growth with PURPOSE
2024 FINANCIAL REPORT
JASON JOHNSON CHIEF FINANCIAL OFFICER OF FIRST INTERNATIONAL BANK & TRUST
As I reflect on 2024, it truly was a tremendous year for First International Bank & Trust (FIBT). Our organization posted net income of $101.3 million, an increase of over $23 million from prior year. This surpassed our previous record-setting year of 2022, in which the bank earned $84.0 million.
We structure our financial institution into several banking regions and service areas, that each contributed to that exceptional performance. Our Rural Market, which consists of branches in rural North Dakota and Minnesota, posted record earnings of $11.3 million. Our Arizona Market posted it’s third-consecutive year of earnings over $20 million. The Mortgage team recorded its secondbest year at $8.5 million. On top of that, our payments division, Kotapay, which is responsible for moving billions of dollars of ACH transactions, posted its best year ever, recording a net income of $12.6 million. It is this type of collaborative effort across our
footprint that drives success for both the bank and our customers.
We have made a concerted effort to build a balance sheet of strength and stability. Total assets at FIBT reached a record-level of $5.45 billion as of year-end. Strong customer relationships resulted in stable funding sources, with total deposits surpassing $4.85 billion. This funding fueled our loan portfolio to grow to $4.34 billion in 2024. Lastly, our equity capital position is as strong as it’s ever been, positioning us well for growth in 2025 and beyond.
Competitive spirit is something that fills the air at FIBT. Whether it be financial metrics, or a friendly competition at an employee picnic, you’ll find team members striving to be at the top of the leaderboard. We take great pride in strong performance and measure it often. A unique characteristic about the banking industry is that financial results are published publicly, and
quarterly, for all institutions across the country. Banks are also segmented based on asset size. In our peer group – those institutions between $3 billion and $10 billion – we rank high in several key performance indicators: Return on Assets of 1.89%, which is in the top 10% of all banks in the Peer Group | Return on Equity of 24.81%, which is in the top 5% of all Peers | Capital Growth Rate is also in the top 10% of Peer | Core Deposits are in the top 8% of all Peers | and Asset Quality exceeds Peer Group averages. We will continue using benchmarking tools and stretch ourselves to raise the bar each year. After all, records are meant to be broken.
Lastly, I would be remiss if we didn’t comment on the great philanthropy work of our ownership group. Through FIBT, and the Steve and Gretchen Stenehjem Family Foundation and Donor Advised Fund, over $5 million was donated to charitable initiatives in 2024. We are proud to contribute to the growth
and success of the communities across our footprint.
In closing, like Steve and Peter Stenehjem, I share the same level of gratitude for our dedicated team members and loyal customers. The partnership of FIBT professionals
FIBT VS. PEER GROUP*
alongside members of the communities we live in and work for, result in great success for all of us. We celebrate this great year of 2024, and look forward to an equally exciting and rewarding year of 2025. of Fraud Prevented
99.3%
$130
*All banks across the US, with Asset Sizes ranging from $3 billion to $10 billion MILLION in Deposit Growth $278
GROWTH BY NUMBERS YEAR OVER YEAR COMMUNITY ENGAGEMENT MILLION MILLION in Loan Growth Donated to Charitable Organizations in 2024 of Volunteer
6,165
10,200
3.4
STATEMENT OF CONDITION
Deposits $4,855,009,434 $4,518,602,610
Funds $105,000,000 $230,000,000
$34,576,996
$5,169,937,427 1 Assets, Liabilities and Capital as of December 31 - Unaudited
$4,909,299,995 $4,706,668,414 $5,451,054,265 $5,169,937,427
$4,163,724,913 $63,092,339
