Will GBCI Bounce Back from Here?

Glacier Bancorp, Inc (GBCI) is a regional bank holding company providing commercial banking services in eight states through its subsidiary Glacier Bank and other banking divisions. The company offers a wide range of banking products and services, such as deposits, loans, mortgage origination, and online banking.

The first quarter’s net income was $61.2 Million, down $18.5 Million, or 23% from the previous quarter’s net income of $79.7 Million. The first quarter’s net income also dropped $6.6 Million, or 10%, from the same quarter of last year’s $67.8 Million net income.

The loan portfolio grew by $272 Million, or 7% annualized, to $15.519 Billion in the current quarter. Stockholders’ equity rose by $83.6 Million, or 3% to $2.927 Billion in the current quarter. The company paid a quarterly dividend of $0.33 per share. Furthermore, the company has paid quarterly dividends for 152 consecutive quarters and has raised the dividend 49 times.

The second quarter’s net income was $55.0 Million, down $6.2 Million, or 10% from the previous quarter’s net income of $61.2 Million. The current quarter’s net income also fell $21.4 Million, or 28%, from the same quarter of last year’s $76.4 Million net income.

The loan portfolio grew by $436 Million, or 11% annualized, to $15.955 Billion in the current quarter.

The company paid a quarterly dividend of $0.33 per share. Furthermore, the company has paid quarterly dividends for 153 consecutive quarters and has raised the dividend 49 times.

Glacier Bancorp, Inc. Stock Price Technical Analysis

Glacier Bancorp’s stock price has stopped falling and started to rise. However, it is trapped between the 50-day and 200-day simple moving averages (SMAs), which have crossed bearishly, signalling the presence of sellers in the market. If sellers keep pushing the price lower, GBCI could face more losses and enter a downtrend. The moving average convergence divergence (MACD) indicator is close to the zero line, indicating indecision. The relative strength index (RSI) is also near the 50 level, indicating a lack of momentum in the market.

Summary

Glacier Bancorp’s stock reported lower net income for both the first and second quarters of 2023, compared to the previous quarters and the same quarters last year. The company attributed the decline in net income to higher provision for credit losses, lower non-interest income, and higher non-interest expense. However, the company also reported strong growth in its loan portfolio and stockholders’ equity for both quarters. Major indicators like RSI, MACD, and SMAs are giving neutral signs and showing uncertainty in the market. Traders and investors should wait for a decisive move out of the range, either up or down, before taking any action and resist the urge to chase the market to avoid losing money.

Technical Levels

Support Level – The current support level is $31.00.
Resistance Level – The current resistance level is $37.00.

Disclaimer

This article is only for information and education purposes. Do not use this information as financial or trading advice. Trading and investing have financial risks. Before making any investment or trading decision, consider your risk tolerance and situation.