Growth in loans and core deposits at Glacier Bancorp in Kalispell, Mont., fueled a 16% increase in third-quarter earnings from the year-earlier period, to $15.8 million.
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The $4.1 billion-asset company said Thursday that total loans went up 26%, to $2.85 billion. The increase, nearly all of it organic, came from residential loans, up 41%, to $757 million; commercial loans, up 22%, to $1.56 billion; and consumer loans, up 21%, to $540 million.
Glacier also increased core deposits by 10%, to $752 million, defying a downward industry trend.
Its net interest margin of 4.28% was up 4 basis points from a year earlier but down 6 basis points from the previous quarter.
