“We are pleased to see continued improvement in our core operating metrics. Net interest margin expanded for the third consecutive quarter, and the net interest margin, excluding purchase accounting, exceeded 3% in the fourth quarter. Growth in deposits exceeded our expectations and we were able to take advantage of the flexibility of our BTFP borrowings to reduce our funding costs. Charge-offs were elevated this quarter, driven by a previously reported, non-performing commercial and industrial loan. The team working this loan did well adhering to agreed upon resolution options, finding the best available outcome, and allowing us to move forward,” said James A. Reuter, President and Chief Executive Officer of First Interstate (FIBK) BancSystem, Inc. “As I approach the 90-day mark since I joined First Interstate, I have had the opportunity to visit many of our markets and am impressed to see a strong, client-centric, community Bank. I look forward to working with the team at First Interstate to build upon the core strengths of this institution and, ultimately, to drive long-term shareholder value.”
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