First Interstate reports Q1 EPS 54c, consensus 80c

Reports Q1 revenue $257.1M, consensus $289.1M. 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. 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.