First Interstate BancSystem(FIBK) - 2025 Q1 - Quarterly Results

Financial Performance - For Q1 2025, First Interstate BancSystem reported net income of $50.2 million, or $0.49 per diluted share, down from $52.1 million in Q4 2024 and $58.4 million in Q1 2024[1]. - Non-interest income for Q1 2025 was $42.0 million, a decrease of $5.0 million, or 10.6%, from Q4 2024[12]. - Net interest income for Q1 2025 was $205.0 million, a decrease of 4.3% from Q4 2024 and an increase of 2.4% from Q1 2024[37]. - Net income for Q1 2025 was $50.2 million, representing a decrease of 3.6% from Q4 2024 and a decline of 14.0% from Q1 2024[37]. - The company reported an annualized net income available to common shareholders of $203.6 million for the quarter, compared to $234.9 million in the same quarter last year, a decrease of about 13.3%[52]. Asset and Liability Management - Total assets decreased by $857.6 million, or 2.9%, to $28,279.8 million as of March 31, 2025, compared to $29,137.4 million as of December 31, 2024[17]. - Total liabilities decreased to $24,918.5 million, a decline of 3.5% from Q4 2024 and 7.5% from Q1 2024[40]. - Total loans held for investment decreased to $17,377.3 million, down 2.6% from the previous quarter and down 4.5% year-over-year[42]. - Total deposits decreased by $282.8 million from December 31, 2024, with noninterest-bearing deposits down by $207.4 million[4]. - Total deposits decreased to $22,732.8 million, a decline of 1.2% from the previous quarter and a slight decrease of 0.3% year-over-year[42]. Credit Quality - Non-performing assets rose by $52.8 million, or 36.3%, to $198.4 million as of March 31, 2025, compared to $145.6 million as of December 31, 2024[4]. - The provision for credit losses was $20.0 million in Q1 2025, down from $33.7 million in Q4 2024[9]. - Net charge-offs decreased by $46.2 million, or 83.7%, to $9.0 million in Q1 2025, compared to $55.2 million in Q4 2024[10]. - Criticized loans increased by $252.8 million, or 32.7%, to $1,026.1 million as of March 31, 2025, from $773.3 million as of December 31, 2024[26]. - The allowance for credit losses increased to $215.3 million, representing a 5.5% increase from the previous quarter but a 5.4% decrease year-over-year[44]. Capital and Dividends - The common equity tier 1 capital ratio improved by 37 basis points to 12.53% as of March 31, 2025[4]. - The Company declared a dividend of $0.47 per common share, equating to a 6.1% annualized yield based on the average closing price of $30.99 per share[5]. - The Company paid regular common stock dividends of approximately $48.0 million, or $0.47 per share, during the first quarter of 2025[24]. - The total risk-based capital ratio improved to 14.93% from 14.38% in the previous quarter[46]. Operational Efficiency - The efficiency ratio increased to 63.64%, compared to 60.20% in the previous quarter[46]. - The return on average assets was 0.71%, slightly up from 0.70% in the previous quarter[46]. - The tangible book value per common share increased to $20.67, reflecting an increase of 2.5% from Q4 2024 and 7.9% from Q1 2024[40]. Market Position - The Company is considered "well-capitalized" as of March 31, 2025, having exceeded all regulatory capital adequacy requirements[24]. - The Company discontinued accepting applications to originate indirect loans during the first quarter of 2025[20].