First Interstate BancSystem, Inc. Reports Fourth Quarter Earnings and Announces 9.7% Increase in Quarterly Cash Dividend to $0.34 Per Share

About this update from First Interstate Bancsystem, Inc.

[{"type":"text","content":" BILLINGS, Mont.--(BUSINESS WIRE)--\nFirst Interstate BancSystem, Inc. (NASDAQ: FIBK) today reported financial results for the fourth quarter of 2019. For the quarter, the Company reported net income of $52.4 million, or $0.80 per share, which compares to net income of $49.1 million, or $0.76 per share, for the third quarter of 2019, and $40.4 million, or $0.67 per share, for the fourth quarter of 2018.\n\n\nThe third and fourth quarter of 2019 earnings included acquisition costs related to the acquisitions of Idaho Independent Bank (“IIBK”) and Community First Bank (“CMYF”), both acquired on April 8, 2019. The fourth quarter of 2018 earnings included acquisition costs related to the acquisition of Northwest Bancorporation, Inc. (“Northwest”), the parent company of Inland Northwest Bank (“INB”), acquired on August 16, 2018. The aforementioned acquisition costs negatively impacted earnings by $0.01, $0.04, and $0.09 per common share for the fourth quarter of 2019, the third quarter of 2019, and the fourth quarter of 2018, respectively.\n\n\nFor the year ending December 31, 2019, the Company reported net income of $181.0 million, or $2.83 per share, compared to $160.2 million, or $2.75 per share, in 2018.\n\n\nThe 2019 earnings included acquisition costs of $20.3 million related to the acquisitions of IIBK and CMYF and the 2018 earnings included acquisition costs of $12.4 million related to the acquisition of Northwest. The year-to-date acquisition costs negatively impacted earnings by $0.24 and $0.17 per common share for 2019 and 2018.\n\n\nHIGHLIGHTS\n\n\n\nAsset quality improved in the fourth quarter of 2019, resulting in a $17.7 million, or 23.6%, decrease in non-performing assets and a $28.7 million, or 6.9%, decrease in criticized loans, in each case as compared to the third quarter of 2019.\n\n\nEfficiency ratio improved to 54.3% during the fourth quarter of 2019, compared to 57.8% during the third quarter of 2019 and 63.3% during the fourth quarter of 2018.\n\n\nNet income of $52.4 million during the fourth quarter of 2019, an increase of $12.0 million, or 29.7%, from the same period in the prior year of $40.4 million.\n\n\nNet interest margin ratio, on a fully taxable equivalent basis, increased to 3.94% for the fourth quarter of 2019, a one basis point increase from the prior quarter and a five basis point decrease from ...

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