First Interstate BancSystem, Inc. - FIBK STOCK NEWS

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.

First Interstate BancSystem reported a net income of $51.1 million or $0.83 per share for Q4 2021, up from $47.1 million in Q3 2021. The full-year income was $192.1 million, or $3.12 per share, a significant increase from $161.2 million in 2020. The fourth-quarter results included $5.0 million in pre-tax acquisition costs tied to the pending acquisition of Great Western Bancorp, affecting earnings by $0.06 per share. Total deposits rose by $262.3 million (1.6%) to $16.27 billion, with improved asset quality and a strong economic outlook.

First Interstate BancSystem Inc. (NASDAQ: FIBK) announced major changes to its consumer overdraft practices to enhance customer support. Starting April 1, the company will eliminate non-sufficient funds fees and reduce overdraft fees by 67%, from $30 to $10. Additionally, it will limit daily overdraft charges to four and provide a grace amount of $50 before fees apply. Clients making purchases under $5 will incur no overdraft charges. These measures aim to give clients financial flexibility and set a positive example in the banking industry.

First Interstate BancSystem (NASDAQ: FIBK) and Great Western Bancorp (NYSE: GWB) have received all necessary regulatory clearances and shareholder approvals for their merger. The transaction is set to combine both banks, operating under the First Interstate BancSystem name, with headquarters in Billings, Montana. The merger aims to establish a diversified banking franchise with over 300 branches across 14 states and assets exceeding $32 billion. The merger is expected to complete by February 1, 2022, with client account conversions anticipated in May 2022.

Great Western Bancorp, Inc. (NYSE:GWB) announced that it will release its financial results for the quarter ending December 31, 2021, on January 27, 2022. This release coincides with the earnings conference call of First Interstate BancSystem, Inc. (NASDAQ:FIBK) on January 28, 2022. Notably, GWB will not conduct its own earnings call this quarter. The financial results and accompanying slide presentation will be accessible on the Company's Investor Relations website.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) will release its fourth quarter results on January 27, 2022, after market close. A conference call is set for January 28, 2022, at 11 a.m. Eastern to discuss these results. Participants can access the call via phone or the internet. The company, based in Billings, Montana, controls assets worth $19.3 billion as of September 30, 2021. More information is available on their website.

First Interstate BancSystem (FIBK) and Great Western Bancorp (GWB) have received regulatory approvals for their proposed merger, expected to close in February 2022. The merger will create a community-focused banking franchise with over 300 branches across 14 states and combined assets exceeding $32 billion. FIBK aims to expand its model into eight new states. Shareholders will vote on the merger on January 19, 2022. The combined entity will operate under the First Interstate name and maintain headquarters in Billings, Montana.

The Board of Directors of Great Western Bancorp (NYSE: GWB) has declared a quarterly cash dividend of $0.05 per common share, payable on November 26, 2021. Stockholders of record as of November 12, 2021 will receive this dividend. Future dividends are subject to Board approval. Great Western Bancorp operates over 170 branches across nine states, focusing on relationship-based business and agribusiness banking.