Earnings Call Excerpt
Glacier Bancorp, Inc. (GBCI)
Q3 2008 Earnings Call
October 24, 2008 1:00 pm ET
Executives
Michael J. Blodnick – President & Chief Executive Officer
Barry Johnston – Chief Credit Administrator
Analysts
Chris Stulpin – D. A. Davidson & Co.
Brett Rabatin – FTN Midwest Securities Corp.
Matthew Clarke – Keefe, Bruyette & Woods
Ben Crabtree – Stifel Nicolaus & Company, Inc.
Brad Milsaps – Sandler O’Neill & Partners L.P.
Presentation
Operator
Good day everyone and welcome to today’s program. At this time all participants are in a listen only mode. Later you will have the opportunity to ask questions during our question-and-answer session. (Operator Instructions) My name is Katie and I’m standing by if you should need any assistance.
It is now my pleasure to turn the call over to Mr. Mick Blodnick.
Michael J. Blodnick
Welcome and thank all of you for joining us this morning. With me this morning I’m calling from Boise where I just finished giving a speech this morning so I’m in Boise, Idaho this morning but with me on the other line is Ron Copher, our Chief Financial Officer, Don Chery, our Chief Administrative Officer, Barry Johnston, our Chief Credit Administrator and Angela Dose, head of our accounting department.
Last night we reported earnings for the third quarter of 2008. Earnings for the quarter were $12,785,000. This compares to $17,639,000 in last year’s third quarter. Diluted earnings per share for the quarter were $0.24 compared to $0.33 in the prior year’s quarter. On October 29 we reported our exposure to Freddie Mac and Fannie Mae preferred and common stock. That exposure was $0.09 after tax. We never like to take any loss and honestly I never thought this would be the type of investment we would lose on. Fortunately, we didn’t have a large position in the preferred; nonetheless it is regrettable.
In addition to the other than temporary impairment charge we did have an after tax gain of $1 million on the sale of our Ketchum, Idaho office. We continue to increase equity within the company, tangible stockholder equity into the quarter at 8.11% versus 7.93% in last year’s quarter. Tangible equity increased by $47 million from 13% in that same time period. As we’ve been saying all year our focus is to continue to build our equity position and in this current operating environment it definitely seems it’s been the right thing to do and I’m sure we’ll get more questions about that as we get into the Q&A section.
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