At a glance
First Interstate BancSystem Inc is worth $3.48B, about 13 times its fiscal 2025 earnings. Revenue grew 5.9% to $1.06B in fiscal 2025, with 28.5% kept as profit; over 5 years it has grown 10.1% a year. It pays a 5.01% dividend yield, and returned $1.23B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +22.7% over the past year with dividends reinvested and +3.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.2% in the 2020 crash (S&P 500: 33.7%) and 26.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 5 months after the lows.
The business in plain English
First Interstate BancSystem, incorporated in Montana in 1971, owns First Interstate Bank, a community bank that grew through acquisitions such as Great Western Bank. As of February 20, 2026, it ran 290 banking offices in 12 states, from Oregon and Washington east to Iowa and Missouri. It serves individuals, businesses and government bodies in fields such as agriculture, healthcare, construction, real estate and tourism. As of December 31, 2025, it held $26.6 billion in assets, $22.1 billion in deposits and $15.2 billion in loans.
Most of its money comes from net interest income. That is the gap between the interest it collects on loans and securities and the interest it pays to depositors and lenders. In fiscal 2025 net interest income was $825.4 million of about $1.06 billion in revenue. The other $233.4 million was noninterest income, which includes fees from services such as mortgage servicing, trusts and investment management. It reports a single segment, community banking.
Its strongest positions are in Wyoming, where it ranked first with 13.3% of deposits, and Montana, where it ranked second with 16.6%, based on FDIC data as of June 30, 2025. Management has pulled back elsewhere. It sold its Arizona and Kansas operations in October 2025, agreed to sell 11 Nebraska branches, exited indirect lending and outsourced its credit card portfolio.
Price history
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FIBK +22.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $249.5M, down 0.4% from a year earlier, and net income was $62.2M (-12.9%).
- For fiscal 2025, revenue was $1.06B (+5.9% year over year; +10.1% a year from FY2020 to FY2025) with a 28.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.1% good |
|---|---|
| Return on equity | 8.8% watch |
| Net income / revenue | 28.5% good |
| Deposits | $21.39B |
| Loans | $13.80B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $653.7M | $161.2M | — |
| FY2021 | $638.7M | $192.1M | — |
| FY2022 | $1.11B | $202.2M | — |
| FY2023 | $1.03B | $257.5M | — |
| FY2024 | $999.7M | $226.0M | — |
| FY2025 | $1.06B | $302.1M | — |
Valuation snapshot
| Market value | $3.48B |
|---|---|
| P/E ratio | 12.8 |
| Dividend yield | 5.01% |
Rank among 1514 US companies
Market value at each year end
First Interstate BancSystem’s market value went from $4.04B at the end of 2022 to $3.48B on Oct 28, 2026, down 14%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.48B | -2.3% |
| 2025 | $3.56B | +4.9% |
| 2024 | $3.39B | +5.1% |
| 2023 | $3.23B | -20.0% |
| 2022 | $4.04B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FIBK price data to Oct 28, 2026 | +12.7% | +22.7% | +25.6% | +3.5% | +6.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.7% |
| 2025 | +13.3% |
| 2024 | +13.0% |
| 2023 | -14.9% |
| 2022 | +0.4% |
| 2021 | +3.5% |
| 2020 | +3.2% |
| 2019 | +18.2% |
| 2018 | -6.3% |
| 2017 | -3.5% |
| 2016 | +50.9% |
| 2015 | +7.6% |
| 2014 | +0.5% |
| 2013 | +87.2% |
| 2012 | +22.4% |
| 2011 | -11.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.9% over that stretch · deepest drop along the way 34.2%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6.3% over that stretch · deepest drop along the way 26.9%, back to its old high 4.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 13 sales ($3.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Jonathan R Scott 10% owner | sell | $627K |
| Jun 4, 2026 | Jonathan R Scott 10% owner | sell | $459K |
| Jul 16, 2026 | Jonathan R Scott 10% owner | sell | $403K |
| Jun 18, 2026 | Jonathan R Scott 10% owner | sell | $339K |
| Sep 14, 2026 | Jonathan R Scott 10% owner | sell | $301K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.9% | Dec 31, 2025 |
| STATE STREET CORPORATION | 6.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.46% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Jun 30, 2025 |
| FMR LLC | 5% | Jun 30, 2025 |
| Wellington Management Group LLP | 4% | Mar 31, 2026 |
| Franklin Mutual Advisers, LLC | 4% | Sep 30, 2025 |
ETFs with the most weight in FIBK
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 1.51% |
| KBWD Invesco KBW High Dividend Yield Financial ETF | 1.5% |
| KBE SPDR S&P Bank ETF | 1.04% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.96% |
| FGD First Trust Dow Jones Global Select Dividend Index Fund | 0.85% |
| WDIV SPDR S&P Global Dividend ETF | 0.72% |
| OASC OneAscent Small Cap Core ETF | 0.61% |
| SVAL iShares US Small Cap Value Factor ETF | 0.42% |
What could go wrong
- A big restructuring may not pay off. It sold its Arizona and Kansas operations, planned to sell or close Nebraska branches and flattened its management structure. Such moves can drive away customers or staff and may not lift profits as hoped.
- Loans concentrated in regional and farm economies. It lends mainly to borrowers in or near its 12-state footprint, including farms, businesses and real estate projects. A slump in farming, property values or these local economies could push up loan losses.
- Large problem loans could cost more. Its 2025 review of its biggest loans stepped up monitoring of some larger criticized, or weaker-rated, credits. Losses above estimates would hit earnings. The fiscal 2025 charge for expected credit losses was $26.8 million.
- Deposits could leave or cost more. Deposits of $21.4 billion as of June 30, 2026, fund its lending. If customers shift to higher-paying accounts or rivals, or a scare spreads on social media, funding costs rise and margins shrink.
- Interest rate swings hit profits and bonds. Net interest income was $825.4 million of about $1.06 billion in fiscal 2025 revenue, so rate changes can squeeze its lending margin. Rising rates also cut the value of bonds it holds.
- The dividend is not guaranteed. The 10-K warns that its dividend policy may change. Dividends were flat at $1.88 per share from fiscal 2023 through 2025 and took 64.3% of fiscal 2025 earnings, so a profit slump could pressure them.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Executive or board change
For income and retirement investors
First Interstate pays a sizable dividend, but the payout stopped growing after fiscal 2023. Dividends per share reached $1.88 that year and stayed there through fiscal 2025. The yield was 5.01% as of October 28, 2026, and dividends took 64.3% of fiscal 2025 earnings. From fiscal 2021 to 2025 the company paid $869 million in dividends and $361.5 million in buybacks, including $121.9 million of buybacks in fiscal 2025. Its share count fell 13% from April 2022 to July 2026.
Past selloffs hit the stock hard. In the 2020 COVID crash it fell 34.2% and took eight months to recover. In the 2022 bear market it fell 26.9% by late April but recovered by September. Over the market's full January-to-October slide that year it ended up 6.3%. Its worst decline in 16.6 years of price history was 52%. Like any single stock, FIBK carries more risk than a diversified fund, where one company's dividend cut or loan losses matter far less.
Questions investors ask
How does First Interstate BancSystem make money?
Mostly by lending. In fiscal 2025, net interest income (what it earns on loans and securities minus what it pays on deposits and borrowings) was $825.4 million of about $1.06 billion in revenue. The other $233.4 million was noninterest income, which includes fees from services such as mortgage servicing, trusts and investment management. All of it runs through one bank, First Interstate Bank, which had 290 offices in 12 states as of February 20, 2026.
Does First Interstate BancSystem raise its dividend every year?
No. Dividends per share rose from $1.64 in fiscal 2021 to $1.70 in 2022 and $1.88 in 2023. They then stayed at $1.88 in fiscal 2024 and 2025, so there was no streak of yearly increases as of fiscal 2025. Dividends paid took 64.3% of fiscal 2025 net income of $302.1 million. The company's 10-K notes that its dividend policy, or its ability to pay dividends, may change.
What is FIBK's dividend yield?
About 5%. The yield was 5.01% as of October 28, 2026. The company paid dividends of $1.88 per share in fiscal 2025. On that date the share price valued the company at about $3.58 billion, or 12.8 times fiscal 2025 earnings. The yield moves with the share price, and the payout is not guaranteed because the board sets it and can change it.
What states is First Interstate Bank in?
Twelve, as of February 20, 2026: Colorado, Idaho, Iowa, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington and Wyoming. Its largest deposit shares were in Wyoming, where it ranked first with 13.3%, and Montana, where it ranked second with 16.6% (FDIC data as of June 30, 2025). Its 10-K, filed February 26, 2026, described plans to close its only branches in Minnesota and North Dakota, close four Nebraska branches and sell 11 more.
How has FIBK stock performed over the long run?
Unevenly. Based on the share price as of October 28, 2026, the stock returned 22.7% over one year, an average of 3.5% a year over five years and 6.6% a year over ten years. Results swing a lot from year to year. It fell about 15% in 2023, the year of a banking crisis, then gained about 13% in both 2024 and 2025. Its largest decline in 16.6 years of price history was 52%.