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Mar 31, 2021
First Interstate Q1 2021 Earnings Report
Reported strong first quarter earnings driven by healthy economic activity, deposit inflows, and reductions in problem loan categories.
Key Takeaways
First Interstate BancSystem, Inc. reported a strong first quarter with net income of $51.4 million, or $0.83 per share, compared to $29.3 million, or $0.45 per share, for the first quarter of 2020. The company saw increases in total deposits and total assets, along with decreases in non-performing assets and criticized loans.
Total deposits increased by $877.0 million, or 6.2%, to $15,094.0 million as of March 31, 2021.
Total assets increased by $794.7 million, or 4.5%, to $18,443.4 million as of March 31, 2021.
Non-performing assets decreased by $6.9 million, or 13.7%, to $43.6 million as of March 31, 2021.
The Company funded approximately 6,000 loans as part of the Payroll Protection Program, or PPP, for $436.6 million during the first quarter of 2021.
Revenue by Segment
Forward Guidance
First Interstate BancSystem anticipates stronger loan growth throughout the remainder of 2021, excluding PPP loan runoff, which should lead to higher net interest income and strong financial performance.
Positive Outlook
- Expects stronger loan growth as we move through the year.
- Anticipates higher net interest income.
- Projects continued strong financial performance over the remainder of 2021.
- Sees improving loan demand.
- Clients are looking to invest in projects to capitalize on strong economic activity.
Challenges Ahead
- Potential impact of new or changes in governmental regulations.
- Risk of tax legislative initiatives or assessments.
- Exposure to more stringent capital requirements.
- Potential heightened regulatory requirements resulting from total assets exceeding $10 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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