Regional banking company Glacier Bancorp (NYSE: GBCI) announced better-than-expected revenue in Q3 CY2025, with sales up 19.3% year on year to $260.7 million. Its GAAP profit of $0.57 per share was 6.3% below analysts’ consensus estimates.
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Glacier Bancorp (GBCI) Q3 CY2025 Highlights:
- Net Interest Income: $225.4 million vs analyst estimates of $225.5 million (25.1% year-on-year growth, in line)
- Net Interest Margin: 3.4% vs analyst estimates of 3.4% (in line)
- Revenue: $260.7 million vs analyst estimates of $256.4 million (19.3% year-on-year growth, 1.7% beat)
- Efficiency Ratio: 62.1% vs analyst estimates of 61.6% (48.8 basis point miss)
- EPS (GAAP): $0.57 vs analyst expectations of $0.61 (6.3% miss)
- Tangible Book Value per Share: $20.46 vs analyst estimates of $20.15 (8.5% year-on-year growth, 1.6% beat)
- Market Capitalization: $6.24 billion
KALISPELL, Mont., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $67.9 million for the current quarter, an increase of $15.1 million, or 29 percent from the prior quarter net income of $52.8 million and an increase of $16.8 million, or 33 percent, from the $51.1 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.57 per share, an increase of 27 percent from the prior quarter and prior year third quarter diluted earnings per share of $0.45 per share. The current quarter included $7.0 million in acquisition-related expenses. “We are pleased with the continuation of very favorable trends across the Company and the strong results we reported this quarter,” said Randy Chesler, President and Chief Executive Officer.
Company Overview
Operating through seventeen distinct bank divisions with local brands and management teams, Glacier Bancorp (NYSE: GBCI) is a bank holding company that provides various banking services to individuals and businesses across eight western states.
Sales Growth
Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Luckily, Glacier Bancorp’s revenue grew at a decent 5.2% compounded annual growth rate over the last five years. Its growth was slightly above the average banking company and shows its offerings resonate with customers.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Glacier Bancorp’s annualized revenue growth of 5.2% over the last two years aligns with its five-year trend, suggesting its demand was stable. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Glacier Bancorp reported year-on-year revenue growth of 19.3%, and its $260.7 million of revenue exceeded Wall Street’s estimates by 1.7%.
Net interest income made up 83.1% of the company’s total revenue during the last five years, meaning Glacier Bancorp barely relies on non-interest income to drive its overall growth.
While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.
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Tangible Book Value Per Share (TBVPS)
Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
Glacier Bancorp’s TBVPS grew at a tepid 3% annual clip over the last five years. However, TBVPS growth has accelerated recently, growing by 10.6% annually over the last two years from $16.73 to $20.46 per share.
Over the next 12 months, Consensus estimates call for Glacier Bancorp’s TBVPS to grow by 7.7% to $22.03, decent growth rate.
Key Takeaways from Glacier Bancorp’s Q3 Results
It was encouraging to see Glacier Bancorp beat analysts’ revenue expectations this quarter. We were also happy its tangible book value per share outperformed Wall Street’s estimates. On the other hand, its efficiency ratio and EPS both missed. Overall, this was a mixed quarter. The stock remained flat at $45.05 immediately following the results.
So do we think Glacier Bancorp is an attractive buy at the current price? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it’s free for active Edge members.
