FIBKFIRST INTERSTATE BANCSYSTEM INC
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.6B
- Employees
- 3,376
- Net debt / EBITDA
- —
- −$809M net debt
- AI in 10-K
- 1.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo101% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowYes103% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.8 per 10K words · 51st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $192M | $202M | $258M | $226M | $302M | 34% |
| Operating cash flow | $282M | $534M | $428M | $355M | $306M | 14% |
| Stock-based comp | $9M | $10M | $5M | $12M | $13M | 13% |
| Buybacks | $5M | $199M | $34M | $1M | $122M | 10058% |
| Dividends | $102M | $182M | $195M | $196M | $194M | 0.8% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 29, 2024 | SCOTT JAMES R | SC 13D/A | 13.5% | Passive |
| Apr 4, 2024 | SCOTT JAMES R | SC 13D/A | — | Active |
| Dec 21, 2023 | SCOTT JAMES R | SC 13D/A | 12.7% | Passive |
| Mar 31, 2022 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 4.0% | Passive |
| Feb 4, 2022 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 14.7% | Passive |
| Sep 17, 2021 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 53.8% | Passive |
| Feb 16, 2021 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 53.1% | Passive |
| Jul 2, 2020 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 9.2% | Active |
| Mar 12, 2020 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 52.8% | Passive |
| Oct 25, 2019 | FIRST INTERSTATE BANCSYSTEM INC | SC 13D/A | 10.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $8M · 23
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 112 | 153 |
| FY2024 | — | — | 99 | 143 |
| FY2023 | — | — | 88 | 127 |
| FY2022 | — | — | 103 | 127 |
| FY2021 | — | — | 104 | 137 |