Glacier Bancorp Q3 net income jumps on higher loan yields

Overview

• U.S. regional bank's Q3 net income rose 54% yr/yr to a record high

• Diluted EPS for Q3 increased 40% yr/yr to $0.80

• Net interest income climbed 29% yr/yr; net interest margin improved to 4.01%

Outlook

• Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• HIGHER LOAN YIELDS - Co said increased loan yields and a shift in earning assets mix to higher yielding loans drove net interest margin improvement

• LOWER DEPOSIT COSTS - Co attributed margin gains partly to decreased deposit costs and reduced high-cost borrowings

• LOAN AND DEPOSIT GROWTH - Co said Q3 results benefited from increased loans and deposits

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "hold."

• Wall Street's median 12-month price target for Glacier Bancorp Inc is $55.00, about 23.1% above its October 21 closing price of $44.69

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 15 three months ago

Reuters Recommended Reads

• Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth

• Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up

• Oct 22 - Ameris Bancorp Q3 adjusted EPS beats analyst estimates on higher portfolio loans, investment securities

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)