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First Interstate Bancsystem Inc (FIBK) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

SEC Filings

First Interstate Bancsystem Inc

CIK: 860413 Ticker: FIBK
Exhibit 99.1
(FIRST INTERSTATE BANCSYSTEM LOGO)
First Interstate BancSystem, Inc. Reports Results for Fourth Quarter 2010
For Immediate Release
         
Contact:
  Marcy Mutch   NASDAQ: FIBK
 
  Investor Relations Officer   www.FIBK.com
 
  First Interstate BancSystem, Inc.    
 
  (406) 255-5322    
 
  investor.relations@fib.com    
First Interstate BancSystem, Inc. reports fourth quarter 2010 net income available to common stockholders of $10.0 million, or $0.23 per diluted share, as compared to $7.9 million, or $0.18 per diluted share, for third quarter 2010 and $10.7 million, or $0.34 per diluted share, for fourth quarter 2009. Return on average common equity and return on average assets were 5.68% and 0.58%, respectively, for the fourth quarter of 2010, compared to 4.52% and 0.48%, respectively, in the third quarter of 2010, and 8.07% and 0.65%, respectively, in the fourth quarter of 2009.
RESULTS SUMMARY
                                         
    Three Months Ended     Sequential     Year  
    December 31,     September 30,     December 31,     Quarter     Over Year  
(Unaudited; $ in thousands, except per share data)   2010     2010     2009     %Change     % Change  
Net income
  $ 10,838     $ 8,729     $ 11,521       24.2 %     -5.9 %
Net income available to common stockholders
    9,975       7,867       10,658       26.8 %     -6.4 %
Diluted earnings per common share
    0.23       0.18       0.34       27.8 %     -32.4 %
Dividends per common share
    0.1125       0.1125       0.1125       0.0 %     0.0 %
Book value per common share
    16.05       16.23       16.73       -1.1 %     -4.1 %
Tangible book value per common share*
    11.55       11.72       10.53       -1.5 %     9.7 %
Net tangible book value per common share*
    12.96       13.14       12.46       -1.4 %     4.0 %
Return on average common equity
    5.68 %     4.52 %     8.07 %                
Return on average assets
    0.58 %     0.48 %     0.65 %                
                         
    Twelve Months Ended     Year  
    December 31,     December 31,     Over Year  
    2010     2009     %Change  
Net income
  $ 37,356     $ 53,863       -30.6 %
Net income available to common stockholders
    33,934       50,441       -32.7 %
Diluted earnings per common share
    0.85       1.59       -46.5 %
Dividends per common share
    0.4500       0.5000       -10.0 %
Return on average common equity
    5.22 %     9.98 %        
Return on average assets
    0.52 %     0.79 %        
 
*   See Non-GAAP Financial Measures included herein for a discussion regarding tangible and net tangible book value per common share.

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The following information was filed by First Interstate Bancsystem Inc (FIBK) on Thursday, February 3, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: FIBK
CIK: 860413
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-019722
Submitted to the SEC: Mon Feb 28 2011 3:46:32 PM EST
Accepted by the SEC: Mon Feb 28 2011
Period: Friday, December 31, 2010
Industry: State Commercial Banks

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