First Interstate BancSystem, Inc. Reports Third Quarter Earnings

First Interstate BancSystem, Inc. (NASDAQ: FIBK) announced its financial results for the third quarter of 2024. The company reported a net income of $55.5 million, or $0.54 per share, compared to $60.0 million, or $0.58 per share, in the second quarter of 2024 and $72.7 million, or $0.70 per share, in the third quarter of 2023.

Key highlights from the quarter include the appointment of James A. Reuter as President and CEO effective November 1, 2024. The net interest margin increased to 3.01%, up by 4 basis points from the previous quarter. Criticized loans decreased by $14.7 million primarily due to charge-offs. Total deposits decreased by $6.6 million, as a large temporary deposit was withdrawn early in the quarter.

Non-interest expense increased by $2.5 million compared to the previous quarter, attributed to expenses related to the CEO transition. Capital ratios improved with the common equity tier 1 capital ratio increasing to 11.83%.

“We were pleased to see continued improvement in our core operating metrics in the quarter

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.

About First Interstate BancSystem

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.