First Interstate Q3 net income falls to $55.5M; NIM improves; appoints new CEO

FIRST INTERSTATE BANCSYSTEM INC

2024-Q3 EPS reported $1.69

Net income of $55.5M ($0.54 per share) in Q3 2024 vs $60.0M ($0.58) in Q2 2024 and $72.7M ($0.70) in Q3 2023.
Net interest margin rose 4 bps QoQ to 3.01% (3.04% FTE); NII improved for second consecutive quarter.
Net charge-offs of $27.4M (0.60% avg loans) including $22.1M from metro office portfolio; criticized loans down $14.7M.
James A. Reuter appointed President and CEO effective November 1, 2024; Kevin P. Riley steps down.
Dividend of $0.47 per share declared, payable Nov 14, 2024 to holders of record Nov 4, 2024 (6.3% annualized yield).

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