# EDGAR Filing Document

**Accession Number:** 0000860413
**File Stem:** 0000860413-23-000014
**Filing Date:** 2023-1
**Character Count:** 147037
**Document Hash:** 78bbf0aa7a5edc1cb280521b85eab43e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000860413-23-000014.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000860413-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST INTERSTATE BANCSYSTEM INC
- **CENTRAL INDEX KEY:** 0000860413
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 810331430
- **STATE OF INCORPORATION:** MT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34653
- **FILM NUMBER:** 23557837

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 30918
- **STREET 2:** 401 NO 31ST STREET
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59116-0918
- **BUSINESS PHONE:** 4062555300

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 30918
- **STREET 2:** 401 NO 31ST STREET
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59116-0918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST INTERSTATE BANCSYSTEM OF MONTANA INC
- **DATE OF NAME CHANGE:** 19930615

?xml version="1.0" ? fibk-20230126

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**------------------------------** 

**FORM 8-K** 

**------------------------------** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (date of earliest event reported): January 26, 2023** 

**------------------------------** 

**FIRST INTERSTATE BANCSYSTEM, INC.** 

**(Exact name of registrant as specified in its charter)**

**------------------------------** 

---

| | | | |
|:---|:---|:---|:---|
| **Montana** | **Montana** | **001-34653** | **81-0331430** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File No.) | (IRS Employer<br>Identification No.) |
| **401 North 31st Street** | **401 North 31st Street** |  |  |
| **Billings,** | **MT** |  | **59116-0918** |
| (Address of principal executive offices) | (Address of principal executive offices) |  | (zip code) |

---

---

| | |
|:---|:---|
| **(406)** | **255-5311** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| **Not Applicable** | **Not Applicable** |
| (Former name or former address, if changed since last report) | (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 (<u>see</u> 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:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of exchange on which registered</u>** |
| Class A common stock, no 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).

&nbsp;&nbsp;&nbsp;&nbsp;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 January 26, 2023, First Interstate BancSystem, Inc. (the "Company") issued a press release regarding its financial results for the quarter ended December 31, 2022. 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 January 26, 2023, the Company posted a new corporate presentation (the "Presentation") on the News and Events 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 Securities 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 January 26, 2023, the Company also announced that the Board of Directors of the Company declared, on January 25, 2023, a dividend of $0.47 per share, that is payable February 17, 2023 to shareholders of record of the Company as of February 7, 2023.

**Item 9.01** Financial Statements and Exhibits.

---

| | | |
|:---|:---|:---|
| (d) | **Exhibit Number** | **Description** |
| | <u>[99.1](fibk-20221231x8kpr.htm)</u> | Press Release dated January 26, 2023. |
| | <u>[99.2](dec2022ip.htm)</u> | Presentation |
| | 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |

---

------

**SIGNATURES**

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: January 26, 2023

---

| | |
|:---|:---|
| FIRST INTERSTATE BANCSYSTEM, INC. | FIRST INTERSTATE BANCSYSTEM, INC. |
| By: | /s/ KEVIN P. RILEY |
|  | Kevin P. Riley |
|  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![fibslogo2linea04.jpg](fibslogo2linea04.jpg)

**For Immediate Release** 

***First Interstate BancSystem, Inc. Reports Fourth Quarter Earnings***

Billings, MT - January 26, 2023 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) today reported financial results for the fourth quarter of 2022. For the quarter, the Company reported net income of $85.8 million, or $0.82 per diluted share, which compares to net income of $85.7 million, or $0.80 per share, for the third quarter of 2022, and net income of $51.1 million, or $0.83 per share, for the fourth quarter of 2021.

Earnings include pre-tax acquisition costs of $3.9 million, $4.0 million, and $5.0 million for the fourth quarter of 2022, the third quarter of 2022, and the fourth quarter of 2021, respectively, which were related to the acquisition of Great Western Bancorp, Inc. ("Great Western"), the parent company of Great Western Bank ("GWB"), which reduced earnings by $0.03, $0.03, and $0.06 per common share for the fourth quarter of 2022, the third quarter of 2022, and the fourth quarter of 2021, respectively.

For the year ending December 31, 2022, the Company reported net income of $202.2 million, or $1.96 per diluted share, compared to $192.1 million, or $3.11 per diluted share, in 2021. Results in the 2022 and 2021 periods include pre-tax acquisition costs related to the Great Western acquisition of $118.9 million and $11.6 million, respectively, which reduced earnings by $0.90 and $0.15 per common share for December 31, 2022 and 2021, respectively.

**HIGHLIGHTS**

• Net income of $85.8 million, or $0.82 per diluted share, for the fourth quarter of 2022, driven by loan growth and offset by a provision for credit losses of $14.7 million as well as a reduction in purchase accounting accretion of $9.3 million from the third quarter of 2022.

• Net interest margin, on a fully taxable equivalent basis, decreased to 3.61% for the fourth quarter of 2022, a 10 basis point decrease from the third quarter of 2022. Excluding income related to purchase accounting accretion, the adjusted net interest margin<sup>1</sup>, on a fully taxable equivalent basis, increased to 3.49% for the fourth quarter of 2022, a two basis point increase from the third quarter of 2022.

• Efficiency ratio of 57.1% for the fourth quarter of 2022 compared to 58.4% for the third quarter of 2022. Adjusted efficiency ratio<sup>1</sup> was 54.6% for the fourth quarter of 2022 compared to an adjusted efficiency ratio of 52.4% for the third quarter of 2022.

• Return on average common stockholders' equity of 11.2% for the fourth quarter of 2022. Adjusted return on average common stockholders' equity<sup>1</sup> was 11.7% for the fourth quarter of 2022.

• Loans held for investment increased $495.7 million, or an annualized 11.1% during the fourth quarter of 2022.

• Non-performing loans decreased $20.4 million, to $65.6 million as of December 31, 2022, from $86.0 million as of September 30, 2022.

• Book value per common share of $29.43 as of December 31, 2022, compared to $28.77 as of September 30, 2022, and $31.94 as of December 31, 2021. Tangible book value per common share<sup>1</sup> of $17.69 as of December 31, 2022, compared to $17.01 as of September 30, 2022 and $20.83 as of December 31, 2021, driven by a change in accumulated other comprehensive loss related to unrealized losses on available-for-sale securities.

"Our fourth quarter performance wrapped up a strong year for the Company as we executed well on the integration of our merger with Great Western, realizing the cost synergies projected for the transaction while generating solid organic loan growth throughout our footprint," said Kevin P. Riley, President and Chief Executive Officer of First Interstate BancSystem, Inc. "We continued to see a significant volume of high quality lending opportunities in the fourth quarter, with our newer markets helping us generate our strongest organic loan growth of the year. We also saw positive trends in our adjusted net interest margin and asset quality, as non-performing assets declined by 23.5%.

<sup>1</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation.

------

"Entering 2023, with our strong levels of capital, ample liquidity, and an allowance for credit loss positioned for a more uncertain macro-economic environment, we believe we are well positioned to effectively manage through a wide range of economic scenarios. As we continue to gain more traction in our newer markets, we expect to continue generating solid loan growth in 2023, although likely at a lower level than last year given the possibility of weaker economic conditions. While we expect 2023 to present a more challenging operating environment, with the strength of the franchise we have built and the strong execution we are seeing throughout the organization, we believe that we are well positioned to continue creating long-term value for our shareholders," said Mr. Riley.

**DIVIDEND DECLARATION**

On January 25, 2023, the Company's board of directors declared a dividend of $0.47 per common share, payable on February 17, 2023, to common stockholders of record as of February 7, 2023. The dividend equates to a 4.4% annualized yield based on the $42.30 per share average closing price of the Company's common stock as reported on NASDAQ during the fourth quarter of 2022.

**GWB ACQUISITION**

On February 1, 2022, the Company completed its acquisition of Great Western and GWB, a Sioux Falls, South Dakota based community bank with 174 banking offices across Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. Consideration for the acquisition totaled approximately $1.7 billion consisting of the issuance of 46.9 million shares of the Company's Class A common stock valued at $36.76 per share, the opening price of the Company's Class A common stock as quoted on the NASDAQ stock market on the acquisition date. GWB was merged with our existing bank subsidiary, First Interstate Bank, contemporaneously with the closing of the parent company merger. The core system conversion was completed on May 23, 2022.

As of the acquisition date, Great Western had total assets with fair values of $13,351.8 million, loans held for investment with fair values of $7,705.0 million and deposits with fair values of $11,688.0 million. As of December 31, 2022, the Company recorded provisional goodwill of $479.3 million, customer relationship intangible assets of $22.8 million, and core deposit intangible assets of $50.1 million.

**NET INTEREST INCOME**

Net interest income decreased $8.4 million, or 3.1%, to $258.4 million, during the fourth quarter of 2022, compared to net interest income of $266.8 million during the third quarter of 2022, resulting from a $9.3 million decrease in purchase accounting accretion. Excluding purchase accounting accretion, net interest income increased by $0.9 million compared with the prior quarter. Net interest income increased $136.3 million, or 111.6%, during the fourth quarter of 2022, from $122.1 million during the fourth quarter of 2021, primarily as a result of the impact of the GWB acquisition, which was partially offset by a decrease of $9.7 million in Payroll Protection Program ("PPP") loan income compared to the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;• Interest accretion attributable to the fair valuation of acquired loans from acquisitions contributed to net interest income during the fourth quarter of 2022, the third quarter of 2022, and the fourth quarter of 2021, in the amounts of $8.4 million, $17.7 million, and $1.9 million respectively.

The net interest margin ratio was 3.61% for the fourth quarter of 2022 compared to 3.71% reported during the third quarter of 2022 and 2.69% during the fourth quarter of 2021. Excluding interest accretion from the fair value of acquired loans, on a quarter-over-quarter basis the net interest margin increased two basis points, as the expansion of loan yields and a favorable result from a shift in the mix of earning assets that more than offset the increased cost of funds. On the same basis year-over-year, the increase in net interest margin was the result of increased yields on earning assets and a shift in the mix of earning assets toward investment securities and loans.

**PROVISION FOR (REDUCTION OF) CREDIT LOSSES**

During the fourth quarter of 2022, the Company recorded a provision for credit losses of $14.7 million, including a provision for unfunded commitments of $6.5 million. The increase to the provision for credit losses was a result of loan growth and qualitative adjustments to account for changes to macro-economic conditions that have been forecasted to impact the Company's clients. This compares to a provision for credit losses of $8.4 million during the third quarter of 2022 and a $9.5 million reduction of credit losses during the fourth quarter of 2021.

For the fourth quarter of 2022, the allowance for credit losses included measurements for net charge-offs of $1.1 million, or an annualized 0.02% of average loans outstanding, compared to net charge-offs of $12.0 million, or an annualized 0.27% of average loans outstanding, for the third quarter of 2022, and net charge-offs of $2.7 million, or an annualized 0.11% of average loans outstanding, for the fourth quarter of 2021.

------

The Company's allowance for credit losses as a percentage of period-end loans held for investment was 1.22%, 1.21%, and 1.31% at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. Coverage of non-performing loans increased to 335.5% at December 31, 2022, compared to 247.7% at September 30, 2022 and decreased from 441.5% at December 31, 2021. The increase from September 30, 2022 is a result of lower levels of non-performing loans. The year-over-year decrease is a result of higher levels of non-performing loans related to the GWB acquisition.

**NON-INTEREST INCOME**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | Dec 31, 2022 | Sep 30, 2022 | $ Change | % Change | Dec 31, 2021 | $ Change | % Change |
| *(Dollars in millions)* | Dec 31, 2022 | Sep 30, 2022 | $ Change | % Change | Dec 31, 2021 | $ Change | % Change |
| &nbsp;&nbsp;&nbsp;Payment services revenues | $19.4 | $20.4 | $(1.0) | (4.9)% | $11.3 | $8.1 | 71.7% |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 2.6 | 2.7 | (0.1) | (3.7) | 8.0 | (5.4) | (67.5) |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 8.4 | 8.5 | (0.1) | (1.2) | 7.2 | 1.2 | 16.7 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 4.9 | 5.7 | (0.8) | (14.0) | 4.4 | 0.5 | 11.4 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 2.9 | 4.7 | (1.8) | (38.3) | 2.8 | 0.1 | 3.6 |
| &nbsp;&nbsp;&nbsp;Investment securities (loss) gain |  | (24.2) | 24.2 | (100.0) | 0.9 | (0.9) | (100.0) |
| &nbsp;&nbsp;&nbsp;Other income | 3.4 | 5.1 | (1.7) | (33.3) | 2.5 | 0.9 | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $41.6 | $22.9 | $18.7 | 81.7% | $37.1 | $4.5 | 12.1% |

---

Non-interest income during the fourth quarter of 2022 compared to the third quarter of 2022 increased $18.7 million. The primary driver of the increase was the net loss of $24.2 million incurred on the sale of $500 million in U.S. treasury notes that had been previously swapped in the third quarter of 2022. Excluding the net loss, the decrease in non-interest income resulted from decreased payment services revenues, lower service charges on deposit accounts resulting from higher earnings credits and a decrease in other service charges, commissions, and fees as a result of lower swap fee revenue. Other income decreased in part related to a valuation write down on loans held for sale.

Compared to the fourth quarter of 2021, non-interest income increased by $4.5 million. The increase was primarily due to payment services revenues, partially offset by a decrease in mortgage banking revenues, reflecting a decrease in home loan production volume.

**NON-INTEREST EXPENSE**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | Dec 31, 2022 | Sep 30, 2022 | $ Change | % Change | Dec 31, 2021 | $ Change | % Change |
| *(Dollars in millions)* | Dec 31, 2022 | Sep 30, 2022 | $ Change | % Change | Dec 31, 2021 | $ Change | % Change |
| &nbsp;&nbsp;&nbsp;Salaries and wages | $75.4 | $71.9 | $3.5 | 4.9% | $42.3 | $33.1 | 78.3% |
| &nbsp;&nbsp;&nbsp;Employee benefits | 17.3 | 19.6 | (2.3) | (11.7) | 12.1 | 5.2 | 43.0 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 17.9 | 17.1 | 0.8 | 4.7 | 11.6 | 6.3 | 54.3 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 4.1 | 4.1 |  |  | 2.5 | 1.6 | 64.0 |
| &nbsp;&nbsp;&nbsp;Other expenses | 54.5 | 56.5 | (2.0) | (3.5) | 28.8 | 25.7 | 89.2 |
| &nbsp;&nbsp;&nbsp;Other real estate owned expense (income) | 2.2 |  | 2.2 | NM | (0.1) | 2.3 | NM |
| &nbsp;&nbsp;&nbsp;Acquisition related expenses | 3.9 | 4.0 | (0.1) | (2.5) | 5.0 | (1.1) | (22.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | $175.3 | $173.2 | $2.1 | 1.2% | $102.2 | $73.1 | 71.5% |

---

The Company's non-interest expense was $175.3 million for the fourth quarter of 2022, an increase of $2.1 million from the third quarter of 2022. The increase was driven by a $4.2 million incentive compensation adjustment based on the achievement of certain asset quality metrics as of December 31, 2022 in addition to the write down of property classified as other real estate owned and higher expenses related to the GWB acquisition. Included in other expenses was a $1.3 million accrual related to the settlement of an outstanding litigation. These increases were partially offset by a decrease in employee benefits as a result of unmet defined goals of long-term incentives.

Compared to the fourth quarter of 2021, non-interest expense increased by $73.1 million. The increase is largely due to the acquisition expenses related to the acquisition of GWB including employee-related costs and operations extending into a larger footprint.

------

**BALANCE SHEET**

Total assets increased $943.1 million, or 3.0%, to $32,287.8 million as of December 31, 2022, from $31,344.7 million as of September 30, 2022, primarily due to increases in loans held for investment, cash and cash equivalents, and investment securities. Total assets increased $12,615.9 million, or 64.1%, from $19,671.9 million as of December 31, 2021, primarily due to $13,351.8 million of assets acquired in the acquisition of GWB, which was partially offset by a decrease in cash and cash equivalents.

Investment securities increased $128.8 million, or 1.3%, to $10,397.9 million as of December 31, 2022, from $10,269.1 million as of September 30, 2022, and increased $3,889.8 million, or 59.8%, from $6,508.1 million as of December 31, 2021. The increase in the current quarter was driven by the purchase of U.S. Treasury securities. The year-over-year increase was primarily due to the redeployment of cash and cash equivalents into the securities portfolio and $2,699.0 million of securities acquired as a result of the GWB acquisition.

Investment in Federal Home Loan and Federal Reserve Bank stock increased $66.7 million, or 50.6%, to $198.6 million as of December 31, 2022, from $131.9 million as of September 30, 2022 and increased $144.8 million, or 269.1%, from $53.8 million as of December 31, 2021, primarily due to investment requirements in each of the organization's capital stock that are applicable to the Company.

Loans held for sale decreased $13.7 million, or 14.6%, to $79.9 million as of December 31, 2022, from $93.6 million as of September 30, 2022, primarily due to a decrease in production of residential mortgage loans held for sale. Loans held for sale increased $49.8 million, or 165.4%, from $30.1 million as of December 31, 2021, primarily due to acquired agricultural loans transferred to held for sale.

The following table presents the composition and comparison of loans held for investment:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | GWB Acquired Loans as of February 1, 2022 |
| |<br>December 31,<br>2022 |<br>September 30, 2022 | $ Change | % Change |<br>December 31,<br>2021 |<br>$ Change |% Change | GWB Acquired Loans as of February 1, 2022 |
| Real estate loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $8528.6 | $8026.9 | $501.7 | 6.3% | $3971.5 | $4557.1 | 114.7% | $3968.8 |
| &nbsp;&nbsp;&nbsp;Construction loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land acquisition & development | 386.2 | 393.2 | (7.0) | (1.8) | 247.8 | 138.4 | 55.9 | 116.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 516.2 | 501.4 | 14.8 | 3.0 | 262.0 | 254.2 | 97.0 | 122.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 1042.0 | 1128.4 | (86.4) | (7.7) | 498.0 | 544.0 | 109.2 | 245.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total construction loans | 1944.4 | 2023.0 | (78.6) | (3.9) | 1007.8 | 936.6 | 92.9 | 483.6 |
| &nbsp;&nbsp;&nbsp;Residential | 2188.3 | 2127.7 | 60.6 | 2.8 | 1538.2 | 650.1 | 42.3 | 495.0 |
| &nbsp;&nbsp;&nbsp;Agricultural | 794.9 | 800.9 | (6.0) | (0.7) | 213.9 | 581.0 | 271.6 | 631.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate loans | 13456.2 | 12978.5 | 477.7 | 3.7 | 6731.4 | 6724.8 | 99.9 | 5579.2 |
| Consumer loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Indirect | 829.7 | 780.8 | 48.9 | 6.3 | 737.6 | 92.1 | 12.5 | 13.5 |
| &nbsp;&nbsp;&nbsp;Direct and advance lines | 152.9 | 155.0 | (2.1) | (1.4) | 129.2 | 23.7 | 18.3 | 17.0 |
| &nbsp;&nbsp;&nbsp;Credit card | 75.9 | 74.2 | 1.7 | 2.3 | 64.9 | 11.0 | 16.9 | 11.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 1058.5 | 1010.0 | 48.5 | 4.8 | 931.7 | 126.8 | 13.6 | 42.4 |
| Commercial | 2882.6 | 2966.1 | (83.5) | (2.8) | 1475.5 | 1407.1 | 95.4 | 1503.3 |
| Agricultural | 708.3 | 658.2 | 50.1 | 7.6 | 203.9 | 504.4 | 247.4 | 580.1 |
| Other, including overdrafts | 9.2 | 3.8 | 5.4 | 142.1 | 1.5 | 7.7 | 513.3 |  |
| Deferred loan fees and costs | (15.6) | (13.1) | (2.5) | 19.1 | (12.3) | (3.3) | 26.8 |  |
| Loans held for investment, net of deferred loan fees and costs | $18099.2 | $17603.5 | $495.7 | 2.8% | $9331.7 | $8767.5 | 94.0% | 7705.0 |

---

The ratio of loans held for investment to deposits increased to 72.2%, as of December 31, 2022, compared to 68.0% as of September 30, 2022, and 57.4% as of December 31, 2021.

Total deposits decreased $811.2 million, or 3.1%, to $25,073.6 million as of December 31, 2022, from $25,884.8 million as of September 30, 2022, primarily due to decreases in non-interest bearing, interest-bearing demand and savings deposits. These decreases were partially offset by increases in time deposits. Total deposits increased $8,804.0 million, or 54.1%, from $16,269.6 million as of December 31, 2021, primarily due to $11,688.0 million of deposits acquired in the acquisition of GWB. This increase was partially offset by a decrease in non-interest bearing, interest-bearing demand, and savings deposits.

------

Securities sold under repurchase agreements decreased $22.7 million, or 2.1%, to $1,052.9 million as of December 31, 2022, from $1,075.6 million as of September 30, 2022 and increased $1.8 million, or 0.2%, from $1,051.1 million as of December 31, 2021. Exclusive of $74.0 million in such securities acquired in the GWB acquisition, securities sold under repurchase agreements decreased $72.2 million, or 6.9% from December 31, 2021. The decreases in repurchase agreement balances correspond with fluctuations in the liquidity of the Company's clients.

Other borrowed funds is comprised of Federal Home Loan Bank variable rate overnight and fixed rate borrowings in tenors up to one-month. Other borrowed funds increased $1,702.0 million, or 272.3%, to $2,327.0 million as of December 31, 2022, from $625.0 million as of September 30, 2022 and increased $2,327.0 million, or 100.0%, from December 31, 2021.

The Company is considered to be "well-capitalized" as of December 31, 2022, having exceeded all regulatory capital adequacy requirements. During the fourth quarter of 2022, the Company paid regular common stock dividends of approximately $49.0 million, or $0.47 per share.

**CREDIT QUALITY**

As of December 31, 2022, non-performing assets decreased $24.1 million, or 23.5%, to $78.3 million, compared to $102.4 million as of September 30, 2022, primarily driven by a decrease in non-accrual loans of $20.2 million, or 25.4%, a decrease in property classified as other real estate owned of $3.7 million, or 22.6%, and a decrease in loans past due 90 days or more of $0.2 million.

Criticized loans increased $38.2 million, or 6.6%, to $615.1 million as of December 31, 2022, from $576.9 million as of September 30, 2022, driven by loan downgrades in the commercial construction and agricultural portfolios. Increases in criticized loans were partially offset by upgrades and paydowns in the commercial and commercial real estate portfolios.

Net loan charge-offs decreased $10.9 million to $1.1 million during the fourth quarter of 2022 as compared to $12.0 million during the third quarter of 2022. The net loan charge-offs in the fourth quarter of 2022 were composed of charge-offs of $5.2 million and recoveries of $4.1 million.

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**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; (vii) adjusted net interest margin; and (viii) adjusted efficiency ratio. 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. Adjusted efficiency ratio is calculated as adjusted total non-interest expense divided by adjusted revenue. 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 and PPP loan income, and it adjusts average interest-earning assets to exclude average PPP loan balances. To derive the non-GAAP financial measure identified in subclause (viii) above, the Company adjusts its total non-interest expense to exclude acquisition-related expenses, litigation accruals (recoveries), intangible amortization expenses, and other real estate owned (income), and it adjusts net interest income to include total non-interest income and exclude net gain (loss) from investment securities, mortgage servicing right recoveries (impairments) and other identified income. 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.

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**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, Great Western's or the combined company's 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. Such forward-looking statements include statements about the business combination transaction between FIBK and Great Western (the "Transaction"), including future financial and operating results, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. 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, governmental regulations or policies;

• 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 the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT, 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's guidelines and regulations;

• 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;

• 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;

• changes in interest rates;

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

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

• variable interest rates tied to London Interbank Offered Rate that may no longer be available or may become unreliable;

• exposure to losses in collateralized loan obligation securities;

• cyber-security 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;

• exposure to losses in collateralized loan obligation securities;

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

• events that may tarnish our reputation;

• 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 controls;

• our ability to implement new 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;

• 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 and the 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;

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• the potential dilutive effect of future equity issuances;

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

• the ongoing impact of the COVID-19 pandemic and the U.S., state and local government's response to the pandemic;

• 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.

**Fourth Quarter 2022 Conference Call for Investors** 

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the fourth quarter of 2022 and fiscal year-end at 11 a.m. Eastern Time (9 a.m. Mountain Time) on Friday, January 27, 2023. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-844-200-6205; the access code is 752065. To participate via the Internet, visit <u>www.FIBK.com</u>. The call will be recorded and made available for replay after 1 p.m. Eastern Time (11 a.m. Mountain Time) on January 27, 2023 through 9 a.m. Eastern Time (7 a.m. Mountain Time) on February 26, 2023, by dialing 1-866-813-9403. The replay access code is 891469. The call will also be archived on our website, <u>www.FIBK.com</u>, 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.

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| | | |
|:---|:---|:---|
| **Contact:** | **John R. Stewart, CFA** | **NASDAQ: FIBK** |
|  | **Deputy Chief Financial Officer<br>First Interstate BancSystem, Inc.<br>(406) 255-5311<br>john.stewart@fib.com** | **www.FIBK.com<br>(FIBK-ER)** |

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**FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**

**Consolidated Statements of Income**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | % Change | % Change |
| ***(In millions, except % and per share data)*** | Dec 31,<br>2022 | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 | 4Q22 vs 3Q22 | 4Q22 vs 4Q21 |
| Net interest income\* | $258.4 | $266.8 | $239.0 | $178.4 | $122.1 | (3.1)% | 111.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income on a fully-taxable equivalent ("FTE") basis | 260.7 | 268.9 | 241.1 | 180.0 | 122.6 | (3.0) | 112.6 |
| Provision for (reduction in) credit losses | 14.7 | 8.4 | (1.7) | 61.3 | (9.5) | NM | NM |
| Non-interest income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment services revenues | 19.4 | 20.4 | 19.5 | 14.8 | 11.3 | (4.9) | 71.7 |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 2.6 | 2.7 | 5.0 | 8.4 | 8.0 | (3.7) | (67.5) |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 8.4 | 8.5 | 9.3 | 8.1 | 7.2 | (1.2) | 16.7 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 4.9 | 5.7 | 6.3 | 7.7 | 4.4 | (14.0) | 11.4 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 2.9 | 4.7 | 3.6 | 4.3 | 2.8 | (38.3) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee-based revenues | 38.2 | 42.0 | 43.7 | 43.3 | 33.7 | (9.0) | 13.4 |
| &nbsp;&nbsp;&nbsp;Investment securities (loss) gain |  | (24.2) | (0.1) | (0.1) | 0.9 | (100.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;Other income\* | 3.4 | 5.1 | 6.3 | 5.6 | 2.5 | (33.3) | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 41.6 | 22.9 | 49.9 | 48.8 | 37.1 | 81.7 | 12.1 |
| Non-interest expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 75.4 | 71.9 | 74.8 | 60.0 | 42.3 | 4.9 | 78.3 |
| &nbsp;&nbsp;&nbsp;Employee benefits | 17.3 | 19.6 | 19.4 | 21.2 | 12.1 | (11.7) | 43.0 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 17.9 | 17.1 | 17.0 | 15.4 | 11.6 | 4.7 | 54.3 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 4.1 | 4.1 | 4.1 | 3.6 | 2.5 |  | 64.0 |
| &nbsp;&nbsp;&nbsp;Other expenses | 54.5 | 56.5 | 49.2 | 41.7 | 28.8 | (3.5) | 89.2 |
| &nbsp;&nbsp;&nbsp;Other real estate owned expense (income) | 2.2 |  |  | 0.1 | (0.1) | NM | NM |
| &nbsp;&nbsp;&nbsp;Acquisition related expenses | 3.9 | 4.0 | 45.8 | 65.2 | 5.0 | (2.5) | (22.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 175.3 | 173.2 | 210.3 | 207.2 | 102.2 | 1.2 | 71.5 |
| Income (loss) before income tax | 110.0 | 108.1 | 80.3 | (41.3) | 66.5 | 1.8 | 65.4 |
| Provision for (benefit from) income tax | 24.2 | 22.4 | 16.2 | (7.9) | 15.4 | 8.0 | 57.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $85.8 | $85.7 | $64.1 | $(33.4) | $51.1 | 0.1% | 67.9% |
| Weighted-average basic shares outstanding | 104445 | 106526 | 109107 | 92855 | 61677 | (2.0)% | 69.3% |
| Weighted-average diluted shares outstanding | 104548 | 106590 | 109132 | 92855 | 61763 | (1.9) | 69.3 |
| Earnings (loss) per share - basic | $0.82 | $0.80 | $0.59 | $(0.36) | $0.83 | 2.5 | (1.2) |
| Earnings (loss) per share - diluted | 0.82 | 0.80 | 0.59 | (0.36) | 0.83 | 2.5 | (1.2) |
| \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the net interest income and other income for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. |
| NM - not meaningful |  |  |  |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**<br>**Consolidated Statements of Income**<br>***(Unaudited)*** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**<br>**Consolidated Statements of Income**<br>***(Unaudited)*** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**<br>**Consolidated Statements of Income**<br>***(Unaudited)*** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**<br>**Consolidated Statements of Income**<br>***(Unaudited)*** |
|  | Year Ended December 31, | Year Ended December 31, | % Change |
| ***(In millions, except % and per share data)*** | 2022 | 2021 | 2022 vs 2021 |
| Net interest income\* | $942.6 | $489.2 | 92.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income on a fully-taxable equivalent ("FTE") basis | 950.7 | 491.4 | 93.5 |
| Provision for (reduction in) credit losses | 82.7 | (14.6) | NM |
| Non-interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment services revenues | 74.1 | 45.1 | 64.3 |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 18.7 | 40.8 | (54.2) |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 34.3 | 26.3 | 30.4 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 24.6 | 16.5 | 49.1 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 15.5 | 7.9 | 96.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee-based revenues | 167.2 | 136.6 | 22.4 |
| &nbsp;&nbsp;&nbsp;Investment securities (loss) gain | (24.4) | 1.1 | NM |
| &nbsp;&nbsp;&nbsp;Other income\* | 20.4 | 11.8 | 72.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 163.2 | 149.5 | 9.2 |
| Non-interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 282.1 | 164.9 | 71.1 |
| &nbsp;&nbsp;&nbsp;Employee benefits | 77.5 | 55.8 | 38.9 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 67.4 | 46.3 | 45.6 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 15.9 | 9.9 | 60.6 |
| &nbsp;&nbsp;&nbsp;Other expenses | 201.9 | 117.2 | 72.3 |
| &nbsp;&nbsp;&nbsp;Other real estate owned expense (income) | 2.3 | (0.2) | NM |
| &nbsp;&nbsp;&nbsp;Acquisition related expenses | 118.9 | 11.6 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 766.0 | 405.5 | 88.9 |
| Income (loss) before income tax | 257.1 | 247.8 | 3.8 |
| Provision for (benefit from) income tax | 54.9 | 55.7 | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $202.2 | $192.1 | 5.3 |
| Weighted-average basic shares outstanding | 103274 | 61650 | 67.5 |
| Weighted-average diluted shares outstanding | 103341 | 61742 | 67.4 |
| Earnings (loss) per share - basic | $1.96 | $3.12 | (37.2) |
| Earnings (loss) per share - diluted | 1.96 | 3.11 | (37.0) |
| \*Certain reclassifications were made to net interest income and other income presented for the period ending December 31, 2021 to conform to the December 31, 2022 presentation. | \*Certain reclassifications were made to net interest income and other income presented for the period ending December 31, 2021 to conform to the December 31, 2022 presentation. | \*Certain reclassifications were made to net interest income and other income presented for the period ending December 31, 2021 to conform to the December 31, 2022 presentation. | \*Certain reclassifications were made to net interest income and other income presented for the period ending December 31, 2021 to conform to the December 31, 2022 presentation. |
| NM - not meaningful |  |  |  |

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**FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**

**Consolidated Balance Sheets**

***(Unaudited)***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | % Change | % Change |
| ***(In millions, except % and per share data)*** | Dec 31,<br>2022 | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 | 4Q22 vs 3Q22 | 4Q22 vs 4Q21 |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $349.2 | $390.4 | $425.3 | $387.6 | $168.6 | (10.6)% | 107.1% |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 521.2 | 201.4 | 633.9 | 3423.6 | 2176.1 | 158.8 | (76.0) |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 870.5 | 591.9 | 1059.3 | 3811.3 | 2344.8 | 47.1 | (62.9) |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreement to resell |  |  | 202.2 | 102.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities, net | 10397.9 | 10269.1 | 10871.1 | 9502.5 | 6508.1 | 1.3 | 59.8 |
| &nbsp;&nbsp;&nbsp;Investment in Federal Home Loan and Federal Reserve Bank stock\* | 198.6 | 131.9 | 107.4 | 99.7 | 53.8 | 50.6 | 269.1 |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 79.9 | 93.6 | 127.4 | 178.1 | 30.1 | (14.6) | 165.4 |
| &nbsp;&nbsp;&nbsp;Loans held for investment | 18099.2 | 17603.5 | 17162.5 | 16945.0 | 9331.7 | 2.8 | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 220.1 | 213.0 | 220.4 | 247.2 | 122.3 | 3.3 | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 17879.1 | 17390.5 | 16942.1 | 16697.8 | 9209.4 | 2.8 | 94.1 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangible assets (excluding mortgage servicing rights) | 1225.9 | 1229.0 | 1232.9 | 1275.2 | 690.9 | (0.3) | 77.4 |
| &nbsp;&nbsp;&nbsp;Company owned life insurance | 497.9 | 495.6 | 492.8 | 490.1 | 301.5 | 0.5 | 65.1 |
| &nbsp;&nbsp;&nbsp;Premises and equipment | 444.7 | 445.4 | 442.7 | 444.4 | 299.6 | (0.2) | 48.4 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 12.7 | 16.4 | 16.8 | 17.5 | 2.0 | (22.6) | NM |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights | 31.1 | 31.8 | 32.1 | 32.7 | 28.2 | (2.2) | 10.3 |
| &nbsp;&nbsp;&nbsp;Other assets\* | 649.5 | 649.5 | 535.0 | 510.9 | 203.5 |  | 219.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $32287.8 | $31344.7 | $32061.8 | $33162.2 | $19671.9 | 3.0% | 64.1% |
| Liabilities and stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $25073.6 | $25884.8 | $26863.8 | $28088.3 | $16269.6 | (3.1)% | 54.1% |
| &nbsp;&nbsp;&nbsp;Securities sold under repurchase agreements | 1052.9 | 1075.6 | 1234.7 | 1071.0 | 1051.1 | (2.1) | 0.2 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 120.8 | 120.7 | 120.4 | 120.4 | 112.4 | 0.1 | 7.5 |
| &nbsp;&nbsp;&nbsp;Other borrowed funds | 2327.0 | 625.0 |  |  |  | 272.3 | 100.0 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 163.1 | 163.1 | 163.1 | 163.1 | 87.0 |  | 87.5 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 476.6 | 470.0 | 407.9 | 278.3 | 165.2 | 1.4 | 188.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 29214.0 | 28339.2 | 28789.9 | 29721.1 | 17685.3 | 3.1 | 65.2 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 2478.2 | 2477.4 | 2607.9 | 2668.6 | 945.0 |  | 162.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1072.7 | 1035.8 | 993.8 | 974.5 | 1052.6 | 3.6 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (477.1) | (507.7) | (329.8) | (202.0) | (11.0) | (6.0) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3073.8 | 3005.5 | 3271.9 | 3441.1 | 1986.6 | 2.3 | 54.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $32287.8 | $31344.7 | $32061.8 | $33162.2 | $19671.9 | 3.0% | 64.1% |
| Common shares outstanding at period end | 104442 | 104451 | 107758 | 109503 | 62200 | —% | 67.9% |
| Book value per common share at period end | $29.43 | $28.77 | $30.36 | $31.42 | $31.94 | 2.3 | (7.9) |
| Tangible book value per common share at period end\*\* | 17.69 | 17.01 | 18.92 | 19.78 | 20.83 | 4.0 | (15.1) |
| \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. | \*Certain reclassifications were made to the Investment in Federal Home Loan and Federal Reserve Bank stock and other assets for the historical periods presented in order to conform to the December 31, 2022 and September 30, 2022 periods. |
| \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share at period end (GAAP) to tangible book value per common share at period end (non-GAAP). |

---

------

**FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**

**Loans and Deposits**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | % Change | % Change |
| ***(In millions, except %)*** | Dec 31,<br>2022 | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 | 4Q22 vs 3Q22 | 4Q22 vs 4Q21 |
| Loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | $8528.6 | $8026.9 | $7857.7 | $7805.7 | $3971.5 | 6.3% | 114.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land acquisition and development | 386.2 | 393.2 | 355.7 | 344.8 | 247.8 | (1.8) | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | 516.2 | 501.4 | 444.8 | 406.0 | 262.0 | 3.0 | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 1042.0 | 1128.4 | 959.0 | 844.8 | 498.0 | (7.7) | 109.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total construction | 1944.4 | 2023.0 | 1759.5 | 1595.6 | 1007.8 | (3.9) | 92.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 2188.3 | 2127.7 | 2060.4 | 1997.5 | 1538.2 | 2.8 | 42.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural real estate | 794.9 | 800.9 | 821.5 | 833.6 | 213.9 | (0.7) | 271.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 13456.2 | 12978.5 | 12499.1 | 12232.4 | 6731.4 | 3.7 | 99.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect | 829.7 | 780.8 | 733.9 | 739.6 | 737.6 | 6.3 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct | 152.9 | 155.0 | 157.3 | 142.5 | 129.2 | (1.4) | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card | 75.9 | 74.2 | 74.8 | 73.5 | 64.9 | 2.3 | 16.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 1058.5 | 1010.0 | 966.0 | 955.6 | 931.7 | 4.8 | 13.6 |
| &nbsp;&nbsp;&nbsp;Commercial | 2882.6 | 2966.1 | 3036.0 | 3017.9 | 1475.5 | (2.8) | 95.4 |
| &nbsp;&nbsp;&nbsp;Agricultural | 708.3 | 658.2 | 672.0 | 744.3 | 203.9 | 7.6 | 247.4 |
| &nbsp;&nbsp;&nbsp;Other | 9.2 | 3.8 |  | 4.6 | 1.5 | 142.1 | 513.3 |
| &nbsp;&nbsp;&nbsp;Deferred loan fees and costs | (15.6) | (13.1) | (10.6) | (9.8) | (12.3) | 19.1 | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment | $18099.2 | $17603.5 | $17162.5 | $16945.0 | $9331.7 | 2.8% | 94.0% |
| **Deposits:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest bearing | $7560.0 | $8163.3 | $8295.4 | $8240.6 | $5568.3 | (7.4)% | 35.8% |
| &nbsp;&nbsp;&nbsp;Interest bearing: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand | 7205.9 | 7595.1 | 8133.3 | 8245.0 | 4753.2 | (5.1) | 51.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 8379.3 | 8497.2 | 8939.4 | 10004.3 | 4981.6 | (1.4) | 68.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time, $250 and over | 438.0 | 319.3 | 272.1 | 359.8 | 186.7 | 37.2 | 134.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time, other | 1490.4 | 1309.9 | 1223.6 | 1238.6 | 779.8 | 13.8 | 91.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing | 17513.6 | 17721.5 | 18568.4 | 19847.7 | 10701.3 | (1.2) | 63.7 |
| &nbsp;&nbsp;&nbsp;Total deposits | $25073.6 | $25884.8 | $26863.8 | $28088.3 | $16269.6 | (3.1)% | 54.1% |
| &nbsp;&nbsp;Total core deposits <sup>(1)</sup> | $24635.6 | $25565.5 | $26591.7 | $27728.5 | $16082.9 | (3.6)% | 53.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 and over, and brokered deposits. |

---

------

**FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**

**Credit Quality**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | % Change | % Change |
| ***(In millions, except %)*** | Dec 31,<br>2022 | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 | 4Q22 vs 3Q22 | 4Q22 vs 4Q21 |
| **Allowance for Credit Losses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | $220.1 | $213.0 | $220.4 | $247.2 | $122.3 | 3.3% | 80.0% |
| &nbsp;&nbsp;&nbsp;As a percentage of loans held for investment | 1.22% | 1.21% | 1.28% | 1.46% | 1.31% |  |  |
| &nbsp;&nbsp;&nbsp;As a percentage of non-accrual loans | 371.79 | 268.26 | 205.98 | 207.91 | 491.16 |  |  |
| &nbsp;&nbsp;&nbsp;Net charge-offs during quarter | $1.1 | $12.0 | $0.3 | $16.7 | $2.7 | (90.8)% | (59.3)% |
| &nbsp;&nbsp;&nbsp;Annualized as a percentage of average loans | 0.02% | 0.27% | 0.01% | 0.47% | 0.11% |  |  |
| **Non-Performing Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-accrual loans | $59.2 | $79.4 | $107.0 | $118.9 | $24.9 | (25.4)% | 137.8% |
| &nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 6.4 | 6.6 | 2.9 | 2.7 | 2.8 | (3.0) | 128.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 65.6 | 86.0 | 109.9 | 121.6 | 27.7 | (23.7) | 136.8 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 12.7 | 16.4 | 16.8 | 17.5 | 2.0 | (22.6) | 535.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $78.3 | $102.4 | $126.7 | $139.1 | $29.7 | (23.5)% | 163.6% |
| &nbsp;&nbsp;&nbsp;Non-performing assets as a percentage of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment and OREO | 0.43% | 0.58% | 0.74% | 0.82% | 0.32% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 0.24 | 0.33 | 0.40 | 0.42 | 0.15 |  |  |
| Non-accrual loans to loans held for investment | 0.33 | 0.45 | 0.62 | 0.70 | 0.27 |  |  |
| Accruing Loans 30-89 Days Past Due | $62.3 | $52.5 | $56.4 | $54.4 | $26.7 | 18.7% | 133.3% |
| &nbsp;&nbsp;&nbsp;Accruing troubled debt restructurings (TDRs) | 60.4 | 59.7 | 20.5 | 14.7 | 2.3 | 1.2 | NM |
| **Criticized Loans:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Special Mention | $290.4 | $273.7 | $275.9 | $274.6 | $86.6 | 6.1% | 235.3% |
| &nbsp;&nbsp;&nbsp;Substandard | 316.2 | 277.7 | 461.4 | 553.9 | 130.1 | 13.9 | 143.0 |
| &nbsp;&nbsp;&nbsp;Doubtful | 8.5 | 25.5 | 42.7 | 24.6 |  | (66.7) | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $615.1 | $576.9 | $780.0 | $853.1 | $216.7 | 6.6% | 183.8% |
| NM - not meaningful | NM - not meaningful | NM - not meaningful | NM - not meaningful | NM - not meaningful | NM - not meaningful | NM - not meaningful | NM - not meaningful |

---

------

**FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES**

**Selected Ratios - Annualized**

***(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Dec 31,<br>2022 | | Sep 30,<br>2022 | Jun 30,<br>2022 | Mar 31,<br>2022 | Dec 31,<br>2021 |
| **Annualized Financial Ratios (GAAP)** | **Annualized Financial Ratios (GAAP)** | **Annualized Financial Ratios (GAAP)** | **Annualized Financial Ratios (GAAP)** | **Annualized Financial Ratios (GAAP)** | **Annualized Financial Ratios (GAAP)** | **Annualized Financial Ratios (GAAP)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 1.07% |  | 1.07% | 0.79% | (0.48)% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average common stockholders' equity | 11.16 |  | 10.49 | 7.52 | (4.44) | 10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yield on average earning assets | 4.24 |  | 3.99 | 3.35 | 2.89 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of average interest-bearing liabilities | 0.89 |  | 0.40 | 0.14 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate spread | 3.35 |  | 3.59 | 3.21 | 2.75 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin ratio | 3.61 |  | 3.71 | 3.25 | 2.80 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 57.07 |  | 58.37 | 71.37 | 89.61 | 62.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment to deposit ratio | 72.18 |  | 68.01 | 63.89 | 60.33 | 57.36 |
| **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** | **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** | **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** | **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** | **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** | **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** | **Annualized Financial Ratios - Operating\*\* (Non-GAAP)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share | $17.69 |  | $17.01 | $18.92 | $19.78 | $20.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity to tangible assets | 5.95% |  | 5.90% | 6.61% | 6.79% | 6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common stockholders' equity | 18.67 |  | 16.93 | 11.78 | (6.88) | 15.51 |
| **Consolidated Capital Ratios:** | **Consolidated Capital Ratios:** | **Consolidated Capital Ratios:** | **Consolidated Capital Ratios:** | **Consolidated Capital Ratios:** | **Consolidated Capital Ratios:** | **Consolidated Capital Ratios:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital to total risk-weighted assets\*\*\* | 12.55% | \* | 12.50% | 13.16% | 13.79% | 14.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital to total risk-weighted assets\*\*\* | 10.51 | \* | 10.49 | 11.09 | 11.52 | 12.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 common capital to total risk-weighted assets\*\*\* | 10.51 | \* | 10.49 | 11.09 | 11.52 | 11.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage Ratio | 7.75 | \* | 7.67 | 7.72 | 8.96 | 7.68 |
| \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented above include the assumption of the transitional method as a result of legislation by the U.S. 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 COVID-19. |
| \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of 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). |
| \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. | \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. | \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. | \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. | \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. | \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. | \*\*\*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods. |

---

------

---

| | | |
|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Selected Ratios** | **Selected Ratios** | **Selected Ratios** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
|  | Dec 31,<br>2022 | Dec 31,<br>2021 |
| **Financial Ratios (GAAP)** | **Financial Ratios (GAAP)** | **Financial Ratios (GAAP)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 0.65% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average common stockholders' equity | 6.34 | 9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yield on average earning assets | 3.63 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of average interest-bearing liabilities | 0.40 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate spread | 3.23 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin ratio | 3.36 | 2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 67.83 | 61.94 |
| **Financial Ratios - Operating\*\* (Non-GAAP)** | **Financial Ratios - Operating\*\* (Non-GAAP)** | **Financial Ratios - Operating\*\* (Non-GAAP)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common stockholders' equity | 10.09 | 15.03 |
| \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of return on average common stockholders' equity (GAAP) to return on average tangible common stockholders' equity (non-GAAP). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of return on average common stockholders' equity (GAAP) to return on average tangible common stockholders' equity (non-GAAP). | \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of return on average common stockholders' equity (GAAP) to return on average tangible common stockholders' equity (non-GAAP). |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| ***(In millions, except %)*** | Average<br>Balance | Interest | Average<br>Rate | Average<br>Balance | Interest | Average<br>Rate | Average<br>Balance | Interest | Average<br>Rate |
| Interest earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans <sup>(1) (2)</sup> | $17920.5 | $230.5 | 5.10% | $17543.8 | $220.2 | 4.98% | $9512.3 | $105.3 | 4.39% |
| &nbsp;&nbsp;&nbsp;Investment securities <sup>(2)</sup> | 10383.8 | 71.6 | 2.74 | 10819.6 | 65.9 | 2.42 | 6241.0 | 20.1 | 1.28 |
| &nbsp;&nbsp;&nbsp;Investment in FHLB and FRB stock | 156.4 | 2.0 | 5.07 | 121.7 | 1.3 | 4.24 | 53.4 | 0.3 | 2.23 |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 220.1 | 2.2 | 3.97 | 244.4 | 1.4 | 2.27 | 2308.0 | 0.9 | 0.15 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.1 |  |  | 1.7 |  |  | 0.1 |  |  |
| Total interest earning assets | $28680.9 | $306.3 | 4.24% | $28731.2 | $288.8 | 3.99% | $18114.8 | $126.6 | 2.77% |
| Non-earning assets | 3035.1 |  |  | 2922.5 |  |  | 1628.3 |  |  |
| Total assets | $31716.0 |  |  | $31653.7 |  |  | $19743.1 |  |  |
| *Interest-bearing liabilities:* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | $7412.7 | $7.9 | 0.42% | $7824.3 | $5.1 | 0.26% | $4787.5 | $0.4 | 0.03% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 8446.7 | 14.8 | 0.70 | 8689.0 | 7.0 | 0.32 | 4951.1 | 0.4 | 0.03 |
| &nbsp;&nbsp;&nbsp;Time deposits | 1848.6 | 5.0 | 1.07 | 1502.3 | 1.2 | 0.32 | 976.7 | 0.9 | 0.37 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 1091.2 | 1.1 | 0.40 | 1107.7 | 0.8 | 0.29 | 1038.2 | 0.1 | 0.04 |
| &nbsp;&nbsp;&nbsp;Other borrowed funds | 1260.0 | 12.9 | 4.06 | 370.9 | 2.4 | 2.57 |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 120.8 | 1.4 | 4.60 | 120.4 | 1.5 | 4.94 | 112.4 | 1.5 | 5.29 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 163.1 | 2.5 | 6.08 | 163.1 | 1.9 | 4.62 | 87.0 | 0.7 | 3.19 |
| Total interest-bearing liabilities | $20343.1 | $45.6 | 0.89% | $19777.7 | $19.9 | 0.40% | $11952.9 | $4 | 0.13% |
| Non-interest-bearing deposits | 7871.8 |  |  | 8212.6 |  |  | 5617.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-interest-bearing liabilities | 451.0 |  |  | 423.7 |  |  | 173.0 |  |  |
| Stockholders' equity | 3050.1 |  |  | 3239.7 |  |  | 1999.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $31716.0 |  |  | $31653.7 |  |  | $19743.1 |  |  |
| Net FTE interest income |  | $260.7 |  |  | $268.9 |  |  | $122.6 |  |
| Less FTE adjustments <sup>(2)</sup> |  | (2.3) |  |  | (2.1) |  |  | (0.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income from consolidated statements of income |  | $258.4 |  |  | $266.8 |  |  | $122.1 |  |
| Interest rate spread |  |  | 3.35% |  |  | 3.59% |  |  | 2.64% |
| Net FTE interest margin <sup>(3)</sup> |  |  | 3.61 |  |  | 3.71 |  |  | 2.69 |
| Cost of funds, including non-interest-bearing demand deposits <sup>(4)</sup> |  |  | 0.64 |  |  | 0.28 |  |  | 0.09 |
| <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $1.2 million, $0.7 million, and $9.9 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively. |
| <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. |
| <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. |
| <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** | **Average Balance Sheets** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
| ***(In millions, except %)*** | Average<br>Balance | Interest | Average<br>Rate | Average<br>Balance | Interest | Average<br>Rate |
| Interest earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans <sup>(1) (2)</sup> | $16802.2 | $797.2 | 4.74% | $9788.9 | $431.2 | 4.40% |
| &nbsp;&nbsp;&nbsp;Investment securities <sup>(2)</sup> | 9973.4 | 218.9 | 2.19 | 5423.3 | 73.9 | 1.36 |
| &nbsp;&nbsp;&nbsp;Investment in FHLB and FRB stock | 116.6 | 4.8 | 4.12 | 53.4 | 1.0 | 1.87 |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 1432.8 | 8.7 | 0.61 | 1946.7 | 2.6 | 0.13 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.5 |  |  | 0.1 |  |  |
| Total interest earning assets | $28325.5 | $1029.6 | 3.63% | $17212.4 | $508.7 | 2.96% |
| Non-earning assets | 2804.2 |  |  | 1631.8 |  |  |
| Total assets | $31129.7 |  |  | $18844.2 |  |  |
| Interest bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | $7549.8 | $15.7 | 0.21% | $4459.6 | $1.8 | 0.04% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 8732.7 | 24.5 | 0.28 | 4770.8 | 1.5 | 0.03 |
| &nbsp;&nbsp;&nbsp;Time deposits | 1577.0 | 8.1 | 0.51 | 1009.3 | 4.8 | 0.48 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 1114.5 | 2.5 | 0.22 | 1025.2 | 0.4 | 0.04 |
| &nbsp;&nbsp;&nbsp;Other borrowed funds | 411.1 | 15.3 | 3.72 |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 122.2 | 6.0 | 4.91 | 112.4 | 6.0 | 5.34 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 156.6 | 6.8 | 4.34 | 87.0 | 2.8 | 3.22 |
| Total interest-bearing liabilities | $19663.9 | $78.9 | 0.40% | $11464.3 | $17.3 | 0.15% |
| Non-interest-bearing deposits | 7911.6 |  |  | 5227.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-interest-bearing liabilities | 364.7 |  |  | 177.9 |  |  |
| Stockholders' equity | 3189.5 |  |  | 1974.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $31129.7 |  |  | $18844.2 |  |  |
| Net FTE interest income |  | $950.7 |  |  | $491.4 |  |
| Less FTE adjustments <sup>(2)</sup> |  | (8.1) |  |  | (2.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income from consolidated statements of income |  | $942.6 |  |  | $489.2 |  |
| Interest rate spread |  |  | 3.23% |  |  | 2.81% |
| Net FTE interest margin <sup>(3)</sup> |  |  | 3.36 |  |  | 2.85 |
| Cost of funds, including non-interest-bearing demand deposits <sup>(4)</sup> |  |  | 0.29 |  |  | 0.10 |
| <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. | <sup>(1)</sup> Average loan balances include mortgage loans held for sale and non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs of $7.5 million and $40.6 million at December 31, 2022 and December 31, 2021, respectively. |
| <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. | <sup>(2)</sup> Interest income and average rates for tax exempt loans and securities are presented on an FTE basis. |
| <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. | <sup>(3)</sup> Net FTE interest margin during the period equals the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by average interest earning assets for the period. |
| <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. | <sup>(4)</sup> Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest-bearing liabilities plus non-interest bearing deposits. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| | | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** |
| ***(In millions, except % and per share data)*** |  | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 |
| Total common stockholders' equity (GAAP) | (A) | $3073.8 | $3005.5 | $3271.9 | $3441.1 | $1986.6 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1225.9 | 1229.0 | 1232.9 | 1275.2 | 690.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity (Non-GAAP) | (B) | $1847.9 | $1776.5 | $2039.0 | $2165.9 | $1295.7 |
| Total assets (GAAP) |  | $32287.8 | $31344.7 | $32061.8 | $33162.2 | $19671.9 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1225.9 | 1229.0 | 1232.9 | 1275.2 | 690.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (Non-GAAP) | (C) | $31061.9 | $30115.7 | $30828.9 | $31887.0 | $18981.0 |
| Average Balances: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total common stockholders' equity (GAAP) | (D) | $3050.1 | $3239.7 | $3417.4 | $3050.1 | $1999.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1226.9 | 1230.9 | 1235.1 | 1081.2 | 692.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common stockholders' equity (Non-GAAP) | (E) | $1823.2 | $2008.8 | $2182.3 | $1968.9 | $1307.3 |
| Net interest income |  | $258.4 | $266.8 | $239 | $178.4 | $122.1 |
| &nbsp;&nbsp;&nbsp;FTE interest income |  | 2.3 | 2.1 | 2.1 | 1.6 | 0.5 |
| Net FTE interest income | (F) | 260.7 | 268.9 | 241.1 | 180.0 | 122.6 |
| &nbsp;&nbsp;&nbsp;Less purchase accounting accretion |  | 8.4 | 17.7 | 16.7 | 7.6 | 1.9 |
| &nbsp;&nbsp;&nbsp;Less PPP Income |  |  | 0.3 | 1.1 | 2.8 | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net FTE interest income | (G) | $252.3 | $250.9 | $223.3 | $169.6 | $111.0 |
| Average interest-earning assets | (H) | $28680.9 | $28731.2 | $29752.4 | $26086.7 | $18114.8 |
| &nbsp;&nbsp;&nbsp;Less average PPP loans |  | 5.6 | 8.1 | 30.8 | 91.6 | 200.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted average earning assets | (I) | $28675.3 | $28723.1 | $29721.6 | $25995.1 | $17914.7 |
| Total quarterly average assets | (J) | $31716 | $31653.7 | $32611.3 | $28495.1 | $19743.1 |
| Annualized net income available to common shareholders | (K) | 340.4 | 340.0 | 257.1 | (135.5) | 202.7 |
| Common shares outstanding | (L) | 104442 | 104451 | 107758 | 109503 | 62200 |
| Return on average assets (GAAP) | (K) / (J) | 1.07% | 1.07% | 0.79% | (0.48)% | 1.03% |
| Return on average common stockholders' equity (GAAP) | (K) / (D) | 11.16 | 10.49 | 7.52 | (4.44) | 10.14 |
| Average common stockholders' equity to average assets (GAAP) | (D) / (J) | 9.62 | 10.23 | 10.48 | 10.70 | 10.13 |
| Book value per common share (GAAP) | (A) / (L) | $29.43 | $28.77 | $30.36 | $31.42 | $31.94 |
| Tangible book value per common share (Non-GAAP) | (B) / (L) | 17.69 | 17.01 | 18.92 | 19.78 | 20.83 |
| Tangible common stockholders' equity to tangible assets (Non-GAAP) | (B) / (C) | 5.95% | 5.90% | 6.61% | 6.79% | 6.83% |
| Return on average tangible common stockholders' equity (Non-GAAP) | (K) / (E) | 18.67 | 16.93 | 11.78 | (6.88) | 15.51 |
| Net interest margin ratio (FTE) | (F\*) / (H) | 3.61 | 3.71 | 3.25 | 2.80 | 2.69 |
| Adjusted net interest margin ratio (FTE) | (G\*) / (I) | 3.49 | 3.47 | 3.01 | 2.65 | 2.46 |
| \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
| | | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** | **As of or For the Quarter Ended** |
| ***(In millions, except % and per share data)*** |  | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 |
| Total non-interest expense |  | $175.3 | $173.2 | $210.3 | $207.2 | $102.2 |
| &nbsp;&nbsp;&nbsp;Less: Acquisition-related expense |  | 3.9 | 4.0 | 45.8 | 65.2 | 5.0 |
| &nbsp;&nbsp;&nbsp;Less: Litigation accrual (recovery) |  | 1.3 | 0.5 |  |  | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-interest expense |  | $170.1 | $168.7 | $164.5 | $142.0 | $97.4 |
| &nbsp;&nbsp;&nbsp;Less: Intangible amortization |  | 4.1 | 4.1 | 4.1 | 3.6 | 2.5 |
| &nbsp;&nbsp;&nbsp;Less: Other real estate owned (income) expense |  | 2.2 |  |  | 0.1 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted expense for efficiency ratio | (A) | $163.8 | $164.6 | $160.4 | $138.3 | $95.0 |
| Net interest income |  | $258.4 | $266.8 | $239 | $178.4 | $122.1 |
| &nbsp;&nbsp;&nbsp;Add: Total non-interest income |  | 41.6 | 22.9 | 49.9 | 48.8 | 37.1 |
| &nbsp;&nbsp;Less: Net (loss) gain from investment securities |  |  | (24.2) | (0.1) | (0.1) | 0.9 |
| &nbsp;&nbsp;&nbsp;Less: MSR recovery (impairment) |  |  |  |  | 3.4 | 1.0 |
| &nbsp;&nbsp;&nbsp;Less: Other income\* |  |  |  | 1.7 | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted revenue | (B) | $300.0 | $313.9 | $287.3 | $222.5 | $157.3 |
| Adjusted Efficiency Ratio | (A) / (B) | 54.60% | 52.44% | 55.83% | 62.16% | 60.39% |
| *(All adjustments are after-tax)* |  |  |  |  |  |  |
| Reported net income (loss) |  | $85.8 | $85.7 | $64.1 | $(33.4) | $51.1 |
| &nbsp;&nbsp;&nbsp;Plus: Non-PCD CECL Day 2 provision |  |  |  |  | 55.2 |  |
| &nbsp;&nbsp;&nbsp;Plus: Acquisition-related expenses |  | 3.0 | 3.2 | 36.6 | 52.7 | 3.8 |
| &nbsp;&nbsp;&nbsp;Plus: MSR fair value adjustments |  |  |  |  | (2.7) | (0.8) |
| &nbsp;&nbsp;&nbsp;Plus: Other income items\* |  |  |  | (1.4) | (1.1) |  |
| &nbsp;&nbsp;&nbsp;Plus: Investment securities loss (gain) |  |  | 19.2 | 0.1 | 0.1 | (0.7) |
| &nbsp;&nbsp;&nbsp;Plus: Litigation accrual (recovery) |  | 1.0 | 0.4 |  |  | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income | (C) | $89.8 | $108.5 | $99.4 | $70.8 | $53.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average stockholders' equity | (D) | $3050.1 | $3239.7 | $3417.4 | $3050.1 | $1999.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average equity |  | 11.16% | 10.49% | 7.52% | (4.44)% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted return on average equity | (C\*\*) / (D) | 11.68 | 13.29 | 11.67 | 9.41 | 10.56 |
| \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. |
| \*\*Annualized | \*\*Annualized | \*\*Annualized | \*\*Annualized | \*\*Annualized | \*\*Annualized | \*\*Annualized |

---

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| | | | |
|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
|  |  | For the Year Ended | For the Year Ended |
| ***(In millions, except % and per share data)*** |  | Dec 31, 2022 | Dec 31, 2021 |
| Total common stockholders' equity (GAAP) | (A) | $3073.8 | $1986.6 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1225.9 | 690.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity (Non-GAAP) | (B) | $1847.9 | $1295.7 |
| Total assets (GAAP) |  | $32287.8 | $19671.9 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1225.9 | 690.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (Non-GAAP) | (C) | $31061.9 | $18981.0 |
| Average Balances: |  |  |  |
| &nbsp;&nbsp;&nbsp;Total common stockholders' equity (GAAP) | (D) | $3189.5 | $1974.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1186.5 | 695.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common stockholders' equity (Non-GAAP) | (E) | $2003.0 | $1278.4 |
| Net interest income |  | $942.6 | $489.2 |
| &nbsp;&nbsp;&nbsp;FTE interest income |  | 8.1 | 2.2 |
| Net FTE interest income | (F) | 950.7 | 491.4 |
| &nbsp;&nbsp;&nbsp;Less: Purchase accounting accretion |  | 50.4 | 9.0 |
| &nbsp;&nbsp;&nbsp;Less: PPP Income |  | 4.2 | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net interest income (FTE) | (G) | $896.1 | $438.4 |
| Average interest-earning assets | (H) | $28325.5 | $17212.4 |
| &nbsp;&nbsp;&nbsp;Less average PPP loans |  | 33.7 | 542.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted average earning assets | (I) | $28291.8 | $16670.0 |
| Total quarterly average assets | (J) | $31129.7 | $18844.2 |
| Annualized net income available to common shareholders | (K) | 202.2 | 192.1 |
| Common shares outstanding | (L) | 104442 | 62200 |
| Return on average assets (GAAP) | (K) / (J) | 0.65% | 1.02% |
| Return on average common stockholders' equity (GAAP) | (K) / (D) | 6.34 | 9.73 |
| Average common stockholders' equity to average assets (GAAP) | (D) / (J) | 10.25 | 10.48 |
| Book value per common share (GAAP) | (A) / (L) | $29.43 | $31.94 |
| Tangible book value per common share (Non-GAAP) | (B) / (L) | 17.69 | 20.83 |
| Tangible common stockholders' equity to tangible assets (Non-GAAP) | (B)/(C) | 5.95% | 6.83% |
| Return on average tangible common stockholders' equity (Non-GAAP) | (K) / (E) | 10.09 | 15.03 |
| Net interest margin ratio (FTE) | (F) / (H) | 3.36 | 2.85 |
| Adjusted net interest margin ratio (FTE) | (G) / (I) | 3.17 | 2.63 |

---

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| | | | |
|:---|:---|:---|:---|
| **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** | **FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES** |
| **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** | **Non-GAAP Financial Measures** |
| ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** | ***(Unaudited)*** |
|  |  | For the Year Ended | For the Year Ended |
| ***(In millions, except % and per share data)*** |  | Dec 31, 2022 | Dec 31, 2021 |
| Total non-interest expense |  | $766 | $405.5 |
| &nbsp;&nbsp;&nbsp;Less: Acquisition-related expense |  | 118.9 | 11.6 |
| &nbsp;&nbsp;&nbsp;Less: Litigation accrual (recovery) |  | 1.8 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-interest expense |  | $645.3 | $392.9 |
| &nbsp;&nbsp;&nbsp;Less: Intangible amortization |  | 15.9 | 9.9 |
| &nbsp;&nbsp;&nbsp;Less: Other real estate owned (income) expense |  | 2.3 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted expense for efficiency ratio | (A) | $627.1 | $383.2 |
| Net interest income |  | $942.6 | $489.2 |
| &nbsp;&nbsp;&nbsp;Add: Total non-interest income |  | 163.2 | 149.5 |
| &nbsp;&nbsp;&nbsp;Less: Net (loss) gain from investment securities |  | (24.4) | 1.1 |
| &nbsp;&nbsp;&nbsp;Less: MSR recovery (impairment) |  | 3.4 | 6.9 |
| &nbsp;&nbsp;&nbsp;Less: Other income\* |  | 3.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted revenue | (B) | $1123.7 | $630.7 |
| Adjusted Efficiency Ratio | (A) / (B) | 55.81% | 60.76% |
| *(All adjustments are after-tax)* |  |  |  |
| Reported net income (loss) |  | $202.2 | $192.1 |
| &nbsp;&nbsp;&nbsp;Plus: Non-PCD CECL Day 2 provision |  | 53.6 |  |
| &nbsp;&nbsp;&nbsp;Plus: Acquisition-related expenses |  | 93.5 | 9.0 |
| &nbsp;&nbsp;&nbsp;Plus: MSR fair value adjustments |  | (2.7) | (5.3) |
| &nbsp;&nbsp;&nbsp;Plus: Other income items\* |  | (2.4) |  |
| &nbsp;&nbsp;&nbsp;Plus: Investment securities loss (gain) |  | 19.2 | (0.9) |
| &nbsp;&nbsp;&nbsp;Plus: Litigation accrual (recovery) |  |  | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income | (C) | $363.4 | $195.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average stockholders' equity | (D) | $3189.5 | $1974.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average equity |  | 6.34% | 9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted return on average equity | (C\*\*) / (D) | 11.39 | 9.91 |
| \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. | \*Other income represents the recovery in the credit valuation discount on derivatives acquired in the GWB acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. |
| \*\*Annualized | \*\*Annualized | \*\*Annualized | \*\*Annualized |

---

**First Interstate BancSystem, Inc.**

**P.O. Box 30918&nbsp;&nbsp;&nbsp;&nbsp; Billings, Montana 59116 &nbsp;&nbsp;&nbsp;&nbsp;(406) 255-5311**

**www.FIBK.com**

## Exhibit 99.2

![](dec 2022ip001.jpg)

4Q 2022 Investor Presentation Exhibit 99.2 January 26, 2023

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![](dec 2022ip002.jpg)

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" 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, governmental regulations or policies; 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 the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT, 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's guidelines and regulations; lending risks and risks associated with loan sector concentrations; supply-chain disruptions, labor shortages, and any other; 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; the soundness of other financial institutions; changes in oil and gas prices, and declining demand for coal could negatively impact the demand and credit quality of loans; 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; changes in interest rates; changes in inflationary pressures; changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs; competition from new or existing competitors; variable interest rates tied to the London Interbank Offered Rate (LIBOR) that may no longer be available, or may become unreliable, to us; cyber-security 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; exposure to losses in collateralized loan obligation securities; our reliance on other companies that provide key components of our business infrastructure; events that may tarnish our reputation; the loss of the services 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 controls; our ability to implement new technology-driven products and services or be successful in marketing these products and services to our clients; our ability to execute on our intended expansion plans; 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; 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 and the 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 ongoing impact of the COVID-19 pandemic and the U.S. government's response to the pandemic; changes in general economic conditions caused by inflation, recession, acts of terrorism, and outbreak of hostilities, or other international or domestic calamities, including wars or international conflicts with respect to which the United States may or may not be directly involved, unemployment, or other economic and geopolitical factors; and the effect of global conditions, earthquakes, tsunamis, floods, fires, 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

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![](dec 2022ip003.jpg)

FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW Premier community banking franchise in growing markets throughout the Midwest and Pacific Northwest Financial Highlights Balance Sheet Capital Assets $32.3 Billion Total RBC\*2 12.55% LHFI\* $18.1 Billion CET1\*2 10.51% Deposits $25.1 Billion Leverage2 7.75% ACL\*/LHFI 1.22% TCE\* 5.95% \*Loans held for investment (LHFI) \*Risk based capital (RBC) \*Allowance for credit losses (ACL) \*Comment equity tier-1 (CET1) \*Tangible common equity (TCE) Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization1 $4.0 Billion Dividend Yield 4.4% Branch Network 307 banking offices Sub Debt Rating Kroll BBB 3 307 banking offices in 14 states 1 Calculated using closing stock price of $38.65 as of 12/31/2022 2 Preliminary estimates - may be subject to change

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![](dec 2022ip004.jpg)

FOURTH QUARTER 2022 HIGHLIGHTS Earnings • Net income of $85.8 million, or $0.82 per share, included $(0.07) of selected items and $(0.07) less accretion vs. Q3 • Net interest margin (NIM) of 3.61%; adjusted NIM of 3.49%1, an increase of 2 basis points from the third quarter • Efficiency ratio of 57.1%; adjusted efficiency ratio of 54.6%1 • Return on average equity (ROAE) of 11.2% in Q4; adjusted ROAE of 11.7%1 Balance Sheet • Loan growth of $495.7 million, or 11.1% annualized, with positive contribution from all regions • $850.0 million in notional receive-fixed swaps added in Q4 against bonds and loans, bringing the total notional to $1.2 billion • Balance sheet sensitivity is now neutral to changes in short rates, up or down • Loan/deposit ratio increased to 72.2% at 12/31, from 68.0% in the prior quarter Asset Quality • Overall, credit quality continued to improve; net charge-offs (NCOs) were only $1.1 million, or 2 basis points annualized • Total non-performing loans of $65.6 million declined 23.7% to 36 basis points of LHFI, with an ACL coverage ratio of 335.5% • Total criticized loans increased $38.2 million, or 6.6%, to $615.1 million at 12/31 • Funded ACL build attributable to loan growth and a more conservative macro-economic outlook; increased to 1.22% of LHFI Capital • Book value per share (BVPS) of $29.43 as of December 31, 2022 increased 2.3% in the quarter; Tangible book value per share (TBVPS) of $17.691 increased 4.0% in the quarter; AOCI improved by $30.6 million • Paid a Q4 quarterly cash dividend of $0.47 per share, up from $0.41 in the prior quarter, an increase of 14.6% • Maintained regulatory capital levels that exceeded internal guidelines; CET1 of 10.5%2 and total RBC of 12.6%2 4 1 See non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change

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![](dec 2022ip005.jpg)

FOURTH QUARTER 2022 RESULTS Summary of Q4 2022 Results $ amounts in millions, except per share data 4Q22 Net interest income $258.4 Provision for (reduction in) credit losses 14.7 Non-interest income 41.6 Non-interest expense 175.3 Income before taxes 110.0 Income taxes 24.2 Net income $85.8 Diluted earnings per share (EPS) $0.82 Q4 2022 Selected items impact $ amounts in millions, except per share data Income Statement Geography Pre-tax (in MM) After-tax (in MM) Reported EPS Impact Held for sale (HFS) loan fair value adjustment Other Income $(0.4) $(0.3) $— Performance-related incentive adjustment Salaries and Wages (4.2) (3.3) (0.03) Merger-related expenses Acquisition expense (3.9) (3.0) (0.03) Litigation expense accrual Other Expenses (1.3) (1.0) (0.01) Totals $(9.8) $(7.6) $(0.07) 5 Quarterly Notes: • Quarterly provision expense includes $6.5 million in additional provision for unfunded loan commitments during Q4. • Effective tax rate for full-year 2023 expected to be in the range of 23.0-24.0%.

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![](dec 2022ip006.jpg)

DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 47% Construction RE, 11% Residential RE, 12% Agriculture RE, 4% Consumer, 6%Commercial, 16% Agriculture, 4% Loans by Geography MT, 15% WY, 5% ID, 5% WA, 7% OR, 9% SD, 10%ND, 1% NE, 6% IA, 10% KS, 2% AZ, 6% CO, 8% Other, 16% Revolving Funded Commitments 33.4% 41.7% 37.9% 37.1% 36.8% 4Q21 1Q22 2Q22 3Q22 4Q22 6 Loan Highlights: • Loan growth of $495.7 million in Q4, or 11.1% annualized, with positive contributions across all regions • Revolving unfunded commitments of $3.2 billion at 12/31 • Non-revolving unfunded commitments of $1.7 billion at 12/31 • Commercial real estate (RE) segment is 36.9% owner- occupied • 2023 outlook calls for mid single-digit end-of-period loan growth; Q1 typically seasonally slower $18.1B Balances as of December 31, 2022

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![](dec 2022ip007.jpg)

DEPOSIT BASE Total Deposits Non-interest bearing, 30% Demand, 29% Savings, 33% Time, 8% Deposits by State MT, 25% WY, 12% ID, 7% WA, 3% OR, 11% SD, 15% NE, 9% IA, 10% MO, 1% AZ, 3% CO, 4% Mix of Consumer and Business Deposits ¹ 50% 49% 49% 51% 52% 50% 51% 51% 49% 48% Total Consumer Deposits Total Business Deposits 4Q21 1Q22 2Q22 3Q22 4Q22 7 1 Prior to 2022 periods represent FIBK standalone; business deposits include municipal balances$25.1B Deposit Highlights: • Total deposits declined $811.2 million, or 3.1% during Q4 ◦ Deposit declines occurred primarily in the month of December ◦ Consumer deposits increased $12.7 million, or 0.1% during Q4 Balances as of December 31, 2022

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![](dec 2022ip008.jpg)

Total Risk-Based Capital Ratios\* 14.11% 13.79% 13.16% 12.50% 12.55% 11.77% 11.52% 11.09% 10.49% 10.51% 0.72% 1.62% 2.28% 2.07% 2.01% 2.04% CET1 Non-common Tier1 Total RBC 4Q21 1Q22 2Q22 3Q22 4Q22² CAPITAL AND LIQUIDITY Highly liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common Equity¹ $31.94 $31.42 $30.36 $28.77 $29.43 $20.83 $19.78 $18.92 $17.01 $17.69 6.83% 6.79% 6.61% 5.90% 5.95% 10.10% 10.38% 10.20% 9.59% 9.52% TBVPS BVPS TCE Ratio CE Ratio 4Q21 1Q22 2Q22 3Q22 4Q22 8 LHFI to Deposit Ratio 57.4% 60.3% 63.9% 68.0% 72.2% 4Q21 1Q22 2Q22 3Q22 4Q22 Capital and Liquidity Highlights: • Dividend yield of 4.4%, based on Q4 average share price of $42.30 • TBVPS and TCE ratio increased with retained earnings and improvement in accumulated other comprehensive income (AOCI). Q4 AOCI mark is equal to $4.57 of TBVPS • All capital ratios remain above internal Company capital policy guidelines 1 See Non-GAAP table in appendix for reconciliation 2 preliminary estimates - may be subject to change \*Certain revisions were made to the ratios for the March 31, 2022, June 30, 2022, and September 30, 2022 periods presented in order to conform to the December 31, 2021 and December 31, 2022 periods.

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![](dec 2022ip009.jpg)

ALLOWANCE FOR CREDIT LOSSES Funded ACL and ACL/LHFI Ratio $122.3 $247.2 $220.4 $213.0 $220.1 $108.5 $138.7 1.31% 1.46% 1.28% 1.21% 1.22% Total Funded ACL GWB Contribution As a % of Loans HFI 4Q21 1Q22 2Q22 3Q22 4Q22 9 Reserve build resulting from strong loan growth and additional qualitative macro adjustments ACL Highlights: • Funded ACL net increase of $7.1 million during the quarter was driven by strong loan growth and qualitative additions related to a more conservative macro-economic outlook • ACL coverage ratio to non-performing loans (NPLs) increased to 335.5%, from 247.7% in Q3, as NPLs declined 23.7% during the quarter • Q4 2022 provision for loan loss expense includes $6.5 million for unfunded loan commitments ACL Roll-forward Funded Unfunded Investments Total ACL 9/30/22 $213.0 $9.7 $1.9 $224.6 ACL Provision 8.2 6.5 — 14.7 Net Charge-offs 1.1 — — 1.1 ACL 12/31/22 $220.1 $16.2 $1.9 $238.2 \* Line items may not sum due to rounding

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![](dec 2022ip010.jpg)

ASSET QUALITY AND RESERVE TRENDS Net Charge-offs Ratio $2.7 $16.7 $0.3 $12.0 $1.1 $1.3 $15.4 0.11% 0.47% 0.01% 0.27% 0.02% 0.06% Net Charge-offs GWB Charge-offs % of Average Loans % FIBK Only 4Q21 1Q22 2Q22 3Q22 4Q22 Proactive credit management resulted in strong asset quality improvement Total NPLs and ACL/NPL Ratios $27.7 $121.6 $109.9 $86.0 $65.6 $20.9 $100.7441.5% 203.3% 200.5% 247.7% 335.5% FIBK Standalone NPL GWB Acquired NPL ACL / NPL Ratio 4Q21 1Q22 2Q22 3Q22 4Q22 Criticized Loans and Criticized Loan Ratio $216.7 $853.1 $780.0 $576.9 $615.1 $198.1 $655.0 2.3% 5.0% 4.5% 3.3% 3.4% FIBK Standalone GWB Acquired % of Total Loans 4Q21 1Q22 2Q22 3Q22 4Q22 10 Asset Quality Highlights: • Total non-performing assets at 12/31 declined by $24.1 million, or 23.5% from 9/30

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NET INTEREST INCOME (NII) Total Net Interest Income¹ and Net Interest Margin¹ $122.6 $180.0 $241.1 $268.9 $260.7 $111.0 $169.6 $223.3 $250.9 $252.3 9.7 2.8 1.1 0.3 1.9 7.6 16.7 17.7 8.4 2.69% 2.80% 3.25% 3.71% 3.61% 2.46% 2.65% 3.01% 3.47% 3.49% Adjusted NII ² PPP Income Loan PAA Net Interest Margin Adjusted NIM ² 4Q21 1Q22 2Q22 3Q22 4Q22 11 Net Interest Income and Net Interest Margin Highlights: • $8.4 million total loan purchase accounting accretion (PAA) in Q4 2022 ◦ $7.7 million from acquired GWB loans, a decrease from $16.9 million in the prior quarter • Total remaining GWB accretion of $77.3 million at 12/31 • Q4 2022 adjusted NIM expanded two bps, driven by the shift in mix of earning assets from investments to loans and the sequential improvement in earning asset yields, which was offset by a heavier reliance on short-term borrowings. • Q1 2023 adjusted NIM is expected to be negatively influenced by a shift in the mix of funding toward short-term borrowings, partially mitigated by lower-yielding cash flows from the securities portfolio being used to fund loan growth. • Average earning asset growth in 2023 is expected to be minimal when compared to Q4 2022, as securities cash flows are expected to fund loan growth. 1 Reported on a fully-taxable equivalent ("FTE") basis 2 See Non-GAAP table in appendix for reconciliation

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NET INTEREST INCOME (cont'd) 12 NIM Waterfall Analysis 3.71 0.21 0.12 0.01 (0.20) — (0.08) (0.12) 0.01 0.02 — — — (0.07) 3.61 3Q 22 Lo an s e x-P AA Inv es tm en ts Cash Dep osi ts Re po s Bo rro wing s Lo an PA A Lo an s Inv es tm en ts Cash Dep osi ts Re po s Bo rro wing s 4Q 22 Scheduled Purchase Accounting Accretion from GWB Acquisition $46.0 ¹ $(6.8) $39.2 $15.8 $(7.4) $8.4 $15.1 $(7.3) $7.8 Purchase Accounting Accretion Amortization of Intangibles (Non-Interest Expense) Pre-tax Net Impact of Purchase Accounting 2022 Actuals 2023 2024 RATE IMPACT MIX IMPACT 1 Includes YTD actual

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LOAN PORTFOLIO RE-PRICING PROFILE Loan Repricing Gap Schedule ¹ $8,575 $5,391 $2,633 $1,499 Maturity / Repricing Buckets <= 1 Yr > 1 Yr <= 3 Yr > 3 Yr <= 5 Yr > 5 Yr 13 Loan Repricing Characteristics Fixed, 58% Variable, 12% Libor 1M, 9% Adjustable (Excl: 1M Libor), 21% 1 Contractual repricing benchmarks Active portfolio management combined with a higher proportion of fixed-rate originations to mitigate loan variability over time

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INVESTMENT PORTFOLIO Quarterly New Purchases: Weighted Avg Yield 1.5% 2.2% 3.3% 3.9% 4.4% 4Q21 1Q22 2Q22 3Q22 4Q22 14 Investment Portfolio Highlights: • Investment portfolio is expected to yield cash-flow at $70-80 million per month for the next twelve months, with a roll-off yield in the 2.1% to 2.3% range. • 2023 outlook calls for all securities cash-flow to fund loan growth. Quarterly New Purchases: Weighted Avg Duration 2.3 3.1 4.6 5.6 4.3 2.3 3.1 4.6 5.6 4.3 4Q21 1Q22 2Q22 3Q22 4Q22 Total Portfolio Duration at Quarter End 3.6 3.8 3.9 3.9 3.7 3.3 3.6 3.8 Securities Duration Securities + Fair Value Hedge Duration ¹ 4Q21 1Q22 2Q22 3Q22 4Q22 1 No adjusted duration for 3Q or 4Q 2022, due to the termination of all forward-starting pay-fixed swaps

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15 Non-interest Income by Type Payment Services, 47% Mortgage Banking, 6%Wealth Management, 20% Deposit Service Charges, 12% Other Service Charges & Fees, 7% Other Income, 8% $ amounts in millions 4Q21 3Q22 4Q22 Payment Services $11.3 $20.4 $19.4 Mortgage Banking 8.0 2.7 2.6 Wealth Management 7.2 8.5 8.4 Deposit Service Charges 4.4 5.7 4.9 Other Service Charges & Fees 2.8 4.7 2.9 Investment securities (loss) gain 0.9 (24.2) — Other income 2.5 5.1 3.4 Total $37.1 $22.9 $41.6 Selected Items: Mortgage Servicing Rights (MSR) recovery 1.0 — — Investment securities (loss) gain 0.9 (24.2) — Adj. Non-interest Revenue $35.2 $47.1 $41.6 Non-interest Income Notes: • Q4 results were negatively impacted by slower spend volume in our debit card business, higher earnings credits (deposit service charges), minimal levels of mortgage production, and negligible swap fee income. • Other income in Q4 includes $0.4 million of net reduction to the HFS loan fair value. • 2023 results are expected to decline by a low single digit percentage when compared to 2022 reported fee income excluding investment securities losses, with growth in payment services and wealth management offset by lower service charges (full-year impact of non-sufficient funds/overdraft changes) and other fee revenue. NON-INTEREST INCOME

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NON-INTEREST EXPENSE 16 Non-interest Expense Notes: • Q4 results included a $1.3 million litigation accrual in other expenses, and $2.2 million in net other real estate owned (OREO) expense • Q4 salaries and wages includes an additional performance-related incentive adjustment of $4.2 million based on the achievement in Q4 of certain year-end asset quality metrics set by the Board. • 2023 expenses are expected to increase 3% - 4% from a base of $647.1 million in 2022, defined as total reported expense less merger-related expense. Included in this outlook is approximately 1% of the full year expense growth related to the 2 bps FDIC surcharge (or ~$6 million). This outlook includes no merger-related expenses. $ amounts in millions 4Q21 3Q22 4Q22 Salaries and wages $42.3 $71.9 $75.4 Employee benefits 12.1 19.6 17.3 Occupancy and equipment 11.6 17.1 17.9 Other intangible amortization 2.5 4.1 4.1 Other expenses 28.8 56.5 54.5 Other real estate owned expense (income) (0.1) — 2.2 Acquisition related expenses 5.0 4.0 3.9 Total $102.2 $173.2 $175.3 Selected Items: Merger-related expense 5.0 4.0 3.9 Litigation Accrual (Recovery) (Other exp.) (0.2) 0.5 1.3 Adj. Non-interest Expense2 $97.4 $168.7 $170.1 Non-interest Expense and Efficiency Ratio 102.2 207.2 210.3 173.2 175.3 97.4 142.0 164.5 168.7 170.1 62.6% 89.6% 71.4% 58.4% 57.1% 60.4% 62.2% 55.8% 52.4% 54.6% Total Expenses Adjusted Expenses ² Efficiency Ratio ¹ Adjusted Efficiency Ratio ² 4Q21 1Q22 2Q22 3Q22 4Q22 1 FDIC definition 2 See Non-GAAP table in appendix for reconciliation

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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) adjusted net interest margin; (vi) adjusted efficiency ratio; and (vii) adjusted return on average equity. 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. Adjusted net interest margin is calculated as adjusted net interest income divided by adjusted average earning assets (as such non-gaap financial measures are calculated on the reconciliation pages below). Adjusted efficiency ratio is calculated as adjusted expense for efficiency ratio divided by adjusted revenue (as such non-gaap financial measures are calculated on the reconciliation pages below). Adjusted return on average assets is calculated as adjusted net income (as calculated on the reconciliation pages below) divided by average stockholders' equity. 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, mortgage servicing rights impairments and recoveries, and other income, adjusts its net interest margin (FTE) to exclude purchase accounting accretion and payroll protection program (PPP) loan income and adjusts average interest-earning assets to exclude PPP average balances, and adjusts net income to include non-PCD CECL day two provision expense, acquisition related expenses, mortgage servicing rights fair value adjustments, other income items, investment security gains and losses, and other expense items. 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 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.

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4Q21 1Q22 2Q22 3Q22 4Q22 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $1,986.6 $3,441.1 $3,271.9 $3,005.5 $3,073.8 Less goodwill and other intangible assets (excluding mortgage servicing rights) 690.9 1,275.2 1,232.9 1,229.0 1,225.9 Tangible common stockholders' equity (Non-GAAP) (B) $1,295.7 $2,165.9 $2,039.0 $1,776.5 $1,847.9 Total assets (GAAP) $19,671.9 $33,162.2 $32,061.8 $31,344.7 $32,287.8 Less goodwill and other intangible assets (excluding mortgage servicing rights) 690.9 1,275.2 1,232.9 1,229.0 1,225.9 Tangible assets (Non-GAAP) (C) $18,981.0 $31,887.0 $30,828.9 $30,115.7 $31,061.9 Common shares outstanding (L) 62,200 109,503 107,758 104,451 104,442 Book value per common share (GAAP) (A) / (L) $31.94 $31.42 $30.36 $28.77 $29.43 Tangible book value per common share (Non-GAAP) (B) / (L) 20.83 19.78 18.92 17.01 17.69 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 6.83 % 6.79 % 6.61 % 5.90 % 5.95 % NON-GAAP RECONCILIATION 18 \* Line items may not sum due to rounding

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4Q21 1Q22 2Q22 3Q22 4Q22 (Dollars in millions) Total non-interest expense $102.2 $207.2 $210.3 $173.2 $175.3 Less: Acquisition-related expense 5.0 65.2 45.8 4.0 3.9 Less: Litigation accrual (recovery) (0.2) — — 0.5 1.3 Adjusted non-interest expense $97.4 $142.0 $164.5 $168.7 $170.1 Less: Intangible amortization 2.5 3.6 4.1 4.1 4.1 Less: Other real estate owned (income) expense (0.1) 0.1 — — 2.2 Adjusted expense for efficiency ratio (A) $95.0 $138.3 $160.4 $164.6 $163.8 Net interest income $122.1 $178.4 $239.0 $266.8 $258.4 Add: Total non-interest income 37.1 48.8 49.9 22.9 41.6 Less: Net gain (loss) from investment securities 0.9 (0.1) (0.1) (24.2) — Less: MSR recovery 1.0 3.4 — — — Less: Other income — 1.4 1.7 — — Adjusted revenue (B) $157.3 $222.5 $287.3 $313.9 $300.0 Adjusted Efficiency Ratio (A)/(B) 60.39 % 62.16 % 55.83 % 52.44 % 54.60 % NON-GAAP RECONCILIATION 19 \* Line items may not sum due to rounding

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4Q21 1Q22 2Q22 3Q22 4Q22 (Dollars in millions) Net interest income on a fully-taxable equivalent ("FTE") basis 122.6 180.0 241.1 268.9 260.7 Less purchase accounting accretion 1.9 7.6 16.7 17.7 8.4 Less PPP Income 9.7 2.8 1.1 0.3 — Adjusted net interest income (A) 111.0 169.6 223.3 250.9 252.3 Average interest-earning assets 18,114.8 26,086.7 29,752.4 28,731.2 28,680.9 Less average PPP loans 200.1 91.6 30.8 8.1 5.6 Adjusted average earning assets (B) 17,914.7 25,995.1 29,721.6 28,723.1 28,675.3 Net interest margin (FTE), as reported 2.69 % 2.80 % 3.25 % 3.71 % 3.61 % Adjusted net interest margin (FTE) (A annualized)/(B) 2.46 % 2.65 % 3.01 % 3.47 % 3.49 % NON-GAAP RECONCILIATION 20 \* Line items may not sum due to rounding

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4Q21 1Q22 2Q22 3Q22 4Q22 (Dollars in millions); all adjustments are after-tax Reported net income (loss) 51.1 (33.4) 64.1 85.7 85.8 Plus: Non-PCD CECL Day 2 provision — 55.2 — — — Plus: Acquisition-related expenses 3.8 52.7 36.6 3.2 3.0 Plus: MSR fair value adjustments (0.8) (2.7) — — — Plus: Other income items — (1.1) (1.4) — — Plus: Investment securities loss (gain) (0.7) 0.1 0.1 19.2 — Plus: Litigation accrual (recovery) (0.2) — — 0.4 1.0 Adjusted net income (A) 53.2 70.8 99.4 108.5 89.8 Average stockholders' equity (B) 1,999.3 3,050.1 3,417.4 3,239.7 3,050.1 Return on average equity 10.14 % (4.44) % 7.52 % 10.49 % 11.16 % Adjusted return on average equity (A annualized)/(B) 10.56 % 9.41 % 11.67 % 13.29 % 11.68 % NON-GAAP RECONCILIATION 21 \* Line items may not sum due to rounding

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