First Interstate Bancsystem - FIBK STOCK NEWS

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.

Great Western Bancorp reported a net income of $51.9 million, or $0.93 per diluted share, for the quarter ending September 30, 2021, down from $58.7 million, or $1.06 per share in the previous quarter. Net interest income fell to $95.1 million, a decrease from $99.1 million. The total loans decreased by $292.7 million to $8.19 billion, while total deposits declined $227.3 million to $11.31 billion. A pending merger with First Interstate Bancorp is expected to close in Q1 2022.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) reported a net income of $47.1 million or $0.76 per share for Q3 2021, up from $42.5 million in Q2 2021. The result includes $6.6 million in pre-tax costs for the pending acquisition of Great Western Bancorp. Loans held for investment decreased by $212.2 million or 2.2%, affected by a 48.6% drop in PPP loans. Deposits increased to $16 billion, up 2.8%. Non-interest income rose 12.5% to $39.7 million, driven by mortgage banking and payment services. A dividend of $0.41 per share was declared, yielding an annualized 3.9%.

Great Western Bancorp, Inc. (NYSE:GWB) announced it will release financial results for the quarter ending September 30, 2021 on October 26, 2021. This date aligns with the earnings release of First Interstate BancSystem, Inc. (NASDAQ:FIBK) on October 27, 2021. Notably, the company will not conduct an earnings conference call this quarter. The earnings press release and supplemental slide presentation will be available on the Investor Relations website.

Great Western Bancorp, Inc. (NYSE:GWB) will release its financial results for the quarter ending September 30, 2021, on October 28, 2021. Due to its upcoming merger with First Interstate BancSystem, Inc. (NASDAQ:FIBK), no earnings conference call will be held this quarter. The press release and a related slide presentation will be accessible on the Company's Investor Relations website.

First Interstate BancSystem, Inc. (NASDAQ: FIBK) will report its third quarter financial results on October 26, 2021, after market closure. An investor conference call is scheduled for October 27, 2021, at 11 a.m. Eastern, to discuss the results, featuring a Q&A session. Access to the call will be available via phone and online, with a rebroadcast option following the event. As of June 30, 2021, First Interstate Bank holds $18.9 billion in assets, serving clients across multiple states, including Idaho, Montana, and Oregon.

First Interstate BancSystem (NASDAQ: FIBK) and Great Western Bancorp (NYSE: GWB) have reached a definitive agreement for an all-stock transaction, merging GWB into FIBK. This move will expand FIBK's operations into eight new states, resulting in over 300 branches across 14 states and combined assets exceeding $32 billion. The merger is expected to close in Q1 2022, pending approvals, and aims to enhance financial performance, community engagement, and leadership strength. GWB shareholders will receive 0.8425 shares of FIBK stock for each GWB share owned.

First Interstate BancSystem (NASDAQ: FIBK) reported Q2 2021 net income of $42.5 million ($0.69/share), down from $51.4 million ($0.83/share) in Q1 2021. Loans held for investment decreased 0.3% to $9.83 billion, largely due to a 29.6% drop in PPP loans. Total deposits rose 3.1% to $15.57 billion, reflecting strong demand. Non-performing assets fell 13.8% to $37.6 million. However, net interest income fell by 1.6% to $118.8 million, driven by reduced PPP fees. A dividend of $0.41/share was declared, yielding 3.6% based on Q2 closing prices.