FIBK - First Interstate Banc GAAP EPS of $0.65 misses by $0.03 revenue of $262.5M misses by $8.24M

2023-07-27 04:26:48 ET

• First Interstate Banc press release ( NASDAQ: FIBK ): Q2 GAAP EPS of $0.65 misses by $0.03 .
• Revenue of $262.5M (-9.1% Y/Y) misses by $8.24M .
• Net income of $67.0 million, or $0.65 per share, for the second quarter of 2023, was impacted by $1.9 million in severance expenses, or $0.01 per share, primarily a result of permanent staffing reductions related to efficiency gains in our mortgage fulfillment process.
• Overall total deposits decreased, as expected 2.2%, for the second quarter of 2023, with growth of 1.6% during the month of June 2023 offsetting seasonal declines occurring earlier in the quarte.
• Net interest margin, on a fully taxable equivalent basis, decreased to 3.12% for the second quarter of 2023, a 24 basis point decrease from the first quarter of 2023.

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