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Dec 31, 2022
First Interstate Q4 2022 Earnings Report
Reported net income of $85.8 million, driven by loan growth and merger synergies.
Key Takeaways
First Interstate BancSystem, Inc. reported a strong fourth quarter with net income of $85.8 million, driven by loan growth and merger synergies. The company is well-positioned for 2023 with strong capital and liquidity.
Net income reached $85.8 million, or $0.82 per diluted share, influenced by loan growth.
Net interest margin stood at 3.61%, with an adjusted net interest margin of 3.49%.
Loans held for investment saw an increase of $495.7 million, marking an annualized growth of 11.1%.
Non-performing loans decreased to $65.6 million.
Revenue by Segment
Forward Guidance
First Interstate BancSystem anticipates solid loan growth in 2023, though possibly at a reduced rate due to potential economic headwinds, while remaining focused on long-term value creation for shareholders.
Positive Outlook
- Strong levels of capital
- Ample liquidity
- Allowance for credit loss positioned for a more uncertain macro-economic environment
- Continued traction in newer markets
- Franchise strength
Challenges Ahead
- Possibility of weaker economic conditions
- More challenging operating environment in 2023
- Potential for lower loan growth compared to the previous year
- Uncertainty in the macro-economic environment
- Potential impact of economic scenarios on clients
Historical Earnings Impact
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Avg. Return Before/After Earnings
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