First Interstate BancSystem, Inc.
- Open
- 38.86
- Day high
- 39.06
- Day low
- 38.60
- Prev close
- 38.85
- Volume
- 865K
- Mkt cap
- $3.8B
- P/E (TTM)
- 12.6
- EPS (TTM)
- $3.07
- P/B
- 1.1
- P/S
- 3.1
- Yield
- 4.84%
- Per share
- $1.88
- ▼Insiders net selling -$3.0M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
First Interstate BancSystem, Inc. (FIBK) is a Financial Services company listed on NASDAQ. The stock is up 25% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
First Interstate BancSystem, Inc. (FIBK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FIBK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.60 | $0.61 | +1.7% | $242M | -0.4% |
| Jan 28, 2026 | $0.64 | $1.08 | +68.8% | $313M | +28.7% |
| Oct 29, 2025 | $0.59 | $0.69 | +16.9% | $251M | -1.3% |
| Jul 29, 2025 | $0.57 | $0.69 | +21.1% | $248M | -4.0% |
| Jan 29, 2025 | $0.49 | $0.50 | +2.0% | $261M | +3.1% |
| Oct 24, 2024 | $0.58 | $0.54 | -6.9% | $252M | +0.3% |
| Jul 25, 2024 | $0.55 | $0.58 | +5.5% | $244M | -2.7% |
| Jan 30, 2024 | $0.61 | $0.59 | -3.3% | $252M | -0.2% |
| Oct 25, 2023 | $0.62 | $0.70 | +12.9% | $256M | -1.4% |
| Jul 26, 2023 | $0.68 | $0.65 | -4.4% | $263M | -3.5% |
| Jan 26, 2023 | $1.03 | $0.82 | -20.4% | $300M | -4.4% |
| Oct 25, 2022 | $0.90 | $0.80 | -11.1% | $290M | -2.5% |
FIBK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Scott Jonathan R10 percent owner | Sell | 9,390 | $36.11 |
| Jun 18, 2026 | SCOTT JULIE A10 percent owner | Sell | 5,000 | $35.95 |
| Jun 18, 2026 | Scott Jonathan R10 percent owner | Sell | 4,500 | $36.29 |
| Jun 4, 2026 | Scott Jonathan R10 percent owner | Sell | 12,892 | $35.58 |
| Jun 3, 2026 | Della Camera Davidofficer: Chief Financial Officer | Grant | 3,370 | — |
| Jun 3, 2026 | HEYNEMAN JOHN M JRdirector, 10 percent owner: | Grant | 2,247 | — |
| Jun 3, 2026 | SCUDDER MICHAEL Ldirector | Grant | 2,247 | — |
| Jun 3, 2026 | Scott Jeremydirector, 10 percent owner: | Grant | 2,247 | — |
| Jun 3, 2026 | Shepler Christopher L.officer: Chief Banking Officer | Grant | 3,370 | — |
| Jun 3, 2026 | Kanning Jolyn M.officer: Chief Risk Officer | Grant | 2,247 | — |
| Jun 3, 2026 | Boschee Ryan J.officer: Chief Credit Officer | Grant | 2,247 | — |
| Jun 3, 2026 | Phillips Joyce Anndirector | Grant | 2,247 | — |
| Jun 3, 2026 | Agrawal Renudirector | Grant | 2,247 | — |
| Jun 3, 2026 | Scott James R. Jrdirector, 10 percent owner: | Grant | 2,247 | — |
| Jun 3, 2026 | RYKHUS DANIEL Adirector | Grant | 2,247 | — |
Source: FIBK SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full FIBK insider & 13F page →First Interstate BancSystem, Inc. company profile
Overview
First Interstate BancSystem, Inc. (NASDAQ:FIBK) is a regional bank holding company founded in 1971 and headquartered in Billings, Montana. The company operates as the parent organization for First Interstate Bank, which provides comprehensive banking and financial services across six western states. Following its initial public offering in 2010, FIBK has grown through both organic expansion and strategic acquisitions, most notably the 2022 merger with Great Western Bancorp. Today, the company operates 147 banking offices across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming, serving individuals, businesses, municipalities, and other entities throughout the rural and suburban communities of the American West.
Business
First Interstate BancSystem operates in the regional banking sector, providing traditional commercial and retail banking services to customers across six western states. The company's core business revolves around relationship banking - building long-term partnerships with customers rather than focusing purely on transactional services. The bank's primary offerings include traditional depository products such as checking accounts, savings accounts, and certificates of deposit (time deposits), along with repurchase agreements primarily designed for commercial and municipal customers who need secure, short-term investment options for their excess funds. On the lending side, First Interstate provides several categories of loans. Real estate loans represent a significant portion of the portfolio, including commercial real estate financing for business properties, construction loans for development projects, residential mortgages for homebuyers, and agricultural loans for farming operations. The bank also offers consumer loans including personal loans, credit cards and lines of credit, and indirect loans (typically auto financing arranged through dealerships). Additionally, commercial and industrial (C&I) loans serve small and medium-sized businesses across various sectors including manufacturing, wholesale, retail, and service businesses, providing working capital and funding for business expansion. Beyond traditional banking, First Interstate offers wealth management and trust services, including investment management, employee benefit plan administration, insurance products, and custodial services for individuals, businesses, and nonprofit organizations. The bank also provides various operational and technology services such as online and mobile banking platforms, credit card processing, mortgage loan servicing, and treasury management solutions for business customers. The company serves diverse industries throughout its footprint, including agriculture, construction, education, energy, government services, healthcare, hospitality, mining, professional services, real estate development, retail, technology, tourism, and wholesale trade - reflecting the economic diversity of the western states where it operates.
Revenue model
First Interstate BancSystem generates revenue through the traditional banking model of net interest income - the difference between interest earned on loans and investments and interest paid on deposits and borrowings. This represents the bank's primary revenue source, accounting for the majority of total income. The bank collects interest payments from borrowers on various loan products while paying lower rates to depositors, capturing the spread as profit. The bank also generates noninterest income through fee-based services including trust and investment management fees, mortgage banking fees, service charges on deposit accounts, credit card interchange fees, treasury management service fees, and insurance commissions. These diversified revenue streams help reduce dependence on pure interest rate spreads. The bank's customers are primarily individuals, small-to-medium businesses, agricultural operations, and municipalities across its six-state footprint. Commercial relationships tend to be more profitable due to larger loan balances, multiple service relationships, and treasury management needs. Several factors influence the bank's profitability margins. Interest rate environments significantly impact net interest margins - rising rates generally benefit banks by allowing them to charge higher loan rates while deposit rates typically lag. Credit quality directly affects profitability through loan loss provisions and charge-offs, with economic downturns potentially increasing credit costs. Deposit competition can compress margins when banks must offer higher rates to retain customers, particularly during periods of monetary tightening. Loan demand varies with economic conditions and business confidence, affecting the bank's ability to deploy capital profitably. Regulatory compliance costs represent ongoing expense pressures, while operational efficiency through technology investments and branch optimization can improve margins. The bank's focus on relationship banking helps maintain customer loyalty and pricing power, while its geographic concentration in western states makes it sensitive to regional economic conditions, particularly in agriculture, energy, and real estate sectors.
Competitive moat
First Interstate BancSystem possesses a modest but meaningful competitive moat based primarily on its strong regional market presence and relationship banking approach. The bank has built deep community ties across rural and suburban markets in six western states, where personal relationships and local knowledge create meaningful barriers to entry for larger national banks. The company's geographic footprint advantage stems from its established presence in markets that are often underserved by major national banks, giving it intimate knowledge of local economic conditions, business needs, and customer preferences. This local expertise allows for more informed credit decisions and customized service offerings that larger competitors struggle to replicate. Customer relationship depth represents another defensive characteristic, as the bank focuses on comprehensive banking relationships rather than single-product transactions. Business customers often maintain multiple services including loans, deposits, treasury management, and wealth services, creating switching costs and revenue diversification that strengthens customer retention. However, the moat faces several challenges. Technology disruption from fintech companies and digital-first banks threatens traditional relationship banking models, particularly for younger customers and standardized financial products. Scale disadvantages compared to larger regional and national banks limit the company's ability to invest in cutting-edge technology and compete on price for certain products. Geographic concentration risk makes the bank vulnerable to regional economic downturns, particularly in agriculture, energy, and real estate sectors that are important to its markets. Regulatory burden disproportionately affects smaller regional banks, while deposit competition from online banks and money market funds can pressure funding costs. The bank's moat is therefore moderate - sufficient to maintain market position in its core markets but not strong enough to prevent gradual market share erosion or protect against significant economic or technological disruption.
Risks & safety
First Interstate BancSystem demonstrates adequate financial stability with manageable risk levels, though some metrics warrant attention. **Liquidity and Solvency:** - Cash and short-term investments: $390.4 million as of Q1 2025 - Strong operating cash flow generation: $78.5 million in Q1 2025 - No immediate solvency concerns given deposit base and capital position - Debt-to-equity ratio: 3.9% (very low debt burden) **Credit Quality Concerns:** - Net charge-offs increased to 21 basis points in Q1 2025 - Criticized loans increased by $252.8 million, concentrated in commercial real estate - Provision expense remains elevated at $33.7 million in Q4 2024 - Management guidance suggests 20-30 basis points charge-offs expected in 2025 **Valuation Metrics:** - Price-to-earnings ratio: 14.7x (reasonable for regional bank) - Price-to-book ratio: 0.88x (trading below book value) - Return on equity: 1.5% (below historical norms, indicating profitability pressures) **Other Considerations:** - Net interest margin improvement to 3.22% shows positive trajectory - Branch optimization and expense control initiatives underway - Strong dividend commitment maintained by management - Geographic concentration in western states creates regional economic sensitivity
Recent development
Over the past few years, First Interstate BancSystem has undergone significant strategic transformation following its 2022 merger with Great Western Bancorp, which substantially expanded its footprint and scale. The integration has been largely completed, with management successfully realizing targeted cost synergies and operational efficiencies. The company has made a strategic pivot away from large-scale acquisitions toward organic growth and relationship banking excellence. Management explicitly stated in recent calls that they are "deemphasizing large-scale M&A" and instead focusing on building deeper relationships with existing customers and attracting new business through superior service. Portfolio optimization initiatives have been a key focus, including the decision to discontinue the indirect lending portfolio (primarily auto loans arranged through dealerships) to concentrate resources on higher-value commercial and consumer relationships. The bank has also been actively managing its commercial real estate exposure, particularly reducing metro office exposure to less than $90 million. Operational efficiency improvements include workforce reductions in late 2023 to enhance productivity, branch network optimization with plans to exit 12 branches in Arizona and Kansas, and investments in new technology platforms including a consumer and small business loan origination system. The company has also restructured its Treasury Solutions business and enhanced business credit card offerings. Leadership transition occurred in November 2024 when Jim Reuter became CEO, succeeding Kevin Riley who retired after leading the company through its significant expansion phase. The new leadership team has emphasized maintaining the community banking culture while improving operational metrics. Credit management enhancements include hiring additional risk management talent, conducting external credit reviews, and implementing more proactive credit monitoring processes. These initiatives come as the bank manages elevated criticized assets, particularly in commercial real estate portfolios.
FIBK company profile · for informational purposes only — not investment advice.
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