Key Highlights

  • Record Net Income was USD 105 million, up 54% from a year earlier.
  • Net interest income rose 29% year over year to USD 290 million.
  • Net interest Margin was 4.01%, up 62 basis points from a year ago.
  • Total deposits grew USD 619 million, or 10% annualized.

Record Results

Glacier Bancorp (NYSE:GBCI) announced third-quarter 2026 results on Thursday. Net income was a record USD 104.6 million, up USD 6.7 million, or 7%, from the second quarter and up USD 36.7 million, or 54%, from USD 67.9 million a year earlier. Diluted Earnings per Share were USD 0.80, against USD 0.75 and USD 0.57.

Operating diluted earnings per share, a non-GAAP measure, were USD 0.81, against USD 0.76 in the second quarter and USD 0.62 a year earlier. Nine-month net income was USD 284.6 million, or USD 2.18 per diluted share, against USD 175.2 million, or USD 1.51.

Net Interest Income and Margin

Net interest income was USD 290 million, up USD 13.5 million, or 5%, from the second quarter and up USD 65 million, or 29%, from USD 225 million a year earlier. The net interest margin on a tax-equivalent basis was 4.01%, up 11 basis points from 3.90% in the prior quarter and up 62 basis points from 3.39% a year earlier. The nine-month margin was 3.90% against 3.21%.

Loans and Deposits

The Loan portfolio was USD 21.620 billion, up USD 256 million, or 5% annualized, from the prior quarter and up USD 2.829 billion, or 15%, from a year earlier. Total deposits were USD 25.273 billion, up USD 619 million, or 10% annualized, and up USD 3.402 billion, or 16%, from a year earlier. Noninterest-bearing deposits were USD 7.702 billion, up USD 279 million, or 15% annualized. That is about 30% of total deposits. The loan to deposit ratio was 85.69%.

Integration and Returns

The company completed the core system conversion of Guaranty Bancshares, the Holding Company for Guaranty Bank and Trust, which it acquired on Oct. 1, 2025 with total Assets of USD 3.357 billion. Return on average assets was 1.31% and return on average Equity was 9.53%, against 0.93% and 7.52% a year earlier. The efficiency ratio was 56.08% and the operating efficiency ratio was 55.75%, against 62.05% and 58.87%.

Full time equivalent employees were 4,111, against 4,125 in the second quarter and 3,649 a year earlier. Average diluted shares were 130.4 million against 118.6 million, reflecting shares issued for the acquisition.

Dividends declared were USD 0.35 per share in the quarter, up from USD 0.33. For the first nine months, dividends declared were USD 1.01 per share, up USD 0.02, or 2%, from USD 0.99. The closing share price on Sept. 30 was USD 43.20, against USD 51.58 on June 30 and USD 48.67 a year earlier. There were 130,218,983 common shares outstanding at quarter end, against 118,552,847 a year earlier.

Metrics to Watch

Net income rose 54% and net interest income rose 29%, while average diluted shares rose 10% over the same period, so earnings per share rose 40%. Net interest income of USD 290 million equals about 1.1% of the USD 25.273 billion deposit base in a single quarter. Reference points include deposit growth at 10% annualized against loan growth at 5%, the margin at 4.01%, noninterest-bearing deposits near 30% of the total, and the operating efficiency ratio at 55.75%.