Glacier Bancorp, Inc. (NASDAQ:GBCI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 24, 2020 • 11:00 am ET


Glacier Bancorp, Inc. (NASDAQ:GBCI) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Glacier Bancorp Second Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker for today, Randy Chesler, CEO and President. You may begin.

Randall M. Chesler

All right. Thank you, Tuwanda, and good morning, and thank you for joining us today. With me here in Kalispell this morning is Ron Copher, our Chief Financial Officer; Don Chery, our Chief Administrative Officer; Angela Dose, our Chief Accounting Officer; Byron Pollan, our Treasurer; and Tom Dolan, our Chief Credit Administrator.

Yesterday, we released our second quarter 2020 earnings. And today, we're ready to review the state of the Company and the financial results. The second quarter was very solid and highlights the strong core of the Company and the strength of our team and our business model, despite the stiff headwinds caused by the global COVID-19 pandemic. We continue to navigate through the pandemic extremely well and I'm exceptionally proud of the Glacier team, their commitment and leadership, and their service to their communities.

As I noted in our last earnings call, the Glacier franchise covers almost 1,500 miles from Montana to Arizona, and the impact of the pandemic is different across that franchise. Our unique business model, with 16 different divisions, serving over 140 communities, provides us with a unique capability to respond to our employees, customers and communities in a way that best suits that local market. We continue to take advantage of our model today to respond to the quickly changing conditions.

At this time, most of our locations have moved back to drive foodservice with in-lobby [Phonetic] meetings by appointment. This is in response to a resurgence of the virus in many of our markets. Most of our eight states have active cases and mortality rates well below the national average, but are still seeing increasing cases with more testing. Despite the pandemic, we're amazed at how well customers have adjusted to the circumstances and are carrying on with business.

Our mortgage volume is at record levels with refinancing and new home purchases, our commercial lending business is beginning to pick up and many of our business customers report solid increased activity. As expected, tourism in our Western markets has generally rebounded very well due to a lot of pent-up desire to get out of the house and travel. Our markets were strong before the pandemic, driven by high quality of life, business-friendly environments and low cost of living, and we are seeing some signs that the natural social distancing that comes with our more rural markets will add to the attractiveness of our markets.

And now on to our results for the second quarter. Once again, the second quarter results really highlighted the consistent strength of our core business. We