First Interstate BancSystem, Inc. Reports Third Quarter Earnings
HIGHLIGHTS
-
Net interest margin increased to
3.34% for the third quarter of 2025, a 4-basis point increase from the second quarter of 2025 and a 33-basis point increase from the third quarter of 2024. -
Other borrowed funds decreased to zero as of September 30, 2025, from
$250.0 million $2,080.0 million -
Non-performing assets decreased
$11.9 million 6.0% , to$185.6 million $197.5 million $6.7 million 3.7% , from$178.9 million -
Net charge-offs decreased
$3.5 million 60.3% , to$2.3 million 0.06% of average loans outstanding, as of September 30, 2025, from$5.8 million 0.14% of average loans outstanding, as of June 30, 2025, and decreased$25.1 million 91.6% , from$27.4 million 0.60% of average loans outstanding, as of September 30, 2024. -
Criticized loans decreased
$38.9 million $1,164.1 million $1,203.0 million $560.8 million $603.3 million -
Total deposits decreased
$25.6 million $23.3 million $2.3 million $259.1 million 1.1% from September 30, 2024. -
Since the adoption of its
$150 million $57.2 million -
Capital ratios continued to improve during the third quarter of 2025, with our common equity tier 1 capital ratio increasing 47 basis points to
13.90% , compared to the second quarter of 2025, primarily as a result of lower risk-weighted assets.
“We continue to execute on our strategic plan, announced earlier this year, to focus on organic growth and leverage our strong balance sheet to support our customers. Our net interest margin continued to improve, and we maintained a clear focus on managing expenses prudently, with a goal to drive long-term, profitable growth,” said James A Reuter, President and Chief Executive Officer of the Company. “I am especially pleased with the team of senior leaders and relationship bankers, both from within First Interstate, and those who have joined us from other institutions, who are driving our plan forward. Our strong and flexible liquidity and capital levels provide a solid foundation to drive growth and returns for our shareholders.”
DIVIDEND DECLARATION
On October 28, 2025, the Company’s board of directors declared a dividend of
NET INTEREST INCOME
Net interest income decreased
Interest accretion attributable to the fair value of acquired loans contributed to net interest income during the third quarter of 2025, the second quarter of 2025, and the third quarter of 2024, in the amounts of
Net interest margin ratio was
| ____________________________________ |
1 Represents a Non-GAAP financial measure. See “Non-GAAP Financial Measures” and the corresponding table captioned “Non-GAAP Financial Measures” included below for an explanation of the manner in which this measure is calculated and a reconciliation to this measure’s most directly comparable GAAP financial measure. |
PROVISION FOR CREDIT LOSSES
The Company had no provision for credit losses during the third quarter of 2025. This compares to a reduction of provision for credit losses of
For the third quarter of 2025, net charge-offs were
The Company’s allowance for credit losses as a percentage of period-end loans held for investment was
NONINTEREST INCOME
For the Quarter Ended |
Sep 30, 2025 |
|
Jun 30, 2025 |
|
$ Change |
% Change |
|
Sep 30, 2024 |
|
$ Change |
% Change |
|||||||||
(Dollars in millions) |
|
|
|
|
||||||||||||||||
Payment services revenues |
$ |
16.8 |
|
$ |
17.8 |
|
$ |
(1.0 |
) |
(5.6 |
)% |
|
$ |
18.7 |
|
$ |
(1.9 |
) |
(10.2 |
)% |
Mortgage banking revenues |
|
1.5 |
|
|
1.8 |
|
|
(0.3 |
) |
(16.7 |
) |
|
|
1.7 |
|
|
(0.2 |
) |
(11.8 |
) |
Wealth management revenues |
|
10.4 |
|
|
9.7 |
|
|
0.7 |
|
7.2 |
|
|
|
9.6 |
|
|
0.8 |
|
8.3 |
|
Service charges on deposit accounts |
|
7.0 |
|
|
6.9 |
|
|
0.1 |
|
1.4 |
|
|
|
6.6 |
|
|
0.4 |
|
6.1 |
|
Other service charges, commissions, and fees |
|
2.1 |
|
|
2.1 |
|
|
— |
|
— |
|
|
|
2.2 |
|
|
(0.1 |
) |
(4.5 |
) |
Other income |
|
5.9 |
|
|
2.8 |
|
|
3.1 |
|
110.7 |
|
|
|
7.6 |
|
|
(1.7 |
) |
(22.4 |
) |
Total noninterest income |
$ |
43.7 |
|
$ |
41.1 |
|
$ |
2.6 |
|
6.3 |
% |
|
$ |
46.4 |
|
$ |
(2.7 |
) |
(5.8 |
)% |
Noninterest income was
Payment services revenues decreased
Other income increased
NONINTEREST EXPENSE
For the Quarter Ended |
Sep 30, 2025 |
|
Jun 30, 2025 |
|
$ Change |
% Change |
|
Sep 30, 2024 |
|
$ Change |
% Change |
|||||||||
(Dollars in millions) |
|
|
|
|
||||||||||||||||
Salaries and wages |
$ |
66.2 |
|
$ |
65.0 |
|
$ |
1.2 |
|
1.8 |
% |
|
$ |
70.9 |
|
$ |
(4.7 |
) |
(6.6 |
)% |
Employee benefits |
|
18.2 |
|
|
17.9 |
|
|
0.3 |
|
1.7 |
|
|
|
19.7 |
|
|
(1.5 |
) |
(7.6 |
) |
Occupancy and equipment |
|
18.5 |
|
|
18.6 |
|
|
(0.1 |
) |
(0.5 |
) |
|
|
17.0 |
|
|
1.5 |
|
8.8 |
|
Other intangible amortization |
|
3.4 |
|
|
3.4 |
|
|
— |
|
— |
|
|
|
3.6 |
|
|
(0.2 |
) |
(5.6 |
) |
Other expenses |
|
51.6 |
|
|
50.2 |
|
|
1.4 |
|
2.8 |
|
|
|
48.2 |
|
|
3.4 |
|
7.1 |
|
Total noninterest expense |
$ |
157.9 |
|
$ |
155.1 |
|
$ |
2.8 |
|
1.8 |
% |
|
$ |
159.4 |
|
$ |
(1.5 |
) |
(0.9 |
)% |
The Company’s noninterest expense was
Salary and wages expense increased
Employee benefit expenses increased
Occupancy and equipment expenses decreased
Other expenses increased
BALANCE SHEET
Total assets decreased
Investment securities decreased
The following table presents the composition and comparison of loans held for investment as of the quarters-ended:
|
Sep 30, 2025 |
Jun 30, 2025 |
$ Change |
% Change |
Sep 30, 2024 |
$ Change |
% Change |
||||||||||||
Real Estate: |
|
|
|
|
|
|
|
||||||||||||
Commercial |
$ |
8,496.4 |
|
$ |
8,750.9 |
|
$ |
(254.5 |
) |
(2.9 |
)% |
$ |
9,219.3 |
|
$ |
(722.9 |
) |
(7.8 |
)% |
Construction |
|
960.8 |
|
|
1,004.6 |
|
|
(43.8 |
) |
(4.4 |
) |
|
1,307.9 |
|
|
(347.1 |
) |
(26.5 |
) |
Residential |
|
2,136.0 |
|
|
2,157.5 |
|
|
(21.5 |
) |
(1.0 |
) |
|
2,217.8 |
|
|
(81.8 |
) |
(3.7 |
) |
Agricultural |
|
623.0 |
|
|
635.6 |
|
|
(12.6 |
) |
(2.0 |
) |
|
726.4 |
|
|
(103.4 |
) |
(14.2 |
) |
Total real estate |
|
12,216.2 |
|
|
12,548.6 |
|
|
(332.4 |
) |
(2.6 |
) |
|
13,471.4 |
|
|
(1,255.2 |
) |
(9.3 |
) |
Consumer: |
|
|
|
|
|
|
|
||||||||||||
Indirect |
|
540.3 |
|
|
607.1 |
|
|
(66.8 |
) |
(11.0 |
) |
|
742.2 |
|
|
(201.9 |
) |
(27.2 |
) |
Direct and advance lines |
|
134.3 |
|
|
134.4 |
|
|
(0.1 |
) |
(0.1 |
) |
|
136.9 |
|
|
(2.6 |
) |
(1.9 |
) |
Credit card |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
76.4 |
|
|
(76.4 |
) |
(100.0 |
) |
Total consumer |
|
674.6 |
|
|
741.5 |
|
|
(66.9 |
) |
(9.0 |
) |
|
955.5 |
|
|
(280.9 |
) |
(29.4 |
) |
Commercial |
|
2,447.4 |
|
|
2,529.9 |
|
|
(82.5 |
) |
(3.3 |
) |
|
2,919.7 |
|
|
(472.3 |
) |
(16.2 |
) |
Agricultural |
|
495.5 |
|
|
541.4 |
|
|
(45.9 |
) |
(8.5 |
) |
|
689.8 |
|
|
(194.3 |
) |
(28.2 |
) |
Other, including overdrafts |
|
10.2 |
|
|
2.0 |
|
|
8.2 |
|
410.0 |
|
|
2.5 |
|
|
7.7 |
|
308.0 |
|
Deferred loan fees and costs |
|
(9.5 |
) |
|
(10.0 |
) |
|
0.5 |
|
(5.0 |
) |
|
(11.8 |
) |
|
2.3 |
|
(19.5 |
) |
Loans held for investment, net of deferred loan fees and costs |
$ |
15,834.4 |
|
$ |
16,353.4 |
|
$ |
(519.0 |
) |
(3.2 |
)% |
$ |
18,027.1 |
|
$ |
(2,192.7 |
) |
(12.2 |
)% |
The decline in loans was impacted by
The ratio of loans held for investment to deposits was
Total deposits decreased
Securities sold under repurchase agreements decreased
Long-term debt decreased
Other borrowed funds is composed of variable-rate, overnight and fixed-rate borrowings with remaining contractual tenors of up to one year through the Federal Home Loan Bank. Other borrowed funds decreased
The Company is considered to be “well-capitalized” as of September 30, 2025, having exceeded all regulatory capital adequacy requirements. During the third quarter of 2025, the Company paid regular common stock dividends of approximately
CREDIT QUALITY
As of September 30, 2025, non-performing assets decreased
Criticized loans decreased
NON-GAAP FINANCIAL MEASURES
In addition to results presented in accordance with accounting principles generally accepted in
The Company adjusts the most directly comparable capital adequacy GAAP financial measures to the non-GAAP financial measures described in subclauses (i) through (vi) above to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to acquisition costs and other adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies.
See the “Non-GAAP Financial Measures” table included herein and the textual discussion for a reconciliation of the above-described non-GAAP financial measures to their most directly comparable GAAP financial measures.
Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. Furthermore, the following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this press release:
- new or changes in existing governmental regulations or in the way such regulations are interpreted or enforced;
- negative developments in the banking industry and increased regulatory scrutiny;
- tax legislative initiatives or assessments;
- more stringent capital requirements, to the extent they may become applicable to us;
- changes in accounting standards;
-
any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the
USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations; - federal deposit insurance increases;
- lending risks and risks associated with loan sector concentrations;
- a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans;
- loan credit losses exceeding estimates;
-
effects on the
U.S. economy resulting from the implementation of policies by and geopolitical uncertainty from the new presidential administration, including tax regulations and changes toUnited States trade policies, including the imposition of tariffs and retaliatory tariffs; - the soundness of other financial institutions;
- the ability to meet cash flow needs and availability of financing sources for working capital and other needs;
- a loss of deposits or a change in product mix that increases the Company’s funding costs;
- inability to access funding or to monetize liquid assets;
- changes in interest rates;
- interest rate effect on the value of our investment securities;
- cybersecurity risks, including denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior that could result in the disclosure of confidential information;
- privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information or otherwise have an adverse effect on us;
- the potential impairment of our goodwill and other intangible assets;
- our reliance on other companies that provide key components of our business infrastructure;
- events that may tarnish our reputation;
- mainstream and social media contagion;
- the loss of the services of key members of our management team and directors;
- our ability to attract and retain qualified employees to operate our business;
- costs associated with repossessed properties, including potential environmental remediation;
- the effectiveness of our operational processes, policies and procedures, and internal control over financial reporting;
- our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients;
- the development and use of artificial intelligence;
- risks related to acquisitions, mergers, strategic partnerships, divestitures, and other transactions;
- competition from new or existing financial institutions and non-banks;
- investing in technology;
- incurrence of significant costs related to mergers and related integration activities;
- the volatility in the price and trading volume of our common stock;
- “anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders;
- changes in our dividend policy or our ability to pay dividends;
- the possibility that we may fail to realize the anticipated benefits of our stock repurchase program;
- our common stock not being an insured deposit;
- the potential dilutive effect of future equity issuances;
- the subordination of our common stock to our existing and future indebtedness;
- the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and
- the impact of climate change and environmental sustainability matters.
These factors are not necessarily all the factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included and described in more detail in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors.” Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Third Quarter 2025 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to discuss the results for the third quarter of 2025 at 9:30 a.m. Eastern Time (7:30 a.m. Mountain Time) on Thursday, October 30, 2025. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-549-8228; the access code is 69085. To participate via the Internet, visit www.FIBK.com. The call will be recorded and made available for replay on October 30, 2025, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through November 29, 2025, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-888-660-6264; the access code is 69085. The call will also be archived on our website, www.FIBK.com, for one year.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
||||||||||||||||
Consolidated Statements of Income |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Quarter Ended |
|
% Change |
|||||||||||||
(In millions, except % and per share data) |
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
|
3Q25 vs 2Q25 |
3Q25 vs 3Q24 |
||||||||
Net interest income |
$ |
206.8 |
$ |
207.2 |
|
$ |
205.0 |
$ |
214.3 |
$ |
205.5 |
|
(0.2 |
)% |
0.6 |
% |
Net interest income on a fully-taxable equivalent ("FTE") basis |
|
208.2 |
|
208.6 |
|
|
206.6 |
|
215.9 |
|
207.1 |
|
(0.2 |
) |
0.5 |
|
Provision for (reduction of) credit losses |
|
— |
|
(0.3 |
) |
|
20.0 |
|
33.7 |
|
19.8 |
|
(100.0 |
) |
(100.0 |
) |
Noninterest income: |
|
|
|
|
|
|
|
|
||||||||
Payment services revenues |
|
16.8 |
|
17.8 |
|
|
17.1 |
|
17.9 |
|
18.7 |
|
(5.6 |
) |
(10.2 |
) |
Mortgage banking revenues |
|
1.5 |
|
1.8 |
|
|
1.4 |
|
1.5 |
|
1.7 |
|
(16.7 |
) |
(11.8 |
) |
Wealth management revenues |
|
10.4 |
|
9.7 |
|
|
9.8 |
|
10.6 |
|
9.6 |
|
7.2 |
|
8.3 |
|
Service charges on deposit accounts |
|
7.0 |
|
6.9 |
|
|
6.6 |
|
6.7 |
|
6.6 |
|
1.4 |
|
6.1 |
|
Other service charges, commissions, and fees |
|
2.1 |
|
2.1 |
|
|
2.3 |
|
2.5 |
|
2.2 |
|
— |
|
(4.5 |
) |
Total fee-based revenues |
|
37.8 |
|
38.3 |
|
|
37.2 |
|
39.2 |
|
38.8 |
|
(1.3 |
) |
(2.6 |
) |
Other income |
|
5.9 |
|
2.8 |
|
|
4.8 |
|
7.8 |
|
7.6 |
|
110.7 |
|
(22.4 |
) |
Total noninterest income |
|
43.7 |
|
41.1 |
|
|
42.0 |
|
47.0 |
|
46.4 |
|
6.3 |
|
(5.8 |
) |
Noninterest expense: |
|
|
|
|
|
|
|
|
||||||||
Salaries and wages |
|
66.2 |
|
65.0 |
|
|
68.6 |
|
68.5 |
|
70.9 |
|
1.8 |
|
(6.6 |
) |
Employee benefits |
|
18.2 |
|
17.9 |
|
|
20.0 |
|
20.5 |
|
19.7 |
|
1.7 |
|
(7.6 |
) |
Occupancy and equipment |
|
18.5 |
|
18.6 |
|
|
18.7 |
|
18.2 |
|
17.0 |
|
(0.5 |
) |
8.8 |
|
Other intangible amortization |
|
3.4 |
|
3.4 |
|
|
3.4 |
|
3.6 |
|
3.6 |
|
— |
|
(5.6 |
) |
Other expenses |
|
51.6 |
|
50.2 |
|
|
49.4 |
|
50.0 |
|
48.2 |
|
2.8 |
|
7.1 |
|
Other real estate owned expense |
|
— |
|
— |
|
|
0.5 |
|
0.1 |
|
— |
|
— |
|
— |
|
Total noninterest expense |
|
157.9 |
|
155.1 |
|
|
160.6 |
|
160.9 |
|
159.4 |
|
1.8 |
|
(0.9 |
) |
Income before income tax |
|
92.6 |
|
93.5 |
|
|
66.4 |
|
66.7 |
|
72.7 |
|
(1.0 |
) |
27.4 |
|
Provision for income tax |
|
21.2 |
|
21.8 |
|
|
16.2 |
|
14.6 |
|
17.2 |
|
(2.8 |
) |
23.3 |
|
Net income |
$ |
71.4 |
$ |
71.7 |
|
$ |
50.2 |
$ |
52.1 |
$ |
55.5 |
|
(0.4 |
)% |
28.6 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average basic shares outstanding |
|
103,154 |
|
103,261 |
|
|
103,092 |
|
103,083 |
|
102,971 |
|
(0.1 |
)% |
0.2 |
% |
Weighted-average diluted shares outstanding |
|
103,387 |
|
103,364 |
|
|
103,416 |
|
103,399 |
|
103,234 |
|
— |
|
0.1 |
|
Earnings per share - basic |
$ |
0.69 |
$ |
0.69 |
|
$ |
0.49 |
$ |
0.51 |
$ |
0.54 |
|
— |
|
27.8 |
|
Earnings per share - diluted |
|
0.69 |
|
0.69 |
|
|
0.49 |
|
0.50 |
|
0.54 |
|
— |
|
27.8 |
|
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
||||||||||||||||||||
Consolidated Balance Sheets |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
% Change |
|||||||||||||||
(In millions, except % and per share data) |
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
|
3Q25 vs 2Q25 |
3Q25 vs 3Q24 |
||||||||||||
Assets: |
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks |
$ |
382.7 |
|
$ |
436.6 |
|
$ |
390.4 |
|
$ |
378.0 |
|
$ |
438.9 |
|
|
(12.3 |
)% |
(12.8 |
)% |
Interest bearing deposits in banks |
|
1,066.4 |
|
|
653.5 |
|
|
480.9 |
|
|
518.5 |
|
|
259.6 |
|
|
63.2 |
|
310.8 |
|
Federal funds sold |
|
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
— |
|
— |
|
Cash and cash equivalents |
|
1,449.2 |
|
|
1,090.2 |
|
|
871.4 |
|
|
896.6 |
|
|
698.6 |
|
|
32.9 |
|
107.4 |
|
Investment securities, net |
|
7,305.8 |
|
|
7,312.2 |
|
|
7,503.8 |
|
|
7,744.6 |
|
|
8,275.6 |
|
|
(0.1 |
) |
(11.7 |
) |
Investment in Federal Home Loan Bank and Federal Reserve Bank stock |
|
106.8 |
|
|
118.1 |
|
|
150.1 |
|
|
177.4 |
|
|
155.5 |
|
|
(9.6 |
) |
(31.3 |
) |
Loans held for sale, at fair value |
|
305.6 |
|
|
335.2 |
|
|
0.4 |
|
|
0.9 |
|
|
20.9 |
|
|
(8.8 |
) |
NM |
|
Loans held for investment |
|
15,834.4 |
|
|
16,353.4 |
|
|
17,377.3 |
|
|
17,844.9 |
|
|
18,027.1 |
|
|
(3.2 |
) |
(12.2 |
) |
Allowance for credit losses |
|
(205.8 |
) |
|
(209.6 |
) |
|
(215.3 |
) |
|
(204.1 |
) |
|
(225.4 |
) |
|
(1.8 |
) |
(8.7 |
) |
Net loans held for investment |
|
15,628.6 |
|
|
16,143.8 |
|
|
17,162.0 |
|
|
17,640.8 |
|
|
17,801.7 |
|
|
(3.2 |
) |
(12.2 |
) |
Goodwill and intangible assets (excluding mortgage servicing rights) |
|
1,185.5 |
|
|
1,188.9 |
|
|
1,192.4 |
|
|
1,195.7 |
|
|
1,199.3 |
|
|
(0.3 |
) |
(1.2 |
) |
Company owned life insurance |
|
520.2 |
|
|
516.7 |
|
|
514.2 |
|
|
513.0 |
|
|
511.0 |
|
|
0.7 |
|
1.8 |
|
Premises and equipment |
|
415.1 |
|
|
413.0 |
|
|
428.9 |
|
|
427.2 |
|
|
432.7 |
|
|
0.5 |
|
(4.1 |
) |
Other real estate owned |
|
3.4 |
|
|
3.4 |
|
|
3.5 |
|
|
4.3 |
|
|
4.4 |
|
|
— |
|
(22.7 |
) |
Mortgage servicing rights |
|
23.8 |
|
|
24.4 |
|
|
24.9 |
|
|
25.7 |
|
|
26.3 |
|
|
(2.5 |
) |
(9.5 |
) |
Other assets |
|
388.9 |
|
|
420.5 |
|
|
428.2 |
|
|
511.2 |
|
|
469.5 |
|
|
(7.5 |
) |
(17.2 |
) |
Total assets |
$ |
27,332.9 |
|
$ |
27,566.4 |
|
$ |
28,279.8 |
|
$ |
29,137.4 |
|
$ |
29,595.5 |
|
|
(0.8 |
)% |
(7.6 |
)% |
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
||||||||||||
Deposits |
$ |
22,605.0 |
|
$ |
22,630.6 |
|
$ |
22,732.8 |
|
$ |
23,015.6 |
|
$ |
22,864.1 |
|
|
(0.1 |
)% |
(1.1 |
)% |
Securities sold under repurchase agreements |
|
485.2 |
|
|
509.3 |
|
|
528.0 |
|
|
523.9 |
|
|
557.2 |
|
|
(4.7 |
) |
(12.9 |
) |
Other borrowed funds |
|
— |
|
|
250.0 |
|
|
960.0 |
|
|
1,567.5 |
|
|
2,080.0 |
|
|
(100.0 |
) |
(100.0 |
) |
Long-term debt |
|
146.2 |
|
|
252.0 |
|
|
130.2 |
|
|
132.2 |
|
|
137.3 |
|
|
(42.0 |
) |
6.5 |
|
Subordinated debentures held by subsidiary trusts |
|
163.1 |
|
|
163.1 |
|
|
163.1 |
|
|
163.1 |
|
|
163.1 |
|
|
— |
|
— |
|
Other liabilities |
|
484.7 |
|
|
339.6 |
|
|
404.4 |
|
|
431.1 |
|
|
428.0 |
|
|
42.7 |
|
13.2 |
|
Total liabilities |
|
23,884.2 |
|
|
24,144.6 |
|
|
24,918.5 |
|
|
25,833.4 |
|
|
26,229.7 |
|
|
(1.1 |
) |
(8.9 |
) |
Stockholders' equity: |
|
|
|
|
|
|
|
|
||||||||||||
Common stock |
|
2,439.3 |
|
|
2,463.5 |
|
|
2,460.2 |
|
|
2,459.5 |
|
|
2,457.4 |
|
|
(1.0 |
) |
(0.7 |
) |
Retained earnings |
|
1,213.5 |
|
|
1,191.2 |
|
|
1,168.6 |
|
|
1,166.4 |
|
|
1,163.3 |
|
|
1.9 |
|
4.3 |
|
Accumulated other comprehensive loss |
|
(204.1 |
) |
|
(232.9 |
) |
|
(267.5 |
) |
|
(321.9 |
) |
|
(254.9 |
) |
|
(12.4 |
) |
(19.9 |
) |
Total stockholders' equity |
|
3,448.7 |
|
|
3,421.8 |
|
|
3,361.3 |
|
|
3,304.0 |
|
|
3,365.8 |
|
|
0.8 |
|
2.5 |
|
Total liabilities and stockholders' equity |
$ |
27,332.9 |
|
$ |
27,566.4 |
|
$ |
28,279.8 |
|
$ |
29,137.4 |
|
$ |
29,595.5 |
|
|
(0.8 |
)% |
(7.6 |
)% |
|
|
|
|
|
|
|
|
|
||||||||||||
Common shares outstanding at period end |
|
103,967 |
|
|
104,874 |
|
|
104,910 |
|
|
104,586 |
|
|
104,530 |
|
|
(0.9 |
)% |
(0.5 |
)% |
Book value per common share at period end |
$ |
33.17 |
|
$ |
32.63 |
|
$ |
32.04 |
|
$ |
31.59 |
|
$ |
32.20 |
|
|
1.7 |
|
3.0 |
|
Tangible book value per common share at period end** |
|
21.77 |
|
|
21.29 |
|
|
20.67 |
|
|
20.16 |
|
|
20.73 |
|
|
2.3 |
|
5.0 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
**Non-GAAP financial measure - see “Non-GAAP Financial Measures” included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. |
||||||||||||||||||||
NM - not meaningful |
|
|
|
|
|
|
|
|
||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
||||||||||||||||||||
Loans and Deposits |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
% Change |
|||||||||||||||
(In millions, except %) |
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
|
3Q25 vs 2Q25 |
3Q25 vs 3Q24 |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Loans held for investment: |
|
|
|
|
|
|
|
|
||||||||||||
Real Estate: |
|
|
|
|
|
|
|
|
||||||||||||
Commercial |
$ |
8,496.4 |
|
$ |
8,750.9 |
|
$ |
9,196.1 |
|
$ |
9,263.2 |
|
$ |
9,219.3 |
|
|
(2.9 |
)% |
(7.8 |
)% |
Construction |
|
960.8 |
|
|
1,004.6 |
|
|
1,097.3 |
|
|
1,244.6 |
|
|
1,307.9 |
|
|
(4.4 |
) |
(26.5 |
) |
Residential |
|
2,136.0 |
|
|
2,157.5 |
|
|
2,161.4 |
|
|
2,191.6 |
|
|
2,217.8 |
|
|
(1.0 |
) |
(3.7 |
) |
Agricultural |
|
623.0 |
|
|
635.6 |
|
|
678.1 |
|
|
701.1 |
|
|
726.4 |
|
|
(2.0 |
) |
(14.2 |
) |
Total real estate |
|
12,216.2 |
|
|
12,548.6 |
|
|
13,132.9 |
|
|
13,400.5 |
|
|
13,471.4 |
|
|
(2.6 |
) |
(9.3 |
) |
Consumer: |
|
|
|
|
|
|
|
|
||||||||||||
Indirect |
|
540.3 |
|
|
607.1 |
|
|
680.2 |
|
|
725.0 |
|
|
742.2 |
|
|
(11.0 |
) |
(27.2 |
) |
Direct |
|
134.3 |
|
|
134.4 |
|
|
132.4 |
|
|
134.0 |
|
|
136.9 |
|
|
(0.1 |
) |
(1.9 |
) |
Credit card |
|
— |
|
|
— |
|
|
74.2 |
|
|
77.6 |
|
|
76.4 |
|
|
— |
|
(100.0 |
) |
Total consumer |
|
674.6 |
|
|
741.5 |
|
|
886.8 |
|
|
936.6 |
|
|
955.5 |
|
|
(9.0 |
) |
(29.4 |
) |
Commercial |
|
2,447.4 |
|
|
2,529.9 |
|
|
2,770.6 |
|
|
2,829.4 |
|
|
2,919.7 |
|
|
(3.3 |
) |
(16.2 |
) |
Agricultural |
|
495.5 |
|
|
541.4 |
|
|
595.8 |
|
|
687.9 |
|
|
689.8 |
|
|
(8.5 |
) |
(28.2 |
) |
Other |
|
10.2 |
|
|
2.0 |
|
|
1.8 |
|
|
1.6 |
|
|
2.5 |
|
|
410.0 |
|
308.0 |
|
Deferred loan fees and costs |
|
(9.5 |
) |
|
(10.0 |
) |
|
(10.6 |
) |
|
(11.1 |
) |
|
(11.8 |
) |
|
(5.0 |
) |
(19.5 |
) |
Loans held for investment |
$ |
15,834.4 |
|
$ |
16,353.4 |
|
$ |
17,377.3 |
|
$ |
17,844.9 |
|
$ |
18,027.1 |
|
|
(3.2 |
)% |
(12.2 |
)% |
|
|
|
|
|
|
|
|
|
||||||||||||
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
||||||||||||
Noninterest bearing |
$ |
5,555.7 |
|
$ |
5,579.0 |
|
$ |
5,590.2 |
|
$ |
5,797.6 |
|
$ |
5,919.0 |
|
|
(0.4 |
)% |
(6.1 |
)% |
Interest bearing: |
|
|
|
|
|
|
|
|
||||||||||||
Demand |
|
6,324.7 |
|
|
6,465.4 |
|
|
6,439.2 |
|
|
6,495.2 |
|
|
6,261.4 |
|
|
(2.2 |
) |
1.0 |
|
Savings |
|
7,954.0 |
|
|
7,789.6 |
|
|
7,876.4 |
|
|
7,832.3 |
|
|
7,805.5 |
|
|
2.1 |
|
1.9 |
|
Time, |
|
851.1 |
|
|
837.3 |
|
|
823.4 |
|
|
825.0 |
|
|
818.6 |
|
|
1.6 |
|
4.0 |
|
Time, other |
|
1,919.5 |
|
|
1,959.3 |
|
|
2,003.6 |
|
|
2,065.5 |
|
|
2,059.6 |
|
|
(2.0 |
) |
(6.8 |
) |
Total interest bearing |
|
17,049.3 |
|
|
17,051.6 |
|
|
17,142.6 |
|
|
17,218.0 |
|
|
16,945.1 |
|
|
— |
|
0.6 |
|
Total deposits |
$ |
22,605.0 |
|
$ |
22,630.6 |
|
$ |
22,732.8 |
|
$ |
23,015.6 |
|
$ |
22,864.1 |
|
|
(0.1 |
)% |
(1.1 |
)% |
|
|
|
|
|
|
|
|
|
||||||||||||
Total core deposits (1) |
$ |
21,753.9 |
|
$ |
21,793.3 |
|
$ |
21,909.4 |
|
$ |
22,190.6 |
|
$ |
22,045.5 |
|
|
(0.2 |
)% |
(1.3 |
)% |
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Core deposits are defined as total deposits less time deposits, |
||||||||||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
||||||||||||||||||||
Credit Quality |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
% Change |
|||||||||||||||
(In millions, except %) |
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
|
3Q25 vs 2Q25 |
3Q25 vs 3Q24 |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for Credit Losses: |
|
|
|
|
|
|
|
|
||||||||||||
Allowance for credit losses |
$ |
205.8 |
|
$ |
209.6 |
|
$ |
215.3 |
|
$ |
204.1 |
|
$ |
225.4 |
|
|
(1.8 |
)% |
(8.7 |
)% |
As a percentage of loans held for investment |
|
1.30 |
% |
|
1.28 |
% |
|
1.24 |
% |
|
1.14 |
% |
|
1.25 |
% |
|
|
|
||
As a percentage of non-accrual loans |
|
113.33 |
|
|
108.77 |
|
|
112.19 |
|
|
147.58 |
|
|
130.52 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||||
Net loan charge-offs during quarter |
$ |
2.3 |
|
$ |
5.8 |
|
$ |
9.0 |
|
$ |
55.2 |
|
$ |
27.4 |
|
|
(60.3 |
)% |
(91.6 |
)% |
Annualized as a percentage of average loans |
|
0.06 |
% |
|
0.14 |
% |
|
0.21 |
% |
|
1.22 |
% |
|
0.60 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||||
Non-Performing Assets: |
|
|
|
|
|
|
|
|
||||||||||||
Non-accrual loans |
$ |
181.6 |
|
$ |
192.7 |
|
$ |
191.9 |
|
$ |
138.3 |
|
$ |
172.7 |
|
|
(5.8 |
)% |
5.2 |
% |
Accruing loans past due 90 days or more |
|
0.6 |
|
|
1.4 |
|
|
3.0 |
|
|
3.0 |
|
|
1.8 |
|
|
(57.1 |
) |
(66.7 |
) |
Total non-performing loans |
|
182.2 |
|
|
194.1 |
|
|
194.9 |
|
|
141.3 |
|
|
174.5 |
|
|
(6.1 |
) |
4.4 |
|
Other real estate owned |
|
3.4 |
|
|
3.4 |
|
|
3.5 |
|
|
4.3 |
|
|
4.4 |
|
|
— |
|
(22.7 |
) |
Total non-performing assets |
$ |
185.6 |
|
$ |
197.5 |
|
$ |
198.4 |
|
$ |
145.6 |
|
$ |
178.9 |
|
|
(6.0 |
)% |
3.7 |
% |
|
|
|
|
|
|
|
|
|
||||||||||||
Non-performing assets as a percentage of: |
|
|
|
|
|
|
|
|
||||||||||||
Loans held for investment and OREO |
|
1.17 |
% |
|
1.21 |
% |
|
1.14 |
% |
|
0.82 |
% |
|
0.99 |
% |
|
|
|
||
Total assets |
|
0.68 |
|
|
0.72 |
|
|
0.70 |
|
|
0.50 |
|
|
0.60 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||||
Non-accrual loans to loans held for investment |
|
1.15 |
|
|
1.18 |
|
|
1.10 |
|
|
0.78 |
|
|
0.96 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||||
Accruing Loans 30-89 Days Past Due |
$ |
28.5 |
|
$ |
52.2 |
|
$ |
90.2 |
|
$ |
63.5 |
|
$ |
40.7 |
|
|
(45.4 |
)% |
(30.0 |
)% |
|
|
|
|
|
|
|
|
|
||||||||||||
Criticized Loans: |
|
|
|
|
|
|
|
|
||||||||||||
Special Mention |
$ |
697.5 |
|
$ |
744.9 |
|
$ |
543.6 |
|
$ |
316.4 |
|
$ |
188.9 |
|
|
(6.4 |
)% |
269.2 |
% |
Substandard |
|
416.9 |
|
|
427.8 |
|
|
469.5 |
|
|
434.8 |
|
|
365.9 |
|
|
(2.5 |
) |
13.9 |
|
Doubtful |
|
49.7 |
|
|
30.3 |
|
|
13.0 |
|
|
22.1 |
|
|
48.5 |
|
|
64.0 |
|
2.5 |
|
Total |
$ |
1,164.1 |
|
$ |
1,203.0 |
|
$ |
1,026.1 |
|
$ |
773.3 |
|
$ |
603.3 |
|
|
(3.2 |
)% |
93.0 |
% |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
|||||||||||||||||||
Selected Ratios - Annualized |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
At or for the Quarter ended: |
||||||||||||||||||
|
Sep 30,
|
|
Jun 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Sep 30,
|
||||||||||
Annualized Financial Ratios (GAAP) |
|||||||||||||||||||
Return on average assets |
|
1.04 |
% |
|
|
1.03 |
% |
|
|
0.71 |
% |
|
|
0.70 |
% |
|
|
0.74 |
% |
Return on average common stockholders' equity |
|
8.22 |
|
|
|
8.46 |
|
|
|
6.07 |
|
|
|
6.22 |
|
|
|
6.68 |
|
Yield on average earning assets |
|
4.73 |
|
|
|
4.76 |
|
|
|
4.75 |
|
|
|
4.86 |
|
|
|
4.83 |
|
Cost of average interest bearing liabilities |
|
1.90 |
|
|
|
1.95 |
|
|
|
2.05 |
|
|
|
2.23 |
|
|
|
2.41 |
|
Interest rate spread |
|
2.83 |
|
|
|
2.81 |
|
|
|
2.70 |
|
|
|
2.63 |
|
|
|
2.42 |
|
Efficiency ratio |
|
61.68 |
|
|
|
61.10 |
|
|
|
63.64 |
|
|
|
60.20 |
|
|
|
61.85 |
|
Loans held for investment to deposit ratio |
|
70.05 |
|
|
|
72.26 |
|
|
|
76.44 |
|
|
|
77.53 |
|
|
|
78.84 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Annualized Financial Ratios - Operating** (Non-GAAP) |
|||||||||||||||||||
Net FTE interest margin ratio |
|
3.36 |
% |
|
|
3.32 |
% |
|
|
3.22 |
% |
|
|
3.20 |
% |
|
|
3.04 |
% |
Tangible book value per common share |
$ |
21.77 |
|
|
$ |
21.29 |
|
|
$ |
20.67 |
|
|
$ |
20.16 |
|
|
$ |
20.73 |
|
Tangible common stockholders' equity to tangible assets |
|
8.66 |
% |
|
|
8.47 |
% |
|
|
8.01 |
% |
|
|
7.55 |
% |
|
|
7.63 |
% |
Return on average tangible common stockholders' equity |
|
12.53 |
|
|
|
13.01 |
|
|
|
9.42 |
|
|
|
9.71 |
|
|
|
10.48 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Capital Ratios |
|||||||||||||||||||
Total risk-based capital to total risk-weighted assets |
|
16.62 |
% |
* |
|
16.49 |
% |
|
|
14.93 |
% |
|
|
14.38 |
% |
|
|
14.11 |
% |
Tier 1 risk-based capital to total risk-weighted assets |
|
13.90 |
|
* |
|
13.43 |
|
|
|
12.53 |
|
|
|
12.16 |
|
|
|
11.83 |
|
Tier 1 common capital to total risk-weighted assets |
|
13.90 |
|
* |
|
13.43 |
|
|
|
12.53 |
|
|
|
12.16 |
|
|
|
11.83 |
|
Leverage Ratio |
|
9.60 |
|
* |
|
9.37 |
|
|
|
9.06 |
|
|
|
8.71 |
|
|
|
8.57 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in |
|||||||||||||||||||
**Non-GAAP financial measures - see “Non-GAAP Financial Measures” included herein for a reconciliation of net interest margin to net FTE interest margin ratio, book value per common share to tangible book value per common share, return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity, and tangible common stockholders’ equity to tangible assets (non-GAAP). |
|||||||||||||||||||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
Average Balance Sheets |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
||||||||||||||||||
(In millions, except %) |
Average Balance |
Interest(3) |
Average Rate |
|
Average Balance |
Interest(3) |
Average Rate |
|
Average Balance |
Interest(3) |
Average Rate |
||||||||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans (1) |
$ |
16,419.0 |
$ |
235.0 |
|
5.68 |
% |
|
$ |
17,053.8 |
$ |
240.2 |
|
5.65 |
% |
|
$ |
18,209.1 |
$ |
260.3 |
|
5.69 |
% |
Investment securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable (2) |
|
7,144.7 |
|
47.8 |
|
2.65 |
|
|
|
7,254.3 |
|
49.6 |
|
2.74 |
|
|
|
8,209.7 |
|
60.7 |
|
2.94 |
|
Tax-exempt |
|
180.0 |
|
0.9 |
|
1.98 |
|
|
|
181.7 |
|
0.8 |
|
1.77 |
|
|
|
185.3 |
|
0.9 |
|
1.93 |
|
Investment in FHLB and FRB stock |
|
107.9 |
|
1.3 |
|
4.78 |
|
|
|
139.3 |
|
2.1 |
|
6.05 |
|
|
|
176.0 |
|
2.8 |
|
6.33 |
|
Interest bearing deposits in banks |
|
737.8 |
|
8.4 |
|
4.52 |
|
|
|
550.9 |
|
6.2 |
|
4.51 |
|
|
|
353.1 |
|
4.9 |
|
5.52 |
|
Federal funds sold |
|
0.1 |
|
— |
|
— |
|
|
|
0.1 |
|
— |
|
— |
|
|
|
0.1 |
|
— |
|
— |
|
Total interest earning assets |
$ |
24,589.5 |
$ |
293.4 |
|
4.73 |
% |
|
$ |
25,180.1 |
$ |
298.9 |
|
4.76 |
% |
|
$ |
27,133.3 |
$ |
329.6 |
|
4.83 |
% |
Noninterest earning assets |
|
2,702.9 |
|
|
|
|
2,718.3 |
|
|
|
|
2,813.6 |
|
|
|||||||||
Total assets |
$ |
27,292.4 |
|
|
|
$ |
27,898.4 |
|
|
|
$ |
29,946.9 |
|
|
|||||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand deposits |
$ |
6,326.4 |
$ |
15.7 |
|
0.98 |
% |
|
$ |
6,402.9 |
$ |
15.0 |
|
0.94 |
% |
|
$ |
6,143.9 |
$ |
15.1 |
|
0.98 |
% |
Savings deposits |
|
7,841.2 |
|
37.8 |
|
1.91 |
|
|
|
7,801.3 |
|
36.6 |
|
1.88 |
|
|
|
7,763.4 |
|
42.2 |
|
2.16 |
|
Time deposits |
|
2,782.1 |
|
23.4 |
|
3.34 |
|
|
|
2,806.2 |
|
23.7 |
|
3.39 |
|
|
|
2,863.1 |
|
26.9 |
|
3.74 |
|
Repurchase agreements |
|
490.8 |
|
1.2 |
|
0.97 |
|
|
|
517.4 |
|
1.1 |
|
0.85 |
|
|
|
643.9 |
|
1.4 |
|
0.86 |
|
Other borrowed funds |
|
23.0 |
|
0.4 |
|
6.90 |
|
|
|
720.4 |
|
8.3 |
|
4.62 |
|
|
|
2,526.6 |
|
32.0 |
|
5.04 |
|
Long-term debt |
|
201.1 |
|
3.8 |
|
7.50 |
|
|
|
158.4 |
|
2.7 |
|
6.84 |
|
|
|
147.2 |
|
1.6 |
|
4.32 |
|
Subordinated debentures held by subsidiary trusts |
|
163.1 |
|
2.9 |
|
7.05 |
|
|
|
163.1 |
|
2.9 |
|
7.13 |
|
|
|
163.1 |
|
3.3 |
|
8.05 |
|
Total interest bearing liabilities |
$ |
17,827.7 |
$ |
85.2 |
|
1.90 |
% |
|
$ |
18,569.7 |
$ |
90.3 |
|
1.95 |
% |
|
$ |
20,251.2 |
$ |
122.5 |
|
2.41 |
% |
Noninterest bearing deposits |
|
5,548.7 |
|
|
|
|
5,561.3 |
|
|
|
|
5,927.2 |
|
|
|||||||||
Other noninterest bearing liabilities |
|
468.2 |
|
|
|
|
366.3 |
|
|
|
|
461.4 |
|
|
|||||||||
Stockholders’ equity |
|
3,447.8 |
|
|
|
|
3,401.1 |
|
|
|
|
3,307.1 |
|
|
|||||||||
Total liabilities and stockholders’ equity |
$ |
27,292.4 |
|
|
|
$ |
27,898.4 |
|
|
|
$ |
29,946.9 |
|
|
|||||||||
Net FTE interest income (non-GAAP)(4) |
|
$ |
208.2 |
|
|
|
|
$ |
208.6 |
|
|
|
|
$ |
207.1 |
|
|
||||||
Less FTE adjustments (3) |
|
|
(1.4 |
) |
|
|
|
|
(1.4 |
) |
|
|
|
|
(1.6 |
) |
|
||||||
Net interest income from consolidated statements of income |
|
$ |
206.8 |
|
|
|
|
$ |
207.2 |
|
|
|
|
$ |
205.5 |
|
|
||||||
Interest rate spread |
|
|
2.83 |
% |
|
|
|
2.81 |
% |
|
|
|
2.42 |
% |
|||||||||
Net interest margin |
|
|
3.34 |
|
|
|
|
3.30 |
|
|
|
|
3.01 |
|
|||||||||
Net FTE interest margin ratio (non-GAAP)(4) |
|
|
3.36 |
|
|
|
|
3.32 |
|
|
|
|
3.04 |
|
|||||||||
Cost of funds, including noninterest bearing demand deposits (5) |
|
|
1.45 |
|
|
|
|
1.50 |
|
|
|
|
1.86 |
|
|||||||||
(1) |
Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. |
|
(2) |
Includes average balance of unsettled trades on investment securities. |
|
(3) |
Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a |
|
(4) |
Non-GAAP financial measure - see “Non-GAAP Financial Measures” included herein for a reconciliation to GAAP measures. |
|
(5) |
Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus noninterest bearing deposits. |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
||||||||||||||||
Non-GAAP Financial Measures |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
As of or For the Quarter Ended |
||||||||||||||
(In millions, except % and per share data) |
|
Sep 30, 2025 |
Jun 30, 2025 |
Mar 31, 2025 |
Dec 31, 2024 |
Sep 30, 2024 |
||||||||||
Total common stockholders' equity (GAAP) |
(A) |
$ |
3,448.7 |
|
$ |
3,421.8 |
|
$ |
3,361.3 |
|
$ |
3,304.0 |
|
$ |
3,365.8 |
|
Less goodwill and other intangible assets (excluding mortgage servicing rights) |
|
|
1,185.5 |
|
|
1,188.9 |
|
|
1,192.4 |
|
|
1,195.7 |
|
|
1,199.3 |
|
Tangible common stockholders' equity (Non-GAAP) |
(B) |
$ |
2,263.2 |
|
$ |
2,232.9 |
|
$ |
2,168.9 |
|
$ |
2,108.3 |
|
$ |
2,166.5 |
|
|
|
|
|
|
|
|
||||||||||
Total assets (GAAP) |
|
$ |
27,332.9 |
|
$ |
27,566.4 |
|
$ |
28,279.8 |
|
$ |
29,137.4 |
|
$ |
29,595.5 |
|
Less goodwill and other intangible assets (excluding mortgage servicing rights) |
|
|
1,185.5 |
|
|
1,188.9 |
|
|
1,192.4 |
|
|
1,195.7 |
|
|
1,199.3 |
|
Tangible assets (Non-GAAP) |
(C) |
$ |
26,147.4 |
|
$ |
26,377.5 |
|
$ |
27,087.4 |
|
$ |
27,941.7 |
|
$ |
28,396.2 |
|
|
|
|
|
|
|
|
||||||||||
Average Balances: |
|
|
|
|
|
|
||||||||||
Total common stockholders' equity (GAAP) |
(D) |
$ |
3,447.8 |
|
$ |
3,401.1 |
|
$ |
3,355.1 |
|
$ |
3,332.1 |
|
$ |
3,307.1 |
|
Less goodwill and other intangible assets (excluding mortgage servicing rights) |
|
|
1,187.1 |
|
|
1,190.5 |
|
|
1,193.9 |
|
|
1,197.4 |
|
|
1,201.0 |
|
Average tangible common stockholders' equity (Non-GAAP) |
(E) |
$ |
2,260.7 |
|
$ |
2,210.6 |
|
$ |
2,161.2 |
|
$ |
2,134.7 |
|
$ |
2,106.1 |
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
(F) |
$ |
206.8 |
|
$ |
207.2 |
|
$ |
205.0 |
|
$ |
214.3 |
|
$ |
205.5 |
|
FTE interest income |
|
|
1.4 |
|
|
1.4 |
|
|
1.6 |
|
|
1.6 |
|
|
1.6 |
|
Net FTE interest income (Non-GAAP) |
(G) |
|
208.2 |
|
|
208.6 |
|
|
206.6 |
|
|
215.9 |
|
|
207.1 |
|
Less purchase accounting accretion |
|
|
3.5 |
|
|
4.2 |
|
|
4.7 |
|
|
8.6 |
|
|
4.4 |
|
Adjusted net FTE interest income (Non-GAAP) |
(H) |
$ |
204.7 |
|
$ |
204.4 |
|
$ |
201.9 |
|
$ |
207.3 |
|
$ |
202.7 |
|
|
|
|
|
|
|
|
||||||||||
Average interest earning assets |
(I) |
$ |
24,589.5 |
|
$ |
25,180.1 |
|
$ |
26,059.0 |
|
$ |
26,811.6 |
|
$ |
27,133.3 |
|
Total quarterly average assets |
(J) |
|
27,292.4 |
|
|
27,898.4 |
|
|
28,818.9 |
|
|
29,618.9 |
|
|
29,946.9 |
|
Annualized net income available to common shareholders |
(K) |
|
283.3 |
|
|
287.6 |
|
|
203.6 |
|
|
207.3 |
|
|
220.8 |
|
Common shares outstanding |
(L) |
|
103,967 |
|
|
104,874 |
|
|
104,910 |
|
|
104,586 |
|
|
104,530 |
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (GAAP) |
(K) / (J) |
|
1.04 |
% |
|
1.03 |
% |
|
0.71 |
% |
|
0.70 |
% |
|
0.74 |
% |
Return on average common stockholders' equity (GAAP) |
(K) / (D) |
|
8.22 |
|
|
8.46 |
|
|
6.07 |
|
|
6.22 |
|
|
6.68 |
|
Average common stockholders' equity to average assets (GAAP) |
(D) / (J) |
|
12.63 |
|
|
12.19 |
|
|
11.64 |
|
|
11.25 |
|
|
11.04 |
|
Book value per common share (GAAP) |
(A) / (L) |
$ |
33.17 |
|
$ |
32.63 |
|
$ |
32.04 |
|
$ |
31.59 |
|
$ |
32.20 |
|
Tangible book value per common share (Non-GAAP) |
(B) / (L) |
|
21.77 |
|
|
21.29 |
|
|
20.67 |
|
|
20.16 |
|
|
20.73 |
|
Tangible common stockholders' equity to tangible assets (Non-GAAP) |
(B) / (C) |
|
8.66 |
% |
|
8.47 |
% |
|
8.01 |
% |
|
7.55 |
% |
|
7.63 |
% |
Return on average tangible common stockholders' equity (Non-GAAP) |
(K) / (E) |
|
12.53 |
|
|
13.01 |
|
|
9.42 |
|
|
9.71 |
|
|
10.48 |
|
Net interest margin (GAAP) |
(F*) / (I) |
|
3.34 |
|
|
3.30 |
|
|
3.19 |
|
|
3.18 |
|
|
3.01 |
|
Net FTE interest margin ratio (Non-GAAP) |
(G*) / (I) |
|
3.36 |
|
|
3.32 |
|
|
3.22 |
|
|
3.20 |
|
|
3.04 |
|
Adjusted net FTE interest margin ratio (Non-GAAP) |
(H*) / (I) |
|
3.30 |
|
|
3.26 |
|
|
3.14 |
|
|
3.08 |
|
|
2.97 |
|
|
|
|
|
|
|
|
||||||||||
*Annualized |
||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20251029443489/en/
David P. Della Camera, CFA
Chief Financial Officer
First Interstate BancSystem, Inc.
(406) 255-5363
investor.relations@fib.com
NASDAQ: FIBK
www.FIBK.com
(FIBK-ER)
Source: First Interstate BancSystem, Inc.
