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Mar 31, 2024
First Interstate Q1 2024 Earnings Report
First Interstate reported first quarter earnings, with results generally in-line with expectations.
Key Takeaways
First Interstate BancSystem, Inc. reported a net income of $58.4 million, or $0.57 per share, for the first quarter of 2024. The results were generally in line with expectations, positioning the company well for the remainder of the year. The company's board of directors declared a dividend of $0.47 per common share.
Criticized loans decreased $58.3 million, driven by loan upgrades and payoffs.
Non-performing assets increased $61.6 million, driven primarily by one non-accrual commercial and industrial loan relationship.
Loans held for investment decreased $76.8 million, driven by seasonal declines in agriculture loans.
Total deposits decreased $513.1 million, primarily due to seasonal declines in business deposits and selective run-off of two higher-cost municipal accounts.
Revenue by Segment
Forward Guidance
First Interstate BancSystem, Inc. expects to continue to generate improvements in capital ratios and maintain a healthy dividend for shareholders. They remain confident in their ability to generate solid returns, given strong levels of capital and liquidity, adequate allowance for credit loss levels, and continued expense control.
Positive Outlook
- Strong levels of capital
- Strong liquidity
- Adequate allowance for credit loss levels
- Continued expense control
- Expected improvements in capital ratios
Challenges Ahead
- New or changes in existing governmental regulations
- Negative developments in the banking industry and increased regulatory scrutiny
- Tax legislative initiatives or assessments
- More stringent capital requirements, to the extent they may become applicable
Historical Earnings Impact
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Avg. Return Before/After Earnings
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