The $7 billion-asset company, which reported its earnings after the market closed Thursday, said last week that it would take the impairment charge to reflect the recent decline in its market value. The Kalispell, Mont.-based company said that excluding the impairment charge, it would have earned $13.6 million for the quarter.
Nonperforming assets decreased 19% annualized to $249 million, which included $135 million in land, lot and other construction loans. Early-stage delinquencies decreased almost 49% from the second quarter, to $21.1 million.
Income from investment securities, including interest-bearing deposits and federal funds sold, increased 65% from a year earlier to $3 million. The company said that during the previous two quarters it has purchased investment securities to offset the lack of loan growth and to maintain interest income. The loan portfolio was down 2%, to $3.5 billion, but third-quarter net interest income rose 27%, to $60 million.
Glacier's shares were down 4.8% at midday Friday, to $11.91.
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