First Interstate BancSystem, Inc. Reports Preliminary Results For Fourth Quarter 2011

First Interstate BancSystem, Inc. reports fourth quarter 2011 net income available to common shareholders of $12.4 million, or $0.29 per diluted share, as compared to $11.1 million, or $0.26 per diluted share, for third quarter 2011 and $10.0 million, or $0.23 per diluted share, for fourth quarter 2010. These reported results are preliminary pending the completion of the external audit of the Company's financial statements and the final results of assessing our goodwill for possible impairment. As a result of the significant and prolonged decrease in market prices for bank shares during the last half of the year, including the Company's common shares, the Company is currently in the process of evaluating goodwill for possible impairment. If it is determined that goodwill is impaired, a reduction in the value of the goodwill carried on the Company's balance sheet as of December 31, 2011 would be recorded. It is likely that any such reduction in the value of goodwill would cause the financial results for the fourth quarter of 2011 to differ materially from the preliminary results being reported today. Goodwill impairment, if any, will not adversely impact the Company's regulatory capital ratios, liquidity, cash balances or tangible equity. The Company expects to complete the evaluation of its goodwill prior to release of its Annual Report on Form 10-K for the year ended December 31, 2011, which is currently scheduled to occur near the end of February.

RESULTS SUMMARY

(Unaudited; $ in thousands, except per share data)
      Three Months Ended      

SequentialQuarter% Change
     

Year OverYear% Change

December 31,2011
      September 30,2011       December 31,2010
Net income $ 13,265 $ 11,921 $ 10,838 11.3 % 22.4 %
Net income available to common shareholders 12,402 11,059 9,975 12.1 % 24.3 %
Diluted earnings per common share 0.29 0.26 0.23 11.5 % 26.1 %
Dividends paid per common share 0.1125 0.1125 0.1125 0.0 % 0.0 %
Book value per common share 16.77 16.70 16.05 0.4 % 4.5 %
Tangible book value per common share* 12.33 12.25 11.55 0.7 % 6.8 %
Net tangible book value per common share* 13.74 13.66 12.96 0.6 % 6.0 %
Return on average common equity, annualized 6.84 % 6.17 % 5.68 %
Return on average assets, annualized 0.72 % 0.65 % 0.58 %
Weighted average common shares outstanding 42,783,770 42,774,259 42,641,145
Weighted average common shares issuable upon exercise of stock options & non-vested stock awards 64,002 67,404 178,650
 
      Twelve Months Ended          

Year OverYear% Change

December 31,2011
         

December 31,2010
Net income $ 44,546 $ 37,356 19.2 %
Net income available to common shareholders 41,124 33,934 21.2 %
Diluted earnings per common share 0.96 0.85 12.9 %
Dividends paid per common share 0.45 0.45 0.0 %
Return on average common equity 5.86 % 5.22 %
Return on average assets 0.61 % 0.52 %
Weighted average common shares outstanding 42,749,526 39,907,640
Weighted average common shares issuable upon exercise of stock options & non-vested stock awards 97,670 219,725
 

* See Non-GAAP Financial Measures included herein for a discussion regarding tangible and net tangible book value per common share.

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