Salaries and wages expense was $22.8 million for third quarter 2013, as compared to $23.5 million for second quarter 2013 and $23.3 million for third quarter 2012. Salaries expense, the largest component of salaries and wages expense, remained stable at $21.0 million during third quarter 2013, second quarter 2013 and third quarter 2012.During third quarter 2013, the Company recorded net OREO expense of $18 thousand, as compared to net OREO income of $915 thousand during second quarter 2013 and net OREO expense of $2.6 million during third quarter 2012. Third quarter 2013 net OREO expense included $543 thousand of net operating expenses, which were offset by net gains on the sale of properties of $525 thousand. This compares to $678 thousand of net operating expenses, $259 thousand of fair value write-downs and net gains of $1.9 million during second quarter 2013, and $1.1 million of net operating expenses, $2.3 million of fair value write-downs and net gains of $775 thousand during third quarter 2012.
First Interstate BancSystem, Inc. Reports Strong Third Quarter Earnings On Improved Credit Quality
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