First Interstate BancSystem, Inc. (NASDAQ:FIBK) reports fourth quarter 2013 net income available to common shareholders of $20.8 million, or $0.47 per diluted share, a 29% increase over fourth quarter 2012 net income available to common shareholders of $16.1 million, or $0.37 per diluted share. For the year ended December 31, 2013, the Company reported net income available to common shareholders of $86.1 million, or $1.96 per diluted share, compared to $54.9 million, or $1.27 per diluted share, during 2012.
FOURTH QUARTER FINANCIAL HIGHLIGHTS
- Net interest income of $61.1 million, an increase of 1.7% compared to third quarter 2013
- 3.52% net interest margin ratio remained unchanged from third quarter 2013
- 5.13% yield on loans, an increase of 6 basis points from third quarter 2013
- 3% growth in total loans, as compared to December 31, 2012
- 1.48% non-performing assets to total assets, a decline from 1.53% as of September 30, 2013 and 1.85% as of December 31, 2012
- $4 million reversal of provision for loan losses
“We had another solid quarter driven by further improvement in credit quality, with our non-performing assets and criticized assets reaching the lowest levels since 2008,” said Ed Garding, President and Chief Executive Officer of First Interstate BancSystem, Inc. “Although we haven’t yet seen a significant increase in loan demand in our markets, we continue to grow other parts of our business, such as Wealth Management, which produced a 19% increase in revenues during 2013," Garding continued.
“For the full year of 2013, we were able to generate the highest level of net income in the Company's history and increase net income by 57% over 2012. Our strong performance has enabled us to increase our quarterly dividend another 14% to $0.16 per common share. We are pleased to be able to generate this strong return for our shareholders and we look forward to delivering another positive year in 2014,” said Garding.
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