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First Interstate BancSystem, Inc. Reports Second Quarter Earnings

Nachrichtenquelle: Business Wire (engl.)
30.07.2019, 23:30  |  924   |   |   

First Interstate BancSystem, Inc. (NASDAQ: FIBK) today reported financial results for the second quarter of 2019. For the quarter, the Company reported net income of $37.9 million, or $0.59 per share, which compares to net income of $41.6 million, or $0.69 per share, for the first quarter of 2019, and $41.7 million, or $0.74 per share, for the second quarter of 2018.

First and second quarter 2019 earnings included acquisition costs related to the acquisitions of Northwest Bancorporation, Inc. (“Northwest”), the parent company of Inland Northwest Bank (“INB”), acquired on August 16, 2018, Idaho Independent Bank (“IIBK”), acquired on April 8, 2019, and Community First Bank (“CMYF”), acquired on April 8, 2019. The aforementioned acquisition costs negatively impacted earnings by $0.16 and $0.03 per common share for the second quarter of 2019 and the first quarter of 2019, respectively. There were no acquisition costs during the second quarter of 2018. Additionally, the second quarter of 2019 payment services revenues were reduced as a result of the Durbin Amendment when compared to the second quarter of 2018.

HIGHLIGHTS

  • Net interest margin ratio, on a fully taxable equivalent basis, increased to 4.08%, for the second quarter of 2019, a four basis point increase from the prior quarter and a 21 basis point increase from the second quarter of 2018.
  • Organic loan growth was 7.2% annualized for the second quarter of 2019.
  • Non-performing assets as a percentage of total assets decreased to 0.51%, compared to 0.54% during the first quarter of 2019 and 0.74% during the second quarter of 2018.
  • Criticized assets include $26.8 million related to the acquisitions of IIBK and CMYF. Excluding the increase related to the acquisitions, criticized assets declined $15.3 million, or 4.33% of average loans, as of the second quarter of 2019 compared to 4.75%, as of the first quarter of 2019.
  • Net charge offs of $2.0 million, or 0.09% of average loans, as of the second quarter of 2019, compared to $4.3 million, or 0.21% of average loans, as of the first quarter of 2019.
  • Mortgage banking revenues increased 55.6% to $8.4 million, for the second quarter of 2019, compared to $5.4 million for the first quarter of 2019, and increased 16.7%, from $7.2 million, compared to the second quarter of 2018.
  • Successful close and system conversions of IIBK and CMFY during the second quarter of 2019.

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