Total deposits decreased to $5,930 million as of June 30, 2013, from $6,028 million as of March 31, 2013, and increased from $5,901 million as of June 30, 2012. During second quarter 2013, the mix of deposits continued to shift away from higher costing time deposits to lower costing demand and savings deposits.Other real estate owned ("OREO") decreased to $23 million as of June 30, 2013, from $32 million as of March 31, 2013, primarily due to sales of OREO properties. During second quarter 2013, the Company recorded OREO additions of $3 million, wrote-down the value of OREO properties by $259 thousand and sold OREO properties with carrying values of $13 million at a $1.9 million net gain. OREO sales were comprised primarily of commercial and residential real estate properties, with 64% of the sales attributable to three properties. As of June 30, 2013, the composition of OREO properties was as follows: 20% residential real estate; 54% land and land development and 26% commercial.
First Interstate BancSystem, Inc. Reports Increased Earnings Of 77% And Improved Credit Metrics
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