Glacier Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 29, 2015 at 04:30 pm
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Glacier Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net interest income of $68,811,000 compared to $67,010,000 a year ago. Net interest income after provision for loan losses was $68,620,000 compared to $65,208,000 a year ago. Income before Income taxes was $36,900,000 compared to $35,176,000 a year ago. Net Income was $28,054,000 compared to $26,546,000 a year ago. Basic and diluted earnings per share were $0.37 compared to $0.36 a year ago. Book value per common share was $13.70 compared to $12.95 a year ago. Tangible book value per common share was $11.83 compared to $11.08 a year ago. Return on average assets was 1.37% compared to 1.33% a year ago. Return on average equity was 10.66% compared to 10.96% a year ago.
For the full year, the company reported net interest income of $272,953,000 compared to $234,818,000 a year ago. Net interest income after provision for loan losses was $271,041,000 compared to $227,931,000 a year ago. Income before income taxes was $148,664,000 compared to $125,661,000 a year ago. Net Income was $112,755,000 compared to $95,644,000 a year ago. Basic and diluted earnings per share were $1.51 compared to $1.31 a year ago. Return on average assets was 1.42% compared to 1.23% a year ago. Return on average equity was 11.11% compared to 10.22% a year ago. Interest income for 2014 increased $36.3 million, or 14% from the prior year and was principally due to the decrease in premium amortization on investment securities and increased income from commercial loans.
Net charged-off loans for the current quarter were $1.1 million, an increase of $706,000 from the prior quarter and a decrease of $1.1 million from the prior year fourth quarter.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions. The Company provides a range of banking services to individuals and businesses from 221 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada through its wholly owned bank subsidiary, Glacier Bank (Bank). It offers a range of banking products and services, including retail banking, business banking, real estate, commercial, agriculture and consumer loans, and mortgage origination and loan servicing. It serves individuals, small to medium-sized businesses, community organizations and public entities. Its bank divisions include Glacier Bank (Kalispell, Montana), First Security Bank of Missoula (Missoula, Montana), Valley Bank of Helena (Helena, Montana), First Security Bank (Bozeman, Montana), Western Security Bank (Billings, Montana), First Bank of Montana (Lewistown, Montana), First Community Bank Utah (Layton, Utah), Mountain West Bank (Coeur dâAlene, Idaho) and others.
Glacier Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Net Charge-Offs for the Fourth Quarter Ended December 31, 2014