First Interstate BancSystem in Billings, Mont., absorbed a large hit from selling securities in the first quarter.
The $31.6 billion-asset company said in a press release that its earnings fell 34% from a quarter earlier, to $56.3 million. The company lost $33.4 million a year earlier.
First Interstate recorded $23.4 million in losses after selling $853 million of securities in the first quarter. The quarter also included a $1.9 million fair value adjustment on loans held for sale.
“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,” Kevin Riley, the company’s president and CEO, said in the release.
There are no plans to change the company’s strategic planning for the rest of this year, Riley said.
Total deposits fell by 3.8% from the fourth quarter and 14.2% from a year earlier, to $24.1 billion.