FIRST INTERSTATE BANCSYSTEM INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
FIBK$38.00-1.1%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
(In millions, except per share data)
| Year Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Interest income: | |||
| Interest and fees on loans | $979.7 | $790.2 | $430.2 |
| Interest and dividends on investment securities: | |||
| Taxable | 269.1 | 213.9 | 68.6 |
| Exempt from federal taxes | 3.2 | 3.9 | 4.1 |
| Interest and dividends on FHLB and FRB stock | 12.4 | 4.8 | 1.0 |
| Interest on deposits in banks | 15.7 | 8.7 | 2.6 |
| Total interest income | 1,280.1 | 1,021.5 | 506.5 |
| Interest expense: | |||
| Interest on deposits | 242.6 | 48.3 | 8.1 |
| Interest on securities sold under repurchase agreements | 6.4 | 2.5 | 0.4 |
| Interest on other borrowed funds | 133.8 | 15.3 | — |
| Interest on long-term debt | 5.8 | 6.0 | 6.0 |
| Interest on subordinated debentures held by subsidiary trusts | 12.7 | 6.8 | 2.8 |
| Total interest expense | 401.3 | 78.9 | 17.3 |
| Net interest income | 878.8 | 942.6 | 489.2 |
| Provision for (reversal of) credit losses | 32.2 | 82.7 | (14.6) |
| Net interest income after provision for (reversal of) credit losses | 846.6 | 859.9 | 503.8 |
| Non-interest income: | |||
| Payment services revenues | 76.4 | 74.1 | 45.1 |
| Mortgage banking revenues | 8.4 | 18.7 | 40.8 |
| Wealth management revenues | 35.3 | 34.3 | 26.3 |
| Service charges on deposit accounts | 23.0 | 24.6 | 16.5 |
| Other service charges, commissions, and fees | 9.5 | 15.5 | 7.9 |
| Investment securities (losses) gains, net | (23.5) | (24.4) | 1.1 |
| Other income | 17.9 | 20.4 | 11.8 |
| Total non-interest income | 147.0 | 163.2 | 149.5 |
| Non-interest expense: | |||
| Salaries and wages | 263.1 | 282.1 | 164.9 |
| Employee benefits | 75.3 | 77.5 | 55.8 |
| Outsourced technology services | 59.0 | 54.3 | 32.8 |
| Occupancy, net | 48.0 | 44.0 | 28.7 |
| Furniture and equipment | 22.1 | 23.4 | 17.6 |
| OREO expense, net of income | 1.5 | 2.3 | (0.2) |
| Professional fees | 19.1 | 19.1 | 12.1 |
| FDIC insurance premiums | 31.5 | 14.0 | 6.6 |
| Other intangibles amortization | 15.7 | 15.9 | 9.9 |
| Other expenses | 121.5 | 114.5 | 65.7 |
| Acquisition related expenses | — | 118.9 | 11.6 |
| Total non-interest expense | 656.8 | 766.0 | 405.5 |
| Income before income tax | 336.8 | 257.1 | 247.8 |
| Provision for income tax | 79.3 | 54.9 | 55.7 |
| Net income | $257.5 | $202.2 | $192.1 |
| Earnings per common share (Basic) | $2.48 | $1.96 | $3.12 |
| Earnings per common share (Diluted) | 2.48 | 1.96 | 3.11 |
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