At a glance
Glacier Bancorp Inc is worth $6.26B, about 24 times its fiscal 2025 earnings. Revenue grew 23.7% to $1.03B in fiscal 2025, with 23.2% kept as profit; over 5 years it has grown 5.9% a year. It pays a 2.79% dividend yield, and returned $762.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.7% over the past year with dividends reinvested and +0.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.2% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 6 months after the lows.
The business in plain English
Glacier Bancorp, based in Kalispell, Montana, owns one bank, Glacier Bank. As of December 31, 2025, it had 281 locations (236 branches plus 45 loan or administration offices) in nine states: Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, Nevada and Texas. It runs as eighteen divisions under local names, such as Altabank in Utah, each with its own management team. It serves individuals, small and medium-sized businesses, community groups and public bodies with retail and business banking, real estate, commercial, farm and consumer loans, and mortgages.
It earns most of its money from net interest income, the gap between interest collected on loans and investments and interest paid on deposits and borrowings. For the year ended December 31, 2025, that was about $889 million, plus about $141 million of noninterest income such as fees, for total revenue of about $1.03 billion. The company treats the bank as its only segment and gives no revenue split by state.
It has expanded through internal growth and selective acquisitions, including Bank of Idaho on April 30, 2025, and Texas-based Guaranty Bancshares on October 1, 2025. The trade-off is concentration: substantially all its loans go to borrowers in these nine states, and many are secured by real estate, so a regional slump or property downturn could hurt results.
Price history
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GBCI +15.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $317.5M, up 32% from a year earlier, and net income was $97.9M (+85.4%).
- For fiscal 2025, revenue was $1.03B (+23.7% year over year; +5.9% a year from FY2020 to FY2025) with a 23.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.9% good |
|---|---|
| Return on equity | 5.7% weak |
| Net income / revenue | 23.2% watch |
| Loans | $21.10B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $772.6M | $266.4M | — |
| FY2021 | $807.3M | $284.8M | — |
| FY2022 | $909.1M | $303.2M | — |
| FY2023 | $809.8M | $222.9M | — |
| FY2024 | $833.1M | $190.1M | — |
| FY2025 | $1.03B | $239.0M | — |
Valuation snapshot
| Market value | $6.26B |
|---|---|
| P/E ratio | 24.2 |
| Dividend yield | 2.79% |
Rank among 1514 US companies
Market value at each year end
Glacier Bancorp’s market value went from $2.77B at the end of 2016 to $6.26B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.26B | +9.4% |
| 2025 | $5.72B | +0.5% |
| 2024 | $5.69B | +24.3% |
| 2023 | $4.58B | -16.3% |
| 2022 | $5.47B | -12.8% |
| 2021 | $6.28B | +43.0% |
| 2020 | $4.39B | +3.5% |
| 2019 | $4.24B | +26.6% |
| 2018 | $3.35B | +9.0% |
| 2017 | $3.07B | +10.8% |
| 2016 | $2.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GBCI price data to Oct 28, 2026 | +11.6% | +15.7% | +20.5% | +0.5% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.6% |
| 2025 | -9.6% |
| 2024 | +25.3% |
| 2023 | -13.1% |
| 2022 | -10.4% |
| 2021 | +26.4% |
| 2020 | +3.8% |
| 2019 | +20.1% |
| 2018 | +3.1% |
| 2017 | +13.2% |
| 2016 | +42.3% |
| 2015 | -0.7% |
| 2014 | -4.5% |
| 2013 | +107.8% |
| 2012 | +28.0% |
| 2011 | -17.2% |
| 2010 | +12.9% |
| 2009 | -24.6% |
| 2008 | +4.4% |
| 2007 | -21.6% |
| 2006 | +24.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.4% over that stretch · deepest drop along the way 55%, back to its old high 51.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.9% over that stretch · deepest drop along the way 39.2%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.3% over that stretch · deepest drop along the way 25.2%, back to its old high 6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (21 read): 9 open-market purchases ($479K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 28, 2026 | Craig A Langel Director | buy | $106K |
| Nov 6, 2025 | Lee Kenneth Groom Chief Experience Officer | buy | $100K |
| Nov 5, 2025 | Randall M Chesler PRESIDENT/CEO, Director | buy | $100K |
| Nov 5, 2025 | Ron J Copher EXECUTIVE VICE PRESIDENT/CFO | buy | $99K |
| Nov 6, 2025 | Ryan Thomas Screnar Chief Compliance Officer | buy | $41K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.21% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| Capital Research Global Investors | 4.3% | Dec 31, 2025 |
ETFs with the most weight in GBCI
| SVAL iShares US Small Cap Value Factor ETF | 0.58% |
| VTWV Vanguard Russell 2000 Value ETF | 0.43% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.36% |
| OMFS Invesco Russell 2000 Dynamic Multifactor ETF | 0.31% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.29% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.28% |
| STXK Strive Small-Cap ETF | 0.25% |
| ISCV iShares Morningstar Small Cap Value ETF | 0.22% |
What could go wrong
- Tied to Mountain West and Southwest economies. Substantially all loans go to borrowers in nine states whose economies lean on tourism, agriculture, energy, mining and construction. A regional slump could raise late payments and foreclosures and lower collateral values.
- Heavy reliance on real estate loans. A high share of loans is secured by property. Falling real estate values could force bigger set-asides for loan losses, which reduce earnings. The 2025 set-aside, or provision, was $71.4 million.
- Big acquisitions must be absorbed. Glacier bought Bank of Idaho in April 2025 and Texas-based Guaranty Bancshares in October 2025. Deals can hide problem loans, drive away customers and staff, and dilute shareholders when new stock is issued.
- Goodwill write-downs after acquisitions. When Glacier pays more for a bank than its net assets are worth, the excess is booked as goodwill. If an acquired business underperforms, writing goodwill down would cut reported earnings and capital.
- Dividend is not guaranteed. The annual report warns there is no assurance dividends continue at recent levels. The dividend has held at $1.32 per share since 2022 and used 68.1% of 2025 earnings, leaving less cushion.
- Interest rate swings hit profits and capital. Changes in rates can squeeze the gap between what the bank earns on loans and pays on deposits. Rising rates can also cut the value of its investment portfolio, reducing earnings and capital.
Recent events
- Other company announcement
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Glacier Bancorp's dividend has been steady but flat. It paid $1.32 per share in each year from 2022 through 2025, down from $1.37 in 2021, so there is no streak of annual increases. Dividends equaled 68.1% of 2025 net income, which leaves less room to raise them if profits stall. The dividend yield was 2.79% as of October 28, 2026. The company bought back no shares from 2021 through 2025 while paying about $763 million in dividends. Its share count rose 17.6% between October 2021 and July 2026, which dilutes existing owners.
The shares have fallen hard in downturns. They dropped 55% during the 2008 financial crisis and took about 52 months to recover. In the 2020 COVID crash they fell 39.2% but recovered in about 2.5 months. In the 2022 bear market they fell 25.2% and recovered in about six months. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Glacier Bancorp make money?
Mainly by lending. Glacier Bancorp takes deposits from individuals, businesses, community groups and public entities and lends the money out as real estate, commercial, agricultural and consumer loans. The difference between the interest it earns and the interest it pays is called net interest income. In 2025 it came to $889 million of the company's $1.03 billion in revenue. The other $141 million was noninterest income, which at banks typically includes service charges and mortgage fees. Net income was $239 million that year.
Does Glacier Bancorp raise its dividend every year?
No. Glacier Bancorp paid $1.32 per share in each year from 2022 through 2025, after $1.37 in 2021 and $1.33 in 2020. From 2020 to 2025 the regular dividend shrank by about 0.2% a year on average. Dividends used 68.1% of 2025 net income. The company's annual report warns there is no assurance it can keep paying dividends at recent levels.
What is Glacier Bancorp's dividend yield?
The dividend yield was 2.79% as of October 28, 2026. A dividend yield is a year's dividends divided by the share price, so it moves as the price moves. Glacier did not buy back any stock from 2021 through 2025. Dividends, which totaled about $763 million over those five years, were its only cash return to shareholders. Its share count rose 17.6% between October 2021 and July 2026.
What states does Glacier Bank operate in?
Nine: Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, Nevada and Texas. As of December 31, 2025, Glacier Bank had 281 locations in 108 counties. It runs them as 18 divisions under local names, such as First Security Bank in Bozeman, Montana, and Heritage Bank of Nevada in Reno. Montana has the most locations, with 70. Texas is the newest state, added through the purchase of Guaranty Bancshares on October 1, 2025.
How has Glacier Bancorp stock performed?
Unevenly. As of October 28, 2026, the stock returned 15.7% over one year and 9% a year over ten years, but only 0.5% a year over five years. It lost 9.57% in calendar 2025 and was up 11.6% for 2026 through that date. Earnings per share fell from $2.86 in 2021 to $1.99 in 2025. Net income for the quarter ended June 30, 2026 rose 85.4% from a year earlier. The shares traded at 24.2 times 2025 earnings.