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First Interstate BancSystem (FIBK)

First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services. Through its bank subsidiary, First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities, and others throughout the Company's market areas.

Company profile

Ticker
FIBK
Exchange
CEO
Kevin Riley
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
FIRST INTERSTATE BANCSYSTEM OF MONTANA INC
SEC CIK
Subsidiaries
Mountain South, LLC ...
IRS number
810331430

FIBK stock data

Analyst ratings and price targets

Last 3 months

Calendar

9 May 22
2 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 3.81B 3.81B 3.81B 3.81B 3.81B 3.81B
Cash burn (monthly) (no burn) (no burn) 13.77M (no burn) (no burn) (no burn)
Cash used (since last report) n/a n/a 42.23M n/a n/a n/a
Cash remaining n/a n/a 3.77B n/a n/a n/a
Runway (months of cash) n/a n/a 273.8 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jun 22 Scott Jonathan R Class A Common Stock Sell Dispose S No Yes 36.03 5,000 180.15K 11,001
1 Jun 22 Grieb Frances Pallas Class A Common Stock Grant Acquire A No No 38.07 1,576 60K 19,035
1 Jun 22 Jahnke David L Class A Common Stock Grant Acquire A No No 38.07 2,889 109.98K 19,873
1 Jun 22 Moss Patricia L Class A Common Stock Grant Acquire A No No 38.07 1,576 60K 6,701
1 Jun 22 Stephen Mark Lacy Class A Common Stock Grant Acquire A No No 38.07 1,576 60K 13,473
79.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 247 191 +29.3%
Opened positions 77 28 +175.0%
Closed positions 21 24 -12.5%
Increased positions 128 68 +88.2%
Reduced positions 27 55 -50.9%
13F shares Current Prev Q Change
Total value 3.04B 1.69B +80.3%
Total shares 86.89M 46.05M +88.7%
Total puts 170.3K 16.4K +938.4%
Total calls 128.1K 14.3K +795.8%
Total put/call ratio 1.3 1.1 +15.9%
Largest owners Shares Value Change
BLK Blackrock 8.71M $320.29M +61.3%
Vanguard 7.75M $284.86M +116.2%
MCQEF Macquarie 5.57M $204.94M +129.0%
STT State Street 4.34M $159.74M +152.8%
FIBK First Interstate BancSystem 4.18M $0 0.0%
Scott James R 3.8M $138.77M 0.0%
Dimensional Fund Advisors 3.51M $129.1M +133.5%
Massachusetts Financial Services 3.29M $121.08M +17.4%
Wellington Management 2.71M $99.57M +160.8%
JHG Janus Henderson 2.25M $82.84M +26877.2%
Largest transactions Shares Bought/sold Change
Vanguard 7.75M +4.16M +116.2%
BLK Blackrock 8.71M +3.31M +61.3%
MCQEF Macquarie 5.57M +3.14M +129.0%
STT State Street 4.34M +2.63M +152.8%
JHG Janus Henderson 2.25M +2.24M +26877.2%
Dimensional Fund Advisors 3.51M +2.01M +133.5%
Wellington Management 2.71M +1.67M +160.8%
Citadel Advisors 1.81M +1.6M +758.6%
Cramer Rosenthal MCGLYNN 1.27M +1.27M NEW
Manufacturers Life Insurance Company, The 1.25M +1.23M +5962.0%

Financial report summary

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Risks
  • New governmental regulations and/or changes in existing governmental regulations could have a material, adverse effect on the Company.
  • Tax legislative initiatives or assessments could adversely affect our results of operations and financial condition.
  • We may be subject to more stringent capital requirements in the future, the impact of which could have a material risk on our operations.
  • Changes in accounting standards could materially negatively impact our financial statements.
  • Any failure to comply with laws and regulations, including the Community Reinvestment Act (CRA) and fair lending laws, could lead to material penalties.
  • We are subject to the USA PATRIOT Act, OFAC guidelines and requirements, the BSA, and related FinCEN and FFIEC Guidelines and regulations and any failure to comply with them could result in material implications that could harm our business.
  • A decline in economic conditions could reduce demand for our products and services and negatively impact the credit quality of loans, which could have an adverse effect on our results of operations.
  • If we experience loan credit losses in excess of estimated amounts, our earnings could be adversely affected.
  • The soundness of other financial institutions could adversely affect the Company.
  • We may be adversely affected by volatility in oil and gas prices, and declining demand for coal could negatively impact the demand and credit quality of loans.
  • We are subject to liquidity risks which could impair our cash flows and adversely affect the Company.
  • Loss of deposits or a change in deposit mix could increase the Company’s funding costs and negatively affect the Company’s operations.
  • Changes in interest rates may have an adverse effect on demand for our products and services and on our profitability.
  • United States trade policies and other factors beyond the Company’s control, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
  • Many of our loans held for investment and our obligations for borrowed money are priced based on variable interest rates tied to the London Inter-Bank Offered Rate, or LIBOR, which became unavailable as of December 31, 2021, and uncertainties caused by any transition away from LIBOR may have material adverse effect on our business, financial condition, or results of operations.
  • Privacy, information security, and data protection laws, rules, and regulations could affect or limit how we collect and use personal information, increase our costs, and adversely affect our business opportunities.
  • Our goodwill may become impaired, which may adversely impact our results of operations and financial condition.
  • We invest in Collateralized Loan Obligations (CLO) securities, which may expose us to losses in connection with such investments.
  • The Company relies on other companies to provide certain key components of its business infrastructure.
  • Our reputation is very important to our ability to maintain, attract and retain client relationships and if our reputation were impaired it, could have an adverse effect on the Company.
  • We may not be able to attract and retain qualified employees to operate our business effectively, which could have an adverse effect on our business.
  • We may not effectively implement new technology-driven products and services or be successful in marketing these products and services to our clients, which could negatively impact our business.
  • If we are not able to execute on our intended expansion plans, our business, reputation, and results of operations could be materially, adversely affected.
  • Difficulties in combining the operations of acquired entities or assets with our own operations or assessing the effectiveness of businesses in which we make strategic investments or with which we enter into strategic contractual relationships may prevent us from achieving the expected benefits from these acquisitions, investments, or relationships.
  • Combining Great Western with Us may be more difficult, costly, or time consuming than expected and we may fail to realize the anticipated benefits of the acquisition.
  • We are expected to incur significant costs related to the merger and integration.
  • Volatility in the price and volume of our common stock may be unfavorable.
  • “Anti-takeover” provisions and the regulations to which we are subject may also make it more difficult for a third party to acquire control of us, even if the change in control could be deemed beneficial to stockholders.
  • Our dividend policy, or our ability to pay dividends, may change.
  • Future equity issuances could result in dilution, which could cause our common stock price to decline.
  • The common stock is equity and is subordinate to our existing and future indebtedness.
  • The continuation of the COVID-19 pandemic and government response to the pandemic has caused a significant global disruption which has adversely affected, and may continue to adversely affect, our business, results of operations, liquidity, and financial condition.
  • Our business is subject to the risks of certain global conditions, earthquakes, tsunamis, floods, fires, and other natural catastrophic events.
  • Climate change manifesting as physical or transition risks could adversely affect our operations, businesses and customers.
Management Discussion
  • Principal tools we use in managing and evaluating our results of operations include tracking performance as measured by certain metrics including return on average equity, return on average assets, efficiency ratio, non-interest expense as a percent of total average assets, earnings per share, total shareholder return, net interest income, non-interest income, non-interest expense, and net income. Net interest income is affected by a number of factors such as the level of interest rates, changes in interest rates, and changes in the volume and composition of interest earning assets and interest-bearing liabilities. Changes in interest rate spread, which is the difference between interest earned on assets and interest paid on liabilities, has the most significant impact on net interest income. Other factors like volume of loans, investment securities, and other interest earning assets, compared to the volume of interest-bearing deposits and indebtedness, also cause changes in our net interest income between periods. Non-interest bearing sources of funds, such as demand deposits and stockholders’ equity, help support earning assets.

Content analysis

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