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
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
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.