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

*See Non-GAAP Financial Measures included herein for a discussion regarding tangible book value per common share, return on average tangible common equity and tangible common stockholders' equity to tangible assets.

FIRST INTERSTATE BANCSYSTEM, INC AND SUBSIDIARIES

Average Balance Sheets

(Unaudited, $ in thousands)
 
      Three Months Ended
June 30, 2013     March 31, 2013     June 30, 2012
Average         Average Average         Average Average           Average
Balance     Interest     Rate Balance     Interest     Rate Balance       Interest     Rate
Interest earning assets:
Loans (1) (2) $ 4,256,579 $ 55,270 5.21 % $ 4,216,934 $ 55,913 5.38 % $ 4,159,565 $ 58,564 5.66 %
Investment securities (2) 2,153,342 9,588 1.79 2,204,458 9,980 1.84 2,094,148 11,414 2.19
Interest bearing deposits in banks 335,761 212 0.25 476,856 298 0.25 442,698 279 0.25
Federal funds sold   3,322       5       0.60     2,521     4      

0.64
    3,668         6       0.66  
Total interest earnings assets 6,749,004 65,075 3.87 6,900,769 66,195 3.89 6,700,079 70,263 4.22
Non-earning assets   601,023               598,283               633,454              
Total assets $ 7,350,027             $ 7,499,052             $ 7,333,533              
Interest bearing liabilities:
Demand deposits $ 1,722,138 $ 475 0.11 % $ 1,728,813 $ 473 0.11 % $ 1,596,076 $ 606 0.15 %
Savings deposits 1,544,648 598 0.16 1,550,146 653 0.17 1,482,986 934 0.25
Time deposits 1,312,863 2,965 0.91 1,365,232 3,229 0.96 1,496,597 4,239 1.14
Repurchase agreements 466,533 74 0.06 512,180 100 0.08 493,450 152 0.12
Other borrowed funds 10 7 33

Long-term debt 37,142 483 5.22 37,153 480 5.24 37,184 495 5.35
Preferred stock pending redemption 9,444 159 6.83
Subordinated debentures held by subsidiary trusts   82,477       601       2.92     82,477     696       3.42     120,996         1,467       4.88  
Total interest bearing liabilities 5,165,811 5,196 0.40 5,285,452 5,790 0.44 5,227,322 7,893 0.61
Non-interest bearing deposits 1,356,133 1,398,850 1,277,091
Other non-interest bearing liabilities 49,323 53,810 47,781
Stockholders’ equity   778,760               760,940               781,339              
Total liabilities and stockholders’ equity $ 7,350,027             $ 7,499,052             $ 7,333,533              
Net FTE interest income 59,879 60,405 62,370
Less FTE adjustments (2)         (1,119 )            

(1,128

)
                (1,196 )      
Net interest income from consolidated statements of income       $ 58,760               $ 59,277                 $ 61,174        
Interest rate spread             3.47 %             3.45 %               3.61 %
Net FTE interest margin (3)             3.56 %             3.55 %               3.74 %
Cost of funds, including non-interest bearing demand deposits (4)             0.32 %             0.35 %               0.49 %
 

(1) Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material.

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