Glacier Bancorp Raises Net Income 54% to $104.6 Million in Third Quarter
Key Facts
Glacier Bancorp said on October 22 that its net income reached $104.6 million in the third quarter of 2026, up 54% year over year. Diluted earnings were $0.80 per share under accounting standards, while diluted operating earnings reached $0.81, up 31% from the year-earlier period. The company attributed the improvement in its net interest margin to higher asset yields and lower deposit costs. The improvement also extended to interest income, which rose to $289.9 million from $276.4 million in the previous quarter and $225.4 million a year earlier. Total revenue, as defined by the company, was $329.837 million, compared with $260.731 million in the third quarter of 2025.
Net interest margin on a tax-equivalent basis was 4.01%, compared with 3.90% in the second quarter and 3.39% a year earlier. The margin therefore continued to widen for the 11th consecutive quarter, the company said. The difference between the periods reflects improved asset yields alongside lower deposit costs, the two factors the company cited to explain the margin increase. The cost of core deposits declined to 1.17% from 1.18% in the previous quarter and 1.23% a year earlier. The overall cost of funding also fell to 1.32%, from 1.58% in the year-earlier period.
Deposits reached $25.273 billion at the end of the quarter, up $619 million from the previous quarter. However, the company excluded from the comparison a temporary deposit that it expects most of to leave in the fourth quarter; after this adjustment, the increase was $308 million. This detail puts deposit growth in context, as part of the reported increase does not represent funding the company expects to retain. On the asset side, loans stood at $21.620 billion on September 30, up $256 million from the previous quarter. Loan and deposit growth coincided with an increase in net interest income during the period.
Earnings growth extended into the first nine months of 2026, when the company reported net income of $285 million, up 62% from the same period in 2025. Net interest income for the nine months was $835 million, up 34% year over year. The annual comparison is based on a period that included the impact of Glacier's acquisition of Guaranty on October 1, 2025. Guaranty's total assets were $3.357 billion at the time of the acquisition. Glacier said it completed the conversion of core systems during the first nine months of 2026, following the bank's addition to the group.
On market estimates, an Investing.com report attributed to Reuters said operating earnings of $0.81 per share topped analysts' estimate of $0.79. The report said revenue was $329.94 million, below the consensus estimate of $331.89 million. It also reported that the stock closed at $45.99 on October 23. The company declared a quarterly dividend of $0.35 per share, up 6% from the previous quarter, marking its 166th consecutive quarterly dividend. The figures show earnings growth alongside a higher dividend, while revenue came in below the consensus estimate cited in the report.
The company had announced on September 28 that it would release results after the market close on October 22 and scheduled an investor call for the following day at 11:00 a.m. Eastern time. The timing gave investors an opportunity to review the results and discuss quarterly developments with management after their release. The results included figures on earnings growth, interest income, deposits and loans, along with details of the operational conversion following the Guaranty acquisition. The company also said most of the temporary deposit would leave in the fourth quarter, making deposit trends in the coming period dependent on this expected change. The third-quarter dividend of $0.35 per share remains the latest dividend decision announced in the results.