First Interstate Bancsystem Inc

FIBK

Equity

ISIN US32055Y2019 / Valor 11165896

NASDAQ (2024-12-20)

USD 32.64+3.55%

First Interstate Bancsystem Inc
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About company

First Interstate Bancsystem Inc is a financial services company that provides banking and financial products and services to individuals, businesses, and communities in the western United States.

Summarized from source with an LLMView SourceSector: Finance

Net Income

First Interstate BancSystem Inc. reported net income of $60.0 million, or $0.58 per share, for the second quarter of 2024. This compares to net income of $58.4 million, or $0.57 per share, for the first quarter of 2024, and net income of $67.0 million, or $0.65 per share, for the second quarter of 2023.

Net Interest Income

Net interest income for First Interstate BancSystem Inc. increased by $1.6 million, or 0.8%, to $201.7 million during the second quarter of 2024, compared to $200.1 million in the first quarter of 2024. However, it decreased by $16.7 million, or 7.6%, compared to the second quarter of 2023.

Provision for Credit Losses

During the second quarter of 2024, First Interstate BancSystem Inc. recorded a provision for credit losses of $9.0 million. This is an increase from the $5.3 million provision recorded in the first quarter of 2024 but a decrease from the $11.7 million provision recorded in the second quarter of 2023.

Non-Interest Income

First Interstate BancSystem Inc.'s non-interest income was $42.6 million for the second quarter of 2024, which represents an increase of $0.5 million from the first quarter of 2024. However, it decreased by $1.5 million compared to the second quarter of 2023.

Non-Interest Expense

The company's non-interest expense was $156.9 million for the second quarter of 2024, a decrease of $3.3 million from the first quarter of 2024 and a decrease of $7.0 million from the second quarter of 2023. This reduction was driven by lower salaries, wages, and other expense reduction initiatives.

Summarized from source with an LLMView Source

Key figures

5.97%1Y

-14.4%3Y

-23.2%5Y

Performance

36.4%1Y

34.0%3Y

38.3%5Y

Volatility