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In an October 17, 2022, segment of CNBC's The Exchange, First Interstate earned kudos from Anton Schutz, Mendon Capital Advisors president and CIO, in a discussion about bank stocks, earnings, and which companies investors should watch.
They [First Interstate] completed a large merger, they’ve got a large dividend, earnings estimates are too low, and they actually have a chance to be added to an important S&P index, said Schutz. They've got the recipe for everything.
Intelligent strategies and a disciplined approach.
Schutz was referencing First Interstate's merger with Great Western Bancorp, Inc., parent company of Great Western Bank, effective February 1, 2022. The partnership expanded First Interstate’s reach to more than 300 branches in 14 states, effectively doubling its footprint.
That merger is going to work out very well for this company, Schutz continued. I expect they'll keep expanding, and I love the earnings trajectory of this company.
Schutz, who worked in banking before launching his New York-based hedge fund in 1996, has expertise in small-cap financial service franchises and sector consolidation. He cited First Interstate’s conservative, skilled management team as key to First Interstate’s successful expansion.
CNBC's The Exchange is a newsroom-based program that focuses on in-depth reporting around the most important and interesting stories to today's markets and investors. Guided by anchor Kelly Evans, CNBC's deep roster of skilled reporters, provide actionable information to viewers as they make daily investment decisions. CNBC LLC is a division of NBCUniversal.
Well-positioned for the years ahead.
Having completed the Great Western system conversion in late May, we will now start to see more of the synergies projected for this transaction, which should lead to further improvement in our profitability, said Kevin P. Riley, President and Chief Executive Officer of First Interstate BancSystem, Inc., when he shared financial results for the second quarter of 2022 on July 26, 2022.
With the addition of Great Western and the strong performance we are seeing in our historical markets, we believe we are well-positioned to generate profitable growth and further enhance the value of our franchise in the years ahead, said Riley.
First Interstate BancSystem, Inc. (NASDAQ: FIBK), parent company of First Interstate Bank, will report third quarter results after the market closes on Tuesday, October 25, 2022. A conference call for investors is scheduled for Wednesday, October 26, 2022, at 11 a.m. Eastern (9 a.m. Mountain), during which the Company will discuss quarterly results. There will be a question-and-answer session following the presentation.
The conference call will be accessible by telephone and through the Internet. Shareholders, analysts, and other interested parties are invited to join the call by dialing 1-833-927-1758; the access code is 850904. To participate via the Internet, visit http://www.FIBK.com. A rebroadcast will be available approximately one hour after the end of the conference call by dialing 1-866-813-9403. The replay access code is 018244. The call will also be archived on the Company's website, www.FIBK.com.