First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 28, 2016 at 03:11 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, 2015. For the quarter, the company reported net interest income of $68,420,000 compared to $65,516,000 a year ago. Income before taxes was $35,085,000 compared to $35,106,000 a year ago. Net income was $23,431,000 or $0.51 per diluted share compared to $22,776,000 or $0.49 per diluted share a year ago. Core net income was $23,496,000 or $0.52 per diluted share compared to $24,260,000 or $0.53 per diluted share a year ago. Core pre-tax, pre-provision net income was $38,478,000 compared to $37,611,000 a year ago. Book value was $20.92 as on December 31, 2015 compared to $19.85 as on December 31, 2014. Tangible book value was $16.19 as on December 31, 2015 compared to $15.07 as on December 31, 2014. Return on average assets was 1.07% compared to 1.05% a year ago. Core return on average assets was 1.07% compared to 1.12% a year ago. Return on average common equity was 9.83% compared to 10.09% a year ago. Core return on average common equity was 9.86% compared to 10.75% a year ago. Return on average tangible common equity was 12.73% compared to 13.34% a year ago. The increase in net interest income was a result of the loan growth saw in the quarter along with an improvement in net interest margin.
For the year, the company reported net interest income of was $264,363,000 compared to $248,461,000 a year ago. Income before taxes was $130,457,000 compared to $129,615,000 a year ago. Net income was $86,795,000 or $1.90 per diluted share compared to $84,401,000 or $1.87 per diluted share a year ago. Core net income was $90,314,000 or $1.98 per diluted share compared to $89,349,000 or $1.98 per diluted share a year ago. Core pre-tax, pre-provision net income was $142,937,000 compared to $130,949,000 a year ago. Return on average assets was 1.02% compared to 1.06% a year ago. Core return on average assets was 1.06% compared to 1.12% a year ago. Return on average common equity was 9.37% compared to 9.86% a year ago. Core return on average common equity was 9.75% compared to 10.44% a year ago. Return on average tangible common was 12.23% compared to 12.88% a year ago.
For the fourth quarter of 2015, the company reported net charge-offs of $728,000 compared to $149,000 for the same period 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, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015