Q2 2024 First Interstate Bancsystem Inc Earnings Call Transcript
Key Points
- First Interstate BancSystem Inc (FIBK) generated $60 million in net income for the second quarter, or $0.58 per share.
- Net interest margin expanded by seven basis points to 3%, indicating improved profitability.
- Non-performing assets declined by 7.7% over the past two quarters, reflecting better asset quality.
- Deposits increased by $60.7 million in the second quarter, showing growth in customer deposits.
- The company added two experienced professionals to its risk management team, enhancing its risk oversight capabilities.
- The company recorded $13.5 million in net charge-offs for the quarter, indicating some credit quality issues.
- Non-interest income from the mortgage business remains minimal, posing a challenge for revenue diversification.
- A large non-performing C&I loan required an increased specific reserve, suggesting potential future losses.
- The company anticipates flat loan growth for the full year, which may limit revenue growth opportunities.
- A material weakness was reported in the 10K, although progress has been made to address it.
Good day and welcome to the First Interstate Bank System, Inc. second quarter earnings. (Operator Instructions) Please be advised that today's conference is being recorded (Operator Instructions) I'd now like to turn the call over to Andrea Walton. Please go ahead.
Good morning. Thank you for joining us for our second quarter earnings conference call. As we begin, please note that the information provided during this call will contain forward-looking statements and actual results or outcomes may differ materially from those expressed by those statements.
I'd like to direct all listeners to read the cautionary note regarding forward-looking statements contained in our most recent annual report on Form 10K filed with the SEC and in our earnings release, as well as the risk factors identified in the annual report and our most recent periodic reports filed with the SEC.
Relevant factors that could cause actual results to differ materially from any forward-looking statements
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