First Interstate BancSystem, Inc. (FIBK: Quote), 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.
by RTT Staff Writer
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