FIRST INTERSTATE BANCSYSTEM INC (FIBK): restructuring charge — First Interstate expects $49.3M partial charge-off on C&I loan; offset by $22.2M ag loan payoff

FIRST INTERSTATE BANCSYSTEM INC

Partial charge-off of ~$49.3M on a single C&I loan with $62.8M outstanding; $26.5M specific reserve held at Sept 30, 2024.
Borrower failed to perform under forbearance; receiver appointed Jan 6; asset sale expected to close Jan 2025.
Expected proceeds from sale ~$13.5M, leaving $13.5M remaining exposure on the loan.
Offset by payoff of $22.2M non-performing agricultural loan in Q4 2024 with no loss expected.
Company anticipates non-performing loans to decline in Q4 2024 despite the charge-off.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FIRST INTERSTATE BANCSYSTEM INC announced a impairment with charges of approximately $49.3 million affecting single commercial and industrial loan relationship.

Type: impairment
Charge: approximately $49.3 million
Affected area: single commercial and industrial loan relationship

Exact text from the filing

management of First Interstate BancSystem, Inc. (the “Company”) and its wholly owned subsidiary First Interstate Bank (the “Bank”) determined that the Company expects to recognize a material, partial charge-off of approximately $49.3 million for the quarter ended December 31, 2024 related to a single commercial and industrial loan relationship

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Source: SEC EDGAR

accession 0000860413-25-000003

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