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First Interstate BancSystem, Inc. Reports Second Quarter 2012 Results

REDEMPTION OF JUNIOR SUBORDINATED DEBENTURES HELD BY SUBSIDIARY TRUSTS

On June 26, 2012, the Company redeemed $41.2 million of 30-year junior subordinated deferrable interest debentures issued by the Company to an unconsolidated subsidiary trust. Unamortized issuance costs of $428 thousand were charged to other expenses on the date of redemption. The redemption of the junior subordinated debentures caused a mandatory redemption of $40 million of 30-year floating rate mandatorily redeemable capital trust preferred securities issued by the unconsolidated subsidiary trust to third-party investors.
 
CAPITAL

(Unaudited, $ in thousands, except per share data)
 
    June 30,2012   March 31,2012   June 30,2011   Sequential Quarter

% Change
  Year Over Year

% Change
Preferred stockholders' equity   $ 50,000   $ 50,000   $ 50,000   0.0 %   0.0 %
Common stockholders' equity 718,070 709,781 686,948 1.2 % 4.5 %
Accumulated other comprehensive income, net   18,265     19,494     22,397     -6.3 %   -18.4 %
Total stockholders' equity   $ 786,335     $ 779,275     $ 759,345     0.9 %   3.6 %
Book value per common share $ 17.03 $ 16.88 $ 16.51 0.9 % 3.1 %
Tangible book value per common share* $ 12.63 $ 12.47 $ 12.05 1.3 % 4.8 %
Net tangible book value per common share *   $ 14.03     $ 13.87     $ 13.45     1.2 %   4.3 %
Weighted average common shares outstanding for basic earnings per common share computation   42,966,926     42,783,769     42,781,894     0.4 %   0.4 %
Weighted average common shares outstanding for diluted earnings per common share computation   43,060,204     42,982,543     42,896,611     0.2 %   0.4 %
 

* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible book value per common share.
 
CAPITAL RATIOS
(Unaudited)
 
    June 30,2012   March 31,2012   June 30,2011
Tangible common stockholders' equity to tangible assets*   7.67 % 7.48 %   7.38 %
Net tangible common stockholders' equity to tangible assets* 8.52 % 8.32 % 8.24 %
Tier 1 common capital to total risk weighted assets 11.51 % ** 11.35 % 10.56 %
Leverage ratio 9.54 % ** 10.01 % 9.69 %
Tier 1 risk-based capital 14.22 % ** 14.90 % 14.03 %
Total risk-based capital   16.20 % ** 16.89 %   16.01 %
 

* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible common stockholders' equity to tangible assets.
** Preliminary estimate - may be subject to change.
 

The Company's leverage, tier 1 and total risk-based capital ratios declined as of June 30, 2012, compared to March 31, 2012, due to the mandatory redemption of $40 million of capital trust preferred securities issued by an unconsolidated subsidiary of the Company that qualified as tier 1 capital under current regulatory capital guidelines. As of June 30, 2012, the Company had capital levels that, in all cases, exceeded the “well capitalized” requirements under all regulatory capital guidelines.

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