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First Interstate BancSystem, Inc. Reports Fourth Quarter 2012 Results

Savings deposits decreased as of December 31, 2012, compared to December 31, 2011. As a result of regulatory changes allowing businesses to receive interest on checking accounts, the Company discontinued its savings sweep product resulting in a shift of approximately $300 million from savings deposits into demand deposits during first quarter 2012.

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. 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)

 
As of or For the Three Months Ended
                Sequential Year
December 31, September 30, December 31, Quarter Over Year
          2012         2012         2011         % Change           % Change  
Preferred stockholders' equity $ $ 50,000 $ 50,000 -100.0 % -100.0 %
Common stockholders' equity 735,195 729,059 701,986 0.8 % 4.7 %
Accumulated other comprehensive income, net         15,991           18,811           19,034           -15.0 %         -16.0 %
Total stockholders' equity         $ 751,186           $ 797,870           $ 771,020           -5.9 %         -2.6 %
Book value per common share $ 17.35 $ 17.29 $ 16.77 0.3 % 3.5 %
Tangible book value per common share* 12.97 12.90 12.33 0.5 % 5.2 %

Net tangible book value per common share*

        14.37           14.30           13.74           0.5 %         4.6 %
 
Weighted average common shares outstanding for basic earnings per common share computation         43,032,697           42,989,564           42,783,770           0.1 %         0.6 %
 
Weighted average common shares outstanding for diluted earnings per common share computation         43,198,076           43,120,077           42,847,772           0.2 %         0.8 %
 

* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible book value per common share.

 

On December 18, 2012, the Company provided notice to preferred stockholders of its intention to redeem the preferred stock on January 18, 2013. Upon notice to holders of the redemption, the preferred stock was reclassified from stockholders' equity to a liability in accordance with generally accepted accounting principles. The preferred stock was redeemed on January 18, 2013 at an aggregate redemption price of $50.2 million, which represented par value plus unpaid and accrued dividends.

                     

CAPITAL RATIOS

(Unaudited)

 
December 31, September 30, December 31,
          2012         2012         2011
Tangible common stockholders' equity to tangible assets* 7.46 % 7.67 % 7.43 %
Net tangible common stockholders' equity to tangible assets* 8.26 % 8.50 % 8.28 %
Tier 1 common capital to total risk weighted assets 11.94 % ** 11.81 % 11.04 %
Leverage ratio 8.81 % ** 9.56 % 9.84 %
Tier 1 risk-based capital 13.60 % ** 14.53 % 14.55 %
Total risk-based capital         15.59 % **       16.52 %         16.54 %
 

* 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.

 

As of December 31, 2012, the Company had capital levels that, in all cases, exceeded the “well capitalized” requirements under all regulatory capital guidelines.

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