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First Interstate Bancsystem
(NASDAQ:FIBK)
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Rating:67Neutral
Price Target:
$40.00
▲(7.99% Upside)
Action:Reiterated
Date:10/23/26
The score is primarily supported by improving profitability and a materially stronger balance sheet, plus attractive valuation (low P/E and strong dividend yield). These positives are moderated by weak recent top-line momentum and mixed technical signals, and by earnings-call guidance that flags near-term loan/mix pressure and higher credit costs despite continued margin expansion.
Positive Factors
Net interest margin and deposits
Repeated margin expansion and growth in non-interest-bearing deposits strengthen the bank’s funding economics and earnings profile. These trends can support durable net interest income because better asset yields and lower-cost relationship deposits improve profitability beyond a single quarter.
Negative Factors
Revenue contraction
A sharp TTM revenue decline shows that improved profitability is not yet supported by durable top-line expansion. If weaker revenue persists, the bank may have less operating leverage and fewer resources to offset expenses, credit costs, or pressure on earning assets.
Read all positive and negative factors
Positive Factors
Negative Factors
Net interest margin and deposits
Repeated margin expansion and growth in non-interest-bearing deposits strengthen the bank’s funding economics and earnings profile. These trends can support durable net interest income because better asset yields and lower-cost relationship deposits improve profitability beyond a single quarter.
Read all positive factors
First Interstate Bancsystem (FIBK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.51B
Dividend Yield5.11%
Average Volume (3M)1.23M
Price to Earnings (P/E)11.4
Beta (1Y)0.88
Revenue Growth-8.97%
EPS Growth35.06%
CountryUS
Employees3,376
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.25
Shares Outstanding95,304,600
10 Day Avg. Volume974,680
30 Day Avg. Volume1,233,775
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)1.03
Price to Sales (P/S)3.35
P/FCF Ratio12.78
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue4.03
Enterprise Value/Gross Profit3.83
Enterprise Value/Ebitda8.12
Forecast
1Y Price Target
$38.00Price Target Upside2.59% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.85
Revenue Forecast (FY)$987.87M
First Interstate Bancsystem Business Overview & Revenue Model
Company Description
First Interstate BancSystem, Inc. functions as the parent company of First Interstate Bank, delivering a comprehensive suite of financial products and services across the United States. Its offerings encompass conventional deposit accounts such as...
How the Company Makes Money
First Interstate BancSystem makes money primarily through traditional banking spread and fee-based businesses. A major revenue driver is net interest income: the bank earns interest and interest-like income on loans and other interest-earning asse...
First Interstate Bancsystem Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management highlighted a tenth consecutive quarter of net interest margin expansion, improving core deposits and customer acquisition, year-over-year credit improvement, disciplined capital returns, and stronger commercial production capacity. These positives were partly offset by sequential declines in net income, loans, and non-interest income, higher credit provisions, increased unrealized investment losses, near-term pressure on earning-asset mix, and an expected moderation in fourth-quarter margin expansion.Positive Updates
Net Interest Margin Expanded for the Tenth Consecutive Quarter
Fully taxable equivalent net interest margin increased to 3.55% from 3.48% in the second quarter and 3.36% in the third quarter of 2025. Fixed asset repricing and reinvestment at current market yields are expected to continue supporting earning asset yields and underlying margin improvement into 2027.
Negative Updates
Net Income and Earnings Per Share Declined Sequentially
Third-quarter net income was $62.2 million, or $0.65 per diluted share, compared with $83.9 million, or $0.87 per diluted share, in the second quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Net Interest Margin Expanded for the Tenth Consecutive Quarter
Fully taxable equivalent net interest margin increased to 3.55% from 3.48% in the second quarter and 3.36% in the third quarter of 2025. Fixed asset repricing and reinvestment at current market yields are expected to continue supporting earning asset yields and underlying margin improvement into 2027.
Read all positive updates
Company Guidance
Fourth-quarter guidance includes more meaningful payoffs within the commercial loan portfolio, further success in exiting some non-relationship and out-of-market credits, and deposits generally implying about flat YoY when backing out some of those branch sales and that large deposit; seasonality tends to be strong early in the fourth quarter, a little bit weaker late. Net interest income guidance at the midpoint assumes expansion in NII into the fourth quarter, while the company expects a smaller sequential margin benefit in the fourth quarter than realized in the third quarter. The company expects loans decline, deposits flat to higher in the fourth quarter, and continued pressure on the mix. The expense forecast includes continued investment, two branches in Colorado in the first half of 2027, and consolidating three additional locations in the fourth quarter of this year; YoY, it is reasonable to expect normal inflationary factors on the expense base. No specific quarterly target was provided for repurchases, and the company said it is too early to provide a 2027 guide.First Interstate Bancsystem Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 953.30M | 1.06B | 1.48B | 1.43B | 1.18B | 656.00M |
| Gross Profit | 1.00B | 1.03B | 931.90M | 993.60M | 1.02B | 653.30M |
| EBITDA | 473.30M | 442.50M | 351.50M | 390.60M | 312.60M | 292.20M |
| Net Income | 324.30M | 302.10M | 226.00M | 257.50M | 202.20M | 192.10M |
Balance Sheet | ||||||
| Total Assets | 25.89B | 26.64B | 29.14B | 30.67B | 32.29B | 19.67B |
| Cash, Cash Equivalents and Short-Term Investments | 8.33B | 358.20M | 960.40M | 6.42B | 7.82B | 7.17B |
| Total Debt | 751.90M | 775.70M | 2.39B | 3.67B | 3.66B | 1.25B |
| Total Liabilities | 22.56B | 23.19B | 25.83B | 27.44B | 29.21B | 17.69B |
| Stockholders Equity | 3.32B | 3.45B | 3.30B | 3.23B | 3.07B | 1.99B |
Cash Flow | ||||||
| Free Cash Flow | 243.30M | 277.80M | 332.00M | 399.80M | 523.90M | 272.00M |
| Operating Cash Flow | 271.90M | 305.60M | 355.00M | 428.00M | 534.40M | 282.30M |
| Investing Cash Flow | 990.20M | 2.31B | 1.76B | 1.25B | -949.00M | -2.12B |
| Financing Cash Flow | -1.19B | -2.20B | -1.80B | -1.97B | -1.06B | 1.91B |
First Interstate Bancsystem Technical Analysis
Positive
37.04
Price Trends
36.52
Positive
37.00
Negative
35.71
Positive
Market Momentum
-0.15
Negative
60.18
Neutral
93.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIBK, the sentiment is Positive. The current price of 37.04 is above the 20-day moving average (MA) of 35.41, above the 50-day MA of 36.52, and above the 200-day MA of 35.71, indicating a bullish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 60.18 is Neutral, neither overbought nor oversold. The STOCH value of 93.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIBK.
First Interstate Bancsystem Risk Analysis
First Interstate Bancsystem disclosed 43 risk factors in its most recent earnings report. First Interstate Bancsystem reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Interstate Bancsystem Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.28B | 14.48 | 11.34% | 3.04% | 7.22% | 17.31% | |
77 Outperform | $3.43B | 11.37 | 10.07% | 3.09% | 11.65% | 13.28% | |
76 Outperform | $3.74B | 14.56 | 8.61% | 1.79% | -2.86% | 6.96% | |
74 Outperform | $3.51B | 12.14 | 10.12% | 10.28% | 211.29% | ― | |
70 Outperform | $3.59B | 15.97 | 8.79% | 0.79% | 45.66% | -3.30% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $3.51B | 11.42 | 9.49% | 5.11% | -8.97% | 35.06% |
* Financial Sector Average
FIBK
First Interstate Bancsystem
36.78
6.24
20.43%
BANF
BancFirst
111.21
0.68
0.62%
CBU
Community Bank System
62.42
6.79
12.20%
FFBC
First Financial Bancorp
32.64
9.44
40.70%
MCHB
Mechanics Bancorp Class A
15.17
2.82
22.87%
NIC
Nicolet Bankshares
171.41
49.70
40.84%
First Interstate Bancsystem Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial Disclosures
First Interstate BancSystem Posts Updated Corporate Presentation
Neutral
Oct 22, 2026
First Interstate BancSystem, Inc. reported third-quarter 2026 net income of $62.2 million, or $0.65 per diluted share, down from $83.9 million in the prior quarter and $71.4 million a year earlier, reflecting the absence of a $19.5 million gain fr...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
First Interstate BancSystem Confirms New Chief Operations Officer
Neutral
Sep 16, 2026
On September 14, 2026, First Interstate BancSystem, Inc. and its subsidiary First Interstate Bank executed an employment agreement with Jeff Lee, making effective his previously announced appointment as Executive Vice President and Chief Operation...
Business Operations and StrategyExecutive/Board Changes
First Interstate BancSystem Appoints New Chief Operations Officer
Positive
Aug 21, 2026
On August 21, 2026, First Interstate BancSystem announced it had appointed Jeff Lee as Executive Vice President and Chief Operations Officer of the company and First Interstate Bank, with his employment scheduled to begin on September 14, 2026. Le...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
First Interstate BancSystem Declares Dividend, Highlights Strong Quarter
Positive
Jul 23, 2026
First Interstate BancSystem reported second-quarter 2026 net income of $83.9 million, or $0.87 per diluted share, up from both the prior quarter and the same period a year earlier, driven in part by a $19.5 million gain from the April 10 sale of e...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.