Investment Thesis

Headquartered in Kalispell, Montana, Glacier Bancorp, Inc. (GBCI) is a $14 billion regional bank holding company and parent to Glacier Bank. GBCI provides commercial banking services to communities throughout Montana, Idaho, Utah, Washington, Wyoming, Arizona, and Colorado.

About 5 years ago, GBCI’s management team decided to clean out most problem assets (which took about two years to complete) and instituted a more disciplined credit culture which limited concentrations in oversupplied or higher credit risk areas.

Today, the loan book is very granular and GBCI’s markets may actually benefit from people fleeing cities for more space and a cheaper cost of living as remote work becomes more normal. GBCI has a robust loan loss reserve and very high capital levels, allowing them flexibility to weather any challenges that may arise.

With respect to GBCI relative to community bank peers, GBCI’s earnings should prove more stable due to greater net