First Interstate Bancsystem Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reports Charge-Offs for the Fourth Quarter Ended December 31, 2011
January 30, 2012 at 05:00 pm
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First Interstate Bancsystem Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported total interest income of $72,006,000 against $76,215,000 a year ago. Net interest income was $63,035,000 against $62,850,000 a year ago. Income before income tax expense was $20,060,000 against $16,038,000 a year ago. Net income was $13,265,000 against $10,838,000 a year ago. Net income available to common shareholders was $12,402,000 or $0.29 per diluted share against net income available to common shareholders of $9,975,000 or $0.23 per diluted share a year ago. Return on average common equity was 6.84% against 5.68% a year ago. Return on average common assets was 0.72% against 0.58% a year ago. Book value per common share was $16.77 against $16.05 a year ago.
For the year, the company reported total interest income of $292,883,000 against $314,546,000 a year ago. Net interest income was $250,852,000 against $251,439,000 a year ago. Income before income tax expense was $66,161,000 against $54,446,000 a year ago. Net income was $44,546,000 against $37,356,000 a year ago. Net income available to common shareholders was $41,124,000 or $0.96 per diluted share against net income available to common shareholders of $33,934,000 or $0.85 per diluted share a year ago. Return on average common equity was 5.86% against 5.22% a year ago. Return on average common assets was 0.61% against 0.52% a year ago.
The company reported charge-offs of $22,435,000 for the fourth quarter ended December 31, 2011 against $18,045,000 for the same quarter in 2010.
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 Year Ended December 31, 2011; Reports Charge-Offs for the Fourth Quarter Ended December 31, 2011