Overview

• U.S. regional bank's Q1 net income rose 29% sequentially and 51% yr/yr

• Diluted EPS for Q1 increased 29% from prior quarter and 31% yr/yr

• Company completed Guaranty Bancshares core system conversion after acquisition

Outlook

• Company did not provide specific financial guidance for future quarters or the full year

Result Drivers

• NET INTEREST MARGIN EXPANSION - Co said higher net interest margin was driven by increased loan yields and lower funding costs

• LOAN AND DEPOSIT GROWTH - Modest increases in loan and deposit portfolios contributed to results

• ACQUISITION-RELATED EXPENSES - Higher non-interest expenses were mainly due to costs from recent acquisitions

Company press release: ID:nGNX3K39fd

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$0.63
Q1 Net Income		$82.14 mln
Q1 Net Interest Income		$269 mln
Q1 Net Interest Margin		3.80%

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Glacier Bancorp Inc is $56.50, about 15.6% above its April 22 closing price of $48.86

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago

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