Glacier Bancorp reports Q2 EPS 52c, consensus 53c
The current quarter interest income of $118M increased $14.6M or 14% from the prior quarter and increased $23.7M, or 25%, over the prior year second quarter with both increases primarily attributable to the increase in interest income from commercial loans. Interest income on commercial loans increased $10.3 million, or 16 percent, from the prior quarter and increased $19.6 million, or 35 percent, from the prior year second quarter.The current quarter interest expense of $9.2 million increased $1.4 million, or 18 percent, from the prior quarter and increased $1.4 million, or 18 percent, from the prior year second quarter. The total cost of funding (including non-interest bearing deposits) for the current quarter was 36 basis points compared to 35 basis points for the prior quarter and 37 basis points for the prior year second quarter. The 1 basis point increase from the prior quarter was driven by an increase in deposit rates which was partially offset by the increase in non-interest bearing deposits.