Why is First Interstate BancSystem Inc. (FIBK) Stock down?

We've noticed a 7.52% decline in First Interstate BancSystem Inc. (FIBK) stock during the 2024-04-10 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
31 Jan, 2024:

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.
05 May, 2023:

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.


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