Intrinsic value of Glacier Bancorp - GBCI

Previous Close

$44.20

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$44.20

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as GBCI.

We calculate the intrinsic value of GBCI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  476
  506
  538
  571
  605
  640
  677
  716
  757
  799
  843
  889
  937
  988
  1,040
  1,096
  1,153
  1,214
  1,277
  1,344
  1,414
  1,487
  1,563
  1,643
  1,727
  1,816
  1,908
  2,005
  2,107
  2,214
Variable operating expenses, $m
  120
  128
  136
  144
  153
  162
  171
  181
  191
  202
  213
  225
  237
  250
  263
  277
  292
  307
  323
  340
  358
  376
  395
  416
  437
  459
  483
  507
  533
  560
Fixed operating expenses, $m
  159
  163
  167
  170
  174
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  275
  281
  287
  293
  300
Total operating expenses, $m
  279
  291
  303
  314
  327
  340
  353
  367
  381
  396
  411
  428
  444
  462
  479
  498
  518
  538
  559
  581
  604
  628
  652
  679
  706
  734
  764
  794
  826
  860
Operating income, $m
  196
  215
  235
  256
  278
  301
  324
  349
  375
  403
  431
  462
  493
  526
  561
  597
  636
  676
  718
  763
  810
  859
  910
  965
  1,022
  1,082
  1,145
  1,211
  1,281
  1,354
EBITDA, $m
  1,217
  1,301
  1,389
  1,480
  1,575
  1,674
  1,777
  1,885
  1,998
  2,116
  2,239
  2,368
  2,503
  2,645
  2,792
  2,947
  3,110
  3,280
  3,458
  3,645
  3,841
  4,047
  4,263
  4,489
  4,727
  4,976
  5,238
  5,512
  5,800
  6,103
Interest expense (income), $m
  30
  483
  466
  491
  517
  544
  572
  601
  632
  664
  697
  732
  768
  806
  846
  887
  931
  976
  1,024
  1,074
  1,126
  1,181
  1,238
  1,298
  1,361
  1,427
  1,497
  1,569
  1,645
  1,725
  1,809
Earnings before tax, $m
  -287
  -251
  -256
  -261
  -266
  -271
  -277
  -282
  -288
  -294
  -300
  -306
  -313
  -319
  -326
  -333
  -340
  -348
  -355
  -363
  -371
  -379
  -388
  -397
  -406
  -415
  -425
  -434
  -445
  -455
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -287
  -251
  -256
  -261
  -266
  -271
  -277
  -282
  -288
  -294
  -300
  -306
  -313
  -319
  -326
  -333
  -340
  -348
  -355
  -363
  -371
  -379
  -388
  -397
  -406
  -415
  -425
  -434
  -445
  -455

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,069
  8,581
  9,114
  9,670
  10,248
  10,852
  11,481
  12,137
  12,822
  13,538
  14,286
  15,067
  15,884
  16,739
  17,634
  18,570
  19,550
  20,576
  21,651
  22,778
  23,958
  25,196
  26,492
  27,852
  29,278
  30,774
  32,342
  33,988
  35,714
  37,525
Adjusted assets (=assets-cash), $m
  8,069
  8,581
  9,114
  9,670
  10,248
  10,852
  11,481
  12,137
  12,822
  13,538
  14,286
  15,067
  15,884
  16,739
  17,634
  18,570
  19,550
  20,576
  21,651
  22,778
  23,958
  25,196
  26,492
  27,852
  29,278
  30,774
  32,342
  33,988
  35,714
  37,525
Revenue / Adjusted assets
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
Average production assets, $m
  10,211
  10,859
  11,534
  12,237
  12,969
  13,733
  14,529
  15,359
  16,227
  17,132
  18,078
  19,067
  20,102
  21,183
  22,315
  23,500
  24,740
  26,039
  27,400
  28,825
  30,319
  31,885
  33,526
  35,247
  37,051
  38,944
  40,929
  43,011
  45,195
  47,487
Working capital, $m
  -8,864
  -9,427
  -10,013
  -10,623
  -11,259
  -11,921
  -12,613
  -13,334
  -14,086
  -14,873
  -15,694
  -16,553
  -17,450
  -18,389
  -19,372
  -20,400
  -21,477
  -22,605
  -23,786
  -25,023
  -26,320
  -27,679
  -29,104
  -30,598
  -32,165
  -33,807
  -35,531
  -37,338
  -39,234
  -41,224
Total debt, $m
  8,626
  9,087
  9,567
  10,067
  10,587
  11,130
  11,696
  12,287
  12,904
  13,548
  14,221
  14,924
  15,660
  16,429
  17,234
  18,077
  18,959
  19,882
  20,850
  21,864
  22,926
  24,040
  25,207
  26,431
  27,714
  29,060
  30,472
  31,953
  33,506
  35,136
Total liabilities, $m
  7,262
  7,723
  8,203
  8,703
  9,224
  9,766
  10,333
  10,923
  11,540
  12,184
  12,857
  13,561
  14,296
  15,065
  15,870
  16,713
  17,595
  18,519
  19,486
  20,500
  21,562
  22,676
  23,843
  25,067
  26,350
  27,696
  29,108
  30,589
  32,142
  33,772
Total equity, $m
  807
  858
  911
  967
  1,025
  1,085
  1,148
  1,214
  1,282
  1,354
  1,429
  1,507
  1,588
  1,674
  1,763
  1,857
  1,955
  2,058
  2,165
  2,278
  2,396
  2,520
  2,649
  2,785
  2,928
  3,077
  3,234
  3,399
  3,571
  3,752
Total liabilities and equity, $m
  8,069
  8,581
  9,114
  9,670
  10,249
  10,851
  11,481
  12,137
  12,822
  13,538
  14,286
  15,068
  15,884
  16,739
  17,633
  18,570
  19,550
  20,577
  21,651
  22,778
  23,958
  25,196
  26,492
  27,852
  29,278
  30,773
  32,342
  33,988
  35,713
  37,524
Debt-to-equity ratio
  10.690
  10.590
  10.500
  10.410
  10.330
  10.260
  10.190
  10.120
  10.060
  10.010
  9.950
  9.910
  9.860
  9.810
  9.770
  9.730
  9.700
  9.660
  9.630
  9.600
  9.570
  9.540
  9.510
  9.490
  9.470
  9.440
  9.420
  9.400
  9.380
  9.360
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -287
  -251
  -256
  -261
  -266
  -271
  -277
  -282
  -288
  -294
  -300
  -306
  -313
  -319
  -326
  -333
  -340
  -348
  -355
  -363
  -371
  -379
  -388
  -397
  -406
  -415
  -425
  -434
  -445
  -455
Depreciation, amort., depletion, $m
  1,021
  1,086
  1,153
  1,224
  1,297
  1,373
  1,453
  1,536
  1,623
  1,713
  1,808
  1,907
  2,010
  2,118
  2,232
  2,350
  2,474
  2,604
  2,740
  2,883
  3,032
  3,188
  3,353
  3,525
  3,705
  3,894
  4,093
  4,301
  4,520
  4,749
Funds from operations, $m
  734
  835
  898
  963
  1,031
  1,102
  1,176
  1,254
  1,335
  1,419
  1,508
  1,600
  1,697
  1,799
  1,905
  2,017
  2,134
  2,256
  2,385
  2,519
  2,661
  2,809
  2,965
  3,128
  3,299
  3,479
  3,668
  3,867
  4,075
  4,294
Change in working capital, $m
  -541
  -563
  -586
  -610
  -636
  -663
  -691
  -721
  -753
  -786
  -821
  -859
  -898
  -939
  -983
  -1,028
  -1,077
  -1,128
  -1,181
  -1,237
  -1,297
  -1,359
  -1,425
  -1,494
  -1,567
  -1,643
  -1,723
  -1,808
  -1,896
  -1,989
Cash from operations, $m
  1,275
  1,398
  1,484
  1,573
  1,667
  1,765
  1,867
  1,975
  2,087
  2,205
  2,329
  2,459
  2,595
  2,738
  2,888
  3,045
  3,210
  3,384
  3,566
  3,757
  3,958
  4,168
  4,390
  4,622
  4,866
  5,122
  5,391
  5,674
  5,971
  6,283
Maintenance CAPEX, $m
  -958
  -1,021
  -1,086
  -1,153
  -1,224
  -1,297
  -1,373
  -1,453
  -1,536
  -1,623
  -1,713
  -1,808
  -1,907
  -2,010
  -2,118
  -2,232
  -2,350
  -2,474
  -2,604
  -2,740
  -2,883
  -3,032
  -3,188
  -3,353
  -3,525
  -3,705
  -3,894
  -4,093
  -4,301
  -4,520
New CAPEX, $m
  -632
  -648
  -675
  -703
  -732
  -763
  -796
  -831
  -867
  -906
  -946
  -989
  -1,034
  -1,082
  -1,132
  -1,185
  -1,240
  -1,299
  -1,361
  -1,426
  -1,494
  -1,566
  -1,641
  -1,721
  -1,805
  -1,892
  -1,985
  -2,082
  -2,184
  -2,292
Cash from investing activities, $m
  -1,590
  -1,669
  -1,761
  -1,856
  -1,956
  -2,060
  -2,169
  -2,284
  -2,403
  -2,529
  -2,659
  -2,797
  -2,941
  -3,092
  -3,250
  -3,417
  -3,590
  -3,773
  -3,965
  -4,166
  -4,377
  -4,598
  -4,829
  -5,074
  -5,330
  -5,597
  -5,879
  -6,175
  -6,485
  -6,812
Free cash flow, $m
  -315
  -271
  -277
  -283
  -289
  -296
  -302
  -309
  -316
  -323
  -330
  -338
  -346
  -354
  -362
  -371
  -380
  -389
  -399
  -409
  -419
  -429
  -440
  -452
  -463
  -475
  -488
  -501
  -514
  -528
Issuance/(repayment) of debt, $m
  -320
  461
  480
  500
  521
  543
  566
  591
  617
  644
  673
  703
  735
  769
  805
  843
  882
  924
  968
  1,014
  1,062
  1,114
  1,167
  1,224
  1,283
  1,346
  1,412
  1,481
  1,553
  1,630
Issuance/(repurchase) of shares, $m
  1,096
  302
  309
  316
  324
  332
  340
  348
  357
  366
  375
  385
  395
  405
  416
  427
  438
  450
  463
  476
  489
  503
  518
  533
  548
  565
  581
  599
  617
  636
Cash from financing (excl. dividends), $m  
  776
  763
  789
  816
  845
  875
  906
  939
  974
  1,010
  1,048
  1,088
  1,130
  1,174
  1,221
  1,270
  1,320
  1,374
  1,431
  1,490
  1,551
  1,617
  1,685
  1,757
  1,831
  1,911
  1,993
  2,080
  2,170
  2,266
Total cash flow (excl. dividends), $m
  461
  492
  512
  533
  555
  579
  604
  630
  658
  687
  718
  750
  784
  820
  858
  898
  941
  985
  1,032
  1,081
  1,133
  1,187
  1,245
  1,305
  1,368
  1,435
  1,505
  1,579
  1,656
  1,738
Retained Cash Flow (-), $m
  -1,096
  -302
  -309
  -316
  -324
  -332
  -340
  -348
  -357
  -366
  -375
  -385
  -395
  -405
  -416
  -427
  -438
  -450
  -463
  -476
  -489
  -503
  -518
  -533
  -548
  -565
  -581
  -599
  -617
  -636
Prev. year cash balance distribution, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
Cash available for distribution, $m
  -633
  190
  203
  217
  232
  247
  264
  282
  301
  321
  343
  365
  390
  415
  443
  472
  502
  535
  569
  605
  644
  684
  727
  772
  820
  871
  924
  980
  1,039
  1,102
Discount rate, %
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
  -549
  141
  128
  113
  99
  85
  72
  60
  49
  39
  30
  23
  17
  12
  9
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  36.4
  26.8
  19.9
  14.9
  11.2
  8.6
  6.6
  5.1
  4.0
  3.1
  2.4
  1.9
  1.5
  1.2
  1.0
  0.8
  0.7
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1

Glacier Bancorp, Inc. is a bank holding company. The Company provides commercial banking services. As of December 31, 2016, it provided banking services from approximately 140 locations in Montana, Idaho, Wyoming, Colorado, Utah and Washington, through its bank subsidiary, Glacier Bank (the Bank). It offers a range of banking products and services, including transaction and savings deposits, real estate, commercial, agriculture, and consumer loans and mortgage origination services. It serves individuals, small to medium-sized businesses, community organizations and public entities. It focuses its lending activities primarily on various types of loans, including first-mortgage, conventional loans secured by residential properties, particularly single-family; commercial lending, including agriculture that concentrates on targeted businesses, and installment lending for consumer purposes, including home equity and automobile.

FINANCIAL RATIOS  of  Glacier Bancorp (GBCI)

Valuation Ratios
P/E Ratio 28
Price to Sales 0
Price to Book 3
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 18.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 54.1%
Total Debt to Equity 54.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 24.8%
Eff/ Tax Rate - 3 Yr. Avg. 23.9%
Payout Ratio 69.4%

GBCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GBCI stock intrinsic value calculation we used $447 million for the last fiscal year's total revenue generated by Glacier Bancorp. The default revenue input number comes from 2017 income statement of Glacier Bancorp. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GBCI stock valuation model: a) initial revenue growth rate of 6.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.2%, whose default value for GBCI is calculated based on our internal credit rating of Glacier Bancorp, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Glacier Bancorp.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GBCI stock the variable cost ratio is equal to 25.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $156 million in the base year in the intrinsic value calculation for GBCI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Glacier Bancorp.

Corporate tax rate of 27% is the nominal tax rate for Glacier Bancorp. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GBCI stock is equal to 0.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GBCI are equal to 2144.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Glacier Bancorp operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GBCI is equal to -1862%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Glacier Bancorp - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 78 million for Glacier Bancorp is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Glacier Bancorp at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Glacier Bancorp: 2Q Earnings Snapshot   [Jul-19-18 05:01PM  Associated Press]
▶ Glacier Bancorp's Earnings Preview   [08:31AM  Benzinga]
▶ Glacier Bancorp, Inc. Appoints Board Member   [Jul-03-18 04:30PM  GlobeNewswire]
▶ Glacier Bancorp, Inc. Declares Quarterly Dividend   [Jun-27-18 04:45PM  GlobeNewswire]
▶ Glacier Bancorp, Inc. to Host Earnings Call   [Apr-20-18 09:00AM  ACCESSWIRE]
▶ Glacier Bancorp: 1Q Earnings Snapshot   [Apr-19-18 05:07PM  Associated Press]
▶ Glacier Bancorp, Inc. Declares Quarterly Dividend   [Mar-29-18 04:30PM  GlobeNewswire]
▶ Top Dividend Stocks For The Week   [Feb-09-18 08:02AM  Simply Wall St.]
▶ Should You Buy Glacier Bancorp Inc (NASDAQ:GBCI) Now?   [Feb-02-18 08:09PM  Simply Wall St.]
▶ Glacier Bancorp misses Street 4Q forecasts   [Jan-25-18 05:26PM  Associated Press]
▶ Glacier Bancorp Earns Technical Rating Upgrade   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ Does Glacier Bancorp Incs (GBCI) PE Ratio Warrant A Sell?   [Dec-11-17 02:28PM  Simply Wall St.]
▶ IBD Rating Upgrades: Glacier Bancorp Flashes Improved Technical Strength   [Nov-29-17 03:00AM  Investor's Business Daily]
▶ Glacier Bancorp, Inc. Declares Quarterly Dividend   [Nov-15-17 04:30PM  GlobeNewswire]
▶ Glacier Bancorp Sees RS Rating Rise To 72   [Nov-01-17 03:00AM  Investor's Business Daily]
▶ Glacier Bancorp Sees IBD RS Rating Rise To 74   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Glacier Bancorp meets 3Q profit forecasts   [Oct-19-17 04:53PM  Associated Press]
▶ Is There Now An Opportunity In Glacier Bancorp Inc (GBCI)?   [Sep-08-17 12:14PM  Simply Wall St.]
▶ Glacier Bancorp misses Street 2Q forecasts   [Jul-20-17 10:01PM  Associated Press]
▶ Glacier Bancorp, Inc. Declares Quarterly Dividend   [Jun-29-17 07:22PM  GlobeNewswire]
▶ Glacier Bancorp meets 1Q profit forecasts   [Apr-20-17 04:38PM  Associated Press]
▶ Glacier Bancorp, Inc. Increases Quarterly Dividend   [Mar-29-17 07:30PM  GlobeNewswire]
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