GBCI - Glacier Bancorp: A Robust Performance But Still Too Expensive For Me
2024-02-16 10:30:00 ET
Summary
- Glacier Bancorp, Inc.'s share price has decreased by approximately 30% in the past 18 months.
- The bank's financial performance remains strong, with low non-performing loans.
- Glacier Bancorp's premium valuation may be maintained due to its low amount of non-accruing loans.
Introduction
In the summer of 2022, I argued Glacier Bancorp, Inc. ( GBCI ) was a well-run Montana focused bank, but I wasn’t willing to pay 3 times the tangible book value, or TBV, for the bank. Fast-forward to now, just over eighteen months later, and the bank’s share price has indeed come down by approximately 30% while Glacier Bancorp completed an additional seven quarters, retaining a portion of its net profit on its balance sheet . So, I figured the FY 2024 results would be a good moment to check up on the bank’s health and prospects, and to check if it already is trading at a valuation I could stomach....
Glacier Bancorp: A Robust Performance, But Still Too Expensive For Me