Glacier Bancorp Q2 profit jumps on higher net interest income, wider margin
Glacier Bancorp Q2 profit jumps on higher net interest income, wider margin
Overview
U.S. regional bank's Q2 net income rose 85% yr/yr, driven by higher net interest income
Q2 diluted EPS increased 67% yr/yr to $0.75, with operating EPS up 33% yr/yr
Net interest margin expanded to 3.90% in Q2, up from 3.21% a year earlier
Outlook
Glacier Bancorp did not provide specific financial guidance for the upcoming qtr or yr
Result Drivers
NET INTEREST INCOME - Growth in net interest income was primarily driven by increased loan balances and higher loan yields, as well as a shift in earning assets mix to higher-yielding loans
LOWER FUNDING COSTS - Decreased interest expense due to lower deposit rates and reduced high-cost borrowings contributed to improved net interest margin
NON-INTEREST INCOME & EXPENSES - Non-interest income increased, while non-interest expenses fell from the prior quarter due to lower acquisition-related costs and gains from asset sales
Company press release: ID:nGNX3lWpGN
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.75 |
|
Q2 Net Income |
| $97.86 mln |
|
Q2 Net Interest Income |
| $276 mln |
|
Q2 Net Interest Margin |
| 3.90% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Glacier Bancorp Inc is $56.50, about 10.4% above its July 22 closing price of $51.17
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)