First Interstate BancSystem Q3 net income falls on prior branch sales
FIBK•First Interstate BancSystem reported Q3 net income of $62.2 million and EPS of $0.65, both down year over year partly due to prior branch sales. Net interest margin rose, and the company repurchased $76.3 million in stock during the quarter.
1. Quarterly results
First Interstate BancSystem reported Q3 net income of $62.2 million and EPS of $0.65. Net interest income was $206.2 million, while payment service revenue was $16.7 million and the credit loss provision was -$10.5 million.
2. Drivers and buybacks
The company said net interest income rose due to higher yields on interest-earning assets and lower interest expense on time deposits; reduced loan balances partly offset the growth. Lower noninterest income reflected the absence of gains from prior branch sales. The company repurchased $76.3 million in stock during Q3 and provided no specific financial guidance for future quarters or the full year.
