冰川金融公司 (GBCI) 2026年第三季度业绩电话会：利润创新高，净息差突破4%lg...

Glacier Bancorp (NYSE: GBCI) 报告 2026 年第三季度业绩创历史新高，得益于净息差连续第 11 个季度扩大、存款全面增长以及信贷质量保持稳定。管理层预计资产重新定价将支持净息差在 2027 年前进一步增长，尽管存款成本上升可能会放缓这一扩张步伐。

核心要点

• 净利润创历史新高，达1.05 亿美元，环比增长7%，同比增长54%。稀释每股收益为0.80 美元，运营稀释每股收益为0.81 美元。
• 税收等值净息差上升11 个基点（环比），同比上升62 个基点至4.01%，标志着净息差连续第 11 个季度实现扩大。
• 存款总额增至253 亿美元，较上一季度增加6.19 亿美元，即年化增长10%。无息存款增至77 亿美元，占存款总额的30%。
• 贷款增加2.56 亿美元至216 亿美元，相当于年化增长5%。西南部门实现了约8% 的年化增长。
• 管理层表示，约有35 亿美元的贷款利率将向上重新定价125 至 150 个基点（在未来 12 个月内），支撑预计到 2027 年的净息差扩大。
• 董事会将季度股息提高了0.02 美元，增幅为6%，至每股0.35美元。随着资本积累，管理层也在评估特别股息和股票回购。

核心财务业绩

业务与运营业绩

贷款增长保持稳健审慎，其中西南分部的年化增长率约8%，表现优于公司整体水平。管理层表示，西南和山区市场的储备项目情况良好，尤其是在商业地产和建筑领域。

平均贷款收益率上升至6.22%，环比上升10个基点，同比上升25个基点。第三季度新增贷款投放收益率为6.74%。

存款增长在各产品、部门和地区间均较为广泛。本季度的主要亮点是无息存款增长。包含无息余额在内的核心存款成本环比下降1个基点至1.17%。截至9月30日的即期存款利率为1.20%，而新开立的有息账户开户利率约为2.25%至2.5%。

信贷质量保持稳定。早期逾期率下降至贷款总额的0.27%，而上季度为0.31%。不良资产减少120万美元至9060万美元，占子公司资产的0.28%。净核销额为600万美元，其中包括350万美元的存款透支核销。

管理层业绩指引

• 管理层维持了其低至中单位数的贷款增长展望，同时指出公司正在进入季节性放缓期。
• Glacier Bancorp预计净息差将持续扩大至2027年。第四季度的改善幅度可能小于近几个季度实现的10个基点，因为存款成本可能会走高。
• 管理层将4%至4.5%视为公司的历史净息差区间，并表示当前环境最终可能支持向4.5%靠拢，但未提供具体时间表，也未将其明确为2027年的目标。
• 总存款的预期贝塔系数为20%至25%，管理层预计在加息周期初期这一数字将接近区间下限，如果继续加息，可能会接近25%。
• 第四季度非利息支出预计为1.87亿美元至1.92亿美元，可能趋向于区间高端。全年支出预计仍将保持在7.5亿美元至7.6亿美元的范围内，接近7.57亿美元。
• 管理层预计第四季度效率比率约为54%至55%。
• 其他手续费收入预计约为4000万美元，而第四季度和全年的税率预计约为21%。

风险与关注焦点

管理层预计，如果美联储继续加息，存款成本将进一步走高。加息周期的延长可能会将总存款贝塔系数推向20%至25%区间的上限，从而削弱对净息差的边际效益。

管理层表示，借款人的谨慎态度已持续了至少一年。部分项目正在缩小规模或通过增加自筹股权来推进，尽管在电话会议时，公司尚未看到与利率相关的管道项目撤回量出现显著增加。

管理层还指出，季节性信贷疲软、地缘政治不确定性以及经济不确定性是其对开支和经营状况保持谨慎的原因。

分析师问答亮点

管理层指出了推动资产重新定价的几项因素。投资现金流的再投资收益率大约高出350个基点，相比于到期流失资产收益率。大约35亿美元的贷款预计将在未来12个月内向上重新定价125至150个基点，而新发放贷款收益率保持在6%的高位区间。

资产负债表目前被描述为适度资产敏感型。管理层预计，较高的资产收益率和再投资回报将足以抵消资金成本压力，且进一步加息可能会使净息差受益。

Glacier Bancorp 计划对大约相当于季度证券到期流失额的资金进行再投资，同时保持为贷款增长提供资金的灵活性。管理层表示，并未在证券投资组合中刻意追求收益率或久期。

在资本分配方面，管理层表示，强劲的盈利正带来大量的资本积累。因此，公司正在评估所有可行的选择，包括特别股息和股票回购。

业绩电话会议完整记录

---

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and thank you for standing by. Welcome to the Glacier Bancorp Third Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Randy Chesler, President and CEO of Glacier Bancorp. Please go ahead.

Randall Chesler

Good morning, and thank you for joining us today. With me here in Kalispell are Ron Copher, our Chief Financial Officer; Tom Dolan, our Chief Credit Administrator; Angela Dose, our Chief Accounting Officer; and Byron Pollan, our Deputy CFO and Treasurer.

I would like to remind everyone that today's discussion is subject to the forward-looking statement considerations included in our earnings release, and we encourage you to review that language. Last night, we issued our earnings release for the third quarter of 2026, and we are very pleased to report record net income for Glacier. The quarter reflected continued earnings momentum, our 11th consecutive quarter of margin expansion, strong deposit growth, solid loan growth and excellent credit performance.

Net income was $105 million for the third quarter, a record for the company and the first time we exceeded $100 million in net income in a quarter. We were up 7% from the prior quarter and up 54% from the third quarter of last year. Diluted earnings per share were $0.80, up 7% from the prior quarter and up 40% from the prior year third quarter. Operating diluted earnings per share were $0.81, up 7% from the prior quarter and up 31% from the prior year third quarter. A key driver of our strong performance continues to be net interest income and margin expansion. Net interest income increased to $290 million, up 5% from the second quarter and up 29% from the third quarter of last year.

Our tax equivalent net interest margin expanded to 4.01%, up 11 basis points from the second quarter and up 62 basis points from the prior year third quarter. This marks our 11th consecutive quarter of margin expansion, and we have now crossed the 4% mark with a strong tailwind driving momentum for further growth in the fourth quarter and into 2027. From a pretax, pre-provision net revenue perspective, our PPNR for the third quarter was $138 million, an increase of 6% from the prior quarter.

Turning to the balance sheet, loans ended the quarter at $21.6 billion, increasing $256 million or 5% annualized from the second quarter. The growth reflected our continued focus on disciplined loan production in our attractive markets. The average loan yield of 6.22% in the current quarter increased 10 basis points from the prior quarter and increased 25 basis points from the prior year third quarter. Noninterest-bearing deposits increased $279 million or 15% annualized to $7.7 billion and represented 30% of total deposits at quarter end. Total deposits were $25.3 billion at quarter end, increasing $619 million or 10% annualized from the prior quarter and increased $3.4 billion or 16% from the prior year third quarter.

Our loan-to-deposit ratio improved to 85.7% from 86.8% at the end of the prior quarter, and our deposit base continues to comfortably support our liquidity, funding strategy and future loan growth. The total cost of funding declined to 1.32%, down 1 basis point from the prior quarter and down 26 basis points from the third quarter of last year. Core deposit costs, including noninterest-bearing deposits, was 1.17%, down 1 basis point from the prior quarter and down 6 basis points from the prior year third quarter. Credit quality remains excellent, consistent with our market-focused divisional model and disciplined underwriting culture. Early-stage delinquencies declined to 0.27% of loans from 0.31% in the prior quarter, and nonperforming assets decreased $1.2 million to $90.6 million or 0.28% of subsidiary assets.

Net charge-offs were $6 million for the quarter, which included $3.5 million of deposit overdraft charge-offs. Noninterest expense was well managed in the quarter. The efficiency ratio improved to 56.08% from 56.65% in the prior quarter. Return on average assets increased to 1.31%, up from 1.25% last quarter and 0.93% in the third quarter of last year. During the quarter, the Board increased the quarterly dividend by $0.02 or 6% to $0.35 per share. This marks our 166th consecutive quarterly dividend, and we have now increased the dividend 50x over our history.

Tangible book value per share grew to $22.05, up 1% from the prior quarter and up 8% from the prior year third quarter. We are very encouraged by our results for the third quarter and through the first 9 months of the year. Record earnings, a margin above 4%, strong deposit growth, disciplined loan growth and excellent credit performance, all driven by Glacier's community banking model, demonstrate the power of the Glacier franchise and provides strong momentum heading into the fourth quarter and 2027. That concludes my remarks.

I will now ask the operator to open the line for questions from our analysts.

Operator

[Operator Instructions] Our first question comes from the line of Jeff Rulis with D.A. Davidson.

分析师问答

Jeff Rulis

Wanted to check in on the kind of the growth in the quarter, a good solid mid-single-digit. I don't know if you had the numbers for sort of the Texas footprint relative to the other areas of your -- the footprint, if you could?

Tom Dolan

Sure, Jeff. This is Tom. Yes, the Southwest division, just how we look at it, outperformed the bank as a whole in the quarter. They came in at about 8% annualized growth.

Jeff Rulis

Appreciate it. And I guess the follow-on to that is the -- I guess, that initial phase of the Guaranty team being on board and their book of business. And I guess as that's aged, I mean, just kind of, getting into the opportunity in this most recent quarter would be a pretty good tell. But the outlook for growth in the Southwest region still pretty positive. And just interested in your view of that plus the Rocky Mountain outlook as well.

Tom Dolan

Yes. No, the Southwest division still sits on a very healthy pipeline, very healthy deal flow. And I think the same extends to the Mountain footprint as well. I would say overall origination activity remains solid. And as you saw this in the quarter and it continues, particularly within our commercial real estate and the construction portfolios, but that we're still seeing a healthy level of ongoing deal flow and pipeline strength. But as we've seen in prior years, we are entering into a seasonally slower period. But overall, we're still comfortable with our low to mid-single-digit outlook.

Jeff Rulis

Right. And then maybe one other one. Byron, I wanted to maybe quantify or frame up the further asset repricing opportunity in '27 -- sort of Randy alluded to it got some tailwinds. Just hoping to frame up the positive factors that may impact that. Year-over-year, up 60 basis points on the margin is impressive, tough to repeat, but just want to see the components of what you're seeing looking forward.

Byron Pollan

Yes. Thanks, Jeff. Very excited to reach 4.01% in the third quarter for our net interest margin. We've been looking ahead at that for some time. It's an important milestone for us in our continued improvement in our earnings profile. But as Randy pointed out, as you say, importantly, there is additional upside from here. So the tailwinds we see ahead in our asset repricing are very strong and, frankly, have gained some momentum with the shift in the curve. I'll start with investments. Investment cash flows are being reinvested roughly 350 basis points higher than the current runoff yield. So that's very helpful, and that's a little stronger than it has been.

Loan repricing, approximately $3.5 billion of loans currently in portfolio will reprice up 125 to 150 basis points in the next 12 months. That's also a little stronger than it has been lately. And on the new production side, with new production yields in the high 6s and trending higher, every new loan we put on the books will lift our margin. So we do have some meaningful momentum on the asset repricing, and that's going to carry us through with increasing margin through '27.

Jeff Rulis

Okay. That's very helpful, Byron. And I guess we'll make our determination on deposit costs, but that seems pretty tame for now. So I appreciate it.

Operator

Our next question comes from the line of Matthew Clark with Piper Sandler.

Matthew Clark

On that front, I guess, it sounds like your, kind of, incremental spread on new loans, in particular, is pretty healthy today. How are you thinking -- I mean, it sounds like this NIM expansion is not just going to continue next year, but the year after. So when you think about a normalized margin, is 4.50% what you're ultimately striving for? Is that realistic?

Byron Pollan

Well, I think we have some good visibility into '27. We're still pulling a lot of things together here. We'll wait and see, kind of, how '27 develops before we can really speak to 2028. But I think of our margin in terms of a historical range, 4% to 4.5% is typically where we have been historically. There are some things that could lift us towards the higher end of the range with what I see today, the market environment, the lending opportunities that we have. Those are the -- this is the type of environment that could help us lift towards the higher end of that range. Now I can't put a time frame on that. I can't say that that's a 2027 event. But certainly, with enough time, I could see us hitting that 4.5% level that at the higher end of our historic range.

Matthew Clark

Got it. And then just on deposit costs, do you have the spot rate at the end of September? And then also, what beta should we assume if we get -- we have this recent one and then we get maybe one in December and March?

Byron Pollan

Sure. The spot rate for deposits on September 30 was 1.20%. And in terms of deposit beta, I think we'll be somewhere in the range of 20% to 25%. I think early on in the cycle, we'll probably be closer to the lower end of that range. If this cycle were to extend, we may push towards the higher end of that range, but that will be further down the road with several more hikes in place. But early on, I think 20%, maybe down the road towards the 25% beta is a good guide.

Matthew Clark

Okay. And then maybe for Randy, your stock on a relative basis is trading at a multiple that we haven't seen in a while. Any appetite to authorize a buyback and consider buying back some stock given where your multiple trades on an absolute and relative basis?

Randall Chesler

Yes. I think that gets to the capital discussion. And we're looking also at the future capital build, which is substantial given the earnings growth. So all -- we are really now going to take a look at all options, including special dividends and share buybacks because of the amount of capital we see accumulating, and we really just want to make sure we have all levers available to us. So yes, that's something that's absolutely in our scope.

Operator

Our next question comes from the line of David Feaster with Raymond James.

David Feaster

I wanted to start on the deposit side. It was a very good quarter. Obviously, we've got the temporary deposits that you called out. I got some seasonal strength. But I mean, core deposit growth was just very good. I wanted to get a sense of what you're seeing that's driving that? I mean, are there any markets that you're seeing notable strength? How marginal funding costs are, the competitive landscape for funding today? And just how do you think about deposit growth going forward as competition intensifies?

Byron Pollan

Yes, David. As you point out, great deposit quarter for us. Really strong results in the quarter from a balance perspective with growth. And at the same time, we were able to reduce our deposit costs. And the real highlight this quarter was our growth in our noninterest-bearing balances. That was fantastic. Seasonally, we do expect to see good growth in the third quarter. I would say this is on the strong side of our seasonal expectations. Where is the growth coming from? I would say it's solid broad-based growth. We saw growth across most of our deposit products, interest-bearing and noninterest-bearing, and we saw growth across most of our divisions and geographies. So it's hard to call out any one area. I would say it was pretty broad-based strength in the quarter. Overall, a fantastic result.

David Feaster

Okay. That's great. And then maybe following up on the loan commentary at the beginning. I just wanted to -- appreciate the mid-single-digit guide. I wanted to get a sense of, like, as you talk to your clients with rates rising, how is demand trending? It sounds like originations have still been good. How is the pipeline headed into the fourth quarter? Have you started to see some stuff that maybe falls out of the pipeline that may not pencil anymore with rates higher, just the competitive landscape? Just, kind of, curious what you're seeing on that front.

Tom Dolan

Yes, sure, David. We haven't seen any material deals fall out of the pipeline as a result of rates. The way I look at it, I think borrower caution has been evident for at least the last year, probably a little bit longer. But we still see projects moving forward, albeit maybe slightly scaled back with additional equity. And in the third quarter with some of the changes in the rate environment, we just haven't seen a material change in borrower behavior. Of course, it's a little early into the cycle to get a strong assessment of that. But as of now, we haven't really seen any material change.

David Feaster

Okay. Okay. That's great. And then maybe just last one, I wanted to touch on your asset sensitivity. I think a lot of investors still look at you as liability sensitive, and you were a couple of years ago. But I just want to -- how do you think about the balance sheet currently and your asset-sensitive position? How do you think about the potential margin benefits in each hike? And how do you think about managing asset sensitivity in this market?

Byron Pollan

Yes, David, we are, I would say, modestly asset sensitive. And I think in this rate environment, frankly, is helpful for us. I walked through the drivers on the asset side of the balance sheet, the continued repricing that we'll see. On the other side of the balance sheet, on the funding side, we will see some upward drift in our deposit costs if the Fed continues to raise rates. However, the benefit of our asset repricing and higher reinvestment yields will more than offset that funding cost pressure. And so I do see our margin continuing to expand throughout '27 as we've talked about. And the shape of the curve is helpful. A couple of incremental hikes would be helpful as well. So yes, I see this as a positive development overall for the balance sheet.

David Feaster

Do you have any expectation for how each hike may benefit the margin? And again, how do you think about managing it as you go forward with your securities portfolio and just managing the balance sheet?

Byron Pollan

Sure. As I mentioned, early on, our deposit beta is likely to be lower. We'll probably, kind of, lag into this deposit repricing a little bit. And so early on, the hikes will be maybe a little bit more beneficial. As I said earlier, if this hiking cycle extends, our deposit beta might float up a little bit towards the higher end of that 20% to 25% range, and so it might be a little bit -- still be helpful, but maybe not provide quite as much lift.

In terms of how we'll manage the investment securities portfolio, we are putting runoff cash flows back to work in new purchases. We're being very conservative with what we're buying there. We're not really reaching for yield, reaching for duration. And we have a meaningful amount of cash flow that is coming back from our securities portfolio. And so that's going to provide us a lot of flexibility in what we do with that cash flow, whether it's funding loans with lending opportunities on comp side of the balance sheet or reinvesting in securities at these higher levels. I see that all of that as being helpful for our margin and net interest income going forward.

Operator

[Operator Instructions] Our next question comes from the line of Andrew Terrell with Stephens.

Andrew Terrell

Maybe sticking on the margin just for a bit. A lot of the commentary, Byron, sounds very positive and maybe this is a better rate environment for you now as you're reinvesting some of the cash flows at a higher rate. Just if I look back the past couple of quarters, I mean, you've got 2 quarters in a row, 10 to 12 basis point, kind of margin lift each quarter. A lot of the commentary sounds like it's better. Is it unfair to think that you could reproduce a similar kind of 10 to 12 basis point lift in the margin in the fourth quarter? And I appreciate I'm not going to ask it about 2027 because I know it's tougher to forecast.

Byron Pollan

I would say, also keep in mind, we are able to, over the last few quarters, reduce our deposit costs. I think going forward, we're likely to see that just drift up a little bit. So that might eat into some of -- if it's a 10 basis point improvement previously, maybe a little bit less than that, just accounting for the potential for increased deposit costs as the Fed is being active.

Andrew Terrell

Got it. Okay. That makes sense. I think last quarter, we talked about, I think it was $187 million to $192 million in expenses. So you're, kind of, right in that range this quarter. Maybe just talk us through the moving pieces and any, kind of, 4Q expense expectation just refresh us on the guide, please?

Ron Copher

Yes. Ron here, Andrew. Yes. So the -- in this third quarter, I want to focus on -- pardon my voice, I want to focus on the operating -- core operating expenses because -- we -- if you take the reported $191.9 million, back out the adjustments that we disclosed in the back of the earnings release, we came in at $190.8 million, and it was on the high side of the guide. But whether it's reported or operating, $4.4 million of that was related to the increased performance-based compensation, and that's based upon year-to-date performance. And so those are essentially the moving parts. And we're going to stick with the guide of $187 million to $192 million in the fourth quarter, as I said back in July. We're doing that because the discretionary spending that was in check for the first half, that could come back still even in this fourth quarter.

So we're going to stick with that guide, but likely to be towards the high end of that, just as we were in this third quarter. For the full year, we will come -- stay within our guide of $750 million to $760 million, probably closer to the $757 million, somewhere in that range. So the overall point I would make is that we still remain cautious on expenses in general. Geopolitical uncertainty, economic uncertainty, pick your pain point. So we're cautious about that, and we've added so much technology that all the divisions are really embracing it. And so that's been very helpful to control compensation expense. So overall, things are looking pretty good. And the efficiency ratio is really where it's showing up. Certainly, net interest income is improving, but we've done a pretty good job of keeping in check that noninterest expense.

Final point, I'd look no further than year-to-date operating efficiency ratio. It's improved nearly 5 percentage points just in the 9 months, going from 62% to 57%.

Andrew Terrell

Yes. And I did want to ask just on the efficiency specifically. I think we've talked about 54%, 55% type efficiency. Do you think you can, kind of, get there either fourth quarter as we look to next year?

Ron Copher

Yes. Yes, definitely. Yes. Fourth quarter, we're pretty confident 54% to 55%. I'll address it again in -- when we're in the budgeting beginning that right now. And so I'll speak more to that when we get through the fourth quarter call.

Operator

Our next question comes from the line of Kelly Motta with KBW.

Kelly Motta

Just to tie up a couple of loose ends. Byron, your comment on 20% to 25% deposit beta, I just wanted to confirm that was for total deposits.

Byron Pollan

That's correct. Total deposits.

Kelly Motta

Got it. That's helpful. And then I think you alluded to this, but can you remind us where new loan production is coming on and as well as the incremental cost of new funding? It was really impressive to see the growth in deposits with minimal increase in costs.

Tom Dolan

Yes. Kelly, this is Tom. In the third quarter, production yields were 6.74%.

Kelly Motta

And then on the deposit side?

Byron Pollan

Yes. Kelly, on the deposit side, new accounts are being opened somewhere in the range of 2.25% to 2.5%, interest cost.

Kelly Motta

Got it. Got it. Okay. That's helpful. And then we saw the really nice securities yield pickup this quarter. Just can you remind us how you're thinking about reinvesting the cash flows? It looks like the securities book is relatively flattish from here. I just wanted to confirm, kind of, how you guys are thinking about that in terms of overall balance sheet growth.

Byron Pollan

Yes. I think roughly, we'll be reinvesting the amount of runoff that we have from here quarter-to-quarter. We do have a lot of cash flow. Again, as I said, that gives us a lot of flexibility. So we'll wait and see how lending opportunities develop, the deposit gathering as well. But I would say a pretty good guide to just to estimate the amount of runoff that we see will likely be reinvested.

Kelly Motta

Got it. That's helpful. And then most of my questions have been asked at this point, just to nitpick on fees on a bit. Other fees came down about $2 million. Just wondering, this $40 million a good run rate? Any, kind of, commentary about the drivers of that variance?

Ron Copher

Yes, Kelly, Ron here. The $40 million is the right way to approach it. Things go up and down within it. But the key I want to point out on that $1.8 million reduction in other income, about $1 million of that was related to fair value increases on equity investments that we have that we account for as noninterest income, and that won't repeat. So we had $41 million in Q2. We got to basically $40 million in Q3, and I think that's a good run rate.

Kelly Motta

Got it. That's helpful. And then obviously, you guys are making a lot more money than you were in the past 2 years with a really nice margin increase. Just wondering, can you remind us about the tax rate?

Ron Copher

Yes, Ron again. So yes, so the -- we were suggesting 22% around there would be the rate for the third quarter, but we came in a little bit lower. And in part, it's because we were able to close transactions that generated additional federal tax credits. So that's why it came down. For the fourth quarter, it will -- the rate will come in right around 21%. And I think for the full year, if I model it, depending upon we got a couple of other opportunities to get some additional federal tax credits here. But I think it will come in right around 21% for the full year.

Operator

And I'm currently showing no further questions at this time. I'd now like to hand the call back over to Randy Chesler for closing remarks.

Randall Chesler

All right. Thank you, Shannon, and thank you all for joining us this morning and your continued interest in Glacier Bancorp. We wish you a great day and a great weekend. Thank you.

Operator

This concludes today's conference. Thank you for your participation. You may now disconnect.

原文链接