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Glacier Bancorp has successfully completed its acquisition of Altabancorp, heralding a new phase for both companies. Altabank, the largest community bank in Utah with total assets of $3.5 billion, joins Glacier, boosting its overall assets to $24 billion. This strategic merger aims to enhance market presence across Utah and Idaho. The acquisition closed ahead of schedule, signaling effective integration plans. As of June 30, 2021, the pro forma combined totals include loans reaching $13.1 billion and deposits of $19.9 billion.
Altabancorp (Nasdaq: ALTA) reported a net income of $12.7 million for Q2 2021, up from $9.4 million in Q1 2021 and $10.3 million in Q2 2020. Diluted EPS rose to $0.67, compared to $0.50 and $0.55 in prior periods. For the first half of 2021, net income was $22.1 million. Total deposits surged to $3.16 billion, a 20.8% increase year-over-year. The company declared a dividend of $0.17 per share, continuing a 50-year trend. Loan growth was strong, with loans held for investment rising to $1.87 billion, while non-performing loans remained stable at $7.2 million.
Altabancorp (Nasdaq: ALTA) is set to report its second quarter 2021 financial results on July 28, 2021, after market closure. The earnings release will be accessible on the company's website. As the largest community bank in Utah, Altabancorp, through its subsidiary Altabank, has total assets exceeding $3.5 billion and operates 25 branches from Preston, Idaho, to St. George, Utah. With over a century of service, Altabank offers tailored financial solutions to meet the diverse needs of both businesses and individuals.
Altabancorp (Nasdaq: ALTA) has agreed to be acquired by Glacier Bancorp, Inc. (Nasdaq: GBCI) in a transaction valued at approximately $933.5 million. Alta shareholders will receive 0.7971 shares of Glacier stock for each Alta share. The deal, unanimously approved by both boards, is expected to close in Q4 2021 and will enhance Glacier's presence in the Utah market. With total assets of $3.5 billion and a strong community banking legacy, Altabank operates 25 branches. The transaction is anticipated to be immediately accretive to Glacier's tangible book value and earnings per share.
Altabancorp (Nasdaq: ALTA) reported a net income of $9.4 million for Q1 2021, down from $11.1 million in Q4 2020. Diluted EPS was $0.50, compared to $0.58 in the prior quarter. Total deposits rose by 49%, exceeding $1 billion year-over-year. Loans held for investment increased by $154 million, or 9%. The company declared a dividend of $0.15 per share, maintaining a long-standing dividend tradition. Despite challenges from the pandemic, Altabancorp's initiatives have improved credit quality. However, net interest income decreased by 13.31% due to narrowing margins.
Altabancorp™ (Nasdaq: ALTA) will report its first quarter 2021 financial results on April 28, 2021, after the market closes. A conference call to discuss these results is scheduled for April 29, 2021, at 10:00 a.m. MDT. The earnings release and investor presentation will be available on the Company’s website prior to the call. Participants wishing to ask questions must register by April 28. Altabancorp™ is the largest community bank in Utah, with over $3.4 billion in assets, providing tailored financial services through 26 branches across Utah and southern Idaho.
Altabancorp (Nasdaq: ALTA) responded to proxy materials filed by the Gunther Family 13D Group. The Board emphasizes its commitment to stakeholder value and welcomes constructive input. CEO Len Williams highlighted growth in commercial, retail, and mortgage banking, with total assets increasing by 40% to $3.37 billion. Key metrics include total deposits growing 42% to $2.92 billion and a return on average assets of 1.52%. The company plans to file a proxy statement for the 2021 Annual Meeting, urging investors to read it carefully for important information.
Altabancorp reported a net income of $11.1 million for Q4 2020, slightly down from $11.3 million in Q3 2020 and $11.7 million in Q4 2019. Diluted EPS was $0.58, lower than $0.60 and $0.61 in the prior quarters. For the full year, net income totaled $43.5 million versus $44.3 million in 2019. Total deposits increased 41.82% to $2.92 billion, while non-performing loans grew to $9.1 million. The company declared a quarterly dividend of $0.15 per share, continuing its 50-year dividend payment trend.
Altabancorp (Nasdaq: ALTA) announced that its Board of Directors received a letter from the Gunther Family 13D Group regarding potential strategic concerns. CEO Len Williams emphasized their commitment to creating shareholder value amidst a transforming banking landscape. Over recent years, Altabank has increased total assets by $1.2 billion, achieving a 19.5% annual growth rate, while maintaining strong returns compared to peers. The bank aims to enhance efficiency through technology and diversify from real estate lending to commercial banking, positioning itself as a leading financial service provider in Utah.
Altabancorp (Nasdaq: ALTA) will report its fourth quarter and year-end 2020 financial results on January 27, 2021, after market close. A conference call is scheduled for January 28, 2021, at 10:00 a.m. MST to discuss the financial performance. Investors can access the earnings release and investor presentation on the company’s website prior to the call. Registration is required for investment professionals wanting to ask questions. An archive of the call will be available online shortly after.
