This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

2 of 17

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,097.44 -105.93 -0.58%
S&P 500 2,098.48 -9.30 -0.44%
NASDAQ 4,967.7530 -12.1480 -0.24%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs