GBCI - Earnings call transcript Q3 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Glacier Bancorp Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to introduce your host for today's conference, Mr. CEO. Chesler, Randy ahead. go Sir, please

Randall Chesler

over XX first or Pre-tax X% XX% year prior million, of We of million, or XXXX. or quarter a the $XXX growth share Officer; year-to-date $XXX XX% and an and the performance the was a the year All very and of Angela right. quarter for continuous quarter $XX.X you in were morning the an an million, the grew thank nine Yesterday, $XX.X months quarter, million, XX% million our third year of $XX.X increased excellent of Chief deposits quarter third Chief $XXX quarter. third the million the Well this XXXX We growth Officer; over released XX% increase had quarter were This results. quarter, Chief was annualized of or Barry prior a we increase Johnston, $XX.X loan versus year first for our $XXX you, joining well us million, Principal Mitchell. year strong Pre-tax Earnings third the the our for Financial over our company. the for in Copher, of here Administrator; over balanced quarter. Diluted is $XX income good Chery, today. months core income of nine third quarter of in or for our ago. an million, the morning increase or from the XX% our in Administrative annualized quarter. and per and or million, Credit Ron Thank Don X% ago. Dose, With Kalispell Officer. third third earnings me $X.XX, $X.XX, an increase Accounting

first the downs quarter quarterly to second in was points was quarter. quarter. since assets of all the estate million, XX.X% ratios X.XX%, Our return on a the XX quarter decrease X% at X.XX% million, were end which point $X.X XX and categories share, $XXX year million very X% portfolio were the for quarter, divisions. also increase equity million, was XXXX and On XX of XX or Loan XXXX year the for $X.X X points total prior X key XX% over to and dividend we a quarter is the XX% the year improved ended the than third increased in the period. $X.X and from on prior the points, quarter of XX.X%. assets quarter. end average at at the Annualized prior return the the Denver, XX% equity nine We September the our year $XXX $XXX quarter, of our Buena from current of points which or And third $XX.X of was pay Collegiate Colorado completed million, quarter the on securities production at of at of than At third nine the from September, same the million The quarter Investment same a quarterly and a to represented from quarter quarter was and the which $XXX XXXX. million, end increased of platform. driven is over real for from annualized quality with increased Bank conversion end or of loan dividend loans, commercial or quarter. basis average decrease company. million, basis tangible securities prior assets percentage the total basis at again consistent our credit, the as third XX% percentage the a down in XX% Charge-offs credit of during months quarter. paid board. a basis Early-stage ago. loans, the was $XXX $X.XX basis a for of XX core is decrease in all loans the quarter by was months prior as quarter, $X.XXX growth primarily ago. in of successfully of the quarter that's was million, up basis compared the dividend by from end third across or XXXth first regular billion basis per points end decreased were Loan Investment This Peaks year the consecutive the and our points distributed the of portfolio period delinquencies ago. processing loan NPAs strong billion. the a once X were subsidiary return our year were Organically, well assets Non-performing an which seasonality. third totaled the basis $XXX a among of XX% the Net third points, $XX.X up was of million, generally lower prior declared past Vista which charge-offs on regular

of as a this end and some points pleased markets. ago. the down quarter reflects a loans for on losses very outstanding this as percentage of level reduction was our positive the third year end total The hope at down and the our working portfolio quarter lease from which the quarter and of points continue. This basis and outlook the loan trend X.XX%, for this NPAs, time been allowance towards to year for see the to of X is we've basis We in XX are prior see

the deposits X% billion. or bearing and XX% continued third continue funding across XX% $XX.X rising to quarter. we increases which organically as our third ended the third prior increased $X.X their the basis and $XXX or of quarter The up to job, the Core divisions deposit prior over were from ratio from Interest again for to Both quarter the footprint for loans core current increased to year funding loans We really commercial deposit from or platform perform unchanged prior the increased at up points end loan points, million, quarter. non-interest unchanged basis of interest to market. income were XX stable growing quality Once or prior year income quarter. from high the were quarter Total prior pleased attributable on rate. to quarter cost company. we the X% prior from Western focus were or interest third or quarter of our quarter. million, the tightly accounts. million, low-cost, or managing well do quarter versus quarter prior each deposits, $XXX this very with $X.X the was on the prior at X% XX% year the an $XXX see quarter with versus And income year million, X% $XX.X million, relationship-based increased $XXX the to Our essentially increase multi-state million, bulk the deposits and the third million, by the prior in deposit continue and Interest to all growth our and XX increased specific only commercial quarter. the million X the the from in cost $X.XX total XX% of primarily outstanding from quarter from

basis prior for in the earning interest assets the accretion attributed point total discount interest eight was for margin of the the increased a increase two point loan margin and very result in the improved the portfolio today. net discount X.XX% primarily stable basis to on quarter effect points included of loan The from same to loans, an increase was would cost. X.XX, funding quarter The almost third a the in The been year loan of XX in it remix percentage net accretion. basis year tax basis nine the yields margin margin have as third quarter interest result portfolio increased net quarter. of core also points in and rate Our if compared higher-yielding X.XX%, XX interest our was XXXX the the margin over and current on were points earning federal assets, increase the of of in effect prior quarter, net a basis increase interest prior rates

million quarter XX% in quarter third decreased $XX.X or of branch by the quarter, prior sale. from quarter year Gain and some acquisitions. X% million million last third million million of over over was quarter prior million prior XX% sale employees prior the quarter. Our or the $X.X quarter year loan $XXX,XXX the million, or on the $X.X quarter. the with quarter branch million, year attributable from over were and fees third timing prior to or employee a or million expense decrease OREO prior down the number Acquisition-related seasonality Service primarily of and to for quarter and $XXX,XXX of increased year, equipment expenses year the was $X the quarter. Non-interest a million $XXX,XXX driven expenses. XX% quarter, non-interest totaled to to our the as prior X% $XXX,XXX, $X.X primarily or expenses primarily from and increase quarter expenses a the and from of $X.X housing was quarter $X.X X% related effective Comp third were charges increased $XXX,XXX prior accounts million, number in for the year also the from the $XX.X due we year in $X.X from million, $XX.X the seasonality The million, is increased or million, due was X% quarter a third $X.X Tax quarter increased XX% the XX% driven of prior the from the the some increased of result million to during prior on from driven Tax $X.X and from to prior loans increase acquisitions. benefits quarter and million, or prior our or in third increases was quarter. or quarter third an $XX.X XXXX sale result and year or year due third increased $X.X building third prior of was growth a $XX.X organic the from Act. and $X.X decreased million, from by wrote which that XX% prior expense in XX% prior the and origination. compared X% the a $X.X same quarter income and by income acquisitions. increased tax of to The third the of or prior million increased expense recent from from other of the $XXX,XXX, which Other million, decrease as the primarily acquisition was quarter. from quarter quarter the and acquisition. year quarter increase Other and XX% increased and the $XX.X million, and the third prior or year and primarily increased $X.X Occupancy prior the property decreased quarter the increased rate due XX% or to from or by XX% accounts gain of current single over in an $X.X increased XX% $XXX,XXX from attributed of X% the the a for quarter second the compared

the third quarter and finalized another quarter and of we've XX.X%; process sale and Peaks closed decrease expenses. the an decreases at efficiency Security with for Our In decrease end interest the it We quarter excellent building the efficiency a XXXX Collegiate income XX.X%. represents that our acquisition in quarter ratio point the First prior we the Peaks a integration our and of was was increase plan XXX company. now acquisition for combined of result controlling beginning third integrated the year. both branch for from at of of successfully the in the the company ratio Bank basis the quarter costs The closing, was Collegiate operating of the related

for have. some the And across their of third rose really all ask Our XX occasion and business. seven ends and delivered remarks. to to in Michelle team may presidents line results the That states you that across I'd the please division the like any questions strong our to my quarter very open formal aspects

Operator

[Operator first comes of Sandler Our Instructions] O'Neill. question from Liesch Andrew with line the

Please Your line is open. go ahead.

Andrew Liesch

Good guys. morning. Hey,

account your inflows outlook at higher. this continue and cost some I'm seems of of that then non-interest the would funding around to just staying base the your funds can outlook provide pretty marching provide margin the with like the there but you bearing to impressiveness flat color to color the around Just the if stronger wondering yields margin on loan the margin. some have in

Randall Chesler

with very, the margin this very pleased Yes. quarter. We're results

positive I'm lot know see of at going quarter the would. that very make the continue. we comments, he think trends underlying Ron he a couple a I spends to this looking time margin. if ask should I to

Ronald Copher

non increases them. really quarter you'll the focus that notice really in to really the we'll It the said towards a when Yes. had the my off and goes way on in I the and can to but what the growth focused you --it's that and the second we've And we interest-bearing in getting have is a slight is have continuation continue divisions of They're long some our interest-bearing, non-interest release, bearing increasing accounts. that expect had continue great that margin. hats-

the standpoint. on running And production The optimistic. to loan so we're continue that optimistic that likely I'm in pretty the is growth So core then well. pretty yields,

Andrew Liesch

That's just slowdown have normally a and that expect great. quarter. What long at pipeline on seasonality? would now where looking of normal you it And bit you here little year? fourth the the the in Is stands then

Randall Chesler

little this fourth slower is the nothing time there. We out of second and Yes. quarter every generally and first a see yes third than the norm so the it year

Andrew Liesch

right There you. all is from those saves one The now? the last cost Got question. rate year; this the acquisition --have are the run in

Randall Chesler

there, where at finished our Both in bit are most expenses a and have now conversion then a acquisitions September. the of are little are we after converted the they last time Peaks of some the drop one yes. begin but still For there's off. - part, been to always And Collegiate

that --there'll there may a but bit little for the but be of is Security much. bit earlier year, reflected. out be little certainly it-- most this of one a saves carryover done a of not There's of having So are trailing of expense we --most that Bank little

Operator

Our next from question of KBW. comes Jackie Bohlen line with the

Please Your open. line is ahead. go

Jacquelynne Bohlen

number you variable how of much on could us loan good yield. bit much of wondered Hi, reprises with one little morning, a quarterly is everyone. and two, on I it Zeroing refresher in more provide how if or number your portfolio, a shorter basis.

Randall Chesler

to Ron take do you that? want

Ronald Copher

here, Jackie Ron Yes. here.

loans So lift if after about And the in that the fixed first loan up is the part is to more then it I get other the portfolio and and And our book XX%, perspective, don't the just will. we we call a you that second year, that part price as variable two-thirds starting portion. much liability And from of That's reprice the to lot pattern. to XX% have pretty we variable would both we year loan of And certainly within the five but from what that been that's race. it rolling and would see part. starting of be have would you the so quarterly it's are a and lift. always standpoint year. tell these a the a year you're reprice maturity giving what's from us that's repriced asset historic Remember, then

Jacquelynne Bohlen

two-thirds XX% of Okay. that And total XX% portfolio the XX% the or of is that of portfolio?

Ronald Copher

the It's the portfolio. two-thirds of

Jacquelynne Bohlen

are of Okay repricing are LIBOR, what different prime, when and off repricing, just speaking generally those a rates metric? they

Ronald Copher

of five the if predominately we those we and but get - so. off rate. to And then the a to of to chance Home we Moines those are a then that, largely they're Bank the Federal lift Des some spread variable year index had contractual, Loan index It's to occasionally

Jacquelynne Bohlen

said preferred Okay, that's wondered this that apologize was remarks, in increase that if had number? and I you quarter know new have somehow your my helpful. I I miss from you I I notes Thank XXX it's if around you last that and but quarter this in and that generation

Randall Chesler

You're talking production about new loan yields?

Randall Chesler

Yes.

production. quite for around up nicely. we're XXXs the right moved it's new So now Right

the increase up, with moved in rates. it's commensurate So

Jacquelynne Bohlen

just you as costs job balances. funding doing can Okay one non-interest rise? and one then developing I it of number are divisions one, expect continue --how that to bearing for Obviously rates bank fantastic do longer flat much a me. your guess last keep basically

Randall Chesler

- there's spend a quite still When at grow we room non- when feel to interest. we of look we a like time penetration of lot looking bit of a you our this mean think lender, I of quarter. of our as there, a commercial position

balances now only there's we the with very over look that that of grow think relationship in We think seeing last you product on we're focused good That's our offer. the to If the we dividends. We about room paying total. looking are XX% have the really making. of year non-interest is at our loans that we for also strong market

We are banks smaller businesses, picking target bigger kind some of companies. move away our of market up from the

so that, trends And for is our forward. good feel going us we very all

Operator

of the Our comes Jaffray. next question line from Clark with Matthew Piper

Your is ahead. open. line go Please

Matthew Clark

morning. good little bit a to construction want the I development about portfolio. Hi, talk

I think of it's loans. little XX% up over to total about

activity that any to sense get just how want in a given slowdown what portfolio nationwide? done not in production kind whether housing of going or you're have REITs you and general seeing a forward? might Just manage for And slowdown

Randall Chesler

The construction piece.

Matthew Clark

Yes.

Randall Chesler

Yes.

So a would talk lot Barry and we about I --we that. have--

Barry insight you let to there. little going a I'm So give

Barry Johnston

in owner past residential. a basically this occupied and Yes, reduction custom quarter we single-family saw

we is saw just trying --some The seasonal, lot the a that stack, a there Then growth continue. grew on there, not demand fill we're anticipate XX% in that increase presold lot of in and the total housing. for about X%. of --we've regards see markets, little reflection --if our another got affordable lot probably to some land, inventory across tight a to pretty out will so a that's builders think supply, I and that's

more is is construction going Some financing which we're us, dollars, that nothing pretty borrowers a income development. seasonality. of is I is to vertical of stayed our low of is who's price relatively of percentage That Other multifamily part in portfolio we tax it's across -wise but about big commercial, of commercial that credits this biggest land build there primarily that constructions, million finance portfolio it seeing quarter. really the a various few think footprint. flat absolute bulk Again, good. increase XXX where and in which is housing nothing sell large some $XXX We're loans homes comprised that - the million projects

them the way to from have We down Colorado. Montana all

So it's really good product.

We have various at in about footprint. we in there. million are some properties $XX our buildings we across educational dormitory medical colleges about that financing $XX there offices another and in are then And million universities of have there

of there warehouses three those all office outside and is spread product. that sort So classes across out of buildings, other

bulk that the owned for of usually little or owner most it's parts. investment for properties outside it, - So or managed, the occupied very Did

Matthew Clark

Yes.

So pulling you're sounds capacity doesn't there's, like It like grow? back it sound there's to still necessarily?

Randall Chesler

of of class product the our Given butter. bread and kind

two limiting only see They're that we is wouldn't us I a hospitality conventional classes production. multi-family. So on the have limit their and put

classes. we're about our Just XXX in one of those some at million there --that's- the each limit max

Matthew Clark

for-- big a banks deposits. not the shifting Okay, bearing non-interest to is Can great. coming growth in And or from then not? where Whether you or give competitively? that sense just back us

Randall Chesler

all spread that. one out look among Number we divisions. things couple the when the all about it's pretty at divisions A is well Sure.

question some that's if asked more. think your is for lose in big the total bit one a on Barry quite area really, So continuing our it a the for enhanced ago year training I Fargo of it number tackling. us. volume Wells kind of and working and And around offering, up of was the And blocking there's to I and is across of kind report product seeing A some relationships A on We over footprint. of banks. thread, continue whole this divisions with kind we're really relationships. lot

where benefiting in with larger And tend from they're so if in that I think as we I from are the the the think market, well. that. banks And we're markets benefiting us be to general in

Matthew Clark

to bearing of quarter? Great spot September? to all at happen and have much then on interest at you your the relative moved it did the the end if deposits Just rate wondered

Randall Chesler

Let's take a look.

believe. So on release that is the I

The versus a the in it market you quarter-over-quarter, look at were this increases basis a at that And deposits, bulk DBA the core savings side. If three deposit. ago points on you have looks year the it up look CD money to moves --if core around of you CDs. be between over quarter and

Matthew Clark

end Right. was I quarter, September the I the just not for guess of sorry. looking

Randall Chesler

from of this mean quarter Okay. the to of the --you September quarter? of the the End beginning end

Matthew Clark

Yes.

Randall Chesler

basis same So it's let's point. up about see, like one pretty much the

Matthew Clark

it deposit Okay near and meaningful have pressure term guess I anticipate doesn't to in you great, - that's do rates? like the you to seem here any raise

Randall Chesler

talk that. That's right. not our were - we all We're just They divisions. hearing to

Operator

Rulis Davidson. Our next the Jeff D.A. comes question from line with of

is line Please open. Your go ahead.

Jeffrey Rulis

a Good guess morning. Question Is is payoffs? on commercial at looking fluctuations wanted Is balances. the dig a in of that loan CNI - classification, the seasonality bit? into and on? that some in category balances of that I the there's Just kind to going --just those some product regulatory

Randall Chesler

Yes. Generally have starts a out. paid of revolving lines lot third will colder getting that quarter

their they-- production crops, they our those down. commodity producers will but also agricultural lines We sell have as pay as some

see year. we that's-- reductions of generally those So the time this

Jeffrey Rulis

potentially you've than as you the you've had past? grown more see AG could Barry, seasonality in the So, portfolio,

Barry Johnston

to about more that they've offset portfolio, is Right continue to be adding now term difference probably estate any to total traditionally that My we because is won't probably between XX/XX operating much pay portfolio what lines. grow that the will variability down been variances but real be we'll split guess and in the production. than

Jeffrey Rulis

this or just revenue on of kind gain where at broader in outlook year-over-year if budget guess that looking you've see you're the view versus view interested your you And I on sale, Got year? a XXXX it, XXXX okay. on seen do maybe in stream, then what on that

Randall Chesler

pretty business. we're the the origination to onto when on our we how and total even. on - residential Right For gain real now estate due close come look some the running gains variability recognized primarily when year-over-year, sale platform. so to get driven There's at they by the our

have the the many good really see housing are is I We're demand. in-migration our seeing headwind shortage. demand. which is interest just have. going rates we of up. And to in think that what We housing as we So still good they're still The markets driving that's kind impact that think continue. a move Question they is will tailwinds

So at XXXX. level this continuation of looking pretty point, had really that the we we're business same of much for into this year going

Jeffrey Rulis

Okay in and margin business --sort any on wise thoughts that the year-over-year? of margin

Randall Chesler

doing Well, it's been well. pretty

I more move shifts a margin delivery. as some think we bit got internal helped the little did little towards our make to business to --more that's towards competitive. And a mandatory

we've So year-over-year number. flat at the look you it if held pretty

one our stay offset stable. that able at mandatory that took the should we thing gains XXXX were look increase of we think so moved to competitive as up pretty another So issues. we other the because some I to S that's

Jeffrey Rulis

kind last there And in NPA something that's there in on or of that quick in the the anything can't where reverted balances you of XQ Okay, if sort it to one now back transitory I great. fluctuated was Was recall through was one kind gone XQ. XQ of balances. there --- NPA because

Randall Chesler

at the a in got quickly end the That made think pretty comment We early that thing timing. this quarter. third there would couple of I There was in of say The resolved of No. I quarter. we into bit was NPA a only quarter. them had --a - some things second fall is

as we're what quick talked along. really some of they loans we've then We're move So it. went properties to call fixes, longer-term combination structural to NPAs as more that them over quickly, reduction some the work and focus the I there about think them, identify that and would try out of area in that on of well trying because pretty were them resolved that and in because are I think --I and work some

was So well a I was pretty a One it was quarter the-- third was $XX the care probably facility in and is had out. couple that went referencing you're went properties. what quickly about health second million. short-term, that we in back of a a that think That

Jeffrey Rulis

great, Okay, appreciate it.

Randall Chesler

Yes, but there. little that around actually less than

Operator

comes of SunTrust. question line next from Our Young the Michael with

Your is ahead. Please open. line go

Michael Young

good appreciate as color been wanted think the a deals, of touch Hey, saves a core an on for XXs kind time expanding and consolidation whole project ratio. crossing we've that with around the Glacier expense on the But sort cost that just a assets. related like progress forward efficiency stuck Randy, going and the trajectory kind billion and interest but I the to the really various seems expense morning. with I for mid- I of some post in fair more some it should to growth. make we characterization? Is $XX to now start on things margin pretty net stable of

Randall Chesler

change ratio remember just because me let out, law. tax the Well, point went the the back up up in for and of minute a efficiency

the amount stuck we say, tax don't back where take into because in the you end you really were factor as out --at if around it when the end So you --if had change XX efficiency negative view a of the at advantaged of tax the on year, impact were we're the and the it XX we reduced rate the of loans in change tax, because investments. that tax the we the the range kind impact

efficiency the it's it now, law, new you went quarter, this it nicely. but at is down our where actually especially tax up look if So with it's

gain, XX. that's in gain the kind mid XX, more that the if you it's some Now take of out of the so

range I big see steady grind. I a think And for right us. the so it's think - don't that's I

efficiencies. comes a trend I the down, from that think operating measured that And We're is high but pace. service more at just a business.

is in because is really take that's more of kind take out. the That's what cautious on that, really this of look continue to but the this if quarter. in more out I would cost we that and the going it XX but efficiency. slow just good mindful range at efficiency about quarter we're we So a very to where stop, just march grinding would it's And call you I the not very gain

Michael Young

on about down. the NPA's then transpire? Any OREO talked horizon of expect kind kind expect to any foreseeable over that to sort I more do charge-offs marks over And bit that time of of the and kind a work think kind future? of of Okay trying those what little you to you'd provisions or accomplish larger you've

Randall Chesler

No.

that exactly because had the those very it Very, expect a the quarter over of is on I little We movement just when about we a NPA time really on down quarters, then don't $XX happy put so charge-offs, when because good. buyers see million that. more a to really pull good improvement. One think don't there more talk I dollars. downward and a good the but we know with next but we had out. happen two specifically the in think can to is some OREO And all that trigger, think process couple pieces. they the should it's trend subject any --we're will they're to see and But increase there there Tough working there's

$X out a two million this We had bucks. circumstance OREO, don't there's XX large the one like north of properties had OREO, credit with a the - see of very is quarter. only On we another there in

One down. of them wrote we just

anything went there's think left it one The in. I that was before take other to down. markdown on don't

had So been the for nine that did Mark we OREO one in years.

to had quite just telling in don't the - and and we But So you expect --what for the was this it decided continue. a just in recognize. of saw circumstance us was unique Very was interest there decided but which terms that to the property the been market some write-down in while.

Michael Young

kind the don't of And down, Okay. you down? any level see additional charge- NPA to similarly offs that move

Randall Chesler

of Not material any no. kind extent,

Michael Young

deposit quarter. Obviously strong and already good on about characterization you've then but is to kind is retail larger and talked of or additional clients? little versus one just any about that this a us the in much one DDA last growth color? coming Okay give commercial small very a business of from Just how

Randall Chesler

interest-bearing the In non accounts?

Michael Young

Yes.

Randall Chesler

of us it's I customers, over Well, customers are non-interest spread $X larger in Yes. for they you one well a say When out there. pretty larger million with bearing accounts. those mean -

There one And part number. really few, for material at quite again of was no pretty just not that we mega that. that So a look is hard in spread out. was account accounted well --there's that. there a that of account kind There --there once moved take a

diverse and see. happy the out which were it different among very was XX So to spread we divisions,

Operator

from of FIG comes Tim line Partners. question with next Our Coffey the

open. Your go line ahead. is Please

Timothy Coffey

Great, kind a you. a commercial Good you was morning, of than occupied but I an growth as more last portfolio. - over opportunities Hey, Randy CRE the to everybody. which real to five little of basis? if wondering thank bit --a little are say owner-occupied? could not a relates on quarter-over-quarter on especially color you Perhaps seeing kind quarters growing six non-owner say provide to organic What faster be seems there it of estate

Randall Chesler

then comments it to my you in. and on give I'll Sure. ask Barry fill

growth. So good see we

Most of commercial out point real commercial I --the maybe our is market ways customers smaller most I think of thing non in community. is say people than projects owner-occupied non-owner in real lot think is when estate. that developing what our in business you would occupied loan estate their in a of different

we that. good there. very we about to So activity see that And feel some continue good

product that. they very investments. And they of rise are they to And there's do close it's terms you good numbers, that's a think that, very been the a point do some headwind development to we're want I that Our think there, in to But making we're that Barry is yet? a one uneconomical? out comfortable go-- anything? that think Haven't it but And too it's I do what just with. seen add if the make just generally, there's Don't segment area see concern good; type. interest feel in that any and that spread customers in reflected of it's one growing you and rates.

Barry Johnston

Yes.

term is One legal is things are made. with with Bank to Foothills loans. see XX San see historically with recent that we or First of increase the larger XX it see acquisition real our that estate the we that start we've Bank also it able acquisitions the those lending of Juans, to almost-- with in after acquisitions the the Collegiate Peaks. community loan, And small Security now we'll seen And the we've commercial Bozeman of banks pursue

opportunity for that was So previous them. underneath legal pursue loan the lending customers they their that have to challenge an

So we that of growth see a sector. organic coming from lot loan

Timothy Coffey

to going at to still your was a looking If That open little M&A. on my can --is or to smaller Barry. becoming more thanks, bigger focus markets? I'm be I Great, bit follow-up. switch perhaps are markets gears you

Randall Chesler

to the that There's can smaller hasn't strategy our mainly if M&A Tim an depends we well on --but community Collegiate markets, but bigger how operating prefer markets, the Really, it changed. operate there's we larger some in We Peaks market as We to a banks large standpoint. bank I bigger be in operated smaller markets. from close guess also as market. good like you sometimes define very in some a smaller markets,

hasn't we at So really good going we're changed it. bank take our hard good with think for and and we a good market that I if a and can what strategy to people look a look find

Timothy Coffey

slowing recent kind but slowed or then I a long comp has of term know in and you have volatility any view market Okay on the any conversations impact M&A, on discussions? the

Randall Chesler

in Volatility market? the stock

Timothy Coffey

Yes. big valuations. And overall

Randall Chesler

--at don't I I much from had a it's don't of change. No. perspective; our least think

think markets the I that active. very

think focus position changed that we really areas at our preferred the hasn't I acquirer in all. our is upon

early early get phone of think We call. we're first calls and mean from lot the a I to I limit continue generally phone people,

and talking and market continues --it's in And in And bank to liquidity. other making need management down, So age have for of that that up terms team, preference whether we of its they and folks the well the decision of pursue to more work are that the terms how to to us. of are ownership factors to moves really the going of based is the think the that. they're group I going going stock on the many

now really have. hasn't the that market till impact up volatility So we the had material of any on any discussions

Operator

questions conference And over And to time. like you. for Chesler to no any Randy back closing would showing I'm at the turn I this remarks. further Thank

Randall Chesler

I time just the questions weekend everybody Well, of great give update you your and to you. quarter. proud of and morning Have any on as we appreciate out results thank Thank ring. us taking their Michelle. company. you, this dial interest the always a And in appreciate a have pretty if the get and

Operator

may and conclude gentlemen, does day. thank a conference. Ladies program. for today's you all disconnect. in This you great And Everyone participating have the

Glacier Bancorp (GBCI) 19 Oct 182018 Q3 Earnings call transcript