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what it is
It is a regional bank that takes deposits, makes loans, and sells mortgage, trust, investment, and insurance services.
how it gets paid
Last year First Interstate made $1.2B in revenue. Net interest income was the main engine at $0.78B, or 65% of sales.
why growth slowed
Revenue fell 9.6% last year. The key number is $2.19, the full-year 2024 EPS estimate, because it sits only about $0.09 above the annual dividend.
what just happened
With ~$1.2B FY revenue, a normal quarter is ~$300M ballpark—treat any ~$893M “quarter” as a mis-scaled or pro-forma line until the 10-Q reconciles it. EPS ~$1.87 may still be right for the same period.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
70/100 earnings predictability — reasonably predictable
15.5x trailing p/e — the market's not buying it — or you found a deal
5.7% dividend yield — cash in your pocket every quarter
$2.19 fy2024 eps est
xvary composite: 68/100 — average
What they do
It is a regional bank that takes deposits, makes loans, and sells mortgage, trust, investment, and insurance services.
First Interstate wins the old-fashioned way. It has 304 banking offices across 6 Western states, according to the company profile. When your paycheck, mortgage, and business accounts sit in one local branch network, moving your money is a pain, and that keeps customers around.
How they make money
$1.2B
annual revenue · their business grew -9.6% last year
Net interest income
$0.78B
8.0%
Service charges and deposit fees
$0.21B
3.0%
Mortgage banking
$0.11B
18.0%
Trust, investment, and insurance
$0.10B
+2.0%
The products that matter
business loans and treasury services
Commercial Banking
core engine inside ~$780M net interest income
This is the lending engine that drives most of the bank's ~$780M in net interest income (per revenue table). Q4 2025 earnings also got a $62.7M lift from branch sales, which matters because core banking growth has been slower than the headline beat.
core profit driver
deposits and consumer lending
Consumer Banking
funding base for an 8.8% return on equity
Deposits are the cheap funding source every regional bank wants. Here, they help support an 8.8% return on equity. If funding gets more expensive, that number usually goes the wrong way.
deposit base
trust and investment services
Wealth Management
supports $320M non-interest income
Fee revenue matters because non-interest income was $320M, or 27% of total revenue. It does not remove rate risk, but it gives you at least one earnings stream that is not pure loan spread math.
fee income ballast
Key numbers
$2.19
2024 eps est.
At $36.85 a share, you are paying about 16.8 times that profit estimate. Plain English: the stock is not cheap enough to ignore a dividend squeeze.
5.7%
dividend yield
You are getting paid well above the S&P 500 yield, but the high payout only works if earnings hold near $2.19.
$295M
long-term debt
Debt is just 8% of capital, which means the balance sheet is not the main problem here. Profit coverage is.
15.5x
trailing p/e
That multiple is fine for a steady bank. It is less fine for a bank with annual revenue down 9.6%.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 60 / 100
- long-term debt $295M (8% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FIBK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Order-of-magnitude quarter revenue ~$300M (vs ~$1.2B FY)—the old $893M line did not foot as one quarter. EPS ~$1.87 for the reported period.
Drop triple-digit vs. prior year revenue/EPS % paired with a $893M quarter; re-map vs. prior year to the same fiscal slice as in the filing. The quieter point is that the full-year 2024 EPS path still lands at $2.19, below 2023's $2.48.
~$300M
quarter revenue (FY÷4)
$1.87
eps
verify
vs. prior year in 10-Q
the number that mattered
The key number is $2.19, the full-year 2024 EPS estimate, because it sits only about $0.09 above the annual dividend.
source: company earnings report, 2026
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What could go wrong
The top risk is an activist-driven strategic shake-up hitting a bank with weak operating growth.
high
activist pressure
Hedge fund HoldCo targeted the bank in late 2025 after a similar campaign at Comerica. That raises the odds of pressure on the board, capital returns, or a strategic review.
If the campaign escalates, management time shifts from running the bank to defending the plan.
med
revenue stall
Revenue fell 9.6% last year, and the current annual estimate is about $1.03B. That is stabilization, not growth.
If the top line stays flat, most of the investment case becomes dividend plus buybacks.
med
one-time gains masking core trends
Q4 2025 included a $62.7M gain on branch sales. That's real cash, but it is not recurring operating momentum.
If future beats need similar help, the market will stop rewarding them like clean beats.
med
yield dependence
The dividend yields 5.7% and costs about $170M a year. That makes the payout central to the thesis, not just a bonus.
If earnings quality weakens, the dividend goes from attraction to question mark fast.
Between a 9.6% revenue decline, a $62.7M one-time gain in Q4, and a dividend costing about $170M a year, there is not much room for this story to get sloppier.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Estimated for Tuesday, May 5, 2026. Consensus expects EPS of about $0.52 on revenue of about $258M. That is the next clean read on whether Q4 was momentum or noise.
core metric
net interest margin trend
Management expects sequential net interest margin improvement through 2026. If that slips, the $880M net interest income engine gets harder to defend.
capital return
buyback pace
Management said repurchases should intensify through 2026. That helps EPS, but it matters more if revenue stays around the current $1.03B estimate.
boardroom
activist campaign developments
Any update tied to HoldCo, board refresh pressure, or strategic review chatter matters here. For a bank growing this slowly, governance becomes part of the thesis.
Analyst rankings
earnings predictability
70 / 100
In human-speak: analysts think the bank is usually steady, but not steady enough to rule out meaningful surprises.
risk rank
2
Safer than 80% of stocks in the dataset. That's a balance-sheet comfort point, not a growth argument.
price stability
60 / 100
Less jumpy than many small financials, but not the kind of stock you forget you own during a bank scare.
source: institutional data
Institutional activity
institutional ownership data for FIBK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$37
current price
n/a
target midpoint · n/a from current
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