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

Stocks in this article: FIBK

(b) See Non-GAAP Financial Measures included herein for a discussion regarding tangible book value per common share, return on average tangible common equity and tangible common stockholders' equity to tangible assets.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Average Balance Sheets

(Unaudited, $ in thousands)

 
  Three Months Ended  
September 30, 2013     June 30, 2013     September 30, 2012  
Average

Balance

Interest Average

Rate

Average

Balance

Interest Average

Rate

Average

Balance

Interest Average

Rate

Interest earning assets:
Loans (1) (2) $ 4,327,995 $ 55,345 5.07 % $ 4,256,579 $ 55,270 5.21 % $ 4,183,016 $ 57,872 5.50 %
Investment securities (2) 2,115,301 9,479 1.78 2,153,342 9,588 1.79 2,098,576 11,123 2.11
Interest bearing deposits in banks 323,781 207 0.25 335,761 212 0.25 525,149 336 0.25
Federal funds sold 4,772   8   0.67   3,322   5   0.60   3,006   4   0.53  
Total interest earnings assets 6,771,849 65,039 3.81 6,749,004 65,075 3.87 6,809,747 69,335 4.05
Non-earning assets 602,316       601,023       633,551      
Total assets $ 7,374,165       $ 7,350,027       $ 7,443,298      
Interest bearing liabilities:
Demand deposits $ 1,748,317 $ 504 0.11 % $ 1,722,138 $ 475 0.11 % $ 1,613,136 $ 589 0.15 %
Savings deposits 1,568,744 601 0.15 1,544,648 598 0.16 1,523,347 873 0.23
Time deposits 1,260,452 2,716 0.85 1,312,863 2,965 0.91 1,452,688 3,952 1.08
Repurchase agreements 418,561 58 0.05 466,533 74 0.06 501,640 144 0.11
Other borrowed funds 10 10 6
Long-term debt 37,132 487 5.20 37,142 483 5.22 37,174 502 5.37
Preferred stock pending redemption
Subordinated debentures held by subsidiary trusts 82,477   607   2.92   82,477   601   2.92   82,477   1,110   5.35  
Total interest bearing liabilities 5,115,693 4,973 0.39 5,165,811 5,196 0.40 5,210,468 7,170 0.55
Non-interest bearing deposits 1,428,099 1,356,133 1,399,585
Other non-interest bearing liabilities 51,564 49,323 43,511
Stockholders’ equity 778,809       778,760       789,734      
Total liabilities and stockholders’ equity $ 7,374,165       $ 7,350,027       $ 7,443,298      
Net FTE interest income 60,066 59,879 62,165
Less FTE adjustments (2)   (1,110 )     (1,119 )     (1,160 )  
Net interest income from consolidated statements of income   $ 58,956       $ 58,760       $ 61,005    
Interest rate spread     3.42 %     3.47 %     3.50 %
Net FTE interest margin (3)     3.52 %     3.56 %     3.63 %
Cost of funds, including non-interest bearing demand deposits (4)     0.30 %     0.32 %     0.43 %
 

(1) Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material.

9 of 13

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

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