Glacier Bancorp, Inc. (NYSE: GBCI) reported mixed fourth-quarter 2025 results on Thursday, with revenue slightly above analyst forecasts but diluted earnings per share declining from the prior quarter and year ago, as the regional bank continued integrating recent acquisitions and expanding its balance sheet.
Net income for the quarter ended Dec. 31 was $63.8 million, down from $67.9 million in the third quarter, and up modestly from $61.8 million a year earlier. Diluted earnings per share were $0.49, down from $0.57 in the prior quarter and $0.54 in the fourth quarter of 2024. Revenue for the period reached $306.5 million, narrowly exceeding the consensus estimate of roughly $304.8 million.
Glacier’s quarterly earnings per share matched analyst forecasts, while revenue marginally beat expectations, reflecting continued top-line strength in net interest income and the scaled contribution of acquired banks.
Balance Sheet Growth and Acquisition Impact
During the quarter, Glacier Bancorp completed the acquisition of Guaranty Bancshares, Inc. on Oct. 1, 2025, marking its first market entry in Texas and expanding its geographic footprint across 26 communities in the state. The acquisition added roughly $3.36 billion in assets. Earlier in 2025, Glacier also completed the acquisition of Bank of Idaho Holding Co., bolstering its presence in the Mountain West.
Total assets exceeded $30 billion during the quarter and finished the year at $31.98 billion, up from prior periods as the bank integrated its new subsidiaries. The company’s loan portfolio grew to $20.93 billion, an 11% increase from the prior quarter, while total deposits rose to $24.59 billion, a 12% sequential increase.
Net interest income contributed significantly to revenue growth, rising to $266 million in the quarter, up 18% from the previous quarter and 39% from the year-ago period. This increase reflected growth in both loan volumes and yielding assets.
Margin Expansion and Credit Quality
Glacier reported a net interest margin (NIM) of 3.58% for the quarter on a tax-equivalent basis, up from 3.39% in the prior quarter and 2.97% in the year-ago quarter, indicating an expansion in spreads as funding costs declined and loan yields rose.
Despite the margin expansion on a year-over-year basis, credit quality metrics showed mixed trends. Non-performing assets increased to $68.9 million, up from prior levels, partly reflecting the acquired loan portfolios. Excluding assets acquired through Guaranty, non-performing assets would have declined sequentially, the company said.
Dividend and Capital Returns
Glacier Bancorp’s board declared a quarterly cash dividend of $0.33 per share, continuing a long track record of dividend distributions. The company has increased its dividend 49 times and paid 163 consecutive quarterly dividends, underscoring its emphasis on returning capital to shareholders.
Total shareholders’ equity and capital ratios remained generally stable, supported by the bank’s sizable retained earnings and acquired capital contributions from recent transactions. Specific capital ratios were not disclosed in the press release.
Full-Year Performance
For the full year 2025, Glacier Bancorp reported net income of $239 million, a 26% increase from the prior year, driven by higher net interest income and the contributions of acquisitions completed during the year. Diluted earnings per share for the year were $1.99, up 18% from $1.68 in 2024. Loan and deposit growth was robust, with loans increasing 21% and deposits rising 20% year-over-year.
Net interest margin for the full year averaged 3.32%, up 55 basis points from the prior year, reflecting stronger loan pricing and a favourable shift in the funding mix.
Outlook and Strategic Focus
Management on the quarterly earnings call reiterated its focus on disciplined integration of acquired banks and organic growth in key markets. Glacier Bancorp’s leadership highlighted the regional bank’s community banking model as a strategic strength for delivering consistent financial performance and customer service across a broader geographic base.
While commentary on specific 2026 financial guidance was limited in the press release, executives emphasized continued prioritization of margin management, targeted loan growth, and maintaining credit quality amid competitive and macroeconomic uncertainties.
Reasons to Pass on GBCI
- Declining Quarterly EPS: Fell to $0.49 from $0.57 prior quarter and $0.54 YoY amid acquisition integration.
- Rising Non-Performers: Non-performing assets climbed to $68.9M, inflated by Guaranty Bancshares loan portfolio.
- Acquisition Dependency: Relies on Texas/Idaho deals for growth; ongoing integration risks in new markets.
- No 2026 Guidance: Limited forward outlook exposes to macro uncertainties and competitive pressures.
- Geographic Concentration: Expanding footprint across fragmented regions vulnerable to localized downturns.
