|Over a week ago|
First Interstate reports Q2 EPS 58c, consensus 51c » 16:2107/2707/27/20
Reports Q2 revenue…
Reports Q2 revenue $162.7M, consensus $166.09M. During the second quarter of 2020, the Company recorded a provision for credit losses of $19.5 million, compared to $29.0 million during the first quarter of 2020, and $3.8 million during the second quarter of 2019. The provision includes the impact of net charge-offs of $2.3 million, or 0.09% of average loans outstanding, for the second quarter of 2020, compared to $3.1 million, or 0.14% of average loans outstanding, for the first quarter of 2020, and $2.0 million, or 0.09% of average loans outstanding for the second quarter of 2019. The Company's allowance for credit losses on loans as a percentage of period-end loans held for investment, including PPP loans, increased to 1.46% at June 30, 2020, compared to 1.45% at March 31, 2020, and 0.82% at June 30, 2019.
Glacier Bancorp reports Q2 EPS 66c, consensus 50c » 16:3207/2307/23/20
The company funded 15,291…
The company funded 15,291 PPP loans in the amount of $1.427B. The loan portfolio organically increased $1.365B or 14%, in the current quarter and increased $1.545B, or 17 percent, from the prior year second quarter. Core deposits increased $1.818B, or 16%, during the current quarter, with non-interest bearing deposit growth of $1.168B, or 30%. The Glacier team delivered outstanding results despite the continuing pandemic and the resulting challenging environment. The team did an exceptional job servicing our customers and communities by making over 15,000 Paycheck Protection Program loans for over $1.5B," said Randy Chesler, President and CEO. "We remain confident that our significant liquidity, high quality loan portfolio, strong balance sheet and solid core business, positions us to successfully respond to a full range of future possible economic conditions."
|Over a month ago|
S&P announces June quarterly rebalance effective 6/22 » 17:3206/1206/12/20
TYL, BIO, TDY, HOG, JWN, ADS, STRA, QLYS, GBCI, BBBY, MTDR, MDRX, MIDD, QDEL, KAR, UNVR, DNOW, CAKE, REZI, TLRD, CBL, HPR, TTI, BSIG
S&P MidCap 400…
S&P MidCap 400 constituents Tyler Technologies Inc. (TYL), Bio-Rad Laboratories Inc. (BIO) and Teledyne Technologies Inc. (TDY) will move to the S&P 500, replacing Harley- Davidson Inc. (HOG), Nordstrom Inc. (JWN) and Alliance Data Systems Corp. (ADS) all of which will move to the S&P MidCap 400. S&P SmallCap 600 constituents Strategic Education Inc. (STRA), Qualys Inc. (QLYS) and Glacier Bancorp Inc. (GBCI) will move to the S&P MidCap 400, replacing Bed Bath & Beyond Inc. (BBBY), Matador Resources Co. (MTDR) and Allscripts Healthcare Solutions Inc. (MDRX) all of which will move to the S&P SmallCap 600. Middleby Corp. (MIDD), Quidel Corp. (QDEL), Hexcel Inc. Inc. (KAR) and Univar Solutions Inc. (UNVR) will join the S&P MidCap 400. S&P MidCap 400 constituents NOW Inc. (DNOW), Cheesecake Factory Inc. (CAKE), and Resideo Technologies Inc. (REZI) will move to the S&P SmallCap 600. Dillard's Inc. (DDS) will be removed from the S&P MidCap 400 as it is no longer representative of the midcap market space. Tailored Brands Inc. (TLRD), CBL & Associates Properties Inc. (CBL), HighPoint Resources Corp. (HPR) and Tetra Technologies Inc. (TTI) will be removed from the S&P SmallCap 600 as they are no longer representative of the small-cap market space. BrightSphere Investment Group Inc. (BSIG) will join the S&P SmallCap 600.
|Over a quarter ago|
First Interstate price target raised to $35 from $28 at Wells Fargo » 07:5805/0405/04/20
Wells Fargo analyst Jared…
Wells Fargo analyst Jared Shaw raised the firm's price target on First Interstate to $35 from $28 as PPP benefit offsets provision costs this year. The analyst keeps an Overweight rating on the shares.
First Interstate reports Q1 EPS 45c, consensus 64c » 16:1204/3004/30/20
The fourth quarter of…
The fourth quarter of 2019 earnings included acquisition costs related to the acquisitions of Idaho Independent Bank and Community 1st Bank, both of which were acquired on April 8, 2019. Mortgage banking revenues increased 67.9% to $13.6 million, for the first quarter of 2020, compared to $8.1 million for the fourth quarter of 2019, and increased 231.7%, from $4.1 million, compared to the first quarter of 2019. Net interest margin ratio, on a fully taxable equivalent basis, decreased to 3.90% for the first quarter of 2020, a four-basis point decrease from the prior quarter and a 14-basis point decrease from the same period in the prior year. "Despite the challenging operating environment, we are pleased that our first quarter results reflect the continuation of our solid core operating performance," said Kevin P. Riley, President and CEO of First Interstate BancSystem, Inc. "We are fortunate that the markets in which we operate have been among the areas of the country least impacted by the COVID-19 pandemic. For those clients that have been impacted by this crisis, we have implemented a number of relief programs to help them during this challenging period, including quickly providing them with access to the Small Business Administration's PPP. As the second round of PPP funding begins, our bankers are working diligently to assist both existing and new clients with their applications.
Glacier Bancorp reports Q1 EPS 46c, consensus 50c » 16:3404/2304/23/20
The current quarter net…
The current quarter net interest income of $134M decreased $2.1M, or 2%, over the prior quarter and increased $19.2M, or 17%, from the prior year first quarter. The current quarter interest income of $143M decreased $2.4M, or 2%, over the prior quarter which was driven primarily by a decrease in loan interest rates. The current quarter interest income increased $16.7 million, or 13 percent, over prior year first quarter and was attributable to an increase in interest income on commercial loans due to an increase in loans, which increased $15.1 million, or 18 percent, from the prior year first quarter. The Company's first quarter net income results were significantly impacted by adoption of the CECL accounting standard. The Company chose to adopt the standard on January 1, 2020, rather than delay the adoption as allowed by the Coronavirus Aid, Relief, and Economic Security Act, since the Company was operationally prepared and already internally reporting under the CECL method. As a result, the following items impacted the results in the first quarter 2020: a $12.3 million reduction in retained earnings upon adoption of the standard.
First Interstate upgraded to Outperform from Market Perform at Keefe Bruyette » 11:5504/0104/01/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Jacquelynne Bohlen upgraded First Interstate to Outperform from Market Perform with a $39 price target.
First Interstate says has enhanced oversight and monitoring of credit portfolio » 15:2203/2303/23/20
In a regulatory filing…
In a regulatory filing earlier, First Interstate said: "Although we have not seen any material impacts to our clients at this time, we have enhanced our oversight and monitoring of our credit portfolio." In presentation slides, First Insterstate said it has "no hotel loan with a balance greater than $20M" and that "approximately $162M of Hotel Portfolio Commitments are Construction loans to be completed later in 2020."
First Interstate files automatic mixed securities shelf 17:3203/1603/16/20
Glacier Bancorp upgraded to Buy from Neutral at DA Davidson » 07:4803/1603/16/20
DA Davidson analyst Jeff…
DA Davidson analyst Jeff Rulis upgraded Glacier Bancorp to Buy from Neutral with a price target of $36, down from $48. The analyst cites a "rare opportunity" to buy shares of an outperforming franchise with a consistent, long term, successful performance in growth markets, a highly effective M&A strategy, and a balanced business model.