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Core Viewpoint - First Interstate BancSystem is undergoing significant restructuring, including branch divestitures and a focus on improving core profitability while consolidating its operational footprint from 14 states to 10 contiguous states [1][7][4]. Branch Closures and Sales - The company plans to close its branches in North Dakota and Minnesota in the first quarter, following the sale of branches in Arizona and Kansas in the fourth quarter of 2025 [1][2]. - First Interstate announced the sale of 11 branches in Nebraska, expected to close early in the second quarter of 2026, and will consolidate four additional branches in Nebraska [2][7]. Financial Performance - In the fourth quarter, net income rose to $108.8 million, aided by a $62.7 million gain from the sale of branches in Arizona and Kansas [6][10]. - Net interest income was reported at $206.4 million, a slight decrease of 0.2% from the prior quarter, and net interest margin improved to 3.38% [11][12]. Capital Management - The company prioritized capital return, repurchasing approximately $118 million of stock in 2025 and authorizing an additional $150 million for buybacks, totaling $300 million [5][17]. - Tangible book value per share increased by 2.9% to $22.40, with a declared dividend of $0.47 per share, reflecting a 5.7% annualized yield [18]. Credit Quality and Balance Sheet - Credit quality showed improvement, with criticized loans declining by $112.3 million (9.6%) and non-performing assets falling by $47.3 million (26%) [14]. - Total loans decreased by $632.8 million in the fourth quarter, while total deposits declined by $516.7 million to $22.1 billion [15]. Organizational Changes - The company is transforming its banking organization to a flatter model to enhance local decision-making and align with organic growth [8]. - Investments are being made to support growth, including building a new commercial banking team in Colorado and opening new branches in Montana [9]. 2026 Outlook - For 2026, the company anticipates low single-digit deposit growth and expects loans to be roughly flat to slightly lower, with a modest increase in the second half of the year [5][23]. - Management expects continued net interest margin expansion, projecting it to be "north of 350" basis points by year-end 2026 [20].

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [15] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [15][16] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [17] - Non-interest expense was $166.7 million for Q4 2025, an increase of $8.8 million from the prior quarter [17] - The fully tax-equivalent net interest margin was 3.38% for Q4 2025, compared to 3.36% in Q3 2025 and 3.20% in Q4 2024 [16][22] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million of continued amortization of the indirect portfolio and $72.5 million in loans moving to held for sale [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] - Criticized loans decreased by $112.3 million or 9.6% in Q4 2025, and non-performing assets decreased by $47.3 million or 26% [9][18] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, compared to 70.1% at the end of Q3 2025 and 77.5% at the end of December 2024 [20] - The company maintained a proactive approach to credit, with net charge-offs for the full year of 2025 at 24 basis points of average loans, in line with long-term expectations [18] Company Strategy and Development Direction - The company has focused on improving core profitability, optimizing the balance sheet, and refocusing capital investment in geographies with strong market share and growth potential [6][10] - Strategic actions included branch divestitures in Arizona, Kansas, and Nebraska, outsourcing the consumer credit card product, and discontinuing originations and indirect lending [6][10] - A new, flatter organizational structure was implemented to enhance decision-making and support organic growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth following the restructuring of the banking organization and the addition of new team members in growth markets [32][54] - The company anticipates a slight decline in total loans for 2026, with expectations for modest growth in the latter half of the year [24][25] - Management highlighted the importance of maintaining disciplined credit management while pursuing profitable growth opportunities [56] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price during Q4 2025 [22] - The share repurchase authorization was increased to $300 million, with approximately $180 million of capacity remaining under the program [21] Q&A Session Summary Question: Loan balances and production outlook - Management noted that a significant portion of the decline in loan balances was due to payoffs of criticized loans, which is viewed positively [31] - There was improved loan production in December, and management is optimistic about the reorganization's impact on growth [32] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of north of 3.5% by the end of 2026 [34] Question: Reinvestment rates on new loans and securities - New loan production is currently in the low- to mid-6% range, while securities have seen a slight decrease in reinvestment rates [38] Question: Buyback activity and capital management - Management plans to continue executing share buybacks, with a focus on approaching peer median capital levels [39] Question: Credit quality and criticized loans - Management is optimistic about continued improvement in credit quality, with proactive management strategies in place [40] Question: Expense guidance and seasonality - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [44][46] Question: Market opportunities in Colorado - Management expressed confidence in the current branch network and team in Colorado, with potential for future expansion [61][62]

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [15] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [15][16] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [17] - Non-interest expense was $166.7 million for Q4 2025, an increase of $8.8 million from the prior quarter [17] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million in loans moving to held for sale due to branch sales [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, primarily driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% at the end of Q3 2025 [20] - The company maintained a proactive approach to credit, with criticized loans decreasing by $112.3 million or 9.6% in Q4 2025 [9] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-potential areas [6][10] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [12] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth in 2026, driven by a redesigned banking organization and improved credit culture [32][54] - The company anticipates a slight decline in total loans for 2026, with expectations for modest growth in the latter half of the year [24][25] - Management highlighted the importance of maintaining disciplined credit practices to enhance long-term shareholder value [56] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price during Q4 2025 [22] - The Common Equity Tier 1 capital ratio ended Q4 2025 at 14.38%, an increase of 48 basis points from the prior quarter [22] Q&A Session Summary Question: Loan balances and production outlook - Management noted that a significant portion of the decline in loan balances was due to payoffs of criticized loans, which is viewed positively [31] - There is confidence in improved loan production due to a reorganization of the banking structure and increased focus on organic growth [32] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of north of 3.5% by the end of 2026 [34] Question: Credit quality and criticized loans - Management indicated that criticized loans have stabilized and are expected to continue trending down, although variability is inherent in credit [41][52] Question: Expense guidance - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [26][45] Question: Market expansion and hiring - The company is confident in its current footprint and plans to continue hiring in growth markets like Colorado [61][62]

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [12] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [12][13] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [14] - Non-interest expense increased by $8.8 million to $166.7 million, including costs related to branch closures and severance [14] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million from loans moving to held for sale [16] - Total deposits decreased by $516.7 million to $22.1 billion, primarily due to the sale of deposits in the Arizona and Kansas transaction [16] - Criticized loans decreased by $112.3 million or 9.6%, while non-performing assets decreased by $47.3 million or 26% [6][15] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% in the prior quarter [17] - The company maintained a proactive approach to credit, resulting in improved credit quality metrics in Q4 2025 [5][6] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-growth areas [4][8] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [9][10] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [5][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth due to recent organizational changes and improved credit culture [27][28] - The company anticipates a slight decline in loans in the first half of 2026, with modest growth expected in the latter half [20][22] - The net interest margin is expected to improve sequentially, driven by a favorable rate environment and loan repricing dynamics [21][22] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield [19] - Regulatory capital ratios improved, with the Common Equity Tier 1 capital ratio ending at 14.38% [19] Q&A Session Summary Question: Loan balances and production outlook - Management noted that the decline in loan balances was primarily due to payoffs of criticized loans, which is viewed positively, and indicated improved loan production in December [25][26] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of over 3.5% by the end of 2026 [29][30] Question: Reinvestment rates on new loans and securities - Current reinvestment rates for new loans are in the low- to mid-6% range, while securities have seen a slight decrease in rates [33] Question: Buyback activity and capital management - The company plans to continue active buyback activity, aligning capital levels with peer averages [34][35] Question: Credit quality and criticized loans - Management expressed confidence in continued improvement in credit quality, although predicting specific reductions in criticized loans remains challenging [36] Question: Expense guidance and management - The company anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [40][41] Question: Market opportunities and growth strategy - Management highlighted Colorado as a key growth market, with plans to expand branch locations and enhance customer relationships [56][57]

Exhibit 99.2 Q4 2025 Investor Presentation January 28, 2026 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 ...

Core Insights - First Interstate BancSystem (FIBK) reported a revenue of $314.3 million for the quarter ended December 2025, marking a 20.3% increase year-over-year [1] - The earnings per share (EPS) for the quarter was $1.08, significantly higher than $0.50 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $247.8 million by 26.84%, while the EPS also surpassed the consensus estimate of $0.64 by 68.75% [1] Financial Performance Metrics - The net FTE interest margin ratio was reported at 3.4%, matching the average estimate from two analysts [4] - The efficiency ratio stood at 52.2%, which is better than the average estimate of 61.9% from the same analysts [4] - Mortgage banking revenues were $1.1 million, below the average estimate of $1.64 million [4] - Net interest income on a fully-taxable equivalent basis was $207.7 million, slightly above the average estimate of $204.25 million [4] - Total noninterest income reached $106.6 million, significantly higher than the average estimate of $42.57 million [4] Stock Performance - Shares of First Interstate BancSystem have returned +4.9% over the past month, outperforming the Zacks S&P 500 composite, which changed by +0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

分组1 - First Interstate BancSystem (FIBK) reported quarterly earnings of $1.08 per share, exceeding the Zacks Consensus Estimate of $0.64 per share, and up from $0.5 per share a year ago, indicating strong performance [1] - The earnings surprise for the quarter was +68.75%, and the company has surpassed consensus EPS estimates three times in the last four quarters [2] - The company posted revenues of $314.3 million for the quarter, surpassing the Zacks Consensus Estimate by 26.84%, compared to $261.3 million in the same quarter last year [3] 分组2 - The stock has gained approximately 6.5% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [4] - The current consensus EPS estimate for the upcoming quarter is $0.58 on revenues of $242.9 million, and for the current fiscal year, it is $2.65 on $1.01 billion in revenues [8] - The Zacks Industry Rank for Banks - Midwest is in the top 36% of over 250 Zacks industries, indicating a favorable outlook for the industry [9]

Financial Performance - For Q4 2025, First Interstate BancSystem reported net income of $108.8 million, or $1.08 per diluted share, up from $71.4 million, or $0.69 per diluted share in Q3 2025, and $52.1 million, or $0.50 per diluted share in Q4 2024[1][2]. - For the full year 2025, net income was $302.1 million, or $2.94 per diluted share, compared to $226.0 million, or $2.19 per diluted share in 2024, representing a 33.6% increase[2]. - Net income for Q4 2025 increased to $108.8 million, representing a 52.4% increase compared to Q3 2025 and a 108.8% increase compared to Q4 2024[42]. - Earnings per share (EPS) for Q4 2025 was $1.08, a 56.5% increase from Q3 2025 and a 111.8% increase from Q4 2024[42]. - For the year ended December 31, 2025, net income was $302.1 million, a 33.7% increase from $226.0 million in 2024[45]. - Annualized net income available to common shareholders for the quarter was $431.7 million, up from $283.3 million in the previous quarter[65]. Income and Expenses - Total noninterest income for Q4 2025 was $106.6 million, an increase of $62.9 million from Q3 2025, primarily due to a $62.7 million gain from the sale of Arizona and Kansas branches[14][16]. - Total noninterest expense for the year ended December 31, 2025, was $640.3 million, a slight increase of 0.5% from $637.4 million in 2024[45]. - The provision for credit losses in Q4 2025 was $7.1 million, compared to a reduction of $0.3 million in Q2 2025 and a decrease of 78.9% from $33.7 million in Q4 2024[42]. Asset and Liability Management - Total assets decreased by $692.3 million, or 2.5%, to $26,640.6 million as of December 31, 2025, from $27,332.9 million as of September 30, 2025, primarily due to a decrease in loans[22]. - Loans held for investment decreased by $632.8 million, or 4.0%, to $15,201.6 million as of December 31, 2025, compared to $15,834.4 million as of September 30, 2025[24]. - Total deposits decreased by $516.7 million to $22,088.3 million as of December 31, 2025, from $22,605.0 million as of September 30, 2025, primarily due to branch sales[26]. - Total interest-bearing deposits decreased by 1.5% quarter-over-quarter to $16,801.5 million, and declined by 2.4% year-over-year[50]. - The ratio of loans held for investment to deposits was 68.8% as of December 31, 2025, down from 70.1% as of September 30, 2025[25]. Capital and Equity - The common equity tier 1 capital ratio improved by 48 basis points to 14.38% in Q4 2025, driven by lower risk-weighted assets[5]. - Total common stockholders' equity (GAAP) as of December 31, 2025, is $3,447.0 million, slightly down from $3,448.7 million in the previous quarter[65]. - Tangible common stockholders' equity (Non-GAAP) increased to $2,264.8 million from $2,263.2 million quarter-over-quarter[65]. - The book value per common share increased by 2.8% quarter-over-quarter to $34.09, and rose by 7.9% year-over-year[48]. - The tangible book value per common share rose by 2.9% quarter-over-quarter to $22.40, reflecting an 11.1% increase year-over-year[48]. Credit Quality - Non-performing assets decreased by $47.3 million, or 25.5%, to $138.3 million as of December 31, 2025, compared to $185.6 million as of September 30, 2025[5]. - Net charge-offs increased to $22.1 million, or an annualized 0.56% of average loans outstanding, compared to $2.3 million, or 0.06% in Q3 2025, but decreased from $55.2 million, or 1.22% in Q4 2024[11]. - Criticized loans decreased by $112.3 million, or 9.6%, to $1,051.8 million as of December 31, 2025, from $1,164.1 million as of September 30, 2025[30]. - Non-accrual loans decreased to $133.5 million, down 26.5% from $181.6 million in the previous quarter[52]. - The allowance for credit losses decreased to $191.4 million from $205.8 million in the previous quarter, representing a 7.0% decline[52]. Operational Efficiency - The efficiency ratio improved to 52.17%, down from 61.68% in the previous quarter, indicating better operational efficiency[54]. - The return on average assets improved to 1.60% for the quarter ended December 31, 2025, compared to 1.04% in the prior quarter[54]. - Return on average common stockholders' equity (GAAP) increased to 12.40 from 8.22 quarter-over-quarter[65]. - The total risk-based capital ratio rose to 17.06%, compared to 16.62% in the previous quarter[54]. Shareholder Returns - The board of directors declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price of $32.72 during Q4 2025[6]. - The company paid regular common stock dividends of approximately $48.1 million, or $0.47 per share, during Q4 2025[28]. - The company repurchased approximately 3.65 million shares for a total of $117.6 million since the adoption of its $150 million stock repurchase program on August 28, 2025[5].

Core Insights - First Interstate BancSystem reported notable insider selling by John M. Heyneman Jr., a Board member, who sold 30,432 shares on November 21, 2025, amid a year of modest stock declines [1][2][9] Transaction Summary - The shares sold amounted to 30,432, with a transaction value of $944,300 based on a sale price of $31.03 per share [2] - Post-transaction, Heyneman's direct ownership decreased to 5,224 shares, valued at $164,100 based on a closing price of $31.42 on the same day [2] - This sale represented 85.35% of Heyneman's direct holdings prior to the transaction, significantly larger than his median sell trade of 21,125 shares [6] Company Overview - First Interstate BancSystem reported a total revenue of $1.01 billion and a net income of $245.40 million for the trailing twelve months [4] - The company has a dividend yield of 5.86% and a 1-year price change of -1.10% as of November 21, 2025 [4] Financial Performance - In Q3, First Interstate achieved a net income of $71.4 million, an increase from $55.5 million in the same quarter of 2024, resulting in earnings of $0.69 per diluted share compared to $0.54 the previous year [10] - However, net loans held for investment fell to $15.8 billion, reflecting a 12% year-over-year decline [10] Ownership Context - Despite the reduction in direct holdings, Heyneman retains significant indirect interests through various entities, totaling over 1.4 million shares [6][9] - The sale price of $31.03 was approximately 5.4% below the latest available market price of $32.80 as of November 27, 2025 [6]