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GBCI, Glacier Bancorp

Banks financial

We provide a full range of banking services to individuals and businesses from 281 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, Nevada, and Texas through our wholly-owned bank subsidiary, Glacier Bank.

We offer a wide range of banking products and services, including: 1) retail banking; 2) business banking; 3) real estate, commercial, agriculture and consumer loans; and 4) mortgage origination and loan servicing.

Latest annual: FY2025 10-K

GBCI · Glacier Bancorp

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.0B

+23.7% YoY · 6% 5-yr CAGR

Vital signs · FY2025, with 5-yr average

Revenue $1.0B 5-yr avg $878M

Return on equity 6% 5-yr avg 8%

Return on tangible equity 9% 5-yr avg 12%

Efficiency ratio 65% 5-yr avg 62%

Equity / assets 13.2% 5-yr avg 11.7%

Next report Est. 10/28–11/5 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~32 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on equity has hovered around the cost of equity (median 10%, above 12% in 0 of 10 years). It runs at a 65% efficiency ratio, about average. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25
										Income statement
$422M	$457M	$552M	$634M	$773M	$807M	$909M	$810M	$833M	$1.0B	RevenueRevenue
$344M	$375M	$469M	$546M	$627M	$681M	$830M	$1.0B	$1.1B	$1.3B	Interest incomeInt. inc.
$30M	$30M	$36M	$43M	$27M	$19M	$41M	$326M	$435M	$407M	Interest expenseInt. exp.
$315M	$345M	$433M	$503M	$600M	$663M	$788M	$692M	$705M	$889M	Net interest incomeNet int.
$107M	$112M	$119M	$131M	$173M	$145M	$121M	$118M	$128M	$141M	Noninterest incomeFee inc.
$2M	$11M	$10M	$57K	$40M	$23M	$20M	$15M	$28M	$71M	Credit-loss provisionProvision
$161M	$181M	$222M	$259M	$328M	$349M	$370M	$268M	$226M	$290M	Pretax incomePretax
$121M	$116M	$182M	$211M	$266M	$285M	$303M	$223M	$190M	$239M	Net incomeNet inc.
25%	36%	18%	19%	19%	19%	18%	17%	16%	18%	Effective tax rateTax rate
										Cash flow & returns
1.3%	1.2%	1.5%	1.5%	1.4%	1.1%	1.1%	0.8%	0.7%	0.7%	Return on assetsROA
11%	10%	12%	11%	12%	9%	11%	7%	6%	6%	Return on equityROE
3%	0%	6%	4%	6%	4%	5%	3%	1%	2%	Retained to equityRetained/eq
13%	12%	15%	15%	15%	13%	17%	11%	9%	9%	Return on tangible equityROTCE
61%	58%	58%	59%	52%	54%	57%	65%	69%	65%	Efficiency ratioEffic.
$84M	$112M	$85M	$124M	$131M	$146M	$158M	$147M	$150M	$163M	Dividends paidDiv. paid
($421M)	$24M	($872M)	($43M)	($3.6B)	($3.9B)	($1.4B)	($207M)	$493M	$1.1B	Investing cash flowInv. cash
$188M	($231M)	$595M	($57M)	$3.7B	$3.1B	$845M	$659M	($1.3B)	($1.1B)	Financing cash flowFin. cash
($41M)	$47M	$4M	$127M	$302M	($195M)	($36M)	$952M	($506M)	$387M	Change in cashΔ cash
										Balance sheet
$5.7B	$6.6B	$8.3B	$9.5B	$11.1B	$13.4B	$15.2B	$16.2B	$17.3B	$20.9B	Loans held for investmentLoans
$130M	$130M	$131M	$124M	$158M	$173M	$182M	$193M	$206M	$255M	Credit-loss allowanceAllowance
$9.5B	$9.7B	$12.1B	$13.7B	$18.5B	$25.9B	$26.6B	$27.7B	$27.9B	$32.0B	Total assetsAssets
$147M	$178M	$290M	$456M	$514M	$985M	$985M	$985M	$1.1B	$1.4B	GoodwillGoodwill
$8.3B	$8.5B	$10.6B	$11.7B	$16.2B	$22.8B	$23.8B	$24.7B	$24.7B	$27.8B	Total liabilitiesTotal liab.
$1.1B	$1.2B	$1.5B	$2.0B	$2.3B	$3.2B	$2.8B	$3.0B	$3.2B	$4.2B	Shareholders’ equityEquity
										Per share
76.3M	77.6M	83.7M	88.4M	94.9M	99.4M	111M	111M	113M	120M	Shares out (diluted)Shares
$1.59	$1.50	$2.17	$2.38	$2.81	$2.86	$2.74	$2.01	$1.68	$1.99	EPS (diluted)EPS
$1.10	$1.44	$1.02	$1.41	$1.38	$1.46	$1.42	$1.32	$1.32	$1.36	Dividends / shareDiv/sh
$14.63	$15.45	$18.12	$22.18	$24.30	$31.97	$25.66	$27.24	$28.47	$35.13	Book value / shareBVPS
$12.54	$12.98	$14.07	$16.30	$18.30	$21.53	$16.39	$18.06	$18.73	$22.76	Tangible book / shareTBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+5.0%/yr	+1.1%/yr
Owner earnings / share	−9.7%/yr (3-yr)	−9.7%/yr (3-yr)
EPS	+2.6%/yr	−6.6%/yr
Dividends / share	+2.4%/yr	−0.4%/yr
Capital spending / share	−9.8%/yr (3-yr)	−9.8%/yr (3-yr)
Book value / share	+10.2%/yr	+7.7%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net interest income+26.2%
“Net interest income of $889 million for 2025 increased $184 million, or 26 percent, over 2024 and was primarily driven by increased interest income.”
✓ figure matches the filed record

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 6%

Below the cost of equity

Net income $239M ÷ equity $4.2B

Industry peers: median 10%

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 9%

Modest

Net income ÷ (equity − goodwill $1.4B − intangibles $105M)

Industry peers: median 14%

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio 65%

Efficient (<65%)

Noninterest expense $669M ÷ (net interest income + fees)

Industry peers: median 53%

What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.

Is it sound?

Capital (equity / assets) 13.2%

Well capitalized

Equity $4.2B ÷ assets $32.0B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Funding —

Not enough data

What this means
Deposits or total assets missing.
Credit cost (provision / NII) 8%

Low

Provision for credit losses $71M ÷ net interest income $889M

What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

The franchise and the credit cycle

Deposit franchise —

Not enough data

What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
Net charge-offs 0.07%

Disciplined book

Charge-offs net of recoveries $13M ÷ loans $19.1B (avg of year-ends) · worst year on record 0.16% · allowance held at 1.22% of loans

What this means
Loans actually written off, net of what was later recovered — the realized truth the provisions were guessing at. Graham's rule applies doubly here: the worst year in the record, not the average, is the read, because a loan book's sins are committed in the good years and confessed in the bad ones.
Held-to-maturity marks 8%

Manageable

Pre-tax, as filed for FY2025: HTM at cost $3.1B − fair value $2.9B = $230M, against tangible common equity $2.7B · widest on record FY2022: $440M (48% accreted back since)

What this means
Bonds held to maturity are carried at cost, so rate rises open a gap that only shows in this disclosure. Stated equity already carries every available-for-sale mark through accumulated other comprehensive income; the held-to-maturity book's gap sits outside equity, which is why it is read here. The figure is pre-tax as the filer states it — the true after-tax dent depends on a deferred-tax position the record does not carry. The gap never hits earnings if the bank can hold on, which is precisely why the reader checks whether it could be forced to sell: the 2023 bank failures were this number meeting deposit flight.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Randall M. Chesler	$2.9M	$3.2M	—
2022	Randall M. Chesler	$3.2M	$2.9M	$437M
2023	Randall M. Chesler	$3.0M	$2.6M	$451M
2024	Randall M. Chesler	$2.9M	$3.4M	$210M
2025	Randall M. Chesler	$3.7M	$3.4M	$348M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio56:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$6M
The slice of the business handed to employees in shares in fiscal 2025, 0.6% of revenue, equal to 0.9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Banks

The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	ROEmedian over the record	ROTCEmedian over the record	Efficiencymedian over the record	NII / assetsmedian over the record	Noninterest-bearing sharelatest FY
PBProsperity Bancshares	$1.2B	7%	15%	43%	2.7%	33%
ABCBAmeris Bancorp	$1.2B	10%	14%	55%	3.2%	29%
HOMBHome BancShares	$1.1B	11%	17%	42%	3.7%	22%
UCBUnited Community Banks Inc.	$1.1B	9%	12%	57%	3.0%	26%
GBCIGlacier Bancorp	$1.0B	10%	13%	59%	3.1%	—
CBCCentral Bancompany Inc.	$1.0B	10%2y	11%2y	52%2y	3.7%2y	35%
RNSTRenasant Corporation	$986M	7%	12%	65%	3.0%	23%
FHBFirst Hawaiian	$881M	10%	16%	53%	2.6%	32%
Group median	—	10%	13%	54%	3.0%	—

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Glacier Bancorp’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered2%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity13%

Price / book—

Earnings yield—

P/E (3-yr avg ’23–’25)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $2.7B on 130M shares, a 13% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh GBCI against another business →

The owners of GBCI: the meeting and the votes →

Cite: Owner Scorecard, "Glacier Bancorp (GBCI), the owner's record," https://ownerscorecard.com/c/GBCI, data as of 2026-08-17.

Manual order: ← GATX its page in the Manual GBFH →

Industry order: ← GABC the Banks chapter GBFH →