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

Investment securities gains increased during the fourth quarter 2011, as compared to third quarter 2011 and fourth quarter 2010, primarily due to the recognition of unamortized discounts on investment securities called by the issuing agencies during fourth quarter 2011.

Fluctuations in other income during fourth quarter 2011, as compared to third quarter 2011 and fourth quarter 2010, were primarily due to fluctuations in the market values of securities held under deferred compensation plans. Market value adjustments for securities held under deferred compensation plans resulted in other income of $12 thousand during fourth quarter 2011, as compared to expense of $572 thousand during third quarter 2011 and income of $548 thousand during fourth quarter 2010. During the twelve months ended December 31, 2011, market value adjustments for securities held under deferred compensation plans resulted in other income of $161 thousand, as compared to expense of $545 thousand during the same period in 2010.

NON-INTEREST EXPENSE

(Unaudited; $ in thousands)

      Three Months Ended      

SequentialQuarter% Change

     

Year Over

Year% Change

December 31,2011

     

September 30,2011

     

December 31,2010

Non-interest expense:
Salaries, wages and employee benefits $ 28,873 $ 26,888 $ 29,216 7.4 % -1.2 %
Occupancy, net 3,815 4,180 4,207 -8.7 % -9.3 %
Furniture and equipment 3,195 3,018 3,326 5.9 % -3.9 %
Outsourced technology services 2,245 2,235 2,377 0.4 % -5.6 %
Other real estate owned ("OREO") expense, net of income 2,021 2,878 1,541 -29.8 % 31.1 %
FDIC insurance premiums 1,607 1,631 2,584 -1.5 % -37.8 %
Mortgage servicing rights amortization 940 807 1,146 16.5 % -18.0 %
Mortgage servicing rights impairment (recovery) 427 1,168 (2,999 ) -63.4 % 114.2 %
Core deposit intangibles amortization 361 362 432 -0.3 % -16.4 %
Other expenses 12,737   11,874   12,993   7.3 % -2.0 %
Total non-interest expense $ 56,221   $ 55,041   $ 54,823   2.1 % 2.6 %
 
      Twelve Months Ended          

Year OverYear% Change

December 31,2011

         

December 31,2010

Non-interest expense:
Salaries, wages and employee benefits $ 111,352 $ 112,667 -1.2 %
Occupancy, net 16,223 16,251 -0.2 %
Furniture and equipment 12,562 13,434 -6.5 %
Outsourced technology services 8,933 9,477 -5.7 %
OREO expense, net of income 8,652 7,670 12.8 %
FDIC insurance premiums 7,333 10,044 -27.0 %
Mortgage servicing rights amortization 3,225 4,615 -30.1 %
Mortgage servicing rights impairment (recovery) 1,275 (787 ) 262.0 %
Core deposit intangibles amortization 1,446 1,748 -17.3 %
Other expenses 47,411   45,885   3.3 %

Total non-interest expense

$ 218,412   $ 221,004   -1.2 %
 

Salaries, wages and employee benefits increased in fourth quarter 2011, as compared to third quarter 2011, primarily due to increases in incentive bonus accruals and fluctuations in the market values of securities held under deferred compensation plans. During the three and twelve months ended December 31, 2011, as compared to the same periods in 2010, salaries, wages and employee benefits decreased primarily due to lower group health insurance costs, fluctuations in the market values of securities held under deferred compensation plans and reductions in full-time equivalent employees. These decreases were partially offset by normal inflationary wage increases and increases in incentive bonus accruals.

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