Welcome to our dedicated page for First Interstate Bancsystem news (Ticker: FIBK), a resource for investors and traders seeking the latest updates and insights on First Interstate Bancsystem stock.
First Interstate BancSystem, Inc. (NASDAQ: FIBK) is a financial and bank holding company headquartered in Billings, Montana and focused on community banking. Through its subsidiary, First Interstate Bank, the company operates banking offices across multiple western and midwestern states and offers online and mobile banking services. This news page aggregates coverage of the company’s announcements, earnings releases, and other material developments.
Investors following FIBK news will see regular updates on quarterly financial results, including net interest income, net interest margin, noninterest income, noninterest expense, credit quality metrics, and capital ratios. Earnings releases also discuss trends in deposits, loans, and funding sources, as well as commentary from management on strategic priorities such as organic growth, relationship banking, expense management, and balance sheet positioning.
News items for First Interstate BancSystem also include announcements about capital management, such as subordinated note offerings, redemptions of existing subordinated notes, and the adoption of a stock repurchase program authorizing repurchases of common shares within a defined limit and time frame. In addition, the company reports on branch transactions, including the completed sale of twelve branches in Arizona and Kansas to Enterprise Bank & Trust and the purchase and assumption agreement under which Security First Bank agreed to acquire eleven Nebraska branches, subject to regulatory approval.
Governance and leadership developments are another key category of FIBK news. Form 8-K filings and related releases describe changes in the composition of the board of directors, committee assignments, and senior management roles, including the Chief Banking Officer structure and executive transition arrangements. For a comprehensive view of these topics, readers can use this page to monitor new press releases and regulatory disclosures related to First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. (NASDAQ: FIBK) has announced the appointment of James A. Reuter as President and Chief Executive Officer, effective November 1, 2024. Reuter will replace Kevin P. Riley, whose retirement was previously announced. Reuter joins First Interstate from FirstBank Holding Company, where he served as President and CEO for seven years before retiring in March 2024.
During his tenure at FirstBank, Reuter led the bank through significant growth, increasing total assets from $17 billion to over $28 billion. The First Interstate Board of Directors expressed confidence in Reuter's leadership, citing his 37 years of banking industry experience and track record in developing strategic growth plans in community banking.
Reuter has been active in various nonprofit organizations and currently serves on the Board of CEOs Against Cancer - Colorado Chapter.
First Interstate BancSystem, Inc. (NASDAQ: FIBK), the parent company of First Interstate Bank, has announced its schedule for reporting third quarter results. The company will release its earnings after market close on Thursday, October 24, 2024. This will be followed by a conference call for investors on Friday, October 25, 2024, at 11 a.m. Eastern (9 a.m. Mountain).
The conference call will include a presentation of quarterly results and a subsequent question-and-answer session. Interested parties can join the call by dialing 800-343-4136 with the Conference ID: FIBANC. Alternatively, participants can access the call via the Internet at www.FIBK.com. A telephone replay will be available approximately one hour after the call ends by dialing 800-283-4642 with the recording security code 24978. The call will also be archived on the company's website.
First Interstate BancSystem (NASDAQ: FIBK) reported Q2 2024 earnings with net income of $60.0 million, or $0.58 per share, up from $58.4 million, or $0.57 per share in Q1 2024, but down from $67.0 million, or $0.65 per share in Q2 2023. Key highlights:
- Criticized loans decreased by $12.0 million.
- Non-performing assets fell by $14.5 million.
- Net interest margin increased by 6 basis points to 2.97%.
- Total deposits rose by $60.7 million.
- Non-interest expense dropped by $3.3 million from Q1 2024 and $7.0 million from Q2 2023.
Despite positive net interest margin and expense control, net interest income declined by $16.7 million year-over-year due to higher interest-bearing deposit costs. The board declared a dividend of $0.47 per share, payable on August 15, 2024, with a 7.1% annualized yield.
First Interstate BancSystem, parent company of First Interstate Bank, will release its second-quarter earnings results after the market closes on July 25, 2024. A conference call will follow on July 26, 2024, at 11 a.m. Eastern Time, including a presentation of the results and a Q&A session. Interested parties can join via telephone (800-274-8461, ID: FIBANC) or online at www.FIBK.com. A replay will be available by phone (800-753-9146, Code: 24978) and archived online.
First Interstate BancSystem (NASDAQ: FIBK) announced the upcoming retirement of President and CEO Kevin P. Riley. Riley, who has been with the company since 2013 and served as President and CEO since 2015, will remain in his role until a successor is appointed.
The Board has initiated a search for Riley's replacement, aiming to maintain the company's strong balance sheet, diverse loan portfolio, and deep liquidity profile. The search will be led by a leading global executive recruiting firm.
During Riley's tenure, First Interstate grew from a $7B community bank in three states to a $30B regional community bank spanning 14 states.
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