First Interstate BancSystem, Inc. (NASDAQ: FIBK) today reported
financial results for the first quarter of 2023. For the quarter,
the Company reported net income of $56.3 million, or $0.54 per
share, which compares to net income of $85.8 million, or $0.82 per
share, for the fourth quarter of 2022, and a net loss of $33.4
million, or $0.36 per share, for the first quarter of 2022.
Earnings include pre-tax acquisition costs of $3.9 million and
$65.2 million for the fourth quarter of 2022 and the first quarter
of 2022, respectively, which were related to the acquisition of
Great Western Bancorp, Inc. (“Great Western”), the parent company
of Great Western Bank (“GWB”), which reduced earnings by $0.03 and
$0.57 per common share for the fourth quarter of 2022 and the first
quarter of 2022, respectively. The first quarter of 2023 did not
include comparable costs.
HIGHLIGHTS
- Net income of $56.3 million, or $0.54 per share, for the first
quarter of 2023, was impacted by an available-for-sale investment
securities loss of $23.4 million, as well as a $1.9 million fair
value adjustment on loans held for sale, or $0.18 per share.
- Net interest margin, on a fully taxable equivalent basis,
decreased to 3.36% for the first quarter of 2023, a 25 basis point
decrease from the fourth quarter of 2022. Excluding income related
to purchase accounting accretion, the adjusted net interest
margin1, on a fully taxable equivalent basis, decreased to 3.29%
for the first quarter of 2023, a 20 basis point decrease from the
fourth quarter of 2022.
- Loans held for investment increased $146.5 million, or an
annualized 3.2% during the first quarter of 2023 compared to the
fourth quarter of 2022. Commercial loans increased $145.4 million,
or an annualized 20%, reflecting a continued focus on relationship
lending. Total real estate loans increased $78.4 million, or an
annualized 2.4%, as an increase in commercial real estate loans was
partially offset by a decrease in construction loans. Loans held
for investment to deposit ratio increased to 75.7%, as of March 31,
2023, compared to 72.2% as of December 31, 2022 and 60.3% as of
March 31, 2022.
- Book value per common share was $30.28 as of March 31, 2023,
compared to $29.43 as of December 31, 2022, and $31.42 as of March
31, 2022. Tangible book value per common share1 was $18.57 as of
March 31, 2023, compared to $17.69 as of December 31, 2022 and
$19.78 as of March 31, 2022, driven by an increase in retained
earnings and changes in accumulated other comprehensive loss
related to unrealized losses on available-for-sale securities.
“Throughout our more than 50-year history, First Interstate has
prioritized prudent risk management with respect to all aspects of
our operations, and as a result, we have continued to be a source
of strength and stability for our clients during this challenging
period for the banking industry,” said Kevin P. Riley, President
and Chief Executive Officer of First Interstate BancSystem, Inc.
“Due to the loyal client base we have built, we have seen
exceptional stability in our deposit base since the recent bank
failures occurred, and we are seeing net growth in new deposit
accounts as clients seek stability in their banking
relationship.”
“Our first quarter performance evidenced the strong position of
the company as we navigate the current uncertain environment. We
are well positioned to effectively manage through a wide range of
economic scenarios, with strong levels of capital, ample liquidity,
and a flexible balance sheet and therefore are not currently
contemplating any changes to our strategic planning for the
remainder of the year. While prudent risk management will continue
to be our top priority, we believe this is a favorable environment
for First Interstate to grow our client base, which will contribute
to our continued long-term profitable growth and further increase
the value of our franchise,” said Mr. Riley.
_______________________________________
1 Non-GAAP financial measure - see Non-GAAP Financial Measures
included herein for a reconciliation to GAAP measures.
DIVIDEND DECLARATION
On April 25, 2023, the Company’s board of directors declared a
dividend of $0.47 per common share, payable on May 18, 2023, to
common stockholders of record as of May 8, 2023. The dividend
equates to a 5.3% annualized yield based on the $35.20 per share
average closing price of the Company’s common stock as reported on
NASDAQ during the first quarter of 2023.
NET INTEREST INCOME
Net interest income decreased $19.5 million, or 7.5%, to $238.9
million, during the first quarter of 2023, compared to net interest
income of $258.4 million during the fourth quarter of 2022,
primarily due to an increase in interest expense as a result of a
higher cost of interest-bearing deposits, a shift into higher cost
deposits from non-interest-bearing deposits, higher levels of
short-term borrowings, and a $3.2 million decrease in purchase
accounting accretion. Net interest income increased $60.5 million,
or 33.9%, during the first quarter of 2023, from $178.4 million
during the first quarter of 2022, primarily as a result of the full
quarter impact of the GWB acquisition.
- Interest accretion attributable to the fair valuation of
acquired loans from acquisitions contributed to net interest income
during the first quarter of 2023, the fourth quarter of 2022, and
the first quarter of 2022, in the amounts of $5.2 million, $8.4
million, and $7.6 million respectively.
The net interest margin ratio was 3.36% for the first quarter of
2023 compared to 3.61% reported during the fourth quarter of 2022
and 2.80% during the first quarter of 2022. Excluding interest
accretion from the fair value of acquired loans, on a
quarter-over-quarter basis, the net interest margin ratio decreased
20 basis points, primarily driven by higher short-term borrowing
costs, and higher interest-bearing deposit costs, which was
partially offset by loan and investment yield expansion. On the
same basis year-over-year, the increase in net interest margin was
primarily the result of increased yields on earning assets and a
shift in the mix of earning assets from cash to investment
securities and loans, partially offset by higher short-term
borrowings and higher costs of interest-bearing liabilities.
PROVISION FOR (REDUCTION OF) CREDIT LOSSES
During the first quarter of 2023, the Company recorded a
provision for credit losses of $15.2 million, including a provision
for unfunded commitments of $1.6 million and provision for
investment securities of $1.4 million. The increase to the
provision for credit losses was primarily a result of loan growth
and modest credit migration. This compares to a provision for
credit losses of $14.7 million during the fourth quarter of 2022
and $61.3 million during the first quarter of 2022. The decrease
from the first quarter of 2022 was primarily related to elevated
expected credit losses resulting from the GWB acquisition during
the first quarter of 2022.
For the first quarter of 2023, the allowance for credit losses
included net charge-offs of $6.2 million, or an annualized 0.14% of
average loans outstanding, compared to net charge-offs of $1.1
million, or an annualized 0.02% of average loans outstanding, for
the fourth quarter of 2022, and net charge-offs of $16.7 million,
or an annualized 0.47% of average loans outstanding, for the first
quarter of 2022.
The Company’s allowance for credit losses as a percentage of
period-end loans held for investment increased to 1.24% at March
31, 2023 from 1.22% at December 31, 2022, and decreased from 1.46%
at March 31, 2022. Coverage of non-performing loans decreased to
265.1% at March 31, 2023, compared to 335.5% at December 31, 2022
and increased from 203.3% at March 31, 2022.
NON-INTEREST INCOME
For the Quarter Ended
Mar 31, 2023
Dec 31, 2022
$ Change
% Change
Mar 31, 2022
$ Change
% Change
(Dollars in millions)
Payment services revenues
$
18.7
$
19.4
$
(0.7
)
(3.6
)%
$
14.8
$
3.9
26.4
%
Mortgage banking revenues
2.3
2.6
(0.3
)
(11.5
)
8.4
(6.1
)
(72.6
)
Wealth management revenues
9.0
8.4
0.6
7.1
8.1
0.9
11.1
Service charges on deposit accounts
5.2
4.9
0.3
6.1
7.7
(2.5
)
(32.5
)
Other service charges, commissions, and
fees
2.4
2.9
(0.5
)
(17.2
)
4.3
(1.9
)
(44.2
)
Investment securities loss
(23.4
)
—
(23.4
)
100.0
(0.1
)
(23.3
)
NM
Other income
2.2
3.4
(1.2
)
(35.3
)
5.6
(3.4
)
(60.7
)
Total non-interest income
$
16.4
$
41.6
$
(25.2
)
(60.6
)%
$
48.8
$
(32.4
)
(66.4
)%
Non-interest income during the first quarter of 2023 decreased
$25.2 million compared to the fourth quarter of 2022. The primary
driver of the decrease was the result of the realized loss of $23.4
million on the disposition of available-for-sale investment
securities and a reduction of $1.9 million related to the fair
value of loans held for sale recognized through other income. The
Company sold $853.0 million in carrying value of available-for-sale
investment securities, with proceeds to be used to reduce our
short-term borrowings early in the second quarter of 2023.
Compared to the first quarter of 2022, non-interest income
decreased $32.4 million. The decrease was primarily due to the
realized loss of $23.4 million on the disposition of
available-for-sale investment securities and a $6.1 million
decrease in mortgage banking revenues.
NON-INTEREST EXPENSE
For the Quarter Ended
Mar 31, 2023
Dec 31, 2022
$ Change
% Change
Mar 31, 2022
$ Change
% Change
(Dollars in millions)
Salaries and wages
$
65.6
$
75.4
$
(9.8
)
(13.0
)%
$
60.0
$
5.6
9.3
%
Employee benefits
22.8
17.3
5.5
31.8
21.2
1.6
7.5
Occupancy and equipment
18.4
17.9
0.5
2.8
15.4
3.0
19.5
Other intangible amortization
4.0
4.1
(0.1
)
(2.4
)
3.6
0.4
11.1
Other expenses
54.8
54.5
0.3
0.6
41.7
13.1
31.4
Other real estate owned expense
0.2
2.2
(2.0
)
(90.9
)
0.1
0.1
100.0
Acquisition related expenses
—
3.9
(3.9
)
(100.0
)
65.2
(65.2
)
(100.0
)
Total non-interest expense
$
165.8
$
175.3
$
(9.5
)
(5.4
)%
$
207.2
$
(41.4
)
(20.0
)%
The Company’s non-interest expense was $165.8 million for the
first quarter of 2023, a decrease of $9.5 million from the fourth
quarter of 2022. The quarter over quarter decrease was primarily
driven by lower incentive compensation, lower acquisition related
expenses, and a write down of other real estate owned during the
fourth quarter of 2022. These decreases were partially offset by an
increase in employee benefits due to the seasonal reset of payroll
taxes.
Compared to the first quarter of 2022, non-interest expense
decreased by $41.4 million. The decrease is largely due to the
acquisition expenses related to the acquisition of GWB in the first
quarter of 2022, partially offset by a full quarter of increased
expenses reflecting the combined entity.
BALANCE SHEET
Total assets decreased $650.1 million, or 2.0%, to $31,637.7
million as of March 31, 2023, from $32,287.8 million as of December
31, 2022, primarily due to a decrease in investment securities.
Total assets decreased $1,524.5 million, or 4.6%, from $33,162.2
million as of March 31, 2022, primarily due to a decrease in cash
and cash equivalents as a result of declines in deposits.
Investment securities decreased $972.4 million, or 9.4%, to
$9,425.5 million as of March 31, 2023, from $10,397.9 million as of
December 31, 2022, and decreased $77.0 million, or 0.8%, from
$9,502.5 million as of March 31, 2022. The decrease in the current
quarter was the result of the disposition of investment securities
with the proceeds primarily to be used to reduce other borrowed
funds early in the second quarter of 2023.
The following table presents the composition and comparison of
loans held for investment as of the quarters-ended:
March 31, 2023
December 31, 2022
$ Change
% Change
March 31, 2022
$ Change
% Change
Real estate loans:
Commercial
$
8,680.8
$
8,528.6
$
152.2
1.8
%
$
7,805.7
$
875.1
11.2
%
Construction loans:
Land acquisition & development
368.5
386.2
(17.7
)
(4.6
)
344.8
23.7
6.9
Residential
471.4
516.2
(44.8
)
(8.7
)
406.0
65.4
16.1
Commercial
1,053.1
1,042.0
11.1
1.1
844.8
208.3
24.7
Total construction loans
1,893.0
1,944.4
(51.4
)
(2.6
)
1,595.6
297.4
18.6
Residential
2,191.1
2,188.3
2.8
0.1
1,997.5
193.6
9.7
Agricultural
769.7
794.9
(25.2
)
(3.2
)
833.6
(63.9
)
(7.7
)
Total real estate loans
13,534.6
13,456.2
78.4
0.6
12,232.4
1,302.2
10.6
Consumer loans:
Indirect
817.3
829.7
(12.4
)
(1.5
)
739.6
77.7
10.5
Direct and advance lines
146.9
152.9
(6.0
)
(3.9
)
142.5
4.4
3.1
Credit card
71.5
75.9
(4.4
)
(5.8
)
73.5
(2.0
)
(2.7
)
Total consumer loans
1,035.7
1,058.5
(22.8
)
(2.2
)
955.6
80.1
8.4
Commercial
3,028.0
2,882.6
145.4
5.0
3,017.9
10.1
0.3
Agricultural
660.4
708.3
(47.9
)
(6.8
)
744.3
(83.9
)
(11.3
)
Other, including overdrafts
1.6
9.2
(7.6
)
(82.6
)
4.6
(3.0
)
(65.2
)
Deferred loan fees and costs
(14.6
)
(15.6
)
1.0
(6.4
)
(9.8
)
(4.8
)
49.0
Loans held for investment, net of deferred
loan fees and costs
$
18,245.7
$
18,099.2
$
146.5
0.8
%
$
16,945.0
$
1,300.7
7.7
%
The ratio of loans held for investment to deposits increased to
75.7%, as of March 31, 2023, compared to 72.2% as of December 31,
2022, and 60.3% as of March 31, 2022.
Total deposits decreased $966.6 million, or 3.9%, to $24,107.0
million as of March 31, 2023, from $25,073.6 million as of December
31, 2022, and decreased $3,981.3 million, or 14.2%, from $28,088.3
million as of March 31, 2022, in all categories with the exception
of time deposits.
Securities sold under repurchase agreements decreased $82.1
million, or 7.8%, to $970.8 million as of March 31, 2023, from
$1,052.9 million as of December 31, 2022 and decreased $100.2
million, or 9.4%, from $1,071.0 million as of March 31, 2022. The
decreases in securities sold under repurchase agreements correspond
with fluctuations in the liquidity of the Company’s clients.
Other borrowed funds is comprised of Federal Home Loan Bank
variable rate overnight and fixed rate borrowings in tenors up to
three-months. Other borrowed funds increased $383.0 million, or
16.5%, to $2,710.0 million as of March 31, 2023, from $2,327.0
million as of December 31, 2022 and increased $2,710.0 million from
March 31, 2022.
The Company is considered to be “well-capitalized” as of March
31, 2023, having exceeded all regulatory capital adequacy
requirements. During the first quarter of 2023, the Company paid
regular common stock dividends of approximately $48.3 million, or
$0.47 per share.
CREDIT QUALITY
As of March 31, 2023, non-performing assets increased $20.4
million, or 26.1%, to $98.7 million, compared to $78.3 million as
of December 31, 2022, primarily driven by an increase in
non-accrual loans of $21.6 million, or 36.5%, and an increase in
property classified as other real estate owned of $0.7 million, or
5.5%, partially offset by a decrease in accruing loans past due 90
days or more of $1.9 million.
Criticized loans increased $6.5 million, or 1.1%, to $621.6
million as of March 31, 2023, from $615.1 million as of December
31, 2022.
Net loan charge-offs increased to $6.2 million during the first
quarter of 2023 as compared to $1.1 million during the fourth
quarter of 2022. The net loan charge-offs in the first quarter of
2023 were composed of charge-offs of $8.9 million and recoveries of
$2.7 million.
NON-GAAP FINANCIAL MEASURES
In addition to results presented in accordance with accounting
principles generally accepted in the United States of America, or
GAAP, this press release contains the following non-GAAP financial
measures that management uses to evaluate our performance relative
to our capital adequacy standards: (i) tangible common
stockholders’ equity; (ii) tangible assets; (iii) tangible book
value per common share; (iv) tangible common stockholders’ equity
to tangible assets; (v) average tangible common stockholders’
equity; (vi) return on average tangible common stockholders’
equity; and (vii) adjusted net interest margin. Tangible common
stockholders’ equity is calculated as total common stockholders’
equity less goodwill and other intangible assets (excluding
mortgage servicing rights). Tangible assets are calculated as total
assets less goodwill and other intangible assets (excluding
mortgage servicing rights). Tangible book value per common share is
calculated as tangible common stockholders’ equity divided by
common shares outstanding. Tangible common stockholders’ equity to
tangible assets is calculated as tangible common stockholders’
equity divided by tangible assets. Average tangible common
stockholders’ equity is calculated as average stockholders’ equity
less average goodwill and other intangible assets (excluding
mortgage servicing rights). Return on average tangible common
stockholders’ equity is calculated as net income available to
common shareholders divided by average tangible common
stockholders’ equity. Adjusted net interest margin ratio (FTE) is
calculated as adjusted net FTE interest income divided by adjusted
average interest earning assets. These non-GAAP financial measures
may not be comparable to similarly titled measures reported by
other companies because other companies may not calculate these
non-GAAP measures in the same manner. They also should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP.
The Company adjusts the most directly comparable capital
adequacy GAAP financial measures to the non-GAAP financial measures
described in subclauses (i) through (vi) above to exclude goodwill
and other intangible assets (except mortgage servicing rights). To
derive the non-GAAP financial measure identified in subclause (vii)
above, the Company adjusts its net interest income to include its
FTE interest income and exclude purchase accounting interest
accretion on acquired loans and PPP loan income, and it adjusts
average interest-earning assets to exclude average PPP loan
balances. Management believes these non-GAAP financial measures,
which are intended to complement the capital ratios defined by
banking regulators and to present on a consistent basis our and our
acquired companies’ organic continuing operations without regard to
acquisition costs and other adjustments that we consider to be
unpredictable and dependent on a significant number of factors that
are outside our control, are useful to investors in evaluating the
Company’s performance because, as a general matter, they either do
not represent an actual cash expense and are inconsistent in amount
and frequency depending upon the timing and size of our
acquisitions (including the size, complexity and/or volume of past
acquisitions, which may drive the magnitude of acquisition related
costs, but may not be indicative of the size, complexity and/or
volume of future acquisitions or related costs), or they cannot be
anticipated or estimated in a particular period (in particular as
it relates to unexpected recovery amounts). This impacts the ratios
that are important to analysts and allows investors to compare
certain aspects of the Company’s capitalization to other
companies.
See the Non-GAAP Financial Measures table included herein and
the textual discussion for a reconciliation of the above described
non-GAAP financial measures to their most directly comparable GAAP
financial measures.
Cautionary Note Regarding Forward-Looking Statements and
Factors that Could Affect Future Results
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Rule 175 promulgated thereunder, and Section 21E of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, and Rule 3b-6 promulgated thereunder, that involve inherent
risks and uncertainties. Any statements about our, Great Western’s
or the combined company’s plans, objectives, expectations,
strategies, beliefs, or future performance or events constitute
forward-looking statements. Such statements are identified by words
or phrases such as “believes,” “expects,” “anticipates,” “plans,”
“trends,” “objectives,” “continues” or similar expressions, or
future or conditional verbs such as “will,” “would,” “should,”
“could,” “might,” “may,” or similar expressions. Forward-looking
statements involve known and unknown risks, uncertainties,
assumptions, estimates and other important factors that change over
time and could cause actual results to differ materially from any
results, performance or events expressed or implied by such
forward-looking statements. Furthermore, the following factors,
among others, may cause actual results to differ materially from
current expectations in the forward-looking statements, including
those set forth in this press release:
- new, or changes in, governmental regulations or policies;
- tax legislative initiatives or assessments;
- more stringent capital requirements, to the extent they may
become applicable to us;
- changes in accounting standards;
- any failure to comply with applicable laws and regulations,
including the Community Reinvestment Act and fair lending laws, the
USA PATRIOT ACT, Office of Foreign Asset Control guidelines and
requirements, the Bank Secrecy Act, and the related Financial
Crimes Enforcement Network and Federal Financial Institutions
Examination Council’s guidelines and regulations;
- lending and deposit risks and risks associated with sector
concentrations;
- a decline in economic conditions that could reduce demand for
our products and services and negatively impact the credit quality
of loans;
- loan credit losses exceeding estimates;
- the soundness of other financial institutions;
- the ability to meet cash flow needs and availability of
financing sources for working capital and other needs;
- a loss of deposits or a change in product mix that increases
the Company’s funding costs;
- changes in interest rates;
- changes to United States trade policies, including the
imposition of tariffs and retaliatory tariffs;
- competition from new or existing financial institutions and
non-banks;
- variable interest rates tied to London Interbank Offered Rate
that may no longer be available or may become unreliable;
- cyber-security risks, including “denial-of-service attacks,”
“hacking,” and “identity theft” that could result in the disclosure
of confidential information;
- privacy, information security, and data protection laws, rules,
and regulations that affect or limit how we collect and use
personal information;
- the potential impairment of our goodwill and other intangible
assets;
- exposure to losses in collateralized loan obligation
securities;
- exposure to losses in investment securities;
- our reliance on other companies that provide key components of
our business infrastructure;
- events that may tarnish our reputation;
- the loss of the services of key members of our management team
and directors;
- our ability to attract and retain qualified employees to
operate our business;
- costs associated with repossessed properties, including
environmental remediation;
- the effectiveness of our systems of internal operating
controls;
- our ability to implement new technology-facilitated products
and services or be successful in marketing these products and
services to our clients;
- difficulties we may face in combining the operations of
acquired entities or assets with our own operations or assessing
the effectiveness of businesses in which we make strategic
investments or with which we enter into strategic contractual
relationships;
- incurrence of significant costs related to mergers and related
integration activities;
- the volatility in the price and trading volume of our common
stock;
- “anti-takeover” provisions and the regulations, which may make
it more difficult for a third party to acquire control of us even
in circumstances that could be deemed beneficial to
stockholders;
- changes in our dividend policy or our ability to pay
dividends;
- our common stock not being an insured deposit;
- the potential dilutive effect of future equity issuances;
- the subordination of our common stock to our existing and
future indebtedness;
- the ongoing impact of the COVID-19 pandemic and the U.S., state
and local government’s response to the pandemic;
- changes in general economic conditions caused by inflation,
recession, acts of terrorism, and outbreak of hostilities, or other
international or domestic calamities, including wars or
international conflicts with respect to which the United States may
or may not be directly involved, unemployment, or other economic
and geopolitical factors;
- the effect of global conditions, earthquakes, volcanoes,
tsunamis, floods, fires, drought, and other natural catastrophic
events; and
- the impact of climate change and environmental sustainability
matters.
These factors are not necessarily all the factors that could
cause our actual results, performance or achievements to differ
materially from those expressed in or implied by any of our
forward-looking statements. Other unknown or unpredictable factors
also could harm our results.
All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the cautionary statements set forth above and included and
described in more detail in our periodic reports filed with the
Securities and Exchange Commission, or SEC, under the Securities
Exchange Act of 1934, as amended, under the caption “Risk Factors.”
Interested parties are urged to read in their entirety such risk
factors prior to making any investment decision with respect to the
Company. Forward-looking statements speak only as of the date they
are made and we do not undertake or assume any obligation to update
publicly any of these statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
First Quarter 2023 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to
discuss the results for the first quarter of 2023 at 11 a.m.
Eastern Time (9 a.m. Mountain Time) on Thursday, April 27, 2023.
The conference call will be accessible by telephone and through the
Internet. Participants may join the call by dialing 1-833-470-1428;
the access code is 812721. To participate via the Internet, visit
www.FIBK.com. The call will be recorded and made available for
replay on April 27, 2023, after 1 p.m. Eastern Time (11 a.m.
Mountain Time), through May 27, 2023 , prior to 9 a.m. Eastern Time
(7 a.m. Mountain Time), by dialing 1-866-813-9403. The replay
access code is 723043. The call will also be archived on our
website, www.FIBK.com, for one year.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and bank
holding company focused on community banking. Incorporated in 1971
and headquartered in Billings, Montana, the Company operates
banking offices, including detached drive-up facilities, in
communities across Arizona, Colorado, Idaho, Iowa, Kansas,
Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South
Dakota, Washington, and Wyoming, in addition to offering online and
mobile banking services. Through our bank subsidiary, First
Interstate Bank, the Company delivers a comprehensive range of
banking products and services to individuals, businesses,
municipalities, and others throughout the Company’s market
areas.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Consolidated Statements of
Income
(Unaudited)
Quarter Ended
% Change
(In millions, except % and per share
data)
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
1Q23 vs 4Q22
1Q23 vs 1Q22
Net interest income
$
238.9
$
258.4
$
266.8
$
239.0
$
178.4
(7.5
)%
33.9
%
Net interest income on a fully-taxable
equivalent ("FTE") basis
240.7
260.7
268.9
241.1
180.0
(7.7
)
33.7
Provision for (reduction in) credit
losses
15.2
14.7
8.4
(1.7
)
61.3
3.4
NM
Non-interest income:
Payment services revenues
18.7
19.4
20.4
19.5
14.8
(3.6
)
26.4
Mortgage banking revenues
2.3
2.6
2.7
5.0
8.4
(11.5
)
(72.6
)
Wealth management revenues
9.0
8.4
8.5
9.3
8.1
7.1
11.1
Service charges on deposit accounts
5.2
4.9
5.7
6.3
7.7
6.1
(32.5
)
Other service charges, commissions, and
fees
2.4
2.9
4.7
3.6
4.3
(17.2
)
(44.2
)
Total fee-based revenues
37.6
38.2
42.0
43.7
43.3
(1.6
)
(13.2
)
Investment securities loss
(23.4
)
—
(24.2
)
(0.1
)
(0.1
)
100.0
NM
Other income
2.2
3.4
5.1
6.3
5.6
(35.3
)
(60.7
)
Total non-interest income
16.4
41.6
22.9
49.9
48.8
(60.6
)
(66.4
)
Non-interest expense:
Salaries and wages
65.6
75.4
71.9
74.8
60.0
(13.0
)
9.3
Employee benefits
22.8
17.3
19.6
19.4
21.2
31.8
7.5
Occupancy and equipment
18.4
17.9
17.1
17.0
15.4
2.8
19.5
Other intangible amortization
4.0
4.1
4.1
4.1
3.6
(2.4
)
11.1
Other expenses
54.8
54.5
56.5
49.2
41.7
0.6
31.4
Other real estate owned expense
0.2
2.2
—
—
0.1
(90.9
)
100.0
Acquisition related expenses
—
3.9
4.0
45.8
65.2
(100.0
)
(100.0
)
Total non-interest expense
165.8
175.3
173.2
210.3
207.2
(5.4
)
(20.0
)
Income (loss) before income tax
74.3
110.0
108.1
80.3
(41.3
)
(32.5
)
(279.9
)
Provision for (benefit from) income
tax
18.0
24.2
22.4
16.2
(7.9
)
(25.6
)
(327.8
)
Net income (loss)
$
56.3
$
85.8
$
85.7
$
64.1
$
(33.4
)
(34.4
)%
(268.6
)%
Weighted-average basic shares
outstanding
103,738
104,445
106,526
109,107
92,855
(0.7
)%
11.7
%
Weighted-average diluted shares
outstanding
103,819
104,548
106,590
109,132
92,855
(0.7
)
11.8
Earnings (loss) per share - basic
$
0.54
$
0.82
$
0.80
$
0.59
$
(0.36
)
(34.1
)
(250.0
)
Earnings (loss) per share - diluted
0.54
0.82
0.80
0.59
(0.36
)
(34.1
)
(250.0
)
NM - not meaningful
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Consolidated Balance
Sheets
(Unaudited)
% Change
(In millions, except % and per share
data)
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
1Q23 vs 4Q22
1Q23 vs 1Q22
Assets:
Cash and due from banks
$
332.9
$
349.2
$
390.4
$
425.3
$
387.6
(4.7
)%
(14.1
)%
Interest-bearing deposits in banks
747.7
521.2
201.4
633.9
3,423.6
43.5
(78.2
)
Federal funds sold
0.1
0.1
0.1
0.1
0.1
—
—
Cash and cash equivalents
1,080.7
870.5
591.9
1,059.3
3,811.3
24.1
(71.6
)
Securities purchased under agreement to
resell
—
—
—
202.2
102.0
—
—
Investment securities, net
9,425.5
10,397.9
10,269.1
10,871.1
9,502.5
(9.4
)
(0.8
)
Investment in Federal Home Loan Bank and
Federal Reserve Bank stock
214.5
198.6
131.9
107.4
99.7
8.0
115.1
Loans held for sale, at fair value
80.9
79.9
93.6
127.4
178.1
1.3
(54.6
)
Loans held for investment
18,245.7
18,099.2
17,603.5
17,162.5
16,945.0
0.8
7.7
Allowance for credit losses
226.1
220.1
213.0
220.4
247.2
2.7
(8.5
)
Net loans held for investment
18,019.6
17,879.1
17,390.5
16,942.1
16,697.8
0.8
7.9
Goodwill and intangible assets (excluding
mortgage servicing rights)
1,221.9
1,225.9
1,229.0
1,232.9
1,275.2
(0.3
)
(4.2
)
Company owned life insurance
499.4
497.9
495.6
492.8
490.1
0.3
1.9
Premises and equipment
443.4
444.7
445.4
442.7
444.4
(0.3
)
(0.2
)
Other real estate owned
13.4
12.7
16.4
16.8
17.5
5.5
(23.4
)
Mortgage servicing rights
30.1
31.1
31.8
32.1
32.7
(3.2
)
(8.0
)
Other assets
608.3
649.5
649.5
535.0
510.9
(6.3
)
19.1
Total assets
$
31,637.7
$
32,287.8
$
31,344.7
$
32,061.8
$
33,162.2
(2.0
)%
(4.6
)%
Liabilities and stockholders' equity:
Deposits
$
24,107.0
$
25,073.6
$
25,884.8
$
26,863.8
$
28,088.3
(3.9
)%
(14.2
)%
Securities sold under repurchase
agreements
970.8
1,052.9
1,075.6
1,234.7
1,071.0
(7.8
)
(9.4
)
Long-term debt
120.8
120.8
120.7
120.4
120.4
—
0.3
Other borrowed funds
2,710.0
2,327.0
625.0
—
—
16.5
100.0
Subordinated debentures held by subsidiary
trusts
163.1
163.1
163.1
163.1
163.1
—
—
Other liabilities
405.7
476.6
470.0
407.9
278.3
(14.9
)
45.8
Total liabilities
28,477.4
29,214.0
28,339.2
28,789.9
29,721.1
(2.5
)
(4.2
)
Stockholders' equity:
Common stock
2,478.7
2,478.2
2,477.4
2,607.9
2,668.6
—
(7.1
)
Retained earnings
1,080.7
1,072.7
1,035.8
993.8
974.5
0.7
10.9
Accumulated other comprehensive (loss)
income
(399.1
)
(477.1
)
(507.7
)
(329.8
)
(202.0
)
(16.3
)
97.6
Total stockholders' equity
3,160.3
3,073.8
3,005.5
3,271.9
3,441.1
2.8
(8.2
)
Total liabilities and stockholders'
equity
$
31,637.7
$
32,287.8
$
31,344.7
$
32,061.8
$
33,162.2
(2.0
)%
(4.6
)%
Common shares outstanding at period
end
104,382
104,442
104,451
107,758
109,503
(0.1
)%
(4.7
)%
Book value per common share at period
end
$
30.28
$
29.43
$
28.77
$
30.36
$
31.42
2.9
(3.6
)
Tangible book value per common share at
period end**
18.57
17.69
17.01
18.92
19.78
5.0
(6.1
)
**Non-GAAP financial measure - see
Non-GAAP Financial Measures included herein for a reconciliation of
book value per common share (GAAP) at period end to tangible book
value per common share (non-GAAP) at period end.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Loans and Deposits
(Unaudited)
% Change
(In millions, except %)
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
1Q23 vs 4Q22
1Q23 vs 1Q22
Loans:
Real Estate:
Commercial real estate
$
8,680.8
$
8,528.6
$
8,026.9
$
7,857.7
$
7,805.7
1.8
%
11.2
%
Construction:
Land acquisition and development
368.5
386.2
393.2
355.7
344.8
(4.6
)
6.9
Residential
471.4
516.2
501.4
444.8
406.0
(8.7
)
16.1
Commercial
1,053.1
1,042.0
1,128.4
959.0
844.8
1.1
24.7
Total construction
1,893.0
1,944.4
2,023.0
1,759.5
1,595.6
(2.6
)
18.6
Residential real estate
2,191.1
2,188.3
2,127.7
2,060.4
1,997.5
0.1
9.7
Agricultural real estate
769.7
794.9
800.9
821.5
833.6
(3.2
)
(7.7
)
Total real estate
13,534.6
13,456.2
12,978.5
12,499.1
12,232.4
0.6
10.6
Consumer:
Indirect
817.3
829.7
780.8
733.9
739.6
(1.5
)
10.5
Direct
146.9
152.9
155.0
157.3
142.5
(3.9
)
3.1
Credit card
71.5
75.9
74.2
74.8
73.5
(5.8
)
(2.7
)
Total consumer
1,035.7
1,058.5
1,010.0
966.0
955.6
(2.2
)
8.4
Commercial
3,028.0
2,882.6
2,966.1
3,036.0
3,017.9
5.0
0.3
Agricultural
660.4
708.3
658.2
672.0
744.3
(6.8
)
(11.3
)
Other
1.6
9.2
3.8
—
4.6
(82.6
)
(65.2
)
Deferred loan fees and costs
(14.6
)
(15.6
)
(13.1
)
(10.6
)
(9.8
)
(6.4
)
49.0
Loans held for investment
$
18,245.7
$
18,099.2
$
17,603.5
$
17,162.5
$
16,945.0
0.8
%
7.7
%
Deposits:
Non-interest-bearing
$
6,861.1
$
7,560.0
$
8,163.3
$
8,295.4
$
8,240.6
(9.2
)%
(16.7
)%
Interest-bearing:
Demand
6,714.1
7,205.9
7,595.1
8,133.3
8,245.0
(6.8
)
(18.6
)
Savings
8,282.9
8,379.3
8,497.2
8,939.4
10,004.3
(1.2
)
(17.2
)
Time, $250 and over
526.5
438.0
319.3
272.1
359.8
20.2
46.3
Time, other
1,722.4
1,490.4
1,309.9
1,223.6
1,238.6
15.6
39.1
Total interest-bearing
17,245.9
17,513.6
17,721.5
18,568.4
19,847.7
(1.5
)
(13.1
)
Total deposits
$
24,107.0
$
25,073.6
$
25,884.8
$
26,863.8
$
28,088.3
(3.9
)%
(14.2
)%
Total core deposits (1)
$
23,580.5
$
24,635.6
$
25,565.5
$
26,591.7
$
27,728.5
(4.3
)%
(15.0
)%
(1) Core deposits are defined as total
deposits less time deposits, $250 and over, and brokered
deposits.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Credit Quality
(Unaudited)
% Change
(In millions, except %)
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
1Q23 vs 4Q22
1Q23 vs 1Q22
Allowance for Credit Losses:
Allowance for credit losses
$
226.1
$
220.1
$
213.0
$
220.4
$
247.2
2.7
%
(8.5
)%
As a percentage of loans held for
investment
1.24
%
1.22
%
1.21
%
1.28
%
1.46
%
As a percentage of non-accrual loans
279.83
371.79
268.26
205.98
207.91
Net loan charge-offs during quarter
$
6.2
$
1.1
$
12.0
$
0.3
$
16.7
NM
(62.9
)%
Annualized as a percentage of average
loans
0.14
%
0.02
%
0.27
%
0.01
%
0.47
%
Non-Performing Assets:
Non-accrual loans
$
80.8
$
59.2
$
79.4
$
107.0
$
118.9
36.5
%
(32.0
)%
Accruing loans past due 90 days or
more
4.5
6.4
6.6
2.9
2.7
(29.7
)
66.7
Total non-performing loans
85.3
65.6
86.0
109.9
121.6
30.0
(29.9
)
Other real estate owned
13.4
12.7
16.4
16.8
17.5
5.5
(23.4
)
Total non-performing assets
$
98.7
$
78.3
$
102.4
$
126.7
$
139.1
26.1
%
(29.0
)%
Non-performing assets as a percentage
of:
Loans held for investment and OREO
0.54
%
0.43
%
0.58
%
0.74
%
0.82
%
Total assets
0.31
0.24
0.33
0.40
0.42
Non-accrual loans to loans held for
investment
0.44
0.33
0.45
0.62
0.70
Accruing Loans 30-89 Days Past Due
$
52.3
$
62.3
$
52.5
$
56.4
$
54.4
(16.1
)%
(3.9
)%
Criticized Loans:
Special Mention
$
243.8
$
290.4
$
273.7
$
275.9
$
274.6
(16.0
)%
(11.2
)%
Substandard
355.0
316.2
277.7
461.4
553.9
12.3
(35.9
)
Doubtful
22.8
8.5
25.5
42.7
24.6
168.2
(7.3
)
Total
$
621.6
$
615.1
$
576.9
$
780.0
$
853.1
1.1
%
(27.1
)%
NM - not meaningful
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Selected Ratios -
Annualized
(Unaudited)
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
Annualized Financial Ratios
(GAAP)
Return on average assets
0.71
%
1.07
%
1.07
%
0.79
%
(0.48
)%
Return on average common stockholders'
equity
7.25
11.16
10.49
7.52
(4.44
)
Yield on average earning assets
4.43
4.24
3.99
3.35
2.89
Cost of average interest-bearing
liabilities
1.46
0.89
0.40
0.14
0.14
Interest rate spread
2.97
3.35
3.59
3.21
2.75
Net interest margin ratio
3.36
3.61
3.71
3.25
2.80
Efficiency ratio
63.38
57.07
58.37
71.37
89.61
Loans held for investment to deposit
ratio
75.69
72.18
68.01
63.89
60.33
Annualized Financial Ratios -
Operating** (Non-GAAP)
Tangible book value per common share
$
18.57
$
17.69
$
17.01
$
18.92
$
19.78
Tangible common stockholders' equity to
tangible assets
6.37
%
5.95
%
5.90
%
6.61
%
6.79
%
Return on average tangible common
stockholders' equity
11.87
18.67
16.93
11.78
(6.88
)
Consolidated Capital Ratios
Total risk-based capital to total
risk-weighted assets
12.63
%
*
12.48
%
12.50
%
13.16
%
13.79
%
Tier 1 risk-based capital to total
risk-weighted assets
10.52
*
10.45
10.49
11.09
11.52
Tier 1 common capital to total
risk-weighted assets
10.52
*
10.45
10.49
11.09
11.52
Leverage Ratio
7.72
*
7.75
7.67
7.72
8.96
*Preliminary estimate - may be subject to
change. The regulatory capital ratios presented include the
assumption of the transitional method as a result of legislation by
the U.S. Congress to provide relief for the economy and financial
institutions in the United States from the COVID‑19 pandemic. The
referenced relief ends on December 31, 2024 which allows a total
five-year phase-in of the impact of CECL on capital and relief over
the next two years for the impact on the allowance for credit
losses resulting from the COVID‑19 pandemic.
**Non-GAAP financial measures - see
Non-GAAP Financial Measures included herein for a reconciliation of
book value per common share to tangible book value per common
share, return on average common stockholders’ equity (GAAP) to
return on average tangible common stockholders’ equity, and
tangible common stockholders’ equity to tangible assets
(non-GAAP).
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Average Balance Sheets
(Unaudited)
Three Months Ended
March 31, 2023
December 31, 2022
March 31, 2022
(In millions, except %)
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Average
Balance
Interest
Average
Rate
Interest-earning assets:
Loans (1) (2)
$
18,273.6
$
237.2
5.26
%
$
17,920.5
$
230.5
5.10
%
$
14,460.6
$
153.0
4.29
%
Investment securities (2)
10,208.8
73.3
2.91
10,383.8
71.6
2.74
8,279.3
30.9
1.51
Investment in FHLB and FRB stock
210.5
3.0
5.78
156.4
2.0
5.07
83.6
0.4
1.94
Interest-bearing deposits in banks
365.7
4.2
4.66
220.1
2.2
3.97
3,263.1
1.7
0.21
Federal funds sold
0.8
—
—
0.1
—
—
0.1
—
—
Total interest-earning assets
$
29,059.4
$
317.7
4.43
%
$
28,680.9
$
306.3
4.24
%
$
26,086.7
$
186.0
2.89
%
Non-earning assets
2,951.5
3,035.1
2,408.4
Total assets
$
32,010.9
$
31,716.0
$
28,495.1
Interest-bearing liabilities:
Demand deposits
$
6,973.4
$
8.7
0.51
%
$
7,412.7
$
7.9
0.42
%
$
6,901.8
$
0.9
0.05
%
Savings deposits
8,406.9
22.8
1.10
8,446.7
14.8
0.70
8,332.7
1.1
0.05
Time deposits
2,055.3
8.8
1.74
1,848.6
5.0
1.07
1,397.2
1.0
0.29
Repurchase agreements
1,005.8
1.1
0.44
1,091.2
1.1
0.40
1,077.0
0.3
0.11
Other borrowed funds
2,615.2
31.2
4.84
1,260.0
12.9
4.06
—
—
—
Long-term debt
120.8
1.5
5.04
120.8
1.4
4.60
127.5
1.7
5.41
Subordinated debentures held by subsidiary
trusts
163.1
2.9
7.21
163.1
2.5
6.08
136.9
1.0
2.96
Total interest-bearing liabilities
$
21,340.5
$
77.0
1.46
%
$
20,343.1
$
45.6
0.89
%
$
17,973.1
$
6.0
0.14
%
Non-interest-bearing deposits
7,064.9
7,871.8
7,211.4
Other non-interest-bearing liabilities
458.5
451.0
260.5
Stockholders’ equity
3,147.0
3,050.1
3,050.1
Total liabilities and stockholders’
equity
$
32,010.9
$
31,716.0
$
28,495.1
Net FTE interest income
$
240.7
$
260.7
$
180.0
Less FTE adjustments (2)
(1.8
)
(2.3
)
(1.6
)
Net interest income from consolidated
statements of income
$
238.9
$
258.4
$
178.4
Interest rate spread
2.97
%
3.35
%
2.75
%
Net FTE interest margin (3)
3.36
3.61
2.80
Cost of funds, including
non-interest-bearing demand deposits (4)
1.10
0.64
0.10
(1) Average loan balances include loans
held for sale and non-accrual loans. Interest income on loans
includes amortization of deferred loan fees net of deferred loan
costs of $0.9 million, $1.2 million, and $3.5 million at March 31,
2023, December 31, 2022, and March 31, 2022, respectively.
(2) Management believes fully taxable
equivalent, or FTE, interest income is useful to investors in
evaluating the Company’s performance as a comparison of the returns
between a tax-free investment and a taxable alternative. The
Company adjusts interest income and average rates for tax exempt
loans and securities to a FTE basis utilizing a 21.00% and 26.25%
tax rate for 2023 and 2022, respectively.
(3) Net FTE interest margin during the
period equals (i) the difference between annualized interest income
on interest-earning assets and the annualized interest expense on
interest-bearing liabilities, divided by (ii) average
interest-earning assets for the period.
(4) Calculated by dividing total
annualized interest on interest-bearing liabilities by the sum of
total interest-bearing liabilities plus non-interest-bearing
deposits.
FIRST INTERSTATE BANCSYSTEM,
INC. AND SUBSIDIARIES
Non-GAAP Financial
Measures
(Unaudited)
As of or For the Quarter
Ended
(In millions, except % and per share
data)
Mar 31, 2023
Dec 31, 2022
Sep 30, 2022
Jun 30, 2022
Mar 31, 2022
Total common stockholders' equity
(GAAP)
(A)
$
3,160.3
$
3,073.8
$
3,005.5
$
3,271.9
$
3,441.1
Less goodwill and other intangible assets
(excluding mortgage servicing rights)
1,221.9
1,225.9
1,229.0
1,232.9
1,275.2
Tangible common stockholders' equity
(Non-GAAP)
(B)
$
1,938.4
$
1,847.9
$
1,776.5
$
2,039.0
$
2,165.9
Total assets (GAAP)
$
31,637.7
$
32,287.8
$
31,344.7
$
32,061.8
$
33,162.2
Less goodwill and other intangible assets
(excluding mortgage servicing rights)
1,221.9
1,225.9
1,229.0
1,232.9
1,275.2
Tangible assets (Non-GAAP)
(C)
$
30,415.8
$
31,061.9
$
30,115.7
$
30,828.9
$
31,887.0
Average Balances:
Total common stockholders' equity
(GAAP)
(D)
$
3,147.0
$
3,050.1
$
3,239.7
$
3,417.4
$
3,050.1
Less goodwill and other intangible assets
(excluding mortgage servicing rights)
1,223.8
1,226.9
1,230.9
1,235.1
1,081.2
Average tangible common stockholders'
equity (Non-GAAP)
(E)
$
1,923.2
$
1,823.2
$
2,008.8
$
2,182.3
$
1,968.9
Net interest income
$
238.9
$
258.4
$
266.8
$
239.0
$
178.4
FTE interest income
1.8
2.3
2.1
2.1
1.6
Net FTE interest income
(F)
240.7
260.7
268.9
241.1
180.0
Less purchase accounting accretion
5.2
8.4
17.7
16.7
7.6
Less PPP income
—
—
0.3
1.1
2.8
Adjusted net FTE interest income
(G)
$
235.5
$
252.3
$
250.9
$
223.3
$
169.6
Average interest-earning assets
(H)
$
29,059.4
$
28,680.9
$
28,731.2
$
29,752.4
$
26,086.7
Less average PPP loans
3.8
5.6
8.1
30.8
91.6
Adjusted average earning assets
(I)
$
29,055.6
$
28,675.3
$
28,723.1
$
29,721.6
$
25,995.1
Total quarterly average assets
(J)
$
32,010.9
$
31,716.0
$
31,653.7
$
32,611.3
$
28,495.1
Annualized net income available to common
shareholders
(K)
228.3
340.4
340.0
257.1
(135.5
)
Common shares outstanding
(L)
104,382
104,442
104,451
107,758
109,503
Return on average assets (GAAP)
(K) / (J)
0.71
%
1.07
%
1.07
%
0.79
%
(0.48
)%
Return on average common stockholders'
equity (GAAP)
(K) / (D)
7.25
11.16
10.49
7.52
(4.44
)
Average common stockholders' equity to
average assets (GAAP)
(D) / (J)
9.83
9.62
10.23
10.48
10.70
Book value per common share (GAAP)
(A) / (L)
$
30.28
$
29.43
$
28.77
$
30.36
$
31.42
Tangible book value per common share
(Non-GAAP)
(B) / (L)
18.57
17.69
17.01
18.92
19.78
Tangible common stockholders' equity to
tangible assets (Non-GAAP)
(B) / (C)
6.37
%
5.95
%
5.90
%
6.61
%
6.79
%
Return on average tangible common
stockholders' equity (Non-GAAP)
(K) / (E)
11.87
18.67
16.93
11.78
(6.88
)
Net interest margin ratio (FTE)
(Non-GAAP)
(F*) / (H)
3.36
3.61
3.71
3.25
2.80
Adjusted net interest margin ratio (FTE)
(Non-GAAP)
(G*) / (I)
3.29
3.49
3.47
3.01
2.65
*Annualized
(FIBK-ER)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230426005800/en/
John R. Stewart, CFA Deputy Chief Financial Officer First
Interstate BancSystem, Inc. (406) 255-5311 john.stewart@fib.com
www.FIBK.com
First Interstate BancSys... (NASDAQ:FIBK)
Historical Stock Chart
From Apr 2024 to May 2024
First Interstate BancSys... (NASDAQ:FIBK)
Historical Stock Chart
From May 2023 to May 2024