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Sep 30, 2023
First Interstate Q3 2023 Earnings Report
Reported strong financial results driven by franchise and balance sheet strength, despite macroeconomic challenges, with positive trends in deposits, net interest margin stability, lower expenses, improved asset quality, and increased regulatory capital ratios.
Key Takeaways
First Interstate BancSystem, Inc. reported a net income of $72.7 million, or $0.70 per share, for the third quarter of 2023. Total deposits increased by $100.3 million, and asset quality improved, leading to a decrease in criticized loans. The company's common equity tier 1 capital ratio also increased.
Net income was $72.7 million, or $0.70 per share.
Total deposits increased by $100.3 million, or 0.4%, reaching $23,679.5 million.
Net interest margin decreased to 3.05%.
Asset quality improved, with an $8.7 million decrease in criticized loans.
Revenue by Segment
Forward Guidance
The company will remain conservative in new loan production but believes it is a favorable environment to add new commercial and retail customers.
Positive Outlook
- Adding new commercial and retail customers
- Financial strength
- Breadth of products and services
- Superior level of service
- Enhance ability to generate long-term profitable growth
Challenges Ahead
- Larger macroeconomic trends
- Challenges for the broader banking industry
- Conservative in our new loan production
- Impact of inflation
- Potential recession
Historical Earnings Impact
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Avg. Return Before/After Earnings
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