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
TheStreet Open House

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

NON-INTEREST INCOME

Non-interest income decreased to $27.6 million during third quarter 2013, as compared to $29.6 million during second quarter 2013 and $30.2 million during third quarter 2012. These decreases were primarily due to lower income from the origination and sale of mortgage loans, which was partially offset by increases in wealth management revenues.

Income from the origination and sale of loans decreased to $7.9 million during third quarter 2013, as compared to $10.0 million during second quarter 2013, and $11.7 million during third quarter 2012, primarily due to lower demand for refinancing loans. The Company's total mortgage loan production decreased approximately 21% during third quarter 2013, as compared to second quarter 2013, and 33% as compared to third quarter 2012. Loans originated for home purchases accounted for approximately 72% of the Company's mortgage loan production during third quarter 2013, as compared to approximately 53% during the second quarter 2013 and approximately 38% during third quarter 2012.

Wealth management revenues increased to $4.6 million during third quarter 2013, as compared to $4.0 million during second quarter 2013 and $3.6 million during third quarter 2012. During third quarter 2013, the Company recorded revenues from the sale of two multi-million dollar life insurance policies aggregating $370 thousand. The remainder of third quarter 2013 increases, as compared to second quarter 2013 and third quarter 2012, were primarily due to the addition of new wealth management customers and increases in assets under trust management.

NON-INTEREST EXPENSE

Non-interest expense decreased to $52.6 million during third quarter 2013, as compared to $55.0 million during second quarter 2013 and $57.1 million during third quarter 2012, primarily due to decreases in salaries and wages expense and reductions in other expenses. Also contributing to the third quarter 2013 decrease in non-interest expense, as compared to the same period in the prior year, were reductions in other real estate owned, or OREO, expense.

3 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 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

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