First Interstate BancSystem (FIBK) Misses Q1 EPS by 3c

First Interstate BancSystem (NASDAQ: FIBK) reported Q1 EPS of $0.65, $0.03 worse than the analyst estimate of $0.68.

HIGHLIGHTS

• Net interest margin ratio increased to 3.75% during the first quarter of 2018, a four basis point increase from the prior quarter and reflects a 26 basis point increase from the same period in the prior year. Excluding the impact of charged-off interest and interest accretion on acquired loans, the net interest margin ratio was 3.61%, an increase of nine basis points from the prior quarter and 20 basis points from the same period in the prior year.
• Total loans increased $32.5 million during the first quarter of 2018, or 1.6% annualized. The increase was primarily driven by commercial and construction real estate loans, partially offset by a decline in mortgage loans held for sale.
• Total deposits increased $91.0 million during the first quarter of 2018, or 3.7% annualized. The increase was primarily driven by interest bearing demand and savings deposits, which increased 2.4% and 1.5%, respectively, during the first quarter of 2018.
• Net charge-offs declined during the first quarter of 2018 to $0.7 million, a decrease of $5.3 million, or 88.3%, as compared to the fourth quarter of 2017.
• Asset quality continued to improve in the first quarter of 2018, resulting in a $4.8 million, or 5.8%, decrease in non-performing assets and a $4.0 million, or 1.0%, decrease in criticized loans, in each case as compared to the fourth quarter of 2017.
• Final acquisition related expenses related to BOTC of $2.3 million this quarter, compared to $3.3 million in the fourth quarter of 2017. The after-tax impact of acquisition related expenses on earnings per share was $0.03 and $0.04 per share for the respective periods.
• Employee severance related expenses of $1.2 million in the first quarter of 2018, resulting in an after-tax impact on earnings per share of $0.02.
• Dividends of $0.28 per common share paid during the quarter, an increase of 16.7% from dividends paid during the fourth quarter of 2017.

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

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