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

Other expenses increased to $15.5 million during second quarter 2013, as compared to $14.0 million during first quarter 2013, primarily due to $616 thousand of write-downs in the carrying value of long-lived assets pending disposal and higher advertising expense resulting from differences in the timing of advertising campaigns. Other expenses decreased to $15.5 million during second quarter 2013, compared to $17.6 million during second quarter 2012. During second quarter 2012, the Company recorded donation expense of $1.5 million associated with the sale of a bank building to a charitable organization and wrote-off $428 thousand of unamortized issuance costs associated with redeemed junior subordinated debentures.

BALANCE SHEET

Total loans increased to $4,297 million as of June 30, 2013, from $4,225 million as of March 31, 2013 and $4,170 million as of June 30, 2012, with the most notable growth occurring in residential real estate and consumer loans. Residential real estate loans increased to $804 million as of June 30, 2013, from $758 million as of March 31, 2013 and $572 million as of June 30, 2012, due in part to continued retention of certain residential loans with contractual terms of fifteen years or less.

Consumer loans grew to $653 million as of June 30, 2013, from $636 million as of March 31, 2013 and $621 million as of June 30, 2012. Growth in consumer loans occurred primarily in indirect loans, which increased to $457 million as of June 30, 2013, from $444 million as of March 31, 2013 and $419 million as of June 30, 2012, due to expansion of the Company's indirect lending program within its existing market areas.

Commercial and commercial real estate loans decreased as of June 30, 2013, as compared to March 31, 2013 and June 30, 2012. Commercial loans decreased to $681 million as of June 30, 2013, from $689 million as of March 31, 2013 and $720 million as of June 30, 2012, and commercial real estate loans decreased to $1,447 million as of June 30, 2013, from $1,469 million as of March 31, 2013 and $1,517 million as of June 30, 2012, primarily due to weak loan demand combined with the movement of lower quality loans out of the portfolio through charge-off, pay-off and foreclosure.

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