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Dec 31, 2023
First Interstate Q4 2023 Earnings Report
First Interstate BancSystem, Inc. reported fourth quarter earnings.
Key Takeaways
First Interstate BancSystem, Inc. reported a net income of $61.5 million, or $0.59 per share, for the fourth quarter of 2023, compared to $85.8 million, or $0.82 per share, for the fourth quarter of 2022. The results include a $10.5 million pre-tax accrual for the FDIC special assessment.
Net income was $61.5 million, or $0.59 per share, including a $10.5 million pre-tax accrual for the FDIC special assessment.
Loans held for investment increased by $66.3 million compared to September 30, 2023.
Non-performing assets increased by $31.6 million compared to September 30, 2023, primarily due to a $28.7 million loan transfer and a $5.8 million OREO transfer.
Net interest margin decreased to 2.99%, a 6 basis point decrease from the third quarter of 2023.
First Interstate
First Interstate
First Interstate Revenue by Segment
Revenue by Segment
Payment Services Revenue
CapyFin.comWealth Management Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comService Charges Revenue
CapyFin.comOther Service Charges Revenue
CapyFin.com Forward Guidance
First Interstate BancSystem believes they are well positioned coming into 2024 due to their high level of capital, liquidity, adequate allowance for credit losses, and the work they are doing to control expenses.
Positive Outlook
- High level of capital
- Strong liquidity
- Adequate allowance for credit losses
- Controlling expenses
- Ability and willingness to meet higher loan demand in a more favorable environment
Challenges Ahead
- Challenging economic environment
- Potential for a more unstable economic environment
- Higher interest-bearing deposit costs
- Increased regulatory scrutiny
- Unpredictable economic factors