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$GBCI agreed to buy Columbine Capital Corp. The transaction provides for the payment to Columbine shareholders of a total of $15.7MM in cash and about 1.72MM shares of $GBCI common stock. The transaction would result in an aggregate value of $73.9MM, including the value of Columbine options assumed by $GBCI.
$GBCI agreed to buy Columbine Capital Corp., the bank holding company for Collegiate Peaks Bank, a community bank based in Buena Vista, Colorado. The boards of Glacier and Columbine unanimously approved the transaction, which is expected to close in 1Q18.
$GBCI closed its acquisition of TFB Bancorp, the holding company for The Foothills Bank, a community bank based in Yuma, Arizona. The Foothills Bank has merged into Glacier Bank and will operate as a separate banking division under the name "The Foothills Bank, a division of Glacier Bank" and with its existing management team.
$GBCI posted 9% YoY increase in net earnings to $31.3MM in 1Q17. EPS rose to $0.41 from $0.38 in the year-ago quarter. Meanwhile, net interest income rose 4% to $87.6MM. Non-interest income for the quarter totaled $25.7MM, up 6% YoY, as a result of the increased number of accounts.
For 4Q16, $GBCI's loan production increased to $601MM, with commercial real estate having the most significant growth. Other commercial loans, consisting of C&I, Municipal and Ag loans, were the second largest growing segment for the quarter.
$GBCI reported a rise in 4Q16 earnings driven by higher net interest income and a rise in non-interest income. Net income rose to $31.04MM or $0.41 per share from $29.51MM or $0.39 per share last year. Net interest income grew to $80.55MM from $76MM and its non-interest income increased to $28.01MM from $24.47MM.
$GBCI said it completed its acquisition of Treasure State Bank, a community bank based in Missoula, Montana. Treasure State Bank provides banking services to individuals and businesses. Treasure State Bank has merged into Glacier Bank and will become part of First Security Bank, a division of Glacier Bank, following integration.
$GBCI said its BoD declared a quarterly dividend of $0.20 per share. The dividend is payable on July 21, 2016, to owners of record on July 12, 2016. The company has declared 125 consecutive quarterly dividends and has increased the dividend 40 times.
$GBCI, the parent company for Glacier Bank and Kalispell, said its BoD has declared a quarterly dividend of $0.20 per share, an increase of $0.01 per share or 5.30%. The dividend is payable on April 21, 2016, to owners of record on April 12, 2016.