Glacier Bancorp , Inc. (NYSE:GBCI) has announced changes to its executive team, appointing Ryan Screnar as Executive Vice President and Chief Compliance Officer, effective October 30, 2024. He is set to succeed Don Chery as Chief Administrative Officer upon Chery's retirement in February 2025. Screnar, a veteran at Glacier Bank since 2000, brings extensive experience in compliance and audit roles.
The Montana-based state commercial bank also promoted Lee Groom to Executive Vice President and Chief Experience Officer, expanding his responsibilities to include oversight of the bank's information technology function. Groom has been with the bank since 2018 and has a background with notable financial institutions such as HSBC (LON:HSBA) and First Interstate (NASDAQ:FIBK) Bank.
Both executives have entered into new employment agreements with annual base salaries of $342,000 and eligibility for short-term cash and long-term equity incentive plans. The agreements include provisions for severance payments under certain termination conditions, along with non-competition and non-solicitation clauses effective post-employment.
In other recent news, Glacier Bancorp has shown strong financial growth, with earnings and net income increasing by 15% and 14% respectively in the third quarter. This growth was largely driven by the successful acquisition of six Montana branches from Heartland Financial (NASDAQ:HTLF) and a significant expansion in the loan portfolio. The company also saw a healthy increase in core deposits and non-interest income.
Piper Sandler and Truist Securities have both revised their outlooks on Glacier Bancorp, citing factors such as core deposit strength, potential for mergers and acquisitions, and favorable loan repricing. Piper Sandler raised its price target for Glacier Bancorp to $45.00, maintaining a neutral rating, while Truist Securities increased its price target to $53.00, maintaining a hold rating.
The company plans to close and convert two additional acquisitions in 2024, adding around $1.2 billion in assets. Despite potential slowdowns in the fourth quarter and lighter organic growth, Glacier Bancorp's financial metrics demonstrate a solid performance.
InvestingPro Insights
Glacier Bancorp's recent executive appointments come at a time when the company is experiencing strong financial performance. According to InvestingPro data, GBCI has seen impressive price returns, with a 60.81% total return over the past year and a 36.6% return in the last six months. This positive momentum is reflected in the stock trading near its 52-week high, at 96.61% of that peak.
InvestingPro Tips highlight that Glacier Bancorp has maintained dividend payments for 40 consecutive years, underscoring its commitment to shareholder returns. This consistency aligns with the company's strategic moves to strengthen its leadership team in response to operational complexities and regulatory demands.
However, investors should note that GBCI is trading at a high earnings multiple, with a P/E ratio of 31.96. This valuation metric suggests that the market has high expectations for the company's future performance under its new leadership structure.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for GBCI, providing a more comprehensive view of the company's financial health and market position.
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