Welcome to our dedicated page for First Interstate Bancsystem news (Ticker: FIBK), a resource for investors and traders seeking the latest updates and insights on First Interstate Bancsystem stock.
First Interstate BancSystem, Inc. Common Stock (DE) (symbol: FIBK) is the parent company of First Interstate Bank, an established community banking organization with assets totaling $8.5 billion. Operating over 80 banking offices, along with comprehensive online and mobile banking services, First Interstate Bank serves customers across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming.
First Interstate Bank is renowned for its dedication to community banking services, driven by a commitment to strong family and corporate values. The bank focuses on providing exemplary customer service and aims to exceed customer expectations through its wide range of products and services. It actively supports the communities it serves with leadership and resources.
The bank offers a broad spectrum of financial products and services to both retail and commercial clients. Key sectors it serves include agriculture, construction, education, energy, governmental services, healthcare, mining, professional services, retail, tourism, and wholesale trade. A substantial portion of its income is derived from interest charged on loans, as well as interest and dividends earned on investments.
With a significant presence in community banking, First Interstate Bank continues to grow its influence and reach. Recent achievements and ongoing projects highlight its stability and consistent performance. The bank remains a trusted partner for its customers, providing reliable and innovative financial solutions tailored to their needs.
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.
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.
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