The EPS miss and rising credit costs (provision $10.5M vs $0 YoY) are the primary negatives, partially offset by continued NIM expansion. Monitor the Q4 earnings call for loan growth trajectory and credit quality trends — the elevated NCOs (28 bps vs 6 bps YoY) and criticized loan uptick (+$2.1M QoQ) warrant close attention.
Price Chart
Executive Summary
First Interstate BancSystem reported Q3 2026 EPS of $0.65, missing consensus of $0.70 by 7.1%, with net income of $62.2M down 12.9% YoY. Net interest margin expanded 19 bps YoY to 3.53%, but loan balances continued to shrink (-11.7% YoY) and the provision for credit losses increased to $10.5M. The company provided full-year 2026 guidance for NII of $814-$819M and NCOs of 20-30 bps, with no explicit EPS or revenue guidance.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP diluted EPS $0.65 vs consensus $0.70 (miss of -7.1%)
- Net income $62.2M, down 12.9% YoY from $71.4M in Q3 2025
- Net interest margin 3.53%, up 19 bps YoY and 8 bps QoQ
- Loans held for investment $13.99B, down 11.7% YoY
- Provision for credit losses $10.5M vs $0 in Q3 2025
- Net charge-offs $9.9M (0.28% of avg loans) vs $2.3M (0.06%) YoY
- Repurchased 2.04M shares for $76.3M in Q3; $103.4M remaining on $450M authorization
- Full-year 2026 NII guidance $814-$819M; NCOs 20-30 bps; noninterest income $167-$170M ex-gains
Financial Impact
EPS miss of -7.1% vs consensus; net income declined 12.9% YoY; loan portfolio contracting 11.7% YoY
Risk Factors
- Continued loan portfolio contraction (-11.7% YoY) pressuring net interest income
- Rising provision for credit losses ($10.5M vs $0 YoY) and net charge-offs (0.28% vs 0.06%)
- Deposit outflows (-5.4% YoY) driven by branch sales and competitive pressure
- AOCI mark of $3.36/share in AOCI reducing tangible book value
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000860413-26-000097 |
| Document: sep2026ip.htm | 0000860413-26-000097 |
| Document: fibk-20261022.htm | 0000860413-26-000097 |
| Document: 0000860413-26-000097-index-headers.html | 0000860413-26-000097 |
| Document: 0000860413-26-000097-index.html | 0000860413-26-000097 |
| Document: 0000860413-26-000097.txt | 0000860413-26-000097 |
| 8-K Data (Synthetic) | 0000860413-26-000097 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $36.78 $37.68 | ▼ −2.45% | ▼ −1.74% | $37.83 (−2.85%) |
Sep 16, 2026 5w ago | Insider Cluster | $37.16 $37.35 | ▲ +0.51% | ▲ +0.63% | $37.83 (+1.80%) |
Sep 16, 2026 5w ago | 8-K | $36.92 $37.16 | ▲ +0.65% | ▼ −0.48% | $37.83 (+2.46%) |
Aug 21, 2026 9w ago | 8-K | $37.49 $37.24 | ▼ −0.67% | ▼ −0.37% | $37.83 (+0.91%) |
Jul 9, 2026 15w ago | 8-K | $38.85 $38.83 | ▼ −0.05% | ▲ +0.71% | $37.83 (−2.63%) |
May 29, 2026 21w ago | 8-K | $34.73 $35.22 | ▲ +1.41% | ▲ +1.27% | $37.83 (+8.93%) |
May 26, 2026 22w ago | S-3ASR | $35.66 $35.60 | ▼ −0.17% | ▼ −0.72% | $37.83 (+6.09%) |
US Market Status
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