First Interstate BancSystem Reports Fourth Quarter Earnings

First Interstate BancSystem, Inc. (NASDAQ: FIBK) disclosed its financial results for the fourth quarter of 2024, announcing a net income of $52.1 million or $0.50 per diluted share. This figure marks a decline compared to the previous quarter and the same quarter in the previous year. For the full year ending December 31, 2024, the Company reported a net income of $226.0 million or $2.19 per diluted share, down from the previous year’s $257.5 million or $2.48 per diluted share.

In other highlights, James A. Reuter was appointed as the President and Chief Executive Officer effective November 1, 2024. The Company saw an increase in net interest margin, a decrease in non-performing assets, and an increase in criticized loans primarily driven by downgrades in the commercial real estate loan portfolio. Net charge-offs for the quarter included a commercial and industrial loan for $49.3 million.

Total deposits grew by $151.5 million as of December 31, 2024, with interest-bearing demand deposits increasing by $233.8 million while non-interest bearing deposits decreased by $121.4 million. Non-interest expenses decreased compared to the previous year, with an efficiency ratio of 60.2% for the fourth quarter of 2024, indicating improved operational efficiency.

First Interstate BancSystem declared a dividend of $0.47 per common share, payable on February 20, 2025. Additionally, the Company’s board stated that it exceeded all regulatory capital adequacy requirements for the period ending December 31, 2024.

The Company will host a conference call to discuss these results on January 30, 2025, accessible by phone and online. Detailed financial tables and information about credit quality, loans, and deposits were also provided in the report.

First Interstate BancSystem emphasized that forward-looking statements are subject to inherent risks and uncertainties. They highlighted factors that could impact future results, such as changes in regulations, economic conditions, loan credit losses, and global events like climate change.

The Company’s total assets stood at $29,137.4 million as of December 31, 2024, reflecting a slight decrease from previous periods. The balance sheet also detailed changes in loans held for investment, deposits, and information on credit quality metrics such as non-performing assets, net loan charge-offs, and criticized loans.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read First Interstate BancSystem’s 8K filing here.

First Interstate BancSystem Company Profile

First Interstate BancSystem, Inc operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors.