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Norh Cascades Bank parent company announces financial results

KALISPELL, Mont - Glacier Bancorp Inc. has announced financial results for the quarter the ended Sept. 30.

The parent company of North Cascades Bank posted net income of $36.5 million for the third quarter, an increase of $5.5 million, or 18 percent, over the prior year’s third quarter net income of $31.0 million.

Quarterly diluted earnings per share were 47 cents, an increase of 18 percent from third quarter 2016 diluted earnings per share of 40 cents.

The bank declared and paid a special dividend of 30 cents per share. It was the 14th special dividend the company has declared.

Bank officials declared and paid a regular quarterly dividend of 21 cents per share; it was the 130th consecutive quarterly dividend.

Year-to-date 2017 highlights include:

-Net income of $101.4 million for the first nine months of 2017, an increase of $11.3 million, or 13 percent, over the first nine months of 2016 net income of $90.1 million.

-Diluted earnings per share of $1.31, an increase of 11 percent from the prior year first nine months diluted earnings per share of $1.18.

-Organic loan growth of $532 million, or 13 percent annualized, for the first nine months of the current year.

Locally, North Cascades bank has branches in Brewster, Grand Coulee, Okanogan, Omak and Twisp.

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