Exhibit 99.1
Glacier Bancorp, Inc. Earnings for Quarter and Year Ended December 31, 2005
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HIGHLIGHTS: |
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* |
Net earnings for the quarter were a record $14.188 million, up 23 percent from last year’s quarter. |
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* |
Net earnings for the year of $52.373 million, up 17 percent from last year. |
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* |
Diluted quarterly earnings per share of $.44, up 19 percent from last year’s quarter. |
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* |
Diluted earnings per share of $1.64, up 15 percent from last year. |
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* |
Net interest margin expanded 4 basis points from prior quarter to 4.31 percent. |
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* |
Net interest margin 15 basis points greater than fourth quarter of 2004. |
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* |
Loans outstanding increased $708 million, or 41 percent, since December 31, 2004. |
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* |
Non-interest bearing deposits increased $207 million, or 45 percent during 2005. |
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* |
Cash dividend of $.16 declared resulting in an increase of 14 percent over the prior year quarter. |
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* |
Acquisition of First State Bank, Thompson Falls, MT completed October 31, 2005. |
KALISPELL, Mont., Feb. 2 /PRNewswire-FirstCall/ --
Earnings Summary
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Three months ended |
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Twelve months ended |
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(Unaudited - $ in thousands, except per share data) |
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2005 |
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2004 |
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2005 |
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2004 |
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Net earnings |
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$ |
14,188 |
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$ |
11,563 |
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$ |
52,373 |
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$ |
44,616 |
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Diluted earnings per share |
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$ |
0.44 |
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$ |
0.37 |
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$ |
1.64 |
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$ |
1.43 |
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Return on average assets (annualized) |
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1.53 |
% |
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1.53 |
% |
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1.52 |
% |
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1.54 |
% |
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Return on average equity (annualized) |
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17.47 |
% |
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17.28 |
% |
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17.62 |
% |
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17.61 |
% |
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Return on average tangible equity (annualized) |
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24.35 |
% |
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20.57 |
% |
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24.07 |
% |
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21.93 |
% |
Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net quarterly earnings of $14.188 million, an increase of $2.6 million, or 23 percent, over the $11.563 million for the fourth quarter of 2004. Diluted earnings per share for the quarter of $.44 is an increase of 19 percent over the per share earnings of $.37 for the same quarter of 2004. “2005 was another good year for Glacier Bancorp, Inc. We improved the structure of our balance sheet by increasing both higher yielding assets and lower cost funding,” said Mick Blodnick, President and Chief Executive Officer. “At the same time we produced another record year of strong earnings growth.” Annualized return on average assets and return on average equity for the quarter were 1.53 percent and 17.47 percent, respectively, which compares with prior year returns for the fourth quarter of 1.53 percent and 17.28 percent. Annualized return on tangible average equity, a non-GAAP performance measure, for the fourth quarter of 2005 was 24.35 percent compared to 20.57 percent in the fourth quarter of last year.
Net earnings for the year ended December 31, 2005 were $52.373 million, which is an increase of $7.757 million, or 17 percent over the prior year. Diluted earnings per share of $1.64 is an increase of 15 percent over the $1.43 earned in 2004. The 2005 return on average assets and return on average equity was 1.52 percent and 17.62 percent, respectively, which compares with the prior year returns of 1.54 percent and 17.61 percent. Return on average tangible equity for the current year was 24.07 percent, up from 21.93 percent last year. Return on average tangible equity, a non-GAAP measure excluding the impact of goodwill and core deposit intangibles from acquisitions, provides a more consistent measure of performance.
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:
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First |
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Citizens |
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Bonners |
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First |
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(Unaudited - $ in thousands) |
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Total |
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Feb. 28, 2005 |
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April 1, 2005 |
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May 20, 2005 |
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Nov. 1, 2005 |
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Acquisition Date |
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Total assets |
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$ |
569,980 |
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267,126 |
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126,394 |
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23,868 |
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152,592 |
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Investments |
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154,517 |
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124,733 |
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7,916 |
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— |
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21,868 |
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Net loans |
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290,828 |
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87,678 |
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89,240 |
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5,047 |
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108,863 |
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Non-interest bearing deposits |
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148,499 |
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95,053 |
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25,789 |
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6,073 |
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21,584 |
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Interest bearing deposits |
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309,929 |
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129,697 |
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75,008 |
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17,777 |
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87,447 |
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Assets
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(Unaudited - $ in thousands) |
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December 31, |
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December 31, |
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$ change |
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Cash on hand and in banks |
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$ |
111,418 |
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79,300 |
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32,118 |
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Investments, interest bearing deposits, FHLB stock, FRB stock, and Fed Funds |
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991,246 |
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1,098,633 |
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(107,387 |
) |
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Loans: |
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Real estate |
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607,627 |
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393,141 |
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214,486 |
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Commercial |
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1,357,051 |
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991,081 |
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365,970 |
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Consumer |
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471,164 |
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344,075 |
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127,089 |
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Total loans |
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2,435,842 |
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1,728,297 |
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707,545 |
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Allowance for loan losses |
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(38,655 |
) |
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(26,492 |
) |
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(12,163 |
) |
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Total loans net of allowance for losses |
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2,397,187 |
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1,701,805 |
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695,382 |
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Other assets |
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206,493 |
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130,999 |
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75,494 |
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Total Assets |
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$ |
3,706,344 |
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3,010,737 |
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695,607 |
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At December 31, 2005 total assets were $3.706 billion, which is $696 million greater than the December 31, 2004 assets of $3.011 billion, an increase of 23 percent. Without $570 million in assets acquired in acquisitions, total assets were up $126 million from a year ago, or 4 percent.
Total loans have increased $708 million from December 31, 2004, or 41 percent, with the growth occurring in all loan categories. Commercial loans have increased $366 million, or 37 percent, real estate loans gained $214 million, or 55 percent, and consumer loans grew by $127 million, or 37 percent. Acquisitions added $291 million of the total with internal growth contributing $417 million, a 24 percent increase.
Loan volume continues to be very strong with internal loan growth of $54 million since September 30, 2005. “Loan volumes in 2005 far exceeded our expectations especially the increase in organic loan growth,” Blodnick said. “It is a testament to the growth and vitality of our markets.”
Investment securities, including interest bearing deposits in other financial institutions, and federal funds sold have decreased $107 million from December 31, 2004. Without the acquisitions, investments would have declined $262 million, or 24 percent, from December 31, 2004. Investment securities at year end represented 27% of total assets versus 36% the prior year. “Cash flow from the investment portfolio is being used to fund the significant loan growth,” said Jim Strosahl, Chief Financial Officer. “Converting the lower yielding investments into loans has contributed to the interest margin growth.”
Liabilities
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(Unaudited - $ in thousands) |
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December 31, |
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December 31, |
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$ change |
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Non-interest bearing deposits |
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$ |
667,008 |
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460,059 |
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206,949 |
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Interest bearing deposits |
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1,867,704 |
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1,269,649 |
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598,055 |
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Advances from Federal Home Loan Bank |
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402,191 |
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818,933 |
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(416,742 |
) |
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Securities sold under agreements to repurchase and other borrowed funds |
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317,222 |
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81,215 |
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236,007 |
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Other liabilities |
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33,980 |
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30,697 |
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3,283 |
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Subordinated debentures |
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85,000 |
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80,000 |
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5,000 |
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Total liabilities |
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$ |
3,373,105 |
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2,740,553 |
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632,552 |
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Non-interest bearing deposits have increased $207 million, or 45 percent, since December 31, 2004. Without acquisitions the increase was $58 million, or 13 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, including $165 million in broker originated certificates of deposit, have increased $598 million from December 31, 2004 with $310 million from acquisitions. Since December 31, 2004, without acquisitions, interest bearing deposits increased $288 million, or 23 percent. 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 $417 million, and repurchase agreements and other borrowed funds increased $236 million from December 31, 2004. At December 31, 2005 other borrowed funds includes $179 million in U. S. Treasury Tax and Loan Term Auction funds.
Stockholders’ equity
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(Unaudited - $ in thousands except per share data) |
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December 31, |
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December 31, |
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$ change |
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Common equity |
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$ |
332,418 |
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264,250 |
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68,168 |
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Accumulated other comprehensive income |
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821 |
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5,934 |
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(5,113 |
) |
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Total stockholders’ equity |
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333,239 |
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270,184 |
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63,055 |
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Core deposit intangible, net, and goodwill |
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(87,114 |
) |
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(42,315 |
) |
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(44,799 |
) |
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Tangible stockholders’ equity |
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$ |
246,125 |
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227,869 |
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18,256 |
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Stockholders’ equity to total assets |
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8.99 |
% |
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8.97 |
% |
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Tangible stockholders’ equity to total tangible assets |
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6.80 |
% |
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7.68 |
% |
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Book value per common share |
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$ |
10.36 |
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8.80 |
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1.56 |
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Market price per share at end of quarter |
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$ |
30.05 |
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27.23 |
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2.82 |
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Total equity and book value per share amounts have increased substantially from December 31, 2004, the result of issuing stock for the Citizens Community Bank, and First State Bank acquisitions, earnings retention, and stock options exercised. Accumulated other comprehensive income, representing net unrealized gains on securities available for sale, decreased $5.113 million from December 31, 2004, primarily a function of interest rate changes and the decreased balance of securities.
Operating Results for Three Months Ended December 31, 2005
Compared to December 31, 2004
Operating results include amounts resulting from the acquisitions from the acquisition date forward.
Revenue summary
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Three months ended December 31, |
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(Unaudited - $ in thousands) |
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2005 |
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2004 |
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$ change |
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% change |
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Net interest income |
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$ |
35,704 |
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$ |
27,840 |
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$ |
7,864 |
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28 |
% |
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Non-interest income |
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Service charges, loan fees, and other fees |
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8,099 |
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6,409 |
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1,690 |
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26 |
% |
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Gain on sale of loans |
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2,814 |
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|
2,007 |
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|
807 |
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40 |
% |
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Other income |
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|
756 |
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|
753 |
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3 |
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0 |
% |
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Total non-interest income |
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11,669 |
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9,169 |
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|
2,500 |
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27 |
% |
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$ |
47,373 |
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$ |
37,009 |
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$ |
10,364 |
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28 |
% |
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Tax equivalent net interest margin |
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4.31 |
% |
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4.16 |
% |
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Net Interest Income
Net interest income for the quarter increased $7.864 million, or 28 percent, over the same period in 2004, and $1.944 million from the third quarter of 2005. Total interest income increased $14.624 million from the prior year’s quarter, or 38 percent, while total interest expense was $6.760 million, or 62 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 the targeted fed funds rate thirteen times, 325 basis points, in the last eighteen months. The net interest margin as a percentage of earning assets, on a tax equivalent basis, was 4.31 percent which was higher than the 4.16 percent result for the fourth quarter of 2004. The margin for the fourth quarter continued the trend of increases experienced in each quarter of 2005. The quarterly margins were 4.08 percent in quarter one, 4.12 percent in quarter two, and the 4.27 percent in quarter three.
Non-interest Income
Fee income increased $1.690 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 services offered. Gain on sale of loans increased $807 thousand, or 40 percent, from the fourth 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.
Non-interest expense summary
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Three months ended December 31, |
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(Unaudited - $ in thousands) |
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2005 |
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2004 |
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$ change |
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% change |
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Compensation and employee benefits |
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$ |
14,282 |
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$ |
10,231 |
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$ |
4,051 |
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40 |
% |
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Occupancy and equipment expense |
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3,488 |
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2,771 |
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|
717 |
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26 |
% |
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Outsourced data processing |
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|
569 |
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|
424 |
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|
145 |
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34 |
% |
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Core deposit intangibles amortization |
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|
415 |
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|
264 |
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|
151 |
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57 |
% |
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Other expenses |
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6,446 |
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5,020 |
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|
1,426 |
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28 |
% |
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Total non-interest expense |
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$ |
25,200 |
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$ |
18,710 |
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$ |
6,490 |
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35 |
% |
Non-interest Expense
Non-interest expense increased by $6.490 million, or 35 percent, from the same quarter of 2004. Compensation and benefit expense increased $4.051 million, or 40 percent, with acquisitions, additional bank branches, commissions on mortgage loan production, 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 857 to 1125, a 31 percent increase, since December 31, 2004. Occupancy and equipment expense increased $717 thousand, or 26 percent, reflecting the acquisitions, cost of additional locations and facility upgrades. Other expenses increased $1.426 million, or 28 percent, primarily from acquisitions, additional marketing expenses, and costs associated with new branch offices. Also included in this quarter was a $245 thousand write-down of book value on a bank building in Butte, MT that is no longer being used as a bank office, and $143 thousand expense from the sale of a motel previously carried as a non-performing asset. The efficiency ratio (non-interest expense/net interest income + non-interest income) was 53 percent for the 2005 quarter, up from 51 percent for the 2004 quarter.
Income tax expense
Income tax expense in the current quarter was reduced by $317 thousand due to the statutory closing of certain previous years’ tax returns and tax accrual adjustments.
Credit quality information
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(Unaudited - $ in thousands) |
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December 31, |
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December 31, |
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Allowance for loan losses |
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$ |
38,655 |
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$ |
26,492 |
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Non-performing assets |
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|
10,089 |
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|
9,608 |
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Allowance as a percentage of non performing assets |
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|
383 |
% |
|
276 |
% |
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Non-performing assets as a percentage of total assets |
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0.26 |
% |
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0.32 |
% |
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Allowance as a percentage of total loans |
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|
1.59 |
% |
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1.53 |
% |
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Net charge-offs as a percentage of loans |
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|
0.020 |
% |
|
0.098 |
% |
Allowance for Loan Loss and Non-Performing Assets
Non-performing assets as a percentage of total assets at December 31, 2005 were at .26 percent, increasing from .22 percent at September 30, 2005 the result of higher levels of non-performing assets acquired with the First State Bank transaction. Without the effects of the First State Bank acquisition, non-performing assets would have been $4.561 million, or .12 percent of total assets. “As expected, the level of non-performing assets acquired with First State Bank are considerably higher than those of our other banks,” Strosahl said. “We expect to see significant improvement in credit quality with the adoption of our credit culture at First State Bank.” At December 31, 2004 the ratio was .32 percent. The Company ratios compare favorably to the Federal Reserve Bank Peer Group average of .45 percent at September 30, 2005, the most recent information available. The allowance for loan losses was 383 percent of non-performing assets at December 31, 2005, up from 276 percent a year ago. The allowance, including $6.627 million from acquisitions, has increased $12.163 million, or 46 percent, from a year ago. The allowance of $38.655 million, is 1.59 percent of December 30, 2005 total loans outstanding, up slightly from the 1.53 percent a year ago. The fourth quarter provision for loan losses expense was $1.374 million, an increase of $174 thousand from the same quarter in 2004, but was a decrease of $233 thousand from the third quarter of 2005. Loan growth, average loan size, and credit quality considerations will determine the level of additional provision expense.
Operating Results for Year Ended December 31, 2005
Compared to December 31, 2004
Revenue summary
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Twelve months ended December 31, |
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(Unaudited - $ in thousands) |
|
2005 |
|
2004 |
|
$ change |
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% change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
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|
|
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Net interest income |
|
$ |
130,007 |
|
$ |
107,393 |
|
$ |
22,614 |
|
|
21 |
% |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges, loan fees, and other fees |
|
|
30,812 |
|
|
24,260 |
|
|
6,552 |
|
|
27 |
% |
|
Gain on sale of loans |
|
|
11,048 |
|
|
8,015 |
|
|
3,033 |
|
|
38 |
% |
|
Loss on sale of investments |
|
|
(138 |
) |
|
— |
|
|
(138 |
) |
|
n/m |
|
|
Other income |
|
|
2,904 |
|
|
2,290 |
|
|
614 |
|
|
27 |
% |
|
Total non-interest income |
|
|
44,626 |
|
|
34,565 |
|
|
10,061 |
|
|
29 |
% |
|
|
|
$ |
174,633 |
|
$ |
141,958 |
|
$ |
32,675 |
|
|
23 |
% |
|
Tax equivalent net interest margin |
|
|
4.20 |
% |
|
4.15 |
% |
|
|
|
|
|
|
Net Interest Income
Net interest income for the year increased $22.614 million, or 21 percent, over 2004. Total interest income increased $42.700 million, or 29 percent, while total interest expense was $20.086 million, or 50 percent higher. FHLB dividends received were $1.125 million lower in 2005. 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 4.20 percent which was five basis points higher than the 4.15 percent result for 2004.
Non-interest Income
Total non-interest income increased $10.061 million, or 29 percent in 2005. Fee income increased $6.552 million, or 27 percent, over 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 $3.033 million, or 38 percent, from 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. “We continue to experience strong population growth in many of our markets fueling demand for housing,” Blodnick said. Other income was $614 thousand higher than 2004 of which $220 thousand 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
|
|
|
Twelve months ended December 31, |
|
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|
|
|
|
||||||||||
|
(Unaudited - $ in thousands) |
|
2005 |
|
2004 |
|
$ change |
|
% change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
$ |
51,385 |
|
$ |
39,955 |
|
$ |
11,430 |
|
|
29 |
% |
|
Occupancy and equipment expense |
|
|
12,851 |
|
|
10,797 |
|
|
2,054 |
|
|
19 |
% |
|
Outsourced data processing |
|
|
1,839 |
|
|
1,551 |
|
|
288 |
|
|
19 |
% |
|
Core deposit intangibles amortization |
|
|
1,470 |
|
|
1,074 |
|
|
396 |
|
|
37 |
% |
|
Other expenses |
|
|
23,381 |
|
|
18,756 |
|
|
4,625 |
|
|
25 |
% |
|
Total non-interest expense |
|
$ |
90,926 |
|
$ |
72,133 |
|
$ |
18,793 |
|
|
26 |
% |
Non-interest Expense
Non-interest expense increased by $18.793 million, or 26 percent, from 2004. Compensation and benefit expense increased $11.430 million, or 29 percent, with acquisitions, additional bank branches, commissions on mortgage loan production, normal compensation increases for job performance and increased cost for benefits accounting for the majority of the increase. Occupancy and equipment expense increased $2.054 million, or 19 percent, reflecting the acquisitions, cost of additional locations and facility upgrades. Other expenses increased $4.625 million, or 25 percent, primarily from acquisitions, additional marketing expenses, and costs associated with new branch offices. The efficiency ratio (non-interest expense/net interest income + non-interest income) increased slightly to 52 percent up from 51 percent for 2004.
Income tax expense
Income tax expense in 2005 was reduced by $317 thousand due to the statutory closing of certain previous years’ tax returns and tax accrual adjustments.
Allowance for Loan Loss and Non-Performing Assets
The provision for loan losses expense was $6.023 million for 2005, an increase of $1.828 million, or 44 percent, from 2004. Net charge offs of $487 thousand was a very low .020 percent of loans outstanding which is substantially lower than the already low .098 percent in 2004.
Cash dividend
On December 28, 2005, the board of directors declared a cash dividend of $.16 payable January 19, 2006 to shareholders of record on January 10, 2006, resulting in dividends per share of $.60 for 2005, an increase of 11 percent over the $.54 dividends declared last year.
Completed acquisitions
First State Bank, with banking offices in Thompson Falls, and Plains, Montana, with total assets of approximately $153 million, merged into First Security Bank of Missoula as of the close of business October 31, 2005.
Subordinated Debentures
On February 1, 2006, $35 million of subordinated debentures with an interest rate of 9.4 percent will be redeemed and replaced with $35 million in subordinated debentures with an interest rate of 6.08 percent.
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) |
|
December 31, |
|
December 31, |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Cash on hand and in banks |
|
$ |
111,418 |
|
|
79,300 |
|
|
Federal funds sold |
|
|
7,537 |
|
|
— |
|
|
Interest bearing cash deposits |
|
|
15,739 |
|
|
13,007 |
|
|
Investment securities, available-for-sale |
|
|
967,970 |
|
|
1,085,626 |
|
|
Net loans receivable: |
|
|
|
|
|
|
|
|
Real estate loans |
|
|
607,627 |
|
|
393,141 |
|
|
Commercial loans |
|
|
1,357,051 |
|
|
991,081 |
|
|
Consumer and other loans |
|
|
471,164 |
|
|
344,075 |
|
|
Allowance for losses |
|
|
(38,655 |
) |
|
(26,492 |
) |
|
Total loans, net |
|
|
2,397,187 |
|
|
1,701,805 |
|
|
Premises and equipment, net |
|
|
79,952 |
|
|
55,732 |
|
|
Real estate and other assets owned, net |
|
|
332 |
|
|
2,016 |
|
|
Accrued interest receivable |
|
|
19,923 |
|
|
15,637 |
|
|
Core deposit intangible, net |
|
|
8,015 |
|
|
4,939 |
|
|
Goodwill |
|
|
79,099 |
|
|
37,376 |
|
|
Other assets |
|
|
19,172 |
|
|
15,299 |
|
|
|
|
$ |
3,706,344 |
|
|
3,010,737 |
|
|
Liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
|
$ |
667,008 |
|
|
460,059 |
|
|
Interest bearing deposits |
|
|
1,867,704 |
|
|
1,269,649 |
|
|
Advances from Federal Home Loan Bank of Seattle |
|
|
402,191 |
|
|
818,933 |
|
|
Securities sold under agreements to repurchase |
|
|
129,530 |
|
|
76,158 |
|
|
Other borrowed funds |
|
|
187,692 |
|
|
5,057 |
|
|
Accrued interest payable |
|
|
7,437 |
|
|
4,864 |
|
|
Deferred tax liability |
|
|
2,746 |
|
|
8,392 |
|
|
Subordinated debentures |
|
|
85,000 |
|
|
80,000 |
|
|
Other liabilities |
|
|
23,797 |
|
|
17,441 |
|
|
Total liabilities |
|
|
3,373,105 |
|
|
2,740,553 |
|
|
Preferred shares, 1,000,000 shares authorized. |
|
|
|
|
|
|
|
|
None outstanding |
|
|
— |
|
|
— |
|
|
Common stock, $.01 par value per share. 62,500,000 shares authorized |
|
|
322 |
|
|
307 |
|
|
Paid-in capital |
|
|
262,383 |
|
|
227,552 |
|
|
Retained earnings - substantially restricted |
|
|
69,713 |
|
|
36,391 |
|
|
Accumulated other comprehensive income |
|
|
821 |
|
|
5,934 |
|
|
Total stockholders’ equity |
|
|
333,239 |
|
|
270,184 |
|
|
|
|
$ |
3,706,344 |
|
|
3,010,737 |
|
|
Number of shares outstanding |
|
|
32,172,547 |
|
|
30,686,763 |
|
|
Book value of equity per share |
|
|
10.36 |
|
|
8.80 |
|
GLACIER BANCORP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
|
|
|
Three months ended |
|
Twelve months ended |
|
||||||||
|
|
|
|
|
|
|
||||||||
|
($ in thousands except per share data) |
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|||
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
|
$ |
10,848 |
|
|
6,388 |
|
|
34,506 |
|
|
22,942 |
|
|
Commercial loans |
|
|
23,444 |
|
|
15,630 |
|
|
81,359 |
|
|
57,312 |
|
|
Consumer and other loans |
|
|
8,289 |
|
|
5,417 |
|
|
28,696 |
|
|
20,331 |
|
|
Investment securities and other |
|
|
10,782 |
|
|
11,304 |
|
|
45,424 |
|
|
46,700 |
|
|
Total interest income |
|
|
53,363 |
|
|
38,739 |
|
|
189,985 |
|
|
147,285 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
9,140 |
|
|
3,648 |
|
|
25,705 |
|
|
14,054 |
|
|
Federal Home Loan Bank of Seattle advances |
|
|
4,646 |
|
|
4,817 |
|
|
21,489 |
|
|
18,540 |
|
|
Securities sold under agreements to repurchase |
|
|
1,145 |
|
|
308 |
|
|
2,948 |
|
|
873 |
|
|
Subordinated debentures |
|
|
1,638 |
|
|
1,555 |
|
|
6,455 |
|
|
5,619 |
|
|
Other borrowed funds |
|
|
1,090 |
|
|
571 |
|
|
3,381 |
|
|
806 |
|
|
Total interest expense |
|
|
17,659 |
|
|
10,899 |
|
|
59,978 |
|
|
39,892 |
|
|
Net interest income |
|
|
35,704 |
|
|
27,840 |
|
|
130,007 |
|
|
107,393 |
|
|
Provision for loan losses |
|
|
1,374 |
|
|
1,200 |
|
|
6,023 |
|
|
4,195 |
|
|
Net interest income after provision for loan losses |
|
|
34,330 |
|
|
26,640 |
|
|
123,984 |
|
|
103,198 |
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
6,483 |
|
|
5,164 |
|
|
24,503 |
|
|
19,550 |
|
|
Miscellaneous loan fees and charges |
|
|
1,616 |
|
|
1,245 |
|
|
6,309 |
|
|
4,710 |
|
|
Gain on sale of loans |
|
|
2,814 |
|
|
2,007 |
|
|
11,048 |
|
|
8,015 |
|
|
Loss on sale of investments |
|
|
— |
|
|
— |
|
|
(138 |
) |
|
— |
|
|
Other income |
|
|
756 |
|
|
753 |
|
|
2,904 |
|
|
2,290 |
|
|
Total non-interest income |
|
|
11,669 |
|
|
9,169 |
|
|
44,626 |
|
|
34,565 |
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation, employee benefits and related expenses |
|
|
14,282 |
|
|
10,231 |
|
|
51,385 |
|
|
39,955 |
|
|
Occupancy and equipment expense |
|
|
3,488 |
|
|
2,771 |
|
|
12,851 |
|
|
10,797 |
|
|
Outsourced data processing expense |
|
|
569 |
|
|
424 |
|
|
1,839 |
|
|
1,551 |
|
|
Core deposit intangibles amortization |
|
|
415 |
|
|
264 |
|
|
1,470 |
|
|
1,074 |
|
|
Other expenses |
|
|
6,446 |
|
|
5,020 |
|
|
23,381 |
|
|
18,756 |
|
|
Total non-interest expense |
|
|
25,200 |
|
|
18,710 |
|
|
90,926 |
|
|
72,133 |
|
|
Earnings before income taxes |
|
|
20,799 |
|
|
17,099 |
|
|
77,684 |
|
|
65,630 |
|
|
Federal and state income tax expense |
|
|
6,611 |
|
|
5,536 |
|
|
25,311 |
|
|
21,014 |
|
|
Net earnings |
|
$ |
14,188 |
|
|
11,563 |
|
|
52,373 |
|
|
44,616 |
|
|
Basic earnings per share |
|
|
0.45 |
|
|
0.38 |
|
|
1.67 |
|
|
1.46 |
|
|
Diluted earnings per share |
|
|
0.44 |
|
|
0.37 |
|
|
1.64 |
|
|
1.43 |
|
|
Dividends declared per share |
|
|
0.16 |
|
|
0.14 |
|
|
0.60 |
|
|
0.54 |
|
|
Return on average assets (annualized) |
|
|
1.53 |
% |
|
1.53 |
% |
|
1.52 |
% |
|
1.54 |
% |
|
Return on average equity (annualized) |
|
|
17.47 |
% |
|
17.28 |
% |
|
17.62 |
% |
|
17.61 |
% |
|
Return on tangible average equity (annualized) |
|
|
24.35 |
% |
|
20.57 |
% |
|
24.07 |
% |
|
21.93 |
% |
|
Average outstanding shares - basic |
|
|
31,874,114 |
|
|
30,655,570 |
|
|
31,295,827 |
|
|
30,565,716 |
|
|
Average outstanding shares - diluted |
|
|
32,535,411 |
|
|
31,310,581 |
|
|
31,892,716 |
|
|
31,144,069 |
|
AVERAGE BALANCE SHEET
|
|
|
For the Three months |
|
|||||||
|
|
|
|
|
|||||||
|
(Unaudited - $ in Thousands) |
|
Average |
|
Interest |
|
Average |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans |
|
$ |
612,596 |
|
|
10,848 |
|
|
7.08 |
% |
|
Commercial Loans |
|
|
1,304,656 |
|
|
23,444 |
|
|
7.13 |
% |
|
Consumer and Other Loans |
|
|
452,027 |
|
|
8,289 |
|
|
7.28 |
% |
|
Total Loans |
|
|
2,369,279 |
|
|
42,581 |
|
|
7.13 |
% |
|
Tax-Exempt Investment Securities (1) |
|
|
284,088 |
|
|
3,485 |
|
|
4.91 |
% |
|
Other Investment Securities |
|
|
756,201 |
|
|
7,297 |
|
|
3.86 |
% |
|
Total Earning Assets |
|
|
3,409,568 |
|
|
53,363 |
|
|
6.26 |
% |
|
Goodwill and Core Deposit Intangible |
|
|
84,312 |
|
|
|
|
|
|
|
|
Other Non-Earning Assets |
|
|
186,222 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
3,680,102 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
NOW Accounts |
|
$ |
352,766 |
|
|
347 |
|
|
0.39 |
% |
|
Savings Accounts |
|
|
235,043 |
|
|
453 |
|
|
0.77 |
% |
|
Money Market Accounts |
|
|
502,638 |
|
|
2,466 |
|
|
1.95 |
% |
|
Certificates of Deposit |
|
|
721,088 |
|
|
5,874 |
|
|
3.23 |
% |
|
FHLB Advances |
|
|
521,238 |
|
|
4,646 |
|
|
3.54 |
% |
|
Repurchase Agreements and Other Borrowed Funds |
|
|
324,462 |
|
|
3,873 |
|
|
4.74 |
% |
|
Total Interest Bearing Liabilities |
|
|
2,657,235 |
|
|
17,659 |
|
|
2.64 |
% |
|
Non-interest Bearing Deposits |
|
|
662,941 |
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
37,651 |
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
3,357,827 |
|
|
|
|
|
|
|
|
Common Stock |
|
|
319 |
|
|
|
|
|
|
|
|
Paid-In Capital |
|
|
253,871 |
|
|
|
|
|
|
|
|
Retained Earnings |
|
|
65,617 |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income |
|
|
2,468 |
|
|
|
|
|
|
|
|
Total Stockholders’ Equity |
|
|
322,275 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
3,680,102 |
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
$ |
35,704 |
|
|
|
|
|
Net Interest Spread |
|
|
|
|
|
|
|
|
3.62 |
% |
|
Net Interest Margin on Average Earning assets |
|
|
|
|
|
|
|
|
4.15 |
% |
|
Return on Average Assets (annualized) |
|
|
|
|
|
|
|
|
1.53 |
% |
|
Return on Average Equity (annualized) |
|
|
|
|
|
|
|
|
17.47 |
% |
|
|
|
|
|
(1) Excludes tax effect on non-taxable investment security income |
AVERAGE BALANCE SHEET
|
|
|
For the Twelve months |
|
|||||||
|
|
|
|
|
|||||||
|
(Unaudited - $ in Thousands) |
|
Average |
|
Interest |
|
Average |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans |
|
$ |
508,105 |
|
|
34,506 |
|
|
6.79 |
% |
|
Commercial Loans |
|
|
1,188,925 |
|
|
81,359 |
|
|
6.84 |
% |
|
Consumer and Other Loans |
|
|
417,011 |
|
|
28,696 |
|
|
6.88 |
% |
|
Total Loans |
|
|
2,114,041 |
|
|
144,561 |
|
|
6.84 |
% |
|
Tax -Exempt Investment Securities (1) |
|
|
283,031 |
|
|
13,867 |
|
|
4.90 |
% |
|
Other Investment Securities |
|
|
806,143 |
|
|
31,557 |
|
|
3.91 |
% |
|
Total Earning Assets |
|
|
3,203,215 |
|
|
189,985 |
|
|
5.93 |
% |
|
Goodwill and Core Deposit Intangible |
|
|
73,640 |
|
|
|
|
|
|
|
|
Other Non-Earning Assets |
|
|
174,808 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
3,451,663 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
NOW Accounts |
|
$ |
317,334 |
|
|
889 |
|
|
0.28 |
% |
|
Savings Accounts |
|
|
209,004 |
|
|
1,130 |
|
|
0.54 |
% |
|
Money Market Accounts |
|
|
483,423 |
|
|
7,552 |
|
|
1.56 |
% |
|
Certificates of Deposit |
|
|
567,818 |
|
|
16,134 |
|
|
2.84 |
% |
|
FHLB Advances |
|
|
673,904 |
|
|
21,489 |
|
|
3.19 |
% |
|
Repurchase Agreements and Other Borrowed Funds |
|
|
287,991 |
|
|
12,784 |
|
|
4.44 |
% |
|
Total Interest Bearing Liabilities |
|
|
2,539,474 |
|
|
59,978 |
|
|
2.36 |
% |
|
Non-interest Bearing Deposits |
|
|
582,355 |
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
32,510 |
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
3,154,339 |
|
|
|
|
|
|
|
|
Common Stock |
|
|
313 |
|
|
|
|
|
|
|
|
Paid-In Capital |
|
|
240,063 |
|
|
|
|
|
|
|
|
Retained Earnings |
|
|
53,062 |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income |
|
|
3,886 |
|
|
|
|
|
|
|
|
Total Stockholders’ Equity |
|
|
297,324 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
3,451,663 |
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
|
|
$ |
130,007 |
|
|
|
|
|
Net Interest Spread |
|
|
|
|
|
|
|
|
3.57 |
% |
|
Net Interest Margin on Average Earning assets |
|
|
|
|
|
|
|
|
4.06 |
% |
|
Return on Average Assets (annualized) |
|
|
|
|
|
|
|
|
1.52 |
% |
|
Return on Average Equity (annualized) |
|
|
|
|
|
|
|
|
17.62 |
% |
|
|
|
|
|
(1) Excludes tax effect on non-taxable investment security income |
SOURCE Glacier Bancorp, Inc.
-0- 02/02/2006
/CONTACT: Michael J. Blodnick, +1-406-751-4701, or James H. Strosahl, +1-406-751-4702, both of Glacier Bancorp, Inc./
/Web site: http://www.glacierbancorp.com /