First Interstate Posts Profit of $238 Million for 3rd Quarter
Strong loan growth and a sharp reduction in federal deposit insurance premiums helped First Interstate Bancorp report higher third-quarter profit Monday.
The Los Angeles-based banking company logged profit of $238 million in the quarter ended Sept. 30, compared to $130 million in the corresponding period last year.
The most recent quarter’s earnings included a restructuring charge of $3.9 million and a premium refund from the Federal Deposit Insurance Corp. of $23.9 million, which resulted in an after-tax gain of $14.4 million.
The year-earlier earnings were significantly reduced by a restructuring charge of $86.2 million.
William E. B. Siart, chairman and chief executive, noted that First Interstate achieved a strong 25.6% return on equity in the quarter and has exceeded 20% return on equity in six of the last seven quarters. He credited “our continued focus on revenue growth, cost containment and exemplary credit.”
With $55.1 billion in assets, First Interstate is the nation’s 14th-largest bank holding company.
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