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Mar 31, 2020
First Interstate Q1 2020 Earnings Report
Reported net income of $29.3 million, with mortgage banking revenues up by 67.9% compared to the previous quarter and implemented relief programs for clients impacted by COVID-19.
Key Takeaways
First Interstate BancSystem reported a net income of $29.3 million for the first quarter of 2020, a decrease compared to both the previous quarter and the same quarter of the previous year. Mortgage banking revenues saw a significant increase, but the company also recorded a provision for credit losses of $29.0 million due to the adoption of CECL and the economic impact of COVID-19.
Net income was $29.3 million, or $0.45 per share, compared to $41.6 million, or $0.69 per share, for the first quarter of 2019.
Mortgage banking revenues increased 67.9% to $13.6 million compared to the previous quarter, and 231.7% compared to the first quarter of 2019.
Net interest margin ratio decreased to 3.90%, a four-basis point decrease from the prior quarter.
The company adopted the CECL accounting standard on January 1, 2020, resulting in an initial reserve increase of $32.3 million.
First Interstate
First Interstate
First Interstate Revenue by Segment
Revenue by Segment
Payment Services Revenue
CapyFin.comWealth Management Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comOther Service Charges Revenue
CapyFin.com Forward Guidance
The company did not provide a detailed forward guidance.