Loading...
•
Sep 30, 2022
First Interstate Q3 2022 Earnings Report
Reported third quarter earnings with net income driven by loan growth and an increased net interest margin, offset by provision for credit losses and realized losses on investment securities.
Key Takeaways
First Interstate BancSystem, Inc. reported a strong third quarter with a net income of $85.7 million, or $0.80 per share. The results were driven by loan growth and an increase in the net interest margin, offset by a provision for credit losses and realized losses on investment securities. The company also announced a 14.6% increase in the quarterly cash dividend to $0.47 per share.
Net income of $85.7 million, or $0.80 per share, driven by loan growth and increased net interest margin.
Quarterly cash dividend increased 14.6% to $0.47 per share.
Net interest margin increased to 3.71%.
Loans held for investment increased by $441.0 million, or an annualized 10.2%.
First Interstate
First Interstate
Forward Guidance
First Interstate BancSystem anticipates further improvement in the fourth quarter, driven by a favorable lending environment and continued margin expansion. The company believes it is well-positioned to generate strong financial results while maintaining a conservative approach to risk management.
Positive Outlook
- Lending environment remains favorable.
- Margin expansion should continue.
- Company is well positioned to continue generating strong financial results.
- Company will continue to operate with a conservative approach to risk management.
- Increased quarterly cash dividend by 14.6%, to $0.47 per share.
Challenges Ahead
- Economic conditions may vary.
- Unspecified risks related to economic conditions.
- Potential impact of external factors on financial results.
- Continued monitoring of economic landscape.
- No specific negative guidance mentioned in provided text.