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First Interstate BancSystem, Inc. Reports First Quarter 2012 Results

The following table reconciles the above described non-GAAP financial measures to their most directly comparable GAAP financial measures as of the dates indicated.

NON-GAAP FINANCIAL MEASURES

(Unaudited; $ in thousands except share and per share data)

               
March 31, December 31, March 31,
      2012       2011       2011
Total stockholders’ equity (GAAP) 779,275 771,020 741,697
Less goodwill and other intangible assets (excluding mortgage servicing rights) 190,708 191,065 192,155
Less preferred stock     50,000         50,000         50,000  
Tangible common stockholders’ equity (Non-GAAP) $ 538,567 $ 529,955 $ 499,542
Add deferred tax liability for deductible goodwill     60,499         60,499         60,499  
Net tangible common stockholders’ equity (Non-GAAP)     $ 599,066         $ 590,454         $ 560,041  
Total assets (GAAP) 7,394,306 7,325,527 7,429,126
Less goodwill and other intangible assets (excluding mortgage servicing rights)     190,708         191,065         192,155  
Tangible assets (Non-GAAP)     7,203,598         7,134,462         7,236,971  
Common shares outstanding 43,190,975 42,984,174 42,961,253
Book value per common share $ 16.88 $ 16.77 $ 16.10
Tangible book value per common share $ 12.47 $ 12.33 $ 11.63
Net tangible book value per common share     $ 13.87         $ 13.74         $ 13.04  
Tangible common stockholders’ equity to tangible assets (Non-GAAP)     7.48 %       7.43 %       6.90 %
Net tangible common stockholders’ equity to tangible assets (Non-GAAP)     8.32 %       8.28 %       7.74 %




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