First Interstate reports Q2 EPS 74c, consensus 74c
"We continue to see positive trends across most of our key metrics, resulting in strong earnings growth and an improvement in our return on average equity to 11.61% for the second quarter," said Kevin P. Riley, President and Chief Executive Officer of First Interstate BancSystem, Inc. "Consistent with the seasonal strength we typically experience in the second quarter, we saw improved loan growth and higher non-interest income, particularly within our payment services and mortgage banking businesses. As a result of the higher revenue, our efficiency ratio improved to 58.84% in the quarter. We are also seeing the positive benefits of our asset sensitive balance sheet, as our net interest margin continues to expand with additional increases in interest rates. We expect to see a continuation of these positive trends, resulting in a strong second half of 2018, and we believe the completion of our acquisition of Northwest Bancorporation will provide another catalyst for driving earnings growth in the years ahead."