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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Interstate BancSystem, Inc. Reports First Quarter 2012 Results

Stocks in this article: FIBK

In February 2011, the FDIC issued a final rule that, among other things, modified the definition of an institution's deposit insurance assessment base and revised assessment rate schedules. These changes, which became effective April 1, 2011, resulted in a reduction in the Company's FDIC insurance premiums.

Variations in net OREO expense between periods were primarily due to fluctuations in write-downs of the estimated fair value of OREO properties. First quarter 2012 net OREO expense included $453 thousand of net operating expenses, $578 thousand of fair value write-downs and net losses of $74 thousand on the sale of OREO properties. During the fourth and first quarters of 2011, the Company recorded fair value write-downs of $1.5 million and $1.6 million, respectively.

Estimated collection and settlement costs of $3.0 million related to one borrower were recorded as other expense during the three months ended March 31, 2012.

ASSET QUALITY

       

(Unaudited; $ in thousands)

          Three Months Ended
March 31,         December 31,         March 31,
          2012         2011         2011
Allowance for loan losses - beginning of period $ 112,581 $ 120,303 $ 120,480
Charge-offs (9,087 ) (22,435 ) (12,339 )
Recoveries 1,158 962 1,305
Provision         11,250           13,751           15,000  
Allowance for loan losses - end of period         $ 115,902           $ 112,581           $ 124,446  
                     
March 31, December 31, March 31,
2012 2011 2011
Period end loans $ 4,158,616 $ 4,186,549 $ 4,263,764
Average loans 4,165,203 4,236,228 4,303,575
Non-performing loans:
Non-accrual loans 180,910 199,983 212,394
Accruing loans past due 90 days or more 5,017 4,111 4,140
Troubled debt restructurings         36,838           37,376           33,344  
Total non-performing loans 222,765 241,470 249,878
Other real estate owned         44,756           37,452           31,995  
Total non-performing assets         $ 267,521           $ 278,922           $ 281,873  
 
Net charge-offs to average loans, annualized 0.76 % 2.01 % 1.04 %
Provision for loan losses to average loans, annualized 1.08 % 1.29 % 1.41 %
Allowance for loan losses to period end loans 2.79 % 2.69 % 2.92 %
Allowance for loan losses to total non-performing loans 52.03 % 46.62 % 49.80 %
Non-performing loans to period end loans 5.36 % 5.77 % 5.86 %
Non-performing assets to period end loans and other real estate owned 6.36 % 6.60 % 6.56 %
Non-performing assets to total assets         3.60 %         3.81 %         3.79 %
 

As of March 31, 2012, total non-performing loans included $203 million of real estate loans, of which $87 million were construction loans and $90 million were commercial real estate loans. Non-performing construction loans as of March 31, 2012 were comprised of land acquisition and development loans of $61 million, commercial construction loans of $22 million and residential construction loans of $4 million.

3 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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