Montana Bank Insider’s Share Sale: A Tale of Trust and Turf

by

In the annals of financial folklore, few events rival the drama of an insider’s quiet transaction. Jonathan Scott, a 10% owner of First Interstate BancSystem, Inc. (FIBK 0.73%), recently executed an open-market sale of 7,000 shares, as chronicled in an SEC Form 4 filing. One might imagine the transaction as a discreet exchange in the back room of the Guild of Alchemists and Venture Capitalists, where numbers are as much art as arithmetic.1

A transaction where securities are sold on a public exchange, not through private negotiation. Much like selling turnips at the village fair, but with higher stakes and fewer turnips.

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Insider:

An individual with access to nonpublic, material information about a company, often an executive or major shareholder. Frequently confused with a seer, prophet, or someone who’s just had too much coffee.

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10% owner:

A person or entity holding at least 10% of a company’s voting stock, subject to special SEC reporting rules. A position that grants both power and paperwork.

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SEC Form 4:

A required filing disclosing changes in ownership of company securities by insiders. The financial world’s version of a diary-public, but only the parts you’re forced to share.

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Beneficial ownership:

The true ownership of securities, even if held indirectly or in another name. A concept that would baffle even the most seasoned librarian.

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Direct ownership:

Securities held in the owner’s name, not through intermediaries or related entities. The simplest form of possession, assuming one ignores the complexities of modern finance.

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Weighted average purchase price:

The average price paid per share, weighted by the number of shares in each transaction. A mathematical marvel that somehow never includes the cost of coffee.

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Transaction value:

The total dollar amount received or paid in a securities transaction. A figure that often bears little resemblance to reality-or common sense.

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Dividend yield:

Annual dividends per share divided by the stock’s current price, shown as a percentage. A promise, a hope, and occasionally a reward.

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Net interest income:

The difference between interest earned on assets and interest paid on liabilities, a key bank revenue source. The financial equivalent of subtracting one number from another and calling it a day.

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Ancillary services:

Additional services offered by a company, such as investment management or insurance, beyond its core business. The “and other stuff” of corporate strategy.

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TTM:

The 12-month period ending with the most recent quarterly report. A timeframe so precise it could measure the lifespan of a mayfly-if mayflies cared about quarterly results.

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And thus, the dance of numbers continues. For in the grand theater of commerce, every sale is both a step and a stumble, a whisper and a roar. The curtain falls, but the ledger remains open. 🏦

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2025-11-03 17:48