-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FrMtOZ98+/t4gSGgCV6cXZtLt/sfHJOqD9lGoWHX5iOp7QWbfDHSf/ceBehgz4h6 iio3e4NW6GCllo692jxMVQ== 0000950134-03-014025.txt : 20031027 0000950134-03-014025.hdr.sgml : 20031027 20031027144230 ACCESSION NUMBER: 0000950134-03-014025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20031027 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INTERSTATE BANCSYSTEM INC CENTRAL INDEX KEY: 0000860413 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 810331430 STATE OF INCORPORATION: MT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49733 FILM NUMBER: 03958291 BUSINESS ADDRESS: STREET 1: P O BOX 30918 STREET 2: 401 NO 31ST STREET CITY: BILLINGS STATE: MT ZIP: 59116-0918 BUSINESS PHONE: 4062555300 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INTERSTATE BANCSYSTEM OF MONTANA INC DATE OF NAME CHANGE: 19930615 8-K 1 c80363e8vk.htm FORM 8-K e8vk
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K
 CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): October 27, 2003

FIRST INTERSTATE BANCSYSTEM, INC.

(Exact name of registrant as specified in its charter)
         
Montana   33-64304   81-0331430
(State or other jurisdiction of
incorporation or organization)		   (Commission
File No.) 		  (IRS Employer
Identification No.)

401 North 31st Street, Billings, MT

(Address of principal executive offices)

(406) 255-5390

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

Item 5. Other Events and Regulation FD Disclosure.
Item 7. Financial Statements and Exhibits.
SIGNATURE
EX-99 Third Quarter 2003 Shareholders' Letter

Table of Contents

Item 1. Not Applicable.

Item 2. Not Applicable.

Item 3. Not Applicable.

Item 4. Not Applicable.

Item 5. Other Events and Regulation FD Disclosure.

On October 27, 2003, First Interstate BancSystem, Inc. issued its third quarter 2003 performance report and shareholders’ letter (“Shareholders’ Letter”) to holders of common stock of the Company as of that date.

Certain statements contained in the Shareholders’ Letter constitute “forward-looking statements” that involve risk and uncertainties. The Company wishes to caution readers that the following factors, among others may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions in those areas in which the Company operates, credit quality, demographic changes, competition, fluctuations in interest rates, changes in business strategy or development plans and changes in governmental regulations. These and other risk factors are set forth from time to time in the Company’s reports filed with the Securities and Exchange Commission.

The Shareholders’ Letter is attached as Exhibit 99 to the Current Report on Form 8-K.

Item 6. Not Applicable.

Item 7. Financial Statements and Exhibits.

(a) Not Applicable.

(b) Not Applicable.

(c) Exhibit 99 — Third Quarter 2003 Shareholders’ Letter

Item 8. Not Applicable.

Item 9. Not Applicable.

Item 10. Not Applicable.

Item 11. Not Applicable.

Item 12. Not Applicable.

 

Table of Contents

SIGNATURE

     Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 27, 2003

         
    FIRST INTERSTATE BANCSYSTEM, INC
         
    By:   /s/ THOMAS W. SCOTT
       
        Thomas W. Scott
        Chief Executive Officer

  EX-99 3 c80363exv99.htm EX-99 THIRD QUARTER 2003 SHAREHOLDERS' LETTER exv99

 

         
(FIRST INTERSTATE BANCSYSTEM LOGO)   First Interstate BancSystem
Third Quarter 2003 		 

To our shareholders,

We are excited to announce that First Interstate BancSystem achieved record earnings for the second consecutive quarter. Third quarter earnings of $11,830,000, or $1.50 per share, compares to $8,357,000, or $1.07 per share, in third quarter 2002. Return on average common equity was 17.88% in third quarter 2003 compared to 14.10% in third quarter 2002. The return on average assets was 1.24%, up from .97% in the comparable quarter last year. The efficiency ratio declined to 60.22% this past quarter, down from 70.99% in third quarter 2002.

Revenue from residential real estate loans originated and sold on the secondary market was $4,353,000, a $2,360,000 increase over the comparable period in 2002. This is off slightly from second quarter 2003, in which we recorded $4,685,000 in residential real estate loan revenue. Partially offsetting this increase, investment securities were sold resulting in a $1,594,000 loss in third quarter 2003. In third quarter 2002 securities were sold resulting in a $2,102,000 gain. The securities were sold principally to provide a partial hedge to the mortgage servicing rights impairment adjustments. As a result of this hedge strategy our noninterest income of $17,291,000 this past quarter was $413,000 or 2% less than the same period last year.

Noninterest expense of $31,770,000 in third quarter 2003 was $5,427,000 or 15% less than last year. This significant reduction in noninterest expense is largely due to the swing in mortgage servicing rights impairment of $2,937,000 last year compared to a reversal of impairment this quarter of $2,585,000. This significant swing is solely due to mortgage rates increasing in this latest quarter compared to declining mortgage rates in the third quarter 2002.

Net interest income of $35,466,000 was $778,000 more than third quarter 2002. Our net interest margin declined to 4.28% in third quarter, compared to 4.67% in third quarter 2002. The margin declined 24 basis points from second quarter 2003. The margin decline is due to the continued effect of historically low short term rates and our limited ability to lower deposit rates; in addition, the low rates have resulted in prepayments of our investment portfolio that have been reinvested at lower rates.

Balance sheet growth continued to be strong. Average loans grew $314,096,000, or 14%; while average deposits grew $246,245,000, or 9%. Excluding the Red Lodge acquisition our average loans and deposits were up 13% and 7% respectively.

Year to date net income of $30,902,000 exceeded the first nine months of 2002 by $5,006,000, or 19%. Fully diluted earnings per share were $3.92 compared to $3.31 in the same period last year. Noninterest revenue was $8,726,000 higher than year to date September 2002; primarily due to a $7,033,000 increase in revenue from residential loans originated and then sold on the secondary market.

Financial Highlights
Three Months ended September 30

                         
in thousands except per share data   2003   2002   % Change
(unaudited)                        
                         
OPERATING RESULTS
                        
Net income
   $ 11,830     $ 8,357       41.6 %
Diluted earnings per share
     1.50       1.07       40.2 %
Dividends per share
     0.32       0.33       -3.0 %
                         
PERIOD END BALANCES
                        
Assets
     3,857,118       3,500,953       10.2 %
Loans
     2,566,288       2,226,715       15.2 %
Investment Securities
     770,878       716,019       7.7 %
Deposits
     3,124,176       2,894,158       7.9 %
Common Stockholders’ Equity
     266,382       238,365       11.8 %
Common Shares Outstanding
     7,909       7,811       1.3 %
                         
QUARTERLY AVERAGES
                        
Assets
     3,789,797       3,404,719       11.3 %
Loans
     2,529,464       2,215,368       14.2 %
Investment Securities
     785,380       674,119       16.5 %
Deposits
     3,050,464       2,804,219       8.8 %
Common Stockholders’ Equity
     262,538       235,161       11.6 %
Common Shares Outstanding
     7,848       7,799       0.6 %

Asset quality continued to remain stable. Annualized year to date provision for loan losses through third quarter was .41% of loans in both 2003 and 2002. Annualized net charge offs to average loans was .28% compared to .30% last year.

We are very pleased with our record earnings results this past quarter. We have been blessed with a very strong residential real estate market and employees who stepped up to meet the market opportunities. As this revenue source declines in the coming quarters we will continue to focus on improving our efficiency. We thank our talented team of employees, directors, and officers for our continued success.
     
(-s- LYLE R. KNIGHT)   (-s- TERRILL R. MOORE)
     
Lyle R. Knight   Terrill R. Moore
President   Chief Financial Officer
Chief Operating Officer    

 

 

 

     
(FIRST INTERSTATE BANCSYSTEM LOGO)   Third Quarter 2003

Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
                                 
    Three Months Ended   Nine Months Ended
    September 30   September 30
    2003   2002   2003   2002
Total interest income
   $ 46,855     $ 51,269     $ 141,715     $ 152,683  
Total interest expense
     11,389       16,581       37,792       49,878  
 
  
   
 
Net interest income
     35,466       34,688       103,923       102,805  
Provision for loan losses
     2,422       2,132       7,422       6,739  
 
  
   
 
Net interest income after provision for loan losses
     33,044       32,556       96,501       96,066  
Noninterest income
     17,291       17,707       53,527       44,801  
Noninterest expense
     31,770       37,197       101,826       100,311  
 
  
   
 
Income before taxes
     18,565       13,066       48,202       40,556  
Income taxes
     6,735       4,709       17,300       14,660  
 
  
   
 
Net Income
   $ 11,830     $ 8,357     $ 30,902     $ 25,896  
 
  
   
 
 
            
COMMON SHARE DATA:
                                
Diluted EPS
     1.50       1.07       3.92       3.31  
Dividends
     0.32       0.33       0.98       0.97  
Book value
                     33.68       30.52  
Tangible book value
                     28.45       25.68  
Appraised value
                     *       45.00  

* Currently not available, $47.00 as of June 30, 2003

Selected Ratios (Unaudited)
                                                 
            Three Months Ended           Nine Months Ended
            September 30           September 30
            2003   2002           2003   2002
PERFORMANCE
                                                
Return on avg common equity
             17.88 %     14.10 %             16.26 %     15.09 %
Return on avg common equity excl. market adj of securities
             18.06 %     14.40 %             16.40 %     15.39 %
Return on avg assets
             1.24 %     0.97 %             1.12 %     1.05 %
Net interest margin, FTE
             4.28 %     4.67 %             4.38 %     4.79 %
Efficiency ratio
             60.22 %     70.99 %             64.67 %     67.96 %
 
            
CREDIT QUALITY (Period End)
                                                
Annualized provision for loan losses to average loans
                                     0.41 %     0.41 %
Annualized net charge offs to average loans
                                     0.28 %     0.30 %
Allowance for loan losses to loans
                                     1.51 %     1.61 %
Allowance for loan losses to non-accruing loans
                                     152.14 %     150.16 %
 
            
CAPITAL ADEQUACY & LIQUIDITY
                                                
Leverage capital ratio
                                     7.01 %     6.94 %
Avg loans to avg deposits
                                     81.18 %     80.32 %

Condensed Consolidated Balance Sheet (Unaudited)
(In thousands)

                     
        09/30/2003   09/30/2002
ASSETS
                
Cash and due from banks
   $ 221,344     $ 235,660  
Federal funds sold
     57,310       92,845  
Interest bearing deposits
     695       15,547  
Investment securities
     770,878       716,019  
Loans
     2,566,288       2,226,715  
 
Less: allowance for loan losses
     38,782       35,827  
 
      
Net loans
     2,527,506       2,190,888  
Premises & equipment, net
     108,438       92,573  
Accrued interest receivable
     21,805       23,335  
Goodwill and core deposit intangibles
     41,368       37,748  
Other real estate owned, net
     1,627       1,196  
Other assets
     106,147       95,142  
 
      
 
Total Assets
   $ 3,857,118     $ 3,500,953  
 
      
 
        
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Deposits
   $ 3,124,176     $ 2,894,158  
Fed funds purchased
     0       0  
Securities sold under repurchase agreements
     335,012       270,076  
Other liabilities
     32,957       25,588  
Other borrowed funds
     9,190       8,136  
Long - - term debt
     49,401       24,629  
Trust preferred securities
     40,000       40,000  
 
      
   
Total Liabilities
     3,590,736       3,262,587  
Common stockholders’ equity
     266,382       238,366  
 
      
   
Total Liabilities and Stockholders’ Equity
   $ 3,857,118     $ 3,500,953  
 
      

(GROSS LOANS CHART)

First Interstate BancSystem

P.O. Box 30918 • Billings, Montana 59116 • (406) 255-5390
www.firstinterstatebank.com

 

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