First Interstate BancSystem, Inc. (NASDAQ:FIBK) Q1 2024 Earnings Call Transcript

First Interstate BancSystem, Inc. (NASDAQ:FIBK) Q1 2024 Earnings Call Transcript April 25, 2024

First Interstate BancSystem, Inc.  isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning, everyone, and welcome to today's First Interstate BancSystem First Quarter Earnings Conference Call. [Operator Instructions] And now at this time, I'd like to turn the call over to Ms. Andrea Walton. Please go ahead ma’am.

Andrea Walton: Thanks, good morning. Thank you for joining us for our first quarter earnings conference call. As we begin, please note that the information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those expressed by those statements. I'd like to direct all listeners to read the cautionary note regarding forward-looking statements contained in our most recent annual report on Form 10-K filed with the SEC and in our earnings release as well as the risk factors identified in the annual report and our more recent periodic reports filed with the SEC. Relevant factors that could cause actual results to differ materially from any forward-looking statements are included in the earnings release and in our SEC filings.

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The company does not undertake to update any of the forward-looking statements made today. A copy of our earnings release, which contains non-GAAP financial measures, is available on our website at fibk.com. Information regarding our use of the non-GAAP financial measures may be found in the body of the earnings release, and a reconciliation to their most directly comparable GAAP financial measures is included at the end of the earnings release we referenced. Joining us from management this morning are Kevin Riley, our Chief Executive Officer; and Marcy Mutch, our Chief Financial Officer, along with other members of our management team. At this time, I'll turn the call over to Kevin Riley. Kevin?

Kevin Riley: Thanks, Andrea. Good morning, and thanks again to all of you for joining us on our call today. Again, this quarter, along with our earnings release, we have published an updated investor presentation that has some additional disclosures, which we believe would be helpful. The presentation can be accessed on our Investor Relations website. And if you have not downloaded a copy yet, I would encourage you to do so. I'm going to start today by providing an overview of the major highlights of the quarter. And then I'll turn the call over to Marcy to provide more details on our financials. We had solid performance in the first quarter, with results generally in line or exceeding expectations. We generated $58.4 million in net income or $0.57 per share.

At this point, we believe our margin has stabilized, and we anticipate that our margin will expand in the second quarter. We continue to focus on controllable expenses and remain pleased with our progress. We recorded $160.2 million in noninterest expense in the quarter, which included a couple of onetime items, and we continue to invest in our fee business and processes to generating greater efficiencies. Loan demand from our customers is still muted, particularly in our real estate. We remain disciplined in our new loan underwriting and pricing criteria. We continue to focus new production in areas where we can develop full banking relationships, which include C&I and our small business products. Our deposit performance was generally in line with expectations, with seasonal weaknesses in business deposits.

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