.12 | % |
| 741,002 |
|
| 11,013 |
|
| 3.00 | % |
Repurchase Agreements and Other Borrowed Funds |
|
| 282,468 |
|
| 3,106 |
|
| 4.41 | % |
| 282,738 |
|
| 5,845 |
|
| 4.17 | % |
Total Interest Bearing Liabilities |
|
| 2,561,722 |
|
| 14,458 |
|
| 2.26 | % |
| 2,457,288 |
|
| 26,509 |
|
| 2.18 | % |
Non-interest Bearing Deposits |
|
| 569,317 |
|
|
|
|
|
|
|
| 514,618 |
|
|
|
|
|
|
|
Other Liabilities |
|
| 34,597 |
|
|
|
|
|
|
|
| 31,680 |
|
|
|
|
|
|
|
Total Liabilities |
|
| 3,165,636 |
|
|
|
|
|
|
|
| 3,003,586 |
|
|
|
|
|
|
|
Common Stock |
|
| 312 |
|
|
|
|
|
|
|
| 310 |
|
|
|
|
|
|
|
Paid-In Capital |
|
| 238,577 |
|
|
|
|
|
|
|
| 233,283 |
|
|
|
|
|
|
|
Retained Earnings |
|
| 49,431 |
|
|
|
|
|
|
|
| 44,716 |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Earnings |
|
| 2,923 |
|
|
|
|
|
|
|
| 4,319 |
|
|
|
|
|
|
|
Total Stockholders’ Equity |
|
| 291,243 |
|
|
|
|
|
|
|
| 282,628 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 3,456,879 |
|
|
|
|
|
|
| $ | 3,286,214 |
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
| $ | 32,087 |
|
|
|
|
|
|
| $ | 60,543 |
|
|
|
|
Net Interest Spread |
|
|
|
|
|
|
|
| 3.60 | % |
|
|
|
|
|
| 3.54 | % | |
Net Interest Margin on average earning assets |
|
|
|
|
|
|
|
| 4.05 | % |
|
|
|
|
|
|
| 4.01 | % |
Return on Average Assets |
|
|
|
|
|
|
|
| 1.52 | % |
|
|
|
|
|
|
| 1.51 | % |
Return on Average Equity |
|
|
|
|
|
|
|
| 18.03 | % |
|
|
|
|
|
|
| 17.56 | % |
(1) | Excludes tax effect on non-taxable investment security income |
SOURCE Glacier Bancorp, Inc.
-0- 07/28/2005
/CONTACT: Michael J. Blodnick, +1-406-751-4701, or James H. Strosahl,
+1-406-751-4702, both of Glacier Bancorp, Inc./
/First Call Analyst: /
/FCMN Contact: /
/Web site: http://www.glacierbancorp.com/