First Interstate Q3 2020 Earnings Report

Reported strong third quarter earnings driven by balance sheet growth and non-interest income contributions.

Key Takeaways

First Interstate BancSystem, Inc. reported a strong third quarter with net income of $48.3 million, or $0.76 per share. The company saw encouraging signs of economic strength, quality balance sheet growth, significant contributions from non-interest income sources, and positive trends in asset quality.

Tangible book value per common share increased to $20.19.

The Company repurchased 1.4 million common shares at an average price of $32.05 per share during the third quarter of 2020 as part of its repurchase program.

The quarterly cash dividend increased 11.8% from $0.34 to $0.38 per common share.

Total deposits increased $542.0 million during the third quarter of 2020.