# Glacier Bancorp Inc. (GBCI) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GBCI/thesis · /stocks/GBCI/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: GBCI
step: 04
title: Financial Snapshot & Adversarial Sweep
created: 2026-05-29
---

### Step 04 — Financial Snapshot: Glacier Bancorp (GBCI)

#### 1. Three-Year Financial Snapshot

| Metric | FY 2025 | FY 2024 | FY 2023 |
|--------|---------|---------|---------|
| Net Interest Income | $889.0M | $704.6M | $691.7M |
| Noninterest Income | $141.4M | $128.5M | $118.1M |
| Total Net Revenue | $1,030.4M | $833.1M | $809.8M |
| Net Income | $239.0M | $190.1M | $222.9M |
| EPS (Diluted) | $1.99 | $1.68 | $2.01 |
| DPS (Declared) | $1.32 | $1.32 | $1.32 |
| Payout Ratio | 66% | 79% | 66% |
| Shares Outstanding | 130.0M | 113.4M | 110.9M |
| NIM | 3.32% | 2.77% | ~2.71% |
| Efficiency Ratio | ~65% | 66.7% | 62.9% |
| Total Assets | $31.98B | $27.90B | $27.74B |
| Net Loans | ~$20.5B | ~$16.5B | ~$15.8B |
| Total Deposits | ~$26.5B (est) | ~$22.4B | ~$22.1B |
| Stockholders' Equity | $4.21B | ~$2.94B | ~$2.87B |
| Book Value/Share | ~$32.40 | ~$25.90 | ~$25.90 |
| Tangible BV/Share | ~$21.77 | ~$14.95 | ~$14.10 |
| AOCI | -$167M | -$309M | ~-$500M |
| CET1 Ratio | ~12.6% | 12.6% | 12.6% |
| ROTCE (est) | ~11.5% | ~9.0% | ~11.5% |
| ROA | 0.82% | ~0.72% | ~0.80% |

Sources: [S1] XBRL, [S3] StockAnalysis, [S4] press release searches.

#### 2. Accounting Quality Assessment

##### 2.1 Revenue Quality
**Rating: HIGH**
- NII driven by interest income on $20.8B loan book — real economic activity, not accounting-driven
- Noninterest income ($141.4M) is service-charge and transaction-based — low quality-of-earnings risk
- No material gains-on-sale from securities trades distorting reported income
- Provision expense is appropriately recognized; ACL/Loan ratio of 1.22% is reasonable [S4]

##### 2.2 Goodwill & Intangibles
**Rating: WATCH**
- Goodwill surged from ~$1.08B (Q4 2024) to $1.38B (Q4 2025) due to Guaranty and Bank of Idaho acquisitions [S1]
- Goodwill represents ~50% of stockholders' equity — standard for acquisition-heavy community banks but elevated
- Tangible Book Value per share ($22.34 as of Q1 2026) is significantly below book value ($34.27) — important for valuation
- No impairment charges recorded; annual impairment tests required

##### 2.3 AOCI & Investment Securities
**Rating: MATERIAL CONSIDERATION**
- AOCI of -$176M (Q1 2026) represents unrealized losses on AFS securities portfolio [S1]
- This is a significant improvement from the estimated peak of -$660M+ in late 2022 when the Fed hiking cycle peaked
- AOCI losses are not included in regulatory capital under community bank rules, protecting CET1
- However, AOCI directly reduces GAAP book value and tangible book value per share
- AFS portfolio of $6.64B at Q1 2026; HTM book was ~$3.7B at peak (FY 2022)
- As AFS bonds mature and are reinvested at higher rates, unrealized losses diminish — TBV per share recovery is a multi-year tailwind

##### 2.4 Credit Quality
**Rating: ACCEPTABLE**
- ACL/Loans: 1.22% — conservative coverage ratio
- Non-performing assets: disclosed in 10-K; historically modest relative to peers
- CRE concentration at 64% of loans is elevated — reviewed further in Step 06
- Net charge-off rate historically low (< 0.20% in most years)

##### 2.5 Share Count Inflation
**Rating: WATCH**
- Shares outstanding grew from 110.7M (FY 2021) to 130.0M (FY 2025) — 17% dilution over 4 years
- Driven primarily by stock-consideration M&A transactions (Guaranty Bancshares, Bank of Idaho, Wheatland Bank)
- EPS has grown modestly despite dilution due to NII expansion, but per-share growth lags total net income growth
- Future acquisitions will continue to be share-dilutive unless GBCI shifts to cash transactions

#### 3. Adversarial Research Sweep

*Note: Transcript analysis not performed (coverage-next-full path). Adversarial sweep based on public filings, press releases, and web search.*

##### 3.1 Short Seller Thesis (None Active)
**Finding:** No major short-seller reports identified targeting Glacier Bancorp [Judgment]. GBCI has not been the subject of known activist short campaigns. Short interest as of mid-2025 is estimated at 3-5% of float — normal for a regional bank.

##### 3.2 Regulatory Actions
**Finding:** No material enforcement actions, consent orders, or supervisory concerns identified in EDGAR filings or press releases as of 2026. GBCI's long dividend history and capital ratios suggest sustained regulatory standing [S1].

##### 3.3 Credit Cycle Risk — CRE Concentration
**Key Risk:** GBCI's CRE concentration at 64% of gross loans is the most prominent adversarial concern [S4]. The 2022-2023 office CRE downturn nationally impacted many regional bank loan books. Mountain West CRE is predominantly multifamily, retail, and hospitality — less exposure to urban office than coastal banks. However:
- Mountain West real estate prices appreciated 40-60% during the pandemic; a regional correction could impair collateral values
- GBCI's loan portfolio growth in 2024-2025 was partly acquisition-driven (Bank of Idaho, Guaranty), adding new geographic CRE exposures
- Regulators scrutinize banks with CRE > 300% of capital; GBCI likely exceeds this threshold given its loan mix

##### 3.4 Texas Integration Risk
**Finding:** The Guaranty Bancshares acquisition ($3.1B assets, 33 Texas branches) is GBCI's largest single deal and first entry outside its historical footprint [S5]. Integration risks include:
- Cultural fit between Montana community bank ethos and Texas banking market
- Loan portfolio quality assessment (Guaranty's $2.1B in loans requires diligence)
- Technology and operational integration complexity
- Competition intensity in Texas markets where national banks have strong presence

##### 3.5 AOCI / Unrealized Loss — Securities Portfolio
**Finding:** Peak AOCI loss is estimated at -$660M+ in late 2022 [S1 XBRL]. While improving materially, -$176M in residual AOCI still weighs on GAAP book value. If rates were to rise unexpectedly again, AFS unrealized losses could widen. The HTM portfolio (peaked at $3.7B in 2022) is not mark-to-market, but the economic loss exists and would impact realized capital if bonds needed to be sold.

##### 3.6 Dividend Sustainability
**Finding:** The payout ratio of 66-79% in 2023-2025 is elevated vs. typical regional bank peers. Management has signaled the payout ratio will decline toward 50% as EPS grows [S4]. The 41-year dividend streak creates strong management reluctance to cut the dividend — if EPS recovery stalls, the payout ratio could remain elevated and constrain capital building. Not a near-term risk given Q1 2026 trajectory, but a watch item.

#### Source Index

| ID | Source |
|----|--------|
| [S1] | SEC XBRL CIK 0000868671 |
| [S3] | StockAnalysis.com — GBCI financials |
| [S4] | Web Search — NIM / CRE / capital ratios / earnings |
| [S5] | Web Search — M&A / Guaranty acquisition |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GBCI/fundamental

## Navigation

- Overview: /stocks/GBCI
- Financials (this page): /stocks/GBCI/financials
- Thesis: /stocks/GBCI/thesis
- Investment Memo: /stocks/GBCI/memo
- Coverage universe: /stocks