Shares of First Interstate BancSystem (FIBK) tumbled 6.44% in pre-market trading on Wednesday following the release of its disappointing first-quarter earnings report. The banking company's financial results, announced late Tuesday, fell short of analyst expectations, prompting a sell-off in the stock.
First Interstate BancSystem reported earnings of $0.49 per diluted share for Q1, down from $0.57 in the same period last year and significantly below the $0.56 per share that analysts polled by FactSet had anticipated. The company's revenue, calculated as the sum of net interest income and non-interest income, came in at $247 million. While this represented a slight increase from $242.2 million a year earlier, it still fell short of the $253.9 million forecast by analysts.
The pre-market plunge follows a 5.3% drop in after-hours trading on Tuesday, indicating that investors are reassessing the company's near-term prospects in light of the earnings miss. As the market digests this information, investors will be closely watching for any additional commentary from management regarding the factors behind the weaker-than-expected performance and strategies to improve results in the coming quarters.
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