First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 27, 2015 at 05:00 pm
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First Interstate Bancsystem Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $22.8 million, or $0.49 per diluted share, a 19% increase over third quarter 2014 net income of $19.2 million, or $0.47 per diluted share. Included in fourth quarter net income were non-core expenses related to the acquisition of Mountain West Financial Corp. of $2.4 million. Exclusive of non-core items, the company's fourth quarter 2014 core net income was $24.3 million, or $0.53 per diluted share, as compared to core net income of $22.3 million, or $0.49 per diluted share, for third quarter 2014. Net interest income increased $456,000 to $66.6 million during fourth quarter 2014, as compared to $66.1 million during third quarter 2014, and increased $11.3 million to $252.8 million in 2014, as compared to $241.5 million in 2013. Income from the origination and sale of loans was $5,554,000 compared to $5,602,000 a year ago. Return on average assets was 1.05% compared to 1.10% a year ago. Return on average common equity was 10.09% compared to 10.32% a year ago. Income before taxes was $35,106,000 compared to $31,863,000 a year ago. Interest accretion related to the fair valuation of acquired loans contributed $1.1 million of interest income during fourth quarter 2014, as compared to $1.3 million during third quarter 2014.
For the year ended December 31, 2014, the company reported net income of $84.4 million, or $1.87 per diluted share, compared to $86.1 million, or $1.96 per diluted share in 2013. Exclusive of non-core items, which included acquisition costs and litigation accruals, the company's 2014 core net income was $89.3 million, or $1.98 per diluted share, as compared to core net income of $86.1 million, or $1.96 per diluted share, in 2013. Book value per share as at December 31, 2014 was $19.85 compared to $18.15 a year ago. Net interest income was $248,461,000 compared to $236,967,000 a year ago. Income before taxes was $129,615,000 compared to $132,702,000 a year ago. Return on average assets was 1.06% compared to 1.16% a year ago. Return on average common equity was 9.86% compared to 11.05% a year ago.
For the fourth quarter of 2014, the company reported net charge-offs of $149,000 compared to $3,651,000 for the same period a year ago.
First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Through its bank subsidiary, First Interstate Bank, the Company delivers a range of banking products and services, including online and mobile banking to individuals, businesses, municipalities, and others throughout its market areas. It operates through Community Banking segment, which encompasses commercial and consumer banking services offered to individuals, businesses, municipalities and other entities. Community Banking segment encompasses commercial and consumer banking services provided through its Bank: primarily the acceptance of deposits, the extension of credit, mortgage loan origination and servicing, and wealth management, which includes trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. It provides lending opportunities to clients that participate in a variety of industries.
First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014