Glacier Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs of Loans for the Fourth Quarter of 2015
January 29, 2016 at 03:00 am IST
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Glacier Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net interest income of $75,996,000 against $68,811,000 a year ago. Income before income taxes was $37,849,000 against $36,900,000 a year ago. Net income was $29,508,000 or $0.39 diluted per share against $28,054,000 or $0.37 diluted per share a year ago. Return on average assets (annualized) was 1.32% against 1.37% a year ago. Return on average equity (annualized) was 10.66% against 10.66% a year ago. Total interest income was $83,211,000 against $76,179,000 a year ago. Interest income during the current quarter increased over the prior year fourth quarter and was principally due to higher interest income on commercial loans which increased $5.2 million, or 14%, as a result of an increased volume and yield on commercial loans.
For the year, the company reported net interest income of $290,406,000 against $272,953,000 a year ago. Income before income taxes was $150,126,000 against $148,664,000 a year ago. Net income was $116,127,000 or $1.54 diluted per share against $112,755,000 or $1.51 diluted per share a year ago. Return on average assets (annualized) was 1.36% against 1.42% a year ago. Return on average equity (annualized) was 10.84% against 11.11% a year ago. Total interest income was $319,681,000 against $299,919,000 a year ago. Book value per common share was $14.15 against $0.45 a year ago. Interest income increased $19.8 million, or 7%, from the prior year and was principally due to an increase in income from commercial loans.
For the fourth quarter of 2015, net charge-offs of loans were $1.5 million compared to net charge-offs of $577,000 for the prior quarter and net charge-offs of $1.1 million from the same quarter last year.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs of Loans for the Fourth Quarter of 2015