The provision for loan losses decreased to $375 thousand during second quarter 2013, as compared to $500 thousand during first quarter 2013 and $12.0 million during second quarter 2012. Decreases in the provision for loan losses during second quarter 2013, as compared to first quarter 2013 and second quarter 2012, are reflective of improvement in local and national economic trends, continued improvement in and stabilization of credit quality as evidenced by declining levels of non-performing assets and criticized loans and unusually high levels of recoveries of previously charged-off loans. As of June 30, 2013, non-performing assets were at their lowest level since first quarter 2009 and total criticized assets were at their lowest level since second quarter 2009.Beginning in 2013, the Company no longer presents accruing loans modified in troubled debt restructurings as non-performing loans. While still considered impaired under applicable accounting guidance, these loans are performing as agreed under their modified terms and management expects performance to continue. Prior period balances and ratios have been adjusted to reflect this change.
First Interstate BancSystem, Inc. Reports Increased Earnings Of 77% And Improved Credit Metrics
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