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.