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First Interstate BancSystem, Inc. Reports Strong Second Quarter Earnings; Loan Growth

Stocks in this article: FIBK

First Interstate BancSystem, Inc. (NASDAQ: FIBK) reports second quarter 2014 net income of $21.1 million, or $0.47 per diluted share. Included in second quarter 2014 net income are $597 thousand of acquisition expenses and $17 thousand of net gains on the sale of investment securities, which the Company considers to be unrelated to its normalized operations, or non-core. Exclusive of these non-core revenues and expenses, the Company’s second quarter 2014 core net income was $ 21.4 million, or $0.48 per diluted share, as compared to core net income of $21.3 million, or $0.48 per diluted share, for first quarter 2014 and $21.5 million, or $0.49 per diluted share for second quarter 2013.

SECOND QUARTER FINANCIAL HIGHLIGHTS

  • 3.2% growth in total loans
  • Non-performing assets decreased $9 million to $97 million as of June 30, 2014
  • $2 million reversal of provision for loan losses
  • 10% growth in non-interest income
  • 3.54% net interest margin ratio remained stable, as compared to 3.52% for first quarter 2014

“We are very pleased with our second quarter results, which reflect positive trends across most areas of our operations,” said Ed Garding, President and Chief Executive Officer of First Interstate BancSystem, Inc. “We are encouraged by the increase in loan demand we are seeing across our markets, which resulted in the strongest quarterly loan growth we have experienced in several years. Our loan portfolio increased 3% during the second quarter, with all of our major lending areas contributing to the growth. We are also pleased with the continued improvement in asset quality we are seeing, which is reflected in a 9% decrease in non-performing assets during the second quarter,” Garding continued.

“Our operations continue to generate a significant amount of capital and we are highly focused on efficiently managing our capital position. We are reinvesting our capital to support growth through our pending merger with Mountain West Bank, while also returning capital to shareholders through strong dividends and our ongoing share repurchase program. We believe this formula of balanced capital management will continue to optimize our returns and create value for our shareholders,” said Mr. Garding.

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