First Interstate BancSystem, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charges Off for the Fourth Quarter Ended December 31, 2017
January 31, 2018 at 03:24 am IST
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First Interstate Bancsystem Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $100,836,000 compared to $73,601,000 a year ago. Income before taxes was $49,430,000 compared to $37,755,000 a year ago. Net income was $4,268,000 or $0.61 per diluted share compared to $24,765,000 or $0.55 per diluted share a year ago. Book value per share for the period end was $25.28 compared to $12.87 a year ago. Non-GAAP tangible book value per share for the period end was $16.04 compared to $16.92 a year ago. Return on average assets was 1.11% compared to 1.09% a year ago. Return on average common equity was 9.52% compared to 9.95% a year ago. Non-GAAP return on average tangible common equity was 15.04% compared to 12.84% a year ago. Net interest income was positively impacted this quarter by the recovery of previously charged-off interest of $1.4 million, compared to $2.0 million during the third quarter of 2017 and $0.2 million during the fourth quarter of 2016.
For the year, the company reported net interest income of was $349,843,000 compared to $279,765,000 a year ago. Income before taxes was $156,722,000 compared to $145,259,000 a year ago. Net income was $106,521,000 or $2.05 per diluted share compared to $95,636,000 or $2.13 per diluted share a year ago. Return on average assets was 0.98% compared to 1.10% a year ago. Return on average common equity was 8.57% compared to 9.93% a year ago. Non-GAAP return on average tangible common equity was 12.76% compared to 12.81% a year ago.
For the fourth quarter ended December 31, 2017, the company reported net charge-offs of $5,950,000 against $6,099,000 a year ago.
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 Full Year Ended December 31, 2017; Reports Net Charges Off for the Fourth Quarter Ended December 31, 2017