First Interstate Bancsystem Stock Price, News & Analysis

First Interstate BancSystem, Inc. (NASDAQ: FIBK) reported a strong second quarter for 2022, with a net income of $64.1 million, or $0.59 per share, a notable recovery from a net loss of $33.4 million in Q1 2022. This increase was supported by a 33.7% rise in net interest income to $237.9 million and improved asset quality. The recently completed acquisition of Great Western Bancorp is expected to yield cost savings and enhance profitability. However, earnings were impacted by $45.8 million in acquisition costs.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) will report its second quarter results on July 26, 2022, after the market closes. An investor conference call is scheduled for July 27 at 11 a.m. Eastern, where quarterly results will be discussed, including a Q&A session. The call is accessible by phone or online. With $33 billion in assets as of March 31, 2022, First Interstate is a leader in community banking across multiple states in the U.S. Further details can be found on their website.

First Interstate BancSystem, Inc. has successfully converted all Great Western Bank branches to operate as First Interstate Bank, expanding its reach to eight new states and bringing total branches to over 300. This strategic move enhances client service by providing additional products and digital tools. First Interstate also committed to community support, donating $21.5 million to its philanthropic foundation post-merger. With assets of $33 billion (as of March 31, 2022), First Interstate aims to reinforce its community banking leadership.

First Interstate BancSystem (NASDAQ: FIBK) reported a net loss of $33.4 million, or $0.36 per share, for Q1 2022, significantly down from a net income of $51.1 million in Q4 2021. The loss was impacted by pre-tax acquisition costs of $65.2 million from the acquisition of Great Western Bancorp, which was finalized on February 1, 2022, for about $1.7 billion. Despite challenges, total assets surged 68.6% to $33.2 billion, primarily driven by the acquisition. Net interest income rose 46.1% to $178 million, aided by an increased net interest margin ratio of 2.80%.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) will release first quarter results on April 28, 2022, after market close. An investor conference call is scheduled for April 29, 2022, at 11 a.m. Eastern to discuss these results. The call can be accessed by phone or online, and a rebroadcast will be available post-call. First Interstate BancSystem is a prominent financial services holding company based in Billings, Montana, with $19.6 billion in assets as of December 31, 2021.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) announced the automatic conversion of all outstanding Class B common stock into Class A common stock at a 1:1 ratio prior to market opening. This change, mandated by their Articles of Incorporation, eliminates the differing voting rights between the two classes. The conversion does not alter the economic rights of shareholders and FIBK will no longer be classified as a 'controlled company' under NASDAQ rules. Class A common stock will continue to trade under the ticker symbol 'FIBK' with no required stockholder action.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) has successfully completed its merger with Great Western Bancorp, Inc. (GWB), marking a significant milestone for the company. This merger, valued at approximately $2.0 billion, will enhance FIBK's community banking franchise across the West. Following the merger, GWB branches will continue to operate under its name until a system conversion scheduled for May 2022, where they will be rebranded as First Interstate Bank branches. The merger aims to create long-term shareholder value through increased market presence.

Great Western Bancorp reported a net income of $39.2 million, or $0.71 per diluted share, for Q4 2021, down from $51.9 million or $0.93 per share in Q3 2021. Net interest income was $95.3 million, with a net interest margin of 3.05%. Total loans decreased to $8.13 billion, impacted by a reduction in PPP loans. However, total deposits increased to $11.76 billion. The company has improved asset quality with a 12.8% decrease in nonperforming assets. A merger with First Interstate Bancorp is anticipated to close around February 1, 2022.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) announced that Scott Erkonen and Karlyn Knieriem will join its executive team following the merger with Great Western Bancorp, Inc. (GWB), expected to close around February 1, 2022. Erkonen will take on the role of Chief Information Officer, while Knieriem will be Chief Risk Officer. The merger aims to establish First Interstate as a leading community bank. Headquartered in Billings, Montana, FIBK manages $19.3 billion in assets as of September 30, 2021.