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First Interstate BancSystem, Inc. Reports Preliminary Results For Fourth Quarter 2011

On December 13, 2011, the Company declared a quarterly dividend to common shareholders of $0.12 per share. This dividend was paid on January 17, 2012 to shareholders of record as of January 3, 2012.

“The improvement in our fourth quarter results over third quarter was driven largely by higher residential mortgage loan origination activity," said Lyle R. Knight, President and Chief Executive Officer of First Interstate BancSystem, Inc. "Economic conditions in our markets remain stable, but not strong enough to result in any meaningful improvement in commercial loan demand. We are encouraged by the 10% decline in our criticized loans during the fourth quarter, which indicates that our asset quality is improving and our credit costs should continue to be manageable.”

REVENUE SUMMARY

(Unaudited; $ in thousands)

      Three Months Ended      

SequentialQuarter% Change

     

Year OverYear% Change

December 31,2011

     

September 30,2011

      December 31,2010
Interest income $ 72,006 $ 73,483 $ 76,215 -2.0 % -5.5 %
Interest expense 8,971   9,991   13,365   -10.2 % -32.9 %
Net interest income 63,035 63,492 62,850 -0.7 % 0.3 %
Non-interest income:
Other service charges, commissions and fees 8,062 8,479 7,421 -4.9 % 8.6 %
Income from the origination and sale of loans 8,087 5,512 8,027 46.7 % 0.7 %
Service charges on deposit accounts 4,543 4,609 4,327 -1.4 % 5.0 %
Wealth management revenues 3,177 3,202 3,083 -0.8 % 3.0 %
Investment securities gains, net 1,488 38 62 3,815.8 % 2,300.0 %
Other income 1,640   1,285   2,591   27.6 % -36.7 %
Total non-interest income 26,997   23,125   25,511   16.7 % 5.8 %
Total revenues $ 90,032   $ 86,617   $ 88,361   3.9 % 1.9 %
 
Tax equivalent interest margin ratio 3.79 % 3.84 % 3.72 %
 
      Twelve Months Ended          

Year OverYear% Change

December 31,2011

         

December 31,2010

Interest income $ 292,883 $ 314,546 -6.9 %
Interest expense 42,031   63,107   -33.4 %
Net interest income 250,852 251,439 -0.2 %
Non-interest income:
Other service charges, commissions and fees 31,689 29,494 7.4 %
Income from the origination and sale of loans 21,153 22,868 -7.5 %
Service charges on deposit accounts 17,647 18,181 -2.9 %
Wealth management revenues 13,157 12,387 6.2 %
Investment securities gains, net 1,544 170 808.2 %
Other income 6,682   7,811   -14.5 %
Total non-interest income 91,872   90,911   1.1 %
Total revenues $ 342,724   $ 342,350   0.1 %
 
Tax equivalent interest margin ratio 3.80 % 3.89 %
 

Net Interest Income

Net interest margin decreased 5 basis points during fourth quarter to 3.79%, as compared to 3.84% during third quarter 2011, primarily due to a decline in loan balances and decreased investment yields which were partially offset by further reductions in funding costs, along with a continued shift from higher-costing time deposits to lower-costing demand deposits.

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