Delaware | 001-34653 | 81-0331430 | ||||||||||||
(State or other jurisdiction of incorporation or organization) |
(Commission File No.) |
(IRS Employer Identification No.) |
||||||||||||
401 North 31st Street |
||||||||||||||
Billings, |
MT |
59101 | ||||||||||||
(Address of principal executive offices) | (zip code) |
(406) | 255-5311 | |||||||||||||
(Registrant’s telephone number, including area code) | ||||||||||||||
Not Applicable | ||||||||||||||
(Former name or former address, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
Common stock, $0.00001 par value | FIBK | NASDAQ |
(d) | Exhibit Number | Description | |||||||||
Press Release dated January 30, 2024. |
|||||||||||
Presentation | |||||||||||
104 | Cover Page Interactive Data File (embedded within Inline XBRL document). | ||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. | ||||||||
By: | /s/ KEVIN P. RILEY | |||||||
Kevin P. Riley | ||||||||
President and Chief Executive Officer |
For the Quarter Ended | Dec 31, 2023 | Sep 30, 2023 | $ Change | % Change | Dec 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Payment services revenues | $ | 18.4 | $ | 19.2 | $ | (0.8) | (4.2) | % | $ | 19.4 | $ | (1.0) | (5.2) | % | |||||||||||||||||||||
Mortgage banking revenues | 1.5 | 2.0 | (0.5) | (25.0) | 2.6 | (1.1) | (42.3) | ||||||||||||||||||||||||||||
Wealth management revenues | 8.8 | 8.7 | 0.1 | 1.1 | 8.4 | 0.4 | 4.8 | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 6.0 | 6.0 | — | — | 4.9 | 1.1 | 22.4 | ||||||||||||||||||||||||||||
Other service charges, commissions, and fees | 2.5 | 2.2 | 0.3 | 13.6 | 2.9 | (0.4) | (13.8) | ||||||||||||||||||||||||||||
Other income | 7.3 | 3.9 | 3.4 | 87.2 | 3.4 | 3.9 | 114.7 | ||||||||||||||||||||||||||||
Total non-interest income | $ | 44.5 | $ | 42.0 | $ | 2.5 | 6.0 | % | $ | 41.6 | $ | 2.9 | 7.0 | % |
For the Quarter Ended | Dec 31, 2023 | Sep 30, 2023 | $ Change | % Change | Dec 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Salaries and wages | $ | 64.0 | $ | 65.4 | $ | (1.4) | (2.1) | % | $ | 75.4 | $ | (11.4) | (15.1) | % | |||||||||||||||||||||
Employee benefits | 13.5 | 19.7 | (6.2) | (31.5) | 17.3 | (3.8) | (22.0) | ||||||||||||||||||||||||||||
Occupancy and equipment | 17.4 | 17.0 | 0.4 | 2.4 | 17.9 | (0.5) | (2.8) | ||||||||||||||||||||||||||||
Other intangible amortization | 3.9 | 3.9 | — | — | 4.1 | (0.2) | (4.9) | ||||||||||||||||||||||||||||
Other expenses | 67.0 | 54.6 | 12.4 | 22.7 | 54.5 | 12.5 | 22.9 | ||||||||||||||||||||||||||||
Other real estate owned expense | 0.2 | 0.5 | (0.3) | (60.0) | 2.2 | (2.0) | NM | ||||||||||||||||||||||||||||
Acquisition related expenses | — | — | — | — | 3.9 | (3.9) | NM | ||||||||||||||||||||||||||||
Total non-interest expense | $ | 166.0 | $ | 161.1 | $ | 4.9 | 3.0 | % | $ | 175.3 | $ | (9.3) | (5.3) | % |
Dec 31, 2023 | Sep 30, 2023 | $ Change | % Change | Dec 31, 2022 | $ Change | % Change | |||||||||||||||||
Real Estate: | |||||||||||||||||||||||
Commercial | $ | 8,869.2 | $ | 8,766.2 | $ | 103.0 | 1.2 | % | $ | 8,528.6 | $ | 340.6 | 4.0 | % | |||||||||
Construction | 1,826.5 | 1,930.3 | (103.8) | (5.4) | 1,944.4 | (117.9) | (6.1) | ||||||||||||||||
Residential | 2,244.3 | 2,212.2 | 32.1 | 1.5 | 2,188.3 | 56.0 | 2.6 | ||||||||||||||||
Agricultural | 716.8 | 731.5 | (14.7) | (2.0) | 794.9 | (78.1) | (9.8) | ||||||||||||||||
Total real estate | 13,656.8 | 13,640.2 | 16.6 | 0.1 | 13,456.2 | 200.6 | 1.5 | ||||||||||||||||
Consumer: | |||||||||||||||||||||||
Indirect | 740.9 | 751.7 | (10.8) | (1.4) | 829.7 | (88.8) | (10.7) | ||||||||||||||||
Direct and advance lines | 141.6 | 142.3 | (0.7) | (0.5) | 152.9 | (11.3) | (7.4) | ||||||||||||||||
Credit card | 76.5 | 71.6 | 4.9 | 6.8 | 75.9 | 0.6 | 0.8 | ||||||||||||||||
Total consumer | 959.0 | 965.6 | (6.6) | (0.7) | 1,058.5 | (99.5) | (9.4) | ||||||||||||||||
Commercial | 2,906.8 | 2,925.1 | (18.3) | (0.6) | 2,882.6 | 24.2 | 0.8 | ||||||||||||||||
Agricultural | 769.4 | 690.5 | 78.9 | 11.4 | 708.3 | 61.1 | 8.6 | ||||||||||||||||
Other, including overdrafts | 0.1 | 5.0 | (4.9) | (98.0) | 9.2 | (9.1) | (98.9) | ||||||||||||||||
Deferred loan fees and costs | (12.5) | (13.1) | 0.6 | (4.6) | (15.6) | 3.1 | (19.9) | ||||||||||||||||
Loans held for investment, net of deferred loan fees and costs | $ | 18,279.6 | $ | 18,213.3 | $ | 66.3 | 0.4 | % | $ | 18,099.2 | $ | 180.4 | 1.0 | % | |||||||||
Contact: | David Della Camera, CFA | NASDAQ: FIBK | ||||||||||||
Director of Corporate Development and Financial Strategy First Interstate BancSystem, Inc. (406) 255-5363 david.dellacamera@fib.com |
www.FIBK.com (FIBK-ER) |
Quarter Ended | % Change | ||||||||||||||||||||||||||||
(In millions, except % and per share data) | Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
4Q23 vs 3Q23 | 4Q23 vs 4Q22 | ||||||||||||||||||||||
Net interest income | $ | 207.8 | $ | 213.7 | $ | 218.4 | $ | 238.9 | $ | 258.4 | (2.8) | % | (19.6) | % | |||||||||||||||
Net interest income on a fully-taxable equivalent ("FTE") basis | 209.5 | 215.4 | 220.2 | 240.7 | 260.7 | (2.7) | (19.6) | ||||||||||||||||||||||
Provision for (reduction in) credit losses | 5.4 | (0.1) | 11.7 | 15.2 | 14.7 | NM | NM | ||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||
Payment services revenues | 18.4 | 19.2 | 20.1 | 18.7 | 19.4 | (4.2) | (5.2) | ||||||||||||||||||||||
Mortgage banking revenues | 1.5 | 2.0 | 2.6 | 2.3 | 2.6 | (25.0) | (42.3) | ||||||||||||||||||||||
Wealth management revenues | 8.8 | 8.7 | 8.8 | 9.0 | 8.4 | 1.1 | 4.8 | ||||||||||||||||||||||
Service charges on deposit accounts | 6.0 | 6.0 | 5.8 | 5.2 | 4.9 | — | 22.4 | ||||||||||||||||||||||
Other service charges, commissions, and fees | 2.5 | 2.2 | 2.4 | 2.4 | 2.9 | 13.6 | (13.8) | ||||||||||||||||||||||
Total fee-based revenues | 37.2 | 38.1 | 39.7 | 37.6 | 38.2 | (2.4) | (2.6) | ||||||||||||||||||||||
Investment securities loss | — | — | (0.1) | (23.4) | — | — | — | ||||||||||||||||||||||
Other income | 7.3 | 3.9 | 4.5 | 2.2 | 3.4 | 87.2 | 114.7 | ||||||||||||||||||||||
Total non-interest income | 44.5 | 42.0 | 44.1 | 16.4 | 41.6 | 6.0 | 7.0 | ||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||||||||
Salaries and wages | 64.0 | 65.4 | 68.1 | 65.6 | 75.4 | (2.1) | (15.1) | ||||||||||||||||||||||
Employee benefits | 13.5 | 19.7 | 19.3 | 22.8 | 17.3 | (31.5) | (22.0) | ||||||||||||||||||||||
Occupancy and equipment | 17.4 | 17.0 | 17.3 | 18.4 | 17.9 | 2.4 | (2.8) | ||||||||||||||||||||||
Other intangible amortization | 3.9 | 3.9 | 3.9 | 4.0 | 4.1 | — | (4.9) | ||||||||||||||||||||||
Other expenses | 67.0 | 54.6 | 54.7 | 54.8 | 54.5 | 22.7 | 22.9 | ||||||||||||||||||||||
Other real estate owned expense | 0.2 | 0.5 | 0.6 | 0.2 | 2.2 | (60.0) | NM | ||||||||||||||||||||||
Acquisition related expenses | — | — | — | — | 3.9 | — | NM | ||||||||||||||||||||||
Total non-interest expense | 166.0 | 161.1 | 163.9 | 165.8 | 175.3 | 3.0 | (5.3) | ||||||||||||||||||||||
Income before income tax | 80.9 | 94.7 | 86.9 | 74.3 | 110.0 | (14.6) | (26.5) | ||||||||||||||||||||||
Provision for income tax | 19.4 | 22.0 | 19.9 | 18.0 | 24.2 | (11.8) | (19.8) | ||||||||||||||||||||||
Net income | $ | 61.5 | $ | 72.7 | $ | 67.0 | $ | 56.3 | $ | 85.8 | (15.4) | % | (28.3) | % | |||||||||||||||
Weighted-average basic shares outstanding | 103,629 | 103,822 | 103,821 | 103,738 | 104,445 | (0.2) | % | (0.8) | % | ||||||||||||||||||||
Weighted-average diluted shares outstanding | 103,651 | 103,826 | 103,823 | 103,819 | 104,548 | (0.2) | (0.9) | ||||||||||||||||||||||
Earnings per share - basic | $ | 0.59 | $ | 0.70 | $ | 0.65 | $ | 0.54 | $ | 0.82 | (15.7) | (28.0) | |||||||||||||||||
Earnings per share - diluted | 0.59 | 0.70 | 0.65 | 0.54 | 0.82 | (15.7) | (28.0) | ||||||||||||||||||||||
NM - not meaningful | |||||||||||||||||||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
| ||||||||||||||||||||
Year Ended December 31, | % Change | |||||||||||||||||||
(In millions, except % and per share data) | 2023 | 2022 | 2023 vs 2022 | |||||||||||||||||
Net interest income | $ | 878.8 | $ | 942.6 | (6.8) | |||||||||||||||
Net interest income on a FTE basis | 885.8 | 950.7 | (6.8) | |||||||||||||||||
Provision for credit losses | 32.2 | 82.7 | (61.1) | |||||||||||||||||
Non-interest income: | ||||||||||||||||||||
Payment services revenues | 76.4 | 74.1 | 3.1 | |||||||||||||||||
Mortgage banking revenues | 8.4 | 18.7 | (55.1) | |||||||||||||||||
Wealth management revenues | 35.3 | 34.3 | 2.9 | |||||||||||||||||
Service charges on deposit accounts | 23.0 | 24.6 | (6.5) | |||||||||||||||||
Other service charges, commissions, and fees | 9.5 | 15.5 | (38.7) | |||||||||||||||||
Total fee-based revenues | 152.6 | 167.2 | (8.7) | |||||||||||||||||
Investment securities loss | (23.5) | (24.4) | NM | |||||||||||||||||
Other income | 17.9 | 20.4 | (12.3) | |||||||||||||||||
Total non-interest income | 147.0 | 163.2 | (9.9) | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and wages | 263.1 | 282.1 | (6.7) | |||||||||||||||||
Employee benefits | 75.3 | 77.5 | (2.8) | |||||||||||||||||
Occupancy and equipment | 70.1 | 67.4 | 4.0 | |||||||||||||||||
Other intangible amortization | 15.7 | 15.9 | (1.3) | |||||||||||||||||
Other expenses | 231.1 | 201.9 | 14.5 | |||||||||||||||||
Other real estate owned expense | 1.5 | 2.3 | NM | |||||||||||||||||
Acquisition related expenses | — | 118.9 | NM | |||||||||||||||||
Total non-interest expense | 656.8 | 766.0 | (14.3) | |||||||||||||||||
Income before income tax | 336.8 | 257.1 | 31.0 | |||||||||||||||||
Provision for income tax | 79.3 | 54.9 | 44.4 | |||||||||||||||||
Net income | $ | 257.5 | $ | 202.2 | 27.3 | |||||||||||||||
Weighted-average basic shares outstanding | 103,752 | 103,274 | 0.5 | |||||||||||||||||
Weighted-average diluted shares outstanding | 103,780 | 103,341 | 0.4 | |||||||||||||||||
Earnings per share - basic | $ | 2.48 | $ | 1.96 | 26.5 | |||||||||||||||
Earnings per share - diluted | 2.48 | 1.96 | 26.5 | |||||||||||||||||
NM - not meaningful | ||||||||||||||||||||
% Change | ||||||||||||||||||||||||||
(In millions, except % and per share data) | Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
4Q23 vs 3Q23 | 4Q23 vs 4Q22 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash and due from banks | $ | 378.2 | $ | 371.5 | $ | 479.0 | $ | 332.9 | $ | 349.2 | 1.8 | % | 8.3 | % | ||||||||||||
Interest-bearing deposits in banks | 199.7 | 219.5 | 201.4 | 747.7 | 521.2 | (9.0) | (61.7) | |||||||||||||||||||
Federal funds sold | 0.1 | 2.1 | 0.1 | 0.1 | 0.1 | NM | — | |||||||||||||||||||
Cash and cash equivalents | 578.0 | 593.1 | 680.5 | 1,080.7 | 870.5 | (2.5) | (33.6) | |||||||||||||||||||
Investment securities, net | 9,049.4 | 8,887.2 | 9,175.6 | 9,425.5 | 10,397.9 | 1.8 | (13.0) | |||||||||||||||||||
Investment in Federal Home Loan Bank and Federal Reserve Bank stock | 223.2 | 189.5 | 210.4 | 214.5 | 198.6 | 17.8 | 12.4 | |||||||||||||||||||
Loans held for sale, at fair value | 47.4 | 59.1 | 76.5 | 80.9 | 79.9 | (19.8) | (40.7) | |||||||||||||||||||
Loans held for investment | 18,279.6 | 18,213.3 | 18,263.4 | 18,245.7 | 18,099.2 | 0.4 | 1.0 | |||||||||||||||||||
Allowance for credit losses | (227.7) | (226.7) | (224.6) | (226.1) | (220.1) | 0.4 | 3.5 | |||||||||||||||||||
Net loans held for investment | 18,051.9 | 17,986.6 | 18,038.8 | 18,019.6 | 17,879.1 | 0.4 | 1.0 | |||||||||||||||||||
Goodwill and intangible assets (excluding mortgage servicing rights) | 1,210.3 | 1,214.1 | 1,218.0 | 1,221.9 | 1,225.9 | (0.3) | (1.3) | |||||||||||||||||||
Company owned life insurance | 502.4 | 500.8 | 502.0 | 499.4 | 497.9 | 0.3 | 0.9 | |||||||||||||||||||
Premises and equipment | 444.3 | 446.3 | 443.7 | 443.4 | 444.7 | (0.4) | (0.1) | |||||||||||||||||||
Other real estate owned | 16.5 | 11.6 | 14.4 | 13.4 | 12.7 | 42.2 | 29.9 | |||||||||||||||||||
Mortgage servicing rights | 28.3 | 29.1 | 29.8 | 30.1 | 31.1 | (2.7) | (9.0) | |||||||||||||||||||
Other assets | 519.5 | 623.4 | 586.6 | 608.3 | 649.5 | (16.7) | (20.0) | |||||||||||||||||||
Total assets | $ | 30,671.2 | $ | 30,540.8 | $ | 30,976.3 | $ | 31,637.7 | $ | 32,287.8 | 0.4 | % | (5.0) | % | ||||||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||||||||||
Deposits | $ | 23,323.1 | $ | 23,679.5 | $ | 23,579.2 | $ | 24,107.0 | $ | 25,073.6 | (1.5) | % | (7.0) | % | ||||||||||||
Securities sold under repurchase agreements | 782.7 | 889.5 | 929.9 | 970.8 | 1,052.9 | (12.0) | (25.7) | |||||||||||||||||||
Long-term debt | 120.8 | 120.8 | 120.8 | 120.8 | 120.8 | — | — | |||||||||||||||||||
Other borrowed funds | 2,603.0 | 2,067.0 | 2,589.0 | 2,710.0 | 2,327.0 | 25.9 | 11.9 | |||||||||||||||||||
Subordinated debentures held by subsidiary trusts | 163.1 | 163.1 | 163.1 | 163.1 | 163.1 | — | — | |||||||||||||||||||
Other liabilities | 451.0 | 535.4 | 473.1 | 405.7 | 476.6 | (15.8) | (5.4) | |||||||||||||||||||
Total liabilities | 27,443.7 | 27,455.3 | 27,855.1 | 28,477.4 | 29,214.0 | — | (6.1) | |||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||
Common stock | 2,448.9 | 2,484.9 | 2,481.4 | 2,478.7 | 2,478.2 | (1.4) | (1.2) | |||||||||||||||||||
Retained earnings | 1,135.1 | 1,122.3 | 1,098.8 | 1,080.7 | 1,072.7 | 1.1 | 5.8 | |||||||||||||||||||
Accumulated other comprehensive loss | (356.5) | (521.7) | (459.0) | (399.1) | (477.1) | (31.7) | (25.3) | |||||||||||||||||||
Total stockholders' equity | 3,227.5 | 3,085.5 | 3,121.2 | 3,160.3 | 3,073.8 | 4.6 | 5.0 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 30,671.2 | $ | 30,540.8 | $ | 30,976.3 | $ | 31,637.7 | $ | 32,287.8 | 0.4 | % | (5.0) | % | ||||||||||||
Common shares outstanding at period end | 103,942 | 105,011 | 105,021 | 104,382 | 104,442 | (1.0) | % | (0.5) | % | |||||||||||||||||
Book value per common share at period end | $ | 31.05 | $ | 29.38 | $ | 29.72 | $ | 30.28 | $ | 29.43 | 5.7 | 5.5 | ||||||||||||||
Tangible book value per common share at period end** | 19.41 | 17.82 | 18.12 | 18.57 | 17.69 | 8.9 | 9.7 | |||||||||||||||||||
**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. | ||||||||||||||||||||||||||
NM - not meaningful | ||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||
(In millions, except %) | Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
4Q23 vs 3Q23 | 4Q23 vs 4Q22 | |||||||||||||||||||
Loans held for investment: | ||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||
Commercial | $ | 8,869.2 | $ | 8,766.2 | $ | 8,813.9 | $ | 8,680.8 | $ | 8,528.6 | 1.2 | % | 4.0 | % | ||||||||||||
Construction | 1,826.5 | 1,930.3 | 1,836.5 | 1,893.0 | 1,944.4 | (5.4) | (6.1) | |||||||||||||||||||
Residential | 2,244.3 | 2,212.2 | 2,198.3 | 2,191.1 | 2,188.3 | 1.5 | 2.6 | |||||||||||||||||||
Agricultural | 716.8 | 731.5 | 755.7 | 769.7 | 794.9 | (2.0) | (9.8) | |||||||||||||||||||
Total real estate | 13,656.8 | 13,640.2 | 13,604.4 | 13,534.6 | 13,456.2 | 0.1 | 1.5 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Indirect | 740.9 | 751.7 | 764.1 | 817.3 | 829.7 | (1.4) | (10.7) | |||||||||||||||||||
Direct | 141.6 | 142.3 | 144.0 | 146.9 | 152.9 | (0.5) | (7.4) | |||||||||||||||||||
Credit card | 76.5 | 71.6 | 72.1 | 71.5 | 75.9 | 6.8 | 0.8 | |||||||||||||||||||
Total consumer | 959.0 | 965.6 | 980.2 | 1,035.7 | 1,058.5 | (0.7) | (9.4) | |||||||||||||||||||
Commercial | 2,906.8 | 2,925.1 | 3,002.7 | 3,028.0 | 2,882.6 | (0.6) | 0.8 | |||||||||||||||||||
Agricultural | 769.4 | 690.5 | 688.0 | 660.4 | 708.3 | 11.4 | 8.6 | |||||||||||||||||||
Other | 0.1 | 5.0 | 1.7 | 1.6 | 9.2 | (98.0) | (98.9) | |||||||||||||||||||
Deferred loan fees and costs | (12.5) | (13.1) | (13.6) | (14.6) | (15.6) | (4.6) | (19.9) | |||||||||||||||||||
Loans held for investment | $ | 18,279.6 | $ | 18,213.3 | $ | 18,263.4 | $ | 18,245.7 | $ | 18,099.2 | 0.4 | % | 1.0 | % | ||||||||||||
Deposits: | ||||||||||||||||||||||||||
Non-interest-bearing | $ | 6,029.6 | $ | 6,402.6 | $ | 6,518.2 | $ | 6,861.1 | $ | 7,560.0 | (5.8) | % | (20.2) | % | ||||||||||||
Interest-bearing: | ||||||||||||||||||||||||||
Demand | 6,507.8 | 6,317.9 | 6,481.9 | 6,714.1 | 7,205.9 | 3.0 | (9.7) | |||||||||||||||||||
Savings | 7,775.8 | 7,796.3 | 7,836.7 | 8,282.9 | 8,379.3 | (0.3) | (7.2) | |||||||||||||||||||
Time, $250 and over | 811.6 | 817.1 | 657.9 | 526.5 | 438.0 | (0.7) | 85.3 | |||||||||||||||||||
Time, other | 2,198.3 | 2,345.6 | 2,084.5 | 1,722.4 | 1,490.4 | (6.3) | 47.5 | |||||||||||||||||||
Total interest-bearing | 17,293.5 | 17,276.9 | 17,061.0 | 17,245.9 | 17,513.6 | 0.1 | (1.3) | |||||||||||||||||||
Total deposits | $ | 23,323.1 | $ | 23,679.5 | $ | 23,579.2 | $ | 24,107.0 | $ | 25,073.6 | (1.5) | % | (7.0) | % | ||||||||||||
Total core deposits (1) |
$ | 22,511.5 | $ | 22,862.4 | $ | 22,921.3 | $ | 23,580.5 | $ | 24,635.6 | (1.5) | % | (8.6) | % | ||||||||||||
(1) Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | ||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||
(In millions, except %) | Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
4Q23 vs 3Q23 | 4Q23 vs 4Q22 | |||||||||||||||||||
Allowance for Credit Losses: | ||||||||||||||||||||||||||
Allowance for credit losses | $ | 227.7 | $ | 226.7 | $ | 224.6 | $ | 226.1 | $ | 220.1 | 0.4 | % | 3.5 | % | ||||||||||||
As a percentage of loans held for investment | 1.25 | % | 1.24 | % | 1.23 | % | 1.24 | % | 1.22 | % | ||||||||||||||||
As a percentage of non-accrual loans | 214.00 | 278.50 | 260.86 | 279.83 | 371.79 | |||||||||||||||||||||
Net loan charge-offs during quarter | $ | 4.8 | $ | 1.1 | $ | 11.4 | $ | 6.2 | $ | 1.1 | 336.4 | % | 336.4 | % | ||||||||||||
Annualized as a percentage of average loans | 0.10 | % | 0.02 | % | 0.25 | % | 0.14 | % | 0.02 | % | ||||||||||||||||
Non-Performing Assets: | ||||||||||||||||||||||||||
Non-accrual loans | $ | 106.4 | $ | 81.4 | $ | 86.1 | $ | 80.8 | $ | 59.2 | 30.7 | % | 79.7 | % | ||||||||||||
Accruing loans past due 90 days or more | 4.9 | 3.2 | 6.7 | 4.5 | 6.4 | 53.1 | (23.4) | |||||||||||||||||||
Total non-performing loans | 111.3 | 84.6 | 92.8 | 85.3 | 65.6 | 31.6 | 69.7 | |||||||||||||||||||
Other real estate owned | 16.5 | 11.6 | 14.4 | 13.4 | 12.7 | 42.2 | 29.9 | |||||||||||||||||||
Total non-performing assets | $ | 127.8 | $ | 96.2 | $ | 107.2 | $ | 98.7 | $ | 78.3 | 32.8 | % | 63.2 | % | ||||||||||||
Non-performing assets as a percentage of: | ||||||||||||||||||||||||||
Loans held for investment and OREO | 0.70 | % | 0.53 | % | 0.59 | % | 0.54 | % | 0.43 | % | ||||||||||||||||
Total assets | 0.42 | 0.31 | 0.35 | 0.31 | 0.24 | |||||||||||||||||||||
Non-accrual loans to loans held for investment | 0.58 | 0.45 | 0.47 | 0.44 | 0.33 | |||||||||||||||||||||
Accruing Loans 30-89 Days Past Due | $ | 67.3 | $ | 51.2 | $ | 49.5 | $ | 52.3 | $ | 62.3 | 31.4 | % | 8.0 | % | ||||||||||||
Criticized Loans: | ||||||||||||||||||||||||||
Special Mention | $ | 210.5 | $ | 197.3 | $ | 221.9 | $ | 243.8 | $ | 290.4 | 6.7 | % | (27.5) | % | ||||||||||||
Substandard | 457.1 | 414.6 | 386.9 | 355.0 | 316.2 | 10.3 | 44.6 | |||||||||||||||||||
Doubtful | 20.7 | 21.0 | 32.8 | 22.8 | 8.5 | (1.4) | 143.5 | |||||||||||||||||||
Total | $ | 688.3 | $ | 632.9 | $ | 641.6 | $ | 621.6 | $ | 615.1 | 8.8 | % | 11.9 | % | ||||||||||||
At or for the Quarter ended: | ||||||||||||||||||||||||||||||||
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
||||||||||||||||||||||||||||
Annualized Financial Ratios (GAAP) | ||||||||||||||||||||||||||||||||
Return on average assets | 0.80 | % | 0.94 | % | 0.86 | % | 0.71 | % | 1.07 | % | ||||||||||||||||||||||
Return on average common stockholders' equity | 7.77 | 9.20 | 8.44 | 7.25 | 11.16 | |||||||||||||||||||||||||||
Yield on average earning assets | 4.69 | 4.63 | 4.52 | 4.43 | 4.24 | |||||||||||||||||||||||||||
Cost of average interest-bearing liabilities | 2.24 | 2.09 | 1.88 | 1.46 | 0.89 | |||||||||||||||||||||||||||
Interest rate spread | 2.45 | 2.54 | 2.64 | 2.97 | 3.35 | |||||||||||||||||||||||||||
Efficiency ratio | 64.25 | 61.48 | 60.95 | 63.38 | 57.07 | |||||||||||||||||||||||||||
Loans held for investment to deposit ratio | 78.38 | 76.92 | 77.46 | 75.69 | 72.18 | |||||||||||||||||||||||||||
Annualized Financial Ratios - Operating** (Non-GAAP) | ||||||||||||||||||||||||||||||||
Net FTE interest margin ratio | 3.01 | % | 3.07 | % | 3.12 | % | 3.36 | % | 3.61 | % | ||||||||||||||||||||||
Tangible book value per common share | $ | 19.41 | $ | 17.82 | $ | 18.12 | $ | 18.57 | $ | 17.69 | ||||||||||||||||||||||
Tangible common stockholders' equity to tangible assets | 6.85 | % | 6.38 | % | 6.40 | % | 6.37 | % | 5.95 | % | ||||||||||||||||||||||
Return on average tangible common stockholders' equity | 12.65 | 15.04 | 13.69 | 11.87 | 18.67 | |||||||||||||||||||||||||||
Consolidated Capital Ratios | ||||||||||||||||||||||||||||||||
Total risk-based capital to total risk-weighted assets | 13.28 | % | * | 13.19 | % | 12.90 | % | 12.63 | % | 12.48 | % | |||||||||||||||||||||
Tier 1 risk-based capital to total risk-weighted assets | 11.08 | * | 11.02 | 10.76 | 10.52 | 10.45 | ||||||||||||||||||||||||||
Tier 1 common capital to total risk-weighted assets | 11.08 | * | 11.02 | 10.76 | 10.52 | 10.45 | ||||||||||||||||||||||||||
Leverage Ratio | 8.22 | * | 8.22 | 7.99 | 7.72 | 7.75 | ||||||||||||||||||||||||||
*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 | ||||||||||||||
Selected Ratios | ||||||||||||||
(Unaudited) | ||||||||||||||
At or for the Year ended: | ||||||||||||||
Dec 31, 2023 |
Dec 31, 2022 |
|||||||||||||
Financial Ratios (GAAP) | ||||||||||||||
Return on average assets | 0.83 | % | 0.65 | % | ||||||||||
Return on average common stockholders' equity | 8.17 | 6.34 | ||||||||||||
Yield on average earning assets | 4.57 | 3.63 | ||||||||||||
Cost of average interest-bearing liabilities | 1.91 | 0.40 | ||||||||||||
Interest rate spread | 2.66 | 3.23 | ||||||||||||
Efficiency ratio | 62.50 | 67.83 | ||||||||||||
Financial Ratios - Operating** (Non-GAAP) | ||||||||||||||
Net FTE interest margin ratio | 3.14 | 3.36 | ||||||||||||
Return on average tangible common stockholders' equity | 13.32 | 10.09 | ||||||||||||
**Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of net interest margin to net FTE interest margin and return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity (non-GAAP). | ||||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
Average Balance Sheets | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
(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) |
$ | 18,255.9 | $ | 254.1 | 5.52 | % | $ | 18,317.4 | $ | 251.5 | 5.45 | % | $ | 17,920.5 | $ | 230.5 | 5.10 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||||||||
Taxable | 8,710.1 | 64.8 | 2.95 | 8,877.6 | 66.0 | 2.95 | 10,148.0 | 70.4 | 2.75 | ||||||||||||||||||||||||||
Tax-exempt | 190.0 | 0.9 | 1.88 | 190.4 | 0.9 | 1.88 | 235.8 | 1.2 | 2.02 | ||||||||||||||||||||||||||
Investment in FHLB and FRB stock | 192.1 | 3.1 | 6.40 | 202.6 | 2.9 | 5.68 | 156.4 | 2.0 | 5.07 | ||||||||||||||||||||||||||
Interest-bearing deposits in banks | 221.0 | 3.1 | 5.57 | 208.5 | 3.0 | 5.71 | 220.1 | 2.2 | 3.97 | ||||||||||||||||||||||||||
Federal funds sold | 0.3 | — | — | 0.3 | — | — | 0.1 | — | — | ||||||||||||||||||||||||||
Total interest-earning assets | $ | 27,569.4 | $ | 326.0 | 4.69 | % | $ | 27,796.8 | $ | 324.3 | 4.63 | % | $ | 28,680.9 | $ | 306.3 | 4.24 | % | |||||||||||||||||
Non-interest-earning assets | 2,938.3 | 2,955.5 | 3,035.1 | ||||||||||||||||||||||||||||||||
Total assets | $ | 30,507.7 | $ | 30,752.3 | $ | 31,716.0 | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 6,469.1 | $ | 15.3 | 0.94 | % | $ | 6,361.5 | $ | 13.3 | 0.83 | % | $ | 7,412.7 | $ | 7.9 | 0.42 | % | |||||||||||||||||
Savings deposits | 7,769.3 | 37.4 | 1.91 | 7,838.4 | 33.6 | 1.70 | 8,446.7 | 14.8 | 0.70 | ||||||||||||||||||||||||||
Time deposits | 3,179.4 | 27.2 | 3.39 | 2,938.0 | 21.9 | 2.96 | 1,848.6 | 5.0 | 1.07 | ||||||||||||||||||||||||||
Repurchase agreements | 842.2 | 2.1 | 0.99 | 895.2 | 1.7 | 0.75 | 1,091.2 | 1.1 | 0.40 | ||||||||||||||||||||||||||
Other borrowed funds | 2,087.6 | 29.7 | 5.64 | 2,396.3 | 33.6 | 5.56 | 1,260.0 | 12.9 | 4.06 | ||||||||||||||||||||||||||
Long-term debt | 120.8 | 1.4 | 4.60 | 120.8 | 1.5 | 4.93 | 120.8 | 1.4 | 4.60 | ||||||||||||||||||||||||||
Subordinated debentures held by subsidiary trusts | 163.1 | 3.4 | 8.27 | 163.1 | 3.3 | 8.03 | 163.1 | 2.5 | 6.08 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 20,631.5 | $ | 116.5 | 2.24 | % | $ | 20,713.3 | $ | 108.9 | 2.09 | % | $ | 20,343.1 | $ | 45.6 | 0.89 | % | |||||||||||||||||
Non-interest-bearing deposits | 6,222.1 | 6,401.2 | 7,871.8 | ||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 513.8 | 504.0 | 451.0 | ||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,140.3 | 3,133.8 | 3,050.1 | ||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 30,507.7 | $ | 30,752.3 | $ | 31,716.0 | |||||||||||||||||||||||||||||
Net FTE interest income (non-GAAP)(3) |
$ | 209.5 | $ | 215.4 | $ | 260.7 | |||||||||||||||||||||||||||||
Less FTE adjustments (2) |
(1.7) | (1.7) | (2.3) | ||||||||||||||||||||||||||||||||
Net interest income from consolidated statements of income | $ | 207.8 | $ | 213.7 | $ | 258.4 | |||||||||||||||||||||||||||||
Interest rate spread | 2.45 | % | 2.54 | % | 3.35 | % | |||||||||||||||||||||||||||||
Net interest margin | 2.99 | 3.05 | 3.57 | ||||||||||||||||||||||||||||||||
Net FTE interest margin (non-GAAP)(3) |
3.01 | 3.07 | 3.61 | ||||||||||||||||||||||||||||||||
Cost of funds, including non-interest-bearing demand deposits (4) |
1.72 | 1.59 | 0.64 | ||||||||||||||||||||||||||||||||
(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% and 26.25% tax rate for 2023 and 2022, respectively. | |||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||
Average Balance Sheets | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In millions, except %) | Average Balance |
Interest(2) |
Average Rate |
Average Balance |
Interest(2) |
Average Rate |
|||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||
Loans (1) |
$ | 18,299.6 | $ | 986.0 | 5.39 | % | $ | 16,802.2 | $ | 797.2 | 4.74 | % | |||||||||||
Investment securities | |||||||||||||||||||||||
Taxable | 9,173.1 | 269.1 | 2.93 | 9,729.8 | 213.9 | 2.20 | |||||||||||||||||
Tax-exempt | 199.7 | 3.9 | 1.95 | 243.6 | 5.0 | 2.05 | |||||||||||||||||
Investment in FHLB and FRB stock | 207.5 | 12.4 | 5.98 | 116.6 | 4.8 | 4.12 | |||||||||||||||||
Interest-bearing deposits in banks | 303.0 | 15.7 | 5.18 | 1,432.8 | 8.7 | 0.61 | |||||||||||||||||
Federal funds sold | 0.5 | — | — | 0.5 | — | — | |||||||||||||||||
Total interest-earning assets | $ | 28,183.4 | $ | 1,287.1 | 4.57 | % | $ | 28,325.5 | $ | 1,029.6 | 3.63 | % | |||||||||||
Non-interest-earning assets | 2,951.1 | 2,804.2 | |||||||||||||||||||||
Total assets | $ | 31,134.5 | $ | 31,129.7 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Demand deposits | $ | 6,553.3 | $ | 47.2 | 0.72 | % | $ | 7,549.8 | $ | 15.7 | 0.21 | % | |||||||||||
Savings deposits | 7,989.3 | 122.2 | 1.53 | 8,732.7 | 24.5 | 0.28 | |||||||||||||||||
Time deposits | 2,676.3 | 73.2 | 2.74 | 1,577.0 | 8.1 | 0.51 | |||||||||||||||||
Repurchase agreements | 940.4 | 6.4 | 0.68 | 1,114.5 | 2.5 | 0.22 | |||||||||||||||||
Other borrowed funds | 2,514.6 | 133.8 | 5.32 | 411.1 | 15.3 | 3.72 | |||||||||||||||||
Long-term debt | 120.8 | 5.8 | 4.80 | 122.2 | 6.0 | 4.91 | |||||||||||||||||
Subordinated debentures held by subsidiary trusts | 163.1 | 12.7 | 7.79 | 156.6 | 6.8 | 4.34 | |||||||||||||||||
Total interest-bearing liabilities | $ | 20,957.8 | $ | 401.3 | 1.91 | % | $ | 19,663.9 | $ | 78.9 | 0.40 | % | |||||||||||
Non-interest-bearing deposits | 6,549.9 | 7,911.6 | |||||||||||||||||||||
Other non-interest-bearing liabilities | 475.9 | 364.7 | |||||||||||||||||||||
Stockholders’ equity | 3,150.9 | 3,189.5 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 31,134.5 | $ | 31,129.7 | |||||||||||||||||||
Net FTE interest income (non-GAAP)(3) |
$ | 885.8 | $ | 950.7 | |||||||||||||||||||
Less FTE adjustments (2) |
(7.0) | (8.1) | |||||||||||||||||||||
Net interest income from consolidated statements of income | $ | 878.8 | $ | 942.6 | |||||||||||||||||||
Interest rate spread | 2.66 | % | 3.23 | % | |||||||||||||||||||
Net interest margin | 3.12 | 2.84 | |||||||||||||||||||||
Net FTE interest margin (3) |
3.14 | 3.36 | |||||||||||||||||||||
Cost of funds, including non-interest-bearing demand deposits (4) |
1.46 | 0.29 | |||||||||||||||||||||
(1) Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.3 million and $7.5 million at December 31, 2023 and December 31, 2022, respectively. | |||||||||||||||||||||||
(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% and 26.25% tax rate for 2023 and 2022, respectively. | |||||||||||||||||||||||
(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) | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||||
Total common stockholders' equity (GAAP) | (A) | $ | 3,227.5 | $ | 3,085.5 | $ | 3,121.2 | $ | 3,160.3 | $ | 3,073.8 | |||||||||
Less goodwill and other intangible assets (excluding mortgage servicing rights) | 1,210.3 | 1,214.1 | 1,218.0 | 1,221.9 | 1,225.9 | |||||||||||||||
Tangible common stockholders' equity (Non-GAAP) | (B) | $ | 2,017.2 | $ | 1,871.4 | $ | 1,903.2 | $ | 1,938.4 | $ | 1,847.9 | |||||||||
Total assets (GAAP) | $ | 30,671.2 | $ | 30,540.8 | $ | 30,976.3 | $ | 31,637.7 | $ | 32,287.8 | ||||||||||
Less goodwill and other intangible assets (excluding mortgage servicing rights) | 1,210.3 | 1,214.1 | 1,218.0 | 1,221.9 | 1,225.9 | |||||||||||||||
Tangible assets (Non-GAAP) | (C) | $ | 29,460.9 | $ | 29,326.7 | $ | 29,758.3 | $ | 30,415.8 | $ | 31,061.9 | |||||||||
Average Balances: | ||||||||||||||||||||
Total common stockholders' equity (GAAP) | (D) | $ | 3,140.3 | $ | 3,133.8 | $ | 3,182.9 | $ | 3,147.0 | $ | 3,050.1 | |||||||||
Less goodwill and other intangible assets (excluding mortgage servicing rights) | 1,212.1 | 1,216.0 | 1,219.8 | 1,223.8 | 1,226.9 | |||||||||||||||
Average tangible common stockholders' equity (Non-GAAP) | (E) | $ | 1,928.2 | $ | 1,917.8 | $ | 1,963.1 | $ | 1,923.2 | $ | 1,823.2 | |||||||||
Net interest income | (F) | $ | 207.8 | $ | 213.7 | $ | 218.4 | $ | 238.9 | $ | 258.4 | |||||||||
FTE interest income | 1.7 | 1.7 | 1.8 | 1.8 | 2.3 | |||||||||||||||
Net FTE interest income | (G) | 209.5 | 215.4 | 220.2 | 240.7 | 260.7 | ||||||||||||||
Less purchase accounting accretion | 5.4 | 5.2 | 4.6 | 5.2 | 8.4 | |||||||||||||||
Adjusted net FTE interest income | (H) | $ | 204.1 | $ | 210.2 | $ | 215.6 | $ | 235.5 | $ | 252.3 | |||||||||
Average interest-earning assets | (I) | $ | 27,569.4 | $ | 27,796.8 | $ | 28,328.8 | $ | 29,059.4 | $ | 28,680.9 | |||||||||
Total quarterly average assets | (J) | 30,507.7 | 30,752.3 | 31,287.6 | 32,010.9 | 31,716.0 | ||||||||||||||
Annualized net income available to common shareholders | (K) | 244.0 | 288.4 | 268.7 | 228.3 | 340.4 | ||||||||||||||
Common shares outstanding | (L) | 103,942 | 105,011 | 105,021 | 104,382 | 104,442 | ||||||||||||||
Return on average assets (GAAP) | (K) / (J) | 0.80 | % | 0.94 | % | 0.86 | % | 0.71 | % | 1.07 | % | |||||||||
Return on average common stockholders' equity (GAAP) | (K) / (D) | 7.77 | 9.20 | 8.44 | 7.25 | 11.16 | ||||||||||||||
Average common stockholders' equity to average assets (GAAP) | (D) / (J) | 10.29 | 10.19 | 10.17 | 9.83 | 9.62 | ||||||||||||||
Book value per common share (GAAP) | (A) / (L) | $ | 31.05 | $ | 29.38 | $ | 29.72 | $ | 30.28 | $ | 29.43 | |||||||||
Tangible book value per common share (Non-GAAP) | (B) / (L) | 19.41 | 17.82 | 18.12 | 18.57 | 17.69 | ||||||||||||||
Tangible common stockholders' equity to tangible assets (Non-GAAP) | (B) / (C) | 6.85 | % | 6.38 | % | 6.40 | % | 6.37 | % | 5.95 | % | |||||||||
Return on average tangible common stockholders' equity (Non-GAAP) | (K) / (E) | 12.65 | 15.04 | 13.69 | 11.87 | 18.67 | ||||||||||||||
Net interest margin (GAAP) | (F*) / (I) | 2.99 | 3.05 | 3.09 | 3.33 | 3.57 | ||||||||||||||
Net interest margin (FTE) (Non-GAAP) | (G*) / (I) | 3.01 | 3.07 | 3.12 | 3.36 | 3.61 | ||||||||||||||
Adjusted net interest margin (FTE) (Non-GAAP) | (H*) / (I) | 2.94 | 3.00 | 3.05 | 3.29 | 3.49 | ||||||||||||||
*Annualized | ||||||||||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES | |||||||||||||||||
Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the Year Ended | |||||||||||||||||
(In millions, except % and per share data) | Dec 31, 2023 | Dec 31, 2022 | |||||||||||||||
Average Balances: | |||||||||||||||||
Total common stockholders' equity (GAAP) | (A) | $ | 3,150.9 | $ | 3,189.5 | ||||||||||||
Less goodwill and other intangible assets (excluding mortgage servicing rights) | 1,217.9 | 1,186.5 | |||||||||||||||
Average tangible common stockholders' equity (Non-GAAP) | (B) | $ | 1,933.0 | $ | 2,003.0 | ||||||||||||
Net interest income | (C) | $ | 878.8 | $ | 942.6 | ||||||||||||
FTE interest income | 7.0 | 8.1 | |||||||||||||||
Net FTE interest income | (D) | 885.8 | 950.7 | ||||||||||||||
Less: Purchase accounting accretion | 20.4 | 50.4 | |||||||||||||||
Adjusted net interest income (FTE) | (E) | $ | 865.4 | $ | 900.3 | ||||||||||||
Average interest-earning assets | (F) | $ | 28,183.4 | $ | 28,325.5 | ||||||||||||
Total average assets | (G) | 31,134.5 | 31,129.7 | ||||||||||||||
Net income available to common shareholders | (H) | 257.5 | 202.2 | ||||||||||||||
Return on average assets (GAAP) | (H) / (G) | 0.83 | % | 0.65 | % | ||||||||||||
Return on average common stockholders' equity (GAAP) | (H) / (A) | 8.17 | 6.34 | ||||||||||||||
Average common stockholders' equity to average assets (GAAP) | (A) / (G) | 10.12 | 10.25 | ||||||||||||||
Return on average tangible common stockholders' equity (Non-GAAP) | (H) / (B) | 13.32 | 10.09 | ||||||||||||||
Net interest margin (GAAP) | (C) / (F) | 3.12 | 3.33 | ||||||||||||||
Net interest margin (FTE) (Non-GAAP) | (D) / (F) | 3.14 | 3.36 | ||||||||||||||
Adjusted net interest margin (FTE) (Non-GAAP) | (E) / (F) | 3.07 | 3.18 | ||||||||||||||