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Jun 30, 2021
First Interstate Q2 2021 Earnings Report
First Interstate reported financial results for the second quarter of 2021.
Key Takeaways
First Interstate BancSystem, Inc. reported a net income of $42.5 million, or $0.69 per share, for the second quarter of 2021, compared to $36.7 million, or $0.57 per share, for the second quarter of 2020.
Loans held for investment decreased by $28.5 million to $9,834.7 million as of June 30, 2021.
Excluding PPP loan activity, loans held for investment increased $201.5 million as of June 30, 2021 compared to March 31, 2021.
Total deposits increased $471.7 million to $15,565.7 million as of June 30, 2021.
Non-performing assets decreased $6.0 million to $37.6 million as of June 30, 2021.
Revenue by Segment
Forward Guidance
The Company expects the positive trends experienced in the first half of the year to continue during the second half of the year.
Positive Outlook
- Loan pipeline remains strong, which should contribute to continued loan growth.
- Higher net interest income is expected.
- Non-interest income should benefit from higher levels of economic activity.
- Non-interest income should benefit from the sale of more of residential mortgage production.
- Disciplined expense control is expected to continue.
Challenges Ahead
- New, or changes in, governmental regulations
- Tax legislative initiatives or assessments
- More stringent capital requirements, to the extent they may become applicable
- 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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