First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Announces Dividend; Reports Net Charge Off for the Fourth Quarter of 2012
January 29, 2013 at 06:02 am EST
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First Interstate Bancsystem Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest income of $67,601,000 against $72,006,000 for the same period last year. Net interest income was $60,973,000 against $63,035,000 for the same period last year. Income before income tax expense was $25,776,000 against $20,060,000 for the same period last year. Net income available to common shareholders was $16,114,000 or $0.37 per diluted share against $12,402,000 or $0.29 per diluted share for the same period last year. Return on average common equity, annualized was 8.55% against 6.84% for the same period last year. Return on average tangible common equity, annualized was 11.45% against 9.31% for the same period last year. Return on average assets, annualized was 0.88% against 0.72% for the same period last year.
For the year, the company reported total interest income of $273,900,000 against $292,883,000 for the same period last year. Net interest income was $243,786,000 against $250,852,000 for the same period last year. Income before income tax expense was $88,262,000 against $66,161,000 for the same period last year. Net income available to common shareholders was $54,924,000 or $1.27 per diluted share against $41,124,000 or $0.96 per diluted share for the same period last year. Book value per common share as at December 31, 2012 was $17.35 against $16.77 as at December 31, 2011. Tangible book value per common share as at December 31, 2012 was $12.97 against $12.33 as at December 31, 2011. Net tangible book value per common share as at December 31, 2012 was $14.37 against $13.74 as at December 31, 2011. Return on average common equity was 7.46% against 5.86% for the same period last year. Return on average tangible common equity was 10.07% against 8.06% for the same period last year. Return on average assets was 0.79% against 0.61% for the same period last year.
The company announced a dividend increase to $0.13 per share and the acceleration of dividends from the typical January 2013 payment date into December 2012.
The company recovered $425,000 of net charged off interest this past quarter, which helped to offset margin compression.
First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Through its bank subsidiary, First Interstate Bank, the Company delivers a range of banking products and services, including online and mobile banking to individuals, businesses, municipalities, and others throughout its market areas. It operates through Community Banking segment, which encompasses commercial and consumer banking services offered to individuals, businesses, municipalities and other entities. Community Banking segment encompasses commercial and consumer banking services provided through its Bank: primarily the acceptance of deposits, the extension of credit, mortgage loan origination and servicing, and wealth management, which includes trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. It provides lending opportunities to clients that participate in a variety of industries.
First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Announces Dividend; Reports Net Charge Off for the Fourth Quarter of 2012