Thursday, Glacier Bancorp, Inc. (GBCI), reported a loss for the third quarter from a profit last year, reflecting an increase in provision for loan losses. The bank's nonperforming assets increased at the end of the quarter.
Glacier's net loss for the third quarter was $1.53 million or $0.03 per share, compared to $12.78 million or $0.24 per share a year earlier.
Net interest income for the quarter rose to $60.63 million from $53.58 million in the same period last year, as total interest expense declined to $13.80 million from $22.11 milllion for the year earlier period. However, total interest income dropped to $74.43 million from $75.69 million for the prior year period.
On average, analysts polled by Thomson Reuters expected the company to earn $0.14 per share for the quarter, on revenues of $81.92 million. Analysts' estimates typically exclude one-time items.
"Although our operating income posted another all time record high, it was not enough to offset the $47 million we provisioned for loan losses in the quarter. This allowed us to cover our net charge-offs by 2.5 times and took our allowance for loan and lease loss to 3.10 percent," Mick Blodnick, president and chief executive officer said.
Net interest margin improved to 4.80% from 4.65% a year-ago. Total non-interest income rose to $21.70 million from $11.75 million for the year earlier period, reflecting gain on investments of $2.67 million compared with loss on investments of $7.59 million for the year-ago period.
Provision for loan losses increased to $47.05 million from $8.71 million a year earlier. Total nonperforming assets rose to $243.00 million or 4.10% of the bank's total assets at the end of the quarter from $70.75 million or 1.30% of the bank's total assets at the end of the same quarter a year earlier.
Allowance for loan losses increased to $125.33 million at the end of the quarter from $65.63 million at the end of the same quarter year earlier.
Interest bearing deposits increased to $2.81 billion at the end of the quarter from $2.28 billion at the end of the prior year period. Total loans increased to $4.05 billion at the end of the quarter from $3.92 billion at the end of the same period a year earlier.
For the nine months, net income declined to $24.90 million or $0.40 per share from $48.64 million or $0.90 per share a year earlier. Net interest income rose to $181.49 million from $154.50 million in the year-ago period. Total non-interest income rose to $60.39 million from $45.40 million last year.
Thursday, GBCI closed at $14.22, down 2.67% on the Nasdaq.
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