First Interstate Bancsystem Inc (FIBK)

First Interstate BancSystem Inc. (FIBK) stock declined by 5.72% due to the release of its mixed fourth-quarter earnings report, as investors often react to earnings reports as they provide insights into a company's financial performance and outlook, influencing stock price movements. Here are the key details:

• Net Income: In the fourth quarter, net income fell to $61.5 million, down from $72.7 million in the third quarter and $85.8 million in the previous year's fourth quarter.
• Earnings Per Share (EPS): Q4 EPS decreased to $0.59, a decline from $0.70 in the third quarter and $0.82 year-over-year.
• Annual Performance: Full-year net income showed an increase, rising to $257.5 million ($2.48 per share) from $202.2 million ($1.96 per share) in 2022.
• Loan Growth: Loans held for investment experienced a modest increase, indicating potential for future revenue growth.
• Dividend: The company declared a dividend of $0.47 per common share, maintaining shareholder returns.
• Net Interest Margin: The net interest margin decreased, reflecting the impact of a challenging interest rate environment.
• Non-Interest Income: Non-interest income increased to $44.5 million in the fourth quarter, up from $42.0 million in the third quarter and $41.6 million year-over-year.

FIBK again reported lower than estimated 1Q results of $0.54 per share. Deposits decreased by $966.6 million in 1Q and continued to decrease according to management.

https://seekingalpha.com/article/4598623-regional-bank-first-interstate-bancsystem-is-poorly-positioned-for-an-upcoming-recession