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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________________________________________________________________________________________________ 
FORM 10-Q
_____________________________________________________________________________________________________________________________________________________ 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
OR
     Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                   to                   
COMMISSION FILE NUMBER 001-34653
________________________________________________________________________________________________________ 
FIRST INTERSTATE BANCSYSTEM, INC.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________ 
Montana
 
81-0331430
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
 
 
 
401 North 31st Street
 
 
Billings,
MT
 
59116-0918
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (406) 255-5390
_________________________________________________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, no par value
FIBK
NASDAQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
June 30, 2020 – Class A common stock
42,579,590

June 30, 2020 – Class B common stock
21,981,114

 





Quarterly Report on Form 10-Q

 
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
 
 
Index
 
 
June 30, 2020
 
 
 
Page Nos.
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 
 


2


Table of Contents



FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
 
June 30,
2020
 
December 31,
2019
Assets
 
 
 
Cash and due from banks
$
291.2

 
$
241.5

Interest bearing deposits in banks
1,133.7

 
835.2

Federal funds sold
0.1

 
0.1

Total cash and cash equivalents
1,425.0

 
1,076.8

Investment securities:
 
 
 
Available-for-sale
3,317.6

 
2,960.0

Held-to-maturity, net (estimated fair values of $71.1 and $94.5 at June 30, 2020 and December 31, 2019, respectively)
67.9

 
92.3

Total investment securities
3,385.5

 
3,052.3

Mortgage loans held for sale, at fair value
169.9

 
100.9

Loans held for investment, net of deferred fees and costs
10,032.5

 
8,930.7

Allowance for credit losses
146.1

 
73.0

Net loans held for investment
9,886.4

 
8,857.7

Goodwill
621.6

 
621.6

Company-owned life insurance
293.1

 
293.8

Premises and equipment, net of accumulated depreciation
309.5

 
306.0

Core deposit intangibles, net of accumulated amortization
56.5

 
62.1

Accrued interest receivable
56.5

 
46.7

Mortgage servicing rights, net of accumulated amortization and impairment reserve
24.6

 
30.2

Other real estate owned (“OREO”)
6.5

 
8.5

Other assets
236.3

 
187.6

Total assets
$
16,471.4

 
$
14,644.2

Liabilities and Stockholders’ Equity
 
 
 
Deposits:
 
 
 
Non-interest bearing
$
4,426.6

 
$
3,426.5

Interest bearing
8,913.8

 
8,237.0

Total deposits
13,340.4

 
11,663.5

Securities sold under repurchase agreements
756.1

 
697.6

Accounts payable and accrued expenses
133.5

 
129.6

Accrued interest payable
8.8

 
12.1

Deferred tax liability, net
32.2

 
26.7

Long-term debt
112.3

 
13.9

Allowance for credit losses on off-balance sheet credit exposures
2.3

 

Subordinated debentures held by subsidiary trusts
86.9

 
86.9

Total liabilities
14,472.5

 
12,630.3

Stockholders’ equity:
 
 
 
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; no shares issued and outstanding as of June 30, 2020 or December 31, 2019

 

Common stock
1,021.2

 
1,049.3

Retained earnings
912.5

 
953.6

Accumulated other comprehensive gain, net
65.2

 
11.0

Total stockholders’ equity
1,998.9

 
2,013.9

Total liabilities and stockholders’ equity
$
16,471.4

 
$
14,644.2

See accompanying notes to unaudited consolidated financial statements.

3


Table of Contents

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans
$
112.1

 
$
120.9

 
$
224.1

 
$
232.3

Interest and dividends on investment securities:
 
 
 
 
 
 
 
Taxable
15.7

 
15.7

 
32.9

 
30.8

Exempt from federal taxes
0.5

 
0.5

 
1.0

 
1.0

Interest on deposits in banks
0.5

 
5.0

 
3.0

 
8.6

Total interest income
128.8

 
142.1

 
261.0

 
272.7

Interest expense:
 
 
 
 
 
 
 
Interest on deposits
4.5

 
14.1

 
11.8

 
26.2

Interest on securities sold under repurchase agreements
0.1

 
1.1

 
0.6

 
2.1

Interest on other debt
1.0

 
0.4

 
1.3

 
0.7

Interest on subordinated debentures held by subsidiary trusts
0.7

 
1.2

 
1.7

 
2.4

Total interest expense
6.3

 
16.8

 
15.4

 
31.4

Net interest income
122.5

 
125.3

 
245.6

 
241.3

Provision for credit losses
19.5

 
3.8

 
48.5

 
7.5

Net interest income after provision for credit losses
103.0

 
121.5

 
197.1

 
233.8

Non-interest income:
 
 
 
 
 
 
 
Payment services revenues
9.3

 
10.5

 
19.5

 
19.9

Mortgage banking revenues
14.2

 
9.0

 
25.1

 
14.2

Wealth management revenues
5.4

 
5.8

 
11.6

 
11.9

Service charges on deposit accounts
3.6

 
5.4

 
9.0

 
10.4

Other service charges, commissions and fees
2.9

 
1.8

 
5.0

 
3.5

Investment securities gains (losses), net

 

 

 

Other income
4.3

 
5.1

 
7.9

 
9.4

Total non-interest income
39.7

 
37.6

 
78.1

 
69.3

Non-interest expense:
 
 
 
 
 
 
 
Salaries and wages
44.2

 
40.1

 
84.1

 
75.2

Employee benefits
10.4

 
14.0

 
24.6

 
28.4

Outsourced technology services
8.3

 
8.1

 
16.1

 
16.0

Occupancy, net
6.8

 
7.1

 
14.1

 
14.1

Furniture and equipment
4.2

 
3.4

 
7.0

 
6.9

OREO expense, net of income
0.1

 
0.2

 
(0.4
)
 
0.3

Professional fees
3.0

 
2.6

 
5.7

 
5.8

FDIC insurance premiums
1.6

 
1.6

 
3.2

 
3.1

Core deposit intangibles amortization
2.7

 
3.0

 
5.6

 
5.3

Other expenses
14.3

 
16.7

 
30.6

 
30.4

Acquisition related expenses

 
13.5

 

 
15.8

Total non-interest expense
95.6

 
110.3

 
190.6

 
201.3

Income before income tax expense
47.1

 
48.8

 
84.6

 
101.8

Income tax expense
10.4

 
10.9

 
18.6

 
22.3

Net income
$
36.7

 
$
37.9

 
$
66.0

 
$
79.5

 
 
 
 
 
 
 
 
Earnings per common share (Basic)
$
0.57

 
$
0.59

 
$
1.02

 
$
1.27

Earnings per common share (Diluted)
$
0.57

 
$
0.59

 
$
1.02

 
$
1.27

Weighted average common shares outstanding (Basic)
64,004,455

 
64,504,546

 
64,397,320

 
62,419,442

Weighted average common shares outstanding (Diluted)
64,082,489

 
64,707,459

 
64,513,886

 
62,668,391

See accompanying notes to unaudited consolidated financial statements.

4


Table of Contents

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
Net income
$
36.7

$
37.9

 
$
66.0

$
79.5

Other comprehensive income, before tax:
 
 
 
 
 
Investment securities available-for sale:
 
 
 
 
 
Change in net unrealized gains during period
34.9

20.2

 
74.1

53.8

Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale


 

(6.0
)
Unrealized loss on derivatives
0.2


 
0.2


Defined benefit post-retirement benefits plans:
 
 
 
 
 
Change in net actuarial loss
(0.2
)
(0.2
)
 
(0.4
)
(0.3
)
Other comprehensive income, before tax
34.9

20.0


73.9

47.5

Deferred tax expense related to other comprehensive income
(9.5
)
(5.1
)
 
(19.7
)
(12.4
)
Other comprehensive income, net of tax
25.4

14.9

 
54.2

35.1

Comprehensive income, net of tax
$
62.1

$
52.8

 
$
120.2

$
114.6

See accompanying notes to unaudited consolidated financial statements.


5


Table of Contents

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(In millions, except share and per share data)
(Unaudited)
 
Three Months Ended June 30,
 
Common
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income (loss)
 
Total
stockholders’
equity
Balance at March 31, 2020
$
1,018.7

 
$
897.6

 
$
39.8

 
$
1,956.1

Net income

 
36.7

 

 
36.7

Other comprehensive income, net of tax expense

 

 
25.4

 
25.4

Common stock transactions:
 
 
 
 
 
 
 
482 common shares purchased and retired

 

 

 

19,200 common shares issued

 

 

 

733 non-vested common shares issued

 

 

 

23,018 non-vested common shares forfeited or canceled

 

 

 

10,917 stock options exercised, net of 2,949 shares tendered in payment of option price and income tax withholding amounts
0.1

 

 

 
0.1

Stock-based compensation expense
2.4

 

 

 
2.4

Common cash dividends declared ($0.34 per share)

 
(21.8
)
 

 
(21.8
)
Balance at June 30, 2020
$
1,021.2

 
$
912.5

 
$
65.2

 
$
1,998.9

 
 
 
 
 
 
 
 
Balance at March 31, 2019
$
866.6

 
$
874.7

 
$
(4.4
)
 
$
1,736.9

Net income

 
37.9

 

 
37.9

Other comprehensive income, net of tax expense

 

 
14.9

 
14.9

Common stock transactions:
 
 
 
 
 
 
 
607 common shares purchased and retired
(0.1
)
 

 

 
(0.1
)
4,356,498 common shares issued
176.1

 

 

 
176.1

11,136 non-vested common shares issued

 

 

 

16,032 non-vested common shares forfeited or canceled

 

 

 

41,704 stock options exercised, net of 16,104 shares tendered in payment of option price and income tax withholding amounts
0.3

 

 

 
0.3

Stock-based compensation expense
2.7

 

 

 
2.7

Common cash dividends declared ($0.31 per share)

 
(20.1
)
 

 
(20.1
)
Balance at June 30, 2019
$
1,045.6

 
$
892.5

 
$
10.5

 
$
1,948.6












6


Table of Contents



FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (continued)
(In millions, except share and per share data)
(Unaudited)

 
Six Months Ended June 30,
 
Common
stock
 
Retained
earnings
 
Accumulated
other
comprehensive
income (loss)
 
Total
stockholders’
equity
Balance at December 31, 2019
$
1,049.3

 
$
953.6

 
$
11.0

 
$
2,013.9

Cumulative change related to the adoption of ASU 2016-13

 
(24.1
)
 

 
(24.1
)
Adjusted balance at January 1, 2020
1,049.3

 
929.5

 
11.0

 
1,989.8

Net income

 
66.0

 

 
66.0

Other comprehensive income, net of tax expense

 

 
54.2

 
54.2

Common stock transactions:
 
 
 
 
 
 
 
1,093,741 common shares purchased and retired
(32.6
)
 

 

 
(32.6
)
19,491 common shares issued

 

 

 

328,100 non-vested common shares issued

 

 

 

25,588 non-vested common shares forfeited or canceled

 

 

 

84,268 stock options exercised, net of 26,124 shares tendered in payment of option price and income tax withholding amounts
0.7

 

 

 
0.7

Stock-based compensation expense
3.8

 

 

 
3.8

Common cash dividends declared ($1.28 per share)

 
(83.0
)
 

 
(83.0
)
Balance at June 30, 2020
$
1,021.2

 
$
912.5

 
$
65.2

 
$