First Interstate BancSystem, Inc. (FIBK), the bank holding company for First Interstate Bank, Monday reported an increase in profit for the first quarter, primarily on lower loan loss provisions.
The Billings, Montana-based company reported a first-quarter net profit available to common shareholders of $11.36 million or $0.26 per share, compared to $8.66 million or $0.20 per share last year. On average, five analysts polled by Thomson Reuters expected earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter dropped to $60.63 million from $61.80 million in the year-ago quarter. Total non-interest income for the quarter grew to $26.38 million from $20.16 million in the prior-year quarter.
Four analysts had a consensus revenue estimate of $87.68 million for the quarter.
Provision for credit losses decreased to $11.25 million from $15.0 million last year.
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