Glacier Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 25, 2013 at 03:00 am IST
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Glacier Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, total interest income was $59,666,000 against $68,741,000 a year ago. Net interest income after provision for loan losses was $49,226,000 against $49,869,000 a year ago. Income before income taxes was $26,611,000 against $16,756,000 a year ago. Net income was $20,758,000 against $14,348,000 a year ago. Diluted earnings per share were $0.29 against $0.20 a year ago. Operating net income (non-GAAP) was $20,758,000 against $14,348,000 a year ago. Diluted operating earnings per share was (non-GAAP) was $0.29 against $0.20 a year ago. Return on average assets (annualized) (GAAP) was 1.06% against 0.80% a year ago. Return on average assets (annualized) (non-GAAP) was 1.06% against 0.79% a year ago. Return on average equity (annualized) (GAAP) was 9.17% against 6.69% a year ago. Return on average equity (annualized) was (non-GAAP) was 9.17% against 6.45% a year ago. Book value per common share was $12.52 against $11.82 a year ago. Tangible book value per common share was $10.96 against $10.23 a year ago.
For the year, total interest income was $253,757,000 against $280,109,000 a year ago. Net interest income after provision for loan losses was $196,518,000 against $171,115,000 a year ago. Income before income taxes was $94,593,000 against $17,190,000 a year ago. Net income was $75,516,000 against $17,471,000 a year ago. Diluted earnings per share were $1.05 against $0.24 a year ago. Operating net income (non-GAAP) was $75,516,000 against $50,084,000 a year ago. Diluted operating earnings per share was (non-GAAP) was $1.05 against $0.70 a year ago. Return on average assets (annualized) (GAAP) was 1.01% against 0.25% a year ago. Return on average assets (annualized) (non-GAAP) was 1.01% against 0.72% a year ago. Return on average equity (annualized) (GAAP) was 8.54% against 2.04% a year ago. Return on average equity (annualized) was (non-GAAP) was 8.54% against 5.78% a year ago. Book value per common share was $0.15 against $0.70 a year ago. Tangible book value per common share was $0.15 against $0.73 a year ago.
The company reported net charge-offs for the fourth quarter ended December 31, 2012. Net charged-off loans during the current quarter of $8.1 million increased $4.6 million, or 131%, compared to the prior quarter and was attributable to the company disposing of distressed assets during the fourth quarter of 2012.
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, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012