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Dec 31, 2019
First Interstate Q4 2019 Earnings Report
Reported strong fourth quarter earnings driven by key performance metrics improvements.
Key Takeaways
First Interstate BancSystem, Inc. reported net income of $52.4 million, or $0.80 per share, for the fourth quarter of 2019, compared to $40.4 million, or $0.67 per share, for the fourth quarter of 2018. The company's efficiency ratio improved to 54.3% during the fourth quarter of 2019. Quarterly cash dividends increased 9.7% from $0.31 to $0.34 per share of common stock in January 2020.
Asset quality improved in Q4 2019, resulting in a $17.7 million decrease in non-performing assets and a $28.7 million decrease in criticized loans compared to Q3 2019.
Efficiency ratio improved to 54.3% during Q4 2019, compared to 57.8% during Q3 2019 and 63.3% during Q4 2018.
Net income of $52.4 million during Q4 2019, an increase of $12.0 million from the same period in the prior year.
Net interest margin ratio increased to 3.94% for Q4 2019, a one basis point increase from the prior quarter and a five basis point decrease from the same period in the prior year.
Revenue by Segment
Forward Guidance
First Interstate BancSystem is well positioned to continue generating profitable growth and further enhancing the value of its franchise in the coming years.
Positive Outlook
- Continued focus on enhancing our digital offerings with the implementation of an online application process for consumer and business credit cards.
- Generation of sequential quarter improvement in our key performance metrics including efficiency ratio, return on average assets and return on average common equity.
- Execution on strategies for generating profitable growth.
- Strong year of value creation in 2019, as we increased our tangible book value per share by 13.9% while returning $79.2 million of capital to shareholders through our quarterly dividend.
- Significantly strengthened our franchise by increasing our presence in faster growing markets and investing in technology initiatives that expanded our products and services, improved our digital banking capabilities, and streamlined our workflow processes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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