Company Overview - First Interstate BancSystem Inc (NASDAQ: FIBK) operates in the western and north-central United States, providing a variety of financial services including checking and savings accounts, time deposits, and loans for commercial, construction, and residential purposes [1]. Analyst Background - The analyst has over five years of experience in the Australian Banking industry, focusing on bank stocks and equity markets, aiming for safe yet substantial returns of over 10% per annum [1]. Investment Philosophy - The investment strategy emphasizes a balanced approach to risk and reward, particularly within the often-overlooked banking sector, which is seen as having significant potential [1]. Community Engagement - The analyst aims to enhance investor awareness and understanding of the banking sector through analysis and writing on Seeking Alpha, fostering a community of knowledgeable investors [1].

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].

Group 1: Earnings Performance - Enterprise Financial Services (EFSC) reported quarterly earnings of $1.31 per share, exceeding the Zacks Consensus Estimate of $1.17 per share, and up from $1.07 per share a year ago, representing an earnings surprise of 11.97% [1] - The company posted revenues of $166 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.71%, compared to year-ago revenues of $149.89 million [2] - Over the last four quarters, EFSC has consistently surpassed consensus EPS estimates and revenue estimates [2] Group 2: Stock Performance and Outlook - EFSC shares have declined approximately 9% since the beginning of the year, while the S&P 500 has decreased by 6.1% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at $1.18 on revenues of $161.76 million, and $4.93 on revenues of $656.19 million for the current fiscal year [7] - The Zacks Industry Rank for Banks - Midwest, which includes EFSC, is currently in the top 18% of over 250 Zacks industries, indicating a favorable industry outlook [8] Group 3: Future Earnings Estimates - The trend of estimate revisions for EFSC is mixed, leading to a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] - The upcoming earnings call will be crucial for understanding management's commentary on future earnings expectations [3][4]