Form 4: FIBK Director Sells Shares in Pre-Planned Trade

John M. Heyneman Jr., a Director and 10% Owner of First Interstate BancSystem, reported the sale of 11,818 shares of common stock.

Summary

• John M. Heyneman Jr., a Director and 10% Owner of First Interstate BancSystem Inc. (FIBK), reported a sale of common stock.
• On August 14, 2025, 11,818 shares of FIBK common stock were sold.
• The shares were sold at a weighted average price of $30.185 per share, with prices ranging from $30.07 to $30.23.
• Following this transaction, John M. Heyneman Jr. directly holds 5,224 shares.
• Indirect beneficial ownership totals 1,414,636 shares through various trusts and family members.
• Indirect holdings include 150,000 shares held by John M Heyneman Jr. Trust, 85,836 shares by Riki Rae Scott Davidson & John Heyneman Jr., Trustees, 85,836 shares by Rae Ann Morss & John Heyneman Jr., Trustees, and 1,085,792 shares by Towanda Investments Limited Partnership.
• Additional indirect holdings include 4,552 shares by John Heyneman, Jr.'s spouse, 1,095 shares by his daughter, 1,215 shares by his son Quinn, and 310 shares by his son Bae-John.
• Reporting persons may be deemed members of a group and share beneficial ownership due to certain agreements, though each disclaims ownership beyond their pecuniary interest.
• Future Forms 4 and 5 are expected to be filed together with John Heyneman, Jr., with ownership indicated from his perspective.

Sentiment

Score: 4

Explanation: The sale of shares by a director and 10% owner, John M. Heyneman Jr., is generally viewed as a slightly negative signal, as it could indicate a perceived lack of upside or a need for liquidity. However, the transaction was made pursuant to a Rule 10b5-1 plan, suggesting it was pre-scheduled and not necessarily based on new, negative information. The number of shares sold (11,818) is also a small fraction of the total indirect holdings (1,414,636 shares), mitigating the negative sentiment.

Negatives

• An insider (Director and 10% Owner) sold 11,818 shares of common stock, which can sometimes be interpreted as a lack of confidence, although the amount is relatively small compared to total indirect holdings.

Risks

• Reporting persons may be deemed members of a group with other signatories and may be deemed to share beneficial ownership of the securities reported, though each disclaims beneficial ownership except to the extent of pecuniary interest.

Future Outlook

The filing is a Form 4, which reports past insider transactions and does not typically contain forward-looking statements or guidance regarding the company's future performance. It does state that reporting persons expect to file future Forms 4 and 5 together with John Heyneman, Jr. with the indication of direct or indirect ownership in Table I being made from John Heyneman, Jr.'s perspective.

Management Comments

• The reporting person undertakes to provide to First Interstate BancSystem, Inc., any security holder of First Interstate BancSystem, Inc., or the staff of the Securities and Exchange Commission, upon request, the full information regarding the number of shares sold at each separate price within the ranges set forth above.

Industry Context

This Form 4 filing reports an insider stock transaction and does not provide information related to broader industry trends or competitor analysis. It is specific to the beneficial ownership changes of a director and 10% owner of First Interstate BancSystem Inc.

Comparison to Industry Standards

• This filing is a standard insider transaction report (Form 4) and does not contain information that allows for a direct comparison of company results to global benchmarks or specific comparable companies/projects. It solely details the sale of shares by an insider.

Related Party Transactions

• The filing details indirect beneficial ownership through various trusts and family members (spouse, daughter, sons), which are considered related parties. The sale itself is by an insider who is a related party.

Stakeholder Impact

• Shareholders: The sale by a significant insider could be perceived negatively, potentially influencing investor sentiment, though the impact is likely minor given the context of a 10b5-1 plan and the relatively small proportion of shares sold compared to total holdings.

Next Steps

• Reporting persons expect to file future Forms 4 and 5, if any, together with John Heyneman, Jr. with the indication of direct or indirect ownership in Table I being made from John Heyneman, Jr.'s perspective.

Key Dates

Recommendation

The filing is a routine Form 4 reporting an insider sale of shares. While insider selling can sometimes be a negative signal, this transaction was conducted under a Rule 10b5-1 plan, indicating it was pre-scheduled and not necessarily driven by new, adverse information. The number of shares sold is also a small percentage of the insider's total beneficial ownership. Therefore, this specific filing alone does not provide sufficient new information to warrant a change from a 'hold' recommendation, as it does not fundamentally alter the investment thesis for First Interstate BancSystem Inc.

Keywords

FIBK, First Interstate BancSystem, Insider Trading, Form 4, Stock Sale, Beneficial Ownership, Director, 10% Owner, John M. Heyneman Jr.