First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”)
today reported financial results for the third quarter of 2024. For
the quarter, the Company reported net income of $55.5 million, or
$0.54 per share, which compares to net income of $60.0 million, or
$0.58 per share, for the second quarter of 2024 and net income of
$72.7 million, or $0.70 per share, for the third quarter of
2023.
HIGHLIGHTS
- Appointed James A. Reuter as the Company’s President and Chief
Executive Officer, effective end of day November 1, 2024.
- Net interest margin increased to 3.01% for the third quarter of
2024, a 4-basis point increase from the second quarter of 2024. Net
interest margin, on a fully taxable equivalent (“FTE”) basis1,
increased to 3.04% for the third quarter of 2024, or a 4-basis
point increase from the second quarter of 2024.
- Criticized loans decreased $14.7 million at September 30, 2024,
compared to $618.0 million at June 30, 2024, driven mostly by
charge-offs. Net Charge-offs of $27.4 million or 0.60 basis points
of average loans included a commercial real estate loan and a
construction real estate loan in the metro office portfolio
totaling $22.1 million. Net charge-offs within the remaining
portfolio totaled $5.3 million or 0.12% of average loans.
- Total deposits decreased by $6.6 million at September 30, 2024
from June 30, 2024, driven by a large temporary deposit included on
the balance sheet at June 30, 2024 that was withdrawn early in the
third quarter; excluding the large temporary deposit, deposits
increased approximately 1% at September 30, 2024 from June 30,
2024.
- Non-interest expense increased $2.5 million for the third
quarter of 2024, compared to the second quarter of 2024 and
decreased $1.7 million compared to the third quarter of 2023.
Non-interest expense included $3.8 million related to the
transition of the Company’s President and Chief Executive Officer;
excluding CEO transition expenses, non-interest expense decreased
$1.3 million for the third quarter of 2024, compared to the second
quarter of 2024 and decreased $5.5 million compared to the third
quarter of 2023.
- Capital ratios continued to improve during the third quarter of
2024, with common equity tier 1 capital ratio increasing 0.30% to
11.83%, compared to the second quarter of 2024.
“We were pleased to see continued improvement in our core
operating metrics in the quarter. Net Interest Margin and Net
Interest Income improved for the second consecutive quarter, and
Net Interest Margin exceeded 3%, excluding purchase accounting, in
the month of September. The Company continued to exert expense
discipline, and fee businesses performed generally in-line with
expectations. While there was charge-off activity this quarter
within the metro-office portfolio, we believe notable losses in
that portfolio are now behind us. Looking into 2025, the Company is
well positioned to experience continued profitability expansion,”
said Kevin P. Riley, President and Chief Executive Officer of First
Interstate BancSystem, Inc.
____________
1 Represents a Non-GAAP Financial Measure. See Non-GAAP
Financial Measures included below for a reconciliation to this
measure’s most directly comparable GAAP financial measure.
DIVIDEND DECLARATION
On October 23, 2024, the Company’s board of directors declared a
dividend of $0.47 per common share, payable on November 14, 2024,
to common stockholders of record as of November 4, 2024. The
dividend equates to a 6.3% annualized yield based on the $29.85 per
share average closing price of the Company’s common stock as
reported on NASDAQ during the third quarter of 2024.
NET INTEREST INCOME
Net interest income increased $3.8 million, or 1.9%, to $205.5
million, during the third quarter of 2024, compared to net interest
income of $201.7 million during the second quarter of 2024,
primarily due to an increase in interest and fees on loans and a
decrease in interest expense resulting from a decrease in average
debt balances. The decrease in interest expense was partially
offset by higher costs of interest-bearing deposits during the
third quarter of 2024. Net interest income decreased $8.2 million,
or 3.8%, during the third quarter of 2024 compared to the third
quarter of 2023, primarily due to an increase in interest expense
resulting from higher costs of interest-bearing deposits, partially
offset by an increase in interest and fees on loans in the third
quarter of 2024.
- Interest accretion attributable to the fair valuation of
acquired loans from acquisitions contributed to net interest income
during the third quarter of 2024, the second quarter of 2024, and
the third quarter of 2023, in the amounts of $4.4 million, $5.1
million, and $5.2 million, respectively.
The net interest margin ratio was 3.01% for the third quarter of
2024, compared to 2.97% during the second quarter of 2024, and
3.05% during the third quarter of 2023. The net FTE interest margin
ratio2 was 3.04% for the third quarter of 2024, compared to 3.00%
during the second quarter of 2024, and 3.07% during the third
quarter of 2023. Excluding interest accretion from the fair value
of acquired loans, on a quarter-over-quarter basis, the adjusted
net interest margin ratio (FTE)2, was 2.97%, an increase of 5 basis
points from the prior quarter, primarily driven by loan yield
expansion and lower interest expense resulting from decreased
borrowings. Excluding interest accretion from the fair value of
acquired loans, on a year-over-year basis, the adjusted net
interest margin ratio (FTE) decreased 3 basis points, primarily as
a result of higher interest-bearing deposit costs, which was
partially offset by loan yield expansion and a modestly favorable
change in the mix of earning assets.
___________
2 Represents a Non-GAAP Financial Measure. See Non-GAAP
Financial Measures included below for a reconciliation to this
measure’s most directly comparable GAAP financial measure.
PROVISION FOR CREDIT LOSSES
During the third quarter of 2024, the Company recorded a
provision for credit losses of $19.8 million. This compares to a
provision for credit losses of $9.0 million during the second
quarter of 2024 and a reduction in the provision for credit losses
of $0.1 million during the third quarter of 2023.
For the third quarter of 2024, the allowance for credit losses
included net charge-offs of $27.4 million, or an annualized 0.60%
of average loans outstanding, compared to net charge-offs of $13.5
million, or an annualized 0.30% of average loans outstanding, for
the second quarter of 2024 and net charge-offs of $1.1 million, or
an annualized 0.02% of average loans outstanding, for the third
quarter of 2023. Net loan charge-offs in the third quarter of 2024
were composed of charge-offs of $29.1 million, including a $15.9
million metro office commercial real estate loan and a $6.2 million
metro office construction real estate loan, which were offset by
recoveries of $1.7 million during the third quarter of 2024. As
noted, metro office charge-offs were $22.1 million. Net charge-offs
within the remaining portfolio totaled 0.12% of average loans in
the third quarter of 2024.
The Company’s allowance for credit losses as a percentage of
period-end loans held for investment was 1.25% at September 30,
2024, compared to 1.28% at June 30, 2024 and 1.24% at September 30,
2023. Coverage of non-performing loans decreased to 129.2% at
September 30, 2024, compared to 138.4% at June 30, 2024 and 268.0%
at September 30, 2023.
NON-INTEREST INCOME
For the Quarter Ended
Sep 30, 2024
Jun 30, 2024
$ Change
% Change
Sep 30, 2023
$ Change
% Change
(Dollars in millions)
Payment services revenues
$
18.7
$
18.6
$
0.1
0.5
%
$
19.2
$
(0.5
)
(2.6
)%
Mortgage banking revenues
1.7
1.7
—
—
2.0
(0.3
)
(15.0
)
Wealth management revenues
9.6
9.4
0.2
2.1
8.7
0.9
10.3
Service charges on deposit accounts
6.6
6.4
0.2
3.1
6.0
0.6
10.0
Other service charges, commissions, and
fees
2.2
2.1
0.1
4.8
2.2
—
—
Other income
7.6
4.4
3.2
72.7
3.9
3.7
94.9
Total non-interest income
$
46.4
$
42.6
$
3.8
8.9
%
$
42.0
$
4.4
10.5
%
Non-interest income was $46.4 million for the third quarter of
2024, increasing $3.8 million compared to the second quarter of
2024 and increasing $4.4 million compared to the third quarter of
2023. The increases were primarily due to a recorded gain-on-sale
of $2.6 million related to the sale of a branch during the third
quarter of 2024.
NON-INTEREST EXPENSE
For the Quarter Ended
Sep 30, 2024
Jun 30, 2024
$ Change
% Change
Sep 30, 2023
$ Change
% Change
(Dollars in millions)
Salaries and wages
$
70.9
$
66.3
$
4.6
6.9
%
$
65.4
$
5.5
8.4
%
Employee benefits
19.7
16.9
2.8
16.6
19.7
—
—
Occupancy and equipment
17.0
16.9
0.1
0.6
17.0
—
—
Other intangible amortization
3.6
3.7
(0.1
)
(2.7
)
3.9
(0.3
)
(7.7
)
Other expenses
48.2
51.1
(2.9
)
(5.7
)
54.6
(6.4
)
(11.7
)
Other real estate owned expense
—
2.0
(2.0
)
(100.0
)
0.5
(0.5
)
(100.0
)
Total non-interest expense
$
159.4
$
156.9
$
2.5
1.6
%
$
161.1
$
(1.7
)
(1.1
)%
The Company’s non-interest expense was $159.4 million for the
third quarter of 2024, an increase of $2.5 million from the second
quarter of 2024 and a decrease of $1.7 million from the third
quarter of 2023. Expenses for the third quarter included $3.8
million related to the CEO transition.
Salary and wages expense increased $4.6 million and $5.5 million
during the third quarter of 2024 compared to the second quarter of
2024 and the third quarter of 2023, respectively. The increase when
compared to the second quarter of 2024 was primarily due to the
accrual of $3.8 million related to the CEO transition and the
increase when compared to the third quarter of 2023 was primarily
due to the accrual of $3.8 million related to the CEO transition,
lower deferred loan costs, and higher short-term incentive
accruals, partially offset by lower severance costs and lower
salaries and wages from expense reduction initiatives undertaken by
the Company in 2023.
Employee benefit expenses increased $2.8 million during the
third quarter of 2024 compared to the second quarter of 2024,
primarily due to an increase of $2.4 million in health insurance
costs. Employee benefit expenses were unchanged compared to the
third quarter of 2023.
Other expenses decreased $2.9 million during the third quarter
of 2024 compared to the second quarter of 2024, primarily due to
lower FDIC assessment fees and professional fees. Other expenses
decreased $6.4 million during the third quarter of 2024 compared to
the third quarter of 2023, primarily resulting from decreases in
credit card reward accruals, professional fees, write-off of
software costs, and reclassifications of new market tax credit
amortization expenses, which moved to income tax expenses, as a
result of the adoption of ASU 2023-02.
Other real estate owned expenses decreased $2.0 million during
the third quarter of 2024 compared to the second quarter of 2024
and decreased $0.5 million compared to the third quarter of 2023.
The quarter-over-quarter decrease was primarily due to the write
down of two commercial properties in the second quarter of
2024.
BALANCE SHEET
Total assets decreased $694.0 million, or 2.3%, to $29,595.5
million as of September 30, 2024, from $30,289.5 million as of June
30, 2024, primarily due to decreases in loans, cash and cash
equivalents, investment securities, and other assets. Total assets
decreased $945.3 million, or 3.1%, from $30,540.8 million as of
September 30, 2023, primarily due to decreases in investment
securities, loans, and other assets which supported declines in
deposits and securities sold under repurchase agreements, which was
partially offset by an increase in cash and cash equivalents.
Investment securities decreased $126.0 million, or 1.5%, to
$8,275.6 million as of September 30, 2024, from $8,401.6 million as
of June 30, 2024, primarily resulting from normal pay-downs and
maturities, partially offset by a $158.5 million increase in fair
market values of investment securities during the period.
Investment securities decreased $611.6 million, or 6.9%, from
$8,887.2 million as of September 30, 2023, primarily resulting from
normal pay-downs and maturities, partially offset by a $330.8
million increase in fair market values during the period.
The following table presents the composition and comparison of
loans held for investment as of the quarters-ended:
Sep 30, 2024
Jun 30, 2024
$ Change
% Change
Sep 30, 2023
$ Change
% Change
Real Estate:
Commercial
$
9,219.3
$
9,054.5
$
164.8
1.8
%
$
8,766.2
$
453.1
5.2
%
Construction
1,307.9
1,519.9
(212.0
)
(13.9
)
1,930.3
(622.4
)
(32.2
)
Residential
2,217.8
2,246.4
(28.6
)
(1.3
)
2,212.2
5.6
0.3
Agricultural
726.4
723.5
2.9
0.4
731.5
(5.1
)
(0.7
)
Total real estate
13,471.4
13,544.3
(72.9
)
(0.5
)
13,640.2
(168.8
)
(1.2
)
Consumer:
Indirect
742.2
733.7
8.5
1.2
751.7
(9.5
)
(1.3
)
Direct and advance lines
136.9
139.0
(2.1
)
(1.5
)
142.3
(5.4
)
(3.8
)
Credit card
76.4
76.1
0.3
0.4
71.6
4.8
6.7
Total consumer
955.5
948.8
6.7
0.7
965.6
(10.1
)
(1.0
)
Commercial
2,919.7
3,052.9
(133.2
)
(4.4
)
2,925.1
(5.4
)
(0.2
)
Agricultural
689.8
698.2
(8.4
)
(1.2
)
690.5
(0.7
)
(0.1
)
Other, including overdrafts
2.5
3.1
(0.6
)
(19.4
)
5.0
(2.5
)
(50.0
)
Deferred loan fees and costs
(11.8
)
(12.3
)
0.5
(4.1
)
(13.1
)
1.3
(9.9
)
Loans held for investment, net of deferred
loan fees and costs
$
18,027.1
$
18,235.0
$
(207.9
)
(1.1
)%
$
18,213.3
$
(186.2
)
(1.0
)%
Declines in the construction real estate loans are primarily a
result of the conversion of loans to permanent commercial real
estate financing. Commercial loans declined due to both declines in
draws of operating line and payoffs.
The ratio of loans held for investment to deposits was 78.8%, as
of September 30, 2024, compared to 79.7% as of June 30, 2024 and
76.9% as of September 30, 2023.
Total deposits decreased modestly by $6.6 million to $22,864.1
million as of September 30, 2024, from $22,870.7 million as of June
30, 2024, with decreases in non-interest bearing deposits, which
were partially offset by increases in all interest-bearing
categories. The decrease in total deposits was largely influenced
by a large temporary deposit included on the balance sheet at June
30, 2024 which was withdrawn early in the third quarter. Total
deposits decreased $815.4 million, or 3.4%, from $23,679.5 million
as of September 30, 2023, with decreases in all types of deposits
except for demand and savings deposits. Securities sold under
repurchase agreements decreased $184.6 million, or 24.9%, to $557.2
million as of September 30, 2024, from $741.8 million as of June
30, 2024, and decreased $332.3 million, or 37.4%, from $889.5
million as of September 30, 2023, resulting from normal
fluctuations in the liquidity needs of the Company’s clients.
Long-term debt decreased $246.1 million, or 64.2%, to $137.3
million as of September 30, 2024, from $383.4 million as of June
30, 2024, resulting from the recategorization of $250.0 million of
18-month Federal Home Loan Bank borrowings with remaining
maturities of less than one year to other borrowed funds during the
third quarter of 2024. Long-term debt was relatively stable when
compared to September 30, 2023, which increased $16.5 million as of
September 30, 2024 compared to September 30, 2023.
Debt we categorize as other borrowed funds is comprised of
variable-rate, overnight and fixed-rate borrowings with remaining
contractual tenors of up to one year through the Federal Home Loan
Bank and Bank Term Funding Program. Other borrowed funds decreased
$350.0 million, or 14.4%, to $2,080.0 million as of September 30,
2024, from $2,430.0 million as of June 30, 2024. The decrease was
funded by debt repayments supported by lower cash balances held at
quarter end, lower recorded investment securities, and lower
recorded loans, which was offset by the $250.0 million advance that
moved from long-term debt. Other borrowed funds increased $13.0
million from September 30, 2023.
The Company is considered to be “well-capitalized” as of
September 30, 2024, having exceeded all regulatory capital adequacy
requirements. During the third quarter of 2024, the Company paid
regular common stock dividends of approximately $49.1 million, or
$0.47 per share.
CREDIT QUALITY
As of September 30, 2024, non-performing assets increased $4.0
million, or 2.3%, to $178.9 million, compared to $174.9 million as
of June 30, 2024, primarily due to an increase in non-accrual loans
partially offset by the disposal of OREO properties.
Criticized loans decreased $14.7 million, or 2.4%, to $603.3
million as of September 30, 2024, from $618.0 million as of June
30, 2024, driven primarily as a result of $22.1 million of
charge-offs related to a commercial real estate loan and a
construction real estate loan in the metro office portfolio. The
decrease was partially offset by downgrades in the commercial,
agricultural real estate, and commercial real estate
portfolios.
NON-GAAP FINANCIAL MEASURES
In addition to results presented in accordance with accounting
principles generally accepted in the United States of America, or
GAAP, this press release contains the following non-GAAP financial
measures that management uses to evaluate our performance relative
to our capital adequacy standards: (i) tangible common
stockholders’ equity; (ii) tangible assets; (iii) tangible book
value per common share; (iv) tangible common stockholders’ equity
to tangible assets; (v) average tangible common stockholders’
equity; (vi) return on average tangible common stockholders’
equity; (vii) net FTE interest income; (viii) net FTE interest
margin ratio; (ix) adjusted net FTE interest income; and (x)
adjusted net FTE interest margin ratio. Tangible common
stockholders’ equity is calculated as total common stockholders’
equity less goodwill and other intangible assets (excluding
mortgage servicing rights). Tangible assets are calculated as total
assets less goodwill and other intangible assets (excluding
mortgage servicing rights). Tangible book value per common share is
calculated as tangible common stockholders’ equity divided by
common shares outstanding. Tangible common stockholders’ equity to
tangible assets is calculated as tangible common stockholders’
equity divided by tangible assets. Average tangible common
stockholders’ equity is calculated as average total stockholders’
equity less average goodwill and other intangible assets (excluding
mortgage servicing rights). Return on average tangible common
stockholders’ equity is calculated as annualized net income
available to common shareholders divided by average tangible common
stockholders’ equity. Net FTE interest income is calculated as net
interest income, adjusted to include its FTE interest income. Net
FTE interest margin ratio is calculated as net FTE interest income
divided by average interest-earning assets. Adjusted net FTE
interest income is calculated as net FTE interest income less
purchase accounting interest accretion on acquired loans. Adjusted
net FTE interest margin ratio is calculated as annualized adjusted
net FTE interest income divided by average interest earning assets.
These non-GAAP financial measures may not be comparable to
similarly titled measures reported by other companies because other
companies may not calculate these non-GAAP measures in the same
manner. They also should not be considered in isolation or as a
substitute for measures prepared in accordance with GAAP.
The Company adjusts the most directly comparable capital
adequacy GAAP financial measures to the non-GAAP financial measures
described in subclauses (i) through (vi) above to exclude goodwill
and other intangible assets (except mortgage servicing rights),
adjusts its GAAP net interest income to include fully taxable
equivalent adjustments and further adjusts its net interest income
on a fully taxable equivalent basis to exclude purchase accounting
interest accretion. Management believes these non-GAAP financial
measures, which are intended to complement the capital ratios
defined by banking regulators and to present on a consistent basis
our and our acquired companies’ organic continuing operations
without regard to acquisition costs and other adjustments that we
consider to be unpredictable and dependent on a significant number
of factors that are outside our control, are useful to investors in
evaluating the Company’s performance because, as a general matter,
they either do not represent an actual cash expense and are
inconsistent in amount and frequency depending upon the timing and
size of our acquisitions (including the size, complexity and/or
volume of past acquisitions, which may drive the magnitude of
acquisition related costs, but may not be indicative of the size,
complexity and/or volume of future acquisitions or related costs),
or they cannot be anticipated or estimated in a particular period
(in particular as it relates to unexpected recovery amounts). This
impacts the ratios that are important to analysts and allows
investors to compare certain aspects of the Company’s
capitalization to other companies.
See the Non-GAAP Financial Measures table included herein and
the textual discussion for a reconciliation of the above-described
non-GAAP financial measures to their most directly comparable GAAP
financial measures.
Cautionary Note Regarding Forward-Looking Statements and
Factors that Could Affect Future Results
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Rule 175 promulgated thereunder, and Section 21E of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, and Rule 3b-6 promulgated thereunder, that involve inherent
risks and uncertainties. Any statements about our plans,
objectives, expectations, strategies, beliefs, or future
performance or events constitute forward-looking statements. Such
statements are identified by words or phrases such as “believes,”
“expects,” “anticipates,” “plans,” “trends,” “objectives,”
“continues” or similar expressions, or future or conditional verbs
such as “will,” “would,” “should,” “could,” “might,” “may,” or
similar expressions. Forward-looking statements involve known and
unknown risks, uncertainties, assumptions, estimates and other
important factors that change over time and could cause actual
results to differ materially from any results, performance or
events expressed or implied by such forward-looking statements.
Furthermore, the following factors, among others, may cause actual
results to differ materially from current expectations in the
forward-looking statements, including those set forth in this press
release:
- new or changes in existing, governmental regulations;
- negative developments in the banking industry and increased
regulatory scrutiny;
- tax legislative initiatives or assessments;
- more stringent capital requirements, to the extent they may
become applicable to us;
- changes in accounting standards;
- any failure to comply with applicable laws and regulations,
including, but not limited to, the Community Reinvestment Act and
fair lending laws, the USA PATRIOT ACT of 2001, the Office of
Foreign Asset Control guidelines and requirements, the Bank Secrecy
Act, and the related Financial Crimes Enforcement Network and
Federal Financial Institutions Examination Council Guidelines and
regulations;
- federal deposit insurance increases;
- lending risks and risks associated with loan sector
concentrations;
- a decline in economic conditions that could reduce demand for
our products and services and negatively impact the credit quality
of loans;
- loan credit losses exceeding estimates;
- exposure to losses in collateralized loan obligation
securities;
- changes to United States trade policies, including the
imposition of tariffs and retaliatory tariffs;
- the soundness of other financial institutions;
- the ability to meet cash flow needs and availability of
financing sources for working capital and other needs;
- a loss of deposits or a change in product mix that increases
the Company’s funding costs;
- inability to access funding or to monetize liquid assets;
- changes in interest rates;
- interest rate effect on the value of our investment
securities;
- cybersecurity risks, including “denial-of-service attacks,”
“hacking,” and “identity theft” that could result in the disclosure
of confidential information;
- privacy, information security, and data protection laws, rules,
and regulations that affect or limit how we collect and use
personal information;
- the potential impairment of our goodwill and other intangible
assets;
- our reliance on other companies that provide key components of
our business infrastructure;
- events that may tarnish our reputation;
- main stream and social media contagion;
- the loss of the services of key members of our management team
and directors;
- our ability to attract and retain qualified employees to
operate our business;
- costs associated with repossessed properties, including
environmental remediation;
- the effectiveness of our systems of internal operating and
accounting controls;
- our ability to implement technology-facilitated products and
services or be successful in marketing these products and services
to our clients;
- difficulties we may face in combining the operations of
acquired entities or assets with our own operations or assessing
the effectiveness of businesses in which we make strategic
investments or with which we enter into strategic contractual
relationships;
- competition from new or existing financial institutions and
non-banks;
- investing in technology;
- incurrence of significant costs related to mergers and related
integration activities;
- the volatility in the price and trading volume of our common
stock;
- “anti-takeover” provisions in our certificate of incorporation
and regulations, which may make it more difficult for a third party
to acquire control of us even in circumstances that could be deemed
beneficial to stockholders;
- changes in our dividend policy or our ability to pay
dividends;
- our common stock not being an insured deposit;
- the potential dilutive effect of future equity issuances;
- the subordination of our common stock to our existing and
future indebtedness;
- the impact of the combined deficiencies resulting in a material
weakness in our internal control over financial reporting;
- the effect of global conditions, earthquakes, volcanoes,
tsunamis, floods, fires, drought, and other natural catastrophic
events; and
- the impact of climate change and environmental sustainability
matters.
These factors are not necessarily all the factors that could
cause our actual results, performance, or achievements to differ
materially from those expressed in or implied by any of our
forward-looking statements. Other unknown or unpredictable factors
also could harm our results.
All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the cautionary statements set forth above and included and
described in more detail in our periodic reports filed with the
Securities and Exchange Commission, or SEC, under the Securities
Exchange Act of 1934, as amended, under the caption “Risk Factors.”
Interested parties are urged to read in their entirety such risk
factors prior to making any investment decision with respect to the
Company. Forward-looking statements speak only as of the date they
are made, and we do not undertake or assume any obligation to
update publicly any of these statements to reflect actual results,
new information or future events, changes in assumptions or changes
in other factors affecting forward-looking statements, except to
the extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
Third Quarter 2024 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to
discuss the results for the third quarter of 2024 at 11:00 a.m.
Eastern Time (9:00 a.m. Mountain Time) on Friday, October 25, 2024.
The conference call will be accessible by telephone and through the
Internet. Participants may join the call by dialing 1-800-343-4136;
the access code is FIBANC. To participate via the Internet, visit
www.FIBK.com. The call will be recorded and made available for
replay on October 25, 2024, after 1:00 p.m. Eastern Time (11:00
a.m. Mountain Time), through November 24, 2024, prior to 9:00 a.m.
Eastern Time (7:00 a.m. Mountain Time), by dialing 1-800-283-4642;
the access code is 24978. The call will also be archived on our
website, www.FIBK.com, for one year.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and bank
holding company focused on community banking. Incorporated in 1971
and headquartered in Billings, Montana, the Company operates
banking offices, including detached drive-up facilities, in
communities across Arizona, Colorado, Idaho, Iowa, Kansas,
Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South
Dakota, Washington, and Wyoming, in addition to offering online and
mobile banking services. Through our bank subsidiary, First
Interstate Bank, the Company delivers a comprehensive range of
banking products and services to individuals, businesses,
municipalities, and others throughout the Company’s market
areas.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Consolidated Statements of
Income
(Unaudited)
Quarter Ended
% Change
(In millions, except % and per share
data)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
3Q24 vs 2Q24
3Q24 vs 3Q23
Net interest income
$
205.5
$
201.7
$
200.1
$
207.8
$
213.7
1.9
%
(3.8
)%
Net interest income on a fully-taxable
equivalent ("FTE") basis
207.1
203.4
201.8
209.5
215.4
1.8
(3.9
)
Provision for (reduction in) credit
losses
19.8
9.0
5.3
5.4
(0.1
)
120.0
NM
Non-interest income:
Payment services revenues
18.7
18.6
18.4
18.4
19.2
0.5
(2.6
)
Mortgage banking revenues
1.7
1.7
1.7
1.5
2.0
—
(15.0
)
Wealth management revenues
9.6
9.4
9.2
8.8
8.7
2.1
10.3
Service charges on deposit accounts
6.6
6.4
6.0
6.0
6.0
3.1
10.0
Other service charges, commissions, and
fees
2.2
2.1
2.2
2.5
2.2
4.8
—
Total fee-based revenues
38.8
38.2
37.5
37.2
38.1
1.6
1.8
Investment securities gain
—
—
—
—
—
—
—
Other income
7.6
4.4
4.6
7.3
3.9
72.7
94.9
Total non-interest income
46.4
42.6
42.1
44.5
42.0
8.9
10.5
Non-interest expense:
Salaries and wages
70.9
66.3
65.2
64.0
65.4
6.9
8.4
Employee benefits
19.7
16.9
19.3
13.5
19.7
16.6
—
Occupancy and equipment
17.0
16.9
17.3
17.4
17.0
0.6
—
Other intangible amortization
3.6
3.7
3.7
3.9
3.9
(2.7
)
(7.7
)
Other expenses
48.2
51.1
52.7
67.0
54.6
(5.7
)
(11.7
)
Other real estate owned expense
—
2.0
2.0
0.2
0.5
(100.0
)
(100.0
)
Total non-interest expense
159.4
156.9
160.2
166.0
161.1
1.6
(1.1
)
Income before income tax
72.7
78.4
76.7
80.9
94.7
(7.3
)
(23.2
)
Provision for income tax
17.2
18.4
18.3
19.4
22.0
(6.5
)
(21.8
)
Net income
$
55.5
$
60.0
$
58.4
$
61.5
$
72.7
(7.5
)%
(23.7
)%
Weighted-average basic shares
outstanding
102,971
102,937
102,844
103,629
103,822
—
%
(0.8
)%
Weighted-average diluted shares
outstanding
103,234
103,093
103,040
103,651
103,826
0.1
(0.6
)
Earnings per share - basic
$
0.54
$
0.58
$
0.57
$
0.59
$
0.70
(6.9
)
(22.9
)
Earnings per share - diluted
0.54
0.58
0.57
0.59
0.70
(6.9
)
(22.9
)
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Consolidated Balance
Sheets
(Unaudited)
% Change
(In millions, except % and per share
data)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
3Q24 vs 2Q24
3Q24 vs 3Q23
Assets:
Cash and due from banks
$
438.9
$
390.2
$
315.8
$
378.2
$
371.5
12.5
%
18.1
%
Interest-bearing deposits in banks
259.6
568.2
319.1
199.7
219.5
(54.3
)
18.3
Federal funds sold
0.1
0.1
0.1
0.1
2.1
—
(95.2
)
Cash and cash equivalents
698.6
958.5
635.0
578.0
593.1
(27.1
)
17.8
Investment securities, net
8,275.6
8,401.6
8,626.1
9,049.4
8,887.2
(1.5
)
(6.9
)
Investment in Federal Home Loan Bank and
Federal Reserve Bank stock
155.5
182.3
178.4
223.2
189.5
(14.7
)
(17.9
)
Loans held for sale, at fair value
20.9
22.3
22.7
47.4
59.1
(6.3
)
(64.6
)
Loans held for investment
18,027.1
18,235.0
18,202.8
18,279.6
18,213.3
(1.1
)
(1.0
)
Allowance for credit losses
(225.4
)
(232.8
)
(227.7
)
(227.7
)
(226.7
)
(3.2
)
(0.6
)
Net loans held for investment
17,801.7
18,002.2
17,975.1
18,051.9
17,986.6
(1.1
)
(1.0
)
Goodwill and intangible assets (excluding
mortgage servicing rights)
1,199.3
1,202.9
1,206.6
1,210.3
1,214.1
(0.3
)
(1.2
)
Company owned life insurance
511.0
507.6
504.7
502.4
500.8
0.7
2.0
Premises and equipment
432.7
436.5
439.9
444.3
446.3
(0.9
)
(3.0
)
Other real estate owned
4.4
6.7
14.4
16.5
11.6
(34.3
)
(62.1
)
Mortgage servicing rights
26.3
27.0
27.6
28.3
29.1
(2.6
)
(9.6
)
Other assets
469.5
541.9
514.3
519.5
623.4
(13.4
)
(24.7
)
Total assets
$
29,595.5
$
30,289.5
$
30,144.8
$
30,671.2
$
30,540.8
(2.3
)%
(3.1
)%
Liabilities and stockholders' equity:
Deposits
$
22,864.1
$
22,870.7
$
22,810.0
$
23,323.1
$
23,679.5
—
%
(3.4
)%
Securities sold under repurchase
agreements
557.2
741.8
794.2
782.7
889.5
(24.9
)
(37.4
)
Long-term debt
137.3
383.4
370.8
120.8
120.8
(64.2
)
13.7
Other borrowed funds
2,080.0
2,430.0
2,342.0
2,603.0
2,067.0
(14.4
)
0.6
Subordinated debentures held by subsidiary
trusts
163.1
163.1
163.1
163.1
163.1
—
—
Other liabilities
428.0
475.2
455.0
451.0
535.4
(9.9
)
(20.1
)
Total liabilities
26,229.7
27,064.2
26,935.1
27,443.7
27,455.3
(3.1
)
(4.5
)
Stockholders' equity:
Common stock
2,457.4
2,453.9
2,450.7
2,448.9
2,484.9
0.1
(1.1
)
Retained earnings
1,163.3
1,156.9
1,145.9
1,135.1
1,122.3
0.6
3.7
Accumulated other comprehensive loss
(254.9
)
(385.5
)
(386.9
)
(356.5
)
(521.7
)
(33.9
)
(51.1
)
Total stockholders' equity
3,365.8
3,225.3
3,209.7
3,227.5
3,085.5
4.4
9.1
Total liabilities and stockholders'
equity
$
29,595.5
$
30,289.5
$
30,144.8
$
30,671.2
$
30,540.8
(2.3
)%
(3.1
)%
Common shares outstanding at period
end
104,530
104,561
104,572
103,942
105,011
—
%
(0.5
)%
Book value per common share at period
end
$
32.20
$
30.85
$
30.69
$
31.05
$
29.38
4.4
9.6
Tangible book value per common share at
period end**
20.73
19.34
19.16
19.41
17.82
7.2
16.3
**Non-GAAP financial measure - see
Non-GAAP Financial Measures included herein for a reconciliation of
book value per common share (GAAP) at period end to tangible book
value per common share (non-GAAP) at period end.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Loans and Deposits
(Unaudited)
% Change
(In millions, except %)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
3Q24 vs 2Q24
3Q24 vs 3Q23
Loans held for investment:
Real Estate:
Commercial
$
9,219.3
$
9,054.5
$
9,060.4
$
8,869.2
$
8,766.2
1.8
%
5.2
%
Construction
1,307.9
1,519.9
1,609.2
1,826.5
1,930.3
(13.9
)
(32.2
)
Residential
2,217.8
2,246.4
2,258.4
2,244.3
2,212.2
(1.3
)
0.3
Agricultural
726.4
723.5
719.7
716.8
731.5
0.4
(0.7
)
Total real estate
13,471.4
13,544.3
13,647.7
13,656.8
13,640.2
(0.5
)
(1.2
)
Consumer:
Indirect
742.2
733.7
739.9
740.9
751.7
1.2
(1.3
)
Direct
136.9
139.0
136.7
141.6
142.3
(1.5
)
(3.8
)
Credit card
76.4
76.1
72.6
76.5
71.6
0.4
6.7
Total consumer
955.5
948.8
949.2
959.0
965.6
0.7
(1.0
)
Commercial
2,919.7
3,052.9
2,922.2
2,906.8
2,925.1
(4.4
)
(0.2
)
Agricultural
689.8
698.2
696.0
769.4
690.5
(1.2
)
(0.1
)
Other
2.5
3.1
0.2
0.1
5.0
(19.4
)
(50.0
)
Deferred loan fees and costs
(11.8
)
(12.3
)
(12.5
)
(12.5
)
(13.1
)
(4.1
)
(9.9
)
Loans held for investment
$
18,027.1
$
18,235.0
$
18,202.8
$
18,279.6
$
18,213.3
(1.1
)%
(1.0
)%
Deposits:
Non-interest-bearing
$
5,919.0
$
6,174.0
$
5,900.3
$
6,029.6
$
6,402.6
(4.1
)%
(7.6
)%
Interest-bearing:
Demand
6,261.4
6,122.3
6,103.6
6,507.8
6,317.9
2.3
(0.9
)
Savings
7,805.5
7,733.6
7,872.2
7,775.8
7,796.3
0.9
0.1
Time, $250 and over
818.6
786.1
819.3
811.6
817.1
4.1
0.2
Time, other
2,059.6
2,054.7
2,114.6
2,198.3
2,345.6
0.2
(12.2
)
Total interest-bearing
16,945.1
16,696.7
16,909.7
17,293.5
17,276.9
1.5
(1.9
)
Total deposits
$
22,864.1
$
22,870.7
$
22,810.0
$
23,323.1
$
23,679.5
—
%
(3.4
)%
Total core deposits (1)
$
22,045.5
$
22,084.6
$
21,990.7
$
22,511.5
$
22,862.4
(0.2
)%
(3.6
)%
(1) Core deposits are defined as total
deposits less time deposits, $250 thousand and over, and brokered
deposits.
NM - not meaningful
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Credit Quality
(Unaudited)
% Change
(In millions, except %)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
3Q24 vs 2Q24
3Q24 vs 3Q23
Allowance for Credit Losses:
Allowance for credit losses
$
225.4
$
232.8
$
227.7
$
227.7
$
226.7
(3.2
)%
(0.6
)%
As a percentage of loans held for
investment
1.25
%
1.28
%
1.25
%
1.25
%
1.24
%
As a percentage of non-accrual loans
130.52
140.58
132.38
214.00
278.50
Net loan charge-offs during quarter
$
27.4
$
13.5
$
8.4
$
4.8
$
1.1
103.0
%
NM
Annualized as a percentage of average
loans
0.60
%
0.30
%
0.18
%
0.10
%
0.02
%
Non-Performing Assets:
Non-accrual loans
$
172.7
$
165.6
$
172.0
$
106.4
$
81.4
4.3
%
112.2
%
Accruing loans past due 90 days or
more
1.8
2.6
3.0
4.9
3.2
(30.8
)
(43.8
)
Total non-performing loans
174.5
168.2
175.0
111.3
84.6
3.7
106.3
Other real estate owned
4.4
6.7
14.4
16.5
11.6
(34.3
)
(62.1
)
Total non-performing assets
$
178.9
$
174.9
$
189.4
$
127.8
$
96.2
2.3
%
86.0
%
Non-performing assets as a percentage
of:
Loans held for investment and OREO
0.99
%
0.96
%
1.04
%
0.70
%
0.53
%
Total assets
0.60
0.58
0.63
0.42
0.31
Non-accrual loans to loans held for
investment
0.96
0.91
0.94
0.58
0.45
Accruing Loans 30-89 Days Past Due
$
40.7
$
46.4
$
62.8
$
67.3
$
51.2
(12.3
)%
(20.5
)%
Criticized Loans:
Special Mention
$
188.9
$
162.7
$
160.1
$
210.5
$
197.3
16.1
%
(4.3
)%
Substandard
365.9
409.3
405.8
457.1
414.6
(10.6
)
(11.7
)
Doubtful
48.5
46.0
64.1
20.7
21.0
5.4
131.0
Total
$
603.3
$
618.0
$
630.0
$
688.3
$
632.9
(2.4
)%
(4.7
)%
NM - not meaningful
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Selected Ratios -
Annualized
(Unaudited)
At or for the Quarter ended:
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Annualized Financial Ratios
(GAAP)
Return on average assets
0.74
%
0.80
%
0.77
%
0.80
%
0.94
%
Return on average common stockholders'
equity
6.68
7.55
7.28
7.77
9.20
Yield on average earning assets
4.83
4.80
4.74
4.69
4.63
Cost of average interest-bearing
liabilities
2.41
2.39
2.39
2.24
2.09
Interest rate spread
2.42
2.41
2.35
2.45
2.54
Efficiency ratio
61.85
62.71
64.62
64.25
61.48
Loans held for investment to deposit
ratio
78.84
79.73
79.80
78.38
76.92
Annualized Financial Ratios -
Operating** (Non-GAAP)
Net FTE interest margin ratio
3.04
%
3.00
%
2.93
%
3.01
%
3.07
%
Tangible book value per common share
$
20.73
$
19.34
$
19.16
$
19.41
$
17.82
Tangible common stockholders' equity to
tangible assets
7.63
%
6.95
%
6.92
%
6.85
%
6.38
%
Return on average tangible common
stockholders' equity
10.48
12.12
11.63
12.65
15.04
Consolidated Capital Ratios
Total risk-based capital to total
risk-weighted assets
14.11
%
*
13.80
%
13.64
%
13.28
%
13.19
%
Tier 1 risk-based capital to total
risk-weighted assets
11.83
*
11.53
11.37
11.08
11.02
Tier 1 common capital to total
risk-weighted assets
11.83
*
11.53
11.37
11.08
11.02
Leverage Ratio
8.57
*
8.44
8.28
8.22
8.22
*Preliminary estimate - may be subject to
change. The regulatory capital ratios presented include the
assumption of the transitional method as a result of legislation by
the United States Congress to provide relief for the economy and
financial institutions in the United States from the COVID‑19
pandemic. The referenced relief ends on December 31, 2024, which
allows a total five-year phase-in of the impact of CECL on capital
and relief over the next two years for the impact on the allowance
for credit losses resulting from the COVID‑19 pandemic.
**Non-GAAP financial measures - see
Non-GAAP Financial Measures included herein for a reconciliation of
net interest margin to net FTE interest margin, book value per
common share to tangible book value per common share, return on
average common stockholders’ equity (GAAP) to return on average
tangible common stockholders’ equity, and tangible common
stockholders’ equity to tangible assets (non-GAAP).
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Average Balance Sheets
(Unaudited)
Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
(In millions, except %)
Average Balance
Interest(2)
Average Rate
Average Balance
Interest(2)
Average Rate
Average Balance
Interest(2)
Average Rate
Interest-earning assets:
Loans (1)
$
18,209.1
$
260.3
5.69
%
$
18,253.9
$
254.4
5.61
%
$
18,317.4
$
251.5
5.45
%
Investment securities
Taxable
8,209.7
60.7
2.94
8,311.6
62.3
3.01
8,877.6
66.0
2.95
Tax-exempt
185.3
0.9
1.93
187.8
0.8
1.71
190.4
0.9
1.88
Investment in FHLB and FRB stock
176.0
2.8
6.33
185.5
3.3
7.16
202.6
2.9
5.68
Interest-bearing deposits in banks
353.1
4.9
5.52
348.0
4.9
5.66
208.5
3.0
5.71
Federal funds sold
0.1
—
—
0.1
—
—
0.3
—
—
Total interest-earning assets
$
27,133.3
$
329.6
4.83
%
$
27,286.9
$
325.7
4.80
%
$
27,796.8
$
324.3
4.63
%
Non-interest-earning assets
2,813.6
2,853.7
2,955.5
Total assets
$
29,946.9
$
30,140.6
$
30,752.3
Interest-bearing liabilities:
Demand deposits
$
6,143.9
$
15.1
0.98
%
$
6,142.9
$
13.9
0.91
%
$
6,361.5
$
13.3
0.83
%
Savings deposits
7,763.4
42.2
2.16
7,760.3
40.8
2.11
7,838.4
33.6
1.70
Time deposits
2,863.1
26.9
3.74
2,863.4
26.2
3.68
2,938.0
21.9
2.96
Repurchase agreements
643.9
1.4
0.86
775.5
1.9
0.99
895.2
1.7
0.75
Other borrowed funds
2,526.6
32.0
5.04
2,501.9
31.8
5.11
2,396.3
33.6
5.56
Long-term debt
147.2
1.6
4.32
377.2
4.4
4.69
120.8
1.5
4.93
Subordinated debentures held by subsidiary
trusts
163.1
3.3
8.05
163.1
3.3
8.14
163.1
3.3
8.03
Total interest-bearing liabilities
$
20,251.2
$
122.5
2.41
%
$
20,584.3
$
122.3
2.39
%
$
20,713.3
$
108.9
2.09
%
Non-interest-bearing deposits
5,927.2
5,868.7
6,401.2
Other non-interest-bearing liabilities
461.4
492.3
504.0
Stockholders’ equity
3,307.1
3,195.3
3,133.8
Total liabilities and stockholders’
equity
$
29,946.9
$
30,140.6
$
30,752.3
Net FTE interest income (non-GAAP)(3)
$
207.1
$
203.4
$
215.4
Less FTE adjustments (2)
(1.6
)
(1.7
)
(1.7
)
Net interest income from consolidated
statements of income
$
205.5
$
201.7
$
213.7
Interest rate spread
2.42
%
2.41
%
2.54
%
Net interest margin
3.01
2.97
3.05
Net FTE interest margin (non-GAAP)(3)
3.04
3.00
3.07
Cost of funds, including
non-interest-bearing demand deposits (4)
1.86
1.86
1.59
(1) Average loan balances include loans
held for sale and loans held for investment, net of deferred fees
and costs, which include non-accrual loans. Interest income
includes amortization of deferred loan fees net of deferred loan
costs, which is not material.
(2) Management believes fully taxable
equivalent, or FTE, interest income is useful to investors in
evaluating the Company’s performance as a comparison of the returns
between a tax-free investment and a taxable alternative. The
Company adjusts interest income and average rates for tax exempt
loans and securities to an FTE basis utilizing a 21.00% tax
rate.
(3) Non-GAAP financial measure - see
Non-GAAP Financial Measures included herein for a reconciliation to
GAAP measures.
(4) Calculated by dividing total
annualized interest on interest-bearing liabilities by the sum of
total interest-bearing liabilities plus non-interest-bearing
deposits.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Non-GAAP Financial
Measures
(Unaudited)
As of or For the Quarter
Ended
(In millions, except % and per share
data)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Total common stockholders' equity
(GAAP)
(A)
$
3,365.8
$
3,225.3
$
3,209.7
$
3,227.5
$
3,085.5
Less goodwill and other intangible assets
(excluding mortgage servicing rights)
1,199.3
1,202.9
1,206.6
1,210.3
1,214.1
Tangible common stockholders' equity
(Non-GAAP)
(B)
$
2,166.5
$
2,022.4
$
2,003.1
$
2,017.2
$
1,871.4
Total assets (GAAP)
$
29,595.5
$
30,289.5
$
30,144.8
$
30,671.2
$
30,540.8
Less goodwill and other intangible assets
(excluding mortgage servicing rights)
1,199.3
1,202.9
1,206.6
1,210.3
1,214.1
Tangible assets (Non-GAAP)
(C)
$
28,396.2
$
29,086.6
$
28,938.2
$
29,460.9
$
29,326.7
Average Balances:
Total common stockholders' equity
(GAAP)
(D)
$
3,307.1
$
3,195.3
$
3,228.4
$
3,140.3
$
3,133.8
Less goodwill and other intangible assets
(excluding mortgage servicing rights)
1,201.0
1,204.6
1,208.4
1,212.1
1,216.0
Average tangible common stockholders'
equity (Non-GAAP)
(E)
$
2,106.1
$
1,990.7
$
2,020.0
$
1,928.2
$
1,917.8
Net interest income
(F)
$
205.5
$
201.7
$
200.1
$
207.8
$
213.7
FTE interest income
1.6
1.7
1.7
1.7
1.7
Net FTE interest income (Non-GAAP)
(G)
207.1
203.4
201.8
209.5
215.4
Less purchase accounting accretion
4.4
5.1
6.5
5.4
5.2
Adjusted net FTE interest income
(Non-GAAP)
(H)
$
202.7
$
198.3
$
195.3
$
204.1
$
210.2
Average interest-earning assets
(I)
$
27,133.3
$
27,286.9
$
27,699.6
$
27,569.4
$
27,796.8
Total quarterly average assets
(J)
29,946.9
30,140.6
30,525.2
30,507.7
30,752.3
Annualized net income available to common
shareholders
(K)
220.8
241.3
234.9
244.0
288.4
Common shares outstanding
(L)
104,530
104,561
104,572
103,942
105,011
Return on average assets (GAAP)
(K) / (J)
0.74
%
0.80
%
0.77
%
0.80
%
0.94
%
Return on average common stockholders'
equity (GAAP)
(K) / (D)
6.68
7.55
7.28
7.77
9.20
Average common stockholders' equity to
average assets (GAAP)
(D) / (J)
11.04
10.60
10.58
10.29
10.19
Book value per common share (GAAP)
(A) / (L)
$
32.20
$
30.85
$
30.69
$
31.05
$
29.38
Tangible book value per common share
(Non-GAAP)
(B) / (L)
20.73
19.34
19.16
19.41
17.82
Tangible common stockholders' equity to
tangible assets (Non-GAAP)
(B) / (C)
7.63
%
6.95
%
6.92
%
6.85
%
6.38
%
Return on average tangible common
stockholders' equity (Non-GAAP)
(K) / (E)
10.48
12.12
11.63
12.65
15.04
Net interest margin (GAAP)
(F*) / (I)
3.01
2.97
2.91
2.99
3.05
Net FTE interest margin (Non-GAAP)
(G*) / (I)
3.04
3.00
2.93
3.01
3.07
Adjusted FTE net interest margin
(Non-GAAP)
(H*) / (I)
2.97
2.92
2.84
2.94
3.00
*Annualized
(FIBK-ER)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241024125680/en/
David Della Camera, CFA Deputy Chief Financial Officer First
Interstate BancSystem, Inc. (406) 255-5363
investor.relations@fib.com www.FIBK.com
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