FIBK Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About FIBK Interactive Breakdown Better Bets vs. FIBK Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    First Interstate BancSystem (FIBK)

    Market Price (8/1/2026): $38.01 | Market Cap: $3.8 BilSector: Financials | Industry: Regional Banks

    First Interstate BancSystem (FIBK)

    Market Price (8/1/2026): $38.01
    Market Cap: $3.8 Bil
    Sector: Financials
    Industry: Regional Banks

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.1%, FCF Yield is 6.7%

    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 -30%

    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 28%

    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.

    Weak multi-year price returns
    2Y Excs Rtn is -4.7%, 3Y Excs Rtn is -6.3%

    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 13%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.1%, FCF Yield is 6.7%
    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 -30%
    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 28%
    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 Weak multi-year price returns
    2Y Excs Rtn is -4.7%, 3Y Excs Rtn is -6.3%
    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.

    FIBK in ETFs

    Weight = FIBK's share of each fund

    VTI0.00%
    ITOT0.01%
    IWM0.11%
    IJR0.18%
    VYM0.01%
    VB0.04%
    KRE1.3%
    SLYV0.35%
    +15 more covered ETFs

    Valuation & Metrics

    FYE: 12/31FIBK [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.1 Bil—
    FY 2026 Sales$990.0 Mil—
    FY 2027 Sales$1.0 Bil—
    FY 2026 Sales Growth-6.0%—
    FY 2027 Sales Growth3.0%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$312.1 Mil—
    FY 2026 Net Income (Non-GAAP)$291.9 Mil—
    FY 2027 Net Income (Non-GAAP)$294.4 Mil—
    FY 2027 Net Income Growth0.9%19.7%
    FY 2026 EPS (Non-GAAP)$2.84—
    FY 2027 EPS (Non-GAAP)$2.85—
    FY 2027 EPS Growth0.4%—
    VALUATION
    FY 2026 P/S3.81.8
    FY 2027 P/S3.7—
    FY 2026 P/E12.98.4
    FY 2027 P/E12.8—

    [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 7/31/27 (~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).
    FIBKS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)1.1
    Rev Chg Q-2.1%8.9%
    Rev Chg LTM4.9%7.8%
    Rev Chg 3Y Avg-2.2%5.7%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)0.3
    CFO/Rev LTM26.8%21.6%
    Net Inc Mgn29.6%13.0%
    VALUATIONLOW
    P/S3.63.4
    P/CFO13.315.7
    P/FCF14.820.0
    P/E12.023.9

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Banking Offices28911062025Link
    Total Assets27.3 Billion9302025Link
    Full-Time Equivalent Employees378312312022Link

    Price Chart

    Upcoming
    8/04/2026DividendAmount: $0.47
    Payment On: 8/14/2026
    11/04/2026Earnings ReleaseRev: $248 Mil (E)
    EPS: $0.70 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/1/2026

    First Interstate BancSystem (FIBK) stock has gained about 10% since 4/30/2026 because of the following key factors:

    1. First Interstate BancSystem significantly surpassed analyst expectations for its fiscal second quarter of 2026 (ended June 30, 2026). The company reported diluted earnings per share (EPS) of $0.87, which was 27.94% higher than the Wall Street consensus of $0.68. Additionally, revenue reached $263.9 million, exceeding forecasts of $249.42 million by 5.81%. Net income also saw a substantial 42.6% increase from the prior fiscal quarter.

    2. The company achieved its ninth consecutive quarter of net interest margin (NIM) expansion. The fully taxable equivalent net interest margin expanded to 3.48% in fiscal Q2 2026, up from 3.43% in fiscal Q1 2026 and 3.32% a year earlier. This improvement was largely driven by lower deposit and funding costs.

    Show more
    Updated on 7/1/2026

    First Interstate BancSystem (FIBK) stock has gained about 10% since 4/30/2026 because of the following key factors:

    1. First Interstate BancSystem significantly surpassed analyst expectations for its fiscal second quarter of 2026 (ended June 30, 2026). The company reported diluted earnings per share (EPS) of $0.87, which was 27.94% higher than the Wall Street consensus of $0.68. Additionally, revenue reached $263.9 million, exceeding forecasts of $249.42 million by 5.81%. Net income also saw a substantial 42.6% increase from the prior fiscal quarter.

    2. The company achieved its ninth consecutive quarter of net interest margin (NIM) expansion. The fully taxable equivalent net interest margin expanded to 3.48% in fiscal Q2 2026, up from 3.43% in fiscal Q1 2026 and 3.32% a year earlier. This improvement was largely driven by lower deposit and funding costs.

    3. A one-time gain from a branch transaction boosted non-interest income. First Interstate BancSystem recorded a $19.5 million gain from the sale of eleven Nebraska branches in fiscal Q2 2026, contributing to a $20.6 million sequential increase in non-interest income to $61.7 million.

    4. Credit quality showed notable improvement during the quarter. Criticized loans decreased by $95.8 million, or 9.3%, from the prior fiscal quarter, indicating a healthier loan portfolio.

    5. Management demonstrated a commitment to returning capital to shareholders. The company repurchased approximately 1.9 million shares for about $69 million during fiscal Q2 2026. Furthermore, the share repurchase authorization was increased by $150 million, bringing the total cumulative authorization to $450 million.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The 8.5% change in FIBK stock from 4/30/2026 to 7/31/2026 was primarily driven by a 3.8% change in the company's Net Income Margin (%).
    (LTM values as of)43020267312026Change
    Stock Price ($)35.0338.028.5%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0591,054-0.5%
    Net Income Margin (%)28.5%29.6%3.8%
    P/E Multiple11.712.03.1%
    Shares Outstanding (Mil)101991.9%
    Cumulative Contribution8.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 7/31/2026
    ReturnCorrelation
    FIBK8.5% 
    Market (SPY)3.9%29.9%
    Sector (XLF)9.2%53.9%

    Fundamental Drivers

    The 9.9% change in FIBK stock from 1/31/2026 to 7/31/2026 was primarily driven by a 21.6% change in the company's Net Income Margin (%).
    (LTM values as of)13120267312026Change
    Stock Price ($)34.5938.029.9%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0071,0544.6%
    Net Income Margin (%)24.4%29.6%21.6%
    P/E Multiple14.512.0-17.2%
    Shares Outstanding (Mil)103994.3%
    Cumulative Contribution9.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 7/31/2026
    ReturnCorrelation
    FIBK9.9% 
    Market (SPY)8.3%42.0%
    Sector (XLF)7.1%62.0%

    Fundamental Drivers

    The 39.7% change in FIBK stock from 7/31/2025 to 7/31/2026 was primarily driven by a 36.6% change in the company's Net Income Margin (%).
    (LTM values as of)73120257312026Change
    Stock Price ($)27.2338.0239.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1,0041,0544.9%
    Net Income Margin (%)21.7%29.6%36.6%
    P/E Multiple12.912.0-6.5%
    Shares Outstanding (Mil)103994.3%
    Cumulative Contribution39.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 7/31/2026
    ReturnCorrelation
    FIBK39.7% 
    Market (SPY)19.2%46.0%
    Sector (XLF)10.0%62.5%

    Fundamental Drivers

    The 60.1% change in FIBK stock from 7/31/2023 to 7/31/2026 was primarily driven by a 42.7% change in the company's P/E Multiple.
    (LTM values as of)73120237312026Change
    Stock Price ($)23.7438.0260.1%
    Change Contribution By: 
    Total Revenues ($ Mil)1,1341,054-7.1%
    Net Income Margin (%)25.7%29.6%15.1%
    P/E Multiple8.412.042.7%
    Shares Outstanding (Mil)104994.9%
    Cumulative Contribution60.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 7/31/2026
    ReturnCorrelation
    FIBK60.1% 
    Market (SPY)68.9%50.4%
    Sector (XLF)68.4%65.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FIBK Return4%0%-15%13%13%14%29%
    Peers Return24%-6%-2%-8%44%21%84%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    FIBK Win Rate58%50%42%50%50%57% 
    Peers Win Rate44%53%47%42%72%63% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    FIBK Max Drawdown-24%-27%-43%-21%-28%-17% 
    Peers Max Drawdown-16%-19%-34%-22%-17%-14% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NEWT, ATLO, FCBM, HAPN, CBC.
    [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 7/31/2026 (YTD)

    How Low Can It Go

    EventFIBKS&P 500
    2025 US Tariff Shock
      % Loss-27.0%-18.8%
      % Gain to Breakeven37.0%23.1%
      Time to Breakeven136 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-20.2%-9.5%
      % Gain to Breakeven25.4%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-40.0%-6.7%
      % Gain to Breakeven66.6%7.1%
      Time to Breakeven544 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-20.7%-24.5%
      % Gain to Breakeven26.2%32.4%
      Time to Breakeven87 days427 days
    2020 COVID-19 Crash
      % Loss-33.0%-33.7%
      % Gain to Breakeven49.3%50.9%
      Time to Breakeven242 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-22.7%-19.2%
      % Gain to Breakeven29.4%23.8%
      Time to Breakeven744 days105 days

    Compare to NEWT, ATLO, FCBM, HAPN, CBC

    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.

    EventFIBKS&P 500
    2025 US Tariff Shock
      % Loss-27.0%-18.8%
      % Gain to Breakeven37.0%23.1%
      Time to Breakeven136 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-20.2%-9.5%
      % Gain to Breakeven25.4%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-40.0%-6.7%
      % Gain to Breakeven66.6%7.1%
      Time to Breakeven544 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-20.7%-24.5%
      % Gain to Breakeven26.2%32.4%
      Time to Breakeven87 days427 days
    2020 COVID-19 Crash
      % Loss-33.0%-33.7%
      % Gain to Breakeven49.3%50.9%
      Time to Breakeven242 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-22.7%-19.2%
      % Gain to Breakeven29.4%23.8%
      Time to Breakeven744 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-27.3%-17.9%
      % Gain to Breakeven37.5%21.8%
      Time to Breakeven99 days123 days

    Compare to NEWT, ATLO, FCBM, HAPN, CBC

    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)

    First Interstate BancSystem, Inc. (FIBK) is a bank holding company that operates First Interstate Bank, providing a comprehensive suite of banking products and financial services. Essentially, it functions as a full-service community and commercial bank, catering to the financial needs of individuals, businesses, and public entities across several western U.S. states.

    The company's core offerings include traditional deposit products like checking, savings, and time deposits. On the lending side, FIBK specializes in various real estate loans (commercial, construction, residential, agricultural), consumer loans (personal, credit card, indirect), and commercial loans designed for small and medium-sized businesses to support working capital and expansion. Beyond these, FIBK also provides wealth management services, including trust, investment management, employee benefit, and insurance services, alongside modern conveniences like online and mobile banking.

    First Interstate BancSystem serves a broad and diverse clientele, including individuals, small and medium-sized businesses, municipalities, and non-profit organizations. Its services span a wide array of industries such as agriculture, construction, healthcare, real estate, and retail. Geographically, FIBK operates through its network of 147 banking offices situated in communities across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

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

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    1. 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.

    2. 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.

    3. 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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    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.

    Latest Trefis Analyses

    Recent Active Movers

    Top Gainers

    TickerCompanyCategory1W RtnYTD Rtn
    KWEBKraneShares CSI China Internet ETFEquity8.4%-16.3%
    IGViShares Expanded Tech-Software Sector...Equity7.5%-10.5%
    XLYState Street Consumer Discretionary S...Equity6.1%-2.6%
    FXIiShares China Large-Cap ETFEquity5.6%-4.7%
    AKREAkre Focus ETFEquity5.2%-12.2%
    MAGSRoundhill Magnificent Seven ETFEquity4.4%0.0%
    BOTZGlobal X Funds Global X Robotics & Ar...Equity4.1%-2.8%
    PPLTETFS Physical Platinum SharesCommodity3.7%-19.8%
    COWZPacer US Cash Cows 100 ETFEquity3.1%11.5%
    PALLETFS Physical Palladium SharesCommodity3.0%-20.1%

    Top Losers

    TickerCompanyCategory1W RtnYTD Rtn
    USOUnited States Oil Fund LPCommodity-5.5%86.8%
    UNGUnited States Natural Gas Fund LPCommodity-4.6%-17.9%
    SOXQInvesco PHLX Semiconductor ETFEquity-4.3%59.9%
    SOXXiShares Semiconductor ETFEquity-4.2%67.8%
    XLUState Street Utilities Select Sector ...Equity-4.2%4.6%
    SMHVanEck Semiconductor ETFEquity-3.7%50.1%
    EWYiShares MSCI South Korea ETFEquity-3.6%61.6%
    IYTiShares U.S. Transportation ETFEquity-3.6%14.3%
    USRTiShares Core U.S. REIT ETFReal Estate-2.8%19.6%
    NASATema Space Innovators ETFEquity-2.3%-14.1%

    Top Gainers

    TickerCompanyCategory1M RtnYTD Rtn
    USOUnited States Oil Fund LPCommodity25.1%86.8%
    ETHAiShares Ethereum Trust ETFCryptocurrency15.4%-37.3%
    XOPState Street SPDR S&P Oil & Gas Explo...Equity15.4%41.1%
    FXIiShares China Large-Cap ETFEquity14.2%-4.7%
    KWEBKraneShares CSI China Internet ETFEquity13.4%-16.3%
    XLEState Street Energy Select Sector SPD...Equity12.8%34.1%
    DBCInvesco DB Commodity Index Tracking FundCommodity11.3%31.7%
    PDBCInvesco Optimum Yield Diversified Com...Commodity11.3%32.5%
    FXNFirst Trust Energy AlphaDEX FundEquity10.5%34.7%
    HGERHarbor Commodity All-Weather Strategy...Commodity8.9%29.5%

    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    NASATema Space Innovators ETFEquity-26.6%-14.1%
    SOXXiShares Semiconductor ETFEquity-15.8%67.8%
    EWYiShares MSCI South Korea ETFEquity-15.3%61.6%
    SOXQInvesco PHLX Semiconductor ETFEquity-15.3%59.9%
    ICLNiShares Global Clean Energy ETFEquity-13.0%6.8%
    ARKKARK Innovation ETFEquity-13.0%-7.4%
    SMHVanEck Semiconductor ETFEquity-12.9%50.1%
    UNGUnited States Natural Gas Fund LPCommodity-12.7%-17.9%
    XOVREntrepreneurShares Series Trust ERSha...Equity-11.9%-7.6%
    ARKQARK Autonomous Technology & Robotics ETFEquity-11.8%0.4%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    FIBKNEWTATLOFCBMHAPNCBCMedian
    NameFirst In.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    Mkt Price38.0214.8330.5912.5119.1432.8024.87
    Mkt Cap3.80.40.3-2.2394.12.2
    Rev LTM1,05427270-1,0481,0001,000
    Op Inc LTM-------
    FCF LTM253-77622--2,95745722
    FCF 3Y Avg336-34817--2,663--165
    CFO LTM282-77623--2,86649123
    CFO 3Y Avg362-34819--2,571--164

    Growth & Margins

    FIBKNEWTATLOFCBMHAPNCBCMedian
    NameFirst In.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    Rev Chg LTM4.9%10.5%21.7%-18.4%-14.4%
    Rev Chg 3Y Avg-2.2%32.1%5.4%-2.4%-3.9%
    Rev Chg Q-2.1%8.0%17.8%-5.8%-6.9%
    QoQ Delta Rev Chg LTM-0.5%1.9%4.1%-1.4%-1.6%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM26.8%-285.4%32.5%--273.6%49.1%26.8%
    CFO/Rev 3Y Avg35.5%-134.4%31.4%--292.9%--51.5%
    FCF/Rev LTM24.0%-285.4%31.2%--282.2%45.7%24.0%
    FCF/Rev 3Y Avg33.0%-134.5%28.6%--303.1%--53.0%

    Valuation

    FIBKNEWTATLOFCBMHAPNCBCMedian
    NameFirst In.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    Mkt Cap3.80.40.3-2.2394.12.2
    P/S3.61.63.9-2.1393.93.6
    P/Op Inc-------
    P/EBIT-------
    P/E12.06.512.6-11.31,050.012.0
    P/CFO13.3-0.512.0--0.8803.112.0
    Total Yield13.4%22.2%10.7%-8.9%0.1%10.7%
    Dividend Yield5.1%6.9%2.8%-0.0%0.0%2.8%
    FCF Yield 3Y Avg10.9%-92.0%8.8%---8.8%
    D/E0.11.30.1-0.00.00.1
    Net D/E-0.30.4-1.8--0.4-0.0-0.3

    Returns

    FIBKNEWTATLOFCBMHAPNCBCMedian
    NameFirst In.NewtekOneAmes Nat.First Ca.Happen, .Central . 
    1M Rtn-3.2%-1.5%0.1%-1.2%-6.8%4.6%-1.4%
    3M Rtn8.7%14.6%6.7%-0.7%0.9%21.6%7.7%
    6M Rtn9.9%13.3%19.2%-0.7%0.9%37.3%11.6%
    12M Rtn39.7%38.1%75.8%-0.7%0.9%81.1%38.9%
    3Y Rtn62.6%-0.6%80.4%-0.7%0.9%142.3%31.8%
    1M Excs Rtn-3.2%-1.6%0.0%-1.3%-6.9%4.5%-1.4%
    3M Excs Rtn4.6%12.0%5.6%-4.6%-2.9%18.0%5.1%
    6M Excs Rtn0.4%-0.7%13.4%-8.2%-6.5%30.7%-0.1%
    12M Excs Rtn22.9%20.9%56.0%-18.4%-16.8%63.4%21.9%
    3Y Excs Rtn-6.3%-67.1%11.5%-64.7%-63.1%95.4%-34.7%

    Comparison Analyses

    null

    FDIC Bank Data

    Bank Assets

    FDIC Data As Of6302017
    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 Of6302017
    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

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/7/20262/26/202611/6/20258/6/20255/7/20252/28/202511/4/20248/2/20245/3/20242/29/202411/3/20238/4/2023
    Key Financials Quarterly            
    Total Revenue242313250248247261252244242252256262
    Net Income6010971725052566058627367
    EPS0.611.080.690.690.490.510.540.580.570.590.700.65
    Key Financials TTM            
    Total Revenue TTM1,0541,0591,0071,0081,0041,0009919941,0131,0261,0741,108
    Net Income TTM312302245230218226235253260258282295
    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 Growth19.9%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 Margin24.9%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 Cash1,4231,4231,5541,1929835,9546,2336,5626,4086,4196,2196,538
    Total Debt2972963096651,2531,8632,3802,9762,8762,8872,3512,873
    Net Debt / (Cash)-1,126-1,127-1,245-527271-4,091-3,852-3,585-3,532-3,532-3,868-3,665
    Cash Flows Quarterly            
    FCF from Operations55679268789590828869129172
    Cash Flows TTM            
    FCF from Operations TTM282306334332346355329368458428454495
    Returns to Shareholders Quarterly            
    Dividends464849494849494949494949
    Share Repurchases889128-03-00-0132-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC25.5%41.6%28.8%16.8%8.2%-------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM33.1%28.9%24.8%13.5%8.8%-------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Community Banking1,0591,0001,0261,106639
    Total1,0591,0001,0261,106639


    Price Behavior

    Price Behavior
    Market Price$38.02 
    Market Cap ($ Bil)3.8 
    First Trading Date03/24/2010 
    Distance from 52W High-5.5% 
       50 Days200 Days
    DMA Price$37.38$34.66
    DMA Trendupup
    Distance from DMA1.7%9.7%
     3M1YR
    Volatility23.2%27.9%
    Downside Capture53.4192.98
    Upside Capture81.73112.75
    Correlation (SPY)31.5%46.3%
    FIBK Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.880.390.510.740.991.10
    Up Beta1.24-0.090.390.651.141.22
    Down Beta0.460.290.170.370.771.02
    Up Capture81%82%78%88%120%118%
    Bmk +ve Days11223567138427
    Stock +ve Days10233263127378
    Down Capture103%37%56%91%94%102%
    Bmk -ve Days11212859114326
    Stock -ve Days12192960122369

    [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
    FIBK40.8%27.8%1.21-
    Sector ETF (XLF)9.4%14.8%0.3962.3%
    Equity (SPY)18.8%12.9%1.0745.9%
    Gold (GLD)23.6%28.1%0.748.2%
    Commodities (DBC)30.2%19.7%1.22-20.2%
    Real Estate (VNQ)13.7%13.9%0.6939.7%
    Bitcoin (BTCUSD)-44.8%42.9%-1.2623.0%

    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
    FIBK4.2%33.4%0.18-
    Sector ETF (XLF)11.3%18.4%0.4760.9%
    Equity (SPY)12.6%17.1%0.5646.4%
    Gold (GLD)17.1%18.5%0.751.6%
    Commodities (DBC)9.0%19.5%0.354.9%
    Real Estate (VNQ)2.5%18.9%0.0343.6%
    Bitcoin (BTCUSD)14.2%53.3%0.4518.5%

    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
    FIBK8.0%32.9%0.31-
    Sector ETF (XLF)13.6%22.0%0.5668.3%
    Equity (SPY)15.0%17.9%0.7152.2%
    Gold (GLD)11.3%16.1%0.57-5.3%
    Commodities (DBC)7.3%18.0%0.3213.4%
    Real Estate (VNQ)4.9%20.7%0.2046.6%
    Bitcoin (BTCUSD)58.2%66.2%0.9814.0%

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

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity9.2 Mil
    Short Interest: % Change Since 6302026-0.2%
    Average Daily Volume1.0 Mil
    Days-to-Cover Short Interest9.4 days
    Basic Shares Quantity98.9 Mil
    Short % of Basic Shares9.3%

    Returns Analyses

    Earnings Returns History

    Updated 8/1/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/20260.1%0.9% 
    4/29/20263.1%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%
    1/29/20251.9%0.5%-5.2%
    10/24/2024-3.3%-3.8%9.1%
    ...
    SUMMARY STATS   
    # Positive111615
    # Negative1388
    Median Positive1.4%3.3%6.9%
    Median Negative-2.3%-3.7%-4.2%
    Max Positive8.7%8.6%19.3%
    Max Negative-10.8%-10.1%-11.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/20260.1%0.9% 
    4/29/20263.1%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%
    1/29/20251.9%0.5%-5.2%
    10/24/2024-3.3%-3.8%9.1%
    7/25/20240.6%-7.6%-2.8%
    4/24/20241.4%3.3%3.8%
    1/30/2024-5.7%-10.1%-8.2%
    10/25/20238.7%6.5%19.3%
    7/26/2023-2.0%-1.7%-11.2%
    5/25/20231.1%3.8%1.8%
    1/26/2023-10.8%-1.7%-3.5%
    10/25/20224.3%8.6%6.0%
    7/26/20220.7%0.1%1.4%
    4/28/2022-1.5%4.6%18.1%
    1/27/2022-0.7%-3.6%9.3%
    10/26/20211.0%0.1%3.1%
    7/27/2021-2.3%2.0%6.9%
    5/26/20211.8%5.2%-3.9%
    1/28/2021-3.1%3.3%19.3%
    10/26/2020-0.2%-1.5%14.4%
    SUMMARY STATS   
    # Positive111615
    # Negative1388
    Median Positive1.4%3.3%6.9%
    Median Negative-2.3%-3.7%-4.2%
    Max Positive8.7%8.6%19.3%
    Max Negative-10.8%-10.1%-11.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/04/202410-Q
    06/30/202408/02/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/07/202210-Q
    06/30/202208/05/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/04/202410-Q
    06/30/202408/02/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/07/202210-Q
    06/30/202208/05/202210-Q
    03/31/202205/09/202210-Q
    12/31/202102/25/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202003/01/202110-K
    09/30/202011/04/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/11/202010-Q
    12/31/201902/27/202010-K
    09/30/201911/06/201910-Q
    06/30/201908/07/201910-Q

    Insider Activity

    Updated 7/28/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Scott, Jonathan RSee FootnoteSell716202640.3010,000403,00033,962,341Form
    2Scott, Julie ASee FootnoteSell618202635.9715,000539,50017,564,645Form
    3Scott, Jonathan RSee FootnoteSell618202636.119,390339,07330,792,369Form
    4Scott, Jonathan RSee FootnoteSell618202636.294,500163,30531,286,625Form
    5Scott, Jonathan RSee FootnoteSell604202635.5812,892458,69730,834,624Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Scott, Jonathan RSee FootnoteSell716202640.3010,000403,00033,962,341Form
    2Scott, Julie ASee FootnoteSell618202635.9715,000539,50017,564,645Form
    3Scott, Jonathan RSee FootnoteSell618202636.119,390339,07330,792,369Form
    4Scott, Jonathan RSee FootnoteSell618202636.294,500163,30531,286,625Form
    5Scott, Jonathan RSee FootnoteSell604202635.5812,892458,69730,834,624Form
    6Scott, Jonathan RSee FootnoteSell501202635.4253,5041,895,11231,152,598Form
    7Scott, Jonathan RSee FootnoteSell327202633.453,000100,35031,209,653Form
    8Scott, Jonathan RSee FootnoteSell106202636.921,82767,45334,558,006Form
    9Scott, Jonathan RSee FootnoteSell106202636.203,173114,86333,950,206Form
    10Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-TrusteesSee FootnoteSell1201202532.7510,000327,5007,351,065Form
    11Heyneman, John M JR see footnoteSell1125202531.0330,432944,30543,896,155Form
    12Heyneman, John M JR Bench Ranch LLCSell1112202532.1415,000482,100969,150Form
    13Heyneman, John M JR Awe' LLCSell1112202532.0620,000641,2001,522,273Form
    14Scott, Jonathan RSee FootnoteSell1103202531.274,800150,09629,425,820Form
    15Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-TrusteesSee FootnoteSell1103202530.9910,000309,9007,265,915Form
    16Scott, Jonathan RSee FootnoteSell1029202532.097,000224,63030,351,492Form
    17Scott, Jonathan RSee FootnoteSell1008202531.6668521,68730,166,408Form
    18Scott, Jonathan RSee FootnoteSell1008202532.015,600179,25630,521,823Form
    19Scott, Jonathan RSee FootnoteSell1008202532.0913,715440,11430,777,808Form
    20Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-TrusteesSee FootnoteSell1003202531.5910,000315,9007,722,491Form
    21Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-TrusteesSee FootnoteSell902202532.2810,000322,80016,761,584Form
    22Heyneman, John M JR DirectSell818202530.1811,818356,726157,686Form
    23Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-TrusteesSee FootnoteSell801202527.8655,0001,532,30014,745,072Form
    24Susan, Scott Heyneman Trust, Susan Heyneman & First Interstate Wealth Management Co-TrusteesSee FootnoteSell715202531.1155,0001,711,05018,176,204Form

    Investor Activity (13F)

    Updated Aug 1, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    HoldCo Asset Management, LP$131.9 Mil9.8%29Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    HoldCo Asset Management, LP$131.9 Mil9.8%29Hold13F

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 7/31/2026