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

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.

ASSET QUALITY

Non-performing loans increased to $105 million as of June 30, 2013, from $101 million as of March 31, 2013, primarily due to the loans of one commercial real estate borrower placed on non-accrual during second quarter 2013. Non-performing loans decreased to $105 million as of June 30, 2013, from $136 million as of June 30, 2012, primarily due to the movement of non-accrual loans out of the loan portfolio through charge-off or foreclosure.

The Company charged-off loans of $3.9 million during second quarter 2013, compared to $6.0 million during first quarter 2013 and $26.7 million during second quarter 2012. Recoveries of charged-off loans were $4.1 million during second quarter 2013, compared to $2.9 million during first quarter 2013 and $1.6 million during second quarter 2012. Approximately 32% of the second quarter 2013 recoveries related to one commercial real estate loan charged-off during second quarter 2010. Management expects lower levels of recoveries of previously charged-off loans in future quarters.

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