Glacier Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Announces Net Charged-Offs for the Fourth Quarter Ended December 31, 2011
January 26, 2012 at 04:18 pm
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Glacier Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net earnings of $14.3 million, an increase of $4.8 million, or 50%, compared to $9.6 million for the prior year fourth quarter. Diluted earnings per share for the current quarter was $0.20 per share, an increase of 54% from the prior year fourth quarter of $0.13 per share. Excluding the goodwill impairment charge, operating earnings were $14.35 million versus $9.6 million for the prior year fourth quarter. The current quarter net interest income of $58.5 million increased $1.9 million, or 3%, over $56.7 million for the prior year fourth quarter. Total interest income was $68.74 million against $69.1 million a year ago. Earnings before income taxes were $16.756 million against $9.5 million a year ago. Return on average assets (annualized) (GAAP) for the quarter were 0.80% against 0.58% a year ago. Return on average assets (annualized) (non-GAAP) was 0.79% against 0.58% a year ago. Return on average equity (annualized) (GAAP) was 6.69% against 4.47% a year ago. Return on average equity (annualized) (non-GAAP) was 6.45% against 4.47% a year ago.
For the year, the company reported net earnings of $17.5 million compared to $42.33 million for the prior year. Diluted earnings per share were $0.24 per share against $0.61 per share for previous year. Excluding the goodwill impairment charge, operating earnings for 2011 was $50.1 million versus $42.3 million for the prior year. Diluted operating earnings per share for 2011 were $0.70 per share, an increase of 15% from the prior year earnings per share of $0.61. Including the goodwill impairment charge, net earnings was $17.5 million or $0.24 per share for the year ended December 31, 2011. Net interest income for the year 2011 of $235.6 million increased $0.85 million over $234.8 million for the prior year. Total interest income was $280.1 million against $288.4 million a year ago. Earnings before income taxes were $17.2 million against $49.7 million a year ago. Return on average assets (GAAP) for the year was 0.25% against 0.67% a year ago. Return on average assets (non-GAAP) was 0.72% against 0.67% a year ago. Return on average equity (GAAP) was 2.04% against 5.18% a year ago. Return on average equity (annualized) (non-GAAP) was 5.78% against 5.18% a year ago.
For the quarter, the company also announced net charged-off loans of $9.3 million compared to $24.5 million for the fourth quarter of 2010.
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, 2011; Announces Net Charged-Offs for the Fourth Quarter Ended December 31, 2011