Glacier Bancorp, Inc. (NASDAQ:GBCI) Q3 2019 Earnings Conference Call - Final Transcript
Oct 18, 2019 • 11:00 am ET
the prior quarter as a result of the acquisition-related expenses that occurred during the quarter. Without those expenses, ROA would have been 1.69% for the quarter. Tangible book value per share at $15.53 at quarter end increased $0.50 a share from the prior quarter and increased $1.90 per share from a year ago. We also declared a regular dividend of $0.29 per share, our 138th consecutive quarterly dividend, which was a 7% increase over the prior quarter.
At the end of July, we successfully closed on the acquisition of Heritage Bancorp in Reno, Nevada. Heritage became our 16th division and our first entrance into Nevada. And we are very excited to welcome the Heritage Bank team to the Glacier team. And then in late September, we also announced the acquisition of State Bank Corp in Lake Havasu, Arizona with total assets of $677 million. State Bank will be combined with our Foothills Bank division and continue its over 20-years legacy of serving Arizona communities. The acquisition, of course, is subject to regulatory approvals and customary conditions of closing and we're expecting to close that late this year or early next year.
Now for a little more color on the quarterly results. Loan production for the first quarter was once again generally well-distributed among all divisions. Loan paydowns were slightly elevated compared with past third quarters. The loan portfolio ended the quarter at $9.5 billion. As a result of the slower third quarter and typically slower fourth quarter, we're anticipating a 6% organic loan growth rate for the year. While we continue to feel very good about our western markets, we've seen an increase in payoffs with customers taking advantage of the strong markets. Liquidity generated from these sales has not been immediately reinvested by sellers at the rate we've seen in the past, due to those sellers being a bit more cautious about making new investments.
In addition, we've seen a small increase in money center banks making larger loans to some of our customers at rates we don't think adequately pay for a risk at this point in the cycle. So we're happy with our rate of growth, and we're going to be -- continue to be disciplined in our approach to lending with our eye on the longer term. Total investment securities of $2.6 billion, decreased $28 million or 1% during the quarter and are flat compared to the prior year third quarter. Investment securities represented 20% of total assets at the end of the quarter compared to 23% at the end of the third quarter a year ago.
Once again, our key credit quality ratios improved in almost all categories across the board, reflecting the strength of our loan portfolio. Early stage delinquencies as a percentage of loans at the end of the third quarter were 31 basis points, a decrease of 12 basis points from the prior quarter and flat to the prior third quarter in -- a year ago. Net charge-offs for the quarter were