# Glacier Bancorp (GBCI.US)

Canonical: https://gigainvestors.com/s/GBCI

Analysis as of: 2026-10-16T07:28:42.643Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $43.76 per share; close as of 2026-10-15.

Estimated value: low $28.84 per share, central $34.47 per share, high $42.82 per share. Buy at or below the central value $34.47 per share. Valuation as of 2026-10-16T07:28:42.643Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.23×

Chart: Net income; fiscal year observations.

- FY2016: $121M

- FY2017: $116M

- FY2018: $182M

- FY2019: $211M

- FY2020: $266M

- FY2021: $285M

- FY2022: $303M

- FY2023: $223M

- FY2024: $190M

- FY2025: $239M

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 13.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.0%

- Cost / income, median: 58.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 12.7%

- FY2017: 11.6%

- FY2018: 15.5%

- FY2019: 14.6%

- FY2020: 15.3%

- FY2021: 13.3%

- FY2022: 16.7%

- FY2023: 11.1%

- FY2024: 9.0%

- FY2025: 8.8%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 14.9%

- Book return interval: 10 years

- Starting book value per share: $12.19

- Ending book value per share: $22.76

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 11.9%

- FY2017: 14.9%

- FY2018: 16.3%

- FY2019: 25.9%

- FY2020: 20.7%

- FY2021: 25.6%

- FY2022: -17.3%

- FY2023: 18.3%

- FY2024: 11.0%

- FY2025: 28.8%

### management: fail

- Tangible common book per share

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 4.7%

- Diluted shares, 5-year annual growth: 4.8%

- Share growth excluding flagged crisis recapitalisations: 4.7%

- Five-year share growth excluding flagged crisis recapitalisations: 4.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.26×

- Book value created per share: $10.58

- Earnings retained per share after dividends and buybacks: $8.42

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 101

- FY2017: 103

- FY2018: 111

- FY2019: 117

- FY2020: 126

- FY2021: 131

- FY2022: 147

- FY2023: 147

- FY2024: 150

- FY2025: 159

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years credit losses exceeded peer median: 1

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Nov 2022 · net income +25.7%

Story as of 2026-10-16T09:58:48.212Z; price observation 2026-10-15.

The price assumes profits grow 6% a year forever

- 2025-06-24: Glacier Bancorp stock rises on acquisition of Guaranty Bancshares ([investing.com](https://www.investing.com/news/stock-market-news/glacier-bancorp-stock-rises-on-acquisition-of-guaranty-bancshares-93CH-4109282))

- 2026-01-26: GBCI Q4 Deep Dive: Acquisition Integration and Margin Expansion Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/gbci-q4-deep-dive-acquisition-175142832.html))

- 2026-04-25: GBCI Q1 Deep Dive: Margin Expansion and Regional Loan Growth Offset Revenue Miss ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gbci-q1-deep-dive-margin-123723680.html))

- 2026-07-23: Glacier Bancorp (NYSE:GBCI) Reports Sales Below Analyst Estimates In Q2 CY2026 Earnings ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/glacier-bancorp-nyse-gbci-reports-204902621.html))

### Net income · FY2025

net income +25.7%; source https://www.sec.gov/Archives/edgar/data/868671/000086867126000023/gbci-20251231.htm; observed 2026-02-25.

- FY2016: $121M 

- FY2017: $116M 

- FY2018: $182M 

- FY2019: $211M 

- FY2020: $266M 

- FY2021: $285M 

- FY2022: $303M 

- FY2023: $223M 

- FY2024: $190M 

- FY2025: $239M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/868671/000086867126000023/gbci-20251231.htm#000086867126000023 (filed 2026-02-25); FY2025: revenue 1030425000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GBCI.US: Glacier Bancorp, Inc. operates as the bank holding company for Glacier Bank that provides commercial banking services to individuals, small to medium-sized businesses, community organizations, and public entities in the United States. It offers retail banking; business banking and mortgage origination and loan servicing services. The company also accepts deposit products, including non-interest bearing deposit and interest bearing deposit accounts, such as negotiable order of withdrawal, demand deposit accounts, savings, money market deposits, fixed rate certificates of deposit, negotiated-rate jumbo certificates, and individual retirement accounts. In addition, it offers credit risk management, construction and permanent loans on residential real estate, consumer land or lot loans, unimproved land and land development loans, construction loans, commercial real estate loans, agricultural and consumer lending, home equity loans, and states and political subdivisions lending, as well as residential builder guidance lines comprising pre-sold and spec-home construction, and lot acquisition loans. Glacier Bancorp, Inc. was founded in 1955 and is headquartered in Kalispell, Montana.

### Why customers stay

It earns 13% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on tangible equity observations [[2016,0.12651166774067882],[2017,0.11556090886161924],[2018,0.15452334952668845],[2019,0.1461067056943337],[2020,0.15332206439181384],[2021,0.13306588410117898],[2022,0.16693286557203035],[2023,0.11129555500749369],[2024,0.08963331909714267],[2025,0.08754741748889945]]; median 0.1297887759209289. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,84040000],[2017,111720000],[2018,85493000],[2019,124468000],[2020,131263000],[2021,145557000],[2022,157540000],[2023,146690000],[2024,150034000],[2025,162736000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GBCI.US SharesStats.PercentInsiders = 0.7020000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Price 43.76; FX 1; original perpetual distributable cash 1.7675067510814744; discount 0.1; growth 0.059609077900331944. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.26 per share

- 2016-11: $34.30 per share

- 2016-12: $36.23 per share

- 2017-01: $35.53 per share

- 2017-02: $36.92 per share

- 2017-03: $33.93 per share

- 2017-04: $33.78 per share

- 2017-05: $32.26 per share

- 2017-06: $36.61 per share

- 2017-07: $34.92 per share

- 2017-08: $33.21 per share

- 2017-09: $37.76 per share

- 2017-10: $37.96 per share

- 2017-11: $40.05 per share

- 2017-12: $39.39 per share

- 2018-01: $39.22 per share

- 2018-02: $38.90 per share

- 2018-03: $38.38 per share

- 2018-04: $37.03 per share

- 2018-05: $38.99 per share

- 2018-06: $38.68 per share

- 2018-07: $42.70 per share

- 2018-08: $45.68 per share

- 2018-09: $43.09 per share

- 2018-10: $42.40 per share

- 2018-11: $47.22 per share

- 2018-12: $39.62 per share

- 2019-01: $42.18 per share

- 2019-02: $43.82 per share

- 2019-03: $40.07 per share

- 2019-04: $42.59 per share

- 2019-05: $39.41 per share

- 2019-06: $40.55 per share

- 2019-07: $41.91 per share

- 2019-08: $39.69 per share

- 2019-09: $40.46 per share

- 2019-10: $42.32 per share

- 2019-11: $43.85 per share

- 2019-12: $45.99 per share

- 2020-01: $42.37 per share

- 2020-02: $37.29 per share

- 2020-03: $34.01 per share

- 2020-04: $38.08 per share

- 2020-05: $41.19 per share

- 2020-06: $35.29 per share

- 2020-07: $35.31 per share

- 2020-08: $35.09 per share

- 2020-09: $32.05 per share

- 2020-10: $35.80 per share

- 2020-11: $40.77 per share

- 2020-12: $46.01 per share

- 2021-01: $46.65 per share

- 2021-02: $54.20 per share

- 2021-03: $57.08 per share

- 2021-04: $58.95 per share

- 2021-05: $58.25 per share

- 2021-06: $55.08 per share

- 2021-07: $51.56 per share

- 2021-08: $53.26 per share

- 2021-09: $55.35 per share

- 2021-10: $55.29 per share

- 2021-11: $54.30 per share

- 2021-12: $56.70 per share

- 2022-01: $51.93 per share

- 2022-02: $55.40 per share

- 2022-03: $50.28 per share

- 2022-04: $45.76 per share

- 2022-05: $48.41 per share

- 2022-06: $47.42 per share

- 2022-07: $50.09 per share

- 2022-08: $50.68 per share

- 2022-09: $49.13 per share

- 2022-10: $57.28 per share

- 2022-11: $57.90 per share

- 2022-12: $49.42 per share

- 2023-01: $45.59 per share

- 2023-02: $47.38 per share

- 2023-03: $42.01 per share

- 2023-04: $33.23 per share

- 2023-05: $28.82 per share

- 2023-06: $31.17 per share

- 2023-07: $32.70 per share

- 2023-08: $30.21 per share

- 2023-09: $28.50 per share

- 2023-10: $30.19 per share

- 2023-11: $33.63 per share

- 2023-12: $41.32 per share

- 2024-01: $38.66 per share

- 2024-02: $37.42 per share

- 2024-03: $40.28 per share

- 2024-04: $36.18 per share

- 2024-05: $37.38 per share

- 2024-06: $37.32 per share

- 2024-07: $44.71 per share

- 2024-08: $47.30 per share

- 2024-09: $45.70 per share

- 2024-10: $52.15 per share

- 2024-11: $57.89 per share

- 2024-12: $50.22 per share

- 2025-01: $49.67 per share

- 2025-02: $48.84 per share

- 2025-03: $44.22 per share

- 2025-04: $40.76 per share

- 2025-05: $41.47 per share

- 2025-06: $43.08 per share

- 2025-07: $43.83 per share

- 2025-08: $49.15 per share

- 2025-09: $48.67 per share

- 2025-10: $40.85 per share

- 2025-11: $42.30 per share

- 2025-12: $44.05 per share

- 2026-01: $50.68 per share

- 2026-02: $45.49 per share

- 2026-03: $44.67 per share

- 2026-04: $49.05 per share

- 2026-05: $47.55 per share

- 2026-06: $51.58 per share

- 2026-07: $49.29 per share

- 2026-08: $46.31 per share

- 2026-09: $43.20 per share

- 2026-10: $43.76 per share

## Annual estimated value (USD per share)

- FY2016: low $14.57 per share, central $17.06 per share, high $20.59 per share

- FY2017: low $14.00 per share, central $16.18 per share, high $19.18 per share

- FY2018: low $15.17 per share, central $17.54 per share, high $20.79 per share

- FY2019: low $18.94 per share, central $22.18 per share, high $26.76 per share

- FY2020: low $23.20 per share, central $27.78 per share, high $34.60 per share

- FY2021: low $28.33 per share, central $34.91 per share, high $45.46 per share

- FY2022: low $22.96 per share, central $28.71 per share, high $38.27 per share

- FY2023: low $25.01 per share, central $30.94 per share, high $40.56 per share

- FY2024: low $24.78 per share, central $29.62 per share, high $36.79 per share

- FY2025: low $30.12 per share, central $35.99 per share, high $44.71 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/868671/000086867126000023/gbci-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.