First Interstate BancSystem

FIBK · Nasdaq · Financials · Financials, fiscal 2016 to 2025

FIBK · Last close · November 6, 2026

$37.80

Value First Interstate BancSystem yourself

First Interstate BancSystem's revenue rose 5.9% to $1.1 billion in fiscal 2025. Net income was $302 million, up 33.7%. Its return on equity was 8.9%, up from 6.9% a year earlier. Its efficiency ratio was 60.5%, down from 63.8% a year earlier. It paid out $316 million in dividends and buybacks. The diluted share count fell 0.3%.

FIRST INTERSTATE BANCSYSTEM, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000860413-26-000011 Updated November 4, 2026

Revenue

$1.1B

5.9%

Net income

$302M

33.7%

Return on equity

8.9%

2.0 pts

Return on tangible equity

13.3%

2.8 pts

Efficiency ratio

60.5%

3.3 pts

Market cap

$3.6B

Nov 6 close

P/E

11.8x

On $3.20 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What First Interstate BancSystem does

First Interstate BancSystem is a bank holding company focused on community banking. Through its bank, First Interstate Bank, it takes deposits, makes loans, originates and services mortgages, and offers wealth management to individuals, businesses, government entities and others. It operated 290 banking offices in 12 states, mostly in the Mountain West and Upper Midwest.

It reports one operating segment, community banking. Like other banks, it earns money mainly from the interest on loans and securities and from fees for its services. At the end of 2025 it had $26.6 billion in assets, $22.1 billion in deposits and $15.2 billion in loans held for investment. Commercial loans, including commercial real estate, are about 69.1% of that loan portfolio.

The company is reshaping itself. It sold its banking operations in Arizona and Kansas in October 2025, plans to sell branches in Nebraska, exited indirect lending, outsourced its credit card portfolio and is moving to a flatter management structure.

Its biggest risks, as it describes them

Weak credit quality, with loans concentrated in commercial real estate and business borrowers.
Changes in interest rates that cut demand for loans or the value of its securities.
Losing deposits, or being unable to raise funding when it needs cash.
New or stricter bank rules, higher capital requirements and higher deposit insurance fees.
Problems from its plan to sell branches, exit markets and restructure management.

From First Interstate BancSystem's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 3.6% a year and net income 13.6% a year, as new shares raised the share count by 129% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	9,209	17,879	18,052	17,641	15,010
Deposits	16,270	25,074	23,323	23,016	22,088
Loans to deposits	56.6%	71.3%	77.4%	76.7%	68.0%
Provision for credit losses	−15	83	32	68	27
Provision to average loans	−0.2%	0.6%	0.2%	0.4%	0.2%
Total assets	19,672	32,288	30,671	29,137	26,641
Shareholders' equity	1,987	3,074	3,228	3,304	3,447

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project First Interstate BancSystem's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open First Interstate BancSystem's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought First Interstate BancSystem shares on the open market, and 8 insiders sold $7.6 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 2, 2026	James R. Scott JrDirector, 10% owner	Sold	3,108	$38.00	$118,104	Form 4
Oct 30, 2026	James R. Scott JrDirector, 10% owner	Sold	50	$38.25	$1,912	Form 4
Sep 16, 2026	IXL Ltd Liability Co10% owner	Sold	2,700	$37.64	$101,628	Form 4
Sep 14, 2026	Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/0410% owner	Sold	8,071	$37.29	$300,968	Form 4
Sep 11, 2026	IXL Ltd Liability Co10% owner	Sold	16,929	$37.03	$626,881	Form 4
Jul 16, 2026	Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/0410% owner	Sold	10,000	$40.30	$403,000	Form 4
Jun 18, 2026	Elizabeth Lauren Scott Rose Trust10% owner	Sold	15,000	$35.97	$539,500	Form 4
Jun 18, 2026	Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/0410% owner	Sold	9,390	$36.11	$339,073	Form 4
Jun 17, 2026	Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/0410% owner	Sold	4,500	$36.29	$163,305	Form 4
Jun 4, 2026	IXL Ltd Liability Co10% owner	Sold	12,892	$35.58	$458,697	Form 4
Apr 30, 2026	Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/0410% owner	Sold	53,504	$35.42	$1.9 million	Form 4
Mar 26, 2026	Harrison William Scott Trust10% owner	Sold	3,000	$33.45	$100,350	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put First Interstate BancSystem side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
First Interstate BancSystem	FY25	5.9%	28.5%	8.9%	13.3%	60.5%
United Community Banks	FY25	11.7%	30.9%	9.3%	12.2%	55.7%	Compare
WSFS Financial	FY25	1.9%	27.0%	10.8%	17.1%	59.7%	Compare
Home BancShares	FY25	7.2%	43.6%	11.5%	17.4%	42.0%	Compare
BankUnited	FY25	7.9%	24.6%	9.2%	8.9%	60.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	416	492	571	638	654	639	1,106	1,026	1,000	1,059
Revenue growth	7.9%	18.1%	16.2%	11.6%	2.5%	−2.3%	73.1%	−7.2%	−2.5%	5.9%
Net interest income	280	350	432	495	498	489	943	879	822	825
Noninterest income	136	142	139	143	156	150	163	147	178	233
Noninterest expense	261	324	356	389	388	406	766	657	637	640
Provision for credit losses	—	—	—	—	56	−15	83	32	68	27
Net income	96	106	160	181	161	192	202	258	226	302
Diluted EPS (US$)	2.13	2.05	2.75	2.83	2.53	3.11	1.96	2.48	2.19	2.94
Diluted shares (millions)	45	52	58	64	64	62	103	104	103	103
Payouts
Dividends paid	39	49	64	79	129	102	182	195	196	194
Share buybacks	27	1	1	2	117	5	199	34	1	122
Balance sheet at fiscal year end
Loans, net	5,402	7,542	8,431	8,858	9,663	9,209	17,879	18,052	17,641	15,010
Deposits	7,376	9,935	10,681	11,664	14,217	16,270	25,074	23,323	23,016	22,088
Total assets	9,064	12,213	13,300	14,644	17,649	19,672	32,288	30,671	29,137	26,641
Shareholders' equity	983	1,428	1,694	2,014	1,960	1,987	3,074	3,228	3,304	3,447
Ratios
Return on equity	9.9%	8.8%	10.3%	9.8%	8.1%	9.7%	8.0%	8.2%	6.9%	8.9%
Return on tangible common equity	12.6%	12.2%	15.0%	14.2%	11.8%	14.2%	12.1%	12.6%	10.4%	13.3%
Return on assets	1.1%	1.0%	1.3%	1.3%	1.0%	1.0%	0.8%	0.8%	0.8%	1.1%
Efficiency ratio	62.7%	65.9%	62.4%	61.0%	59.3%	63.5%	69.3%	64.0%	63.8%	60.5%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: First Interstate BancSystem's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with First Interstate BancSystem.