NasdaqGS:GBCI

Stock Analysis Report

Executive Summary

Glacier Bancorp, Inc. operates as the holding company for Glacier Bank that provides commercial banking services to individuals, small to medium-sized businesses, community organizations, and public entities in the United States.

Rewards

Trading at 12.3% below its fair value

Earnings are forecast to grow 7.66% per year

Earnings grew by 37.7% over the past year

Pays a high and reliable dividend of 3.02%

Risk Analysis

Shareholders have been diluted in the past year



Snowflake Analysis

Flawless balance sheet with solid track record and pays a dividend.


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KeyCorp

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Share Price & News

How has Glacier Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GBCI has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.4%

GBCI

-0.2%

US Banks

0.6%

US Market


1 Year Return

2.9%

GBCI

15.3%

US Banks

24.6%

US Market

Return vs Industry: GBCI underperformed the US Banks industry which returned 21.7% over the past year.

Return vs Market: GBCI underperformed the US Market which returned 24.7% over the past year.


Shareholder returns

GBCIIndustryMarket
7 Day-0.4%-0.2%0.6%
30 Day-4.2%-2.6%3.0%
90 Day4.9%5.6%10.6%
1 Year6.2%2.9%18.6%15.3%27.3%24.6%
3 Year34.3%22.2%29.3%20.1%50.5%40.8%
5 Year122.5%87.4%89.1%67.9%78.9%59.1%

Price Volatility Vs. Market

How volatile is Glacier Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Glacier Bancorp undervalued compared to its fair value and its price relative to the market?

12.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GBCI ($45.01) is trading below our estimate of fair value ($51.34)

Significantly Below Fair Value: GBCI is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: GBCI is poor value based on its PE Ratio (19.2x) compared to the Banks industry average (12.8x).

PE vs Market: GBCI is good value based on its PE Ratio (18.9x) compared to the US market (19x).


Price to Earnings Growth Ratio

PEG Ratio: GBCI is poor value based on its PEG Ratio (2.5x)


Price to Book Ratio

PB vs Industry: GBCI is overvalued based on its PB Ratio (2.1x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Glacier Bancorp forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

7.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GBCI's forecast earnings growth (7.7% per year) is above the savings rate (1.7%).

Earnings vs Market: GBCI's earnings (7.7% per year) are forecast to grow slower than the US market (14.3% per year).

High Growth Earnings: GBCI's earnings are forecast to grow, but not significantly.

Revenue vs Market: GBCI's revenue (7% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: GBCI's revenue (7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GBCI's Return on Equity is forecast to be low in 3 years time (11.5%).


Next Steps

Past Performance

How has Glacier Bancorp performed over the past 5 years?

12.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GBCI has high quality earnings.

Growing Profit Margin: GBCI's current net profit margins (33.1%) are higher than last year (28.7%).


Past Earnings Growth Analysis

Earnings Trend: GBCI's earnings have grown by 12.1% per year over the past 5 years.

Accelerating Growth: GBCI's earnings growth over the past year (37.7%) exceeds its 5-year average (12.1% per year).

Earnings vs Industry: GBCI earnings growth over the past year (37.7%) exceeded the Banks industry 27.1%.


Return on Equity

High ROE: GBCI's Return on Equity (10.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Glacier Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: GBCI has a low level of unsold assets or inventory.

Debt Coverage by Assets: GBCI's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

Asset Level: GBCI's level of assets compared to its equity is low.

Allowance for Bad Loans: GBCI has a sufficient allowance for bad loans.

Low Risk Liabilities: GBCI's liabilities are made up of primarily low risk sources of funding.

Loan Level: GBCI has an acceptable proportion of non-loan assets held.

Low Risk Deposits: GBCI's loans are broadly funded by customer deposits.

Level of Bad Loans: GBCI has an appropriate level of bad loans (0.5%)


Next Steps

Dividend

What is Glacier Bancorp's current dividend yield, its reliability and sustainability?

3.07%

Current Dividend Yield


Dividend Yield vs Market

company3.1%marketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years3.0%

Current dividend yield vs market & industry

Notable Dividend: GBCI's dividend (3.02%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: GBCI's dividend (3.02%) is low compared to the top 25% of dividend payers in the US market (3.66%).


Stability and Growth of Payments

Stable Dividend: GBCI's dividends per share have been stable in the past 10 years.

Growing Dividend: GBCI's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46%), GBCI's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GBCI's dividends in 3 years are forecast to be covered by earnings (54.2% payout ratio).


Next Steps

Management

What is the CEO of Glacier Bancorp's salary, the management and board of directors tenure and is there insider trading?

12.4yrs

Average management tenure


CEO

Randy Chesler (60yo)

3yrs

Tenure

US$1,859,189

Compensation

Mr. Randall M. Chesler, also known as Randy, has been the President of Glacier Bank, Inc. since August 1, 2015. Mr. Chesler has been President and Chief Executive Officer of Glacier Bancorp, Inc. since Jan ...


CEO Compensation Analysis

Compensation vs Market: Randy's total compensation ($USD1.86M) is below average for companies of similar size in the US market ($USD4.99M).

Compensation vs Earnings: Randy's compensation has increased by more than 20% in the past year.


Management Age and Tenure

12.4yrs

Average Tenure

60yo

Average Age

Experienced Management: GBCI's management team is seasoned and experienced (12.4 years average tenure).


Board Age and Tenure

8.4yrs

Average Tenure

68yo

Average Age

Experienced Board: GBCI's board of directors are considered experienced (8.4 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellUS$1,024,14606 Jun 19
David Boyles
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares25,399
Max PriceUS$40.36

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.3%.


Management Team

  • Marcia Johnson (60yo)

    Senior VP & Chief Operating Officer

    • Ron Copher (61yo)

      Executive VP

      • Tenure: 12.8yrs
      • Compensation: US$875.81k
    • Randy Chesler (60yo)

      President

      • Tenure: 3yrs
      • Compensation: US$1.86m
    • Don Chery (56yo)

      Executive VP & Chief Administrative Officer

      • Tenure: 12.4yrs
      • Compensation: US$726.30k
    • Paul Peterson (69yo)

      Senior VP & Corporate Real Estate Manager

      • Barry Johnston

        Senior VP & Chief Credit Officer

        • Ryan Screnar

          Senior VP & Compliance Director

          • Mark MacMillan

            Senior VP & Chief Information Officer

            • Angela Dose

              Senior VP & Principal Accounting Officer

              • David Langston

                Senior VP & Human Resources Director


                Board Members

                • Randy Chesler (60yo)

                  President

                  • Tenure: 3yrs
                  • Compensation: US$1.86m
                • Dave Boyles (68yo)

                  Independent Director

                  • Tenure: 1.5yrs
                  • Compensation: US$32.10k
                • John Murdoch (76yo)

                  Independent Director

                  • Tenure: 14.3yrs
                  • Compensation: US$83.65k
                • Jim English (74yo)

                  Independent Director

                  • Tenure: 15.9yrs
                  • Compensation: US$96.20k
                • Craig Langel (68yo)

                  Independent Director

                  • Tenure: 14.1yrs
                  • Compensation: US$76.02k
                • Douglas McBride (66yo)

                  Independent Director

                  • Tenure: 13.3yrs
                  • Compensation: US$104.03k
                • Dallas Herron (74yo)

                  Independent Chairman of the Board

                  • Tenure: 6.8yrs
                  • Compensation: US$99.82k
                • Sherry Cladouhos (63yo)

                  Independent Director

                  • Tenure: 9.3yrs
                  • Compensation: US$83.21k
                • Annie Goodwin (60yo)

                  Independent Director

                  • Tenure: 7.6yrs
                  • Compensation: US$76.02k
                • George Sutton (71yo)

                  Independent Director

                  • Tenure: 2.3yrs
                  • Compensation: US$75.27k

                Company Information

                Glacier Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


                Key Information

                • Name: Glacier Bancorp, Inc.
                • Ticker: GBCI
                • Exchange: NasdaqGS
                • Founded: 2004
                • Industry: Regional Banks
                • Sector: Banks
                • Market Cap: US$4.086b
                • Shares outstanding: 92.19m
                • Website: https://www.glacierbancorp.com

                Number of Employees


                Location

                • Glacier Bancorp, Inc.
                • 49 Commons Loop
                • Kalispell
                • Montana
                • 59901
                • United States

                Listings

                TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
                GBCINasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMar 1984
                GLCDB (Deutsche Boerse AG)YesCommon StockDEEURMar 1984

                Biography

                Glacier Bancorp, Inc. operates as the holding company for Glacier Bank that provides commercial banking services to individuals, small to medium-sized businesses, community organizations, and public entities in the United States. It offers non-interest bearing deposit and interest bearing deposit accounts, such as negotiable order of withdrawal and demand deposit accounts, savings accounts, money market deposit accounts, fixed rate certificates of deposits, negotiated-rate jumbo certificates, and individual retirement accounts. The company also provides construction and permanent loans on residential real estate; consumer land or lot acquisition loans; unimproved land and land development loans; and residential builder guidance lines comprising pre-sold and spec-home construction, and lot acquisition loans. In addition, it offers commercial real estate loans to purchase, construct, and finance commercial real estate properties; consumer loans secured by real estate, automobiles, or other assets; second mortgage loans; municipal loans; home equity loans consisting of 1-4 family junior lien mortgages, and first and junior lien lines of credit secured by residential real estate; and agriculture loans. Further, the company provides mortgage origination services. It has 167 locations, including 149 branches and 18 loan or administration offices in 63 counties within 7 states comprising Montana, Idaho, Utah, Washington, Wyoming, Colorado, and Arizona. The company was incorporated in 2004 and is headquartered in Kalispell, Montana. 


                Company Analysis and Financial Data Status

                All financial data provided by Standard & Poor's Capital IQ.
                DataLast Updated (UTC time)
                Company Analysis2020/01/22 23:36
                End of Day Share Price2020/01/22 00:00
                Earnings2019/09/30
                Annual Earnings2018/12/31


                Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.