FIRST INTERSTATE BANCSYSTEM, INC. FIBK Income Statement

First interstate bancsystem, inc. (FIBK)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Interest and fees on loans
112,000	118,600	120,000	120,900	111,400	112,200	103,900	96,500	91,700	93,100	94,000	73,900	63,700	68,124	65,626	62,634	62,816	64,180	62,062	60,402	59,371	61,179	61,007	55,565	53,718	55,440	54,901	54,853	55,493	57,470	57,418	58,084	57,910	60,529	61,372	61,475	62,391	67,033	67,501
Interest and dividends on investment securities:
Taxable
17,200	16,400	15,100	15,700	15,100	14,400	13,900	13,900	13,200	12,600	11,700	9,800	8,700	8,302	7,878	7,982	8,038	7,480	7,410	8,000	7,971	7,692	7,259	7,309	7,640	7,860	7,660	7,671	8,046	8,490	9,194	9,458	9,705	10,023	10,721	10,649	9,911	10,540	10,931
Exempt from federal taxes
500	500	500	500	500	600	600	600	600	700	800	900	800	843	820	858	879	937	962	1,040	1,059	1,092	1,085	1,083	1,097	1,134	1,153	1,215	1,226	1,256	1,223	1,240	1,204	1,196	1,188	1,194	1,171	1,137	1,173
Interest on deposits in banks
2,500	4,500	5,700	5,000	3,600	4,400	2,800	2,000	2,100	2,300	2,300	1,300	1,200	866	607	482	645	535	342	271	389	504	374	225	231	275	207	212	298	383	336	279	237	256	200	227	367	252	257
Interest on federal funds sold
-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	3	2	1	4	5	2	0	3	3	1	1	8	5	4	2	4	6	1	2	2	6	3	3	5
Total interest income
132,200	140,000	141,300	142,100	130,600	131,600	121,200	113,000	107,600	108,700	108,800	85,900	74,400	78,126	74,935	71,959	72,380	73,133	70,780	69,718	68,792	70,467	69,728	64,185	62,687	64,710	63,929	63,956	65,067	67,601	68,175	69,067	69,057	72,006	73,483	73,551	73,843	78,965	79,867
Interest expense:
Interest on deposits
7,300	9,700	13,400	14,100	12,100	10,300	8,900	7,200	6,200	6,100	6,200	5,000	4,100	3,265	3,099	3,108	3,228	3,318	3,241	3,239	3,309	3,541	3,487	3,327	3,424	3,586	3,821	4,038	4,355	4,851	5,414	5,779	6,262	6,854	7,905	8,903	9,871	12,973	14,496
Interest on securities sold under repurchase agreements
500	800	1,000	1,100	1,000	900	700	700	400	400	400	300	200	118	100	92	90	69	55	53	54	56	52	63	66	62	58	74	100	127	144	152	156	150	137	171	237	209	229
Interest Expense, Short-term Borrowings
-	-	0	0	-	0	100	0	100	-	400	0	0	-	-	-	-	-	-	-	-	-	27	-	-	-	0	-	-	-	-	-	-	-	-	-	-	1	1
Interest on other debt
300	300	300	400	300	400	400	300	200	-700	200	500	500	-1,357	457	451	449	-1,597	544	538	515	585	482	476	473	486	487	483	480	486	502	495	498	493	498	495	489	512	509
Interest in preferred stock pending redemption
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	159	131	0	0	0	-	-	-	-	-	-
Interest on subordinated debentures held by subsidiary trusts
1,000	1,000	1,100	1,200	1,200	1,100	1,100	1,000	900	800	800	800	700	664	698	675	663	623	610	600	589	796	598	592	588	602	607	601	696	1,033	1,110	1,467	1,507	1,474	1,451	1,455	1,448	1,526	1,456
Total interest expense
9,100	11,800	15,800	16,800	14,600	12,700	11,200	9,200	7,800	7,900	8,000	6,600	5,500	4,490	4,354	4,326	4,430	4,713	4,450	4,430	4,467	4,951	4,646	4,458	4,551	4,736	4,973	5,196	5,790	6,628	7,170	7,893	8,423	8,971	9,991	11,024	12,045	15,221	16,691
Net interest income
123,100	128,200	125,500	125,300	116,000	118,900	110,000	103,800	99,800	100,800	100,800	79,300	68,900	73,636	70,581	67,633	67,950	68,420	66,330	65,288	64,325	65,516	65,082	59,727	58,136	59,974	58,956	58,760	59,277	60,973	61,005	61,174	60,634	63,035	63,492	62,527	61,798	63,744	63,176
Provision for credit losses
29,000	3,800	2,600	3,800	3,700	1,600	2,000	2,900	2,100	3,500	3,400	2,400	1,700	1,087	2,363	2,550	4,000	3,289	1,098	1,340	1,095	118	261	-2,001	-5,000	-4,000	-3,000	375	500	8,000	9,500	12,000	11,250	13,751	14,000	15,400	15,000	18,000	19,500
Net interest income after provision for credit losses
94,100	124,400	122,900	121,500	112,300	117,300	108,000	100,900	97,700	97,300	97,400	76,900	67,200	72,549	68,218	65,083	63,950	65,131	65,232	63,948	63,230	65,398	64,821	61,728	63,136	63,974	61,956	58,385	58,777	52,973	51,505	49,174	49,384	49,284	49,492	47,127	46,798	45,744	43,676
Non-interest income:
Mortgage banking revenues
13,600	7,400	10,500	8,400	4,100	5,600	6,700	7,200	5,400	6,600	8,200	7,600	6,500	9,761	11,303	9,409	6,727	7,282	7,983	8,802	5,906	5,554	7,346	6,380	4,660	5,602	7,934	10,043	10,675	12,321	11,665	9,420	8,384	8,087	5,512	4,109	3,445	7,355	4,186
Loss on termination of interest rate swap
-	-	-	-	-	-	-	-	-	-	-1,100	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment securities gains (losses), net
0	0	100	0	0	-100	0	0	0	-100	800	0	0	-12	225	108	-21	62	23	46	6	-19	-8	17	71	-25	30	-12	8	53	66	198	31	1,488	38	16	2	66	15
Other income
3,600	2,500	4,000	5,100	4,300	4,100	4,500	2,600	3,900	3,400	3,000	5,800	2,100	2,951	2,299	2,457	2,293	2,934	2,465	2,792	3,122	5,624	2,079	1,937	1,889	2,203	1,416	2,228	1,678	1,427	1,725	1,520	2,099	1,428	1,285	1,624	1,927	2,025	1,498
Non-recurring litigation recovery
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	3,750	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total non-interest income
43,700	36,500	40,800	39,400	33,200	34,300	36,200	37,600	35,200	37,200	38,300	37,200	29,100	35,694	35,161	37,009	28,636	30,792	31,178	31,763	27,782	31,795	29,363	26,571	24,106	25,674	27,607	29,579	28,819	30,635	30,182	27,662	26,382	26,997	23,125	21,591	20,159	24,855	21,037
Non-interest expense:
Salaries and wages
39,900	39,200	40,600	40,400	35,100	40,700	36,800	34,300	34,600	34,300	34,700	28,000	25,700	29,817	26,908	26,707	25,268	24,549	25,460	26,093	25,349	23,748	25,914	24,440	22,411	24,256	22,806	23,535	23,405	23,288	23,341	21,640	21,564	22,002	20,801	20,554	20,203	27,994	27,379
Employee benefits
14,200	11,200	11,900	14,000	14,400	12,400	11,900	12,300	11,300	8,000	10,200	9,800	9,600	8,915	8,610	8,066	9,609	7,473	8,008	8,063	7,780	7,246	7,841	7,164	8,313	7,289	7,328	7,546	8,175	6,113	7,447	6,819	8,966	6,871	6,087	7,335	7,499	-	-
Outsourced technology services
7,800	8,400	7,900	8,100	7,900	7,800	6,800	7,100	7,000	7,200	6,600	6,000	5,300	5,657	5,211	4,800	4,832	2,548	2,520	2,593	2,463	2,468	2,346	2,309	2,300	2,382	2,295	2,195	2,157	2,199	2,182	2,179	2,266	2,245	2,235	2,212	2,241	2,402	2,449
Occupancy, net
7,300	7,100	7,100	7,100	7,000	6,600	6,500	6,000	6,300	6,300	6,100	5,200	4,800	4,339	4,413	4,284	4,664	4,445	4,413	4,529	4,492	4,770	4,534	4,253	4,239	4,206	4,292	4,063	4,026	3,968	3,793	4,037	3,988	3,815	4,180	4,013	4,215	3,939	3,963
Furniture and equipment
2,800	3,000	3,300	3,400	3,500	3,200	3,500	2,900	3,100	3,300	3,100	2,800	2,300	2,486	2,398	2,460	2,256	4,179	3,849	3,703	3,793	4,120	3,338	3,157	3,201	3,192	3,147	3,163	3,052	3,301	3,231	3,189	3,138	3,195	3,018	3,129	3,220	3,411	3,356
OREO expense, net of income
-500	-1,700	-800	200	100	0	200	-100	200	200	200	0	0	-109	8	140	-39	129	-720	-823	-61	-61	-58	-134	-19	1,292	18	-915	1,896	3,877	2,612	1,806	1,105	2,021	2,878	2,042	1,711	2,608	2,980
Professional fees
2,700	2,600	3,500	2,300	3,200	5,300	1,900	2,100	1,200	5,700	1,900	1,800	1,000	1,365	1,191	1,136	1,308	1,727	1,916	1,514	1,301	1,001	1,233	1,278	1,370	1,375	1,135	1,136	1,127	1,059	1,050	1,002	933	-	995	726	-	-	-
FDIC insurance premiums
1,600	0	400	1,600	1,500	1,300	1,400	1,400	1,500	1,300	1,700	800	900	832	1,212	1,198	1,258	1,222	1,190	1,304	1,142	1,227	1,172	1,093	1,116	1,119	1,205	1,356	1,377	1,652	1,622	1,601	1,595	1,607	1,631	1,629	2,466	2,337	2,667
Mortgage servicing rights amortization
1,500	1,200	1,200	1,000	900	800	800	700	800	900	800	700	600	790	854	722	634	571	617	627	619	587	591	583	600	600	629	719	839	910	879	817	895	940	807	671	807	1,221	1,115
Mortgage servicing rights impairment
2,900	-	-	-	0	-	-	-	-	0	0	0	-100	21	-16	-20	15	50	-76	-56	-15	-19	-61	-11	-45	22	-62	-11	-48	-10	55	52	-868	427	1,168	27	-347	1,991	271
Core deposit intangibles amortization
2,900	2,900	3,000	3,000	2,300	2,400	2,000	1,700	1,800	1,900	1,900	1,100	600	871	875	827	827	837	842	854	855	855	688	354	354	354	355	355	354	355	355	355	355	361	362	361	362	437	440
Other expenses
17,200	17,000	17,400	17,500	14,300	11,900	15,800	16,500	15,800	12,600	14,500	14,100	12,300	13,860	12,542	12,575	11,623	12,942	12,613	13,577	11,804	13,777	12,368	10,837	10,498	11,698	9,431	11,878	10,325	8,120	10,497	13,802	13,503	10,782	10,879	11,493	10,581	11,670	10,806
Loss contingency expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,000	-	-	-	4,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition related expenses
0	700	3,800	13,500	2,300	7,000	3,100	0	2,300	3,400	13,000	10,100	700	1,603	1,197	0	0	166	566	-7	70	2,368	1,052	597	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Total non-interest expense
100,300	92,000	99,300	112,100	92,500	99,400	90,700	84,900	85,900	85,100	94,700	80,400	63,700	70,447	65,403	62,895	62,255	60,838	66,198	61,971	59,592	62,087	64,958	55,920	54,338	57,785	52,579	55,020	56,685	57,832	57,064	57,299	57,440	56,221	55,041	54,192	52,958	58,010	55,426
Income before income tax expense
37,500	68,900	64,400	48,800	53,000	52,200	53,500	53,600	47,000	49,400	41,000	33,700	32,600	37,796	37,976	39,197	30,331	35,085	30,212	33,740	31,420	35,106	29,226	32,379	32,904	31,863	36,984	32,944	30,911	25,776	24,623	19,537	18,326	20,060	17,576	14,526	13,999	12,589	9,287
Income tax expense
8,200	16,500	15,300	10,900	11,400	11,800	12,100	11,900	10,300	15,200	13,700	11,900	9,400	12,967	12,783	13,643	10,207	11,654	10,050	11,518	10,440	12,330	10,071	11,302	11,511	11,088	13,172	11,439	10,867	8,931	8,468	6,527	6,112	6,795	5,655	4,672	4,493	3,860	2,628
Net Income (Loss) Attributable to Parent
29,300	52,400	49,100	37,900	41,600	40,400	41,400	41,700	36,700	34,200	27,300	21,800	23,200	24,829	25,193	25,554	20,124	23,431	20,162	22,222	20,980	22,776	19,155	21,077	21,393	20,775	23,812	21,505	20,044	16,845	16,155	13,010	12,214	13,265	11,921	9,854	9,506	8,729	6,659
Preferred stock dividends
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	731	863	853	853	863	862	853	844	862	853
Net Income (Loss) Available to Common Stockholders, Basic
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,114	15,292	12,157	11,361	12,402	11,059	9,001	8,662	7,867	5,806
Earnings per common share, basic (in dollars per share)
0.45	0.80	0.76	0.59	0.69	0.67	0.71	0.74	0.65	0.60	0.49	0.46	0.52	0.55	0.57	0.58	0.45	0.52	0.45	0.49	0.46	0.49	0.43	0.48	0.49	0.49	0.54	0.49	0.46	0.38	0.36	0.28	0.26	0.29	0.26	0.21	0.20	0.18	0.14
Earnings per common share, diluted (in dollars per share)
0.45	0.79	0.76	0.59	0.69	0.65	0.71	0.74	0.65	0.61	0.48	0.45	0.51	0.55	0.56	0.57	0.45	0.51	0.44	0.49	0.46	0.50	0.42	0.47	0.48	0.47	0.54	0.49	0.46	0.38	0.35	0.28	0.26	0.29	0.26	0.21	0.20	0.18	0.14
Weighted average common shares outstanding, basic (in shares)
64,790	-	64,832	64,504	60,311	-	58,254	56,335	56,241	-	56,094	47,612	44,680	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common shares outstanding, diluted (in shares)
64,937	-	65,043	64,707	60,598	-	58,640	56,699	56,652	-	56,530	48,074	45,239	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment services revenues
Non-interest income
10,200	10,800	10,800	10,500	9,400	9,800	10,100	12,900	10,500	12,300	12,400	10,200	8,400	8,742	9,019	8,648	7,991	8,367	8,574	8,437	7,372	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Service charges on deposit accounts
Non-interest income
5,400	5,400	5,300	5,400	5,000	5,200	5,700	5,300	5,600	5,900	5,900	5,100	4,400	4,619	4,692	4,626	4,463	4,655	4,379	4,053	3,944	4,432	4,331	3,929	3,875	4,086	4,360	4,323	4,068	4,401	4,395	4,455	4,161	4,543	4,609	4,385	4,110	4,497	4,759
Other service charges, commissions and fees
Non-interest income
4,700	4,400	4,200	4,200	4,300	4,000	3,400	3,800	3,900	3,600	3,600	3,400	2,700	3,419	2,628	2,845	2,608	2,652	2,521	2,736	2,495	-19,266	10,458	9,699	9,156	9,458	9,286	8,977	8,256	8,774	8,774	8,254	8,424	8,062	8,479	7,768	7,380	7,821	7,380
Wealth management revenues
Wealth management revenues
6,200	6,000	5,900	5,800	6,100	5,700	5,800	5,800	5,900	5,500	5,500	5,100	5,000	5,764	4,995	5,166	4,575	4,840	5,233	4,897	4,937	4,775	5,157	4,609	4,455	4,350	4,581	4,020	4,134	3,659	3,557	3,815	3,283	3,389	3,202	3,689	3,295	3,091	3,199