Glacier Bancorp (GBCI) Q1 FY2024 earnings: revenue $196 million, down 8.2% on the year

Glacier Bancorp, Inc. (GBCI) reported revenue of $196 million for Q1 FY2024, the quarter ended 31 March 2024, down 8.2% on the same quarter a year earlier. Net income was $33 million, down 46.7% on the year, and diluted earnings per share $0.29. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$196 milliondown 8.2%

Net income$33 milliondown 46.7%

Diluted EPS$0.29

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	196	197	n/a	n/a
Interest expense	113	107	n/a	n/a
Pre-tax income	36.4	62.1	n/a	n/a
Income tax	3.8	7.8	n/a	n/a
Effective tax rate	10.3%	12.6%	n/a
Net income	32.6	54.3	n/a	n/a
Net margin	16.6%	27.5%	n/a
Diluted EPS	$0.29	$0.49	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-56.7	151	n/a	n/a
Capital expenditure	6.7	12.8	n/a	n/a
Free cash flow	-63.4	138	n/a	n/a
Cash from investing	209	75.4	n/a	n/a
Cash from financing	-718	-544	n/a	n/a
Share-based compensation	1.6	1.4	n/a	n/a
Dividends paid	0.3	73.2	n/a	n/a
Dividend per share	$0.33	n/a	n/a	n/a
Diluted shares, weighted	113m	n/a	n/a	n/a
Shares outstanding at period end	113m	111m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,111	3,020	n/a	n/a
Operating lease liabilities	40.6	41.2	n/a	n/a
Finance lease liabilities	20.4	21.3	n/a	n/a
Other liabilities	24,650	24,660	n/a	n/a
Total liabilities and equity	27,822	27,743	n/a	n/a
Fixed assets	n/a	357	n/a	n/a
Goodwill	1,024	985	n/a	n/a
Intangible assets	46.0	31.9	n/a	n/a
Securities held for sale or to maturity	8,081	8,288	n/a	n/a
Loans	16,534	16,005	n/a	n/a
Cash and equivalents	789	1,354	n/a	n/a
Other assets	1,349	721	n/a	n/a
Total assets	27,822	27,743	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	197	197	196	199	215	223	223	241	261	307	307	318
Interest expense	97.9	107	113	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	64.2	62.1	36.4	54.2	62.2	73.5	63.5	65.2	85.3	76.3	100	124
Tax rate	18%	13%	10%	18%	18%	16%	14%	19%	20%	16%	18%	21%
Net income	52.4	54.3	32.6	44.7	51.1	61.8	54.6	52.8	67.9	63.8	82.1	97.9
Net margin	27%	28%	17%	23%	24%	28%	25%	22%	26%	21%	27%	31%
Diluted EPS	$0.47	$0.49	$0.29	$0.39	$0.45	$0.54	$0.48	$0.45	$0.57	$0.49	$0.63	$0.75
Operating cash flow	130	151	-56.7	62.7	150	102	52.4	86.0	112	123	87.9	121
Capital expenditure	16.2	12.8	6.7	18.5	12.4	10.7	5.7	6.5	7.7	7.0	13.5	9.1
Free cash flow	114	138	-63.4	44.1	138	91.3	46.8	79.5	105	116	74.3	112
Dividends paid	36.6	73.2	0.3	37.4	37.4	74.9	0.4	37.5	39.1	85.8	0.3	42.9
Shares outstanding	111m	111m	113m	113m	113m	113m	114m	119m	119m	130m	130m	130m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0000868671-24-000064: the filing on EDGAR. All of Glacier Bancorp, Inc.'s filings: EDGAR company page.

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