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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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