FIRST INTERSTATE BANCSYSTEM INC (Form: 8-K, Received: 04/24/2024 16:10:46)

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SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

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Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (date of earliest event reported): April 24, 2024

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FIRST INTERSTATE BANCSYSTEM, INC.

(Exact name of registrant as specified in its charter)

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Delaware

001-34653

81-0331430

(State or other jurisdiction of
incorporation or organization)

(Commission
File No.)

(IRS Employer
Identification No.)

401 North 31st Street

Billings,

59101

(Address of principal executive offices)

(zip code)


	(406)	255-5311
(Registrant’s telephone number, including area code)

	Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a- 12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common stock, $0.00001 par value	FIBK	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 24, 2024, First Interstate BancSystem, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended March 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. Neither the information included or incorporated by reference under this Item 2.02, nor the press release furnished herewith, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On April 24, 2024, the Company posted a new corporate presentation (the “Presentation”) on the Events & Presentations page of the Company’s website at https://www.fibk.com. The Presentation, which is furnished with this Current Report as Exhibit 99.2 and incorporated herein by reference, updates previously furnished presentations and provides an overview of the Company and its operations. Neither the information included or incorporated by reference under this Item 7.01, nor the Presentation furnished herewith, shall be deemed to be “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

On April 24, 2024, the Company also announced that the Board of Directors of the Company declared, on April 23, 2024, a dividend of $0.47 per share, that is payable May 16, 2024 to shareholders of record of the Company as of May 6, 2024.

Item 9.01 Financial Statements and Exhibits.


(d)	Exhibit Number	Description

	99.1	Press Release dated April 24, 2024.

	99.2	Presentation

	104	Cover Page Interactive Data File (embedded within Inline XBRL document).

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 24, 2024



			FIRST INTERSTATE BANCSYSTEM, INC.

			By:			/s/ KEVIN P. RILEY
						Kevin P. Riley
						President and Chief Executive Officer

For Immediate Release

First Interstate BancSystem, Inc. Reports First Quarter Earnings

Billings, MT - April 24, 2024 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the first quarter of 2024. For the quarter, the Company reported net income of $58.4 million, or $0.57 per share, which compares to net income of $61.5 million, or $0.59 per share, for the fourth quarter of 2023 and net income of $56.3 million, or $0.54 per share, for the first quarter of 2023.

•Criticized loans decreased $58.3 million at March 31, 2024, compared to December 31, 2023, driven by loan upgrades and payoffs.

•Non-performing assets increased $61.6 million at March 31, 2024, compared to December 31, 2023, driven primarily by one non-accrual commercial and industrial loan relationship in the first quarter of 2024.

•Loans held for investment decreased $76.8 million at March 31, 2024, compared to December 31, 2023, driven by seasonal declines in agriculture loans.

•Total deposits decreased $513.1 million at March 31, 2024, compared to December 31, 2023, primarily due to seasonal declines in business deposits and selective run-off of two higher-cost municipal accounts totaling $185.0 million.

•Net interest margin decreased to 2.91% for the first quarter of 2024, an 8 basis point decrease from the fourth quarter of 2023. Net interest margin, on a fully taxable equivalent (“FTE”) basis,1 a non-GAAP financial measure, decreased to 2.93% for the first quarter of 2024, an 8 basis point decrease from the fourth quarter of 2023.

•Non-interest expense decreased $5.8 million for the first quarter of 2024, compared to the fourth quarter of 2023 and decreased $5.6 million compared to the first quarter of 2023.

“We executed well in the first quarter, with results generally in-line with our expectations, which we believe positions us well for the remainder of 2024,” said Kevin P. Riley, President and Chief Executive Officer of First Interstate BancSystem, Inc. “With our strong financial performance, we expect to continue to generate improvements in our capital ratios and maintain a healthy dividend for our shareholders.”

“Given our strong levels of capital and liquidity, adequate allowance for credit loss levels, and continued expense control, we remain confident in our ability to generate solid returns,” said Mr. Riley.

DIVIDEND DECLARATION

On April 23, 2024, the Company’s board of directors declared a dividend of $0.47 per common share, payable on May 16, 2024, to common stockholders of record as of May 6, 2024. The dividend equates to a 6.9% annualized yield based on the $27.30 per share average closing price of the Company’s common stock as reported on NASDAQ during the first quarter of 2024.

1 See Non-GAAP Financial Measures included herein for a reconciliation the most directly comparable GAAP financial measures.

Net interest income decreased $7.7 million, or 3.7%, to $200.1 million, during the first quarter of 2024, compared to net interest income of $207.8 million during the fourth quarter of 2023, primarily due to an increase in interest expense resulting from higher costs of interest-bearing liabilities and one less accrual day in the first quarter of 2024. Net interest income decreased $38.8 million, or 16.2%, during the first quarter of 2024 compared to the first quarter of 2023, also primarily due to an increase in interest expense resulting from higher costs of interest-bearing liabilities and one additional day in the first quarter of 2024.

•Interest accretion attributable to the fair valuation of acquired loans from acquisitions contributed to net interest income during the first quarter of 2024, the fourth quarter of 2023, and the first quarter of 2023, in the amounts of $6.5 million, $5.4 million, and $5.2 million, respectively.

The net interest margin ratio was 2.91% for the first quarter of 2024, compared to 2.99% during the fourth quarter of 2023, and 3.33% during the first quarter of 2023. The net FTE interest margin ratio2, a non-GAAP financial measure, was 2.93% for the first quarter of 2024, compared to 3.01% during the fourth quarter of 2023, and 3.36% during the first quarter of 2023. Excluding interest accretion from the fair value of acquired loans, on a quarter-over-quarter basis, the adjusted net interest margin ratio (FTE)2, a non-GAAP financial measure, was 2.84%, a decrease of 10 basis points from the prior quarter, primarily driven by higher interest-bearing deposit costs and increased borrowings, which was partially offset by loan yield expansion. Excluding interest accretion from the fair value of acquired loans, on a year-over-year basis, the net interest margin ratio decreased 45 basis points, primarily as a result of higher interest-bearing deposit and borrowing costs, which was partially offset by loan yield expansion and a modestly favorable change in the mix of earning assets.

PROVISION FOR (REDUCTION OF) CREDIT LOSSES

During the first quarter of 2024, the Company recorded a provision for credit losses of $5.3 million. This compares to a provision for credit losses of $5.4 million during the fourth quarter of 2023 and $15.2 million during the first quarter of 2023.

For the first quarter of 2024, the allowance for credit losses included net charge-offs of $8.4 million, or an annualized 0.18% of average loans outstanding, compared to net charge-offs of $4.8 million, or an annualized 0.10% of average loans outstanding, for the fourth quarter of 2023 and net charge-offs of $6.2 million, or an annualized 0.14% of average loans outstanding in the first quarter of 2023. Net loan charge-offs in the first quarter of 2024 were composed of charge-offs of $11.0 million and recoveries of $2.6 million.

The Company’s allowance for credit losses as a percentage of period-end loans held for investment was unchanged at 1.25% for March 31, 2024 and December 31, 2023, compared to 1.24% at March 31, 2023. Coverage of non-performing loans decreased to 130.1% at March 31, 2024, compared to 204.6% at December 31, 2023 and 265.1% at March 31, 2023.


For the Quarter Ended	Mar 31, 2024		Dec 31, 2023		$ Change		% Change		Mar 31, 2023		$ Change		% Change
(Dollars in millions)
Payment services revenues	$	18.4	$	18.4	$	—	—	%	$	18.7	$	(0.3)	(1.6)	%
Mortgage banking revenues	1.7		1.5		0.2		13.3		2.3		(0.6)		(26.1)
Wealth management revenues	9.2		8.8		0.4		4.5		9.0		0.2		2.2
Service charges on deposit accounts	6.0		6.0		—		—		5.2		0.8		15.4
Other service charges, commissions, and fees	2.2		2.5		(0.3)		(12.0)		2.4		(0.2)		(8.3)
Investment securities loss	—		—		—		—		(23.4)		23.4		(100.0)
Other income	4.6		7.3		(2.7)		(37.0)		2.2		2.4		109.1

Total non-interest income	$	42.1	$	44.5	$	(2.4)	(5.4)	%	$	16.4	$	25.7	156.7	%

Non-interest income was $42.1 million for the first quarter of 2024, decreasing $2.4 million and increasing $25.7 million compared to the fourth quarter of 2023 and the first quarter of 2023, respectively. The decrease from the fourth quarter of 2023 was primarily the result of a gain of $2.9 million resulting from the disposition of premises and equipment during the fourth quarter of 2023. The increase from the first quarter of 2023 was primarily the result of the realized loss of $23.4 million on the disposition of available-for-sale investment securities and a reduction of $1.9 million related to the fair value of loans held for sale recognized through other income in the first quarter of 2023.

2 See Non-GAAP Financial Measures included herein for a reconciliation the most directly comparable GAAP financial measures.

NON-INTEREST EXPENSE


For the Quarter Ended	Mar 31, 2024		Dec 31, 2023		$ Change		% Change		Mar 31, 2023		$ Change		% Change
(Dollars in millions)
Salaries and wages	$	65.2	$	64.0	$	1.2	1.9	%	$	65.6	$	(0.4)	(0.6)	%
Employee benefits	19.3		13.5		5.8		43.0		22.8		(3.5)		(15.4)
Occupancy and equipment	17.3		17.4		(0.1)		(0.6)		18.4		(1.1)		(6.0)
Other intangible amortization	3.7		3.9		(0.2)		(5.1)		4.0		(0.3)		(7.5)
Other expenses	52.7		67.0		(14.3)		(21.3)		54.8		(2.1)		(3.8)
Other real estate owned expense	2.0		0.2		1.8		NM		0.2		1.8		NM

Total non-interest expense	$	160.2	$	166.0	$	(5.8)	(3.5)	%	$	165.8	$	(5.6)	(3.4)	%

The Company’s non-interest expense was $160.2 million for the first quarter of 2024, a decrease of $5.8 million from the fourth quarter of 2023 and a decrease of $5.6 million from the first quarter of 2023.

Salary and wages expense increased $1.2 million during the first quarter of 2024 compared to the fourth quarter of 2023, primarily due to higher short-term incentive accruals and annual merit increases, partially offset by a realization of the reduction in salaries and wages from expense initiatives undertaken by the Company. Salaries and wages expense decreased $0.4 million during the first quarter of 2024 compared to the first quarter of 2023, primarily due to lower salaries and wages and net severance costs which were partially offset by higher short-term incentive accruals in the first quarter of 2024.

Employee benefit expenses increased $5.8 million during the first quarter of 2024 compared to the fourth quarter of 2023, primarily due to higher long-term incentive accruals of $6.9 million and an increase of $2.1 million due to the seasonal reset of payroll taxes, partially offset by lower health insurance costs of $3.1 million. Employee benefit expenses decreased $3.5 million during the first quarter of 2024 compared to the first quarter of 2023, primarily due to lower health insurance costs of $2.1 million and lower payroll taxes of $1.8 million, partially offset by higher long-term incentive accruals of $0.6 million.

Other expenses decreased $14.3 million during the first quarter of 2024 compared to the fourth quarter of 2023, primarily due to a decrease of $9.0 million related to the FDIC special assessment accrual. The Company recorded a special assessment of $10.5 million in the fourth quarter of 2023 compared to $1.5 million recorded in the first quarter of 2024. Additionally, in the fourth quarter of 2023, other expenses reflected an increase in the credit card rewards accrual of $2.1 million to reflect higher engagement by our clients in our rewards program. The remaining quarter-over-quarter decrease and year-over-year decrease in other expenses was related to normal fluctuations in operating expenses.

Other real estate owned expenses increased $1.8 million during the first quarter of 2024 compared to both the fourth quarter of 2023 and the first quarter of 2023 primarily due to the write down of two other real estate owned properties in the first quarter of 2024.

Total assets decreased $526.4 million, or 1.7%, to $30,144.8 million as of March 31, 2024, from $30,671.2 million as of December 31, 2023, primarily due to decreases in investment securities and loans, and decreased $1,492.9 million, or 4.7%, from $31,637.7 million as of March 31, 2023, primarily due to declines in deposits and securities sold under repurchase agreements.

Investment securities decreased $423.3 million, or 4.7%, to $8,626.1 million as of March 31, 2024, from $9,049.4 million as of December 31, 2023, primarily as a result of normal pay-downs and maturities. Investment securities decreased $799.4 million, or 8.5%, from $9,425.5 million as of March 31, 2023, primarily as a result of normal pay-downs and maturities, partially offset by a $40.3 million increase in fair market values and a reduction of $2.5 million in allowance for credit losses on available-for-sale investment securities during the period.

The following table presents the composition and comparison of loans held for investment as of the quarters-ended:



	Mar 31, 2024		Dec 31, 2023		$ Change		% Change		Mar 31, 2023		$ Change		% Change
Real Estate:
Commercial	$	9,060.4	$	8,869.2	$	191.2	2.2	%	$	8,680.8	$	379.6	4.4	%
Construction	1,609.2		1,826.5		(217.3)		(11.9)		1,893.0		(283.8)		(15.0)
Residential	2,258.4		2,244.3		14.1		0.6		2,191.1		67.3		3.1
Agricultural	719.7		716.8		2.9		0.4		769.7		(50.0)		(6.5)
Total real estate	13,647.7		13,656.8		(9.1)		(0.1)		13,534.6		113.1		0.8
Consumer:
Indirect	739.9		740.9		(1.0)		(0.1)		817.3		(77.4)		(9.5)
Direct and advance lines	136.7		141.6		(4.9)		(3.5)		146.9		(10.2)		(6.9)
Credit card	72.6		76.5		(3.9)		(5.1)		71.5		1.1		1.5
Total consumer	949.2		959.0		(9.8)		(1.0)		1,035.7		(86.5)		(8.4)
Commercial	2,922.2		2,906.8		15.4		0.5		3,028.0		(105.8)		(3.5)
Agricultural	696.0		769.4		(73.4)		(9.5)		660.4		35.6		5.4
Other, including overdrafts	0.2		0.1		0.1		100.0		1.6		(1.4)		(87.5)
Deferred loan fees and costs	(12.5)		(12.5)		—		—		(14.6)		2.1		(14.4)
Loans held for investment, net of deferred loan fees and costs	$	18,202.8	$	18,279.6	$	(76.8)	(0.4)	%	$	18,245.7	$	(42.9)	(0.2)	%

The ratio of loans held for investment to deposits increased to 79.8%, as of March 31, 2024, compared to 78.4% as of December 31, 2023 and 75.7% as of March 31, 2023.

Total deposits decreased $513.1 million, or 2.2%, to $22,810.0 million as of March 31, 2024, from $23,323.1 million as of December 31, 2023, with decreases in all categories except for of savings deposits and time deposits $250 and over. Total deposits decreased $1,297.0 million, or 5.4%, from $24,107.0 million as of March 31, 2023, with decreases in all types of deposits except for time deposits.

Securities sold under repurchase agreements increased $11.5 million, or 1.5%, to $794.2 million as of March 31, 2024, from $782.7 million as of December 31, 2023, and decreased $176.6 million, or 18.2%, from $970.8 million as of March 31, 2023, resulting from normal fluctuations in the liquidity needs of the Company’s clients.

Other borrowed funds is comprised of Federal Home Loan Bank and Bank Term Funding Program variable-rate, overnight and fixed-rate borrowings with contractual tenors of up to one year. Other borrowed funds decreased $261.0 million, or 10.0%, to $2,342.0 million as of March 31, 2024, from $2,603.0 million as of December 31, 2023, and decreased $368.0 million from March 31, 2023, as a result of adjusting the funding mix between other borrowed funds and long-term debt.

Long-term debt increased $250.0 million, or 207.0%, to $370.8 million as of March 31, 2024, from $120.8 million as of December 31, 2023 and March 31, 2023, as a result of an 18-month Federal Home Loan Bank borrowing.

The Company is considered to be “well-capitalized” as of March 31, 2024, having exceeded all regulatory capital adequacy requirements. During the first quarter of 2024, the Company paid regular common stock dividends of approximately $48.7 million, or $0.47 per share.

As of March 31, 2024, non-performing assets increased $61.6 million, or 48.2%, to $189.4 million, compared to $127.8 million as of December 31, 2023, primarily due to an increase in non-accrual loans driven by the movement of a $54.4 million commercial and industrial loan relationship to non-accrual.

Criticized loans decreased $58.3 million, or 8.5%, to $630.0 million as of March 31, 2024, from $688.3 million as of December 31, 2023, driven by upgrades and paydowns in the commercial real estate and construction real estate portfolios.

NON-GAAP FINANCIAL MEASURES

In addition to results presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, this press release contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our capital adequacy standards: (i) tangible common stockholders’ equity; (ii) tangible assets; (iii) tangible book value per common share; (iv) tangible common stockholders’ equity to tangible assets; (v) average tangible common stockholders’ equity; (vi) return on average tangible common stockholders’ equity; and (vii) adjusted net interest margin ratio (FTE). Tangible common stockholders’ equity is calculated as total common stockholders’ equity less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible assets are calculated as total assets less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible book value per common share is calculated as tangible common stockholders’ equity divided by common shares outstanding. Tangible common stockholders’ equity to tangible assets is calculated as tangible common stockholders’ equity divided by tangible assets. Average tangible common stockholders’ equity is calculated as average stockholders’ equity less average goodwill and other intangible assets (excluding mortgage servicing rights). Return on average tangible common stockholders’ equity is calculated as net income available to common shareholders divided by average tangible common stockholders’ equity. Adjusted net interest margin ratio (FTE) is calculated as adjusted net FTE interest income divided by adjusted average interest earning assets. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. They also should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.

The Company adjusts the most directly comparable capital adequacy GAAP financial measures to the non-GAAP financial measures described in subclauses (i) through (vi) above to exclude goodwill and other intangible assets (except mortgage servicing rights). To derive the non-GAAP financial measure identified in subclause (vii) above, the Company adjusts its net interest income to include its FTE interest income and exclude purchase accounting interest accretion on acquired loans. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to acquisition costs and other adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies.

See the Non-GAAP Financial Measures table included herein and the textual discussion for a reconciliation of the above described non-GAAP financial measures to their most directly comparable GAAP financial measures.

Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that change over time and could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. Furthermore, the following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this press release:

•new or changes in existing, governmental regulations;

•negative developments in the banking industry and increased regulatory scrutiny;

•tax legislative initiatives or assessments;

•more stringent capital requirements, to the extent they may become applicable to us;

•changes in accounting standards;

•any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations;

•federal deposit insurance increases;

•lending risks and risks associated with loan sector concentrations;

•a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans;

•loan credit losses exceeding estimates;

•exposure to losses in collateralized loan obligation securities;

•changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs;

•the soundness of other financial institutions;

•the ability to meet cash flow needs and availability of financing sources for working capital and other needs;

•a loss of deposits or a change in product mix that increases the Company’s funding costs;

•inability to access funding or to monetize liquid assets;

•changes in interest rates;

•interest rate effect on the value of our investment securities;

•cybersecurity risks, including “denial-of-service attacks,” “hacking,” and “identity theft” that could result in the disclosure of confidential information;

•privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information;

•the potential impairment of our goodwill and other intangible assets;

•our reliance on other companies that provide key components of our business infrastructure;

•events that may tarnish our reputation;

•main stream and social media contagion;

•the loss of the services of key members of our management team and directors;

•our ability to attract and retain qualified employees to operate our business;

•costs associated with repossessed properties, including environmental remediation;

•the effectiveness of our systems of internal operating and accounting controls;

•our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients;

•difficulties we may face in combining the operations of acquired entities or assets with our own operations or assessing the effectiveness of businesses in which we make strategic investments or with which we enter into strategic contractual relationships;

•competition from new or existing financial institutions and non-banks;

•investing in technology;

•incurrence of significant costs related to mergers and related integration activities;

•the volatility in the price and trading volume of our common stock;

•“anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders;

•changes in our dividend policy or our ability to pay dividends;

•our common stock not being an insured deposit;

•the potential dilutive effect of future equity issuances;

•the subordination of our common stock to our existing and future indebtedness;

•the impact of the combined deficiencies resulting in a material weakness in our internal control over financial reporting;

•the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and

•the impact of climate change and environmental sustainability matters.

These factors are not necessarily all the factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included and described in more detail in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors.” Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

First Quarter 2024 Conference Call for Investors

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the first quarter of 2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Thursday, April 25, 2024. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-274-8461; the access code is FIBANC. To participate via the Internet, visit www.FIBK.com. The call will be recorded and made available for replay on April 25, 2024, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through May 25, 2024, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-888-562-2815. The call will also be archived on our website, www.FIBK.com, for one year.

About First Interstate BancSystem, Inc.

First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services. Through our bank subsidiary, First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities, and others throughout the Company’s market areas.

Contact:

David Della Camera, CFA

NASDAQ: FIBK

Director of Corporate Development and Financial Strategy
First Interstate BancSystem, Inc.
(406) 255-5363
david.dellacamera@fib.com

www.FIBK.com

(FIBK-ER)

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Consolidated Statements of Income


	Quarter Ended										% Change
(In millions, except % and per share data)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		1Q24 vs 4Q23		1Q24 vs 1Q23
Net interest income	$	200.1	$	207.8	$	213.7	$	218.4	$	238.9	(3.7)	%	(16.2)	%
Net interest income on a fully-taxable equivalent ("FTE") basis	201.8		209.5		215.4		220.2		240.7		(3.7)		(16.2)
Provision for (reduction in) credit losses	5.3		5.4		(0.1)		11.7		15.2		(1.9)		(65.1)
Non-interest income:
Payment services revenues	18.4		18.4		19.2		20.1		18.7		—		(1.6)
Mortgage banking revenues	1.7		1.5		2.0		2.6		2.3		13.3		(26.1)
Wealth management revenues	9.2		8.8		8.7		8.8		9.0		4.5		2.2
Service charges on deposit accounts	6.0		6.0		6.0		5.8		5.2		—		15.4
Other service charges, commissions, and fees	2.2		2.5		2.2		2.4		2.4		(12.0)		(8.3)
Total fee-based revenues	37.5		37.2		38.1		39.7		37.6		0.8		(0.3)
Investment securities loss	—		—		—		(0.1)		(23.4)		—		(100.0)
Other income	4.6		7.3		3.9		4.5		2.2		(37.0)		109.1

Total non-interest income	42.1		44.5		42.0		44.1		16.4		(5.4)		156.7
Non-interest expense:
Salaries and wages	65.2		64.0		65.4		68.1		65.6		1.9		(0.6)
Employee benefits	19.3		13.5		19.7		19.3		22.8		43.0		(15.4)
Occupancy and equipment	17.3		17.4		17.0		17.3		18.4		(0.6)		(6.0)
Other intangible amortization	3.7		3.9		3.9		3.9		4.0		(5.1)		(7.5)
Other expenses	52.7		67.0		54.6		54.7		54.8		(21.3)		(3.8)
Other real estate owned expense	2.0		0.2		0.5		0.6		0.2		NM		NM

Total non-interest expense	160.2		166.0		161.1		163.9		165.8		(3.5)		(3.4)
Income before income tax	76.7		80.9		94.7		86.9		74.3		(5.2)		3.2
Provision for income tax	18.3		19.4		22.0		19.9		18.0		(5.7)		1.7
Net income	$	58.4	$	61.5	$	72.7	$	67.0	$	56.3	(5.0)	%	3.7	%

Weighted-average basic shares outstanding	102,844		103,629		103,822		103,821		103,738		(0.8)	%	(0.9)	%
Weighted-average diluted shares outstanding	103,040		103,651		103,826		103,823		103,819		(0.6)		(0.8)
Earnings per share - basic	$	0.57	$	0.59	$	0.70	$	0.65	$	0.54	(3.4)		5.6
Earnings per share - diluted	0.57		0.59		0.70		0.65		0.54		(3.4)		5.6









NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Consolidated Balance Sheets


											% Change
(In millions, except % and per share data)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		1Q24 vs 4Q23		1Q24 vs 1Q23
Assets:
Cash and due from banks	$	315.8	$	378.2	$	371.5	$	479.0	$	332.9	(16.5)	%	(5.1)	%
Interest-bearing deposits in banks	319.1		199.7		219.5		201.4		747.7		59.8		(57.3)
Federal funds sold	0.1		0.1		2.1		0.1		0.1		—		—
Cash and cash equivalents	635.0		578.0		593.1		680.5		1,080.7		9.9		(41.2)

Investment securities, net	8,626.1		9,049.4		8,887.2		9,175.6		9,425.5		(4.7)		(8.5)
Investment in Federal Home Loan Bank and Federal Reserve Bank stock	178.4		223.2		189.5		210.4		214.5		(20.1)		(16.8)
Loans held for sale, at fair value	22.7		47.4		59.1		76.5		80.9		(52.1)		(71.9)
Loans held for investment	18,202.8		18,279.6		18,213.3		18,263.4		18,245.7		(0.4)		(0.2)
Allowance for credit losses	(227.7)		(227.7)		(226.7)		(224.6)		(226.1)		NM		0.7
Net loans held for investment	17,975.1		18,051.9		17,986.6		18,038.8		18,019.6		(0.4)		(0.2)
Goodwill and intangible assets (excluding mortgage servicing rights)	1,206.6		1,210.3		1,214.1		1,218.0		1,221.9		(0.3)		(1.3)
Company owned life insurance	504.7		502.4		500.8		502.0		499.4		0.5		1.1
Premises and equipment	439.9		444.3		446.3		443.7		443.4		(1.0)		(0.8)
Other real estate owned	14.4		16.5		11.6		14.4		13.4		(12.7)		7.5
Mortgage servicing rights	27.6		28.3		29.1		29.8		30.1		(2.5)		(8.3)
Other assets	514.3		519.5		623.4		586.6		608.3		(1.0)		(15.5)
Total assets	$	30,144.8	$	30,671.2	$	30,540.8	$	30,976.3	$	31,637.7	(1.7)	%	(4.7)	%

Liabilities and stockholders' equity:
Deposits	$	22,810.0	$	23,323.1	$	23,679.5	$	23,579.2	$	24,107.0	(2.2)	%	(5.4)	%
Securities sold under repurchase agreements	794.2		782.7		889.5		929.9		970.8		1.5		(18.2)
Long-term debt	370.8		120.8		120.8		120.8		120.8		207.0		207.0
Other borrowed funds	2,342.0		2,603.0		2,067.0		2,589.0		2,710.0		(10.0)		(13.6)
Subordinated debentures held by subsidiary trusts	163.1		163.1		163.1		163.1		163.1		—		—
Other liabilities	455.0		451.0		535.4		473.1		405.7		0.9		12.2
Total liabilities	26,935.1		27,443.7		27,455.3		27,855.1		28,477.4		(1.9)		(5.4)
Stockholders' equity:
Common stock	2,450.7		2,448.9		2,484.9		2,481.4		2,478.7		0.1		(1.1)
Retained earnings	1,145.9		1,135.1		1,122.3		1,098.8		1,080.7		1.0		6.0
Accumulated other comprehensive loss	(386.9)		(356.5)		(521.7)		(459.0)		(399.1)		8.5		(3.1)
Total stockholders' equity	3,209.7		3,227.5		3,085.5		3,121.2		3,160.3		(0.6)		1.6
Total liabilities and stockholders' equity	$	30,144.8	$	30,671.2	$	30,540.8	$	30,976.3	$	31,637.7	(1.7)	%	(4.7)	%

Common shares outstanding at period end	104,572		103,942		105,011		105,021		104,382		0.6	%	0.2	%
Book value per common share at period end	$	30.69	$	31.05	$	29.38	$	29.72	$	30.28	(1.2)		1.4
Tangible book value per common share at period end**	19.16		19.41		17.82		18.12		18.57		(1.3)		3.2




**Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end.
NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES


											% Change
(In millions, except %)	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		1Q24 vs 4Q23		1Q24 vs 1Q23

Loans held for investment:
Real Estate:
Commercial	$	9,060.4	$	8,869.2	$	8,766.2	$	8,813.9	$	8,680.8	2.2	%	4.4	%
Construction	1,609.2		1,826.5		1,930.3		1,836.5		1,893.0		(11.9)		(15.0)
Residential	2,258.4		2,244.3		2,212.2		2,198.3		2,191.1		0.6		3.1
Agricultural	719.7		716.8		731.5		755.7		769.7		0.4		(6.5)
Total real estate	13,647.7		13,656.8		13,640.2		13,604.4		13,534.6		(0.1)		0.8
Consumer:
Indirect	739.9		740.9		751.7		764.1		817.3		(0.1)		(9.5)
Direct	136.7		141.6		142.3		144.0		146.9		(3.5)		(6.9)
Credit card	72.6		76.5		71.6		72.1		71.5		(5.1)		1.5
Total consumer	949.2		959.0		965.6		980.2		1,035.7		(1.0)		(8.4)
Commercial	2,922.2		2,906.8		2,925.1		3,002.7		3,028.0		0.5		(3.5)
Agricultural	696.0		769.4		690.5		688.0		660.4		(9.5)		5.4
Other	0.2		0.1		5.0		1.7		1.6		100.0		(87.5)
Deferred loan fees and costs	(12.5)		(12.5)		(13.1)		(13.6)		(14.6)		—		(14.4)
Loans held for investment	$	18,202.8	$	18,279.6	$	18,213.3	$	18,263.4	$	18,245.7	(0.4)	%	(0.2)	%






Deposits:
Non-interest-bearing	$	5,900.3	$	6,029.6	$	6,402.6	$	6,518.2	$	6,861.1	(2.1)	%	(14.0)	%
Interest-bearing:
Demand	6,103.6		6,507.8		6,317.9		6,481.9		6,714.1		(6.2)		(9.1)
Savings	7,872.2		7,775.8		7,796.3		7,836.7		8,282.9		1.2		(5.0)
Time, $250 and over	819.3		811.6		817.1		657.9		526.5		0.9		55.6
Time, other	2,114.6		2,198.3		2,345.6		2,084.5		1,722.4		(3.8)		22.8
Total interest-bearing	16,909.7		17,293.5		17,276.9		17,061.0		17,245.9		(2.2)		(1.9)
Total deposits	$	22,810.0	$	23,323.1	$	23,679.5	$	23,579.2	$	24,107.0	(2.2)	%	(5.4)	%

Total core deposits (1)	$	21,990.7	$	22,511.5	$	22,862.4	$	22,921.3	$	23,580.5	(2.3)	%	(6.7)	%

(1) Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES


																% Change
(In millions, except %)	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			1Q24 vs 4Q23		1Q24 vs 1Q23

Allowance for Credit Losses:
Allowance for credit losses	$	227.7		$	227.7		$	226.7		$	224.6		$	226.1		NM		0.7	%
As a percentage of loans held for investment	1.25		%	1.25		%	1.24		%	1.23		%	1.24		%
As a percentage of non-accrual loans	132.38			214.00			278.50			260.86			279.83

Net loan charge-offs during quarter	$	8.4		$	4.8		$	1.1		$	11.4		$	6.2		75.0	%	35.5	%
Annualized as a percentage of average loans	0.18		%	0.10		%	0.02		%	0.25		%	0.14		%

Non-Performing Assets:
Non-accrual loans	$	172.0		$	106.4		$	81.4		$	86.1		$	80.8		61.7	%	112.9	%
Accruing loans past due 90 days or more	3.0			4.9			3.2			6.7			4.5			(38.8)		(33.3)
Total non-performing loans	175.0			111.3			84.6			92.8			85.3			57.2		105.2
Other real estate owned	14.4			16.5			11.6			14.4			13.4			(12.7)		7.5
Total non-performing assets	$	189.4		$	127.8		$	96.2		$	107.2		$	98.7		48.2	%	91.9	%

Non-performing assets as a percentage of:
Loans held for investment and OREO	1.04		%	0.70		%	0.53		%	0.59		%	0.54		%
Total assets	0.63			0.42			0.31			0.35			0.31

Non-accrual loans to loans held for investment	0.94			0.58			0.45			0.47			0.44

Accruing Loans 30-89 Days Past Due	$	62.8		$	67.3		$	51.2		$	49.5		$	52.3		(6.7)	%	20.1	%


Criticized Loans:
Special Mention	$	160.1		$	210.5		$	197.3		$	221.9		$	243.8		(23.9)	%	(34.3)	%
Substandard	405.8			457.1			414.6			386.9			355.0			(11.2)		14.3
Doubtful	64.1			20.7			21.0			32.8			22.8			209.7		181.1
Total	$	630.0		$	688.3		$	632.9		$	641.6		$	621.6		(8.5)	%	1.4	%



NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Selected Ratios - Annualized


	At or for the Quarter ended:
	Mar 31, 2024				Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Annualized Financial Ratios (GAAP)
Return on average assets	0.77		%		0.80		%	0.94		%	0.86		%	0.71		%
Return on average common stockholders' equity	7.28				7.77			9.20			8.44			7.25
Yield on average earning assets	4.74				4.69			4.63			4.52			4.43
Cost of average interest-bearing liabilities	2.39				2.24			2.09			1.88			1.46
Interest rate spread	2.35				2.45			2.54			2.64			2.97
Efficiency ratio	64.62				64.25			61.48			60.95			63.38
Loans held for investment to deposit ratio	79.80				78.38			76.92			77.46			75.69

Annualized Financial Ratios - Operating** (Non-GAAP)
Net FTE interest margin ratio	2.93		%		3.01		%	3.07		%	3.12		%	3.36		%
Tangible book value per common share	$	19.16			$	19.41		$	17.82		$	18.12		$	18.57
Tangible common stockholders' equity to tangible assets	6.92		%		6.85		%	6.38		%	6.40		%	6.37		%
Return on average tangible common stockholders' equity	11.63				12.65			15.04			13.69			11.87

Consolidated Capital Ratios
Total risk-based capital to total risk-weighted assets	13.64		%	*	13.28		%	13.19		%	12.90		%	12.63		%
Tier 1 risk-based capital to total risk-weighted assets	11.37			*	11.08			11.02			10.76			10.52
Tier 1 common capital to total risk-weighted assets	11.37			*	11.08			11.02			10.76			10.52
Leverage Ratio	8.28			*	8.22			8.22			7.99			7.72




*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID‑19 pandemic. The referenced relief ends on December 31, 2024, which allows a total five-year phase-in of the impact of CECL on capital and relief over the next two years for the impact on the allowance for credit losses resulting from the COVID‑19 pandemic.
**Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of net interest margin to net FTE interest margin, book value per common share to tangible book value per common share, return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity, and tangible common stockholders’ equity to tangible assets (non-GAAP).

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Average Balance Sheets



	Three Months Ended
	March 31, 2024						December 31, 2023						March 31, 2023
(In millions, except %)	Average Balance		Interest(2)		Average Rate		Average Balance		Interest(2)		Average Rate		Average Balance		Interest(2)		Average Rate
Interest-earning assets:
Loans (1)	$	18,289.2	$	253.6	5.58	%	$	18,255.9	$	254.1	5.52	%	$	18,273.6	$	237.2	5.26	%
Investment securities
Taxable	8,726.3		64.5		2.97		8,710.1		64.8		2.95		9,983.4		72.2		2.93
Tax-exempt	189.0		0.9		1.92		190.0		0.9		1.88		225.4		1.1		1.98
Investment in FHLB and FRB stock	198.3		3.3		6.69		192.1		3.1		6.40		210.5		3.0		5.78
Interest-bearing deposits in banks	296.7		4.1		5.56		221.0		3.1		5.57		365.7		4.2		4.66
Federal funds sold	0.1		—		—		0.3		—		—		0.8		—		—
Total interest-earning assets	$	27,699.6	$	326.4	4.74	%	$	27,569.4	$	326.0	4.69	%	$	29,059.4	$	317.7	4.43	%
Non-interest-earning assets	2,825.6						2,938.3						2,951.5
Total assets	$	30,525.2					$	30,507.7					$	32,010.9
Interest-bearing liabilities:
Demand deposits	$	6,150.2	$	12.9	0.84	%	$	6,469.1	$	15.3	0.94	%	$	6,973.4	$	8.7	0.51	%
Savings deposits	7,781.8		39.1		2.02		7,769.3		37.4		1.91		8,406.9		22.8		1.10
Time deposits	2,972.3		27.1		3.67		3,179.4		27.2		3.39		2,055.3		8.8		1.74
Repurchase agreements	802.1		2.3		1.15		842.2		2.1		0.99		1,005.8		1.1		0.44
Other borrowed funds	2,771.9		35.6		5.17		2,087.6		29.7		5.64		2,615.2		31.2		4.84
Long-term debt	356.8		4.3		4.85		120.8		1.4		4.60		120.8		1.5		5.04
Subordinated debentures held by subsidiary trusts	163.1		3.3		8.14		163.1		3.4		8.27		163.1		2.9		7.21
Total interest-bearing liabilities	$	20,998.2	$	124.6	2.39	%	$	20,631.5	$	116.5	2.24	%	$	21,340.5	$	77.0	1.46	%
Non-interest-bearing deposits	5,832.2						6,222.1						7,064.9
Other non-interest-bearing liabilities	466.4						513.8						458.5
Stockholders’ equity	3,228.4						3,140.3						3,147.0
Total liabilities and stockholders’ equity	$	30,525.2					$	30,507.7					$	32,010.9
Net FTE interest income (non-GAAP)(3)			$	201.8					$	209.5					$	240.7
Less FTE adjustments (2)			(1.7)						(1.7)						(1.8)
Net interest income from consolidated statements of income			$	200.1					$	207.8					$	238.9
Interest rate spread					2.35	%					2.45	%					2.97	%
Net interest margin					2.91						2.99						3.33
Net FTE interest margin (non-GAAP)(3)					2.93						3.01						3.36
Cost of funds, including non-interest-bearing demand deposits (4)					1.87						1.72						1.10

(1) Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material.
(2) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21.00% tax rate.
(3) Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures.
(4) Calculated by dividing total annualized interest on interest-bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures



		As of or For the Quarter Ended
(In millions, except % and per share data)		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Total common stockholders' equity (GAAP)	(A)	$	3,209.7		$	3,227.5		$	3,085.5		$	3,121.2		$	3,160.3
Less goodwill and other intangible assets (excluding mortgage servicing rights)		1,206.6			1,210.3			1,214.1			1,218.0			1,221.9
Tangible common stockholders' equity (Non-GAAP)	(B)	$	2,003.1		$	2,017.2		$	1,871.4		$	1,903.2		$	1,938.4

Total assets (GAAP)		$	30,144.8		$	30,671.2		$	30,540.8		$	30,976.3		$	31,637.7
Less goodwill and other intangible assets (excluding mortgage servicing rights)		1,206.6			1,210.3			1,214.1			1,218.0			1,221.9
Tangible assets (Non-GAAP)	(C)	$	28,938.2		$	29,460.9		$	29,326.7		$	29,758.3		$	30,415.8

Average Balances:
Total common stockholders' equity (GAAP)	(D)	$	3,228.4		$	3,140.3		$	3,133.8		$	3,182.9		$	3,147.0
Less goodwill and other intangible assets (excluding mortgage servicing rights)		1,208.4			1,212.1			1,216.0			1,219.8			1,223.8
Average tangible common stockholders' equity (Non-GAAP)	(E)	$	2,020.0		$	1,928.2		$	1,917.8		$	1,963.1		$	1,923.2

Net interest income	(F)	$	200.1		$	207.8		$	213.7		$	218.4		$	238.9
FTE interest income		1.7			1.7			1.7			1.8			1.8
Net FTE interest income	(G)	201.8			209.5			215.4			220.2			240.7
Less purchase accounting accretion		6.5			5.4			5.2			4.6			5.2

Adjusted net FTE interest income	(H)	$	195.3		$	204.1		$	210.2		$	215.6		$	235.5

Average interest-earning assets	(I)	$	27,699.6		$	27,569.4		$	27,796.8		$	28,328.8		$	29,059.4



Total quarterly average assets	(J)	30,525.2			30,507.7			30,752.3			31,287.6			32,010.9
Annualized net income available to common shareholders	(K)	234.9			244.0			288.4			268.7			228.3
Common shares outstanding	(L)	104,572			103,942			105,011			105,021			104,382

Return on average assets (GAAP)	(K) / (J)	0.77		%	0.80		%	0.94		%	0.86		%	0.71		%
Return on average common stockholders' equity (GAAP)	(K) / (D)	7.28			7.77			9.20			8.44			7.25
Average common stockholders' equity to average assets (GAAP)	(D) / (J)	10.58			10.29			10.19			10.17			9.83
Book value per common share (GAAP)	(A) / (L)	$	30.69		$	31.05		$	29.38		$	29.72		$	30.28
Tangible book value per common share (Non-GAAP)	(B) / (L)	19.16			19.41			17.82			18.12			18.57
Tangible common stockholders' equity to tangible assets (Non-GAAP)	(B) / (C)	6.92		%	6.85		%	6.38		%	6.40		%	6.37		%
Return on average tangible common stockholders' equity (Non-GAAP)	(K) / (E)	11.63			12.65			15.04			13.69			11.87
Net interest margin (GAAP)	(F*) / (I)	2.91			2.99			3.05			3.09			3.33
Net interest margin (FTE) (Non-GAAP)	(G*) / (I)	2.93			3.01			3.07			3.12			3.36
Adjusted net interest margin (FTE) (Non-GAAP)	(H*) / (I)	2.84			2.94			3.00			3.05			3.29

*Annualized

1Q 2024 Investor Presentation Exhibit 99.2 April 24, 2024

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues”, “projected”, or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may” or similar expressions. Forward- looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. The following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this presentation: new or changes in existing, governmental regulations; negative developments in the banking industry and increased regulatory scrutiny; tax legislative initiatives or assessments; more stringent capital requirements, to the extent they may become applicable to us; changes in accounting standards; any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations; federal deposit insurance increases; lending risks and risks associated with loan sector concentrations; a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans; loan credit losses exceeding estimates; exposure to losses in collateralized loan obligation securities; changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs; the soundness of other financial institutions; the ability to meet cash flow needs and availability of financing sources for working capital and other needs; a loss of deposits or a change in product mix that increases the Company’s funding costs; inability to access funding or to monetize liquid assets; changes in interest rates; interest rate effect on the value of our investment securities; cybersecurity risks, including “denial-of- service attacks,” “hacking,” and “identity theft” that could result in the disclosure of confidential information; privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information; the potential impairment of our goodwill and other intangible assets; our reliance on other companies that provide key components of our business infrastructure; events that may tarnish our reputation; main stream and social media contagion; the loss of the services of key members of our management team and directors; our ability to attract and retain qualified employees to operate our business; costs associated with repossessed properties, including environmental remediation; the effectiveness of our systems of internal operating and accounting controls; our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients; difficulties we may face in combining the operations of acquired entities or assets with our own operations or assessing the effectiveness of businesses in which we make strategic investments or with which we enter into strategic contractual relationships; competition from new or existing financial institutions and non-banks; investing in technology; incurrence of significant costs related to mergers and related integration activities; the volatility in the price and trading volume of our common stock; “anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders; changes in our dividend policy or our ability to pay dividends; our common stock not being an insured deposit; the potential dilutive effect of future equity issuances; the subordination of our common stock to our existing and future indebtedness; the impact of the combined deficiencies resulting in a material weakness in our internal control over financial reporting; the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and the impact of climate change and environmental sustainability matters. The foregoing factors are not necessarily all of the factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors”. Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward- looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. 2

FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW Premier community banking franchise in growing markets throughout the Midwest and Pacific Northwest Financial Highlights Balance Sheet Capital Assets $30.1 Billion Total RBC3** 13.64% LHFI1 $18.2 Billion CET14** 11.37% Deposits $22.8 Billion Leverage** 8.28% ACL2/LHFI 1.25% TCE ratio5 6.92% 1Loans held for investment (LHFI) 3Risk based capital (RBC) 2Allowance for credit losses (ACL) 4Common equity tier-1 (CET1) 5Tangible common equity (TCE) Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $2.8 Billion Annualized Dividend Yield 6.9% Branch Network 304 banking offices Sub Debt Rating Kroll BBB 3 304 banking offices in 14 states * Calculated using closing stock price of $27.21 as of 03/28/2024 ** Preliminary estimates - may be subject to change

q Shareholder value creation is a top priority - building long-term value for all shareholders, directly aligned with management compensation q Experienced leadership team q Diverse Board advising on strategy, overseeing risk and aligned with shareholders q Economically Diverse and Growing Footprint with 304 branches across 14 northwest and midwest states q Balance Sheet Strength - diverse loan portfolio, granular core funded deposit base, strong liquidity profile and strong capital position q Emphasis on risk management with a conservative credit strategy q Highly experienced bank acquirer - 8 successful acquisitions over the last 10 years FIBK INVESTMENT THESIS 4

Earnings • Net income of $58.4 million, or $0.57 per share for the first quarter of 2024 • Net interest margin (NIM), on a fully taxable equivalent (“FTE”) basis1, of 2.93%, a decrease of 8 basis points from the fourth quarter of 2023; adjusted NIM1 of 2.84%, a decrease of 10 basis points from the fourth quarter of 2023 • Efficiency ratio of 64.6% for the first quarter of 2024 Balance Sheet • Loans decreased by $76.8 million, or 1.6% annualized, from the fourth quarter of 2023, driven by seasonal declines in agriculture loans. Declines in construction loans were offset by an increase in commercial real estate loans, driven by project completions • Deposits decreased by $513.1 million, or 8.8% annualized, from the fourth quarter of 2023, due to selective runoff of two higher-cost Municipal accounts totaling $185.0 million and anticipated seasonal declines, mostly in business accounts • The Company’s balance sheet continues to maintain a strong liquidity position, with a loan/deposit ratio of 79.8% for the first quarter of 2024 Asset Quality • Overall, credit quality remains strong; criticized loans decreased $58.3 million, or 8.5%, to just 3.5% of loans held for investment (LHFI), from the fourth quarter of 2023, driven by both upgrades and loan payoffs • Non-performing loans of $175.0 million increased 57.2% from the fourth quarter of 2023, reflecting 0.96% of LHFI driven mostly by a $54.4 million criticized Commercial & Industrial (C&I) relationship that moved to non-accrual • Net charge-offs (NCOs) were $8.4 million, or an annualized 18 basis points of average loans outstanding during the first quarter of 2024 • Total provision was $5.3 million as charge-offs remained low and unfunded commitments declined; coverage remained unchanged at 1.25% of LHFI during the first quarter of 2024 compared to 1.25% from the fourth quarter of 2023 Capital • Paid a quarterly cash dividend of $0.47 per share, for an annualized yield of 6.9% for the first quarter of 2024 • Exceeded all regulatory capital adequacy requirements; CET12 of 11.37% and total RBC2 of 13.64% for the first quarter of 2024 • Regulatory capital ratios improved during the quarter; CET1 improved 29 basis points FIRST QUARTER 2024 HIGHLIGHTS 5 1 See non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change

DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 50% Construction RE, 9% Residential RE, 12% Agriculture RE, 4% Consumer, 5%Commercial, 16% Agriculture, 4% Loans by Geography MT, 19% WY, 7% ID, 7% WA, 9% OR, 10%NE, 7% SD, 12% ND, 2% IA, 10% KS, 2% AZ, 6% CO, 8% Other, 1% Revolving Commitments ($B) $3.2 $3.1 $3.1 $3.0 $2.9 37.1% 37.1% 36.8% 38.5% 38.6% Unfunded Funded 1Q23 2Q23 3Q23 4Q23 1Q24 6 Loan Highlights: • Loans decreased $76.8 million during the first quarter of 2024 due mostly to seasonal declines in agriculture loans • Commercial real estate balances are 33.8% owner-occupied for the first quarter of 2024 $18.2B Balances as of March 31, 2024

TERM COMMERCIAL REAL ESTATE PORTFOLIO Property Type Multifamily, 17% Medical, 12% Retail, 23% Industrial/Warehouse, 20% Office, 10% Hotel, 10% Other CRE, 7% Residential 1-4 Family, 1% Market Type Metro, 6% Mid-Metro, 8% Non-Metro, 86% 7 Highlights: • $9.1 billion portfolio (50% of total loans) well diversified by property type and geography • Non-owner-occupied portfolio of $6.0 billion (33% of total loans) • 0.15% past due ($13mm) / 0.41% non-accrual ($37mm) • Largest state concentration represents 16% of portfolio Balances as of March 31, 2024 Highlights: • Metro defined as property located in Portland, Seattle, Denver, Phoenix, Minneapolis / St. Paul, and Kansas City • Mid-metro defined as Omaha, Des Moines, Tuscon, and Boise

Deposits by State MT, 24% WY, 12% ID, 7% WA, 4% OR, 11% SD, 15% NE, 9% IA, 10% MO, 1% AZ, 3% CO, 4% Mix of Consumer and Business Deposits 54% 53% 53% 53% 54% 46% 47% 47% 47% 46% Total Consumer Deposits Total Business Deposits 1Q23 2Q23 3Q23 4Q23 1Q24 8 Average Deposit Balances 28% 27% 27% 27% 27% 34% 34% 33% 33% 34% 8% 11% 13% 14% 13% 29% 28% 27% 26% 26% 0.68% 0.91% 1.15% 1.36% 1.39% Demand Savings Time Non-interest bearing Total Cost of Deposits 1Q23 2Q23 3Q23 4Q23 1Q24 DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT Balances as of March 31, 2024 1Deposit beta measures the sensitivity of the bank’s deposit cost to changes in short-term interest rates Deposit Highlights: • Total deposits decreased $513.1 million, driven both by seasonal business declines and the strategic run-off of $185.0 million of fully collateralized, higher-cost Municipal balances • Customer mix-shift slowed, as NIB deposits remained at 26% of total average deposits and time deposits declined • Cumulative cycle-to-date interest bearing deposit beta1 of 34% through the first quarter of 2024

Total Risk-Based Capital Ratios 12.63% 12.90% 13.19% 13.28% 13.64% 10.52% 10.76% 11.02% 11.08% 11.37% 2.11% 2.14% 2.17% 2.20% 2.27% CET1 Total RBC 1Q23 2Q23 3Q23 4Q23 1Q24² CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common Equity (TCE)¹ $30.28 $29.72 $29.38 $31.05 $30.69 $18.57 $18.12 $17.82 $19.41 $19.16 6.37% 6.40% 6.38% 6.85% 6.92% 9.99% 10.08% 10.10% 10.52% 10.65% TBVPS BVPS TCE Ratio CE Ratio 1Q23 2Q23 3Q23 4Q23 1Q24 9 LHFI to Deposit Ratio 75.7% 77.5% 76.9% 78.4% 79.8% 1Q23 2Q23 3Q23 4Q23 1Q24 1 See Non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change Capital and Liquidity Highlights: • Annualized dividend yield of 6.9% based on the first quarter of 2024 average share price of $27.30 • Capital ratios increased for fifth consecutive quarter • Tangible book value per share (TBVPS)1 declined modestly during the first quarter, as a slight increase in accumulated other comprehensive income (AOCI) position offset retained earnings. For the first quarter of 2024, the AOCI mark is equal to $3.70 of book value per share (BVPS).

ACL Highlights: • Funded ACL remained unchanged at 1.25% of loans • Off-balance sheet commitments declined, leading to a modest unfunded commitment release • On-balance sheet construction loans declined, due generally to projects moving to permanent financing; Construction loans receive a higher provision than Commercial Real Estate loans ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio $243.9 $245.4 $245.5 $246.1 $243.1 $226.1 $224.6 $226.7 $227.7 $227.7 $17.8 $20.8 $18.8 $18.4 $15.4 1.24% 1.23% 1.24% 1.25% 1.25% Funded ACL Unfunded ACL Funded ACL % of LHFI 1Q23 2Q23 3Q23 4Q23 1Q24 10 ACL Roll-forward ($MM) Funded Unfunded Investments Total ACL 12/31/23 $227.7 $18.4 $0.8 $246.9 ACL Provision (Reversal) 8.4 (3.0) (0.1) 5.3 Net Charge-offs 8.4 — — 8.4 ACL 3/31/24 $227.7 $15.4 $0.7 $243.8 * Line items may not sum due to rounding

Asset Quality Highlights: • Total criticized loans decreased $58.3 million during the first quarter of 2024, driven by both upgrades and payoffs • Total non-performing loans increased by $63.7 million, or 57.2% during the first quarter of 2024, driven by the movement of a $54.4 million C&I relationship to non-accrual • Net charge-offs totaled $8.4 million, or 18 basis points, during the first quarter of 2024 ASSET QUALITY AND RESERVE TRENDS Net Charge-offs ($MM) and Net Charge-Offs Ratio $6.2 $11.4 $1.1 $4.8 $8.4 0.14% 0.25% 0.02% 0.10% 0.18% Net Charge-offs % of Average Loans 1Q23 2Q23 3Q23 4Q23 1Q24 Credit management resulted in stable asset quality Total NPLs ($MM) and ACL/NPL Ratios $85.3 $92.8 $84.6 $111.3 $175.0 265.1% 242.0% 268.0% 204.6% 130.1% NPLs ACL / NPL Ratio 1Q23 2Q23 3Q23 4Q23 1Q24 Total Criticized Loans ($MM) and Criticized Loan Ratio $621.6 $641.6 $632.9 $688.3 $630.0 3.4% 3.5% 3.5% 3.8% 3.5% Criticized Loans % of Total Loans 1Q23 2Q23 3Q23 4Q23 1Q24 11

Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $6.5 million of loan purchase accounting accretion (PAA) for the first quarter of 2024, an increase from $5.4 million from the prior quarter • Total remaining PAA of $63.2 million for the first quarter of 2024 ◦ Scheduled accretion of $12.6 million/$13.5 million/$9.6 million for the remainder of FY24/FY25/FY26 • During the first quarter of 2024, FTE NIM1 declined by 8 basis points; the contribution from PAA increased 2 basis points compared with the prior quarter • Adjusted FTE NIM1 (which excludes the impact from PAA) declined by 10 basis points during the first quarter of 2024, primarily driven by an increase in funding costs outpacing ex-PAA loan yield expansion; higher borrowing levels were partially offset by lower borrowing costs NET INTEREST INCOME FTE NII¹ ($MM) and FTE NIM¹ $235.5 $215.6 $210.2 $204.1 $195.3 $5.2 $4.6 $5.2 $5.4 $6.5 $240.7² $220.2² $215.4² $209.5² $201.8² 3.36% 3.12% 3.07% 3.01% 2.93% 3.29% 3.05% 3.00% 2.94% 2.84% Adjusted FTE NII¹ Loan PAA FTE NIM¹ Adjusted FTE NIM¹ 1Q23 2Q23 3Q23 4Q23 1Q24 12 1 See Non-GAAP table in appendix for reconciliation 2 FTE NII

INVESTMENT PORTFOLIO 13 Total Portfolio Duration at Quarter-end 3.8 3.7 3.7 3.5 3.6 1Q23 2Q23 3Q23 4Q23 1Q24 (in years) Projected Cash Flow ($MM) and Yield Roll-Off at Quarter-end* $187.8 $202.1 $227.8 $187.9 $220.0 $349.1 2.45% 2.48% 2.62% 2.55% 2.72% 2.96% 2Q24E 3Q24E 4Q24E 1Q25E 2Q25E 3Q25E *Constitute forward-looking statements

14 1Q24 Non-interest Income by Type Payment Services, 44% Mortgage Banking, 4% Wealth Management, 22% Deposit Service Charges, 14% Other Service Charges & Fees, 5% Other Income, 11% Dollars in millions 1Q23 4Q23 1Q24 Payment services revenues $ 18.7 $ 18.4 $ 18.4 Mortgage banking revenues 2.3 1.5 1.7 Wealth management revenues 9.0 8.8 9.2 Service charges on deposit accounts 5.2 6.0 6.0 Other service charges, commissions and fees 2.4 2.5 2.2 Investment securities losses, net (23.4) — — Other income 2.2 7.3 4.6 Total Reported Non-interest Revenue $ 16.4 $ 44.5 $ 42.1 % of Total Revenue 6.4 % 17.6 % 17.4 % NON-INTEREST INCOME

NON-INTEREST EXPENSE 15 Dollars in millions 1Q23 4Q23 1Q24 Salaries and wages $ 65.6 $ 64.0 $ 65.2 Employee benefits 22.8 13.5 19.3 Occupancy and equipment 18.4 17.4 17.3 Other intangible amortization 4.0 3.9 3.7 Other expenses 54.8 67.0 52.7 Other real estate owned expense 0.2 0.2 2.0 Total Reported Non-interest Expense $ 165.8 $ 166.0 $ 160.2 Non-interest Expense ($MM) and Efficiency Ratio 165.8 163.9 161.1 166.0 160.2 63.4% 61.0% 61.5% 64.2% 64.6% Total Non-interest Expenses Efficiency Ratio ¹ 1Q23 2Q23 3Q23 4Q23 1Q24 1 The ratio of the bank’s non-interest expense to revenue (per FDIC definition) Non-interest Expense Notes: • Q1 2024 results include a $1.5 million accrual for a FDIC special assessment • Q4 2023 results include a $10.5 million accrual for a FDIC special assessment

Loans and Deposits • Anticipate ending deposits to increase 1-2% from March 31 levels through year-end 2024, with normal seasonality • Anticipate ending loans to be relatively flat from end-of-year 2023 Net Interest Income • Anticipate net interest income to decline mid-single digits for 2024 compared to 2023 levels, while anticipating second quarter net interest margin to increase from the first quarter, including purchase accounting accretion • Outlook assumes two 25 basis point rate decreases Non-Interest Income • Anticipate non-interest income to increase low single digits for 2024 compared to 2023, excluding the $23.5mm losses on securities sales in 2023 Non-Interest Expense • Anticipate total reported expenses to be flat to increase low-single-digits over reported 2023 levels in 2024, excluding the $10.5mm and $1.5mm FDIC special assessment charge in 2023 and 2024, respectively Tax Rate • Anticipate effective tax rate to be 23.0%-23.5% for full-year 2024 Credit Quality • Anticipate net charge-offs between 15 and 20 basis points for the full year 2024 GUIDANCE SUMMARY* 16 Preliminary estimates - may be subject to change *Constititute forward-looking statements

NON-GAAP FINANCIAL MEASURES 17 In addition to results presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, this press release contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our capital adequacy standards: (i) tangible common stockholders’ equity; (ii) tangible assets; (iii) tangible book value per common share; (iv) tangible common stockholders’ equity to tangible assets; (v) net interest margin on a fully taxable equivalent basis; and (vi) adjusted net interest margin on a fully taxable equivalent basis. Tangible common stockholders’ equity is calculated as total common stockholders’ equity less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible assets are calculated as total assets less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible book value per common share is calculated as tangible common stockholders’ equity divided by common shares outstanding. Tangible common stockholders’ equity to tangible assets is calculated as tangible common stockholders’ equity divided by tangible assets. Net interest margin on a fully taxable equivalent basis is calculated as annualized net interest income on a fully taxable equivalent basis divided by adjusted average earning assets. Adjusted net interest margin on a fully taxable equivalent basis is calculated as adjusted net interest income on a fully taxable equivalent basis divided by adjusted average earning assets. These non-GAAP financial measures are calculated on the reconciliation pages that follow). These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. They also should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. The Company adjusts the foregoing capital adequacy measures to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its non-interest expense to exclude acquisition related expenses and litigation accrual (recovery), adjusts its net interest income to include non-interest income and exclude net gains or losses from investment securities, adjusts its net interest income to include fully taxable equivalent adjustments, and adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting accretion. With respect specifically to acquisition related adjustments, management believes these non-GAAP financial measures complement the capital ratios defined by banking regulators and are intended to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to the acquisition costs and adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies. See the Non-GAAP Financial Measures tables included below and the textual discussion for a reconciliation of the above described non-GAAP financial measures to their most directly comparable GAAP financial measures.

1Q23 2Q23 3Q23 4Q23 1Q24 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,160.3 $ 3,121.2 $ 3,085.5 $ 3,227.5 $ 3,209.7 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,221.9 1,218.0 1,214.1 1,210.3 1,206.6 Tangible common stockholders' equity (Non-GAAP) (B) $ 1,938.4 $ 1,903.2 $ 1,871.4 $ 2,017.2 $ 2,003.1 Total assets (GAAP) $ 31,637.7 $ 30,976.3 $ 30,540.8 $ 30,671.2 $ 30,144.8 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,221.9 1,218.0 1,214.1 1,210.3 1,206.6 Tangible assets (Non-GAAP) (C) $ 30,415.8 $ 29,758.3 $ 29,326.7 $ 29,460.9 $ 28,938.2 Common shares outstanding (L) 104,382 105,021 105,011 103,942 104,572 Book value per common share (GAAP) (A) / (L) $ 30.28 $ 29.72 $ 29.38 $ 31.05 $ 30.69 Tangible book value per common share (Non-GAAP) (B) / (L) 18.57 18.12 17.82 19.41 19.16 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 6.37 % 6.40 % 6.38 % 6.85 % 6.92 % NON-GAAP RECONCILIATION 18 * Line items may not sum due to rounding

1Q23 2Q23 3Q23 4Q23 1Q24 (Dollars in millions) Net interest income (A) $ 238.9 $ 218.4 $ 213.7 $ 207.8 $ 200.1 FTE adjustments(1) 1.8 1.8 1.7 1.7 1.7 Net interest income on a FTE basis (B) 240.7 220.2 215.4 209.5 201.8 Less purchase accounting accretion 5.2 4.6 5.2 5.4 6.5 Adjusted net interest income (C) $ 235.5 $ 215.6 $ 210.2 $ 204.1 $ 195.3 Average interest-earning assets (D) $ 29,059.4 $ 28,328.8 $ 27,796.8 $ 27,569.4 $ 27,699.6 Net interest margin (A annualized)/(D) 3.33 % 3.09 % 3.05 % 2.99 % 2.91 % Net interest margin (FTE) (Non-GAAP) (B annualized)/(D) 3.36 3.12 3.07 3.01 2.93 Adjusted net interest margin (FTE) (Non-GAAP) (C annualized)/(D) 3.29 3.05 3.00 2.94 2.84 NON-GAAP RECONCILIATION 19 * Line items may not sum due to rounding 1 Management believes net interest income on a FTE basis is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts its net interest income for tax exempt loans and securities to what it would have received on taxable alternatives utilizing a 21.00% tax rate.