First Interstate BancSystem (FIBK) Misses Q1 EPS by 1c

First Interstate BancSystem (NASDAQ: FIBK) reported Q1 Core EPS of $0.52, $0.01 worse than the analyst estimate of $0.53. Revenue for the quarter came in at $98 million versus the consensus estimate of $105.45 million.

HIGHLIGHTS

• Core earnings per share growth of 15.6% over the same period in the prior year.
• Positive operating leverage - net interest income growth of 1.4% over the prior year, fee-based revenue growth of 2.5% over the prior year, as compared to core non-interest expense growth of 1.2% during the same period.
• Core non-interest expense of $63.0 million, an increase of 1.2% over the same period in the prior year and a decrease of 7.3% from fourth quarter 2016.
• Regulatory approval received for acquisition of Cascade Bancorp, parent company of Bank of the Cascades, with expected closing date accelerated to the end of May 2017.
• Net charged-off loans of 0.13% of average loans.
• Dividends per common share of $11 million, or $0.24 per share, an increase from $10 million, or $0.22 per share, paid during fourth quarter 2016.

For earnings history and earnings-related data on First Interstate BancSystem (FIBK) click here.

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