(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.

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