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What factors drove the changes in Glacier Bancorp's revenue and profit?

- **Record Profit Growth**: Q3 net income up 29% QoQ and 33% YoY, driven by 7 straight quarters of margin expansion (3.39% NIM). 
- **Strategic Acquisitions**: $3.1 billion Guaranty Bank acquisition expands into Texas, with 20% expense savings potential. 
- **Strong Loan Growth**: Commercial real estate leads 6% annualized loan growth to $18.8 billion. 
- **Credit Resilience**: 0.19% nonperforming assets and 1.22% allowance ratio reflect disciplined underwriting. 
- **Texas Expansion**: First foray into Texas with seamless integration planned, no geographic bias in M&A strategy.

**【CEO Summary Section】**
- Reported net income of $67.9 million ($0.57 per diluted share), up 29% QoQ and 33% YoY. 
- Completed Bank of Idaho core conversion and $3.1 billion Guaranty Bank acquisition, expanding into Texas.
- Loan portfolio grew $258 million (6% annualized), driven by commercial real estate. Deposits reached $22 billion (4% annualized growth).
- Net interest margin expanded to 3.39% (7 consecutive quarters of growth), with loan yield at 5.97%.
- Credit quality remained strong with 0.19% nonperforming assets and 1.22% allowance for credit losses.
- Tangible book value per share increased to $20.46, up 8% YoY.

**【CFO Financial Commentary】**
- Noninterest expense: $168 million (+$13 million QoQ) due to acquisition costs. Core expense flat at $160 million.
- Net interest income: $225 million (+$18 million QoQ, +$45 million YoY). 
- Efficiency ratio: 62% (down from 65% YoY). 
- Tax rate elevated at 23% due to nondeductible merger expenses. 
- 2026 guidance: 20% noninterest expense savings from Guaranty conversion (50% realized in 2026).

**【Q&A Key Highlights】**
- **Margin Outlook**: 18-20bp Q4 expansion, with 4%+ NIM achievable by end-2026. FHLB deleverage complete by Q1/26. 
- **Texas Expansion**: First acquisition in Texas, with seamless integration planned. No geographic prioritization in M&A. 
- **Deposit Beta**: 15-20% for rate cuts, higher with Guaranty. Spot rate 1.22% at end-Q3. 
- **Expense Guidance**: Q4 noninterest expense $185-189 million (includes $21 million Guaranty costs). 
- **Credit Quality**: Ag sector stress manageable. No material risks in small business lending. 
- **M&A Strategy**: Attractive acquirer with 162 consecutive dividend payments. Focus on flawless conversions before pursuing new deals.

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