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First Interstate BancSystem, Inc. Reports Increased Earnings Of 77% And Improved Credit Metrics

Stocks in this article: FIBK

First Interstate BancSystem, Inc. (NASDAQ: FIBK) reports second quarter 2013 net income available to common shareholders of $21.5 million, or $0.49 per diluted share, a 77% increase over second quarter 2012 net income to common shareholders of $12.2 million, or $0.28 per diluted share. For the first half of 2013, the Company reported net income to common shareholders of $41.5 million, or $0.95 per diluted share, compared to $23.5 million, or $0.55 per diluted share, during the same period in 2012.

SECOND QUARTER FINANCIAL HIGHLIGHTS

  • 1.76% non-performing assets to total assets, a decline from 2.60% as of June 30, 2012
  • 96% decrease in quarterly and year-to-date provisions for loan losses compared to the same periods in 2012
  • $4.1 million of recoveries, which exceeded loan charge-offs, resulting in net recoveries of $249 thousand
  • $1.9 million net gain on the sale of $13 million of OREO properties
  • 3.56% net interest margin, an increase of 1 basis point from first quarter 2013
  • 5% annualized growth in loans held for investment

“We delivered another strong quarter driven by continued improvement in credit quality, a stable net interest margin, and strength in residential real estate and indirect consumer lending,” said Ed Garding, President and Chief Executive Officer of First Interstate BancSystem, Inc. “We continue to see declines in problem loans and improvement in collateral valuations throughout our markets, which resulted in only a small amount of provision for credit losses required in the second quarter,” Garding continued. “We are pleased with our performance in residential mortgage and indirect consumer lending, which both had strong loan production in the second quarter. Although we anticipate that residential lending will be impacted by higher interest rates, we are starting to see a stronger pipeline building for commercial and commercial real estate loans, which should help to offset any future declines in the mortgage business,” Garding further noted.

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