First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Charged Off Loans for the Fourth Quarter of 2013
January 30, 2014 at 03:30 am IST
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First Interstate Bancsystem Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's net interest income was $59.97 million compared with $60.97 million a year ago. Income before taxes was $31.9 million compared with $25.8 million a year ago. Net income was $20.8 million compared with $16.8 million a year ago. Net income available to common shareholders was $20.8 million or $0.47 per diluted share compared with $16.1 million or $0.37 per diluted share a year ago. As on December 31, 2013, the company's book value per share was $18.15 and tangible book value per share was $13.89. Return on average assets was 1.10% compared with 0.88% a year ago. Return on average common equity was 10.31% compared with 8.55% a year ago. Return on average tangible common equity was 13.49% compared with 11.45% a year ago.
For the year, the company's net interest income was $236.97 million compared with $243.8 million a year ago. Income before taxes was $132.7 million compared with $88.3 million a year ago. Net income was $86.1 million compared with $58.2 million a year ago. Net income available to common shareholders was $86.1 million or $1.96 per diluted share compared with $54.9 million or $1.27 per diluted share a year ago. Return on average assets was 1.16% compared with 0.79% a year ago. Return on average common equity was 11.05% compared with 7.46% a year ago. Return on average tangible common equity was 14.59% compared with 10.07% a year ago.
The company charged off loans of $6 million during fourth quarter of 2013 compared to $5 million during third quarter 2013 and $10 million during fourth quarter 2012.
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, 2013; Announces Charged Off Loans for the Fourth Quarter of 2013