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Back of Napkin

Glacier Bancorp, Inc. GBCI

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Glacier Bancorp printed record net income on July 23 and the stock has fallen 17% from its July high since, which is the market declining to treat the June quarter as a run rate.

Glacier has issued roughly $1.7B of its own stock since 2021 to buy four western community banks at a weighted 2.25 times tangible book, and the open question is whether those franchises finally earn in a rate environment that suits them or whether the paper was the point.

Key data

Sector / industryFinancials / regional banks
FYE / countryDec / US
Price, Sep 1 close$45.47
Market value$5.9B
Price / tangible book2.13x
Consensus EPS, FY26 / FY27$3.04 / $3.61
Filing anchorQ2 FY2026 10-Q, Aug 4, 2026

GBCI · price with moving averages

Daily · 6MWeekly · 3Y
$26$34$43$52$61 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Glacier is a Kalispell, Montana holding company running seventeen separately branded community banks as divisions of one charter, plus Guaranty Bank and Trust in Texas since October. The sign over First Security Bank in Bozeman stays up and the customer keeps their banker, while loan policy and the funding desk move to Kalispell. It funds commercial real estate, construction and agriculture across nine western states, and the moat is the deposit base those small towns supply, gathered where three banks compete rather than twenty. Assets went from $18.5B at the end of 2020 to $31.6B in June, a 71% increase, almost none of it grown.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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