Financial Performance - Net income increased by $2.1 million to $58.4 million, or $0.57 per share, for the three months ended March 31, 2024, compared to $56.3 million, or $0.54 per share, for the same period in 2023[151]. - Net interest income decreased by $38.8 million to $200.1 million for the three months ended March 31, 2024, compared to $238.9 million for the same period in 2023[156]. - Total non-interest income increased by $25.7 million to $42.1 million for the three months ended March 31, 2024, compared to $16.4 million in the same period in 2023[164]. - Non-interest expense decreased by $5.6 million during the three months ended March 31, 2024, compared to the same period in 2023[165]. - Total non-interest expense decreased by $5.6 million, or 3.4%, to $160.2 million for the three months ended March 31, 2024, compared to $165.8 million in the same period of 2023[166]. Interest Rates and Margins - The quarterly yield on interest-earning assets rose to 4.74% as of March 31, 2024, up from 4.69% as of December 31, 2023, and 4.43% as of March 31, 2023[143]. - The cost of funds increased to 1.87% during the three months ended March 31, 2024, from 1.72% during the three months ended December 31, 2023, and 1.10% during the three months ended March 31, 2023[144]. - Net interest margin decreased to 2.91% during the three months ended March 31, 2024, down from 2.99% during the three months ended December 31, 2023, and 3.33% during the three months ended March 31, 2023[144]. - The net interest margin ratio decreased by 42 basis points to 2.91% for the three months ended March 31, 2024, down from 3.33% in the same period in 2023[157]. Loans and Credit Quality - The provision for credit losses was $5.3 million for the three months ended March 31, 2024, compared to $15.2 million for the same period in 2023[162]. - The company reported a net loan charge-off of $8.4 million, or an annualized 0.18% of average loans outstanding, for the three months ended March 31, 2024[162]. - Non-accrual loans increased by $65.6 million, or 61.7%, to $172.0 million as of March 31, 2024, primarily due to a downgrade related to a single $54.4 million commercial loan[178]. - Total non-performing assets increased to $189.4 million as of March 31, 2024, compared to $98.7 million as of March 31, 2023[181]. - The allowance for credit losses was $227.7 million, or 1.25% of loans held for investment, as of March 31, 2024, unchanged from December 31, 2023[189]. Deposits and Borrowings - The deposit base is diversified, with 66.0% of total deposits being FDIC insured as of March 31, 2024[138]. - Total deposits decreased by $513.1 million, or 2.2%, to $22,810.0 million as of March 31, 2024, with declines in all categories except for savings deposits and time deposits[194]. - The estimated amount of deposits in excess of the FDIC insurance limit at March 31, 2024, was $7.9 billion, or 34.6% of total deposits[196]. - The Company accessed borrowings through the Bank Term Funding Program totaling $1.0 billion in January 2024, which was used to pay down FHLB advances[139]. - Long-term debt increased by $250.0 million, or 207.0%, to $370.8 million as of March 31, 2024, due to 18-month FHLB borrowings[198]. Capital and Equity - Stockholders' equity decreased by $17.8 million, or 0.6%, to $3,209.7 million as of March 31, 2024, influenced by unrealized losses on available-for-sale securities and stock repurchases[199]. - As of March 31, 2024, the Company had capital levels exceeding the "well-capitalized" guidelines established by the Federal Reserve and FDIC[201]. Operational Efficiency - The Company operates 304 banking offices across fourteen states, focusing on community banking and strategic acquisitions[134]. - The company experienced a decrease in mortgage banking revenues by 26.1% to $1.7 million for the three months ended March 31, 2024, compared to $2.3 million in the same period in 2023[164]. - Employee benefits expense decreased by $3.5 million, primarily due to lower health insurance costs of $2.1 million and lower payroll taxes of $1.8 million[166]. Risk Management and Controls - Management assessed that internal control over financial reporting was not effective as of March 31, 2024, due to un-remediated material weaknesses[223]. - The Company expects to complete remediation of the identified control deficiencies during 2024[225]. - The company’s disclosure controls and procedures were evaluated as effective as of March 31, 2024, ensuring timely reporting of required information[222]. - The interest rate risk management strategy includes monitoring net interest income sensitivity through an income simulation model[214]. - The company is enhancing its internal controls, including implementing a quality assurance process for user access reviews[224].

First Interstate BancSystem (FIBK) reported $242.2 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 5.1%. EPS of $0.57 for the same period compares to $0.54 a year ago.The reported revenue represents a surprise of +2.28% over the Zacks Consensus Estimate of $236.8 million. With the consensus EPS estimate being $0.53, the EPS surprise was +7.55%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

First Interstate BancSystem (FIBK) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.55%. A quarter ago, it was expected that this holding company for First Interstate Bank would post earnings of $0.63 per share when it actually produced earnings of $0.67, delivering a surprise of 6.3 ...

Exhibit 99.1 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 ...

Washington D.C. 20549 (Mark One) ☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-34653 (Exact name of registrant as specified in its charter) Delaware 81-0331430 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) | --- | --- ...

For the quarter ended December 2023, First Interstate BancSystem (FIBK) reported revenue of $252.3 million, down 15.9% over the same period last year. EPS came in at $0.67, compared to $0.86 in the year-ago quarter.The reported revenue represents a surprise of -0.86% over the Zacks Consensus Estimate of $254.5 million. With the consensus EPS estimate being $0.63, the EPS surprise was +6.35%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

Financial Performance - Net income increased by $79.6 million to $196.0 million, or $1.89 per share, for the nine months ended September 30, 2023, compared to $116.4 million, or $1.13 per share, for the same period in 2022[343]. - Net income decreased by $13.0 million to $72.7 million, or $0.70 per share, during the three months ended September 30, 2023, compared to $85.7 million, or $0.80 per share, for the same period in 2022[349]. - Non-interest income increased by $19.1 million for the three months ended September 30, 2023, compared to the same period in 2022, but decreased by $19.1 million for the nine months ended September 30, 2023[370]. Interest Income and Expenses - Net interest income increased after a reduction of provision for credit losses by $28.0 million, primarily related to the non-PCD provision expense in 2022 associated with the GWB acquisition[343]. - Net interest income decreased by $53.1 million to $213.7 million for the three months ended September 30, 2023, compared to $266.8 million for the same period in 2022[348]. - The average interest rate spread decreased to 2.54% for the three months ended September 30, 2023, down from 3.59% for the same period in 2022[357]. - The net FTE interest margin ratio decreased by 64 basis points to 3.00% for the three months ended September 30, 2023, compared to 3.47% for the same period in 2022[357]. - The net FTE interest margin ratio increased by 9 basis points to 3.11% for the nine months ended September 30, 2023, compared to 3.06% for the same period in 2022[364]. Deposits and Borrowing - As of September 30, 2023, total deposits increased over the three months, with other borrowed funds decreasing by $0.5 billion to $2.1 billion[331]. - FDIC insured deposits accounted for 66.78% of total deposits as of September 30, 2023[330]. - As of October 26, 2023, the Bank had available borrowing capacity of $4.9 billion with the FHLB and $3.1 billion with the Federal Reserve Bank[332]. Non-Interest Expenses - Non-interest expenses decreased by $99.9 million, down from $115.0 million in acquisition-related expenses in 2022[343]. - Non-interest expense decreased by $12.1 million during the three months ended September 30, 2023, primarily due to a decrease in incentive compensation and acquisition expenses[378]. - Non-interest expense decreased by $99.9 million (16.9%) during the nine months ended September 30, 2023, compared to the same period in 2022, primarily due to lower incentive compensation accruals and decreased acquisition expenses related to the GWB acquisition[379]. Credit Losses - The company reported a reduction of credit losses of $0.1 million for the three months ended September 30, 2023, compared to a provision for credit losses of $8.4 million during the same period in 2022[366]. - The provision for credit losses for the nine months ended September 30, 2023, was $26.8 million, compared to $68.0 million during the same period in 2022[367]. Tax and Regulatory - The effective tax rate was 23.2% for the three months ended September 30, 2023, compared to 20.7% for the same period in 2022, and 23.4% for the nine months ended September 30, 2023, compared to 20.9% for the same period in 2022[385]. - FDIC insurance premiums increased by $0.9 million (22.0%) for the three months ended September 30, 2023, and by $5.2 million (51.0%) for the nine months ended September 30, 2023, due to a new assessment fee imposed by the FDIC[383]. Strategic Opportunities - The Company continues to evaluate bank acquisitions and other strategic opportunities on an ongoing basis[329].

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except share and per share data) As of June 30, 2023 and December 31, 2022, the Company has amortized costs of $7,227.8 million and $4,998.9 million, respectively, for investment securities pledged to secure public deposits and securities sold under repurchase agreements that had estimated fair values of $6,455.1 million and $4,432.0 million, as of June 30, 2023 and December 31, 2022, respectively. All securities sold under repurchas ...

2Q22 3Q22 4Q22 1Q23 2Q23 Total Non-interest Expenses Adjusted Non-interest Expenses ² Efficiency Ratio ¹ Adjusted Efficiency Ratio ² Non-interest Expense Notes: • Q2 2023 results include $1.9 million in severance expense in salaries and wages 1 The ratio of the bank's non-interest expense to revenue (per FDIC definition) 2 See Non-GAAP table in appendix for reconciliation 20 2023 GUIDANCE SUMMARY Net Interest Income & Net Interest Margin • Loan growth expected to be low-single-digit end-of-period growth for ...

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