# EDGAR Filing Document

**Accession Number:** 0000860413
**File Stem:** 0000860413-25-000114
**Filing Date:** 2025-7
**Character Count:** 112397
**Document Hash:** 1925481e136c849997a440f50f6d131a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000860413-25-000114.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0000860413-25-000114

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250729

**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**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST INTERSTATE BANCSYSTEM INC
- **CENTRAL INDEX KEY:** 0000860413
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 810331430
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34653
- **FILM NUMBER:** 251162165

**BUSINESS ADDRESS:**
- **STREET 1:** 401 NO 31ST STREET
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59101
- **BUSINESS PHONE:** 4062555311

**MAIL ADDRESS:**
- **STREET 1:** 401 NO 31ST STREET
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59101

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

?xml version='1.0' encoding='ASCII'? fibk-20250729

**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): July 29, 2025** 

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

**FIRST INTERSTATE BANCSYSTEM, INC.** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **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** |  | **59101** |
| (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>** |
| Common stock, $0.00001 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 July 29, 2025, First Interstate BancSystem, Inc. (the "Company") issued a press release regarding its financial results for the quarter ended June 30, 2025. 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 July 29, 2025, the Company posted a new corporate presentation (the "Presentation") on the Events & Presentations 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 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 July 29, 2025, the Company also announced that the Board of Directors of the Company declared, on July 28, 2025, a dividend of $0.47 per share, that is payable August 21, 2025 to shareholders of record of the Company as of August 11, 2025.

**Item 9.01** Financial Statements and Exhibits.

---

| | | |
|:---|:---|:---|
| (d) | **Exhibit Number** | **Description** |
| | <u>[99.1](fibk-20250630x8kpr.htm)</u> | Press Release dated July 29, 2025. |
| | <u>[99.2](jun2025ip.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: July 29, 2025

---

| | |
|:---|:---|
| FIRST INTERSTATE BANCSYSTEM, INC. | FIRST INTERSTATE BANCSYSTEM, INC. |
| By: | /s/ JAMES A. REUTER |
|  | James A. Reuter |
|  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![fibslogo2linea04a.jpg](fibslogo2linea04a.jpg)

**For Immediate Release** 

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

Billings, MT - July 29, 2025 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the "Company") today reported financial results for the second quarter of 2025. For the quarter, the Company reported net income of $71.7 million, or $0.69 per diluted share, which compares to net income of $50.2 million, or $0.49 per diluted share, for the first quarter of 2025 and net income of $60.0 million, or $0.58 per diluted share, for the second quarter of 2024.

**HIGHLIGHTS**

• Net interest margin increased to 3.30% for the second quarter of 2025, an 11-basis point increase from the first quarter of 2025 and a 33-basis point increase from the second quarter of 2024. Adjusted net FTE interest margin ratio<sup>1</sup> increased to 3.26% for the second quarter of 2025, or a 12-basis point increase from the first quarter of 2025 and a 34-basis point increase from the second quarter of 2024.

• Other borrowed funds decreased $710.0 million, or 74.0%, to $250.0 million as of June 30, 2025, from $960.0 million as of March 31, 2025 and decreased $2,180.0 million from $2,430.0 million as of June 30, 2024.

**•** Non-performing assets decreased $0.9 million, or 0.5%, to $197.5 million as of June 30, 2025, from $198.4 million as of March 31, 2025 and increased $22.6 million, or 12.9%, from $174.9 million as of June 30, 2024.

• Net charge-offs decreased $3.2 million, or 35.6%, to $5.8 million, or an annualized 0.14% of average loans outstanding, as of June 30, 2025, from $9.0 million, or an annualized 0.21% of average loans outstanding, as of March 31, 2025, and decreased $7.7 million, or 57.0%, from $13.5 million, or an annualized 0.30% of average loans outstanding, as of June 30, 2024.

• Classified loans decreased $24.4 million to $458.1 million as of June 30, 2025, compared to $482.5 million as of March 31, 2025, and increased $2.8 million compared to $455.3 million as of June 30, 2024. Criticized loans increased $176.9 million to $1,203.0 million as of June 30, 2025, compared to $1,026.1 million as of March 31, 2025, driven primarily by downgrades in the commercial real estate loan portfolio, and increased $585.0 million, compared to $618.0 million as of June 30, 2024.

• Total deposits decreased $102.2 million at June 30, 2025 from March 31, 2025, with noninterest bearing deposits decreasing by $11.2 million and interest bearing deposits decreasing $91.0 million. Total deposits decreased $240.1 million, or 1.0% from June 30, 2024.

• Completed the outsourcing of our consumer credit card portfolio resulting in the sale of $74.2 million of consumer credit card loans and recognition of a $4.3 million gain, net of the related credit card rewards liability.

• Capital ratios continued to improve during the second quarter of 2025, with our common equity tier 1 capital ratio increasing 90 basis points to 13.43%, compared to the first quarter of 2025, primarily as a result of lower risk-weighted assets.

"Our net interest margin continued to improve as expected, and we are prudently managing expenses while focusing our efforts on organic growth. Our liquidity and capital levels are strong, providing us a solid foundation to grow and improve profitability through relationship banking. This quarter, our results reflect a series of actions that position the bank for future success, including the outsourcing of our consumer credit card product", said James A. Reuter, President and Chief Executive Officer of First Interstate BancSystem, Inc. "We are pleased with the stability in non-performing assets, net charge-offs, and improvement in classified asset levels. The increase in criticized assets is due mostly to slower lease-up in the multifamily portfolio and reflects our proactive approach to credit risk management."

<sup>1</sup> Represents a Non-GAAP financial measure. See Non-GAAP Financial Measures included below for a reconciliation to this measure's most directly comparable GAAP financial measure.

------

**DIVIDEND DECLARATION**

On July 28, 2025, the Company's board of directors declared a dividend of $0.47 per common share, payable on August 21, 2025, to common stockholders of record as of August 11, 2025. The dividend equates to a 7.0% annualized yield based on the $26.95 per share average closing price of the Company's common stock as reported on NASDAQ during the second quarter of 2025.

**NET INTEREST INCOME**

Net interest income increased $2.2 million, or 1.1%, to $207.2 million during the second quarter of 2025, compared to net interest income of $205.0 million during the first quarter of 2025, primarily due to lower interest expense on other borrowed funds resulting from a decrease in average other borrowed funds balances, partially offset by lower interest income on loans and investment securities resulting from decreases in average balances. Net interest income increased $5.5 million, or 2.7%, during the second quarter of 2025 compared to the second quarter of 2024, primarily due to a decrease in interest expense resulting from decreased rates on other borrowed funds along with a decrease in average other borrowed funds balances, partially offset by lower interest income on investment securities as a result of a decrease in average rates and average investment security balances and as a result of a decrease in average loan balances.

Interest accretion attributable to the fair value of acquired loans contributed to net interest income during the second quarter of 2025, the first quarter of 2025, and the second quarter of 2024, in the amounts of $4.2 million, $4.7 million, and $5.1 million, respectively.

The net interest margin ratio was 3.30% for the second quarter of 2025, compared to 3.19% during the first quarter of 2025, and 2.97% during the second quarter of 2024. The net FTE interest margin ratio<sup>2</sup> was 3.32% for the second quarter of 2025, compared to 3.22% during the first quarter of 2025, and 3.00% during the second quarter of 2024. Excluding interest accretion from the fair value of acquired loans the adjusted net FTE interest margin ratio<sup>2</sup>, was 3.26%, an increase of 12 basis points from the prior quarter, primarily driven by lower interest expense resulting from decreased borrowings. Excluding interest accretion from the fair value of acquired loans, on a year-over-year basis, the adjusted net FTE interest margin ratio increased 34 basis points, primarily as a result of lower interest expense resulting from decreased rates on borrowings, decreased other borrowed funds balances, and a favorable change in the mix of earning assets.

**PROVISION FOR CREDIT LOSSES**

During the second quarter of 2025, the Company recorded a reduction of provision for credit losses of $0.3 million. This compares to a provision for credit losses of $20.0 million and $9.0 million during the first quarter of 2025 and during the second quarter of 2024, respectively.

For the second quarter of 2025, net charge-offs were $5.8 million, or an annualized 0.14% of average loans outstanding, compared to net charge-offs of $9.0 million, or an annualized 0.21% of average loans outstanding, for the first quarter of 2025 and net charge-offs of $13.5 million, or an annualized 0.30% of average loans outstanding, for the second quarter of 2024. Net loan charge-offs in the second quarter of 2025 were composed of charge-offs of $13.0 million, which was offset by recoveries of $7.2 million. Net loan charge-offs in the first quarter of 2025 were composed of charge-offs of $10.8 million, which was offset by recoveries of $1.8 million. Net loan charge-offs in the second quarter of 2024 were composed of charge-offs of $16.3 million, which was offset by recoveries of $2.8 million.

The Company's allowance for credit losses as a percentage of period-end loans held for investment was 1.28% at June 30, 2025, compared to 1.24% at March 31, 2025 and 1.28% at June 30, 2024. Coverage of non-performing loans decreased to 108.0% at June 30, 2025, compared to 110.5% at March 31, 2025 and 138.4% at June 30, 2024.

<sup>2</sup> Represents a Non-GAAP financial measure. See Non-GAAP Financial Measures included below for a reconciliation to this measure's most directly comparable GAAP financial measure.

------

**NON-INTEREST INCOME**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | Jun 30, 2025 | Mar 31, 2025 | $ Change | % Change | Jun 30, 2024 | $ Change | % Change |
| *(Dollars in millions)* | Jun 30, 2025 | Mar 31, 2025 | $ Change | % Change | Jun 30, 2024 | $ Change | % Change |
| &nbsp;&nbsp;&nbsp;Payment services revenues | $17.8 | $17.1 | $0.7 | 4.1% | $18.6 | $(0.8) | (4.3)% |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 1.8 | 1.4 | 0.4 | 28.6 | 1.7 | 0.1 | 5.9 |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 9.7 | 9.8 | (0.1) | (1.0) | 9.4 | 0.3 | 3.2 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 6.9 | 6.6 | 0.3 | 4.5 | 6.4 | 0.5 | 7.8 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 2.1 | 2.3 | (0.2) | (8.7) | 2.1 |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 2.8 | 4.8 | (2.0) | (41.7) | 4.4 | (1.6) | (36.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $41.1 | $42.0 | $(0.9) | (2.1)% | $42.6 | $(1.5) | (3.5)% |

---

Non-interest income was $41.1 million for the second quarter of 2025, decreasing $0.9 million compared to the first quarter of 2025 and $1.5 million compared to the second quarter of 2024. The decreases were primarily due to a decrease in other income which included a $7.3 million valuation allowance for loans transferred from loans held for investment to loans held-for-sale related to the pending sale of the Arizona and Kansas branches, partially offset by a $4.3 million gain, net of the related credit card rewards liability for the sale of our consumer credit card loan portfolio and an increase in life insurance proceeds in the second quarter of 2025.

**NON-INTEREST EXPENSE**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | Jun 30, 2025 | Mar 31, 2025 | $ Change | % Change | Jun 30, 2024 | $ Change | % Change |
| *(Dollars in millions)* | Jun 30, 2025 | Mar 31, 2025 | $ Change | % Change | Jun 30, 2024 | $ Change | % Change |
| &nbsp;&nbsp;&nbsp;Salaries and wages | $65 | $68.6 | $(3.6) | (5.2)% | $66.3 | $(1.3) | (2.0)% |
| &nbsp;&nbsp;&nbsp;Employee benefits | 17.9 | 20.0 | (2.1) | (10.5) | 16.9 | 1.0 | 5.9 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 18.6 | 18.7 | (0.1) |  | 16.9 | 1.7 | 10.1 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 3.4 | 3.4 |  |  | 3.7 | (0.3) | (8.1) |
| &nbsp;&nbsp;&nbsp;Other expenses | 50.2 | 49.4 | 0.8 | 1.6 | 51.1 | (0.9) | (1.8) |
| &nbsp;&nbsp;&nbsp;Other real estate owned expense |  | 0.5 | (0.5) | (100.0) | 2.0 | (2.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $155.1 | $160.6 | $(5.5) | (3.4)% | $156.9 | $(1.8) | (1.1)% |

---

The Company's non-interest expense was $155.1 million for the second quarter of 2025, a decrease of $5.5 million from the first quarter of 2025 and $1.8 million from the second quarter of 2024.

Salary and wages expense decreased $3.6 million and $1.3 million during the second quarter of 2025 compared to the first quarter of 2025 and the second quarter of 2024, respectively. The decrease when compared to the first quarter of 2025 was primarily due to lower severance and short-term incentive accruals, which were partially offset by higher salaries. The decrease when compared to the second quarter of 2024 was primarily due to lower short-term incentive accruals, which were partially offset by higher salaries and deferred loan costs.

Employee benefit expenses decreased $2.1 million to $17.9 million during the second quarter of 2025, compared to $20.0 million during the first quarter of 2025, primarily due to lower payroll taxes and lower long-term incentives which were partially offset by higher health insurance costs. Employee benefit expenses increased $1.0 million from $16.9 million during the second quarter of 2024, primarily due to higher health insurance costs.

Occupancy and equipment expenses decreased $0.1 million to $18.6 million during the second quarter of 2025, compared to $18.7 million during the first quarter of 2025. Occupancy and equipment expenses increased $1.7 million, or 10.1%, during the second quarter of 2025 from $16.9 million during the second quarter of 2024, primarily due to an increase in maintenance and repairs, snow removal, and janitorial costs.

**BALANCE SHEET**

Total assets decreased $713.4 million, or 2.5%, to $27,566.4 million as of June 30, 2025, from $28,279.8 million as of March 31, 2025 and decreased $2,723.1 million, or 9.0%, from $30,289.5 million as of June 30, 2024, primarily due to decreases in investment securities and loans, the funds from which were used to pay down debt, fund decreases in deposits, and securities sold under repurchase agreements.

------

Investment securities decreased $191.6 million, or 2.6%, to $7,312.2 million as of June 30, 2025, from $7,503.8 million as of March 31, 2025, primarily resulting from normal pay-downs and maturities and called securities, partially offset by a $44.7 million increase in fair market values and $25.7 million in purchases of investment securities during the period. Investment securities decreased $1,089.4 million, or 13.0%, from $8,401.6 million as of June 30, 2024, primarily resulting from called securities and normal pay-downs and maturities, partially offset by a $187.9 million increase in fair market values and $25.7 million in purchases of investment securities during the period.

The following table presents the composition and comparison of loans held for investment as of the quarters-ended:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Jun 30, 2025 | Mar 31, 2025 | $ Change | % Change | Jun 30, 2024 | $ Change | % Change |
| Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $8750.9 | $9196.1 | $(445.2) | (4.8)% | $9054.5 | $(303.6) | (3.4)% |
| &nbsp;&nbsp;&nbsp;Construction | 1004.6 | 1097.3 | (92.7) | (8.4) | 1519.9 | (515.3) | (33.9) |
| &nbsp;&nbsp;&nbsp;Residential | 2157.5 | 2161.4 | (3.9) | (0.2) | 2246.4 | (88.9) | (4.0) |
| &nbsp;&nbsp;&nbsp;Agricultural | 635.6 | 678.1 | (42.5) | (6.3) | 723.5 | (87.9) | (12.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 12548.6 | 13132.9 | (584.3) | (4.4) | 13544.3 | (995.7) | (7.4) |
| Consumer: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Indirect | 607.1 | 680.2 | (73.1) | (10.7) | 733.7 | (126.6) | (17.3) |
| &nbsp;&nbsp;&nbsp;Direct and advance lines | 134.4 | 132.4 | 2.0 | 1.5 | 139.0 | (4.6) | (3.3) |
| &nbsp;&nbsp;&nbsp;Credit card |  | 74.2 | (74.2) | (100.0) | 76.1 | (76.1) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 741.5 | 886.8 | (145.3) | (16.4) | 948.8 | (207.3) | (21.8) |
| Commercial | 2529.9 | 2770.6 | (240.7) | (8.7) | 3052.9 | (523.0) | (17.1) |
| Agricultural | 541.4 | 595.8 | (54.4) | (9.1) | 698.2 | (156.8) | (22.5) |
| Other, including overdrafts | 2.0 | 1.8 | 0.2 | 11.1 | 3.1 | (1.1) | (35.5) |
| Deferred loan fees and costs | (10.0) | (10.6) | 0.6 | (5.7) | (12.3) | 2.3 | (18.7) |
| Loans held for investment, net of deferred loan fees and costs | $16353.4 | $17377.3 | $(1023.9) | (5.9)% | $18235.0 | $(1881.6) | (10.3)% |

---

The decline in loans was impacted by $73.1 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025. Additionally, $74.2 million of consumer credit card loans were sold and $338.3 million of loans held for investment related to the pending sale of the Arizona and Kansas branches were transferred to loans held-for-sale and the Company experienced larger loan payoffs during the second quarter of 2025.

The ratio of loans held for investment to deposits was 72.3%, as of June 30, 2025, compared to 76.4% as of March 31, 2025 and 79.7% as of June 30, 2024.

Total deposits decreased $102.2 million to $22,630.6 million as of June 30, 2025, from $22,732.8 million as of March 31, 2025, primarily due to a decrease of $86.8 million of interest bearing savings deposits. Total deposits decreased $240.1 million, or 1.0%, from $22,870.7 million as of June 30, 2024, with decreases in noninterest bearing and time, other interest bearing deposits, which were more than offset by increases in demand, savings, and time, $250 and over interest bearing deposits.

Securities sold under repurchase agreements decreased $18.7 million, or 3.5%, to $509.3 million as of June 30, 2025, from $528.0 million as of March 31, 2025, and decreased $232.5 million, or 31.3%, from $741.8 million as of June 30, 2024, resulting from normal fluctuations in the liquidity needs of the Company's clients.

Long-term debt increased $121.8 million to $252.0 million as of June 30, 2025, from $130.2 million as of March 31, 2025, primarily due to the Company's issuance of $125.0 million of subordinated notes in the second quarter of 2025. Long-term debt decreased $131.4 million, from $383.4 million as of June 30, 2024, primarily from the recategorization of $250.0 million of 18-month Federal Home Loan Bank borrowings with remaining maturities of less than one year to other borrowed funds during the third quarter of 2024, partially offset by the issuance of $125.0 million of subordinated notes in the second quarter of 2025.

Other borrowed funds is composed of variable-rate, overnight and fixed-rate borrowings with remaining contractual tenors of up to one year through the Federal Home Loan Bank. Other borrowed funds decreased $710.0 million, or 74.0%, to $250.0 million as of June 30, 2025, from $960.0 million as of March 31, 2025. The decrease was funded by cash flows from paydowns and maturities of investment securities and loans. Other borrowed funds decreased $2,180.0 million from June 30, 2024. The decrease was funded by cash flows from paydowns and maturities of investment securities, which were utilized for the pay-off of the $1.0 billion Bank Term Funding Program in December 2024 and Federal Home Loan Bank borrowings.

The Company is considered to be "well-capitalized" as of June 30, 2025, having exceeded all regulatory capital adequacy requirements. During the second quarter of 2025, the Company paid regular common stock dividends of approximately $49.1 million, or $0.47 per share.

------

**CREDIT QUALITY**

As of June 30, 2025, non-performing assets decreased $0.9 million, or 0.5%, to $197.5 million, compared to $198.4 million as of March 31, 2025.

Classified loans decreased $24.4 million to $458.1 million as of June 30, 2025, compared to $482.5 million as of March 31, 2025, and increased $2.8 million compared to $455.3 million as of June 30, 2024. Criticized loans increased $176.9 million, or 17.2%, to $1,203.0 million as of June 30, 2025, from $1,026.1 million as of March 31, 2025, primarily as a result of $200.3 million of commercial real estate loan downgrades, which were partially offset by commercial real estate upgrades, paydowns, and payoffs of $60.6 million.

**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) net FTE interest income; (viii) net FTE interest margin ratio; (ix) adjusted net FTE interest income; and (x) adjusted net FTE interest margin 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 total stockholders' equity less average goodwill and other intangible assets (excluding mortgage servicing rights). Return on average tangible common stockholders' equity is calculated as annualized net income available to common shareholders divided by average tangible common stockholders' equity. Net FTE interest income is calculated as net interest income, adjusted to include its FTE interest income. Net FTE interest margin ratio is calculated as net FTE interest income divided by average interest earning assets. Adjusted net FTE interest income is calculated as net FTE interest income less purchase accounting interest accretion on acquired loans. Adjusted net FTE interest margin ratio is calculated as annualized adjusted net FTE interest income divided by average interest earning assets. 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), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. 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 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. 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 existing governmental regulations or in the way such regulations are interpreted or enforced;

• negative developments in the banking industry and increased regulatory scrutiny;

• 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, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the 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 Guidelines and regulations;

• federal deposit insurance increases;

• 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;

• effects on the U.S. economy resulting from the implementation of policies by and geopolitical uncertainty from the new presidential administration, including tax regulations and changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs;

• 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;

• inability to access funding or to monetize liquid assets;

• changes in interest rates;

• interest rate effect on the value of our investment securities;

• cybersecurity risks, including denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior 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 or otherwise have an adverse effect on us;

• the potential impairment of our goodwill and other intangible assets;

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

• events that may tarnish our reputation;

• mainstream and social media contagion;

• 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 potential environmental remediation;

• the effectiveness of our operational processes, policies and procedures, and internal control over financial reporting;

• our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients;

• the development and use of artificial intelligence;

• risks related to acquisitions, mergers, strategic partnerships, divestitures, and other transactions;

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

• investing in technology;

• 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 in our certificate of incorporation and 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;

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• 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.

**Second Quarter 2025 Conference Call for Investors** 

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the second quarter of 2025 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Wednesday, July 30, 2025. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-549-8228; the access code is 98659. To participate via the Internet, visit <u>www.FIBK.com</u>. The call will be recorded and made available for replay on July 30, 2025, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through August 29, 2025, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-888-660-6264; the access code is 98659. 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:** | **David P. Della Camera, CFA** | **NASDAQ: FIBK** |
|  | **Chief Financial Officer<br>First Interstate BancSystem, Inc.<br>(406) 255-5363<br>investor.relations@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)*** | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 |
| Net interest income | $207.2 | $205 | $214.3 | $205.5 | $201.7 | 1.1% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income on a fully-taxable equivalent ("FTE") basis | 208.6 | 206.6 | 215.9 | 207.1 | 203.4 | 1.0 | 2.6 |
| (Reduction of) provision for credit losses | (0.3) | 20.0 | 33.7 | 19.8 | 9.0 | (101.5) | (103.3) |
| **Noninterest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment services revenues | 17.8 | 17.1 | 17.9 | 18.7 | 18.6 | 4.1 | (4.3) |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 1.8 | 1.4 | 1.5 | 1.7 | 1.7 | 28.6 | 5.9 |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 9.7 | 9.8 | 10.6 | 9.6 | 9.4 | (1.0) | 3.2 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 6.9 | 6.6 | 6.7 | 6.6 | 6.4 | 4.5 | 7.8 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 2.1 | 2.3 | 2.5 | 2.2 | 2.1 | (8.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee-based revenues | 38.3 | 37.2 | 39.2 | 38.8 | 38.2 | 3.0 |  |
| &nbsp;&nbsp;&nbsp;Other income | 2.8 | 4.8 | 7.8 | 7.6 | 4.4 | (41.7) | (36.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | 41.1 | 42.0 | 47.0 | 46.4 | 42.6 | (2.1) | (3.5) |
| **Noninterest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 65.0 | 68.6 | 68.5 | 70.9 | 66.3 | (5.2) | (2.0) |
| &nbsp;&nbsp;&nbsp;Employee benefits | 17.9 | 20.0 | 20.5 | 19.7 | 16.9 | (10.5) | 5.9 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 18.6 | 18.7 | 18.2 | 17.0 | 16.9 |  | 10.1 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 3.4 | 3.4 | 3.6 | 3.6 | 3.7 |  | (8.1) |
| &nbsp;&nbsp;&nbsp;Other expenses | 50.2 | 49.4 | 50.0 | 48.2 | 51.1 | 1.6 | (1.8) |
| &nbsp;&nbsp;&nbsp;Other real estate owned expense |  | 0.5 | 0.1 |  | 2.0 | (100.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | 155.1 | 160.6 | 160.9 | 159.4 | 156.9 | (3.4) | (1.1) |
| Income before income tax | 93.5 | 66.4 | 66.7 | 72.7 | 78.4 | 40.8 | 19.3 |
| Provision for income tax | 21.8 | 16.2 | 14.6 | 17.2 | 18.4 | 34.6 | 18.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $71.7 | $50.2 | $52.1 | $55.5 | $60.0 | 42.8% | 19.5% |
| Weighted-average basic shares outstanding | 103261 | 103092 | 103083 | 102971 | 102937 | 0.2% | 0.3% |
| Weighted-average diluted shares outstanding | 103364 | 103416 | 103399 | 103234 | 103093 | (0.1) | 0.3 |
| Earnings per share - basic | $0.69 | $0.49 | $0.51 | $0.54 | $0.58 | 40.8 | 19.0 |
| Earnings per share - diluted | 0.69 | 0.49 | 0.50 | 0.54 | 0.58 | 40.8 | 19.0 |

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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)*** | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $436.6 | $390.4 | $378.0 | $438.9 | $390.2 | 11.8% | 11.9% |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 653.5 | 480.9 | 518.5 | 259.6 | 568.2 | 35.9 | 15.0 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1090.2 | 871.4 | 896.6 | 698.6 | 958.5 | 25.1 | 13.7 |
| &nbsp;&nbsp;&nbsp;Investment securities, net | 7312.2 | 7503.8 | 7744.6 | 8275.6 | 8401.6 | (2.6) | (13.0) |
| &nbsp;&nbsp;&nbsp;Investment in Federal Home Loan Bank and Federal Reserve Bank stock | 118.1 | 150.1 | 177.4 | 155.5 | 182.3 | (21.3) | (35.2) |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 335.2 | 0.4 | 0.9 | 20.9 | 22.3 | NM | NM |
| &nbsp;&nbsp;&nbsp;Loans held for investment | 16353.4 | 17377.3 | 17844.9 | 18027.1 | 18235.0 | (5.9) | (10.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (209.6) | (215.3) | (204.1) | (225.4) | (232.8) | (2.6) | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 16143.8 | 17162.0 | 17640.8 | 17801.7 | 18002.2 | (5.9) | (10.3) |
| &nbsp;&nbsp;&nbsp;Goodwill and intangible assets (excluding mortgage servicing rights) | 1188.9 | 1192.4 | 1195.7 | 1199.3 | 1202.9 | (0.3) | (1.2) |
| &nbsp;&nbsp;&nbsp;Company owned life insurance | 516.7 | 514.2 | 513.0 | 511.0 | 507.6 | 0.5 | 1.8 |
| &nbsp;&nbsp;&nbsp;Premises and equipment | 413.0 | 428.9 | 427.2 | 432.7 | 436.5 | (3.7) | (5.4) |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 3.4 | 3.5 | 4.3 | 4.4 | 6.7 | (2.9) | (49.3) |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights | 24.4 | 24.9 | 25.7 | 26.3 | 27.0 | (2.0) | (9.6) |
| &nbsp;&nbsp;&nbsp;Other assets | 420.5 | 428.2 | 511.2 | 469.5 | 541.9 | (1.8) | (22.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $27566.4 | $28279.8 | $29137.4 | $29595.5 | $30289.5 | (2.5)% | (9.0)% |
| Liabilities and stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $22630.6 | $22732.8 | $23015.6 | $22864.1 | $22870.7 | (0.4)% | (1.0)% |
| &nbsp;&nbsp;&nbsp;Securities sold under repurchase agreements | 509.3 | 528.0 | 523.9 | 557.2 | 741.8 | (3.5) | (31.3) |
| &nbsp;&nbsp;&nbsp;Other borrowed funds | 250.0 | 960.0 | 1567.5 | 2080.0 | 2430.0 | (74.0) | (89.7) |
| &nbsp;&nbsp;&nbsp;Long-term debt | 252.0 | 130.2 | 132.2 | 137.3 | 383.4 | 93.5 | (34.3) |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 163.1 | 163.1 | 163.1 | 163.1 | 163.1 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 339.6 | 404.4 | 431.1 | 428.0 | 475.2 | (16.0) | (28.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 24144.6 | 24918.5 | 25833.4 | 26229.7 | 27064.2 | (3.1) | (10.8) |
| &nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 2463.5 | 2460.2 | 2459.5 | 2457.4 | 2453.9 | 0.1 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1191.2 | 1168.6 | 1166.4 | 1163.3 | 1156.9 | 1.9 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (232.9) | (267.5) | (321.9) | (254.9) | (385.5) | (12.9) | (39.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3421.8 | 3361.3 | 3304.0 | 3365.8 | 3225.3 | 1.8 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $27566.4 | $28279.8 | $29137.4 | $29595.5 | $30289.5 | (2.5)% | (9.0)% |
| Common shares outstanding at period end | 104874 | 104910 | 104586 | 104530 | 104561 | —% | 0.3% |
| Book value per common share at period end | $32.63 | $32.04 | $31.59 | $32.20 | $30.85 | 1.8 | 5.8 |
| Tangible book value per common share at period end\*\* | 21.29 | 20.67 | 20.16 | 20.73 | 19.34 | 3.0 | 10.1 |
| \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. | \*\*Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end. |
| NM - not meaningful |  |  |  |  |  |  |  |

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

**Loans and Deposits**

***(Unaudited)***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | % Change | % Change |
| ***(In millions, except %)*** | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 |
| **Loans held for investment:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | $8750.9 | $9196.1 | $9263.2 | $9219.3 | $9054.5 | (4.8)% | (3.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 1004.6 | 1097.3 | 1244.6 | 1307.9 | 1519.9 | (8.4) | (33.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 2157.5 | 2161.4 | 2191.6 | 2217.8 | 2246.4 | (0.2) | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | 635.6 | 678.1 | 701.1 | 726.4 | 723.5 | (6.3) | (12.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 12548.6 | 13132.9 | 13400.5 | 13471.4 | 13544.3 | (4.4) | (7.4) |
| &nbsp;&nbsp;Consumer: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect | 607.1 | 680.2 | 725.0 | 742.2 | 733.7 | (10.7) | (17.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct | 134.4 | 132.4 | 134.0 | 136.9 | 139.0 | 1.5 | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card |  | 74.2 | 77.6 | 76.4 | 76.1 | (100.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 741.5 | 886.8 | 936.6 | 955.5 | 948.8 | (16.4) | (21.8) |
| &nbsp;&nbsp;&nbsp;Commercial | 2529.9 | 2770.6 | 2829.4 | 2919.7 | 3052.9 | (8.7) | (17.1) |
| &nbsp;&nbsp;&nbsp;Agricultural | 541.4 | 595.8 | 687.9 | 689.8 | 698.2 | (9.1) | (22.5) |
| &nbsp;&nbsp;&nbsp;Other | 2.0 | 1.8 | 1.6 | 2.5 | 3.1 | 11.1 | (35.5) |
| &nbsp;&nbsp;&nbsp;Deferred loan fees and costs | (10.0) | (10.6) | (11.1) | (11.8) | (12.3) | (5.7) | (18.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment | $16353.4 | $17377.3 | $17844.9 | $18027.1 | $18235.0 | (5.9)% | (10.3)% |
| **Deposits:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest bearing | $5579.0 | $5590.2 | $5797.6 | $5919.0 | $6174.0 | (0.2)% | (9.6)% |
| &nbsp;&nbsp;&nbsp;Interest bearing: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand | 6465.4 | 6439.2 | 6495.2 | 6261.4 | 6122.3 | 0.4 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 7789.6 | 7876.4 | 7832.3 | 7805.5 | 7733.6 | (1.1) | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time, $250 and over | 837.3 | 823.4 | 825.0 | 818.6 | 786.1 | 1.7 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time, other | 1959.3 | 2003.6 | 2065.5 | 2059.6 | 2054.7 | (2.2) | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing | 17051.6 | 17142.6 | 17218.0 | 16945.1 | 16696.7 | (0.5) | 2.1 |
| &nbsp;&nbsp;&nbsp;Total deposits | $22630.6 | $22732.8 | $23015.6 | $22864.1 | $22870.7 | (0.4)% | (1.0)% |
| &nbsp;&nbsp;Total core deposits <sup>(1)</sup> | $21793.3 | $21909.4 | $22190.6 | $22045.5 | $22084.6 | (0.5)% | (1.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. | &nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits. |

---

------

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

**Credit Quality**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | % Change | % Change |
| ***(In millions, except %)*** | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 |
| **Allowance for Credit Losses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | $209.6 | $215.3 | $204.1 | $225.4 | $232.8 | (2.6)% | (10.0)% |
| &nbsp;&nbsp;&nbsp;As a percentage of loans held for investment | 1.28% | 1.24% | 1.14% | 1.25% | 1.28% |  |  |
| &nbsp;&nbsp;&nbsp;As a percentage of non-accrual loans | 108.77 | 112.19 | 147.58 | 130.52 | 140.58 |  |  |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs during quarter | $5.8 | $9.0 | $55.2 | $27.4 | $13.5 | (35.6)% | (57.0)% |
| &nbsp;&nbsp;&nbsp;Annualized as a percentage of average loans | 0.14% | 0.21% | 1.22% | 0.60% | 0.30% |  |  |
| **Non-Performing Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-accrual loans | $192.7 | $191.9 | $138.3 | $172.7 | $165.6 | 0.4% | 16.4% |
| &nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 1.4 | 3.0 | 3.0 | 1.8 | 2.6 | (53.3) | (46.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 194.1 | 194.9 | 141.3 | 174.5 | 168.2 | (0.4) | 15.4 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 3.4 | 3.5 | 4.3 | 4.4 | 6.7 | (2.9) | (49.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $197.5 | $198.4 | $145.6 | $178.9 | $174.9 | (0.5)% | 12.9% |
| &nbsp;&nbsp;&nbsp;Non-performing assets as a percentage of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment and OREO | 1.21% | 1.14% | 0.82% | 0.99% | 0.96% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 0.72 | 0.70 | 0.50 | 0.60 | 0.58 |  |  |
| Non-accrual loans to loans held for investment | 1.18 | 1.10 | 0.78 | 0.96 | 0.91 |  |  |
| Accruing Loans 30-89 Days Past Due | $52.2 | $90.2 | $63.5 | $40.7 | $46.4 | (42.1)% | 12.5% |
| **Criticized Loans:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Special Mention | $744.9 | $543.6 | $316.4 | $188.9 | $162.7 | 37.0% | 357.8% |
| &nbsp;&nbsp;&nbsp;Substandard | 427.8 | 469.5 | 434.8 | 365.9 | 409.3 | (8.9) | 4.5 |
| &nbsp;&nbsp;&nbsp;Doubtful | 30.3 | 13.0 | 22.1 | 48.5 | 46.0 | 133.1 | (34.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1203.0 | $1026.1 | $773.3 | $603.3 | $618.0 | 17.2% | 94.7% |
| NM - not meaningful |  |  |  |  |  |  |  |

---

------

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

**Selected Ratios - Annualized**

***(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | At or for the Quarter ended: | At or for the Quarter ended: | At or for the Quarter ended: | At or for the Quarter ended: | At or for the Quarter ended: | At or for the Quarter ended: |
| | Jun 30,<br>2025 | | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | Jun 30,<br>2024 |
| **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 | 1.03% |  | 0.71% | 0.70% | 0.74% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average common stockholders' equity | 8.46 |  | 6.07 | 6.22 | 6.68 | 7.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yield on average earning assets | 4.76 |  | 4.75 | 4.86 | 4.83 | 4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of average interest bearing liabilities | 1.95 |  | 2.05 | 2.23 | 2.41 | 2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate spread | 2.81 |  | 2.70 | 2.63 | 2.42 | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 61.10 |  | 63.64 | 60.20 | 61.85 | 62.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment to deposit ratio | 72.26 |  | 76.44 | 77.53 | 78.84 | 79.73 |
| **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;Net FTE interest margin ratio | 3.32% |  | 3.22% | 3.20% | 3.04% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share | $21.29 |  | $20.67 | $20.16 | $20.73 | $19.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity to tangible assets | 8.47% |  | 8.01% | 7.55% | 7.63% | 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common stockholders' equity | 13.01 |  | 9.42 | 9.71 | 10.48 | 12.12 |
| **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 | 16.49% | \* | 14.93% | 14.38% | 14.11% | 13.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital to total risk-weighted assets | 13.43 | \* | 12.53 | 12.16 | 11.83 | 11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 common capital to total risk-weighted assets | 13.43 | \* | 12.53 | 12.16 | 11.83 | 11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage Ratio | 9.37 | \* | 9.06 | 8.71 | 8.57 | 8.44 |
| \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. | \*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID-19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital. |
| \*\*Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of net interest margin to net FTE interest margin, 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 net interest margin to net FTE interest margin, 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 net interest margin to net FTE interest margin, 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 net interest margin to net FTE interest margin, 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 net interest margin to net FTE interest margin, 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 net interest margin to net FTE interest margin, 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 net interest margin to net FTE interest margin, 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). |

---

------

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

**Average Balance Sheets**

***(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 |
| | June 30, 2025 | June 30, 2025 | June 30, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
| ***(In millions, except %)*** | Average<br>Balance | Interest<sup>(2)</sup> | Average<br>Rate | Average<br>Balance | Interest<sup>(2)</sup> | Average<br>Rate | Average<br>Balance | Interest<sup>(2)</sup> | Average<br>Rate |
| *Interest earning assets:* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans <sup>(1)</sup> | 17053.8 | 240.2 | 5.65% | 17668.6 | 243.5 | 5.59% | 18253.9 | 254.4 | 5.61% |
| &nbsp;&nbsp;&nbsp;Investment securities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 7254.3 | 49.6 | 2.74 | 7464.3 | 51.3 | 2.79 | 8311.6 | 62.3 | 3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 181.7 | 0.8 | 1.77 | 182.6 | 0.9 | 2.00 | 187.8 | 0.8 | 1.71 |
| &nbsp;&nbsp;&nbsp;Investment in FHLB and FRB stock | 139.3 | 2.1 | 6.05 | 175.9 | 2.9 | 6.69 | 185.5 | 3.3 | 7.16 |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 550.9 | 6.2 | 4.51 | 567.5 | 6.3 | 4.50 | 348.0 | 4.9 | 5.66 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |
| Total interest earning assets | 25180.1 | 298.9 | 4.76% | 26059.0 | 304.9 | 4.75% | 27286.9 | 325.7 | 4.80% |
| Noninterest earning assets | 2718.3 |  |  | 2759.9 |  |  | 2853.7 |  |  |
| Total assets | 27898.4 |  |  | 28818.9 |  |  | 30140.6 |  |  |
| *Interest bearing liabilities:* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 6402.9 | 15.0 | 0.94% | 6412.7 | 14.4 | 0.91% | 6142.9 | 13.9 | 0.91% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 7801.3 | 36.6 | 1.88 | 7800.3 | 35.7 | 1.86 | 7760.3 | 40.8 | 2.11 |
| &nbsp;&nbsp;&nbsp;Time deposits | 2806.2 | 23.7 | 3.39 | 2863.0 | 25.0 | 3.54 | 2863.4 | 26.2 | 3.68 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 517.4 | 1.1 | 0.85 | 533.0 | 1.2 | 0.91 | 775.5 | 1.9 | 0.99 |
| &nbsp;&nbsp;&nbsp;Other borrowed funds | 720.4 | 8.3 | 4.62 | 1533.5 | 17.5 | 4.63 | 2501.9 | 31.8 | 5.11 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 158.4 | 2.7 | 6.84 | 132.0 | 1.7 | 5.22 | 377.2 | 4.4 | 4.69 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 163.1 | 2.9 | 7.13 | 163.1 | 2.8 | 6.96 | 163.1 | 3.3 | 8.14 |
| Total interest bearing liabilities | 18569.7 | 90.3 | 1.95% | 19437.6 | 98.3 | 2.05% | 20584.3 | 122.3 | 2.39% |
| Noninterest bearing deposits | 5561.3 |  |  | 5608.2 |  |  | 5868.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest bearing liabilities | 366.3 |  |  | 418.0 |  |  | 492.3 |  |  |
| Stockholders' equity | 3401.1 |  |  | 3355.1 |  |  | 3195.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | 27898.4 |  |  | 28818.9 |  |  | 30140.6 |  |  |
| Net FTE interest income (non-GAAP)<sup>(3)</sup> |  | 208.6 |  |  | 206.6 |  |  | 203.4 |  |
| Less FTE adjustments <sup>(2)</sup> |  | (1.4) |  |  | (1.6) |  |  | (1.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income from consolidated statements of income |  | 207.2 |  |  | 205.0 |  |  | 201.7 |  |
| Interest rate spread |  |  | 2.81% |  |  | 2.70% |  |  | 2.41% |
| Net interest margin |  |  | 3.30 |  |  | 3.19 |  |  | 2.97 |
| Net FTE interest margin (non-GAAP)<sup>(3)</sup> |  |  | 3.32 |  |  | 3.22 |  |  | 3.00 |
| Cost of funds, including noninterest bearing demand deposits <sup>(4)</sup> |  |  | 1.50 |  |  | 1.59 |  |  | 1.86 |
| <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. | <sup>(1)</sup> Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material. |
| <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. | <sup>(2)</sup> Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate. |
| <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. | <sup>(3)</sup> Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures. |
| <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(4)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. |

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------

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

**Non-GAAP Financial Measures**

***(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)*** |  | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
| Total common stockholders' equity (GAAP) | (A) | $3421.8 | $3361.3 | $3304 | $3365.8 | $3225.3 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1188.9 | 1192.4 | 1195.7 | 1199.3 | 1202.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity (Non-GAAP) | (B) | $2232.9 | $2168.9 | $2108.3 | $2166.5 | $2022.4 |
| Total assets (GAAP) |  | $27566.4 | $28279.8 | $29137.4 | $29595.5 | $30289.5 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1188.9 | 1192.4 | 1195.7 | 1199.3 | 1202.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (Non-GAAP) | (C) | $26377.5 | $27087.4 | $27941.7 | $28396.2 | $29086.6 |
| Average Balances: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total common stockholders' equity (GAAP) | (D) | $3401.1 | $3355.1 | $3332.1 | $3307.1 | $3195.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1190.5 | 1193.9 | 1197.4 | 1201.0 | 1204.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common stockholders' equity (Non-GAAP) | (E) | $2210.6 | $2161.2 | $2134.7 | $2106.1 | $1990.7 |
| Net interest income | (F) | $207.2 | $205 | $214.3 | $205.5 | $201.7 |
| &nbsp;&nbsp;&nbsp;FTE interest income |  | 1.4 | 1.6 | 1.6 | 1.6 | 1.7 |
| Net FTE interest income (Non-GAAP) | (G) | 208.6 | 206.6 | 215.9 | 207.1 | 203.4 |
| &nbsp;&nbsp;&nbsp;Less purchase accounting accretion |  | 4.2 | 4.7 | 8.6 | 4.4 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net FTE interest income (Non-GAAP) | (H) | $204.4 | $201.9 | $207.3 | $202.7 | $198.3 |
| Average interest earning assets | (I) | $25180.1 | $26059 | $26811.6 | $27133.3 | $27286.9 |
| Total quarterly average assets | (J) | 27898.4 | 28818.9 | 29618.9 | 29946.9 | 30140.6 |
| Annualized net income available to common shareholders | (K) | 287.6 | 203.6 | 207.3 | 220.8 | 241.3 |
| Common shares outstanding | (L) | 104874 | 104910 | 104586 | 104530 | 104561 |
| Return on average assets (GAAP) | (K) / (J) | 1.03% | 0.71% | 0.70% | 0.74% | 0.80% |
| Return on average common stockholders' equity (GAAP) | (K) / (D) | 8.46 | 6.07 | 6.22 | 6.68 | 7.55 |
| Average common stockholders' equity to average assets (GAAP) | (D) / (J) | 12.19 | 11.64 | 11.25 | 11.04 | 10.60 |
| Book value per common share (GAAP) | (A) / (L) | $32.63 | $32.04 | $31.59 | $32.20 | $30.85 |
| Tangible book value per common share (Non-GAAP) | (B) / (L) | 21.29 | 20.67 | 20.16 | 20.73 | 19.34 |
| Tangible common stockholders' equity to tangible assets (Non-GAAP) | (B) / (C) | 8.47% | 8.01% | 7.55% | 7.63% | 6.95% |
| Return on average tangible common stockholders' equity (Non-GAAP) | (K) / (E) | 13.01 | 9.42 | 9.71 | 10.48 | 12.12 |
| Net interest margin (GAAP) | (F\*) / (I) | 3.30 | 3.19 | 3.18 | 3.01 | 2.97 |
| Net FTE interest margin (Non-GAAP) | (G\*) / (I) | 3.32 | 3.22 | 3.20 | 3.04 | 3.00 |
| Adjusted net FTE interest margin ratio (Non-GAAP) | (H\*) / (I) | 3.26 | 3.14 | 3.08 | 2.97 | 2.92 |
| \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized |

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## Exhibit 99.2

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Q2 2025 Investor Presentation Exhibit 99.2 July 29, 2025

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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, financial condition, results of operations, investment portfolio or market position, or events constitute forward-looking statements. Such statements are generally identified by words or phrases such as "believes," "expects," "anticipates," "plans," "trends," "objectives," "continues", "projected", as well as the negative forms of those words or similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "seek," "might," "may", as well as the negative forms of those words 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 existing governmental regulations or in the way such regulations are interpreted or enforced; negative developments in the banking industry and increased regulatory scrutiny; 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, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the 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 Guidelines and regulations; federal deposit insurance increases; 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; effects on the U.S. economy resulting from the implementation of policies by and geopolitical uncertainty from the new presidential administration, including tax regulations and changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs; 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; inability to access funding or to monetize liquid assets; changes in interest rates; interest rate effect on the value of our investment securities; cybersecurity risks, including denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior 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 or otherwise have an adverse effect on us; the potential impairment of our goodwill and other intangible assets; our reliance on other companies that provide key components of our business infrastructure; events that may tarnish our reputation; mainstream and social media contagion; 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 potential environmental remediation; the effectiveness of our operational processes, policies and procedures, and internal control over financial reporting; our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients; the development and use of artificial intelligence; risks related to acquisitions, mergers, strategic partnerships, divestitures, and other transactions; competition from new or existing financial institutions and non-banks; investing in technology; 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 in our certificate of incorporation and 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 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. 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 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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FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW Premier community banking institution in growing markets throughout the Midwest and Pacific Northwest Financial Highlights Balance Sheet Capital Assets $27.6 Billion Total RBC3\*\*\* 16.49% LHFI1 $16.4 Billion CET14\*\*\* 13.43% Deposits $22.6 Billion Leverage\*\*\* 9.37% ACL2/LHFI 1.28% TCE to TA ratio5\*\*\*\* 8.47% 1Loans held for investment (LHFI) 3Risk-based capital (RBC) 2Allowance for credit losses (ACL) 4Common equity tier-1 (CET1) 5Tangible common stockholders' equity (TCE) to tangible assets (TA) ratio Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization\* $3.0 Billion Annualized Dividend Yield\*\* 7.0% Branch Network\*\*\*\*\* 301 banking offices Sub Debt Rating Kroll BBB 3 301 banking offices in 14 states \* Calculated using closing stock price of $28.82 as of 06/30/2025 \*\* Calculated using average closing stock price of $26.95 for the quarter ended 06/30/2025 \*\*\* Preliminary estimates - may be subject to change \*\*\*\* Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation \*\*\*\*\* Arizona and Kansas branches (12 branches) are under agreement to be sold to Enterprise Bank & Trust.

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INVESTMENT HIGHLIGHTS 4 301 banking offices in 14 states

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DOMINANT DEPOSIT FRANCHISE 5

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2025 STRATEGIC GOALS AND FOCUS AREAS 6 Improve Core Profitability • Net interest margin expansion: +18bps Adjusted FTE Net Interest Margin ratio1 from the fourth quarter of 2024 • Repricing of maturing fixed rate loans and securities • Expense management: continued focus on operational efficiency • Maintain low cost of deposits Refocus Capital Investment • Announced pending sale of Arizona and Kansas branches; exit of two states, which is expected to close in the fourth quarter of 2025 • Outsourcing of consumer credit card portfolio, including the sale of the underlying loans • Discontinuation of indirect lending Optimization of Balance Sheet • Removal/runoff of consumer credit card and indirect loans • Other borrowed funds declined $1.3 billion from December 31, 2024 with $250 million remaining at June 30, 2025 • Strong liquidity metrics • Strong Capital Levels; CET1 improvement of 127 bps from December 31, 2024 Ongoing Focus • Relationship-based loan and deposit growth • Grow market share in high growth markets with existing density • Optimize branch network through opening, closing, and relocation activity • Consistently enhance profitability 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation

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Earnings • Net income of $71.7 million, or $0.69 per share. • Net interest margin (NIM) of 3.30%, an increase of 11 basis points from the first quarter of 2025; NIM on a fully taxable equivalent (FTE) basis1 of 3.32%, an increase of 10 basis points from the first quarter of 2025; adjusted FTE NIM1 of 3.26%, an increase of 12 basis points from the first quarter of 2025. • Efficiency ratio2 of 61.1% for the second quarter of 2025. Balance Sheet • Loans held for investment decreased by $1,023.9 million from the first quarter of 2025 driven by the movement of $338.3 million of loans to held-for-sale related to the pending sale of the Arizona and Kansas branches, the outsourcing of the consumer credit card portfolio, the planned decline in indirect lending balances, and larger loan payoffs. • Deposits decreased by $102.2 million from the first quarter of 2025 driven by decreased savings and time deposits. • The Company's balance sheet continues to maintain a strong liquidity position, with a loan/deposit ratio of 72.3% as of June 30, 2025. Other borrowed funds declined $710.0 million as a result of a decrease in investment securities and a decrease in loan balances, partially offset by a decrease in deposit balances. Asset Quality • Total reduction of provision for credit losses was $(0.3) million; funded Allowance for Credit Losses coverage of 1.28% of LHFI during the second quarter of 2025 compared to 1.24% from the first quarter of 2025. • Net charge-offs (NCOs) were $5.8 million, or an annualized 14 basis points of average loans outstanding during the second quarter of 2025. • Non-performing loans of $194.1 million decreased 0.4% from the first quarter of 2025, reflecting 1.19% of LHFI. Non-performing assets of $197.5 million decreased 0.5% from the first quarter of 2025. • Classified loans decreased $24.4 million to $458.1 million as of June 30, 2025, compared to $482.5 million as of March 31, 2025, and increased $2.8 million compared to $455.3 million as of June 30, 2024. Criticized loans increased $176.9 million, or 17.2%, from the first quarter of 2025, to 7.4% of LHFI, driven mostly by downgrades in the commercial real estate portfolio due mostly to slower lease-up in the multifamily portfolio, and increased $585.0 million, compared to $618.0 million as of June 30, 2024. Capital • Quarterly cash dividend of $0.47 per share, for an annualized yield of 7.0% for the second quarter of 2025. • CET13 of 13.43% and total RBC3 of 16.49% for the second quarter of 2025. • Regulatory capital ratios improved during the quarter; CET1 improved 90 basis points. SECOND QUARTER 2025 HIGHLIGHTS 7 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 The ratio of the bank's noninterest expense less amortization of intangible assets divided by net interest income plus noninterest income (per FDIC definition) 3 Preliminary estimates - may be subject to change

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DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 53% Construction RE, 6% Residential RE, 13% Agriculture RE, 4% Consumer, 5%Commercial, 15% Agriculture, 4% Loans by Geography MT, 19% WY, 6% ID, 7% WA, 10% OR, 11%NE, 7% SD, 13% ND, 2% IA, 11% KS, 1% AZ, 4% CO, 8% Other, 1% Revolving Commitments ($B) $2.7 $2.7 $2.6 $2.5 $2.5 41.3% 40.4% 41.9% 41.4% 39.3% Unfunded Funded 2Q24 3Q24 4Q24 1Q25 2Q25 8 $16.4B Balances as of June 30, 2025 Loan Highlights: • Loans decreased $1,023.9 million during the second quarter of 2025 driven by the movement of $338.3 million from loans held for investment to loans held-for-sale, the outsourcing of the consumer credit card portfolio, the planned decline in Indirect Lending balances, and larger loan payoffs. • Commercial real estate balances are 32.5% owner-occupied as of the second quarter of 2025.

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EARNING ASSET YIELD 9 Fixed and Adjustable Rate Loans\* Year Maturing or Repricing Balance\*\*\* Roll-Off Coupon 2025 2H $627M 4.8 % 2026 $1,383M 4.1 % Securities Quarter Total Expected Cash Flow\*\*\* Roll-Off Coupon 9/30/2025 $367M 3.3 % 12/31/2025 $208M 2.4 % 3/31/2026 $190M 2.4 % 6/30/2026 $221M 2.4 % 9/30/2026 $208M 2.4 % 12/31/2026 $220M 2.5 % Total $1,413M 2.6 % Average Loans/Average Rate\*\* $18.3 $18.2 $18.0 $17.7 $17.1 5.61% 5.69% 5.75% 5.59% 5.65% Average Loans Average Rate 2Q24 3Q24 4Q24 1Q25 2Q25 • Yields on loans increased 6bps compared to the first quarter of 2025; increased 4bps compared to the second quarter of 2024 • Through 2026 $2.0 billion of fixed and adjustable rate loans at a weighted average rate of 4.3% are expected to mature or reprice • Through 2026 $1.4 billion of securities cashflows are expected at a weighted average rate of 2.6% \* Calculated using period to date loan balance; reflects pass rated loans \*\* Calculated using quarter-to-date average loan balance \*\*\* Constitute estimates and forward looking statements

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COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Property Type Multifamily, 24% Medical, 12% Retail, 20% Industrial/Warehouse, 19% Office, 10%Hotel, 9% Land & Development, 2% Other CRE, 2% Residential 1-4 Family, 2% Market Type Metro, 5% Mid-Metro, 8% Non-Metro, 87% 10 Highlights: • $9.8 billion portfolio (60% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $6.0 billion (36% of total loans) • $85.0 million of non-accrual loans (0.87% of commercial real estate and construction portfolios) • Montana has the largest state concentration representing 17% of portfolio Balances as of June 30, 2025 Highlights: • Metro defined as property located in Portland, Seattle, Denver, Phoenix, Minneapolis / St. Paul, and Kansas City. • Mid-metro defined as Omaha, Des Moines, Tuscon, and Boise. • Non-metro defined as all other areas.

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Deposits by State MT, 25% WY, 12% ID, 7% WA, 3% OR, 11% SD, 15% NE, 9% IA, 9% MO, 1% AZ, 3% CO, 4% Other, 1% Mix of Consumer and Business Deposits 52% 52% 53% 54% 53% 48% 48% 47% 46% 47% Total Consumer Deposits Total Business Deposits 2Q24 3Q24 4Q24 1Q25 2Q25 11 Average Deposit Balances 27% 27% 28% 28% 28% 34% 34% 34% 34% 35% 13% 13% 12% 13% 12% 26% 26% 26% 25% 25% 1.42% 1.47% 1.41% 1.34% 1.33% Demand Savings Time Non-interest bearing Total Cost of Deposits 2Q24 3Q24 4Q24 1Q25 2Q25 DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT Balances as of June 30, 2025 Deposit Highlights: • Total deposits decreased $102.2 million from the first quarter of 2025. • Total deposit costs declined 1 basis point from the prior quarter.

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Total Risk-Based Capital Ratios 13.80% 14.11% 14.38% 14.93% 16.49% 11.53% 11.83% 12.16% 12.53% 13.43%2.27% 2.28% 2.23% 2.40% 3.06% CET1 Total RBC 2Q24 3Q24 4Q24 1Q25 2Q25² CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common Stockholders' Equity (TCE) to Tangible Assets (TA)¹ $30.85 $32.20 $31.59 $32.04 $32.63 $19.34 $20.73 $20.16 $20.67 $21.29 6.95% 7.63% 7.55% 8.01% 8.47% 10.65% 11.37% 11.34% 11.89% 12.41% TBVPS BVPS TCE to TA Ratio CE Ratio 2Q24 3Q24 4Q24 1Q25 2Q25 12 LHFI to Deposit Ratio 79.7% 78.8% 77.5% 76.4% 72.3% 2Q24 3Q24 4Q24 1Q25 2Q25 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change Capital and Liquidity Highlights: • Annualized dividend yield of 7.0% based on an average share price of $26.95 for the second quarter of 2025. • Capital ratios again increased sequentially. • Tangible book value per share (TBVPS)1 increased during the second quarter, driven by retained earnings and an improvement in the accumulated other comprehensive income (AOCI) position of $34.6 million. For the second quarter of 2025, the AOCI mark is equal to $2.22 of book value per share (BVPS).

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ACL Highlights: • Funded ACL increased to 1.28% of loans from 1.24% in the prior quarter. • Charge-offs represented 14 basis points of average loans during the second quarter of 2025. ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio $238.6 $231.0 $209.3 $220.4 $214.4$232.8 $225.4 $204.1 $215.3 $209.6 $5.8 $5.6 $5.2 $5.1 $4.8 1.28% 1.25% 1.14% 1.24% 1.28% Funded ACL Unfunded ACL Funded ACL % of LHFI 2Q24 3Q24 4Q24 1Q25 2Q25 13 ACL Roll-forward ($MM) Funded Unfunded Investments Total ACL 3/31/25 $215.3 $5.1 $0.8 $221.2 ACL Provision (Reversal) 0.1 (0.3) (0.1) (0.3) Net Charge-offs 5.8 — — 5.8 ACL 6/30/25 $209.6 $4.8 $0.7 $215.1

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Asset Quality Highlights: • Classified loans decreased $24.4 million to $458.1 million as of June 30, 2025, compared to $482.5 million as of March 31, 2025, and increased $2.8 million compared to $455.3 million as of June 30, 2024. Total criticized loans increased $176.9 million during the second quarter of 2025, driven mostly by downgrades of commercial real estate loans portfolio due mostly to slower lease-up in the multifamily portfolio. • Total non-performing loans (NPLs) decreased by $0.8 million, or 0.4% during the second quarter of 2025. • Net charge-offs totaled $5.8 million, or 14 basis points of average loans, during the second quarter of 2025. ASSET QUALITY AND RESERVE TRENDS Net Charge-offs ($MM) and Net Charge-Offs Ratio $13.5 $27.4 $55.2 $9.0 $5.80.30% 0.60% 1.22% 0.21% 0.14% Net Charge-offs % of Average Loans 2Q24 3Q24 4Q24 1Q25 2Q25 Total non-performing loans ($MM) and ACL/NPL Ratios $168.2 $174.5 $141.3 $194.9 $194.1 138.4% 129.2% 144.4% 110.5% 108.0% NPLs ACL / NPL Ratio 2Q24 3Q24 4Q24 1Q25 2Q25 Total Criticized Loans ($MM) and Criticized Loan Ratio $618.0 $603.3 $773.3 $1,026.1 $1,203.0 3.4% 3.3% 4.3% 5.9% 7.4% Criticized Loans % of Total Loans 2Q24 3Q24 4Q24 1Q25 2Q25 14

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Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $4.2 million of loan purchase accounting accretion (PAA) for the second quarter of 2025, a decrease from $4.7 million in the prior quarter. • Total remaining PAA of $35.8 million as of the second quarter of 2025 ◦ Scheduled accretion of $5.1 million, $8.2 million, $5.9 million for the reminder of FY25, FY26, and FY27, respectively. • During the second quarter of 2025, FTE NIM1 increased by 10 basis points compared to the prior quarter; the contribution from PAA was -2 basis points. • Adjusted FTE NIM1 (which excludes the impact from PAA) increased by 12 basis points during the second quarter of 2025, primarily driven by a decline in funding costs. NET INTEREST INCOME FTE NII¹ ($MM) and FTE NIM¹ $198.3 $202.7 $207.3 $201.9 $204.4$5.1 $4.4 $8.6 $4.7 $4.2$203.4² $207.1² $215.9² $206.6² $208.6² 3.00% 3.04% 3.20% 3.22% 3.32% 2.92% 2.97% 3.08% 3.14% 3.26% Adjusted FTE NII¹ Loan PAA FTE NIM¹ Adjusted FTE NIM¹ 2Q24 3Q24 4Q24 1Q25 2Q25 15 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 FTE NII

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INVESTMENT PORTFOLIO 16 Total Portfolio Duration at Quarter-end 3.5 3.4 3.7 3.6 3.6 2Q24 3Q24 4Q24 1Q25 2Q25 (in years) Projected Cash Flow ($MM) and Yield Roll-Off at Quarter-end\* $366.9 $207.9 $189.8 $220.9 $207.6 $219.6 3.27% 2.40% 2.37% 2.41% 2.38% 2.45% 3Q25E 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E \*Constitute estimates and forward-looking statements

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17 Non-interest Income by Type ¹ Payment Services, 43% Mortgage Banking, 4% Wealth Management, 24% Deposit Service Charges, 17% Other Service Charges & Fees, 5% Other Income, 7% Dollars in millions 2Q24 1Q25 2Q25 Payment services revenues $18.6 $17.1 $17.8 Mortgage banking revenues 1.7 1.4 1.8 Wealth management revenues 9.4 9.8 9.7 Service charges on deposit accounts 6.4 6.6 6.9 Other service charges, commissions and fees 2.1 2.3 2.1 Other income 4.4 4.8 2.8 Total Reported Noninterest Revenue $42.6 $42.0 $41.1 % of Total Revenue 17.4 % 17.0 % 16.6 % NONINTEREST INCOME 1 Percentages calculated using balances as of June 30, 2025 Other Income Notes: • Q2 2025 results include a $7.3 million valuation allowance for loans transferred to held for sale related to the pending sale of the Arizona and Kansas loans • Q2 2025 results include a $4.3 million gain, net of related credit card rewards liabilities, associated with the outsourcing of the consumer credit card portfolio

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NONINTEREST EXPENSE 18 Dollars in millions 2Q24 1Q25 2Q25 Salaries and wages $66.3 $68.6 $65.0 Employee benefits 16.9 20.0 17.9 Occupancy and equipment 16.9 18.7 18.6 Other intangible amortization 3.7 3.4 3.4 Other expenses 51.1 49.4 50.2 Other real estate owned expense 2.0 0.5 — Total Reported Noninterest Expense $156.9 $160.6 $155.1 Non-interest Expense ($MM) and Efficiency Ratio 156.9 159.4 160.9 160.6 155.1 62.7% 61.8% 60.2% 63.6% 61.1% Total Non-interest Expenses Efficiency Ratio ¹ 2Q24 3Q24 4Q24 1Q25 2Q25 1 The ratio of the bank's noninterest expense less amortization of intangible assets divided by net interest income plus noninterest income (per FDIC definition) Noninterest Expense Notes: • Q1 2025 results include $1.4 million of severance costs and a $0.6 million accrual for indirect line of business termination costs • Q2 2025 results include $1.5 million associated with property valuation adjustments and lease termination fees related to the pending sale of Arizona and Kansas branches

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2025 GUIDANCE SUMMARY\* 19 \*Preliminary estimates and forward-looking statements - may be subject to change \*Guidance includes the impact of the outsourcing of the consumer credit card portfolio and excludes the impact of the pending Arizona and Kansas transaction Loans and Deposits • Anticipate ending deposits to be flat to increase low single digits in 2025, with normal seasonality • Anticipate ending loans to decline 6-8% in 2025, excluding the impact of Indirect Lending runoff and movement of loans to held- for-sale; Indirect Lending to contribute additional 1 to 1.5% to total portfolio decline; anticipate interest earning assets to bottom in third quarter Net Interest Income • Anticipate full-year net interest income to increase 2-3% in 2025 over 2024; anticipate 4Q FTE Net Interest Margin excluding PAA of ~3.40%, supporting high-single-digit 2026 Net Interest Income growth compared to 2025 Noninterest Income • Excluding the impact of 2024 gains on sale of property of $4.7mm, 2025 held-for-sale valuation allowance and gain-on-sale of credit card portfolio outsourcing, anticipate 2025 noninterest income to be flat to decrease 1% compared to 2024 Noninterest Expense • Anticipate 2025 noninterest expense to be flat to increase 1% compared to 2024 Tax Rate • Anticipate effective tax rate to be 23.5%-24.0% for full-year 2025 Credit Quality • Anticipate net charge-offs between 20 and 30 basis points for the full year

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NON-GAAP FINANCIAL MEASURES 20 In addition to results presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, this presentation 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) net interest income on a fully taxable equivalent basis; (vi) adjusted net interest income on a fully taxable equivalent basis; (vii) net interest margin on a fully taxable equivalent basis; and (viii) adjusted net interest margin on a fully taxable equivalent basis. 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. Net interest income on a fully taxable equivalent basis is calculated as net interest income, adjusted to include its fully taxable equivalent interest income. Adjusted net interest income on a fully taxable equivalent basis is calculated as net interest income on a fully taxable equivalent basis less purchase accounting interest accretion on acquired loans. Net interest margin on a fully taxable equivalent basis is calculated as annualized net interest income on a fully taxable equivalent basis divided by average interest earning assets. Adjusted net interest margin on a fully taxable equivalent basis is calculated as annualized adjusted net interest income on a fully taxable equivalent basis divided by average interest earning assets. These non-GAAP financial measures are calculated on the reconciliation pages that follow). 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 (iv) above to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and are intended 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 above for a reconciliation of the above described non-GAAP financial measures to their most directly comparable GAAP financial measures.

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2Q24 3Q24 4Q24 1Q25 2Q25 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $3,225.3 $3,365.8 $3,304.0 $3,361.3 $3,421.8 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,202.9 1,199.3 1,195.7 1,192.4 1,188.9 Tangible common stockholders' equity (Non-GAAP) (B) $2,022.4 $2,166.5 $2,108.3 $2,168.9 $2,232.9 Total assets (GAAP) $30,289.5 $29,595.5 $29,137.4 $28,279.8 $27,566.4 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,202.9 1,199.3 1,195.7 1,192.4 1,188.9 Tangible assets (Non-GAAP) (C) $29,086.6 $28,396.2 $27,941.7 $27,087.4 $26,377.5 Common shares outstanding (L) 104,561 104,530 104,586 104,910 104,874 Book value per common share (GAAP) (A) / (L) $30.85 $32.20 $31.59 $32.04 $32.63 Tangible book value per common share (Non-GAAP) (B) / (L) 19.34 20.73 20.16 20.67 21.29 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 6.95 % 7.63 % 7.55 % 8.01 % 8.47 % NON-GAAP RECONCILIATION 21 \* Line items may not sum due to rounding

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2Q24 3Q24 4Q24 1Q25 2Q25 (Dollars in millions) Net interest income (A) $201.7 $205.5 $214.3 $205.0 $207.2 FTE adjustments(1) 1.7 1.6 1.6 1.6 1.4 Net interest income on a FTE basis (Non-GAAP) (B) 203.4 207.1 215.9 206.6 208.6 Less purchase accounting accretion 5.1 4.4 8.6 4.7 4.2 Adjusted net interest income on a FTE basis (Non-GAAP) (C) $198.3 $202.7 $207.3 $201.9 $204.4 Average interest earning assets (D) $27,286.9 $27,133.3 $26,811.6 $26,059.0 $25,180.1 Net interest margin (A annualized)/(D) 2.97 % 3.01 % 3.18 % 3.19 % 3.30 % Net interest margin (FTE) (Non-GAAP) (B annualized)/(D) 3.00 3.04 3.20 3.22 3.32 Adjusted net interest margin (FTE) (Non-GAAP) (C annualized)/(D) 2.92 2.97 3.08 3.14 3.26 NON-GAAP RECONCILIATION 22 \* Line items may not sum due to rounding 1 Management believes net interest income on a FTE basis is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts its net interest income for tax exempt loans and securities to what it would have received on taxable alternatives utilizing a 21.00% tax rate.

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