First Interstate Bancsystem Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $22.8 million, or $0.49 per diluted share, a 19% increase over third quarter 2014 net income of $19.2 million, or $0.47 per diluted share. Included in fourth quarter net income were non-core expenses related to the acquisition of Mountain West Financial Corp. of $2.4 million. Exclusive of non-core items, the company's fourth quarter 2014 core net income was $24.3 million, or $0.53 per diluted share, as compared to core net income of $22.3 million, or $0.49 per diluted share, for third quarter 2014. Net interest income increased $456,000 to $66.6 million during fourth quarter 2014, as compared to $66.1 million during third quarter 2014, and increased $11.3 million to $252.8 million in 2014, as compared to $241.5 million in 2013. Income from the origination and sale of loans was $5,554,000 compared to $5,602,000 a year ago. Return on average assets was 1.05% compared to 1.10% a year ago. Return on average common equity was 10.09% compared to 10.32% a year ago. Income before taxes was $35,106,000 compared to $31,863,000 a year ago. Interest accretion related to the fair valuation of acquired loans contributed $1.1 million of interest income during fourth quarter 2014, as compared to $1.3 million during third quarter 2014.

For the year ended December 31, 2014, the company reported net income of $84.4 million, or $1.87 per diluted share, compared to $86.1 million, or $1.96 per diluted share in 2013. Exclusive of non-core items, which included acquisition costs and litigation accruals, the company's 2014 core net income was $89.3 million, or $1.98 per diluted share, as compared to core net income of $86.1 million, or $1.96 per diluted share, in 2013. Book value per share as at December 31, 2014 was $19.85 compared to $18.15 a year ago. Net interest income was $248,461,000 compared to $236,967,000 a year ago. Income before taxes was $129,615,000 compared to $132,702,000 a year ago. Return on average assets was 1.06% compared to 1.16% a year ago. Return on average common equity was 9.86% compared to 11.05% a year ago.

For the fourth quarter of 2014, the company reported net charge-offs of $149,000 compared to $3,651,000 for the same period a year ago.