KALISPELL, Mont. - Glacier Bancorp , Inc. (NYSE: NYSE:GBCI), the parent company of Glacier Bank, announced today the receipt of all necessary regulatory approvals to proceed with the acquisition of six Montana branch locations from HTLF Bank, a subsidiary of Heartland Financial USA, Inc. (NASDAQ: NASDAQ:HTLF).
The transaction, which is expected to close in July 2024, subject to standard closing conditions, includes branches in Billings, Bozeman, Plentywood, Stevensville, and Whitehall.
The branches collectively hold approximately $463 million in local deposits and $296 million in loans as of March 31, 2024. Glacier Bancorp anticipates the acquisition will increase its earnings per share by $0.03, or 1.6%, for the partial year of 2024, excluding one-time transaction expenses, and by approximately $0.07 per share, or 3.1%, for the full year of 2025.
Randy Chesler, President and CEO of GBCI and Glacier Bank, expressed enthusiasm for the expansion, stating it strengthens their presence in Montana and offers immediate liquidity, positively impacting earnings per share.
Upon completion of the deal, the acquired branches will join Glacier Bank's existing Montana divisions, which include First Bank (NASDAQ:FRBA) of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank of Helena, and Western Security Bank.
Glacier Bancorp, Inc. operates multiple bank divisions across various states, including Montana, Utah, Colorado, Idaho, Wyoming, Nevada, and Arizona. The proposed acquisition is part of the company's ongoing growth strategy, aiming to enhance its financial standing and customer reach within the region.
This news release includes forward-looking statements, such as expectations regarding the transaction's closing and the anticipated financial benefits. These statements are subject to risks and uncertainties, including potential changes in market conditions and regulatory considerations, which could affect the actual outcomes.
The information provided is based on a press release statement from Glacier Bancorp, Inc.
InvestingPro Insights
As Glacier Bancorp, Inc. (NYSE: GBCI) gears up for the acquisition of six Montana branch locations, the company's financial health and stock performance are critical for investors monitoring the deal. According to real-time data from InvestingPro, Glacier Bancorp currently holds a market capitalization of $3.99 billion, underscoring its significant presence in the regional banking landscape.
The company's Price-to-Earnings (P/E) ratio stands at 17.59, with a slight adjustment to 17.8 when looking at the last twelve months as of Q4 2023, indicating a valuation that investors may find reasonable in the context of its earnings.
While the revenue has seen a decline of 11.02% over the last twelve months as of Q4 2023, the operating income margin remains robust at 39.05%, showcasing efficient management and profitability.
InvestingPro Tips highlight that while analysts have revised their earnings downwards for the upcoming period, which could be a point of consideration for potential investors, Glacier Bancorp has a track record of profitability, including over the last twelve months. Moreover, the company has demonstrated a commitment to shareholder returns, maintaining dividend payments for 40 consecutive years, with a dividend yield as of April 2024 standing at 3.79%.
For investors seeking a deeper dive into Glacier Bancorp's financials and performance metrics, there are additional InvestingPro Tips available at: https://www.investing.com/pro/GBCI. Utilizing the coupon code PRONEWS24 can also secure an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering even more insights to inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.