Glacier Bancorp, Inc. (NASDAQ:GBCI) Q3 2019 Earnings Conference Call - Final Transcript

Oct 18, 2019 • 11:00 am ET


Glacier Bancorp, Inc. (NASDAQ:GBCI) Q3 2019 Earnings Conference Call - Final Transcript


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Randy Chesler

million of Small Bank Assessment credits applied by the FDIC during the quarter. Other expenses of $29.1 million increased $13.8 million or 91% from the prior quarter. This was driven by the $3.5 million loss on the pay down of Federal Home Loan Bank debt and a $10 million loss on the termination of the cash flow hedges.

Acquisition-related expenses were $2.1 million during the quarter compared to $1.8 million in the prior quarter and $1.3 million a year ago. Tax expense was $12.2 million, a decrease of $356,000 or 3% compared to an increase of $1.4 million or 13% from the prior-year third quarter. Effective tax rate is 19% compared to 18% in the prior-year third quarter. Efficiency ratio impacted by the current quarter unusual events that we've talked about, primarily related to the balance sheet strategy and the acquisition. Excluding those things, the efficiency ratio would have been closer to 54.4%, which keeps us in the range of the 54%, 55% that we've been talking about.

So a lot going on, but we think this third quarter really represents an excellent performance by the Company. In addition to delivering strong operating performance for the quarter, the Company completed the acquisition of Heritage Bank and announced the acquisition of State Bank of Arizona. So our 16 division Presidents and their teams across our eight states now with Nevada as well as our senior staff continue to produce market-leading results and I would like to thank them all for their commitment and their drive to be the best.

So Rusty, that concludes my formal remarks. And I'd now like to turn the call back over to you to open the line for any questions that our analysts may have.