Tearsheet

First Interstate BancSystem (FIBK)

Market Price (6/14/2026): $37.1 | Market Cap: $3.7 BilSector: Financials | Industry: Regional Banks

First Interstate BancSystem (FIBK)

Market Price (6/14/2026): $37.1
Market Cap: $3.7 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 5.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 6.9%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Low stock price volatility
Vol 12M is 29%

Uninsured deposits are low
Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 22%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.

Trading close to highs
Dist 52W High is -2.4%, Dist 3Y High is -2.4%

Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.2%, Rev Chg QQuarterly Revenue Change % is -2.1%

Key risks
FIBK key risks include [1] deteriorating asset quality and weak organic loan production, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 5.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 6.9%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 29%
4	Uninsured deposits are low Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 22%
5	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology.
6	Trading close to highs Dist 52W High is -2.4%, Dist 3Y High is -2.4%
7	Moderate capital ratio Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12%
8	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.2%, Rev Chg QQuarterly Revenue Change % is -2.1%
9	Key risks FIBK key risks include [1] deteriorating asset quality and weak organic loan production, Show more.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/14/26	2025	2024	2023	2022
Share Price			$37.10	$34.60	$32.47	$30.75	$38.65
Mkt Cap ($ Bil)			3.7	3.5	3.3	3.2	4.0
+ Debt ($ Bil)			0.3	0.3	1.9	2.9	2.6
- Cash ($ Bil)			1.2	1.3	0.9	0.6	0.9
TEV ($ Bil)			2.8	3.8	5.2	6.1	6.6
Valuation Ratios
P/S	3.5	3.7	3.5	3.3	3.4	3.1	3.7
P/EBIT	12.5	13.1	-	-	-	-	-
P/E	11.8	13.2	11.8	11.5	14.8	12.4	20.0
P/FCF	—	—	14.5	12.6	10.1	8.0	8.0
Sector Ratios (* = sector average)
P/S *			3.3	3.1	3.1	2.8	2.8
P/EBIT *			6.9	7.5	8.3	7.3	7.2
P/E *			11.9	11.0	11.6	10.1	9.4
P/FCF *			9.0	9.0	9.2	8.0	6.6

FYE: 12/31	Forward FYE		Now
	2027	2026	6/14/26
Share Price			$37.10
Mkt Cap ($ Bil)			3.7
+ Debt ($ Bil)			0.3
- Cash ($ Bil)			1.2
TEV ($ Bil)			2.8
Valuation Ratios
P/S	3.5	3.7	3.5
P/EBIT	12.5	13.1	-
P/E	11.8	13.2	11.8
P/FCF	—	—	14.5
Sector Ratios (* = sector average)
P/S *			3.3
P/EBIT *			6.9
P/E *			11.9
P/FCF *			9.0

FYE: 12/31	FIBK [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.1 Bil	—
FY 2026 Sales	$997.8 Mil	—
FY 2027 Sales	$1.0 Bil	—
FY 2026 Sales Growth	-5.3%	—
FY 2027 Sales Growth	4.9%	7.8%
EARNINGS
LTM Net Income (GAAP) [3]	$312.1 Mil	—
FY 2026 Net Income (Non-GAAP)	$277.6 Mil	—
FY 2027 Net Income (Non-GAAP)	$310.4 Mil	—
FY 2027 Net Income Growth	11.8%	14.8%
FY 2026 EPS (Non-GAAP)	$2.68	—
FY 2027 EPS (Non-GAAP)	$2.99	—
FY 2027 EPS Growth	11.5%	—
VALUATION
FY 2026 P/S	3.7	3.3
FY 2027 P/S	3.5	—
FY 2026 P/E	13.2	20.1
FY 2027 P/E	11.8	—

[1] FIBK forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	FIBK	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.1
Rev Chg Q	-2.1%	8.8%
Rev Chg LTM	4.9%	7.4%
Rev Chg 3Y Avg	-2.2%	5.8%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.3
CFO/Rev LTM	26.8%	21.3%
Net Inc Mgn	29.6%	13.0%
VALUATION	LOW
P/S	3.5	3.3
P/CFO	13.0	15.2
P/FCF	14.5	19.7
P/E	11.8	24.2

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Metric	Value	Date	Source
Number of Banking Offices	289	11062025	Link
Total Assets	27.3 Billion	9302025	Link
Full-Time Equivalent Employees	3783	12312022	Link

Price Chart

Upcoming
7/28/2026	Earnings Release	Rev: $249 Mil (E) EPS: $0.64 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 6/11/2026

First Interstate BancSystem (FIBK) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Performance and Net Interest Margin Expansion.

First Interstate BancSystem reported diluted earnings per share of $0.61 for fiscal Q1 2026, which ended March 31, 2026, surpassing the consensus analyst estimate of $0.60 (or $0.59 in some reports). Although revenue slightly missed expectations, the earnings beat contributed to positive investor sentiment. Additionally, the company's net interest margin increased to 3.41% in fiscal Q1 2026, a 5-basis point increase from the prior quarter and a 22-basis point increase year-over-year, indicating improved profitability from its core lending activities.

2. Enhanced Credit Quality.

The company demonstrated improved credit quality in fiscal Q1 2026, with net charge-offs decreasing significantly by $19.7 million to $2.4 million, or an annualized 0.06% of average loans outstanding. This reduction in loan losses signals a healthier loan portfolio and stronger risk management, which is a positive indicator for investors in the banking sector.

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Stock Movement Drivers

Fundamental Drivers

The 8.6% change in FIBK stock from 2/28/2026 to 6/13/2026 was primarily driven by a 3.8% change in the company's Net Income Margin (%).

(LTM values as of)	2282026	6132026	Change
Stock Price ($)	34.16	37.11	8.6%
Change Contribution By:
Total Revenues ($ Mil)	1,059	1,054	-0.5%
Net Income Margin (%)	28.5%	29.6%	3.8%
P/E Multiple	11.4	11.8	3.2%
Shares Outstanding (Mil)	101	99	1.9%
Cumulative Contribution			8.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/13/2026

	Return	Correlation
FIBK	8.6%
Market (SPY)	8.4%	51.0%
Sector (XLF)	4.2%	64.6%

Fundamental Drivers

The 15.9% change in FIBK stock from 11/30/2025 to 6/13/2026 was primarily driven by a 21.6% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	6132026	Change
Stock Price ($)	32.03	37.11	15.9%
Change Contribution By:
Total Revenues ($ Mil)	1,007	1,054	4.6%
Net Income Margin (%)	24.4%	29.6%	21.6%
P/E Multiple	13.5	11.8	-12.7%
Shares Outstanding (Mil)	103	99	4.3%
Cumulative Contribution			15.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/13/2026

	Return	Correlation
FIBK	15.9%
Market (SPY)	9.2%	47.2%
Sector (XLF)	0.9%	63.5%

Fundamental Drivers

The 44.5% change in FIBK stock from 5/31/2025 to 6/13/2026 was primarily driven by a 36.6% change in the company's Net Income Margin (%).

(LTM values as of)	5312025	6132026	Change
Stock Price ($)	25.67	37.11	44.5%
Change Contribution By:
Total Revenues ($ Mil)	1,004	1,054	4.9%
Net Income Margin (%)	21.7%	29.6%	36.6%
P/E Multiple	12.2	11.8	-3.3%
Shares Outstanding (Mil)	103	99	4.3%
Cumulative Contribution			44.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/13/2026

	Return	Correlation
FIBK	44.5%
Market (SPY)	27.3%	49.6%
Sector (XLF)	6.3%	64.8%

Fundamental Drivers

The 103.6% change in FIBK stock from 5/31/2023 to 6/13/2026 was primarily driven by a 81.5% change in the company's P/E Multiple.

(LTM values as of)	5312023	6132026	Change
Stock Price ($)	18.22	37.11	103.6%
Change Contribution By:
Total Revenues ($ Mil)	1,134	1,054	-7.1%
Net Income Margin (%)	25.7%	29.6%	15.1%
P/E Multiple	6.5	11.8	81.5%
Shares Outstanding (Mil)	104	99	4.9%
Cumulative Contribution			103.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/13/2026

	Return	Correlation
FIBK	103.6%
Market (SPY)	84.5%	50.7%
Sector (XLF)	76.3%	66.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
FIBK Return	4%	0%	-15%	13%	13%	8%	23%
Peers Return	25%	-19%	22%	6%	42%	13%	108%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
FIBK Win Rate	58%	50%	42%	50%	50%	67%
Peers Win Rate	42%	52%	53%	50%	67%	57%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
FIBK Max Drawdown	-24%	-27%	-43%	-21%	-28%	-17%
Peers Max Drawdown	-17%	-32%	-32%	-23%	-21%	-20%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, CBC, NU, FITB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)

Event	FIBK	S&P 500
2025 US Tariff Shock
% Loss	-27.0%	-18.8%
% Gain to Breakeven	37.0%	23.1%
Time to Breakeven	136 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-20.2%	-9.5%
% Gain to Breakeven	25.4%	10.5%
Time to Breakeven	38 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-40.0%	-6.7%
% Gain to Breakeven	66.6%	7.1%
Time to Breakeven	544 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-20.7%	-24.5%
% Gain to Breakeven	26.2%	32.4%
Time to Breakeven	87 days	427 days
2020 COVID-19 Crash
% Loss	-33.0%	-33.7%
% Gain to Breakeven	49.3%	50.9%
Time to Breakeven	242 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.7%	-19.2%
% Gain to Breakeven	29.4%	23.8%
Time to Breakeven	744 days	105 days

Compare to NEWT, ATLO, AGBK, NU, FITB

In The Past

First Interstate BancSystem's stock fell -27.0% during the 2025 US Tariff Shock. Such a loss loss requires a 37.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	FIBK	S&P 500
2025 US Tariff Shock
% Loss	-27.0%	-18.8%
% Gain to Breakeven	37.0%	23.1%
Time to Breakeven	136 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-20.2%	-9.5%
% Gain to Breakeven	25.4%	10.5%
Time to Breakeven	38 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-40.0%	-6.7%
% Gain to Breakeven	66.6%	7.1%
Time to Breakeven	544 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-20.7%	-24.5%
% Gain to Breakeven	26.2%	32.4%
Time to Breakeven	87 days	427 days
2020 COVID-19 Crash
% Loss	-33.0%	-33.7%
% Gain to Breakeven	49.3%	50.9%
Time to Breakeven	242 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.7%	-19.2%
% Gain to Breakeven	29.4%	23.8%
Time to Breakeven	744 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-27.3%	-17.9%
% Gain to Breakeven	37.5%	21.8%
Time to Breakeven	99 days	123 days

Compare to NEWT, ATLO, AGBK, NU, FITB

In The Past

First Interstate BancSystem's stock fell -27.0% during the 2025 US Tariff Shock. Such a loss loss requires a 37.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About First Interstate BancSystem (FIBK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

First Interstate BancSystem, Inc. operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors. The company also offers real estate loans comprising commercial real estate, construction, residential, agricultural, and other real estate loans; consumer loans comprising direct personal loans, credit card loans and lines of credit, and indirect loans; variable and fixed rate commercial loans for small and medium-sized manufacturing, wholesale, retail, and service businesses for working capital needs and business expansions; and agricultural loans. In addition, it provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. Further, the company offers marketing, credit review, loan servicing, credit cards issuance and servicing, mortgage loan sales and servicing, indirect consumer loan purchasing and processing, loan collection services, and other operational services, as well as online and mobile banking services. It serves individuals, businesses, municipalities, and other entities in various industries, including agriculture, construction, education, energy, governmental services, healthcare, hospitality, housing, mining, professional services, real estate development, retail, technology, tourism, and wholesale trade. As of December 31, 2021, it operated 147 banking offices, including detached drive-up facilities in communities across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. The company was incorporated in 1971 and is headquartered in Billings, Montana.

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It's a full-service regional bank, like a smaller Wells Fargo or Bank of America, but focused on communities in the Mountain West.

Think of it as a U.S. Bank or PNC Bank, but operating specifically across Idaho, Montana, Oregon, and neighboring states.

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Depository Products: Offers traditional checking, savings, and time deposit accounts, along with repurchase agreements.
Real Estate Loans: Provides financing for commercial real estate, construction, residential properties, and agricultural land.
Commercial Loans: Supplies variable and fixed-rate loans to businesses for working capital needs and expansions.
Consumer Loans: Includes direct personal loans, credit card loans and lines of credit, and indirect loans.
Agricultural Loans: Offers specialized loans to support various agricultural operations.
Trust, Employee Benefit, and Custodial Services: Delivers asset management, employee benefit administration, agency, and custodial services to clients.
Investment Management: Provides professional management of investment portfolios for individuals and organizations.
Insurance Services: Offers a range of insurance products to meet client needs.
Digital Banking Services: Provides convenient online and mobile banking platforms for account access and transactions.

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First Interstate BancSystem (FIBK) operates as a bank holding company, and as such, it serves a diverse customer base rather than having a few major corporate customers that could be individually named. The company provides a wide range of banking products and services to a broad array of clients.

Based on the company description, First Interstate BancSystem primarily serves the following categories of customers:

Individuals: The bank offers traditional depository products like checking, savings, and time deposits, as well as various loans including residential real estate, direct personal loans, credit card loans, and indirect loans. It also provides trust, investment management, insurance, and custodial services to individuals.
Businesses: FIBK serves small and medium-sized manufacturing, wholesale, retail, service businesses, and various other industries (e.g., agriculture, construction, healthcare, real estate development). It provides commercial real estate loans, construction loans, variable and fixed rate commercial loans for working capital and expansion, and agricultural loans. Businesses also utilize its depository products and employee benefit, investment management, and insurance services.
Municipalities and Other Entities: The company offers depository products, including repurchase agreements, primarily for commercial and municipal depositors. It also serves other non-profit organizations and governmental services, providing various banking, trust, agency, and custodial services.

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Finastra
Visa Inc. (V)
Mastercard Incorporated (MA)

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James A. Reuter, President and Chief Executive Officer

Mr. Reuter has served as President and Chief Executive Officer of First Interstate BancSystem and First Interstate Bank since November 2024. He brings over 37 years of experience in the banking industry. Prior to joining First Interstate Bank, Mr. Reuter was the President and Chief Executive Officer of FirstBank Holding Company of Colorado from 2017 to 2024. His career at FirstBank began in 1987, where he served as Chief Operating Officer from 1999 to 2017 before his appointment as CEO.

David P. Della Camera, Executive Vice President and Chief Financial Officer

Mr. Della Camera assumed the role of Executive Vice President and Chief Financial Officer on June 1, 2025. He joined First Interstate in 2021 and has held various senior finance leadership positions within the company, including Deputy CFO. In these roles, he was responsible for financial planning and analysis, investor relations, and strategic initiatives, including mergers and acquisitions. His experience also includes serving as the Company's Director of Corporate Development and Financial Strategy and Director of Financial Planning and Analysis.

Kristina R. Robbins, Executive Vice President and Chief Operations Officer

Ms. Robbins has been Executive Vice President and Chief Operations Officer since January 2024. She possesses extensive banking experience, spanning 25 years. Before her current role, Ms. Robbins held positions as First Interstate's Senior Vice President and Chief Operations Officer from June 2022 to January 2024, and Director of Loan Operations from August 2018 to March 2022.

Christopher L. Shepler, Executive Vice President and Chief Banking Officer

Mr. Shepler became Executive Vice President and Chief Banking Officer in September 2025. He brings over 30 years of leadership experience in commercial, business, wealth, and consumer/small business banking, demonstrating a track record of driving growth and operational excellence.

Rachel B. Turitto, Executive Vice President and Chief Human Resources Officer

Ms. Turitto has served as the Company's Chief Human Resources Officer since November 2019. Prior to this role, she was the bank's Director of Human Resources from 2017 to 2019. She has over 15 years of diverse experience across various human resource disciplines, including compensation, benefits, employee engagement, leadership development, and recruitment.

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The key risks to First Interstate BancSystem (FIBK) primarily stem from its loan portfolio concentration, sensitivity to interest rate fluctuations, and competitive pressures within the banking sector.

Commercial Real Estate (CRE) Exposure and Credit Risk: First Interstate BancSystem has a significant concentration in commercial real estate (CRE) loans, which accounted for a substantial portion of its total loan portfolio as of Q3 2025. This high exposure makes the company vulnerable to downturns in the CRE market, which can be affected by factors such as higher interest rates making refinancing difficult, lower property values, and reduced demand for certain property types like office spaces. There has been an observed rise in criticized loans within FIBK's CRE portfolio, indicating a deterioration in credit quality. Broader trends show that CRE loan delinquency rates have been rising across banks, posing a significant credit risk for regional institutions with substantial CRE holdings.
Interest Rate Risk and Net Interest Margin (NIM) Pressure: As a financial institution, FIBK's profitability is highly sensitive to changes in interest rates. Economic volatility and interest rate fluctuations can adversely affect the bank's financial stability, particularly its net interest income. While FIBK has shown some recent margin expansion, a sustained high-rate environment can increase the cost of funds (interest paid on deposits) and potentially pressure net interest margins. Elevated interest rates and their volatility have been identified as a key challenge for regional banks, impacting deposit costs and potentially leading to losses if fixed-income investments are not managed effectively.
Intensified Competition and Deposit Outflows: First Interstate BancSystem faces robust competition from both traditional banking institutions and emerging financial technology (fintech) companies. These competitors may offer more aggressive lending terms, innovative products, or more favorable rates, challenging FIBK's ability to attract and retain clients and grow its loan portfolio. Additionally, there is a risk of continued deposit outflows, as customers may shift their funds to higher-return investments or other banking options, impacting FIBK's liquidity and funding costs.

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The clear emerging threat to First Interstate BancSystem comes from the proliferation and increasing adoption of fintech companies and neobanks. These digital-first financial institutions operate with significantly lower overhead due to their lack of physical branches, allowing them to offer more competitive rates on deposits, lower fees, and highly streamlined, mobile-centric user experiences for services such as checking, savings, and consumer loans. This challenges First Interstate BancSystem's traditional branch-based banking model and its ability to attract and retain customers, particularly younger demographics and those seeking purely digital solutions, thereby eroding its market share and deposit base. This shift is analogous to how Netflix's streaming model disrupted Blockbuster's physical rental business by offering a more convenient and often more cost-effective digital alternative.

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First Interstate BancSystem (FIBK) is expected to drive future revenue growth over the next two to three years through several key strategic initiatives and market dynamics:

Strategic Repositioning and Targeted Expansion in Core Markets: The company is undergoing a significant strategic repositioning, divesting non-core branches in states such as Arizona, Kansas, Nebraska, North Dakota, and Minnesota. This allows FIBK to concentrate its resources and capital on the Rocky Mountain Northwest region, where it possesses stronger market positions and greater growth potential. Management intends to make targeted investments in key growth markets, including Colorado and Montana, aiming to leverage its brand density and market share for enhanced revenue generation.
Net Interest Margin (NIM) Expansion through Balance Sheet Optimization: First Interstate BancSystem anticipates continued improvement in its net interest margin, with a goal to surpass 3.5% by the end of 2026. This expansion is primarily expected from the repricing of maturing fixed and adjustable rate loans and securities at potentially higher rates within the current interest rate environment. The company forecasts high single-digit net interest income growth in 2026, even with an assumption of flat loan balances.
Organic Loan and Deposit Growth in Focused Geographies: Following strategic reductions in its loan portfolio through divestitures and a shift away from non-core lending segments like indirect consumer credit cards, FIBK is optimistic about re-establishing organic loan growth. The company aims to achieve this through a flatter organizational structure, new hires, and intensified relationship banking initiatives within its strategically focused markets. Additionally, excluding deposits from sold branches, the company expects low single-digit deposit growth in 2026.
Development of New Revenue Streams through Technology and Digital Banking: First Interstate BancSystem views the adoption of advanced technologies, including artificial intelligence and machine learning, as a significant opportunity to create new revenue streams. By streamlining operations, enhancing risk management, and offering innovative services, the bank can attract tech-savvy customers and boost client engagement through a seamless online and mobile banking experience.

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Share Repurchases

First Interstate BancSystem repurchased approximately 3.7 million shares for $118 million in 2025, with about 2.8 million shares and $90 million occurring in the fourth quarter of 2025.
In August 2025, the company's board of directors authorized a new stock repurchase program of up to $150 million through March 31, 2027.
This share repurchase authorization was subsequently increased by an additional $150 million on January 27, 2026, bringing the total authorized amount to $300 million since August 2025.


Outbound Investments

In October 2025, First Interstate BancSystem completed the sale of twelve branches located in Arizona and Kansas, which resulted in a gain of $62.7 million for the fourth quarter of 2025. These branches accounted for approximately $300 million in loans and $645 million in deposits for the acquiring entity.
The company announced plans in October 2025 to divest eleven Nebraska branches to Security First Bank, a transaction expected to close in early 2026. These Nebraska branches represented approximately $280 million in deposits and $70 million in outstanding loan balances as of September 30, 2025.
First Interstate BancSystem is in the process of optimizing its branch footprint by consolidating from 14 to 10 states.

Interactive Breakdown

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Better Bets vs. First Interstate BancSystem (FIBK)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Can First Interstate BancSystem Stock Hold Up When Markets Turn?	10/17/2025
2	Why First Interstate BancSystem Stock Moved: FIBK Stock Has Gained 34% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
3	First Interstate BancSystem (FIBK) Valuation Ratios Comparison	08/08/2025
4	FIBK Dip Buy Analysis	07/10/2025
5	Time To Buy First Interstate BancSystem Stock?	02/28/2025
6	First Interstate BancSystem (FIBK) Operating Cash Flow Comparison	02/17/2025
7	First Interstate BancSystem (FIBK) Net Income Comparison	02/15/2025
8	First Interstate BancSystem vs. S&P500 Correlation	10/03/2024
9	First Interstate BancSystem Price Volatility	09/24/2024
10	Fundamental Metrics: ...	06/19/2024
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High	01/08/2026

	Title
0	DASHBOARDS
1	Can First Interstate BancSystem Stock Hold Up When Markets Turn?
2	Why First Interstate BancSystem Stock Moved: FIBK Stock Has Gained 34% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	First Interstate BancSystem (FIBK) Valuation Ratios Comparison
4	FIBK Dip Buy Analysis
5	Time To Buy First Interstate BancSystem Stock?
6	First Interstate BancSystem (FIBK) Operating Cash Flow Comparison
7	First Interstate BancSystem (FIBK) Net Income Comparison
8	First Interstate BancSystem vs. S&P500 Correlation
9	First Interstate BancSystem Price Volatility
10	Fundamental Metrics: ...
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to FIBK.

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Peer Comparisons

Peers to compare with:

Financials

	FIBK	NEWT	ATLO	CBC	NU	FITB	Median
Name	First In.	NewtekOne	Ames Nat.	Central .	Nu	Fifth Th.
Mkt Price	37.11	14.00	30.39	28.79	12.19	54.73	29.59
Mkt Cap	3.7	0.4	0.3	345.9	59.2	45.2	24.4
Rev LTM	1,054	272	70	1,000	11,915	9,461	1,027
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	253	-776	22	457	868	1,437	355
FCF 3Y Avg	336	-348	17	-	1,712	2,583	336
CFO LTM	282	-776	23	491	1,201	2,175	386
CFO 3Y Avg	362	-348	19	-	1,952	3,140	362

Growth & Margins

	FIBK	NEWT	ATLO	CBC	NU	FITB	Median
Name	First In.	NewtekOne	Ames Nat.	Central .	Nu	Fifth Th.
Rev Chg LTM	4.9%	10.5%	21.7%	-	39.5%	13.9%	13.9%
Rev Chg 3Y Avg	-2.2%	32.1%	5.4%	-	51.8%	3.9%	5.4%
Rev Chg Q	-2.1%	8.0%	17.8%	-	57.2%	30.3%	17.8%
QoQ Delta Rev Chg LTM	-0.5%	1.9%	4.1%	-	12.1%	7.3%	4.1%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	26.8%	-285.4%	32.5%	49.1%	10.1%	23.0%	24.9%
CFO/Rev 3Y Avg	35.5%	-134.4%	31.4%	-	22.3%	36.7%	31.4%
FCF/Rev LTM	24.0%	-285.4%	31.2%	45.7%	7.3%	15.2%	19.6%
FCF/Rev 3Y Avg	33.0%	-134.5%	28.6%	-	19.6%	30.4%	28.6%

Valuation

	FIBK	NEWT	ATLO	CBC	NU	FITB	Median
Name	First In.	NewtekOne	Ames Nat.	Central .	Nu	Fifth Th.
Mkt Cap	3.7	0.4	0.3	345.9	59.2	45.2	24.4
P/S	3.5	1.5	3.9	345.8	5.0	4.8	4.3
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	-	-	-	-	-	-	-
P/E	11.8	6.2	12.5	921.6	18.6	20.8	15.5
P/CFO	13.0	-0.5	11.9	704.9	49.3	20.8	16.9
Total Yield	13.7%	16.2%	10.8%	0.1%	5.4%	4.8%	8.1%
Dividend Yield	5.2%	0.0%	2.8%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	11.4%	-113.9%	9.0%	-	3.3%	9.4%	9.0%
D/E	0.1	1.4	0.1	0.0	0.0	0.4	0.1
Net D/E	-0.3	0.4	-1.8	-0.0	-0.5	-1.1	-0.4

Returns

	FIBK	NEWT	ATLO	CBC	NU	FITB	Median
Name	First In.	NewtekOne	Ames Nat.	Central .	Nu	Fifth Th.
1M Rtn	8.1%	6.9%	10.0%	7.6%	-5.7%	14.7%	7.8%
3M Rtn	13.5%	20.8%	15.0%	20.7%	-12.2%	27.2%	17.9%
6M Rtn	7.5%	21.3%	29.5%	26.1%	-27.9%	15.7%	18.5%
12M Rtn	47.1%	43.6%	76.8%	51.6%	2.4%	49.3%	48.2%
3Y Rtn	78.0%	4.5%	84.5%	103.8%	65.9%	137.5%	81.2%
1M Excs Rtn	9.0%	9.2%	10.6%	6.5%	-4.7%	16.2%	9.1%
3M Excs Rtn	1.4%	8.7%	2.9%	8.7%	-24.3%	15.2%	5.8%
6M Excs Rtn	-1.1%	17.2%	23.9%	17.5%	-34.9%	9.2%	13.2%
12M Excs Rtn	18.0%	12.4%	56.5%	28.2%	-27.9%	21.4%	19.7%
3Y Excs Rtn	2.6%	-62.6%	9.3%	29.7%	-9.2%	53.1%	5.9%

FDIC Bank Data

Bank Capital

FDIC Data As Of	6302017
CAPITAL
Equity Total Capital ($ Bil)	1
Tier 1 (Core) Capital ($ Bil)	1
ASSETS
Total Assets ($ Bil)	9
Adjusted Average Assets ($ Bil)	9
Risk Weighted Assets Adjusted ($ Bil)	6
LEVERAGE RATIOS
Tier 1 Capital / Total Assets Ratio	8.5%
Tier 1 Capital / Adjusted Avg Assets Ratio	8.7%
Tier 1 Capital / Risk Wtd Assets Ratio	11.8%

Bank Deposits

FDIC Data As Of	6302017
DEPOSITS
Total Deposits ($ Bil)	7
Uninsured Deposits ($ Bil)	2
Uninsured Deposits Ratio %	21.9%

Bank Assets

FDIC Data As Of	6302017
ASSETS
Cash Balance ($ Bil)	1
Securities ($ Bil)	2
Net Loans ($ Bil)	5
Trading Assets ($ Bil)	0
Bank Premises Assets ($ Bil)	0
Other Real Estate Owned ($ Bil)	0
Goodwill & Intangibles ($ Bil)	0
Other Assets ($ Bil)	0
Total Assets (Sum) ($ Bil)	9
Total Assets (Reported) ($ Bil)	9
Risk Weighted Assets ($ Bil)	6
SECURITIES DETAILS
US Govt Securities ($ Bil)	2
Equity Securities Not Held for Trading ($ Bil)	0
Total Debt Securities ($ Bil)	2
Mortgage-Backed Securities ($ Bil)	1
SECURITIES VALUATION
Securities Held to Maturity (Book Value) ($ Bil)	0
Securities Available for Sale (Fair Market) ($ Bil)	2

Bank Loans

FDIC Data As Of	6302017
LOAN DETAILS
All Real Estate Loans ($ Bil)	3
Farm Loans ($ Bil)	0
Commercial and Industrial Loans ($ Bil)	1
Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)	1
Commercial Real Estate Loans not Secured by Real Estate ($ Bil)	0
Commercial Real Estate Owner-Occupied ($ Bil)	1
Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)	1
Total Net Loans ($ Bil)	5

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/7/2026	2/26/2026	2/28/2025	2/29/2024	2/24/2023	2/25/2022	3/1/2021
Key Financials
Total Revenue	1,054	1,059	1,000	1,026	1,106	639	654
Net Income	312	302	226	258	202	192	161
EPS	3.07	2.95	2.19	2.48	1.96	3.12	2.53
Growth Rates
Total Revenue Growth	4.9%	5.9%	-2.5%	-7.2%	73.1%	-2.3%	2.5%
Net Income Growth	43.3%	33.7%	-12.2%	27.3%	5.3%	19.2%	-10.9%
Margins
Net Income Margin	29.6%	28.5%	22.6%	25.1%	18.3%	30.1%	24.7%
Cash & Debt
Total Cash	1,423	1,423	5,954	6,419	7,816	7,165	6,285
Total Debt	297	296	1,863	2,887	2,611	199	199
Net Debt / (Cash)	-1,126	-1,127	-4,091	-3,532	-5,206	-6,966	-6,086
Cash Flows & CapEx
Net Cash from Operations	282	306	355	428	534	282	268
Total CapEx	-29	-28	-23	-28	-10	-10	-30
Free Cash from Operations	253	278	332	400	524	272	238
Returns to Shareholders
Dividends	192	194	196	195	182	102	129
Share Repurchases	206	122	1	34	199	5	117

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/7/2026	2/26/2026	11/6/2025	8/6/2025	5/7/2025	2/28/2025	11/4/2024	8/2/2024	5/3/2024	2/29/2024	11/3/2023	8/4/2023
Key Financials Quarterly
Total Revenue	242	313	250	248	247	261	252	244	242	252	256	262
Net Income	60	109	71	72	50	52	56	60	58	62	73	67
EPS	0.61	1.08	0.69	0.69	0.49	0.51	0.54	0.58	0.57	0.59	0.70	0.65
Key Financials TTM
Total Revenue TTM	1,054	1,059	1,007	1,008	1,004	1,000	991	994	1,013	1,026	1,074	1,108
Net Income TTM	312	302	245	230	218	226	235	253	260	258	282	295
Growth Rates Quarterly
Total Revenue Growth	-2.1%	19.8%	-0.6%	1.6%	2.0%	3.6%	-1.5%	-6.9%	-5.1%	-15.9%	-11.7%	-9.1%
Net Income Growth	19.9%	108.8%	28.6%	19.5%	-14.0%	-15.3%	-23.7%	-10.4%	3.7%	-28.3%	-15.2%	4.5%
Margins Quarterly
Net Income Margin	24.9%	34.8%	28.5%	28.9%	20.3%	19.9%	22.0%	24.6%	24.1%	24.4%	28.4%	25.5%
Cash & Debt
Total Cash	1,423	1,423	1,554	1,192	983	5,954	6,233	6,562	6,408	6,419	6,219	6,538
Total Debt	297	296	309	665	1,253	1,863	2,380	2,976	2,876	2,887	2,351	2,873
Net Debt / (Cash)	-1,126	-1,127	-1,245	-527	271	-4,091	-3,852	-3,585	-3,532	-3,532	-3,868	-3,665
Cash Flows Quarterly
FCF from Operations	55	67	92	68	78	95	90	82	88	69	129	172
Cash Flows TTM
FCF from Operations TTM	282	306	334	332	346	355	329	368	458	428	454	495
Returns to Shareholders Quarterly
Dividends	46	48	49	49	48	49	49	49	49	49	49	49
Share Repurchases	88	91	28	-0	3	-0	0	-0	1	32	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	25.5%	41.6%	28.8%	16.8%	8.2%	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	33.1%	28.9%	24.8%	13.5%	8.8%	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Community Banking	1,059	1,000	1,026	1,106	639
Total	1,059	1,000	1,026	1,106	639

Price Behavior

Price Behavior

Market Price	$37.11
Market Cap ($ Bil)	3.7
First Trading Date	03/24/2010
Distance from 52W High	-2.4%
	50 Days	200 Days
DMA Price	$34.77	$33.47
DMA Trend	up	up
Distance from DMA	6.7%	10.9%
	3M	1YR
Volatility	24.1%	28.8%
Downside Capture	75.56	105.61
Upside Capture	88.99	122.81
Correlation (SPY)	47.1%	49.3%

FIBK Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.21	1.09	0.90	1.04	1.23	1.17
Up Beta	2.43	1.49	1.02	1.14	1.54	1.24
Down Beta	-0.01	-0.90	0.56	0.63	1.06	1.06
Up Capture	75%	76%	81%	114%	131%	159%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	9	20	30	61	125	377
Down Capture	156%	165%	107%	113%	112%	105%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	10	20	31	61	123	368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FIBK
FIBK	41.6%	28.8%	1.20	-
Sector ETF (XLF)	6.2%	14.7%	0.20	64.8%
Equity (SPY)	24.9%	12.3%	1.52	49.1%
Gold (GLD)	25.5%	27.4%	0.81	9.2%
Commodities (DBC)	30.1%	19.0%	1.25	-21.5%
Real Estate (VNQ)	13.5%	13.5%	0.69	39.6%
Bitcoin (BTCUSD)	-41.7%	42.2%	-1.16	25.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FIBK
FIBK	1.5%	33.5%	0.10	-
Sector ETF (XLF)	8.8%	18.6%	0.35	61.7%
Equity (SPY)	13.5%	17.1%	0.61	46.8%
Gold (GLD)	16.8%	18.2%	0.75	2.3%
Commodities (DBC)	8.4%	19.4%	0.33	6.3%
Real Estate (VNQ)	2.8%	18.8%	0.05	44.0%
Bitcoin (BTCUSD)	13.6%	54.4%	0.44	17.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with FIBK
FIBK	7.5%	33.0%	0.30	-
Sector ETF (XLF)	12.9%	22.2%	0.53	68.7%
Equity (SPY)	15.3%	17.9%	0.73	52.8%
Gold (GLD)	12.5%	16.1%	0.64	-6.1%
Commodities (DBC)	6.7%	18.0%	0.29	14.4%
Real Estate (VNQ)	5.7%	20.7%	0.24	46.5%
Bitcoin (BTCUSD)	60.3%	66.8%	1.00	13.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	8.7 Mil
Short Interest: % Change Since 5152026	-4.7%
Average Daily Volume	1.1 Mil
Days-to-Cover Short Interest	8.1 days
Basic Shares Quantity	98.9 Mil
Short % of Basic Shares	8.8%

Returns Analyses

	Title
0	Can First Interstate BancSystem Stock Hold Up When Markets Turn?

Earnings Returns History

Updated 6/2/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/29/2026	3.1%	5.7%	4.7%
1/28/2026	-1.4%	4.0%	-4.4%
10/29/2025	-2.0%	0.3%	4.4%
7/29/2025	-2.7%	1.1%	11.4%
4/29/2025	-5.7%	-4.5%	-0.4%
1/29/2025	1.9%	0.5%	-5.2%
10/24/2024	-3.3%	-3.8%	9.1%
7/25/2024	0.6%	-7.6%	-2.8%
...
SUMMARY STATS
# Positive	10	15	16
# Negative	14	9	8
Median Positive	1.6%	3.3%	8.0%
Median Negative	-2.2%	-3.6%	-4.2%
Max Positive	8.7%	8.6%	19.3%
Max Negative	-10.8%	-10.1%	-11.2%

	Forward Returns
4/29/2026	3.1%	5.7%	4.7%
1/28/2026	-1.4%	4.0%	-4.4%
10/29/2025	-2.0%	0.3%	4.4%
7/29/2025	-2.7%	1.1%	11.4%
4/29/2025	-5.7%	-4.5%	-0.4%
1/29/2025	1.9%	0.5%	-5.2%
10/24/2024	-3.3%	-3.8%	9.1%
7/25/2024	0.6%	-7.6%	-2.8%
4/24/2024	1.4%	3.3%	3.8%
1/30/2024	-5.7%	-10.1%	-8.2%
10/25/2023	8.7%	6.5%	19.3%
7/26/2023	-2.0%	-1.7%	-11.2%
5/25/2023	1.1%	3.8%	1.8%
1/26/2023	-10.8%	-1.7%	-3.5%
10/25/2022	4.3%	8.6%	6.0%
7/26/2022	0.7%	0.1%	1.4%
4/28/2022	-1.5%	4.6%	18.1%
1/27/2022	-0.7%	-3.6%	9.3%
10/26/2021	1.0%	0.1%	3.1%
7/27/2021	-2.3%	2.0%	6.9%
5/26/2021	1.8%	5.2%	-3.9%
1/28/2021	-3.1%	3.3%	19.3%
10/26/2020	-0.2%	-1.5%	14.4%
7/27/2020	-1.0%	-1.2%	12.2%
SUMMARY STATS
# Positive	10	15	16
# Negative	14	9	8
Median Positive	1.6%	3.3%	8.0%
Median Negative	-2.2%	-3.6%	-4.2%
Max Positive	8.7%	8.6%	19.3%
Max Negative	-10.8%	-10.1%	-11.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
12/31/2025	02/26/2026	10-K
09/30/2025	11/06/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/04/2024	10-Q
06/30/2024	08/02/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/03/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	11/07/2022	10-Q
06/30/2022	08/05/2022	10-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 4/29/2026

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Prior: Q4 2025 Earnings Reported 1/28/2026

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Insider Activity

Updated 6/4/2026

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Scott, Jonathan R	See Footnote	Sell	6042026	35.58	12,892	458,697	30,834,624	Form
2	Scott, Jonathan R	See Footnote	Sell	5012026	35.42	53,504	1,895,112	31,152,598	Form
3	Scott, Jonathan R	See Footnote	Sell	3272026	33.45	3,000	100,350	31,209,653	Form
4	Scott, Jonathan R	See Footnote	Sell	1062026	36.92	1,827	67,453	34,558,006	Form
5	Scott, Jonathan R	See Footnote	Sell	1062026	36.20	3,173	114,863	33,950,206	Form

Collapse to Preview

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Scott, Jonathan R	See Footnote	Sell	6042026	35.58	12,892	458,697	30,834,624	Form
2	Scott, Jonathan R	See Footnote	Sell	5012026	35.42	53,504	1,895,112	31,152,598	Form
3	Scott, Jonathan R	See Footnote	Sell	3272026	33.45	3,000	100,350	31,209,653	Form
4	Scott, Jonathan R	See Footnote	Sell	1062026	36.92	1,827	67,453	34,558,006	Form
5	Scott, Jonathan R	See Footnote	Sell	1062026	36.20	3,173	114,863	33,950,206	Form
6	Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-Trustees	See Footnote	Sell	12012025	32.75	10,000	327,500	7,351,065	Form
7	Heyneman, John M JR	see footnote	Sell	11252025	31.03	30,432	944,305	43,896,155	Form
8	Heyneman, John M JR	Bench Ranch LLC	Sell	11122025	32.14	15,000	482,100	969,150	Form
9	Heyneman, John M JR	Awe' LLC	Sell	11122025	32.06	20,000	641,200	1,522,273	Form
10	Scott, Jonathan R	See Footnote	Sell	11032025	31.27	4,800	150,096	29,425,820	Form
11	Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-Trustees	See Footnote	Sell	11032025	30.99	10,000	309,900	7,265,915	Form
12	Scott, Jonathan R	See Footnote	Sell	10292025	32.09	7,000	224,630	30,351,492	Form
13	Scott, Jonathan R	See Footnote	Sell	10082025	31.66	685	21,687	30,166,408	Form
14	Scott, Jonathan R	See Footnote	Sell	10082025	32.01	5,600	179,256	30,521,823	Form
15	Scott, Jonathan R	See Footnote	Sell	10082025	32.09	13,715	440,114	30,777,808	Form
16	Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-Trustees	See Footnote	Sell	10032025	31.59	10,000	315,900	7,722,491	Form
17	Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-Trustees	See Footnote	Sell	9022025	32.28	10,000	322,800	16,761,584	Form
18	Heyneman, John M JR	Direct	Sell	8182025	30.18	11,818	356,726	157,686	Form
19	Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-Trustees	See Footnote	Sell	8012025	27.86	55,000	1,532,300	14,745,072	Form
20	Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-Trustees	See Footnote	Sell	7152025	31.11	55,000	1,711,050	18,176,204	Form

FIBK Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing FIBK?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What FIBK Makes & Who Pays

TTM figures based on

FIBK Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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Regional Banks Resources

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 6/13/2026

First Interstate BancSystem (FIBK)

Market Price (6/14/2026): $37.1 | Market Cap: $3.7 BilSector: Financials | Industry: Regional Banks

First Interstate BancSystem (FIBK)

Market Price (6/14/2026): $37.1Market Cap: $3.7 BilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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FIBK Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

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CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

Market Price (6/14/2026): $37.1
Market Cap: $3.7 Bil
Sector: Financials
Industry: Regional Banks