Financial Performance - For Q2 2024, First Interstate BancSystem reported net income of $60.0 million, or $0.58 per share, compared to $58.4 million, or $0.57 per share in Q1 2024, and $67.0 million, or $0.65 per share in Q2 2023[36]. - Net interest income rose by $1.6 million, or 0.8%, to $201.7 million in Q2 2024, while it decreased by $16.7 million, or 7.6%, compared to Q2 2023[64]. - Net interest margin increased to 2.97% for Q2 2024, a 6 basis point increase from Q1 2024, and to 3.00% on a fully taxable equivalent basis, a 7 basis point increase from Q1 2024[1]. - Earnings per share (EPS) for Q2 2024 was $0.58, up 1.8% from Q1 2024, but down 10.8% from Q2 2023[84]. - Return on average assets increased to 0.80% in Q2 2024, up from 0.77% in Q1 2024[79]. - Return on average common stockholders' equity rose to 7.55% in Q2 2024, compared to 7.28% in the previous quarter[79]. Asset and Liability Management - Total assets as of June 30, 2024, were $30,289.5 million, a 0.5% increase from the previous quarter but a 2.2% decrease year-over-year[23]. - Total deposits increased slightly to $22,870.7 million, a 0.3% rise from the previous quarter but down 3.0% compared to the same period last year[24]. - Net loans held for investment were $18,002.2 million, showing a 0.2% increase from the previous quarter but a 0.2% decrease year-over-year[23]. - 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[10]. - Total loans held for investment increased to $18,235.0 million as of June 30, 2024, up 0.2% from $18,202.8 million in the previous quarter[78]. Credit Quality - Provision for credit losses was $9.0 million in Q2 2024, up from $5.3 million in Q1 2024 but down from $11.7 million in Q2 2023[4]. - The allowance for credit losses was $232.8 million, representing 1.28% of loans held for investment, up from 1.25% in the previous quarter and 1.23% a year ago[28]. - Non-performing assets decreased by $14.5 million, or 7.7%, to $174.9 million as of June 30, 2024, compared to $189.4 million as of March 31, 2024[12]. - Non-accrual loans decreased by 3.7% to $165.6 million in Q2 2024 compared to $172.0 million in Q1 2024, and increased by 92.3% compared to $86.1 million in Q2 2023[18]. - Criticized loans decreased by $12.0 million, or 1.9%, to $618.0 million as of June 30, 2024, driven by upgrades and paydowns in the agricultural and construction real estate portfolios[33]. Non-Interest Income and Expenses - Non-interest income was $42.6 million for Q2 2024, increasing by $0.5 million compared to Q1 2024[65]. - Total non-interest expense for Q2 2024 was $156.9 million, down 2.1% from Q1 2024 and down 4.3% from Q2 2023[84]. - Non-interest expense decreased by $3.3 million in Q2 2024 compared to Q1 2024 and by $7.0 million compared to Q2 2023, totaling $156.9 million[7]. - Salaries and wages expense increased by $1.1 million, or 1.7%, during Q2 2024 compared to Q1 2024, but decreased by $1.8 million, or 2.6%, compared to Q2 2023[32]. - Other expenses decreased by $1.6 million during Q2 2024 compared to Q1 2024, primarily due to a decrease in professional fees and FDIC insurance[45]. Capital and Dividends - The company declared a dividend of $0.47 per common share, equating to a 7.1% annualized yield based on the average closing price of $26.48 per share during Q2 2024[2]. - Total stockholders' equity increased to $3,225.3 million, a 0.5% rise from the previous quarter and a 3.3% increase year-over-year[23]. - The company is considered "well-capitalized" as of June 30, 2024, exceeding all regulatory capital adequacy requirements[70]. - The company's common stock book value per share at the end of the period was $30.85, a 0.5% increase from the previous quarter and a 3.8% increase year-over-year[23]. Operational Efficiency - The efficiency ratio improved to 62.71% in Q2 2024 from 64.62% in Q1 2024, indicating better operational efficiency[79]. - The yield on average earning assets improved to 4.80% in Q2 2024, up from 4.74% in Q1 2024[79]. - Interest-earning assets totaled $27,286.9 million, with an average interest rate of 4.80% for Q2 2024[86]. - The interest rate spread for Q2 2024 was 2.41%, compared to 2.64% in Q2 2023[86]. Future Outlook - The company anticipates continued focus on expense reduction initiatives and maintaining credit quality in the upcoming quarters[51]. - The company plans to host a conference call on July 26, 2024, to discuss the results for the second quarter of 2024[83].

Wall Street analysts expect First Interstate BancSystem (FIBK) to post quarterly earnings of $0.55 per share in its upcoming report, which indicates a year-over-year decline of 16.7%. Revenues are expected to be $245.6 million, down 6.4% from the year-ago quarter. Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. Prior to a company's earnings release, it i ...

After reaching an important support level, First Interstate BancSystem, Inc. (FIBK) could be a good stock pick from a technical perspective. FIBK recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average. There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a ...

Financial Performance - Net income increased by $2.1 million to $58.4 million, or $0.57 per share, for the three months ended March 31, 2024, compared to $56.3 million, or $0.54 per share, for the same period in 2023[151]. - Net interest income decreased by $38.8 million to $200.1 million for the three months ended March 31, 2024, compared to $238.9 million for the same period in 2023[156]. - Total non-interest income increased by $25.7 million to $42.1 million for the three months ended March 31, 2024, compared to $16.4 million in the same period in 2023[164]. - Non-interest expense decreased by $5.6 million during the three months ended March 31, 2024, compared to the same period in 2023[165]. - Total non-interest expense decreased by $5.6 million, or 3.4%, to $160.2 million for the three months ended March 31, 2024, compared to $165.8 million in the same period of 2023[166]. Interest Rates and Margins - The quarterly yield on interest-earning assets rose to 4.74% as of March 31, 2024, up from 4.69% as of December 31, 2023, and 4.43% as of March 31, 2023[143]. - The cost of funds increased to 1.87% during the three months ended March 31, 2024, from 1.72% during the three months ended December 31, 2023, and 1.10% during the three months ended March 31, 2023[144]. - Net interest margin decreased to 2.91% during the three months ended March 31, 2024, down from 2.99% during the three months ended December 31, 2023, and 3.33% during the three months ended March 31, 2023[144]. - The net interest margin ratio decreased by 42 basis points to 2.91% for the three months ended March 31, 2024, down from 3.33% in the same period in 2023[157]. Loans and Credit Quality - The provision for credit losses was $5.3 million for the three months ended March 31, 2024, compared to $15.2 million for the same period in 2023[162]. - The company reported a net loan charge-off of $8.4 million, or an annualized 0.18% of average loans outstanding, for the three months ended March 31, 2024[162]. - Non-accrual loans increased by $65.6 million, or 61.7%, to $172.0 million as of March 31, 2024, primarily due to a downgrade related to a single $54.4 million commercial loan[178]. - Total non-performing assets increased to $189.4 million as of March 31, 2024, compared to $98.7 million as of March 31, 2023[181]. - The allowance for credit losses was $227.7 million, or 1.25% of loans held for investment, as of March 31, 2024, unchanged from December 31, 2023[189]. Deposits and Borrowings - The deposit base is diversified, with 66.0% of total deposits being FDIC insured as of March 31, 2024[138]. - Total deposits decreased by $513.1 million, or 2.2%, to $22,810.0 million as of March 31, 2024, with declines in all categories except for savings deposits and time deposits[194]. - The estimated amount of deposits in excess of the FDIC insurance limit at March 31, 2024, was $7.9 billion, or 34.6% of total deposits[196]. - The Company accessed borrowings through the Bank Term Funding Program totaling $1.0 billion in January 2024, which was used to pay down FHLB advances[139]. - Long-term debt increased by $250.0 million, or 207.0%, to $370.8 million as of March 31, 2024, due to 18-month FHLB borrowings[198]. Capital and Equity - Stockholders' equity decreased by $17.8 million, or 0.6%, to $3,209.7 million as of March 31, 2024, influenced by unrealized losses on available-for-sale securities and stock repurchases[199]. - As of March 31, 2024, the Company had capital levels exceeding the "well-capitalized" guidelines established by the Federal Reserve and FDIC[201]. Operational Efficiency - The Company operates 304 banking offices across fourteen states, focusing on community banking and strategic acquisitions[134]. - The company experienced a decrease in mortgage banking revenues by 26.1% to $1.7 million for the three months ended March 31, 2024, compared to $2.3 million in the same period in 2023[164]. - Employee benefits expense decreased by $3.5 million, primarily due to lower health insurance costs of $2.1 million and lower payroll taxes of $1.8 million[166]. Risk Management and Controls - Management assessed that internal control over financial reporting was not effective as of March 31, 2024, due to un-remediated material weaknesses[223]. - The Company expects to complete remediation of the identified control deficiencies during 2024[225]. - The company’s disclosure controls and procedures were evaluated as effective as of March 31, 2024, ensuring timely reporting of required information[222]. - The interest rate risk management strategy includes monitoring net interest income sensitivity through an income simulation model[214]. - The company is enhancing its internal controls, including implementing a quality assurance process for user access reviews[224].

Financial Data and Key Metrics Changes - The company generated $58.4 million in net income, equating to $0.57 per share, indicating solid performance in the first quarter [8] - Net interest income decreased by $7.7 million to $200.1 million, with a net interest margin on an FTE basis decreasing by 8 basis points to 2.93% [17][18] - Total noninterest expenses were reported at $160.2 million, a decrease of $5.8 million from the previous quarter [22] - The CET1 ratio improved by 29 basis points to 11.37% [28] Business Line Data and Key Metrics Changes - Loan balances declined by $76.8 million, primarily due to seasonal declines in agricultural lines [23] - Noninterest income was $42 million, a decrease of $2.4 million from the prior period, driven by a prior quarter gain on asset disposition [20] - The construction portfolio saw a decline of $217.3 million, while the commercial real estate portfolio increased by $191.2 million [23] Market Data and Key Metrics Changes - Total deposits declined by $513.1 million, with a notable decision to allow $185 million of high-cost municipal deposits to leave the balance sheet [24] - Interest-bearing deposit costs increased by only 6 basis points quarter-over-quarter, indicating a slowdown in cost increases [11] Company Strategy and Development Direction - The company anticipates margin expansion in the second quarter and continues to focus on controllable expenses while investing in fee-based businesses [9][21] - The management expressed optimism about the company's ability to respond to market opportunities due to strong liquidity and capital levels [30][31] Management Comments on Operating Environment and Future Outlook - Management noted that loan demand remains muted, particularly in real estate, but they are maintaining discipline in underwriting and pricing [10] - The company expects a flattening of total cost of funds in the second quarter and reiterated guidance for net interest income despite reduced rate cut expectations [14][19] Other Important Information - The company is cautiously optimistic about resolving issues related to a $54 million C&I loan placed on nonaccrual, indicating management changes and consulting support [34] - The company does not expect any costs related to resolving a material weakness identified in the quarterly report, with remediation efforts ongoing [42][43] Q&A Session Summary Question: Update on the $54 million C&I loan placed on nonaccrual - The loan is from a distribution company in the construction sector, and management is optimistic about a positive resolution due to management changes and consulting support [34] Question: Core NIM expectations for the back half of the year - Management confirmed that they still expect to maintain a core NIM above 3% in the latter half of the year [35] Question: Impact of potential rate cuts on NII guidance - Management believes that their guidance for net interest income will remain stable even if rate cuts do not occur, due to recent balance sheet restructuring [36] Question: Timing and rate of municipal funding - The $185 million in municipal deposits had rates over 5%, with timing split between January and March [38] Question: Context of the $54 million C&I loan in terms of largest relationships - This loan is one of the bank's larger relationships, with only five relationships exceeding $50 million [41] Question: Update on material weakness resolution costs - Management does not expect any costs related to resolving the material weakness and anticipates completing remediation within the calendar year [42][43] Question: Reserves allocated to the C&I credit and nonperforming loans - Reserves have been recognized for the C&I credit, and management feels comfortable with the current level of reserves in relation to nonperforming loans [54][56]

First Interstate BancSystem (FIBK) reported $242.2 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 5.1%. EPS of $0.57 for the same period compares to $0.54 a year ago.The reported revenue represents a surprise of +2.28% over the Zacks Consensus Estimate of $236.8 million. With the consensus EPS estimate being $0.53, the EPS surprise was +7.55%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

First Interstate BancSystem (FIBK) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.55%. A quarter ago, it was expected that this holding company for First Interstate Bank would post earnings of $0.63 per share when it actually produced earnings of $0.67, delivering a surprise of 6.3 ...

Exhibit 99.1 For Immediate Release First Interstate BancSystem, Inc. Reports First Quarter Earnings Billings, MT - April 24, 2024 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the "Company") today reported financial results for the first quarter of 2024. For the quarter, the Company reported net income of $58.4 million, or $0.57 per share, which compares to net income of $61.5 million, or $0.59 per share, for the fourth quarter of 2023 and net income of $56.3 million, or $0.54 per share, for the first ...

Washington D.C. 20549 (Mark One) ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-34653 (Exact name of registrant as specified in its charter) Delaware 81-0331430 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) | --- | --- ...

First Interstate BancSystem, Inc. (NASDAQ:FIBK) Q4 2023 Results Conference Call January 31, 2024 11:00 AM ET Company Participants Andrea Walton - IR Kevin Riley - CEO Marcy Mutch - CFO Conference Call Participants Adam Butler - Piper Sandler Andrew Liesch - KBW Brody Preston - UBS Jeff Rulis - D.A. Davidson Andrew Terrell - Stephens Timur Braziler - Wells Fargo Operator Good morning, ladies and gentlemen, and welcome to the First Interstate BancSystem, Inc. Fourth Quarter Earnings Call. This call is being ...