The Company charged-off loans of $5 million during third quarter 2013, compared to $4 million during second quarter 2013 and $15 million during third quarter 2012. Recoveries of charged-off loans were $2 million during third quarter 2013, compared to $4 million during second quarter 2013 and $2 million during third quarter 2012. Approximately 29% of the third quarter 2013 charge-offs related to the loans of one commercial and one commercial real estate borrower.The Company reversed $3.0 million of provision for loan losses during third quarter 2013, as compared to recording provisions of $375 thousand during second quarter 2013 and $9.5 million during third quarter 2012. The third quarter 2013 reversal of provision is reflective of continued improvement in and stabilization of credit quality as evidenced by declining levels of non-performing assets and criticized loans. As of September 30, 2013, non-performing assets and total criticized assets were at their lowest quarterly levels since 2008.
First Interstate BancSystem, Inc. Reports Strong Third Quarter Earnings On Improved Credit Quality
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