The following is a summary of the First Interstate BancSystem Inc. (FIBK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• First Interstate BancSystem reported a Q1 2024 net income of $58.4 million, translating to $0.57 per share.

• The net interest income amounted to $200.1 million, showing a decrease due to factors such as increased funding costs and fewer accrual days in Q1 2024.

• A minor offset was observed in the Noninterest income which amounted to $42 million, primarily as a result of the gain on the disposition of assets in the last quarter.

• The total loan balance saw a decline, primarily due to seasonal declines in agricultural lines.

• The total deposits also declined due to strategic decisions such as the release of two high-cost fully collateralized municipal deposits.

Business Progress:

• The company notes a currently muted performance in the real estate sector but remains confident in its underwriting and pricing criteria.

• The slowdown in liability repricing contrasted with anticipated asset repricing expected to provide a boost later in the year.

• First Interstate has made steady progress in maintaining a robust deposit base, stabilizing noninterest-bearing deposits and managing a steady mix of business and consumer accounts.

• The company is actively executing stress testing within its loan portfolio which instills confidence regarding borrowers' positioning as loans reprice.

• Strategic investments in areas like Treasury Services are expected to potentially increase the future customer base and fee-based revenues.

More details: First Interstate BancSystem IR

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