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Mar 31, 2023
First Interstate Q1 2023 Earnings Report
First Interstate reported first quarter earnings with net income impacted by available-for-sale investment securities loss and fair value adjustment on loans held for sale.
Key Takeaways
First Interstate BancSystem, Inc. reported a net income of $56.3 million, or $0.54 per share, for the first quarter of 2023. The results were impacted by an available-for-sale investment securities loss of $23.4 million and a $1.9 million fair value adjustment on loans held for sale.
Net income for the first quarter of 2023 was $56.3 million, or $0.54 per share, impacted by investment securities loss and fair value adjustment.
Net interest margin decreased to 3.36% for the first quarter of 2023, a 25 basis point decrease from the fourth quarter of 2022.
Loans held for investment increased $146.5 million, or an annualized 3.2% during the first quarter of 2023 compared to the fourth quarter of 2022.
Book value per common share was $30.28 as of March 31, 2023, compared to $29.43 as of December 31, 2022.
First Interstate
First Interstate
First Interstate Revenue by Segment
Revenue by Segment
Payment Services Revenue
CapyFin.comWealth Management Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comService Charges Revenue
CapyFin.comOther Service Charges Revenue
CapyFin.com Forward Guidance
The company is well positioned to effectively manage through a wide range of economic scenarios, with strong levels of capital, ample liquidity, and a flexible balance sheet and therefore are not currently contemplating any changes to our strategic planning for the remainder of the year.
Positive Outlook
- Strong levels of capital
- Ample liquidity
- Flexible balance sheet
- Favorable environment to grow client base
- Continued long-term profitable growth
Challenges Ahead
- Uncertain environment
- Prudent risk management will continue to be top priority
- Potential economic scenarios
- No changes to strategic planning for the remainder of the year
- Impact of economic conditions