GBCI - Glacier Bancorp Inc. (GBCI) Q1 2024 Earnings Call Transcript
2024-04-19 17:22:09 ET
Glacier Bancorp, Inc. (GBCI)
Q1 2024 Earnings Call Transcript
April 19, 2024, 11:00 AM ET
Company Participants
Randy Chesler - President and CEO
Byron Pollan - Treasurer
Tom Dolan - Chief Credit Administrator
Ron Copher - CFO
Conference Call Participants
David Feaster - Raymond James
Kelly Motta - KBW
Jeff Rulis - D.A. Davidson
Matthew Clark - Piper Sandler
Andrew Terrell - Stephens
Presentation
Operator
Thank you for standing by, and welcome to the Glacier Bancorp First Quarter Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Randy Chesler, President and Chief Executive Officer of Glacier Bancorp. Please go ahead, sir.
Randy Chesler
All right. Thank you, Jonathan, and good morning, and thank you for joining us today. With me here in Kalispell this morning is Ron Copher, our Chief Financial Officer; Angela Dose, our Chief Accounting Officer; Byron Pollan, our Treasurer; Tom Dolan, our Chief Credit Administrator; and Don Chery, our Chief Administrative Officer. I'd like to point out that the discussion today is subject to the same forward-looking considerations starting on Page 10 of our press release, and we encourage you to review this section.
Yesterday, we released our first quarter earnings and an announcement regarding the approval of our purchase of six Montana branches after the close of the market. We experienced an increase in the net interest margin for the first time since the third quarter of 2022. The company's net interest margin as a percentage of earning assets on a tax equivalent basis was 2.59% compared to 2.56% in the prior quarter and was primarily driven by the increase in loan yields, outpacing the increase in deposit costs. This is a very welcome result and arrived a quarter sooner than we expected. We believe this trend will continue throughout '24 and into '25. It appears that we are entering a higher for longer period of interest rates and that environment is good for the company as our lower rates....
Glacier Bancorp, Inc. (GBCI) Q1 2024 Earnings Call Transcript