FY2012 Estimates Trimmed On Glacier Bancorp

Sterne Agee has published a research report on Glacier Bancorp GBCI and is trimming FY2012E a bit following 3Q results. In the report, Sterne Agee writes "There could be opportunities to acquire institutions late in 2011 or during 2012; GBCI will undoubtedly have chances to again be an acquirer of choice for sellers in Montana, Idaho, and Wyoming. However, we believe there currently is less visibility of open bank M&A in many PacNW markets. Some community banks have been successful raising money (such as Mountain West Bank in Helena, MT); others have loan marks that would likely be prohibitive to transactions for an extended period. Last, some “clean” private banks may have elevated impressions of what valuations might be in M&A situations relative to the environment." Sterne Agee maintains its Neutral rating on Glacier Bancorp, which closed yesterday at $13.51.