GBCI - Glacier Bancorp: Mortgage Banking Normalization To Pressurize Earnings Next Year

• Stable interest rates will likely lead to a fall in mortgage refinancing activity next year, which will pressurize earnings.
• Yields will likely continue to decline next year as loans will mature and new loans will originate at lower rates.
• Loan growth will likely get constrained by the forgiveness of Paycheck Protection Program loans.
• The target price for next year is quite close to the current market price. Additionally, GBCI is offering a low dividend yield.

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