First Interstate BancSystem, Inc. - FIBK STOCK NEWS

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.

First Interstate BancSystem, Inc. reported a net income of $58.4 million for the first quarter of 2024, with a per-share earnings of $0.57. The company saw a decrease in criticized loans but an increase in non-performing assets. Net interest income decreased by $7.7 million, and the company recorded a provision for credit losses of $5.3 million. Non-interest income was $42.1 million, with a decrease from the previous quarter due to specific events. Non-interest expenses decreased by $5.8 million. The balance sheet showed a decrease in total assets. The company declared a dividend of $0.47 per share. Credit quality saw an increase in non-performing assets and a decrease in criticized loans. Various non-GAAP financial measures were used to evaluate performance.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) will announce its first quarter results on April 24, 2024, followed by a conference call on April 25, 2024. Shareholders and analysts can join the call to discuss quarterly results and participate in a Q&A session.

First Interstate BancSystem, Inc. reported a decrease in net income for the fourth quarter of 2023 compared to the same period in 2022. The company also declared a dividend of $0.47 per common share, payable on February 19, 2024. However, the net interest income decreased, and non-performing assets increased significantly, impacting the credit quality.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) will report Q4 results on January 30, 2024, with a conference call for investors scheduled for January 31, 2024. Shareholders and analysts can join via telephone or internet, with a Q&A session included.