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Earnings To Watch: First Interstate BancSystem (FIBK) Reports Q2 Results Tomorrow

FIBK Cover Image

Regional banking company First Interstate BancSystem (NASDAQ: FIBK) will be announcing earnings results this Tuesday after market hours. Here’s what you need to know.

First Interstate BancSystem missed analysts’ revenue expectations by 2.3% last quarter, reporting revenues of $247 million, up 2% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ net interest income estimates and a significant miss of analysts’ EPS estimates.

Is First Interstate BancSystem a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting First Interstate BancSystem’s revenue to grow 3.4% year on year to $252.7 million, a reversal from the 6.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.58 per share.

First Interstate BancSystem Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. First Interstate BancSystem has missed Wall Street’s revenue estimates four times over the last two years.

Looking at First Interstate BancSystem’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Seacoast Banking delivered year-on-year revenue growth of 19.6%, beating analysts’ expectations by 5%, and Atlantic Union Bankshares reported revenues up 86.2%, topping estimates by 12.5%. Seacoast Banking’s stock price was unchanged after the resultswhile Atlantic Union Bankshares was down 1.9%.

Read our full analysis of Seacoast Banking’s results here and Atlantic Union Bankshares’s results here.

There has been positive sentiment among investors in the regional banks segment, with share prices up 4.3% on average over the last month. First Interstate BancSystem is up 5.8% during the same time and is heading into earnings with an average analyst price target of $31.88 (compared to the current share price of $30.50).

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