This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

First Interstate BancSystem, Inc. Reports Strong Third Quarter Earnings On Improved Credit Quality

First Interstate BancSystem, Inc. (NASDAQ:FIBK) reports third quarter 2013 net income available to common shareholders of $23.8 million, or $0.54 per diluted share, a 56% increase over third quarter 2012 net income available to common shareholders of $15.3 million, or $0.35 per diluted share. For the first nine months of 2013, the Company reported net income available to common shareholders of $65.4 million, or $1.49 per diluted share, compared to $38.8 million, or $0.90 per diluted share, during the same period in 2012.

THIRD QUARTER FINANCIAL HIGHLIGHTS

  • 1.53% non-performing assets to total assets, a decline from 1.76% as of June 30, 2013 and 2.24% as of September 30, 2012
  • Annualized net charged-off loans of 0.23% of average loans during the three months ended September 30, 2013
  • $3 million reversal of provision for loan losses
  • $6 million of OREO sales during third quarter 2013 at a net gain of $525 thousand
  • 3.52% net interest margin, a decrease of 4 basis points from second quarter 2013 and 11 basis points from third quarter 2012
  • 4% growth in loans held for investment, as compared to September 30, 2012

“Our earnings per share increased 54% over the prior year, driven primarily by lower credit costs as we continue to experience positive trends in asset quality," said Ed Garding, President and Chief Executive Officer of First Interstate BancSystem, Inc. “Over the past year, our non-performing assets have declined by 31% and our criticized loans have declined by 25%. As a result of the substantial improvement in credit quality, we determined that a lower level of allowance for credit losses was appropriate and recorded a $3 million negative provision for loan losses during third quarter," Garding continued. "I am pleased to report that even without the provision reversal, our third quarter earnings surpassed quarterly earnings reported for the first and second quarters of 2013," Garding further stated.

1 of 13

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs