First Interstate BancSystem (FIBK) Reports In-Line Q4 EPS

First Interstate BancSystem (NASDAQ: FIBK) reported Q4 EPS of $0.80, in-line with the analyst estimate of $0.80.

HIGHLIGHTS

• Asset quality improved in the fourth quarter of 2019, resulting in a $17.7 million, or 23.6%, decrease in non-performing assets and a $28.7 million, or 6.9%, decrease in criticized loans, in each case as compared to the third quarter of 2019.
• Efficiency ratio improved to 54.3% during the fourth quarter of 2019, compared to 57.8% during the third quarter of 2019 and 63.3% during the fourth quarter of 2018.
• Net income of $52.4 million during the fourth quarter of 2019, an increase of $12.0 million, or 29.7%, from the same period in the prior year of $40.4 million.
• Net interest margin ratio, on a fully taxable equivalent basis, increased to 3.94% for the fourth quarter of 2019, a one basis point increase from the prior quarter and a five basis point decrease from the same period in the prior year.
• Quarterly cash dividends increased 9.7% from $0.31 to $0.34 per share of common stock in January 2020.
• Continued focus on enhancing our digital offerings with the implementation of an online application process for consumer and business credit cards.

“We completed 2019 with a strong fourth quarter, as we generated sequential quarter improvement in our key performance metrics including efficiency ratio, return on average assets and return on average common equity,” said Kevin P. Riley, President and Chief Executive Officer of First Interstate BancSystem, Inc. “We executed well on our strategies for generating profitable growth and had a strong year of value creation in 2019, as we increased our tangible book value per share by 13.9% while returning $79.2 million of capital to shareholders through our quarterly dividend. We also significantly strengthened our franchise by increasing our presence in faster growing markets and investing in technology initiatives that expanded our products and services, improved our digital banking capabilities, and streamlined our workflow processes. We believe we are well positioned to continue generating profitable growth and further enhancing the value of our franchise in the coming years.”

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

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