false000086041300008604132024-07-252024-07-25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): July 25, 2024
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FIRST INTERSTATE BANCSYSTEM, INC.
(Exact name of registrant as specified in its charter)
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| Delaware | 001-34653 | | 81-0331430 |
(State or other jurisdiction of
incorporation or organization) | (Commission
File No.) | | (IRS Employer
Identification No.) |
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401 North 31st Street | | | |
Billings, | MT | | | 59101 |
| (Address of principal executive offices) | | | (zip code) |
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| (406) | 255-5311 | |
| (Registrant’s telephone number, including area code) |
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| Not Applicable | |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a- 12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common stock, $0.00001 par value | FIBK | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 Results of Operations and Financial Condition.
On July 25, 2024, First Interstate BancSystem, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. Neither the information included or incorporated by reference under this Item 2.02, nor the press release furnished herewith, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On July 25, 2024, the Company posted a new corporate presentation (the “Presentation”) on the Events & Presentations page of the Company’s website at https://www.fibk.com. The Presentation, which is furnished with this Current Report as Exhibit 99.2 and incorporated herein by reference, updates previously furnished presentations and provides an overview of the Company and its operations. Neither the information included or incorporated by reference under this Item 7.01, nor the Presentation furnished herewith, shall be deemed to be “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On July 25, 2024, the Company also announced that the Board of Directors of the Company declared, on July 24, 2024, a dividend of $0.47 per share, that is payable August 15, 2024 to shareholders of record of the Company as of August 5, 2024.
Item 9.01 Financial Statements and Exhibits.
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| (d) | Exhibit Number | | Description |
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| | | Press Release dated July 25, 2024. |
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| | | Presentation |
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| 104 | | Cover Page Interactive Data File (embedded within Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 25, 2024
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| FIRST INTERSTATE BANCSYSTEM, INC. |
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| By: | /s/ KEVIN P. RILEY |
| | Kevin P. Riley |
| | President and Chief Executive Officer |
Exhibit 99.1
For Immediate Release
First Interstate BancSystem, Inc. Reports Second Quarter Earnings
Billings, MT - July 25, 2024 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the second quarter of 2024. For the quarter, the Company reported net income of $60.0 million, or $0.58 per share, which compares to net income of $58.4 million, or $0.57 per share, for the first quarter of 2024 and net income of $67.0 million, or $0.65 per share, for the second quarter of 2023.
HIGHLIGHTS
•Criticized loans decreased $12.0 million at June 30, 2024, compared to March 31, 2024, driven by loan upgrades, payoffs, and charge-offs.
•Non-performing assets decreased $14.5 million at June 30, 2024, compared to March 31, 2024, driven primarily by the paydown of nonaccrual loans and disposal of OREO properties in the second quarter of 2024.
•Net interest margin increased to 2.97% for the second quarter of 2024, a 6 basis point increase from the first quarter of 2024. Net interest margin, on a fully taxable equivalent (“FTE”) basis1, increased to 3.00% for the second quarter of 2024, or a 7 basis point increase from the first quarter of 2024.
•Loans held for investment increased $32.2 million at June 30, 2024, compared to March 31, 2024.
•Total deposits increased $60.7 million at June 30, 2024 from March 31, 2024.
•Non-interest expense decreased $3.3 million for the second quarter of 2024, compared to the first quarter of 2024 and decreased $7.0 million compared to the second quarter of 2023.
“We continued executing well in the second quarter, with results generally in-line with expectations. We were pleased to see our net interest margin expansion, as expected, a reduction in non-performing assets, and continued expense control. Given our strong levels of capital and liquidity, adequate allowance for credit losses, and continued expectations for net interest margin expansion and expense control, we believe we are well positioned for the remainder of 2024 into 2025 and remain confident in our ability to generate solid returns, ” said Kevin P. Riley, President and Chief Executive Officer of First Interstate BancSystem, Inc.
DIVIDEND DECLARATION
On July 24, 2024, the Company’s board of directors declared a dividend of $0.47 per common share, payable on August 15, 2024, to common stockholders of record as of August 5, 2024. The dividend equates to a 7.1% annualized yield based on the $26.48 per share average closing price of the Company’s common stock as reported on NASDAQ during the second quarter of 2024.
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.
NET INTEREST INCOME
Net interest income increased $1.6 million, or 0.8%, to $201.7 million, during the second quarter of 2024, compared to net interest income of $200.1 million during the first quarter of 2024, primarily due to a decrease in interest expense resulting from a decrease in average other borrowed funds during the second quarter of 2024. Net interest income decreased $16.7 million, or 7.6%, during the second quarter of 2024 compared to the second quarter of 2023, primarily due to an increase in interest expense resulting from higher costs of interest-bearing deposits, partially offset be an increase in interest and fees on loans in the second quarter of 2024.
•Interest accretion attributable to the fair valuation of acquired loans from acquisitions contributed to net interest income during the second quarter of 2024, the first quarter of 2024, and the second quarter of 2023, in the amounts of $5.1 million, $6.5 million, and $4.6 million, respectively.
The net interest margin ratio was 2.97% for the second quarter of 2024, compared to 2.91% during the first quarter of 2024, and 3.09% during the second quarter of 2023. The net FTE interest margin ratio2, was 3.00% for the second quarter of 2024, compared to 2.93% during the first quarter of 2024, and 3.12% during the second 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 2.92%, an increase of 8 basis points from the prior quarter, primarily driven by lower interest expense as a result of 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 13 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.
PROVISION FOR CREDIT LOSSES
During the second quarter of 2024, the Company recorded a provision for credit losses of $9.0 million. This compares to a provision for credit losses of $5.3 million during the first quarter of 2024 and $11.7 million during the second quarter of 2023.
For the second quarter of 2024, the allowance for credit losses included net charge-offs of $13.5 million, or an annualized 0.30% of average loans outstanding, compared to net charge-offs of $8.4 million, or an annualized 0.18% of average loans outstanding, for the first quarter of 2024 and net charge-offs of $11.4 million, or an annualized 0.25% of average loans outstanding, for the second quarter of 2023. Net loan charge-offs in the second quarter of 2024 were composed of charge-offs of $16.3 million, including the charge-off of a $6.8 million specific allocation related to a construction real estate loan, and recoveries of $2.8 million.
The Company’s allowance for credit losses as a percentage of period-end loans held for investment was 1.28% at June 30, 2024, compared to 1.25% at March 31, 2024 and 1.23% at June 30, 2023. Coverage of non-performing loans increased to 138.4% at June 30, 2024, compared to 130.1% at March 31, 2024 and 242.0% at June 30, 2023.
NON-INTEREST INCOME
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| For the Quarter Ended | Jun 30, 2024 | | Mar 31, 2024 | | $ Change | % Change | | Jun 30, 2023 | | $ Change | % Change |
| (Dollars in millions) | | | | |
| Payment services revenues | $ | 18.6 | | | $ | 18.4 | | | $ | 0.2 | | 1.1 | % | | $ | 20.1 | | | $ | (1.5) | | (7.5) | % |
| Mortgage banking revenues | 1.7 | | | 1.7 | | | — | | — | | | 2.6 | | | (0.9) | | (34.6) | |
| Wealth management revenues | 9.4 | | | 9.2 | | | 0.2 | | 2.2 | | | 8.8 | | | 0.6 | | 6.8 | |
| Service charges on deposit accounts | 6.4 | | | 6.0 | | | 0.4 | | 6.7 | | | 5.8 | | | 0.6 | | 10.3 | |
| Other service charges, commissions, and fees | 2.1 | | | 2.2 | | | (0.1) | | (4.5) | | | 2.4 | | | (0.3) | | (12.5) | |
| Investment securities loss | — | | | — | | | — | | — | | | (0.1) | | | 0.1 | | (100.0) | |
| Other income | 4.4 | | | 4.6 | | | (0.2) | | (4.3) | | | 4.5 | | | (0.1) | | (2.2) | |
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| Total non-interest income | $ | 42.6 | | | $ | 42.1 | | | $ | 0.5 | | 1.2 | % | | $ | 44.1 | | | $ | (1.5) | | (3.4) | % |
Non-interest income was $42.6 million for the second quarter of 2024, increasing $0.5 million and decreasing $1.5 million compared to the first quarter of 2024 and the second quarter of 2023, respectively.
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.
NON-INTEREST EXPENSE
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| For the Quarter Ended | Jun 30, 2024 | | Mar 31, 2024 | | $ Change | % Change | | Jun 30, 2023 | | $ Change | % Change |
| (Dollars in millions) | | | | |
| Salaries and wages | $ | 66.3 | | | $ | 65.2 | | | $ | 1.1 | | 1.7 | % | | $ | 68.1 | | | $ | (1.8) | | (2.6) | % |
| Employee benefits | 16.9 | | | 19.3 | | | (2.4) | | (12.4) | | | 19.3 | | | (2.4) | | (12.4) | |
| Occupancy and equipment | 16.9 | | | 17.3 | | | (0.4) | | (2.3) | | | 17.3 | | | (0.4) | | (2.3) | |
| Other intangible amortization | 3.7 | | | 3.7 | | | — | | — | | | 3.9 | | | (0.2) | | (5.1) | |
| Other expenses | 51.1 | | | 52.7 | | | (1.6) | | (3.0) | | | 54.7 | | | (3.6) | | (6.6) | |
| Other real estate owned expense | 2.0 | | | 2.0 | | | — | | — | | | 0.6 | | | 1.4 | | 233.3 | |
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| Total non-interest expense | $ | 156.9 | | | $ | 160.2 | | | $ | (3.3) | | (2.1) | % | | $ | 163.9 | | | $ | (7.0) | | (4.3) | % |
The Company’s non-interest expense was $156.9 million for the second quarter of 2024, a decrease of $3.3 million from the first quarter of 2024 and a decrease of $7.0 million from the second quarter of 2023.
Salary and wages expense increased $1.1 million during the second quarter of 2024 compared to the first quarter of 2024, primarily due to a reversal of short-term incentives in the first quarter for the over accrual of short-term incentives at December 31, 2024. Salaries and wages expense decreased $1.8 million during the second quarter of 2024 compared to the second quarter of 2023, primarily due to lower salaries and wages and net severance costs from expense reduction initiatives undertaken by the Company in 2023, which were partially offset by higher short-term incentive accruals in the second quarter of 2024.
Employee benefit expenses decreased $2.4 million during the second quarter of 2024 compared to the first quarter of 2024, primarily due to a decrease of $2.5 million of the seasonal reset of payroll taxes. Employee benefit expenses decreased $2.4 million during the second quarter of 2024 compared to the second quarter of 2023, primarily due to lower health insurance costs, partially offset by higher long-term incentive accruals.
Other expenses decreased $1.6 million during the second quarter of 2024 compared to the first quarter of 2024, primarily due to a decrease in professional fees and a decrease in FDIC insurance related the special assessment fee accrued in the first quarter of 2024. Other expenses decreased $3.6 million during the second quarter of 2024 compared to the second quarter of 2023, primarily as a result of decreases in software and software maintenance costs, credit card reward accruals, and new market tax credit amortization expenses as a result of the adoption of ASU 2023-02.
Other real estate owned expenses were stable during the second quarter of 2024 compared to the first quarter of 2024 and increased $1.4 million compared to the second quarter of 2023. The year-over-year increase was primarily due to the write down of a commercial property in the second quarter of 2024.
BALANCE SHEET
Total assets increased $144.7 million, or 0.5%, to $30,289.5 million as of June 30, 2024, from $30,144.8 million as of March 31, 2024, primarily due to increases in cash and cash equivalents, loans, and other assets, which was partially offset by a decrease in investment securities. Total assets decreased $686.8 million, or 2.2%, from $30,976.3 million as of June 30, 2023, primarily due to decreases in investment securities which funded declines in deposits and securities sold under repurchase agreements, which was partially offset by an increase in cash and cash equivalents.
Investment securities decreased $224.5 million, or 2.6%, to $8,401.6 million as of June 30, 2024, from $8,626.1 million as of March 31, 2024, primarily as a result of normal pay-downs and maturities. Investment securities decreased $774.0 million, or 8.4%, from $9,175.6 million as of June 30, 2023, primarily as a result of normal pay-downs and maturities, partially offset by a $100.2 million increase in fair market values and a reduction of $1.3 million in allowance for credit losses on available-for-sale investment securities during the period.
The following table presents the composition and comparison of loans held for investment as of the quarters-ended:
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| Jun 30, 2024 | Mar 31, 2024 | $ Change | % Change | Jun 30, 2023 | $ Change | % Change | |
| Real Estate: | | | | | | | | |
| Commercial | $ | 9,054.5 | | $ | 9,060.4 | | $ | (5.9) | | (0.1) | % | $ | 8,813.9 | | $ | 240.6 | | 2.7 | % | |
| Construction | 1,519.9 | | 1,609.2 | | (89.3) | | (5.5) | | 1,836.5 | | (316.6) | | (17.2) | | |
| Residential | 2,246.4 | | 2,258.4 | | (12.0) | | (0.5) | | 2,198.3 | | 48.1 | | 2.2 | | |
| Agricultural | 723.5 | | 719.7 | | 3.8 | | 0.5 | | 755.7 | | (32.2) | | (4.3) | | |
| Total real estate | 13,544.3 | | 13,647.7 | | (103.4) | | (0.8) | | 13,604.4 | | (60.1) | | (0.4) | | |
| Consumer: | | | | | | | | |
| Indirect | 733.7 | | 739.9 | | (6.2) | | (0.8) | | 764.1 | | (30.4) | | (4.0) | | |
| Direct and advance lines | 139.0 | | 136.7 | | 2.3 | | 1.7 | | 144.0 | | (5.0) | | (3.5) | | |
| Credit card | 76.1 | | 72.6 | | 3.5 | | 4.8 | | 72.1 | | 4.0 | | 5.5 | | |
| Total consumer | 948.8 | | 949.2 | | (0.4) | | — | | 980.2 | | (31.4) | | (3.2) | | |
| Commercial | 3,052.9 | | 2,922.2 | | 130.7 | | 4.5 | | 3,002.7 | | 50.2 | | 1.7 | | |
| Agricultural | 698.2 | | 696.0 | | 2.2 | | 0.3 | | 688.0 | | 10.2 | | 1.5 | | |
| Other, including overdrafts | 3.1 | | 0.2 | | 2.9 | | NM | 1.7 | | 1.4 | | 82.4 | | |
| Deferred loan fees and costs | (12.3) | | (12.5) | | 0.2 | | (1.6) | | (13.6) | | 1.3 | | (9.6) | | |
| Loans held for investment, net of deferred loan fees and costs | $ | 18,235.0 | | $ | 18,202.8 | | $ | 32.2 | | 0.2 | % | $ | 18,263.4 | | $ | (28.4) | | (0.2) | % | |
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The ratio of loans held for investment to deposits was 79.7%, as of June 30, 2024, compared to 79.8% as of March 31, 2024 and 77.5% as of June 30, 2023.
Total deposits increased $60.7 million, or 0.3%, to $22,870.7 million as of June 30, 2024, from $22,810.0 million as of March 31, 2024, with increases in non-interest bearing and demand deposits, which were partially offset by decreases in all other categories. Total deposits decreased $708.5 million, or 3.0%, from $23,579.2 million as of June 30, 2023, with decreases in all types of deposits except for time deposits $250 thousand and over.
Securities sold under repurchase agreements decreased $52.4 million, or 6.6%, to $741.8 million as of June 30, 2024, from $794.2 million as of March 31, 2024, and decreased $188.1 million, or 20.2%, from $929.9 million as of June 30, 2023, resulting from normal fluctuations in the liquidity needs of the Company’s clients.
Other borrowed funds is comprised of Federal Home Loan Bank and Bank Term Funding Program variable-rate, overnight and fixed-rate borrowings with contractual tenors of up to one year. Other borrowed funds increased $88.0 million, or 3.8%, to $2,430.0 million as of June 30, 2024, from $2,342.0 million as of March 31, 2024, as a result of higher cash balances held at quarter end, and decreased $159.0 million from June 30, 2023, as a result of adjusting the funding mix between other borrowed funds and long-term debt related to $250.0 million of 18-month Federal Home Loan Bank borrowing in the first quarter of 2024.
The Company is considered to be “well-capitalized” as of June 30, 2024, having exceeded all regulatory capital adequacy requirements. During the second quarter of 2024, the Company paid regular common stock dividends of approximately $49.0 million, or $0.47 per share.
CREDIT QUALITY
As of June 30, 2024, non-performing assets decreased $14.5 million, or 7.7%, to $174.9 million, compared to $189.4 million as of March 31, 2024, primarily due to a reduction of non-accrual loans and disposal of OREO properties.
Criticized loans decreased $12.0 million, or 1.9%, to $618.0 million as of June 30, 2024, from $630.0 million as of March 31, 2024, driven primarily by upgrades and paydowns in the agricultural real estate and construction real estate portfolios and a $6.8 million charge-off of a construction real estate loan. The decrease was partially offset by downgrades in the commercial real estate portfolio.
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 stockholders’ equity less average goodwill and other intangible assets (excluding mortgage servicing rights). Return on average tangible common stockholders’ equity is calculated as 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 GTE interest income excluding purchase accounting interest accretion on acquired loans. Adjusted net FTE interest margin ratio is calculated as 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). 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.
Second Quarter 2024 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to discuss the results for the second quarter of 2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Friday, July 26, 2024. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-274-8461; 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 July 26, 2024, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through August 25, 2024, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-800-753-9146; 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.
| | | | | | | | | | | | | | |
| Contact: | | David Della Camera, CFA | | NASDAQ: FIBK |
| | Deputy Chief Financial Officer
First Interstate BancSystem, Inc.
(406) 255-5363
investor.relations@fib.com | | www.FIBK.com
(FIBK-ER) |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter Ended | | % Change | |
| (In millions, except % and per share data) | Jun 30,
2024 | Mar 31,
2024 | Dec 31,
2023 | Sep 30,
2023 | Jun 30,
2023 | | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 | |
| Net interest income | $ | 201.7 | | $ | 200.1 | | $ | 207.8 | | $ | 213.7 | | $ | 218.4 | | | 0.8 | % | (7.6) | % | |
| Net interest income on a fully-taxable equivalent ("FTE") basis | 203.4 | | 201.8 | | 209.5 | | 215.4 | | 220.2 | | | 0.8 | | (7.6) | | |
| Provision for (reduction in) credit losses | 9.0 | | 5.3 | | 5.4 | | (0.1) | | 11.7 | | | 69.8 | | (23.1) | | |
| Non-interest income: | | | | | | | | | |
| Payment services revenues | 18.6 | | 18.4 | | 18.4 | | 19.2 | | 20.1 | | | 1.1 | | (7.5) | | |
| Mortgage banking revenues | 1.7 | | 1.7 | | 1.5 | | 2.0 | | 2.6 | | | — | | (34.6) | | |
| Wealth management revenues | 9.4 | | 9.2 | | 8.8 | | 8.7 | | 8.8 | | | 2.2 | | 6.8 | | |
| Service charges on deposit accounts | 6.4 | | 6.0 | | 6.0 | | 6.0 | | 5.8 | | | 6.7 | | 10.3 | | |
| Other service charges, commissions, and fees | 2.1 | | 2.2 | | 2.5 | | 2.2 | | 2.4 | | | (4.5) | | (12.5) | | |
| Total fee-based revenues | 38.2 | | 37.5 | | 37.2 | | 38.1 | | 39.7 | | | 1.9 | | (3.8) | | |
| Investment securities loss | — | | — | | — | | — | | (0.1) | | | — | | (100.0) | | |
| Other income | 4.4 | | 4.6 | | 7.3 | | 3.9 | | 4.5 | | | (4.3) | | (2.2) | | |
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| Total non-interest income | 42.6 | | 42.1 | | 44.5 | | 42.0 | | 44.1 | | | 1.2 | | (3.4) | | |
| Non-interest expense: | | | | | | | | | |
| Salaries and wages | 66.3 | | 65.2 | | 64.0 | | 65.4 | | 68.1 | | | 1.7 | | (2.6) | | |
| Employee benefits | 16.9 | | 19.3 | | 13.5 | | 19.7 | | 19.3 | | | (12.4) | | (12.4) | | |
| Occupancy and equipment | 16.9 | | 17.3 | | 17.4 | | 17.0 | | 17.3 | | | (2.3) | | (2.3) | | |
| Other intangible amortization | 3.7 | | 3.7 | | 3.9 | | 3.9 | | 3.9 | | | — | | (5.1) | | |
| Other expenses | 51.1 | | 52.7 | | 67.0 | | 54.6 | | 54.7 | | | (3.0) | | (6.6) | | |
| Other real estate owned expense | 2.0 | | 2.0 | | 0.2 | | 0.5 | | 0.6 | | | — | | 233.3 | | |
| | | | | | | | | |
| Total non-interest expense | 156.9 | | 160.2 | | 166.0 | | 161.1 | | 163.9 | | | (2.1) | | (4.3) | | |
| Income before income tax | 78.4 | | 76.7 | | 80.9 | | 94.7 | | 86.9 | | | 2.2 | | (9.8) | | |
| Provision for income tax | 18.4 | | 18.3 | | 19.4 | | 22.0 | | 19.9 | | | 0.5 | | (7.5) | | |
| Net income | $ | 60.0 | | $ | 58.4 | | $ | 61.5 | | $ | 72.7 | | $ | 67.0 | | | 2.7 | % | (10.4) | % | |
| | | | | | | | | |
| Weighted-average basic shares outstanding | 102,937 | | 102,844 | | 103,629 | | 103,822 | | 103,821 | | | 0.1 | % | (0.9) | % | |
| Weighted-average diluted shares outstanding | 103,093 | | 103,040 | | 103,651 | | 103,826 | | 103,823 | | | 0.1 | | (0.7) | | |
| Earnings per share - basic | $ | 0.58 | | $ | 0.57 | | $ | 0.59 | | $ | 0.70 | | $ | 0.65 | | | 1.8 | | (10.8) | | |
| Earnings per share - diluted | 0.58 | | 0.57 | | 0.59 | | 0.70 | | 0.65 | | | 1.8 | | (10.8) | | |
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | % Change |
| (In millions, except % and per share data) | Jun 30,
2024 | Mar 31,
2024 | Dec 31,
2023 | Sep 30,
2023 | Jun 30,
2023 | | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
| Assets: | | | | | | | | |
| Cash and due from banks | $ | 390.2 | | $ | 315.8 | | $ | 378.2 | | $ | 371.5 | | $ | 479.0 | | | 23.6 | % | (18.5) | % |
| Interest-bearing deposits in banks | 568.2 | | 319.1 | | 199.7 | | 219.5 | | 201.4 | | | 78.1 | | 182.1 | |
| Federal funds sold | 0.1 | | 0.1 | | 0.1 | | 2.1 | | 0.1 | | | — | | — | |
| Cash and cash equivalents | 958.5 | | 635.0 | | 578.0 | | 593.1 | | 680.5 | | | 50.9 | | 40.9 | |
| | | | | | | | |
| Investment securities, net | 8,401.6 | | 8,626.1 | | 9,049.4 | | 8,887.2 | | 9,175.6 | | | (2.6) | | (8.4) | |
| Investment in Federal Home Loan Bank and Federal Reserve Bank stock | 182.3 | | 178.4 | | 223.2 | | 189.5 | | 210.4 | | | 2.2 | | (13.4) | |
| Loans held for sale, at fair value | 22.3 | | 22.7 | | 47.4 | | 59.1 | | 76.5 | | | (1.8) | | (70.8) | |
| Loans held for investment | 18,235.0 | | 18,202.8 | | 18,279.6 | | 18,213.3 | | 18,263.4 | | | 0.2 | | (0.2) | |
| Allowance for credit losses | (232.8) | | (227.7) | | (227.7) | | (226.7) | | (224.6) | | | 2.2 | | 3.7 | |
| Net loans held for investment | 18,002.2 | | 17,975.1 | | 18,051.9 | | 17,986.6 | | 18,038.8 | | | 0.2 | | (0.2) | |
| Goodwill and intangible assets (excluding mortgage servicing rights) | 1,202.9 | | 1,206.6 | | 1,210.3 | | 1,214.1 | | 1,218.0 | | | (0.3) | | (1.2) | |
| Company owned life insurance | 507.6 | | 504.7 | | 502.4 | | 500.8 | | 502.0 | | | 0.6 | | 1.1 | |
| Premises and equipment | 436.5 | | 439.9 | | 444.3 | | 446.3 | | 443.7 | | | (0.8) | | (1.6) | |
| Other real estate owned | 6.7 | | 14.4 | | 16.5 | | 11.6 | | 14.4 | | | (53.5) | | (53.5) | |
| Mortgage servicing rights | 27.0 | | 27.6 | | 28.3 | | 29.1 | | 29.8 | | | (2.2) | | (9.4) | |
| Other assets | 541.9 | | 514.3 | | 519.5 | | 623.4 | | 586.6 | | | 5.4 | | (7.6) | |
| Total assets | $ | 30,289.5 | | $ | 30,144.8 | | $ | 30,671.2 | | $ | 30,540.8 | | $ | 30,976.3 | | | 0.5 | % | (2.2) | % |
| | | | | | | | |
| Liabilities and stockholders' equity: | | | | | | | | |
| Deposits | $ | 22,870.7 | | $ | 22,810.0 | | $ | 23,323.1 | | $ | 23,679.5 | | $ | 23,579.2 | | | 0.3 | % | (3.0) | % |
| Securities sold under repurchase agreements | 741.8 | | 794.2 | | 782.7 | | 889.5 | | 929.9 | | | (6.6) | | (20.2) | |
| Long-term debt | 383.4 | | 370.8 | | 120.8 | | 120.8 | | 120.8 | | | 3.4 | | 217.4 | |
| Other borrowed funds | 2,430.0 | | 2,342.0 | | 2,603.0 | | 2,067.0 | | 2,589.0 | | | 3.8 | | (6.1) | |
| Subordinated debentures held by subsidiary trusts | 163.1 | | 163.1 | | 163.1 | | 163.1 | | 163.1 | | | — | | — | |
| Other liabilities | 475.2 | | 455.0 | | 451.0 | | 535.4 | | 473.1 | | | 4.4 | | 0.4 | |
| Total liabilities | 27,064.2 | | 26,935.1 | | 27,443.7 | | 27,455.3 | | 27,855.1 | | | 0.5 | | (2.8) | |
| Stockholders' equity: | | | | | | | | |
| Common stock | 2,453.9 | | 2,450.7 | | 2,448.9 | | 2,484.9 | | 2,481.4 | | | 0.1 | | (1.1) | |
| Retained earnings | 1,156.9 | | 1,145.9 | | 1,135.1 | | 1,122.3 | | 1,098.8 | | | 1.0 | | 5.3 | |
| Accumulated other comprehensive loss | (385.5) | | (386.9) | | (356.5) | | (521.7) | | (459.0) | | | (0.4) | | (16.0) | |
| Total stockholders' equity | 3,225.3 | | 3,209.7 | | 3,227.5 | | 3,085.5 | | 3,121.2 | | | 0.5 | | 3.3 | |
| Total liabilities and stockholders' equity | $ | 30,289.5 | | $ | 30,144.8 | | $ | 30,671.2 | | $ | 30,540.8 | | $ | 30,976.3 | | | 0.5 | % | (2.2) | % |
| | | | | | | | |
| Common shares outstanding at period end | 104,561 | | 104,572 | | 103,942 | | 105,011 | | 105,021 | | | — | % | (0.4) | % |
| Book value per common share at period end | $ | 30.85 | | $ | 30.69 | | $ | 31.05 | | $ | 29.38 | | $ | 29.72 | | | 0.5 | | 3.8 | |
| Tangible book value per common share at period end** | 19.34 | | 19.16 | | 19.41 | | 17.82 | | 18.12 | | | 0.9 | | 6.7 | |
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| **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. |
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Loans and Deposits
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | % Change |
| (In millions, except %) | Jun 30,
2024 | Mar 31,
2024 | Dec 31,
2023 | Sep 30,
2023 | Jun 30,
2023 | | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
| | | | | | | | |
| Loans held for investment: | | | | | | | | |
| Real Estate: | | | | | | | | |
| Commercial | $ | 9,054.5 | | $ | 9,060.4 | | $ | 8,869.2 | | $ | 8,766.2 | | $ | 8,813.9 | | | (0.1) | % | 2.7 | % |
| Construction | 1,519.9 | | 1,609.2 | | 1,826.5 | | 1,930.3 | | 1,836.5 | | | (5.5) | | (17.2) | |
| Residential | 2,246.4 | | 2,258.4 | | 2,244.3 | | 2,212.2 | | 2,198.3 | | | (0.5) | | 2.2 | |
| Agricultural | 723.5 | | 719.7 | | 716.8 | | 731.5 | | 755.7 | | | 0.5 | | (4.3) | |
| Total real estate | 13,544.3 | | 13,647.7 | | 13,656.8 | | 13,640.2 | | 13,604.4 | | | (0.8) | | (0.4) | |
| Consumer: | | | | | | | | |
| Indirect | 733.7 | | 739.9 | | 740.9 | | 751.7 | | 764.1 | | | (0.8) | | (4.0) | |
| Direct | 139.0 | | 136.7 | | 141.6 | | 142.3 | | 144.0 | | | 1.7 | | (3.5) | |
| Credit card | 76.1 | | 72.6 | | 76.5 | | 71.6 | | 72.1 | | | 4.8 | | 5.5 | |
| Total consumer | 948.8 | | 949.2 | | 959.0 | | 965.6 | | 980.2 | | | — | | (3.2) | |
| Commercial | 3,052.9 | | 2,922.2 | | 2,906.8 | | 2,925.1 | | 3,002.7 | | | 4.5 | | 1.7 | |
| Agricultural | 698.2 | | 696.0 | | 769.4 | | 690.5 | | 688.0 | | | 0.3 | | 1.5 | |
| Other | 3.1 | | 0.2 | | 0.1 | | 5.0 | | 1.7 | | | NM | 82.4 | |
| Deferred loan fees and costs | (12.3) | | (12.5) | | (12.5) | | (13.1) | | (13.6) | | | (1.6) | | (9.6) | |
| Loans held for investment | $ | 18,235.0 | | $ | 18,202.8 | | $ | 18,279.6 | | $ | 18,213.3 | | $ | 18,263.4 | | | 0.2 | % | (0.2) | % |
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| Deposits: | | | | | | | | |
| Non-interest-bearing | $ | 6,174.0 | | $ | 5,900.3 | | $ | 6,029.6 | | $ | 6,402.6 | | $ | 6,518.2 | | | 4.6 | % | (5.3) | % |
| Interest-bearing: | | | | | | | | |
| Demand | 6,122.3 | | 6,103.6 | | 6,507.8 | | 6,317.9 | | 6,481.9 | | | 0.3 | | (5.5) | |
| Savings | 7,733.6 | | 7,872.2 | | 7,775.8 | | 7,796.3 | | 7,836.7 | | | (1.8) | | (1.3) | |
| Time, $250 and over | 786.1 | | 819.3 | | 811.6 | | 817.1 | | 657.9 | | | (4.1) | | 19.5 | |
| Time, other | 2,054.7 | | 2,114.6 | | 2,198.3 | | 2,345.6 | | 2,084.5 | | | (2.8) | | (1.4) | |
| Total interest-bearing | 16,696.7 | | 16,909.7 | | 17,293.5 | | 17,276.9 | | 17,061.0 | | | (1.3) | | (2.1) | |
| Total deposits | $ | 22,870.7 | | $ | 22,810.0 | | $ | 23,323.1 | | $ | 23,679.5 | | $ | 23,579.2 | | | 0.3 | % | (3.0) | % |
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Total core deposits (1) | $ | 22,084.6 | | $ | 21,990.7 | | $ | 22,511.5 | | $ | 22,862.4 | | $ | 22,921.3 | | | 0.4 | % | (3.7) | % |
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(1) Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. |
| NM - not meaningful | | | | | | | | |
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Credit Quality
(Unaudited)
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| | | | | % Change |
| (In millions, except %) | Jun 30,
2024 | Mar 31,
2024 | Dec 31,
2023 | Sep 30,
2023 | Jun 30,
2023 | | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
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| Allowance for Credit Losses: | | | | | | | | |
| Allowance for credit losses | $ | 232.8 | | $ | 227.7 | | $ | 227.7 | | $ | 226.7 | | $ | 224.6 | | | 2.2 | % | 3.7 | % |
| As a percentage of loans held for investment | 1.28 | % | 1.25 | % | 1.25 | % | 1.24 | % | 1.23 | % | | | |
| As a percentage of non-accrual loans | 140.58 | | 132.38 | | 214.00 | | 278.50 | | 260.86 | | | | |
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| Net loan charge-offs during quarter | $ | 13.5 | | $ | 8.4 | | $ | 4.8 | | $ | 1.1 | | $ | 11.4 | | | 60.7 | % | 18.4 | % |
| Annualized as a percentage of average loans | 0.30 | % | 0.18 | % | 0.10 | % | 0.02 | % | 0.25 | % | | | |
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| Non-Performing Assets: | | | | | | | | |
| Non-accrual loans | $ | 165.6 | | $ | 172.0 | | $ | 106.4 | | $ | 81.4 | | $ | 86.1 | | | (3.7) | % | 92.3 | % |
| Accruing loans past due 90 days or more | 2.6 | | 3.0 | | 4.9 | | 3.2 | | 6.7 | | | (13.3) | | (61.2) | |
| Total non-performing loans | 168.2 | | 175.0 | | 111.3 | | 84.6 | | 92.8 | | | (3.9) | | 81.3 | |
| Other real estate owned | 6.7 | | 14.4 | | 16.5 | | 11.6 | | 14.4 | | | (53.5) | | (53.5) | |
| Total non-performing assets | $ | 174.9 | | $ | 189.4 | | $ | 127.8 | | $ | 96.2 | | $ | 107.2 | | | (7.7) | % | 63.2 | % |
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| Non-performing assets as a percentage of: | | | | | | | | |
| Loans held for investment and OREO | 0.96 | % | 1.04 | % | 0.70 | % | 0.53 | % | 0.59 | % | | | |
| Total assets | 0.58 | | 0.63 | | 0.42 | | 0.31 | | 0.35 | | | | |
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| Non-accrual loans to loans held for investment | 0.91 | | 0.94 | | 0.58 | | 0.45 | | 0.47 | | | | |
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| Accruing Loans 30-89 Days Past Due | $ | 46.4 | | $ | 62.8 | | $ | 67.3 | | $ | 51.2 | | $ | 49.5 | | | (26.1) | % | (6.3) | % |
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| Criticized Loans: | | | | | | | | |
| Special Mention | $ | 162.7 | | $ | 160.1 | | $ | 210.5 | | $ | 197.3 | | $ | 221.9 | | | 1.6 | % | (26.7) | % |
| Substandard | 409.3 | | 405.8 | | 457.1 | | 414.6 | | 386.9 | | | 0.9 | | 5.8 | |
| Doubtful | 46.0 | | 64.1 | | 20.7 | | 21.0 | | 32.8 | | | (28.2) | | 40.2 | |
| Total | $ | 618.0 | | $ | 630.0 | | $ | 688.3 | | $ | 632.9 | | $ | 641.6 | | | (1.9) | % | (3.7) | % |
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Selected Ratios - Annualized
(Unaudited)
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| At or for the Quarter ended: | |
| Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 | | Sep 30,
2023 | | Jun 30,
2023 | |
| Annualized Financial Ratios (GAAP) | |
| Return on average assets | 0.80 | % | | 0.77 | % | | 0.80 | % | | 0.94 | % | | 0.86 | % | |
| Return on average common stockholders' equity | 7.55 | | | 7.28 | | | 7.77 | | | 9.20 | | | 8.44 | | |
| Yield on average earning assets | 4.80 | | | 4.74 | | | 4.69 | | | 4.63 | | | 4.52 | | |
| Cost of average interest-bearing liabilities | 2.39 | | | 2.39 | | | 2.24 | | | 2.09 | | | 1.88 | | |
| Interest rate spread | 2.41 | | | 2.35 | | | 2.45 | | | 2.54 | | | 2.64 | | |
| Efficiency ratio | 62.71 | | | 64.62 | | | 64.25 | | | 61.48 | | | 60.95 | | |
| Loans held for investment to deposit ratio | 79.73 | | | 79.80 | | | 78.38 | | | 76.92 | | | 77.46 | | |
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| Annualized Financial Ratios - Operating** (Non-GAAP) | |
| Net FTE interest margin ratio | 3.00 | % | | 2.93 | % | | 3.01 | % | | 3.07 | % | | 3.12 | % | |
| Tangible book value per common share | $ | 19.34 | | | $ | 19.16 | | | $ | 19.41 | | | $ | 17.82 | | | $ | 18.12 | | |
| Tangible common stockholders' equity to tangible assets | 6.95 | % | | 6.92 | % | | 6.85 | % | | 6.38 | % | | 6.40 | % | |
| Return on average tangible common stockholders' equity | 12.12 | | | 11.63 | | | 12.65 | | | 15.04 | | | 13.69 | | |
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| Consolidated Capital Ratios | |
| Total risk-based capital to total risk-weighted assets | 13.80 | % | * | 13.64 | % | | 13.28 | % | | 13.19 | % | | 12.90 | % | |
| Tier 1 risk-based capital to total risk-weighted assets | 11.53 | | * | 11.37 | | | 11.08 | | | 11.02 | | | 10.76 | | |
| Tier 1 common capital to total risk-weighted assets | 11.53 | | * | 11.37 | | | 11.08 | | | 11.02 | | | 10.76 | | |
| Leverage Ratio | 8.44 | | * | 8.28 | | | 8.22 | | | 8.22 | | | 7.99 | | |
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| *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). | |
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Average Balance Sheets
(Unaudited)
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| Three Months Ended |
| June 30, 2024 | | March 31, 2024 | | June 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) | $ | 18,253.9 | | $ | 254.4 | | 5.61 | % | | $ | 18,289.2 | | $ | 253.6 | | 5.58 | % | | $ | 18,351.5 | | $ | 243.2 | | 5.32 | % |
| Investment securities | | | | | | | | | | | |
| Taxable | 8,311.6 | | 62.3 | | 3.01 | | | 8,726.3 | | 64.5 | | 2.97 | | | 9,139.2 | | 66.1 | | 2.90 | |
| Tax-exempt | 187.8 | | 0.8 | | 1.71 | | | 189.0 | | 0.9 | | 1.92 | | | 192.9 | | 1.0 | | 2.08 | |
| Investment in FHLB and FRB stock | 185.5 | | 3.3 | | 7.16 | | | 198.3 | | 3.3 | | 6.69 | | | 225.2 | | 3.4 | | 6.06 | |
| Interest-bearing deposits in banks | 348.0 | | 4.9 | | 5.66 | | | 296.7 | | 4.1 | | 5.56 | | | 419.4 | | 5.4 | | 5.16 | |
| Federal funds sold | 0.1 | | — | | — | | | 0.1 | | — | | — | | | 0.6 | | — | | — | |
| Total interest-earning assets | $ | 27,286.9 | | $ | 325.7 | | 4.80 | % | | $ | 27,699.6 | | $ | 326.4 | | 4.74 | % | | $ | 28,328.8 | | $ | 319.1 | | 4.52 | % |
| Non-interest-earning assets | 2,853.7 | | | | | 2,825.6 | | | | | 2,958.8 | | | |
| Total assets | $ | 30,140.6 | | | | | $ | 30,525.2 | | | | | $ | 31,287.6 | | | |
| Interest-bearing liabilities: | | | | | | | | | | | |
| Demand deposits | $ | 6,142.9 | | $ | 13.9 | | 0.91 | % | | $ | 6,150.2 | | $ | 12.9 | | 0.84 | % | | $ | 6,417.2 | | $ | 9.9 | | 0.62 | % |
| Savings deposits | 7,760.3 | | 40.8 | | 2.11 | | | 7,781.8 | | 39.1 | | 2.02 | | | 7,951.3 | | 28.4 | | 1.43 | |
| Time deposits | 2,863.4 | | 26.2 | | 3.68 | | | 2,972.3 | | 27.1 | | 3.67 | | | 2,517.1 | | 15.3 | | 2.44 | |
| Repurchase agreements | 775.5 | | 1.9 | | 0.99 | | | 802.1 | | 2.3 | | 1.15 | | | 1,020.6 | | 1.5 | | 0.59 | |
| Other borrowed funds | 2,501.9 | | 31.8 | | 5.11 | | | 2,771.9 | | 35.6 | | 5.17 | | | 2,966.4 | | 39.3 | | 5.31 | |
| Long-term debt | 377.2 | | 4.4 | | 4.69 | | | 356.8 | | 4.3 | | 4.85 | | | 120.8 | | 1.4 | | 4.65 | |
| Subordinated debentures held by subsidiary trusts | 163.1 | | 3.3 | | 8.14 | | | 163.1 | | 3.3 | | 8.14 | | | 163.1 | | 3.1 | | 7.62 | |
| Total interest-bearing liabilities | $ | 20,584.3 | | $ | 122.3 | | 2.39 | % | | $ | 20,998.2 | | $ | 124.6 | | 2.39 | % | | $ | 21,156.5 | | $ | 98.9 | | 1.88 | % |
| Non-interest-bearing deposits | 5,868.7 | | | | | 5,832.2 | | | | | 6,521.9 | | | |
| Other non-interest-bearing liabilities | 492.3 | | | | | 466.4 | | | | | 426.3 | | | |
| Stockholders’ equity | 3,195.3 | | | | | 3,228.4 | | | | | 3,182.9 | | | |
| Total liabilities and stockholders’ equity | $ | 30,140.6 | | | | | $ | 30,525.2 | | | | | $ | 31,287.6 | | | |
Net FTE interest income (non-GAAP)(3) | | $ | 203.4 | | | | | $ | 201.8 | | | | | $ | 220.2 | | |
Less FTE adjustments (2) | | (1.7) | | | | | (1.7) | | | | | (1.8) | | |
| Net interest income from consolidated statements of income | | $ | 201.7 | | | | | $ | 200.1 | | | | | $ | 218.4 | | |
| Interest rate spread | | | 2.41 | % | | | | 2.35 | % | | | | 2.64 | % |
| Net interest margin | | | 2.97 | | | | | 2.91 | | | | | 3.09 | |
Net FTE interest margin (non-GAAP)(3) | | | 3.00 | | | | | 2.93 | | | | | 3.12 | |
Cost of funds, including non-interest-bearing demand deposits (4) | | | 1.86 | | | | | 1.87 | | | | | 1.43 | |
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(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)
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| | | | | | |
| | As of or For the Quarter Ended |
| (In millions, except % and per share data) | | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
| Total common stockholders' equity (GAAP) | (A) | $ | 3,225.3 | | $ | 3,209.7 | | $ | 3,227.5 | | $ | 3,085.5 | | $ | 3,121.2 | |
| Less goodwill and other intangible assets (excluding mortgage servicing rights) | | 1,202.9 | | 1,206.6 | | 1,210.3 | | 1,214.1 | | 1,218.0 | |
| Tangible common stockholders' equity (Non-GAAP) | (B) | $ | 2,022.4 | | $ | 2,003.1 | | $ | 2,017.2 | | $ | 1,871.4 | | $ | 1,903.2 | |
| | | | | | |
| Total assets (GAAP) | | $ | 30,289.5 | | $ | 30,144.8 | | $ | 30,671.2 | | $ | 30,540.8 | | $ | 30,976.3 | |
| Less goodwill and other intangible assets (excluding mortgage servicing rights) | | 1,202.9 | | 1,206.6 | | 1,210.3 | | 1,214.1 | | 1,218.0 | |
| Tangible assets (Non-GAAP) | (C) | $ | 29,086.6 | | $ | 28,938.2 | | $ | 29,460.9 | | $ | 29,326.7 | | $ | 29,758.3 | |
| | | | | | |
| Average Balances: | | | | | | |
| Total common stockholders' equity (GAAP) | (D) | $ | 3,195.3 | | $ | 3,228.4 | | $ | 3,140.3 | | $ | 3,133.8 | | $ | 3,182.9 | |
| Less goodwill and other intangible assets (excluding mortgage servicing rights) | | 1,204.6 | | 1,208.4 | | 1,212.1 | | 1,216.0 | | 1,219.8 | |
| Average tangible common stockholders' equity (Non-GAAP) | (E) | $ | 1,990.7 | | $ | 2,020.0 | | $ | 1,928.2 | | $ | 1,917.8 | | $ | 1,963.1 | |
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| Net interest income | (F) | $ | 201.7 | | $ | 200.1 | | $ | 207.8 | | $ | 213.7 | | $ | 218.4 | |
| FTE interest income | | 1.7 | | 1.7 | | 1.7 | | 1.7 | | 1.8 | |
| Net FTE interest income (Non-GAAP) | (G) | 203.4 | | 201.8 | | 209.5 | | 215.4 | | 220.2 | |
| Less purchase accounting accretion | | 5.1 | | 6.5 | | 5.4 | | 5.2 | | 4.6 | |
| | | | | | |
| Adjusted net FTE interest income (Non-GAAP) | (H) | $ | 198.3 | | $ | 195.3 | | $ | 204.1 | | $ | 210.2 | | $ | 215.6 | |
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| Average interest-earning assets | (I) | $ | 27,286.9 | | $ | 27,699.6 | | $ | 27,569.4 | | $ | 27,796.8 | | $ | 28,328.8 | |
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| Total quarterly average assets | (J) | 30,140.6 | | 30,525.2 | | 30,507.7 | | 30,752.3 | | 31,287.6 | |
| Annualized net income available to common shareholders | (K) | 241.3 | | 234.9 | | 244.0 | | 288.4 | | 268.7 | |
| Common shares outstanding | (L) | 104,561 | | 104,572 | | 103,942 | | 105,011 | | 105,021 | |
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| Return on average assets (GAAP) | (K) / (J) | 0.80 | % | 0.77 | % | 0.80 | % | 0.94 | % | 0.86 | % |
| Return on average common stockholders' equity (GAAP) | (K) / (D) | 7.55 | | 7.28 | | 7.77 | | 9.20 | | 8.44 | |
| Average common stockholders' equity to average assets (GAAP) | (D) / (J) | 10.60 | | 10.58 | | 10.29 | | 10.19 | | 10.17 | |
| Book value per common share (GAAP) | (A) / (L) | $ | 30.85 | | $ | 30.69 | | $ | 31.05 | | $ | 29.38 | | $ | 29.72 | |
| Tangible book value per common share (Non-GAAP) | (B) / (L) | 19.34 | | 19.16 | | 19.41 | | 17.82 | | 18.12 | |
| Tangible common stockholders' equity to tangible assets (Non-GAAP) | (B) / (C) | 6.95 | % | 6.92 | % | 6.85 | % | 6.38 | % | 6.40 | % |
| Return on average tangible common stockholders' equity (Non-GAAP) | (K) / (E) | 12.12 | | 11.63 | | 12.65 | | 15.04 | | 13.69 | |
| Net interest margin (GAAP) | (F*) / (I) | 2.97 | | 2.91 | | 2.99 | | 3.05 | | 3.09 | |
| Net FTE interest margin (Non-GAAP) | (G*) / (I) | 3.00 | | 2.93 | | 3.01 | | 3.07 | | 3.12 | |
| Adjusted FTE net interest margin (Non-GAAP) | (H*) / (I) | 2.92 | | 2.84 | | 2.94 | | 3.00 | | 3.05 | |
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| *Annualized |
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2Q 2024 Investor Presentation Exhibit 99.2 July 25, 2024
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation 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, 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”, “projected”, 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 could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. 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 presentation: 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. The foregoing factors are not necessarily all of 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 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. 2
FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW Premier community banking franchise in growing markets throughout the Midwest and Pacific Northwest Financial Highlights Balance Sheet Capital Assets $30.3 Billion Total RBC3** 13.80% LHFI1 $18.2 Billion CET14** 11.53% Deposits $22.9 Billion Leverage** 8.44% ACL2/LHFI 1.28% TCE ratio5 6.95% 1Loans held for investment (LHFI) 3Risk based capital (RBC) 2Allowance for credit losses (ACL) 4Common equity tier-1 (CET1) 5Tangible common equity (TCE) (Non- GAAP) Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $2.9 Billion Annualized Dividend Yield 7.1% Branch Network 304 banking offices Sub Debt Rating Kroll BBB 3 304 banking offices in 14 states * Calculated using closing stock price of $27.77 as of 06/28/2024 ** Preliminary estimates - may be subject to change
Earnings • Net income of $60.0 million, or $0.58 per share for the second quarter of 2024 • Net interest margin (NIM), on a fully taxable equivalent (“FTE”) basis1, of 3.00%, an increase of 7 basis points from the first quarter of 2024; adjusted FTE NIM1 of 2.92%, an increase of 8 basis points from the first quarter of 2024. • Efficiency ratio of 62.7% for the second quarter of 2024; Non-interest expense/average assets of 2.09%. Balance Sheet • Loans increased by $32.2 million, or 0.8% annualized, from the first quarter of 2024, driven by growth in Commercial and Industrial loans. Construction loans continued to decline, driven by project completions. • Deposits increased by $60.7 million, or 1.2% annualized, from the first quarter of 2024. • The Company’s balance sheet continues to maintain a strong liquidity position, with a loan/deposit ratio of 79.7% for the second quarter of 2024. Asset Quality • Criticized loans decreased $12.0 million, or 1.9%, from the first quarter of 2024, to 3.4% of loans held for investment (LHFI), driven by paydowns, payoffs, and charge-offs. • Non-performing loans of $168.2 million decreased 3.9% from the first quarter of 2024, reflecting 0.92% of LHFI driven by paydowns, payoffs, and charge-offs. Non-performing assets of $174.9 million decreased 7.7% from the first quarter of 2024, reflecting a reduction in non-performing loans and Other Real Estate Owned. • Net charge-offs (NCOs) were $13.5 million, or an annualized 30 basis points of average loans outstanding during the second quarter of 2024. • Total provision was $9.0 million; coverage increased to 1.28% of LHFI during the second quarter of 2024 compared to 1.25% from the first quarter of 2024. Capital • Quarterly cash dividend of $0.47 per share, for an annualized yield of 7.1% for the second quarter of 2024. • CET12 of 11.53% and total RBC2 of 13.80% for the second quarter of 2024. • Regulatory capital ratios improved during the quarter; CET1 improved 16 basis points. SECOND QUARTER 2024 HIGHLIGHTS 4 1 See non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change
DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 50% Construction RE, 8% Residential RE, 12% Agriculture RE, 4% Consumer, 5%Commercial, 17% Agriculture, 4% Loans by Geography MT, 19% WY, 7% ID, 7% WA, 9% OR, 10%NE, 7% SD, 12% ND, 2% IA, 10% KS, 2% AZ, 6% CO, 8% Other, 1% Revolving Commitments ($B) $3.1 $3.1 $3.0 $2.9 $2.7 37.1% 36.8% 38.5% 38.6% 41.3% Unfunded Funded 2Q23 3Q23 4Q23 1Q24 2Q24 5 Loan Highlights: • Loans increased $32.2 million during the second quarter of 2024 due mostly to increases in Commercial loans driven by both new production and increased line utilization, partially offset by a decline in Construction loans, driven by project completions. • Commercial real estate balances are 33.6% owner-occupied as-of the second quarter of 2024. $18.2B Balances as of June 30, 2024
TERM COMMERCIAL REAL ESTATE PORTFOLIO Property Type Multifamily, 23% Medical, 12% Retail, 20% Industrial/Warehouse, 19% Office, 10%Hotel, 9% Land & Development, 3% Other CRE, 2% Residential 1-4 Family, 2% Market Type Metro, 5% Mid-Metro, 8% Non-Metro, 87% 6 Highlights: • $10.6 billion portfolio (58% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $6.0 billion (33% of total loans) • 0.27% past due ($25 million); 0.42% non-accrual ($38 million) • Montana has the largest state concentration representing 16% of portfolio Balances as of June 30, 2024 Highlights: • Metro defined as property located in Portland, Seattle, Denver, Phoenix, Minneapolis / St. Paul, and Kansas City • Mid-metro defined as Omaha, Des Moines, Tuscon, and Boise
Deposits by State MT, 24% WY, 12% ID, 7% WA, 4% OR, 11% SD, 15% NE, 9% IA, 11% MO, 1% AZ, 3% CO, 3% Mix of Consumer and Business Deposits 53% 53% 53% 54% 52% 47% 47% 47% 46% 48% Total Consumer Deposits Total Business Deposits 2Q23 3Q23 4Q23 1Q24 2Q24 7 Average Deposit Balances 27% 27% 27% 27% 27% 34% 33% 33% 34% 34% 11% 13% 14% 13% 13% 28% 27% 26% 26% 26% 0.91% 1.15% 1.36% 1.39% 1.42% Demand Savings Time Non-interest bearing Total Cost of Deposits 2Q23 3Q23 4Q23 1Q24 2Q24 DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT Balances as of June 30, 2024 1Deposit beta measures the sensitivity of the bank’s deposit cost to changes in short-term interest rates Deposit Highlights: • Total deposits increased $60.7 million, or 1.2% annualized, from the first quarter of 2024. • Non-interest bearing deposits remained stable at 26% of total average deposits; time deposits declined modestly. • Interest bearing deposit beta1 of 35% through the second quarter of 2024
Total Risk-Based Capital Ratios 12.90% 13.19% 13.28% 13.64% 13.80% 10.76% 11.02% 11.08% 11.37% 11.53% 2.14% 2.17% 2.20% 2.27% 2.27% CET1 Total RBC 2Q23 3Q23 4Q23 1Q24 2Q24² CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common Equity (TCE)¹ $29.72 $29.38 $31.05 $30.69 $30.85 $18.12 $17.82 $19.41 $19.16 $19.34 6.40% 6.38% 6.85% 6.92% 6.95% 10.08% 10.10% 10.52% 10.65% 10.65% TBVPS BVPS TCE Ratio CE Ratio 2Q23 3Q23 4Q23 1Q24 2Q24 8 LHFI to Deposit Ratio 77.5% 76.9% 78.4% 79.8% 79.7% 2Q23 3Q23 4Q23 1Q24 2Q24 1 See Non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change Capital and Liquidity Highlights: • Annualized dividend yield of 7.1% based on the second quarter of 2024 average share price of $26.48 • Capital ratios increased for sixth consecutive quarter • Tangible book value per share (TBVPS)1 increased modestly during the second quarter, driven by retained earnings; the accumulated other comprehensive income (AOCI) position was stable, decreasing $1.4 million. For the second quarter of 2024, the AOCI mark is equal to $3.69 of book value per share (BVPS).
ACL Highlights: • Funded ACL increased to 1.28% of loans from 1.25%. • The funded ACL included an addition to the specific reserve for the C&I relationship that moved to non-performing loans in the first quarter of 2024. • A decline in unfunded commitments and a continued evaluation of our unfunded commitment methodology drove a release in the unfunded reserve. ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio $245.4 $245.5 $246.1 $243.1 $238.6 $224.6 $226.7 $227.7 $227.7 $232.8 $20.8 $18.8 $18.4 $15.4 $5.8 1.23% 1.24% 1.25% 1.25% 1.28% Funded ACL Unfunded ACL Funded ACL % of LHFI 2Q23 3Q23 4Q23 1Q24 2Q24 9 ACL Roll-forward ($MM) Funded Unfunded Investments Total ACL 3/31/24 $227.7 $15.4 $0.7 $243.8 ACL Provision (Reversal) 18.6 (9.6) — 9.0 Net Charge-offs 13.5 — — 13.5 ACL 6/30/24 $232.8 $5.8 $0.7 $239.3 * Line items may not sum due to rounding
Asset Quality Highlights: • Total criticized loans decreased $12.0 million during the second quarter of 2024, driven by loan paydowns, payoffs, and charge-offs. • Total non-performing loans (NPLs) decreased by $6.8 million, or 3.9% during the second quarter of 2024, driven by loan paydowns, payoffs, and charge-offs. • Net charge-offs totaled $13.5 million, or 30 basis points of average loans, during the second quarter of 2024; included a $6.8mm charge-off of a specific reserve. ASSET QUALITY AND RESERVE TRENDS Net Charge-offs ($MM) and Net Charge-Offs Ratio $11.4 $1.1 $4.8 $8.4 $13.5 0.25% 0.02% 0.10% 0.18% 0.30% Net Charge-offs % of Average Loans 2Q23 3Q23 4Q23 1Q24 2Q24 Credit management resulted in stable asset quality Total non-performing loans ($MM) and ACL/NPL Ratios $92.8 $84.6 $111.3 $175.0 $168.2 242.0% 268.0% 204.6% 130.1% 138.4% NPLs ACL / NPL Ratio 2Q23 3Q23 4Q23 1Q24 2Q24 Total Criticized Loans ($MM) and Criticized Loan Ratio $641.6 $632.9 $688.3 $630.0 $618.0 3.5% 3.5% 3.8% 3.5% 3.4% Criticized Loans % of Total Loans 2Q23 3Q23 4Q23 1Q24 2Q24 10
Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $5.1 million of loan purchase accounting accretion (PAA) for the second quarter of 2024, a decrease from $6.5 million from the prior quarter • Total remaining PAA of $58.1 million as-of the second quarter of 2024 ◦ Scheduled accretion of $8.0 million, $12.8 million, $9.2 million for the remainder of FY24, FY25, FY26 • During the second quarter of 2024, FTE NIM1 increased by 7 basis points; the contribution from PAA decreased 1 basis point compared with the prior quarter • Adjusted FTE NIM1 (which excludes the impact from PAA) increased by 8 basis points during the second quarter of 2024, primarily driven by an increase in earning asset yield outpacing funding costs NET INTEREST INCOME FTE NII¹ ($MM) and FTE NIM¹ $215.6 $210.2 $204.1 $195.3 $198.3 $4.6 $5.2 $5.4 $6.5 $5.1 $220.2² $215.4² $209.5² $201.8² $203.4² 3.12% 3.07% 3.01% 2.93% 3.00% 3.05% 3.00% 2.94% 2.84% 2.92% Adjusted FTE NII¹ Loan PAA FTE NIM¹ Adjusted FTE NIM¹ 2Q23 3Q23 4Q23 1Q24 2Q24 11 1 See Non-GAAP table in appendix for reconciliation 2 FTE NII
INVESTMENT PORTFOLIO 12 Total Portfolio Duration at Quarter-end 3.7 3.7 3.5 3.6 3.5 2Q23 3Q23 4Q23 1Q24 2Q24 (in years) Projected Cash Flow ($MM) and Yield Roll-Off at Quarter-end* $196.4 $222.9 $167.0 $199.9 $339.0 $203.4 2.44% 2.53% 2.37% 2.41% 2.77% 2.47% 3Q24E 4Q24E 1Q25E 2Q25E 3Q25E 4Q25E *Constitute forward-looking statements
13 2Q24 Non-interest Income by Type Payment Services, 44% Mortgage Banking, 4% Wealth Management, 22% Deposit Service Charges, 15% Other Service Charges & Fees, 5% Other Income, 10% Dollars in millions 2Q23 1Q24 2Q24 Payment services revenues $ 20.1 $ 18.4 $ 18.6 Mortgage banking revenues 2.6 1.7 1.7 Wealth management revenues 8.8 9.2 9.4 Service charges on deposit accounts 5.8 6.0 6.4 Other service charges, commissions and fees 2.4 2.2 2.1 Investment securities losses, net (0.1) — — Other income 4.5 4.6 4.4 Total Reported Non-interest Revenue $ 44.1 $ 42.1 $ 42.6 % of Total Revenue 16.8 % 17.4 % 17.4 % NON-INTEREST INCOME
NON-INTEREST EXPENSE 14 Dollars in millions 2Q23 1Q24 2Q24 Salaries and wages $ 68.1 $ 65.2 $ 66.3 Employee benefits 19.3 19.3 16.9 Occupancy and equipment 17.3 17.3 16.9 Other intangible amortization 3.9 3.7 3.7 Other expenses 54.7 52.7 51.1 Other real estate owned expense 0.6 2.0 2.0 Total Reported Non-interest Expense $ 163.9 $ 160.2 $ 156.9 Non-interest Expense ($MM) and Efficiency Ratio 163.9 161.1 166.0 160.2 156.9 61.0% 61.5% 64.2% 64.6% 62.7% Total Non-interest Expenses Efficiency Ratio ¹ 2Q23 3Q23 4Q23 1Q24 2Q24 1 The ratio of the bank’s non-interest expense to revenue (per FDIC definition) Non-interest Expense Notes: • Q1 2024 results include a $1.5 million accrual for a FDIC special assessment
Loans and Deposits • Anticipate ending deposits to be relatively flat through year-end 2024 from June 30 levels • Anticipate ending loans to be relatively flat through year-end 2024 from June 30 levels Net Interest Income • Anticipate second-half net interest income to increase 3-5% over the first half of the year, with third and fourth quarter net interest margin increasing sequentially • Outlook assumes one 25 basis point rate decrease in fourth quarter Non-Interest Income • Anticipate second-half non-interest income to increase 1-3% over the first half Non-Interest Expense • Anticipate second-half non-interest expense to increase 1-3% over first half figures excluding the $1.5 million FDIC special assessment accrual in the first quarter; excludes any potential expenses related to CEO transition Tax Rate • Anticipate effective tax rate to be 23.5%-24.0% for full-year 2024 Credit Quality • Anticipate net charge-offs between 20 and 25 basis points for the full year excluding any impact from the previously disclosed non-performing C&I loan with specific reserve allocated 2024 GUIDANCE SUMMARY* 15 *Preliminary estimates - may be subject to change *Constititute forward-looking statements
NON-GAAP FINANCIAL MEASURES 16 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) net interest income on a fully taxable equivalent basis; (vi) adjusted net interest income on a fully taxable equivalent basis; (vii) net interest margin on a fully taxable equivalent basis; and (viii) adjusted net interest margin on a fully taxable equivalent basis. 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. Net interest income on a fully taxable equivalent basis is calculated as net interest income, adjusted to include its fully taxable equivalent interest income. Adjusted net interest income on a fully taxable equivalent basis is calculated as net interest income on a fully taxable equivalent basis excluding purchase accounting interest accretion on acquired loans. Net interest margin on a fully taxable equivalent basis is calculated as annualized net interest income on a fully taxable equivalent basis divided by average earning assets. Adjusted net interest margin on a fully taxable equivalent basis is calculated as adjusted net interest income on a fully taxable equivalent basis divided by average earning assets. These non-GAAP financial measures are calculated on the reconciliation pages that follow). 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 (iv) 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 are intended to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to the acquisition costs and 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 tables included below and the textual discussion for a reconciliation of the above described non-GAAP financial measures to their most directly comparable GAAP financial measures.
2Q23 3Q23 4Q23 1Q24 2Q24 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,121.2 $ 3,085.5 $ 3,227.5 $ 3,209.7 $ 3,225.3 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,218.0 1,214.1 1,210.3 1,206.6 1,202.9 Tangible common stockholders' equity (Non-GAAP) (B) $ 1,903.2 $ 1,871.4 $ 2,017.2 $ 2,003.1 $ 2,022.4 Total assets (GAAP) $ 30,976.3 $ 30,540.8 $ 30,671.2 $ 30,144.8 $ 30,289.5 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,218.0 1,214.1 1,210.3 1,206.6 1,202.9 Tangible assets (Non-GAAP) (C) $ 29,758.3 $ 29,326.7 $ 29,460.9 $ 28,938.2 $ 29,086.6 Common shares outstanding (L) 105,021 105,011 103,942 104,572 104,561 Book value per common share (GAAP) (A) / (L) $ 29.72 $ 29.38 $ 31.05 $ 30.69 $ 30.85 Tangible book value per common share (Non-GAAP) (B) / (L) 18.12 17.82 19.41 19.16 19.34 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 6.40 % 6.38 % 6.85 % 6.92 % 6.95 % NON-GAAP RECONCILIATION 17 * Line items may not sum due to rounding
2Q23 3Q23 4Q23 1Q24 2Q24 (Dollars in millions) Net interest income (A) $ 218.4 $ 213.7 $ 207.8 $ 200.1 $ 201.7 FTE adjustments(1) 1.8 1.7 1.7 1.7 1.7 Net interest income on a FTE basis (Non-GAAP) (B) 220.2 215.4 209.5 201.8 203.4 Less purchase accounting accretion 4.6 5.2 5.4 6.5 5.1 Adjusted net interest income (Non-GAAP) (C) $ 215.6 $ 210.2 $ 204.1 $ 195.3 $ 198.3 Average interest-earning assets (D) $ 28,328.8 $ 27,796.8 $ 27,569.4 $ 27,699.6 $ 27,286.9 Net interest margin (A annualized)/(D) 3.09 % 3.05 % 2.99 % 2.91 % 2.97 % Net interest margin (FTE) (Non-GAAP) (B annualized)/(D) 3.12 3.07 3.01 2.93 3.00 Adjusted net interest margin (FTE) (Non-GAAP) (C annualized)/(D) 3.05 3.00 2.94 2.84 2.92 NON-GAAP RECONCILIATION 18 * Line items may not sum due to rounding 1 Management believes net interest income on a FTE basis 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 its net interest income for tax exempt loans and securities to what it would have received on taxable alternatives utilizing a 21.00% tax rate.
v3.24.2
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Jul. 25, 2024 |
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FIRST INTERSTATE BANCSYSTEM, INC.
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DE
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001-34653
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81-0331430
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401 North 31st Street
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Billings,
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