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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts