First Interstate BancSystem Inc (NASDAQ: FIBK ) trades on NASDAQ and serves communities across the western and north-central United States. It offers checking and savings accounts, time deposits and a range of loans for commercial, construction, residential andHello, my name is Bank Stock Insights. My journey in the finance world began with a degree in Finance and Economics. This academic grounding lead me into the Australian Banking industry, where I have accumulated over five years of hands-on experience. ...

Financial Position - As of March 31, 2025, the company had consolidated assets of $28.3 billion, deposits of $22.7 billion, loans held for investment of $17.2 billion, and total stockholders' equity of $3.4 billion[113]. - As of March 31, 2025, FDIC insured deposits were 65.7% of total deposits[122]. - The estimated amount of deposits in excess of the FDIC insurance limit was $7.8 billion, or 34.3% of total deposits as of March 31, 2025[184]. - Stockholders' equity increased by $57.3 million, or 1.7%, to $3,361.3 million as of March 31, 2025, from $3,304.0 million as of December 31, 2024[186]. - Total assets decreased by $857.6 million, or 2.9%, to $28,279.8 million as of March 31, 2025, primarily due to decreases in investment securities and loans[155]. - Total liabilities decreased by $914.9 million, or 3.5%, to $24,918.5 million as of March 31, 2025, primarily due to decreases in other borrowed funds[180]. Income and Expenses - Net income decreased by $8.2 million to $50.2 million, or $0.49 per diluted share, for the three months ended March 31, 2025, compared to $58.4 million, or $0.57 per diluted share, for the same period in 2024[134]. - Net interest income increased by $4.9 million to $205.0 million for the three months ended March 31, 2025, compared to $200.1 million for the same period in 2024[144]. - Total noninterest income for the three months ended March 31, 2025, was $42.0 million, a slight decrease of 0.2% from $42.1 million in 2024[148]. - Noninterest expense increased by $0.4 million to $160.6 million for the three months ended March 31, 2025, driven primarily by higher salaries and wages[149]. Loans and Credit Quality - Indirect loans represented approximately 3.9% of loan balances and 76.7% of the consumer loan portfolio as of March 31, 2025[119]. - Loans held for investment decreased by $467.6 million, or 2.6%, to $17,377.3 million as of March 31, 2025, compared to December 31, 2024[161]. - Non-accrual loans increased by $53.6 million, or 38.8%, to $191.9 million as of March 31, 2025, primarily due to increases in commercial real estate and agricultural loans[163]. - The Company recorded a provision for credit losses of $20.0 million for the three months ended March 31, 2025, compared to $5.3 million in the same period in 2024, reflecting a significant increase[146]. - Net charge-offs for the first quarter of 2025 were $9.0 million, representing an annualized 0.21% of average loans outstanding, up from $8.4 million or 0.18% in the same period in 2024[146]. - The total allowance for credit losses was $221.2 million as of March 31, 2025, compared to $210.2 million as of December 31, 2024[179]. - The allowance for credit losses increased to $215.3 million, or 1.24% of loans held for investment, compared to $204.1 million, or 1.14% as of December 31, 2024[176]. - The allowance for credit losses to non-performing loans ratio was 110.47% as of March 31, 2025, down from 144.44% in the same period in 2024[166]. Interest Rates and Margins - The company's quarterly yield on interest-earning assets decreased to 4.75% as of March 31, 2025, from 4.86% as of December 31, 2024[124]. - The company's cost of funds decreased to 1.59% during the three months ended March 31, 2025, from 1.72% during the three months ended December 31, 2024[125]. - The net interest margin increased to 3.19% during the three months ended March 31, 2025, from 3.18% during the three months ended December 31, 2024[125]. - The net interest margin ratio increased by 28 basis points to 3.19% for the three months ended March 31, 2025, compared to 2.91% for the same period in 2024[140]. - The cost of funds, including noninterest bearing demand deposits, was 1.59% for the three months ended March 31, 2025[144]. - The net interest income simulation model projects a decrease of 3.18% in net interest income with a +200 basis points change in interest rates[204]. Liquidity and Borrowing - The company had available borrowing capacity of $4.2 billion with the Federal Home Loan Bank and $2.6 billion with the Federal Reserve Bank as of April 30, 2025[122]. - Total available liquidity increased to $7.8 billion as of March 31, 2025, compared to $7.1 billion as of December 31, 2024[194]. - The Company continuously monitors its liquidity position and is not aware of any events likely to have a material adverse effect on its liquidity or capital resources[193]. - The Company had $960.0 million of FHLB borrowings due in less than one year and available borrowing capacity of $4,958.7 million with the FHLB as of March 31, 2025[190]. Market Conditions and Outlook - The company expects continued volatility in economic markets, which may include recessionary signs impacting deposits and credit quality[126].

Financial Data and Key Metrics Changes - The company reported net income of $50.2 million or $0.49 per share, a decrease from $52.1 million in the previous quarter [20] - The fully tax equivalent net interest margin increased by 2 basis points to 3.22%, while the net interest margin excluding purchase accounting accretion increased by 6 basis points to 3.14% [20] - Non-interest income decreased by $5 million to $42 million, driven by seasonality in Payment Services and lower trust fees in Wealth Management [20] - Non-interest expenses were $160.6 million, a slight reduction of $300,000 from the prior quarter [21] - Loan balances declined by $467.6 million, attributed to lower customer demand and intentional runoff of the indirect lending portfolio [22] - Deposits declined by $282.8 million, reflecting seasonal trends, but were roughly flat compared to the same period last year [22] - The common equity Tier 1 capital ratio improved by 37 basis points to 12.53% [24] Business Line Data and Key Metrics Changes - The company is exiting 12 locations in Arizona and Kansas, with associated deposit balances of $740 million and about $200 million in loans included in the transaction [9] - The average branch size is approximately $76 million, smaller than the peer average, prompting a review of the branch network [8] Market Data and Key Metrics Changes - The company anticipates modest deposit growth in 2025, with a 12 basis point decline in interest-bearing deposit costs in the first quarter [28] - The loan-to-deposit ratio finished the first quarter at 76.4% [23] Company Strategy and Development Direction - The company is refocusing on organic growth and relationship banking, deemphasizing large-scale mergers and acquisitions [6] - Capital will be deployed to areas of strength, with a focus on optimizing the branch network and enhancing brand presence [7][15] - The company plans to begin repositioning, opening, or consolidating branches later in 2025 [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing economic uncertainty and did not provide 2026 guidance but indicated expectations for medium-term net interest income improvement [7] - The company is optimistic about credit quality, with a proactive approach to managing credit concerns [13] - Management expects net interest income to increase by 3.5% to 5.5% for the full year 2025 compared to 2024 [29] Other Important Information - The company has hired a new Chief Risk Officer, Nathan Jones, to enhance credit and enterprise risk management [17] - A new director of marketing and client experience has been appointed to reinvigorate the brand [15] Q&A Session Summary Question: Can you provide the spot rate on deposits and average margin in March? - The interest-bearing deposit cost in March was 1.77%, and the margin was 3.14% [35] Question: Can you elaborate on the types of industrial credits and agricultural loans that migrated this quarter? - The majority of downgrades were from five credits, including two agricultural and three commercial real estate credits [37] Question: How do you see the risk of having to build more reserves from here? - The reserve ratio was deemed appropriate at 1.24%, with ongoing assessments to adjust as necessary [40][41] Question: Is the dividend preservation the number one priority? - Dividends are a priority, but the company is also considering other options for capital deployment [54] Question: Can you share any color on the percentage of the construction book expected to be completed in the next twelve months? - No specific percentage was provided, but the company is proactively managing construction loans [102] Question: What is the expected efficiency ratio for the branches? - The non-interest expense as a percentage of deposits for the branches is expected to be in the mid-2s range [70] Question: How should we think about capital deployment timing? - Capital deployment decisions will be made on a quarter-by-quarter basis, considering various options [74]

Financial Data and Key Metrics Changes - The company reported net income of $50.2 million or $0.49 per share, a decrease from $52.1 million in the previous quarter [22] - The fully tax equivalent net interest margin increased by two basis points to 3.22%, while the net interest margin excluding purchase accounting accretion increased by six basis points to 3.14% [22] - Non-interest income decreased to $42 million, down $5 million from the prior quarter, primarily due to seasonality in the Payment Services business and lower trust fees in Wealth Management [22] - Non-interest expenses were $160.6 million, a slight reduction of $300,000 from the previous quarter [23] - Loan balances declined by $467.6 million, driven by lower customer demand and intentional runoff of the indirect lending portfolio [24] - Deposits declined by $282.8 million, reflecting seasonal trends, but were roughly flat compared to the same period last year [24] - The common equity Tier one capital ratio improved by 37 basis points to 12.53% [27] Business Line Data and Key Metrics Changes - The company is exiting 12 locations in Arizona and Kansas, which had associated deposit balances of $740 million and about $200 million in loans [11] - The average branch size is approximately $76 million, smaller than the peer average, prompting a review of the branch network [10] Market Data and Key Metrics Changes - The company reported an increase in criticized loans, primarily concentrated within commercial real estate, with downgrades mainly in the multifamily and industrial warehouse property types [12][13] - Nonperforming assets increased by $52.8 million during the quarter, with five credits comprising the majority of the increase [13] Company Strategy and Development Direction - The company is refocusing on organic growth and relationship banking, deemphasizing large-scale mergers and acquisitions [9] - Capital will be deployed to areas of strength, with a focus on optimizing the branch network and enhancing market share in growing areas [10] - The company plans to reposition, open, or consolidate branches later in 2025 [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing economic uncertainty and its impact on loan demand, expecting further shrinking of the balance sheet in the second quarter [17] - The company anticipates net interest income to increase by 3.5% to 5.5% for the full year 2025 over 2024, with momentum expected to accelerate into 2026 [31][32] - Management expressed confidence in the ability to grow, despite current challenges, and emphasized the importance of proactive credit management [55] Other Important Information - The company has hired a new Chief Risk Officer, Nathan Jones, to enhance credit and enterprise risk management [19] - A new director of marketing and client experience has been appointed to reinvigorate the brand and enhance community engagement [18] Q&A Session Summary Question: Can you provide the spot rate on deposits and the average margin in March? - The interest-bearing deposit cost in March was 1.77%, with the margin at 3.14% [38] Question: Can you elaborate on the types of industrial credits and agricultural loans that migrated this quarter? - The majority of downgrades were from two agricultural credits and three commercial real estate credits, with a diversified underlying book [40][41] Question: How do you see the risk of having to build more reserves from here? - Management feels the current reserve level is appropriate based on the facts and circumstances at the end of the quarter [44] Question: What is the company's approach to capital return and dividend preservation? - The dividend remains a priority, and while there are no imminent plans for a stock buyback, all options are being considered [48] Question: Can you share any insights on the construction book and its lease-up phase? - Management is proactively managing construction loans, but specific percentages of completion were not disclosed [108] Question: What is the expected impact of tariffs on the credit outlook? - Management is having ongoing conversations with customers regarding tariffs, but does not foresee an outsized impact [105]

Exhibit 99.2 Q1 2025 Investor Presentation April 29, 2025 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, ...

Core Insights - First Interstate BancSystem (FIBK) reported revenue of $247 million for the quarter ended March 2025, reflecting a 2% increase year-over-year, but a revenue surprise of -2.14% compared to the Zacks Consensus Estimate of $252.4 million [1] - Earnings per share (EPS) for the quarter was $0.49, down from $0.57 in the same quarter last year, resulting in an EPS surprise of -12.50% against the consensus estimate of $0.56 [1] Financial Performance Metrics - The net FTE interest margin (non-GAAP) was reported at 3.2%, matching the average estimate from two analysts [4] - The efficiency ratio was 63.6%, better than the estimated 64.6% by two analysts [4] - Mortgage banking revenues were $1.40 million, below the estimated $1.60 million [4] - Total noninterest income was $42 million, slightly below the average estimate of $42.75 million [4] - Net interest income stood at $205 million, compared to the average estimate of $208.54 million [4] Stock Performance - Over the past month, shares of First Interstate BancSystem have returned -2%, while the Zacks S&P 500 composite experienced a -0.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

First Interstate BancSystem (FIBK) came out with quarterly earnings of $0.49 per share, missing the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items. What's Next for First Interstate BancSystem? This quarterly report represents an earnings surprise of -12.50%. A quarter ago, it was expected that this holding company for First Interstate Bank would post earnings of $0.49 per share when it actually produced ...

Financial Performance - For Q1 2025, First Interstate BancSystem reported net income of $50.2 million, or $0.49 per diluted share, down from $52.1 million in Q4 2024 and $58.4 million in Q1 2024[1]. - Non-interest income for Q1 2025 was $42.0 million, a decrease of $5.0 million, or 10.6%, from Q4 2024[12]. - Net interest income for Q1 2025 was $205.0 million, a decrease of 4.3% from Q4 2024 and an increase of 2.4% from Q1 2024[37]. - Net income for Q1 2025 was $50.2 million, representing a decrease of 3.6% from Q4 2024 and a decline of 14.0% from Q1 2024[37]. - The company reported an annualized net income available to common shareholders of $203.6 million for the quarter, compared to $234.9 million in the same quarter last year, a decrease of about 13.3%[52]. Asset and Liability Management - Total assets decreased by $857.6 million, or 2.9%, to $28,279.8 million as of March 31, 2025, compared to $29,137.4 million as of December 31, 2024[17]. - Total liabilities decreased to $24,918.5 million, a decline of 3.5% from Q4 2024 and 7.5% from Q1 2024[40]. - Total loans held for investment decreased to $17,377.3 million, down 2.6% from the previous quarter and down 4.5% year-over-year[42]. - Total deposits decreased by $282.8 million from December 31, 2024, with noninterest-bearing deposits down by $207.4 million[4]. - Total deposits decreased to $22,732.8 million, a decline of 1.2% from the previous quarter and a slight decrease of 0.3% year-over-year[42]. Credit Quality - Non-performing assets rose by $52.8 million, or 36.3%, to $198.4 million as of March 31, 2025, compared to $145.6 million as of December 31, 2024[4]. - The provision for credit losses was $20.0 million in Q1 2025, down from $33.7 million in Q4 2024[9]. - Net charge-offs decreased by $46.2 million, or 83.7%, to $9.0 million in Q1 2025, compared to $55.2 million in Q4 2024[10]. - Criticized loans increased by $252.8 million, or 32.7%, to $1,026.1 million as of March 31, 2025, from $773.3 million as of December 31, 2024[26]. - The allowance for credit losses increased to $215.3 million, representing a 5.5% increase from the previous quarter but a 5.4% decrease year-over-year[44]. Capital and Dividends - The common equity tier 1 capital ratio improved by 37 basis points to 12.53% as of March 31, 2025[4]. - The Company declared a dividend of $0.47 per common share, equating to a 6.1% annualized yield based on the average closing price of $30.99 per share[5]. - The Company paid regular common stock dividends of approximately $48.0 million, or $0.47 per share, during the first quarter of 2025[24]. - The total risk-based capital ratio improved to 14.93% from 14.38% in the previous quarter[46]. Operational Efficiency - The efficiency ratio increased to 63.64%, compared to 60.20% in the previous quarter[46]. - The return on average assets was 0.71%, slightly up from 0.70% in the previous quarter[46]. - The tangible book value per common share increased to $20.67, reflecting an increase of 2.5% from Q4 2024 and 7.9% from Q1 2024[40]. Market Position - The Company is considered "well-capitalized" as of March 31, 2025, having exceeded all regulatory capital adequacy requirements[24]. - The Company discontinued accepting applications to originate indirect loans during the first quarter of 2025[20].

Financial Performance - First Interstate BancSystem reported a significant increase in net income, reaching $XX million, representing a YY% increase year-over-year[7] - First Interstate has set a performance guidance of an increase in earnings per share by II% for the next fiscal year[7] Asset and Deposit Growth - The company experienced a growth in total assets, which increased to $ZZ billion, up by AA% compared to the previous quarter[8] - User deposits rose to $BB billion, reflecting a growth of CC% from the last reporting period[8] Loan Portfolio Expansion - The bank's loan portfolio expanded by DD%, totaling $EE billion, driven by increased demand in the commercial lending sector[8] Revenue Projections - First Interstate anticipates a continued upward trend in net interest income, projecting an increase of FF% for the upcoming quarter[7] - Market expansion efforts include the opening of three new branches in key regions, expected to contribute an additional $HH million in revenue[8] Strategic Initiatives - The company is investing in new technology to enhance digital banking services, with a budget allocation of $GG million for the next fiscal year[8] - The company is exploring strategic acquisitions to bolster its market position, with potential targets identified in the regional banking sector[8] Operational Efficiency - The bank is focused on improving operational efficiency, aiming for a reduction in non-interest expenses by JJ% over the next year[8]

Exhibit 99.2 4Q 2024 Investor Presentation January 29, 2025 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, belief ...