# EDGAR Filing Document

**Accession Number:** 0000860413
**File Stem:** 0000860413-25-000160
**Filing Date:** 2025-10
**Character Count:** 113827
**Document Hash:** f1476e05077be3df7d4158946ea728e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000860413-25-000160.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000860413-25-000160

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251029

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**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:** 251429977

**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-20251029

**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): October 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:**

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| | | |
|:---|:---|:---|
| **<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. ☐

\* \* \* \* \*

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**Item 2.02** Results of Operations and Financial Condition.

On October 29, 2025, First Interstate BancSystem, Inc. (the "Company") issued a press release regarding its financial results for the quarter ended September 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 October 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 October 29, 2025, the Company also announced that the Board of Directors of the Company declared, on October 28, 2025, a dividend of $0.47 per share, that is payable November 20, 2025 to shareholders of record of the Company as of November 10, 2025.

**Item 9.01** Financial Statements and Exhibits.

---

| | | |
|:---|:---|:---|
| (d) | **Exhibit Number** | **Description** |
| | <u>[99.1](fibk-20250930x8kpr.htm)</u> | Press Release dated October 29, 2025. |
| | <u>[99.2](sep2025ip.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: October 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 Third Quarter Earnings***

Billings, MT - October 29, 2025 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the "Company") today reported financial results for the third quarter of 2025. For the quarter, the Company reported net income of $71.4 million, or $0.69 per diluted share, which compares to net income of $71.7 million, or $0.69 per diluted share, for the second quarter of 2025 and net income of $55.5 million, or $0.54 per diluted share, for the third quarter of 2024.

**HIGHLIGHTS**

• Net interest margin increased to 3.34% for the third quarter of 2025, a 4-basis point increase from the second quarter of 2025 and a 33-basis point increase from the third quarter of 2024.

• Other borrowed funds decreased to zero as of September 30, 2025, from $250.0 million as of June 30, 2025 and from $2,080.0 million as of September 30, 2024.

**•** Non-performing assets decreased $11.9 million, or 6.0%, to $185.6 million as of September 30, 2025, from $197.5 million as of June 30, 2025 and increased $6.7 million, or 3.7%, from $178.9 million as of September 30, 2024.

• Net charge-offs decreased $3.5 million, or 60.3%, to $2.3 million, or an annualized 0.06% of average loans outstanding, as of September 30, 2025, from $5.8 million, or an annualized 0.14% of average loans outstanding, as of June 30, 2025, and decreased $25.1 million, or 91.6%, from $27.4 million, or an annualized 0.60% of average loans outstanding, as of September 30, 2024.

• Criticized loans decreased $38.9 million to $1,164.1 million as of September 30, 2025, compared to $1,203.0 million as of June 30, 2025, and increased $560.8 million, compared to $603.3 million as of September 30, 2024.

• Total deposits decreased $25.6 million at September 30, 2025 from June 30, 2025, with noninterest bearing deposits decreasing by $23.3 million and interest bearing deposits decreasing $2.3 million. Total deposits decreased $259.1 million, or 1.1% from September 30, 2024.

• Since the adoption of its $150 million stock repurchase program on August 28, 2025, the Company repurchased approximately 0.8 million shares of common stock through September 30, 2025 and an additional 1.0 million shares of common stock through October 28, 2025, for a total repurchase of approximately $57.2 million through October 28, 2025 or approximately 1.8 million shares.

• Capital ratios continued to improve during the third quarter of 2025, with our common equity tier 1 capital ratio increasing 47 basis points to 13.90%, compared to the second quarter of 2025, primarily as a result of lower risk-weighted assets.

"We continue to execute on our strategic plan, announced earlier this year, to focus on organic growth and leverage our strong balance sheet to support our customers. Our net interest margin continued to improve, and we maintained a clear focus on managing expenses prudently, with a goal to drive long-term, profitable growth," said James A Reuter, President and Chief Executive Officer of the Company. "I am especially pleased with the team of senior leaders and relationship bankers, both from within First Interstate, and those who have joined us from other institutions, who are driving our plan forward. Our strong and flexible liquidity and capital levels provide a solid foundation to drive growth and returns for our shareholders."

**DIVIDEND DECLARATION**

On October 28, 2025, the Company's board of directors declared a dividend of $0.47 per common share, payable on November 20, 2025, to common stockholders of record as of November 10, 2025. The dividend equates to a 6.0% annualized yield based on the $31.11 per share average closing price of the Company's common stock as reported on NASDAQ during the third quarter of 2025.

------

**NET INTEREST INCOME**

Net interest income decreased $0.4 million, or 0.2%, to $206.8 million during the third quarter of 2025, compared to net interest income of $207.2 million during the second quarter of 2025. Net interest income increased $1.3 million, or 0.6%, during the third quarter of 2025 compared to the third quarter of 2024, primarily due to a decrease in interest expense resulting from 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 third quarter of 2025, the second quarter of 2025, and the third quarter of 2024, in the amounts of $3.5 million, $4.2 million, and $4.4 million, respectively.

Net interest margin ratio was 3.34% for the third quarter of 2025, compared to 3.30% during the second quarter of 2025, and 3.01% during the third quarter of 2024. Net FTE (fully-taxable equivalent) interest margin ratio<sup>1</sup> was 3.36% for the third quarter of 2025, compared to 3.32% during the second quarter of 2025, and 3.04% during the third quarter of 2024. Excluding interest accretion from the fair value of acquired loans, the adjusted net FTE interest margin ratio<sup>1</sup>, was 3.30%, an increase of 4 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 33 basis points, primarily as a result of lower interest expense resulting from decreased other borrowed funds balances, and a favorable change in the mix of earning assets.

**PROVISION FOR CREDIT LOSSES**

The Company had no provision for credit losses during the third quarter of 2025. This compares to a reduction of provision for credit losses of $0.3 million and provision for credit losses of $19.8 million during the second quarter of 2025 and the third quarter of 2024, respectively.

For the third quarter of 2025, net charge-offs were $2.3 million, or an annualized 0.06% of average loans outstanding, compared to net charge-offs of $5.8 million, or an annualized 0.14% of average loans outstanding, for the second quarter of 2025 and net charge-offs of $27.4 million, or an annualized 0.60% of average loans outstanding, for the third quarter of 2024. Net loan charge-offs in the third quarter of 2025 were composed of charge-offs of $6.7 million, which was offset by recoveries of $4.4 million. 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 third quarter of 2024 were composed of charge-offs of $29.1 million, which was offset by recoveries of $1.7 million.

The Company's allowance for credit losses as a percentage of period-end loans held for investment was 1.30% at September 30, 2025, compared to 1.28% at June 30, 2025 and 1.25% at September 30, 2024. Coverage of non-performing loans increased to 113.0% at September 30, 2025, compared to 108.0% at June 30, 2025 and 129.2% at September 30, 2024.

**NONINTEREST INCOME**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | Sep 30, 2025 | Jun 30, 2025 | $ Change | % Change | Sep 30, 2024 | $ Change | % Change |
| *(Dollars in millions)* | Sep 30, 2025 | Jun 30, 2025 | $ Change | % Change | Sep 30, 2024 | $ Change | % Change |
| &nbsp;&nbsp;&nbsp;Payment services revenues | $16.8 | $17.8 | $(1.0) | (5.6)% | $18.7 | $(1.9) | (10.2)% |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 1.5 | 1.8 | (0.3) | (16.7) | 1.7 | (0.2) | (11.8) |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 10.4 | 9.7 | 0.7 | 7.2 | 9.6 | 0.8 | 8.3 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 7.0 | 6.9 | 0.1 | 1.4 | 6.6 | 0.4 | 6.1 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 2.1 | 2.1 |  |  | 2.2 | (0.1) | (4.5) |
| &nbsp;&nbsp;&nbsp;Other income | 5.9 | 2.8 | 3.1 | 110.7 | 7.6 | (1.7) | (22.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $43.7 | $41.1 | $2.6 | 6.3% | $46.4 | $(2.7) | (5.8)% |

---

Noninterest income was $43.7 million for the third quarter of 2025, increasing $2.6 million compared to the second quarter of 2025 and decreasing $2.7 million compared to the third quarter of 2024.

<sup>1</sup> Represents a Non-GAAP financial measure. See "Non-GAAP Financial Measures" and the corresponding table captioned "Non-GAAP Financial Measures" included below for an explanation of the manner in which this measure is calculated and a reconciliation to this measure's most directly comparable GAAP financial measure.

------

Payment services revenues decreased $1.0 million and $1.9 million during the third quarter of 2025 compared to the second quarter of 2025 and the third quarter of 2024, respectively. These decreases were mainly the result of lower consumer credit card interchange during the third quarter of 2025 as compared to the second quarter of 2025 and the third quarter of 2024, related to the outsourcing of consumer credit cards in the second quarter of 2025.

Other income increased $3.1 million to $5.9 million during the third quarter of 2025, compared to $2.8 million during the second quarter of 2025. The increase is primarily due to the second quarter of 2025 valuation allowance for loans transferred from loans held for investment to loans held for sale related to the then pending sale of the Arizona and Kansas branches, which transaction closed on October 10, 2025 subsequent to the third quarter of 2025, partially offset by the gain related to the sale of the consumer credit card loan portfolio during the second quarter of 2025. Other income decreased $1.7 million from $7.6 million during the third quarter of 2024, primarily due to a gain-on-sale of assets during the third quarter of 2024.

**NONINTEREST EXPENSE**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | Sep 30, 2025 | Jun 30, 2025 | $ Change | % Change | Sep 30, 2024 | $ Change | % Change |
| *(Dollars in millions)* | Sep 30, 2025 | Jun 30, 2025 | $ Change | % Change | Sep 30, 2024 | $ Change | % Change |
| &nbsp;&nbsp;&nbsp;Salaries and wages | $66.2 | $65.0 | $1.2 | 1.8% | $70.9 | $(4.7) | (6.6)% |
| &nbsp;&nbsp;&nbsp;Employee benefits | 18.2 | 17.9 | 0.3 | 1.7 | 19.7 | (1.5) | (7.6) |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 18.5 | 18.6 | (0.1) | (0.5) | 17.0 | 1.5 | 8.8 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 3.4 | 3.4 |  |  | 3.6 | (0.2) | (5.6) |
| &nbsp;&nbsp;&nbsp;Other expenses | 51.6 | 50.2 | 1.4 | 2.8 | 48.2 | 3.4 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $157.9 | $155.1 | $2.8 | 1.8% | $159.4 | $(1.5) | (0.9)% |

---

The Company's noninterest expense was $157.9 million for the third quarter of 2025, an increase of $2.8 million from the second quarter of 2025 and a decrease of $1.5 million from the third quarter of 2024.

Salary and wages expense increased $1.2 million during the third quarter of 2025 compared to the second quarter of 2025 and decreased $4.7 million compared to the third quarter of 2024. The increase when compared to the second quarter of 2025 was primarily due to higher salaries and short-term incentive accruals during the third quarter of 2025. The decrease when compared to the third quarter of 2024 was primarily due to a $3.8 million accrual related to the CEO transition in the third quarter of 2024 and $3.1 million of lower short-term incentive accruals, which were partially offset by higher salaries during the third quarter of 2025.

Employee benefit expenses increased $0.3 million to $18.2 million during the third quarter of 2025, compared to $17.9 million during the second quarter of 2025. Employee benefit expenses decreased $1.5 million from $19.7 million during the third quarter of 2024, primarily due to lower health insurance costs.

Occupancy and equipment expenses decreased $0.1 million to $18.5 million during the third quarter of 2025, compared to $18.6 million during the second quarter of 2025. Occupancy and equipment expenses increased $1.5 million, or 8.8%, during the third quarter of 2025 from $17.0 million during the third quarter of 2024, primarily due to an increase in maintenance and repairs and janitorial costs.

Other expenses increased $1.4 million during the third quarter of 2025 compared to the second quarter of 2025 and increased $3.4 million during the third quarter of 2025 compared to the third quarter of 2024. The increase compared to the second quarter of 2025 was primarily related to the write off of the issuance costs of the $100.0 million of aggregate principle amount of 5.25% fixed-to-floating rate subordinated notes due 2030 that were called for redemption in August 2025. The increase from the third quarter of 2024 was primarily due to increases in legal and consulting services in the third quarter of 2025.

**BALANCE SHEET**

Total assets decreased $233.5 million, or 0.8%, to $27,332.9 million as of September 30, 2025, from $27,566.4 million as of June 30, 2025 and decreased $2,262.6 million, or 7.6%, from $29,595.5 million as of September 30, 2024, primarily due to decreases in investment securities and loans, the funds from which were partially used to pay down debt, fund decreases in deposits, and securities sold under repurchase agreements.

------

Investment securities decreased $6.4 million, or 0.1%, to $7,305.8 million as of September 30, 2025, from $7,312.2 million as of June 30, 2025, primarily resulting from pay-downs, maturities, and called securities, partially offset by a $38.2 million increase in fair market values and $725.2 million in purchases of investment securities during the third quarter. Investment securities decreased $969.8 million, or 11.7%, from $8,275.6 million as of September 30, 2024, primarily resulting from called securities and normal pay-downs and maturities, partially offset by a $67.6 million increase in fair market values and $803.5 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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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Sep 30, 2025 | Jun 30, 2025 | $ Change | % Change | Sep 30, 2024 | $ Change | % Change |
| Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $8496.4 | $8750.9 | $(254.5) | (2.9)% | $9219.3 | $(722.9) | (7.8)% |
| &nbsp;&nbsp;&nbsp;Construction | 960.8 | 1004.6 | (43.8) | (4.4) | 1307.9 | (347.1) | (26.5) |
| &nbsp;&nbsp;&nbsp;Residential | 2136.0 | 2157.5 | (21.5) | (1.0) | 2217.8 | (81.8) | (3.7) |
| &nbsp;&nbsp;&nbsp;Agricultural | 623.0 | 635.6 | (12.6) | (2.0) | 726.4 | (103.4) | (14.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 12216.2 | 12548.6 | (332.4) | (2.6) | 13471.4 | (1255.2) | (9.3) |
| Consumer: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Indirect | 540.3 | 607.1 | (66.8) | (11.0) | 742.2 | (201.9) | (27.2) |
| &nbsp;&nbsp;&nbsp;Direct and advance lines | 134.3 | 134.4 | (0.1) | (0.1) | 136.9 | (2.6) | (1.9) |
| &nbsp;&nbsp;&nbsp;Credit card |  |  |  |  | 76.4 | (76.4) | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 674.6 | 741.5 | (66.9) | (9.0) | 955.5 | (280.9) | (29.4) |
| Commercial | 2447.4 | 2529.9 | (82.5) | (3.3) | 2919.7 | (472.3) | (16.2) |
| Agricultural | 495.5 | 541.4 | (45.9) | (8.5) | 689.8 | (194.3) | (28.2) |
| Other, including overdrafts | 10.2 | 2.0 | 8.2 | 410.0 | 2.5 | 7.7 | 308.0 |
| Deferred loan fees and costs | (9.5) | (10.0) | 0.5 | (5.0) | (11.8) | 2.3 | (19.5) |
| Loans held for investment, net of deferred loan fees and costs | $15834.4 | $16353.4 | $(519.0) | (3.2)% | $18027.1 | $(2192.7) | (12.2)% |

---

The decline in loans was impacted by $66.8 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025 and larger loan paydowns and payoffs during the third quarter of 2025.

The ratio of loans held for investment to deposits was 70.1%, as of September 30, 2025, compared to 72.3% as of June 30, 2025 and 78.8% as of September 30, 2024.

Total deposits decreased $25.6 million to $22,605.0 million as of September 30, 2025, from $22,630.6 million as of June 30, 2025, primarily due to decreases in interest bearing demand, time, other, and noninterest bearing deposits that were partially offset by increases in other interest bearing deposit categories. Total deposits decreased $259.1 million, or 1.1%, from $22,864.1 million as of September 30, 2024, with decreases in noninterest bearing and time, other interest bearing deposits, which were partially offset by increases in other interest bearing deposit categories.

Securities sold under repurchase agreements decreased $24.1 million, or 4.7%, to $485.2 million as of September 30, 2025, from $509.3 million as of June 30, 2025, and decreased $72.0 million, or 12.9%, from $557.2 million as of September 30, 2024, resulting from normal fluctuations in the liquidity needs of the Company's clients.

Long-term debt decreased $105.8 million to $146.2 million as of September 30, 2025, from $252.0 million as of June 30, 2025, primarily due to the payoff of $100.0 million of subordinated notes in the third quarter of 2025. Long-term debt increased $8.9 million, from $137.3 million as of September 30, 2024.

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 $250.0 million, or 100.0%, to zero as of September 30, 2025, from $250.0 million as of June 30, 2025. The decrease was funded by cash flows from paydowns and maturities of loans. Other borrowed funds decreased $2,080.0 million from September 30, 2024. The decrease was funded by cash flows from paydowns and maturities of investment securities and loans, 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 September 30, 2025, having exceeded all regulatory capital adequacy requirements. During the third quarter of 2025, the Company paid regular common stock dividends of approximately $49.1 million, or $0.47 per share and repurchased approximately 0.8 million shares of common stock at a weighted average price of $32.58 per share pursuant to its stock repurchase program discussed above.

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**CREDIT QUALITY**

As of September 30, 2025, non-performing assets decreased $11.9 million, or 6.0%, to $185.6 million, compared to $197.5 million as of June 30, 2025, primarily as a result of a decrease in non-accrual loans.

Criticized loans decreased $38.9 million, or 3.2%, to $1,164.1 million as of September 30, 2025, from $1,203.0 million as of June 30, 2025, primarily as a result of both upgrades and downgrades as well as paydowns and payoffs in the portfolio.

**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.

**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;

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• 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;

• the possibility that we may fail to realize the anticipated benefits of our stock repurchase program;

• 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.

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

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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.

**Third Quarter 2025 Conference Call for Investors** 

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the third quarter of 2025 at 9:30 a.m. Eastern Time (7:30 a.m. Mountain Time) on Thursday, October 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 69085. To participate via the Internet, visit <u>www.FIBK.com</u>. The call will be recorded and made available for replay on October 30, 2025, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through November 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 69085. 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 Colorado, Idaho, Iowa, 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)***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | % Change | % Change |
| ***(In millions, except % and per share data)*** | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 |
| Net interest income | $206.8 | $207.2 | $205.0 | $214.3 | $205.5 | (0.2)% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income on a fully-taxable equivalent ("FTE") basis | 208.2 | 208.6 | 206.6 | 215.9 | 207.1 | (0.2) | 0.5 |
| Provision for (reduction of) credit losses |  | (0.3) | 20.0 | 33.7 | 19.8 | (100.0) | (100.0) |
| **Noninterest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment services revenues | 16.8 | 17.8 | 17.1 | 17.9 | 18.7 | (5.6) | (10.2) |
| &nbsp;&nbsp;&nbsp;Mortgage banking revenues | 1.5 | 1.8 | 1.4 | 1.5 | 1.7 | (16.7) | (11.8) |
| &nbsp;&nbsp;&nbsp;Wealth management revenues | 10.4 | 9.7 | 9.8 | 10.6 | 9.6 | 7.2 | 8.3 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 7.0 | 6.9 | 6.6 | 6.7 | 6.6 | 1.4 | 6.1 |
| &nbsp;&nbsp;&nbsp;Other service charges, commissions, and fees | 2.1 | 2.1 | 2.3 | 2.5 | 2.2 |  | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee-based revenues | 37.8 | 38.3 | 37.2 | 39.2 | 38.8 | (1.3) | (2.6) |
| &nbsp;&nbsp;&nbsp;Other income | 5.9 | 2.8 | 4.8 | 7.8 | 7.6 | 110.7 | (22.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | 43.7 | 41.1 | 42.0 | 47.0 | 46.4 | 6.3 | (5.8) |
| **Noninterest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 66.2 | 65.0 | 68.6 | 68.5 | 70.9 | 1.8 | (6.6) |
| &nbsp;&nbsp;&nbsp;Employee benefits | 18.2 | 17.9 | 20.0 | 20.5 | 19.7 | 1.7 | (7.6) |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 18.5 | 18.6 | 18.7 | 18.2 | 17.0 | (0.5) | 8.8 |
| &nbsp;&nbsp;&nbsp;Other intangible amortization | 3.4 | 3.4 | 3.4 | 3.6 | 3.6 |  | (5.6) |
| &nbsp;&nbsp;&nbsp;Other expenses | 51.6 | 50.2 | 49.4 | 50.0 | 48.2 | 2.8 | 7.1 |
| &nbsp;&nbsp;&nbsp;Other real estate owned expense |  |  | 0.5 | 0.1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | 157.9 | 155.1 | 160.6 | 160.9 | 159.4 | 1.8 | (0.9) |
| Income before income tax | 92.6 | 93.5 | 66.4 | 66.7 | 72.7 | (1.0) | 27.4 |
| Provision for income tax | 21.2 | 21.8 | 16.2 | 14.6 | 17.2 | (2.8) | 23.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $71.4 | $71.7 | $50.2 | $52.1 | $55.5 | (0.4)% | 28.6% |
| Weighted-average basic shares outstanding | 103154 | 103261 | 103092 | 103083 | 102971 | (0.1)% | 0.2% |
| Weighted-average diluted shares outstanding | 103387 | 103364 | 103416 | 103399 | 103234 |  | 0.1 |
| Earnings per share - basic | $0.69 | $0.69 | $0.49 | $0.51 | $0.54 |  | 27.8 |
| Earnings per share - diluted | 0.69 | 0.69 | 0.49 | 0.50 | 0.54 |  | 27.8 |

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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)*** | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $382.7 | $436.6 | $390.4 | $378.0 | $438.9 | (12.3)% | (12.8)% |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 1066.4 | 653.5 | 480.9 | 518.5 | 259.6 | 63.2 | 310.8 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1449.2 | 1090.2 | 871.4 | 896.6 | 698.6 | 32.9 | 107.4 |
| &nbsp;&nbsp;&nbsp;Investment securities, net | 7305.8 | 7312.2 | 7503.8 | 7744.6 | 8275.6 | (0.1) | (11.7) |
| &nbsp;&nbsp;&nbsp;Investment in Federal Home Loan Bank and Federal Reserve Bank stock | 106.8 | 118.1 | 150.1 | 177.4 | 155.5 | (9.6) | (31.3) |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 305.6 | 335.2 | 0.4 | 0.9 | 20.9 | (8.8) | NM |
| &nbsp;&nbsp;&nbsp;Loans held for investment | 15834.4 | 16353.4 | 17377.3 | 17844.9 | 18027.1 | (3.2) | (12.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (205.8) | (209.6) | (215.3) | (204.1) | (225.4) | (1.8) | (8.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 15628.6 | 16143.8 | 17162.0 | 17640.8 | 17801.7 | (3.2) | (12.2) |
| &nbsp;&nbsp;&nbsp;Goodwill and intangible assets (excluding mortgage servicing rights) | 1185.5 | 1188.9 | 1192.4 | 1195.7 | 1199.3 | (0.3) | (1.2) |
| &nbsp;&nbsp;&nbsp;Company owned life insurance | 520.2 | 516.7 | 514.2 | 513.0 | 511.0 | 0.7 | 1.8 |
| &nbsp;&nbsp;&nbsp;Premises and equipment | 415.1 | 413.0 | 428.9 | 427.2 | 432.7 | 0.5 | (4.1) |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 3.4 | 3.4 | 3.5 | 4.3 | 4.4 |  | (22.7) |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights | 23.8 | 24.4 | 24.9 | 25.7 | 26.3 | (2.5) | (9.5) |
| &nbsp;&nbsp;&nbsp;Other assets | 388.9 | 420.5 | 428.2 | 511.2 | 469.5 | (7.5) | (17.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $27332.9 | $27566.4 | $28279.8 | $29137.4 | $29595.5 | (0.8)% | (7.6)% |
| Liabilities and stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $22605.0 | $22630.6 | $22732.8 | $23015.6 | $22864.1 | (0.1)% | (1.1)% |
| &nbsp;&nbsp;&nbsp;Securities sold under repurchase agreements | 485.2 | 509.3 | 528.0 | 523.9 | 557.2 | (4.7) | (12.9) |
| &nbsp;&nbsp;&nbsp;Other borrowed funds |  | 250.0 | 960.0 | 1567.5 | 2080.0 | (100.0) | (100.0) |
| &nbsp;&nbsp;&nbsp;Long-term debt | 146.2 | 252.0 | 130.2 | 132.2 | 137.3 | (42.0) | 6.5 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 163.1 | 163.1 | 163.1 | 163.1 | 163.1 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 484.7 | 339.6 | 404.4 | 431.1 | 428.0 | 42.7 | 13.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 23884.2 | 24144.6 | 24918.5 | 25833.4 | 26229.7 | (1.1) | (8.9) |
| &nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 2439.3 | 2463.5 | 2460.2 | 2459.5 | 2457.4 | (1.0) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1213.5 | 1191.2 | 1168.6 | 1166.4 | 1163.3 | 1.9 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (204.1) | (232.9) | (267.5) | (321.9) | (254.9) | (12.4) | (19.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3448.7 | 3421.8 | 3361.3 | 3304.0 | 3365.8 | 0.8 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $27332.9 | $27566.4 | $28279.8 | $29137.4 | $29595.5 | (0.8)% | (7.6)% |
| Common shares outstanding at period end | 103967 | 104874 | 104910 | 104586 | 104530 | (0.9)% | (0.5)% |
| Book value per common share at period end | $33.17 | $32.63 | $32.04 | $31.59 | $32.20 | 1.7 | 3.0 |
| Tangible book value per common share at period end\*\* | 21.77 | 21.29 | 20.67 | 20.16 | 20.73 | 2.3 | 5.0 |
| \*\*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 %)*** | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 |
| **Loans held for investment:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | $8496.4 | $8750.9 | $9196.1 | $9263.2 | $9219.3 | (2.9)% | (7.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 960.8 | 1004.6 | 1097.3 | 1244.6 | 1307.9 | (4.4) | (26.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 2136.0 | 2157.5 | 2161.4 | 2191.6 | 2217.8 | (1.0) | (3.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | 623.0 | 635.6 | 678.1 | 701.1 | 726.4 | (2.0) | (14.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 12216.2 | 12548.6 | 13132.9 | 13400.5 | 13471.4 | (2.6) | (9.3) |
| &nbsp;&nbsp;Consumer: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect | 540.3 | 607.1 | 680.2 | 725.0 | 742.2 | (11.0) | (27.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct | 134.3 | 134.4 | 132.4 | 134.0 | 136.9 | (0.1) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card |  |  | 74.2 | 77.6 | 76.4 |  | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | 674.6 | 741.5 | 886.8 | 936.6 | 955.5 | (9.0) | (29.4) |
| &nbsp;&nbsp;&nbsp;Commercial | 2447.4 | 2529.9 | 2770.6 | 2829.4 | 2919.7 | (3.3) | (16.2) |
| &nbsp;&nbsp;&nbsp;Agricultural | 495.5 | 541.4 | 595.8 | 687.9 | 689.8 | (8.5) | (28.2) |
| &nbsp;&nbsp;&nbsp;Other | 10.2 | 2.0 | 1.8 | 1.6 | 2.5 | 410.0 | 308.0 |
| &nbsp;&nbsp;&nbsp;Deferred loan fees and costs | (9.5) | (10.0) | (10.6) | (11.1) | (11.8) | (5.0) | (19.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment | $15834.4 | $16353.4 | $17377.3 | $17844.9 | $18027.1 | (3.2)% | (12.2)% |
| **Deposits:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest bearing | $5555.7 | $5579 | $5590.2 | $5797.6 | $5919 | (0.4)% | (6.1)% |
| &nbsp;&nbsp;&nbsp;Interest bearing: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand | 6324.7 | 6465.4 | 6439.2 | 6495.2 | 6261.4 | (2.2) | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 7954.0 | 7789.6 | 7876.4 | 7832.3 | 7805.5 | 2.1 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time, $250 thousand and over | 851.1 | 837.3 | 823.4 | 825.0 | 818.6 | 1.6 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time, other | 1919.5 | 1959.3 | 2003.6 | 2065.5 | 2059.6 | (2.0) | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing | 17049.3 | 17051.6 | 17142.6 | 17218.0 | 16945.1 |  | 0.6 |
| &nbsp;&nbsp;&nbsp;Total deposits | $22605.0 | $22630.6 | $22732.8 | $23015.6 | $22864.1 | (0.1)% | (1.1)% |
| &nbsp;&nbsp;Total core deposits <sup>(1)</sup> | $21753.9 | $21793.3 | $21909.4 | $22190.6 | $22045.5 | (0.2)% | (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. |

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

**Credit Quality**

***(Unaudited)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | % Change | % Change |
| ***(In millions, except %)*** | Sep 30,<br>2025 | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 30,<br>2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 |
| **Allowance for Credit Losses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | $205.8 | $209.6 | $215.3 | $204.1 | $225.4 | (1.8)% | (8.7)% |
| &nbsp;&nbsp;&nbsp;As a percentage of loans held for investment | 1.30% | 1.28% | 1.24% | 1.14% | 1.25% |  |  |
| &nbsp;&nbsp;&nbsp;As a percentage of non-accrual loans | 113.33 | 108.77 | 112.19 | 147.58 | 130.52 |  |  |
| &nbsp;&nbsp;&nbsp;Net loan charge-offs during quarter | $2.3 | $5.8 | $9.0 | $55.2 | $27.4 | (60.3)% | (91.6)% |
| &nbsp;&nbsp;&nbsp;Annualized as a percentage of average loans | 0.06% | 0.14% | 0.21% | 1.22% | 0.60% |  |  |
| **Non-Performing Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-accrual loans | $181.6 | $192.7 | $191.9 | $138.3 | $172.7 | (5.8)% | 5.2% |
| &nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 0.6 | 1.4 | 3.0 | 3.0 | 1.8 | (57.1) | (66.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | 182.2 | 194.1 | 194.9 | 141.3 | 174.5 | (6.1) | 4.4 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 3.4 | 3.4 | 3.5 | 4.3 | 4.4 |  | (22.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $185.6 | $197.5 | $198.4 | $145.6 | $178.9 | (6.0)% | 3.7% |
| &nbsp;&nbsp;&nbsp;Non-performing assets as a percentage of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment and OREO | 1.17% | 1.21% | 1.14% | 0.82% | 0.99% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 0.68 | 0.72 | 0.70 | 0.50 | 0.60 |  |  |
| Non-accrual loans to loans held for investment | 1.15 | 1.18 | 1.10 | 0.78 | 0.96 |  |  |
| Accruing Loans 30-89 Days Past Due | $28.5 | $52.2 | $90.2 | $63.5 | $40.7 | (45.4)% | (30.0)% |
| **Criticized Loans:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Special Mention | $697.5 | $744.9 | $543.6 | $316.4 | $188.9 | (6.4)% | 269.2% |
| &nbsp;&nbsp;&nbsp;Substandard | 416.9 | 427.8 | 469.5 | 434.8 | 365.9 | (2.5) | 13.9 |
| &nbsp;&nbsp;&nbsp;Doubtful | 49.7 | 30.3 | 13.0 | 22.1 | 48.5 | 64.0 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1164.1 | $1203.0 | $1026.1 | $773.3 | $603.3 | (3.2)% | 93.0% |

---

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**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: |
| | Sep 30,<br>2025 | | Jun 30,<br>2025 | Mar 31,<br>2025 | Dec 31,<br>2024 | Sep 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 | 1.04% |  | 1.03% | 0.71% | 0.70% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average common stockholders' equity | 8.22 |  | 8.46 | 6.07 | 6.22 | 6.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yield on average earning assets | 4.73 |  | 4.76 | 4.75 | 4.86 | 4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of average interest bearing liabilities | 1.90 |  | 1.95 | 2.05 | 2.23 | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate spread | 2.83 |  | 2.81 | 2.70 | 2.63 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 61.68 |  | 61.10 | 63.64 | 60.20 | 61.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment to deposit ratio | 70.05 |  | 72.26 | 76.44 | 77.53 | 78.84 |
| **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 | 3.36% |  | 3.32% | 3.22% | 3.20% | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share | $21.77 |  | $21.29 | $20.67 | $20.16 | $20.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity to tangible assets | 8.66% |  | 8.47% | 8.01% | 7.55% | 7.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common stockholders' equity | 12.53 |  | 13.01 | 9.42 | 9.71 | 10.48 |
| **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 | 16.62% | \* | 16.49% | 14.93% | 14.38% | 14.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital to total risk-weighted assets | 13.90 | \* | 13.43 | 12.53 | 12.16 | 11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 common capital to total risk-weighted assets | 13.90 | \* | 13.43 | 12.53 | 12.16 | 11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage Ratio | 9.60 | \* | 9.37 | 9.06 | 8.71 | 8.57 |
| \*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 ratio, 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 ratio, 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 ratio, 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 ratio, 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 ratio, 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 ratio, 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 ratio, 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). |

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------

**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** |
| | September 30, 2025 | September 30, 2025 | September 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2024 | September 30, 2024 |
| ***(In millions, except %)*** | Average<br>Balance | Interest<sup>(3)</sup> | Average<br>Rate | Average<br>Balance | Interest<sup>(3)</sup> | Average<br>Rate | Average<br>Balance | Interest<sup>(3)</sup> | Average<br>Rate |
| *Interest earning assets:* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans <sup>(1)</sup> | 16419.0 | 235.0 | 5.68% | 17053.8 | 240.2 | 5.65% | 18209.1 | 260.3 | 5.69% |
| &nbsp;&nbsp;&nbsp;Investment securities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable <sup>(2)</sup> | 7144.7 | 47.8 | 2.65 | 7254.3 | 49.6 | 2.74 | 8209.7 | 60.7 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 180.0 | 0.9 | 1.98 | 181.7 | 0.8 | 1.77 | 185.3 | 0.9 | 1.93 |
| &nbsp;&nbsp;&nbsp;Investment in FHLB and FRB stock | 107.9 | 1.3 | 4.78 | 139.3 | 2.1 | 6.05 | 176.0 | 2.8 | 6.33 |
| &nbsp;&nbsp;&nbsp;Interest bearing deposits in banks | 737.8 | 8.4 | 4.52 | 550.9 | 6.2 | 4.51 | 353.1 | 4.9 | 5.52 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |
| Total interest earning assets | 24589.5 | 293.4 | 4.73% | 25180.1 | 298.9 | 4.76% | 27133.3 | 329.6 | 4.83% |
| Noninterest earning assets | 2702.9 |  |  | 2718.3 |  |  | 2813.6 |  |  |
| Total assets | 27292.4 |  |  | 27898.4 |  |  | 29946.9 |  |  |
| *Interest bearing liabilities:* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 6326.4 | 15.7 | 0.98% | 6402.9 | 15.0 | 0.94% | 6143.9 | 15.1 | 0.98% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 7841.2 | 37.8 | 1.91 | 7801.3 | 36.6 | 1.88 | 7763.4 | 42.2 | 2.16 |
| &nbsp;&nbsp;&nbsp;Time deposits | 2782.1 | 23.4 | 3.34 | 2806.2 | 23.7 | 3.39 | 2863.1 | 26.9 | 3.74 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 490.8 | 1.2 | 0.97 | 517.4 | 1.1 | 0.85 | 643.9 | 1.4 | 0.86 |
| &nbsp;&nbsp;&nbsp;Other borrowed funds | 23.0 | 0.4 | 6.90 | 720.4 | 8.3 | 4.62 | 2526.6 | 32.0 | 5.04 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 201.1 | 3.8 | 7.50 | 158.4 | 2.7 | 6.84 | 147.2 | 1.6 | 4.32 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures held by subsidiary trusts | 163.1 | 2.9 | 7.05 | 163.1 | 2.9 | 7.13 | 163.1 | 3.3 | 8.05 |
| Total interest bearing liabilities | 17827.7 | 85.2 | 1.90% | 18569.7 | 90.3 | 1.95% | 20251.2 | 122.5 | 2.41% |
| Noninterest bearing deposits | 5548.7 |  |  | 5561.3 |  |  | 5927.2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest bearing liabilities | 468.2 |  |  | 366.3 |  |  | 461.4 |  |  |
| Stockholders' equity | 3447.8 |  |  | 3401.1 |  |  | 3307.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | 27292.4 |  |  | 27898.4 |  |  | 29946.9 |  |  |
| Net FTE interest income (non-GAAP)<sup>(4)</sup> |  | 208.2 |  |  | 208.6 |  |  | 207.1 |  |
| Less FTE adjustments <sup>(3)</sup> |  | (1.4) |  |  | (1.4) |  |  | (1.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income from consolidated statements of income |  | 206.8 |  |  | 207.2 |  |  | 205.5 |  |
| Interest rate spread |  |  | 2.83% |  |  | 2.81% |  |  | 2.42% |
| Net interest margin |  |  | 3.34 |  |  | 3.30 |  |  | 3.01 |
| Net FTE interest margin ratio (non-GAAP)<sup>(4)</sup> |  |  | 3.36 |  |  | 3.32 |  |  | 3.04 |
| Cost of funds, including noninterest bearing demand deposits <sup>(5)</sup> |  |  | 1.45 |  |  | 1.50 |  |  | 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> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. | <sup>(2)</sup> Includes average balance of unsettled trades on investment securities. |
| <sup>(3)</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> 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> 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> 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> 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> 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> 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> 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> 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> 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>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. | <sup>(4)</sup> Non-GAAP financial measure - see "Non-GAAP Financial Measures" included herein for a reconciliation to GAAP measures. |
| <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</sup> Calculated by *dividing* total annualized interest on interest bearing liabilities *by* the sum of total interest bearing liabilities plus noninterest bearing deposits. | <sup>(5)</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)*** |  | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 |
| Total common stockholders' equity (GAAP) | (A) | $3448.7 | $3421.8 | $3361.3 | $3304 | $3365.8 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1185.5 | 1188.9 | 1192.4 | 1195.7 | 1199.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity (Non-GAAP) | (B) | $2263.2 | $2232.9 | $2168.9 | $2108.3 | $2166.5 |
| Total assets (GAAP) |  | $27332.9 | $27566.4 | $28279.8 | $29137.4 | $29595.5 |
| &nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1185.5 | 1188.9 | 1192.4 | 1195.7 | 1199.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets (Non-GAAP) | (C) | $26147.4 | $26377.5 | $27087.4 | $27941.7 | $28396.2 |
| Average Balances: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total common stockholders' equity (GAAP) | (D) | $3447.8 | $3401.1 | $3355.1 | $3332.1 | $3307.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less goodwill and other intangible assets (excluding mortgage servicing rights) |  | 1187.1 | 1190.5 | 1193.9 | 1197.4 | 1201.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common stockholders' equity (Non-GAAP) | (E) | $2260.7 | $2210.6 | $2161.2 | $2134.7 | $2106.1 |
| Net interest income | (F) | $206.8 | $207.2 | $205 | $214.3 | $205.5 |
| &nbsp;&nbsp;&nbsp;FTE interest income |  | 1.4 | 1.4 | 1.6 | 1.6 | 1.6 |
| Net FTE interest income (Non-GAAP) | (G) | 208.2 | 208.6 | 206.6 | 215.9 | 207.1 |
| &nbsp;&nbsp;&nbsp;Less purchase accounting accretion |  | 3.5 | 4.2 | 4.7 | 8.6 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net FTE interest income (Non-GAAP) | (H) | $204.7 | $204.4 | $201.9 | $207.3 | $202.7 |
| Average interest earning assets | (I) | $24589.5 | $25180.1 | $26059 | $26811.6 | $27133.3 |
| Total quarterly average assets | (J) | 27292.4 | 27898.4 | 28818.9 | 29618.9 | 29946.9 |
| Annualized net income available to common shareholders | (K) | 283.3 | 287.6 | 203.6 | 207.3 | 220.8 |
| Common shares outstanding | (L) | 103967 | 104874 | 104910 | 104586 | 104530 |
| Return on average assets (GAAP) | (K) / (J) | 1.04% | 1.03% | 0.71% | 0.70% | 0.74% |
| Return on average common stockholders' equity (GAAP) | (K) / (D) | 8.22 | 8.46 | 6.07 | 6.22 | 6.68 |
| Average common stockholders' equity to average assets (GAAP) | (D) / (J) | 12.63 | 12.19 | 11.64 | 11.25 | 11.04 |
| Book value per common share (GAAP) | (A) / (L) | $33.17 | $32.63 | $32.04 | $31.59 | $32.20 |
| Tangible book value per common share (Non-GAAP) | (B) / (L) | 21.77 | 21.29 | 20.67 | 20.16 | 20.73 |
| Tangible common stockholders' equity to tangible assets (Non-GAAP) | (B) / (C) | 8.66% | 8.47% | 8.01% | 7.55% | 7.63% |
| Return on average tangible common stockholders' equity (Non-GAAP) | (K) / (E) | 12.53 | 13.01 | 9.42 | 9.71 | 10.48 |
| Net interest margin (GAAP) | (F\*) / (I) | 3.34 | 3.30 | 3.19 | 3.18 | 3.01 |
| Net FTE interest margin ratio (Non-GAAP) | (G\*) / (I) | 3.36 | 3.32 | 3.22 | 3.20 | 3.04 |
| Adjusted net FTE interest margin ratio (Non-GAAP) | (H\*) / (I) | 3.30 | 3.26 | 3.14 | 3.08 | 2.97 |
| \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized | \*Annualized |

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## Exhibit 99.2

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Q3 2025 Investor Presentation Exhibit 99.2 October 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; the possibility that we may fail to realize the anticipated benefits of our stock repurchase program; 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 $27.3 Billion Total RBC3\*\*\* 16.62% LHFI1 $15.8 Billion CET14\*\*\* 13.90% Deposits $22.6 Billion Leverage\*\*\* 9.60% ACL2/LHFI 1.30% TCE to TA ratio5\*\*\*\* 8.66% 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\* $3.3 Billion Annualized Dividend Yield\*\* 6.0% Branch Network\*\*\*\*\* 289 banking offices Sub Debt Rating Kroll BBB 3 \* Calculated using closing stock price of $31.87 as of 09/30/2025 \*\* Calculated using average closing stock price of $31.11 for the quarter ended 09/30/2025 \*\*\* Preliminary estimates - may be subject to change \*\*\*\* Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation \*\*\*\*\* Reflects branch network as of October 29, 2025. In addition, 11 Nebraska branches are under agreement to be sold to Security First Bank

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COMPANY HIGHLIGHTS 4 301 banking offices in 14 states

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DOMINANT DEPOSIT FRANCHISE 5

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6 2025 STRATEGIC GOALS AND FOCUS AREAS 1. IMPROVE CORE PROFITABILITY Favorable multi-year NII trajectory coupled with operational efficiencies ■ Repricing and reinvestment of maturing fixed rate loans and securities ■ Granular, low-cost deposit base ■ Continued focus on efficiency 2. REFOCUS CAPITAL INVESTMENT Allocating capital toward enhancing core franchise and deemphasizing peripheral opportunities ■ Shifting focus toward core geographies with dominant market share ■ Reducing complexity by exiting non-core business lines ■ Reintroducing buybacks as a disciplined capital management tool 3. OPTIMIZATION OF OUR BALANCE SHEET Improving funding base and reoptimizing the loan portfolio ■ Reorienting loan portfolio to core franchise-enhancing products ■ Reducing reliance on wholesale funding ■ Maintain strong liquidity profile ■ Maintain strong capital ratios while deploying excess capital • Net interest margin expansion (+22bps in adjusted FTE NIM\* since the fourth quarter of 2024) • 1.35% cost of deposits as of September 30, 2025 • 2.30% annualized noninterest expense / average assets • Closed sale of Arizona and Kansas branches in October 2025, exiting both markets • Announced pending sale of 11 Nebraska branches • Outsourcing of credit card portfolio and discontinuation of indirect lending • Since adoption of $150.0 million stock repurchase program on August 28, 2025, repurchased 0.8 million shares of common stock through September 30, 2025 and an additional 1.0 million shares of common stock through October 28, 2025, for a total repurchase of approximately $57.2 million through October 28, 2025 or approximately 1.8 million shares. • Sold credit card portfolio and run off of indirect auto loans • Reduced other borrowed funds from $1.6 billion from December 31, 2024 to $0 at September 30, 2025 • Loan-to-deposit ratio of 70% in the third quarter of 2025 • CET1 improvement of 174bps from December 31, 2024 • Ongoing share repurchase program \* Non-GAAP financial measure – see non-GAAP table in the appendix for reconciliation \*\* Constitutes estimates and forward-looking statement Relationship-based loan and deposit growth Expand market share in high-growth markets with existing density Optimize branch network through opening, closing and relocating branches Enhance profitability Prudently deploy capital ONGOING FOCUS\*\*

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Earnings • Net income of $71.4 million, or $0.69 per share. • Net interest margin (NIM) of 3.34%, an increase of 4 basis points from the second quarter of 2025; NIM on a fully taxable equivalent (FTE) basis1 of 3.36%, an increase of 4 basis points from the second quarter of 2025; adjusted FTE NIM1 of 3.30%, an increase of 4 basis points from the second quarter of 2025. • Efficiency ratio2 of 61.7% for the third quarter of 2025. Balance Sheet • Loans held for investment (LHFI) decreased by $519.0 million from the second quarter of 2025 driven by the planned decline in indirect lending balances and larger loan payoffs. • Deposits decreased by $25.6 million from the second 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 70.1% as of September 30, 2025. Other borrowed funds declined $250.0 million to zero as of September 30, 2025 primarily as a result of loan payoffs. Asset Quality • Total provision for credit losses was zero; funded Allowance for Credit Losses coverage of 1.30% of LHFI during the third quarter of 2025 compared to 1.28% from the second quarter of 2025. • Net charge-offs (NCOs) were $2.3 million, or an annualized 6 basis points of average loans outstanding during the third quarter of 2025. • Non-performing loans of $182.2 million decreased 6.1% from the second quarter of 2025, reflecting 1.15% of LHFI. Non-performing assets of $185.6 million decreased 6.0% from the second quarter of 2025. • Criticized loans decreased $38.9 million, or 3.2%, from the second quarter of 2025, to $1,164.1 million or 7.4% of LHFI as of September 30, 2025. Criticized loans increased $560.8 million, compared to $603.3 million as of September 30, 2024. Capital • Quarterly cash dividend of $0.47 per share, for an annualized yield of 6.0% for the third quarter of 2025. • CET13 of 13.90% and total RBC3 of 16.62% for the third quarter of 2025. • Regulatory capital ratios improved during the quarter; CET1 improved 47 basis points. THIRD 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, 54% Construction RE, 6% Residential RE, 13% Agriculture RE, 4% Consumer, 4%Commercial, 15% Agriculture, 4% Revolving Commitments ($B) $2.7 $2.6 $2.5 $2.5 $2.5 40.4% 41.9% 41.4% 39.3% 39.0% Unfunded Funded Q324 Q424 Q125 Q225 Q325 8 $15.8B Balances as of September 30, 2025 Loan Highlights: • Loans decreased $519.0 million during the third quarter of 2025 driven by the planned decline in Indirect Lending balances, and larger loan payoffs. • Commercial real estate balances are 32.9% owner-occupied as of the third quarter of 2025. • Diversified geographic loan portfolio with largest state concentration of 20%

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EARNING ASSET YIELD 9 Fixed and Adjustable Rate Loans\* Year Maturing or Repricing Balance\*\*\* Roll-Off Coupon 12/31/2025 $332M 5.0 % 2026 $1,358M 4.2 % 2027 $1,764M 4.6 % Total $3,454M 4.5 % Fixed and Adjustable Rate Securities Quarter Total Expected Cash Flow\*\*\* Roll-Off Coupon 12/31/2025 $190M 2.4 % 3/31/2026 $201M 2.4 % 6/30/2026 $210M 2.4 % 9/30/2026 $207M 2.4 % 12/31/2026 $220M 2.5 % 2027 $1,100M 2.5 % Total $2,128M 2.4 % Average Loans/Average Rate\*\* $18.2 $18.0 $17.7 $17.1 $16.4 5.69% 5.75% 5.59% 5.65% 5.68% Average Loans Average Rate Q324 Q424 Q125 Q225 Q325 • Yields on loans increased 3bps compared to the second quarter of 2025 and decreased 1bps compared to the third quarter of 2024 • Through 2027 $3.5 billion of fixed and adjustable rate loans at a weighted average rate of 4.5% are expected to mature or reprice\*\*\* • Through 2027 $2.1 billion of fixed and adjustable rate securities cashflows are expected at a weighted average rate of 2.4%\*\*\* \* 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, 21% Industrial/Warehouse, 18% Office, 10%Hotel, 9% Land & Development, 2% Other CRE, 1% Residential 1-4 Family, 3% Market Type Metro, 5% Mid-Metro, 8% Non-Metro, 87% 10 Highlights: • $9.5 billion portfolio (60% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $5.7 billion (36% of total loans) • $78.5 million of non-accrual loans (0.83% of commercial real estate and construction portfolios) • Montana has the largest state concentration representing 17% of portfolio Balances as of September 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, 26% WY, 13% ID, 8% WA, 4% OR, 11% SD, 15% NE\*\*\*, 8% IA, 9% MO, 1% CO, 4% Other, 1% Mix of Consumer and Business Deposits\* 52% 53% 54% 53% 52% 48% 47% 46% 47% 48% Total Consumer Deposits Total Business Deposits Q324 Q424 Q125 Q225 Q325 11 Average Deposit Balances\* 27% 28% 28% 28% 28% 34% 34% 34% 35% 35% 13% 12% 13% 12% 12% 26% 26% 25% 25% 25% 1.47% 1.41% 1.34% 1.33% 1.35% Demand Savings Time Non-interest bearing Total Cost of Deposits Q324 Q424 Q125 Q225 Q325 DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT \* Balances as of September 30, 2025 \*\* Balances as of September 30, 2025. Totals exclude activity from Arizona and Kansas branches sold to Enterprise Bank & Trust on October 10, 2025 \*\*\* Eleven Nebraska branches are under agreement to be sold to Security First Bank. Deposit Highlights: • Total deposits decreased $25.6 million from the second quarter of 2025. • Total deposit costs increased 2 basis points from the prior quarter.

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Total Risk-Based Capital Ratios 14.11% 14.38% 14.93% 16.49% 16.62% 11.83% 12.16% 12.53% 13.43% 13.90%2.28% 2.23% 2.40% 3.06% 2.72% CET1 Total RBC 3Q24 4Q24 1Q25 2Q25 3Q25² 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 $32.20 $31.59 $32.04 $32.63 $33.17 $20.73 $20.16 $20.67 $21.29 $21.77 7.63% 7.55% 8.01% 8.47% 8.66% 11.37% 11.34% 11.89% 12.41% 12.62% TBVPS BVPS TCE to TA Ratio CE Ratio 3Q24 4Q24 1Q25 2Q25 3Q25 12 LHFI to Deposit Ratio 78.8% 77.5% 76.4% 72.3% 70.1% 3Q24 4Q24 1Q25 2Q25 3Q25 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 6.0% based on an average share price of $31.11 for the third quarter of 2025. • Capital ratios again increased sequentially. • Tangible book value per share (TBVPS)1 increased during the third quarter, driven by an improvement in the accumulated other comprehensive income (AOCI) position of $28.8 million. For the third quarter of 2025, the AOCI mark is equal to $1.96 of book value per share (BVPS). • Repurchased approximately 0.8 million shares of common stock at a weighted average price of $32.58 per share during the third quarter of 2025 and continued activity into the fourth quarter of 2025.

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ACL Highlights: • Funded ACL increased to 1.30% of loans from 1.28% in the prior quarter. • Charge-offs represented 6 basis points of average loans during the third quarter of 2025. ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio $231.0 $209.3 $220.4 $214.4 $212.1$225.4 $204.1 $215.3 $209.6 $205.8 5.6 5.2 5.1 4.8 6.3 1.25% 1.14% 1.24% 1.28% 1.30% Funded ACL Unfunded ACL Funded ACL % of LHFI 3Q24 4Q24 1Q25 2Q25 3Q25 13 ACL Roll-forward ($MM) Funded Unfunded Investments Total ACL 6/30/25 $209.6 $4.8 $0.7 $215.1 ACL Provision (Reversal) (1.5) 1.5 — — Net Charge-offs 2.3 — — 2.3 ACL 9/30/25 $205.8 $6.3 $0.7 $212.8

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Asset Quality Highlights: • Net charge-offs totaled $2.3 million, or 6 basis points of average loans, during the third quarter of 2025. • Total non-performing loans (NPLs) decreased by $11.9 million, or 6.1% during the third quarter of 2025. • Total criticized loans decreased $38.9 million during the third quarter of 2025 to $1,164.1 million as of September 30, 2025. ASSET QUALITY AND RESERVE TRENDS Net Charge-offs ($MM) and Net Charge-Offs Ratio $27.4 $55.2 $9.0 $5.8 $2.3 0.60% 1.22% 0.21% 0.14% 0.06% Net Charge-offs % of Average Loans 3Q24 4Q24 1Q25 2Q25 3Q25 Total non-performing loans ($MM) and ACL/NPL Ratios $174.5 $141.3 $194.9 $194.1 $182.2 129.2% 144.4% 110.5% 108.0% 113.0% NPLs ACL / NPL Ratio 3Q24 4Q24 1Q25 2Q25 3Q25 Total Criticized Loans ($MM) and Criticized Loan Ratio $603.3 $773.3 $1,026.1 $1,203.0 $1,164.1 3.3% 4.3% 5.9% 7.4% 7.4% Criticized Loans % of Total Loans 3Q24 4Q24 1Q25 2Q25 3Q25 14

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Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $3.5 million of loan purchase accounting accretion (PAA) for the third quarter of 2025, a decrease from $4.2 million in the prior quarter. • Total remaining PAA of $32.4 million as of the third quarter of 2025 ◦ Scheduled accretion of $2.5 million, $8.2 million, $5.7 million for the remainder of FY25, FY26, and FY27, respectively. • During the third quarter of 2025, FTE NIM1 increased by 4 basis points compared to the prior quarter. • Adjusted FTE NIM1 (which excludes the impact from PAA) increased by 4 basis points during the third quarter of 2025, primarily driven by a decline in funding costs. NET INTEREST INCOME FTE NII¹ ($MM) and FTE NIM¹ $202.7 $207.3 $201.9 $204.4 $204.7 $4.4 $8.6 $4.7 $4.2 $3.5 $207.1² $215.9² $206.6² $208.6² $208.2² 3.04% 3.20% 3.22% 3.32% 3.36% 2.97% 3.08% 3.14% 3.26% 3.30% Adjusted FTE NII¹ Loan PAA FTE NIM¹ Adjusted FTE NIM¹ 3Q24 4Q24 1Q25 2Q25 3Q25 15 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 FTE NII

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16 Non-interest Income by Type ¹ Payment Services, 38% Mortgage Banking, 3% Wealth Management, 24% Deposit Service Charges, 16% Other Service Charges & Fees, 5% Other Income, 14% Dollars in millions 3Q24 2Q25 3Q25 Payment services revenues $18.7 $17.8 $16.8 Mortgage banking revenues 1.7 1.8 1.5 Wealth management revenues 9.6 9.7 10.4 Service charges on deposit accounts 6.6 6.9 7.0 Other service charges, commissions and fees 2.2 2.1 2.1 Other income 7.6 2.8 5.9 Total Reported Noninterest Revenue $46.4 $41.1 $43.7 % of Total Revenue 18.4 % 16.6 % 17.4 % NONINTEREST INCOME 1 Percentages calculated using balances as of September 30, 2025 Other Income Notes: • Q3 2024 results included $2.6 million for a gain-on-sale of one of our branches • Q2 2025 results include a $7.3 million valuation allowance for loans transferred to held for sale related to the then pending sale of the Arizona and Kansas loans, which closed on October 10, 2025 • 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 17 Dollars in millions 3Q24 2Q25 3Q25 Salaries and wages $70.9 $65.0 $66.2 Employee benefits 19.7 17.9 18.2 Occupancy and equipment 17.0 18.6 18.5 Other intangible amortization 3.6 3.4 3.4 Other expenses 48.2 50.2 51.6 Total Reported Noninterest Expense $159.4 $155.1 $157.9 Non-interest Expense ($MM) and Efficiency Ratio 159.4 160.9 160.6 155.1 157.9 61.8% 60.2% 63.6% 61.1% 61.7% Total Non-interest Expenses Efficiency Ratio ¹ 3Q24 4Q24 1Q25 2Q25 3Q25 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: • Q3 2024 results included $3.8 million for CEO transition related expenses • Q2 2025 results include $1.5 million associated with property valuation adjustments and lease termination fees related to the then pending sale of Arizona and Kansas branches, which closed on October 10, 2025 subsequent to September 30, 2025 • Q3 2025 results include $1.1 million associated with property valuation adjustment for a then pending Kansas branch sale, which closed on October 10, 2025 subsequent to September 30, 2025 and $0.7 million of unamortized costs related to the payoff of $100 million of subordinated notes.

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FOURTH QUARTER 2025 GUIDANCE SUMMARY\* 18 \*Preliminary estimates and forward-looking statements - may be subject to change \*Except as otherwise noted, guidance includes the impact of the Arizona and Kansas transaction which closed on October 10, 2025 Loans and Deposits • Anticipate ending deposits modestly over $22bn at year-end, implying modest growth excluding the impact of the sale of our Arizona and Kansas branches • Anticipate ending loans around $15.5bn range at year-end, implying a decline in the fourth quarter which includes the estimated impact of intentional larger loan payoffs Net Interest Income • Anticipate fourth quarter net interest income to total $203-$205mm; anticipate continued margin expansion in fourth quarter and through 2026 Noninterest Income • Anticipate fourth quarter non-interest income to total $42-$44mm, excluding the impact of the gain-on-sale related to the Arizona and Kansas branch sale transaction Noninterest Expense • Anticipate fourth quarter noninterest expense to total $155-$157mm Tax Rate • Anticipate effective tax rate to be 23.5%-24.0% for full-year 2025 Credit Quality • Continue to anticipate long-term net charge-offs between 20 and 30 basis points

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NON-GAAP FINANCIAL MEASURES 19 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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3Q24 4Q24 1Q25 2Q25 3Q25 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $3,365.8 $3,304.0 $3,361.3 $3,421.8 $3,448.7 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,199.3 1,195.7 1,192.4 1,188.9 1,185.5 Tangible common stockholders' equity (Non-GAAP) (B) $2,166.5 $2,108.3 $2,168.9 $2,232.9 $2,263.2 Total assets (GAAP) $29,595.5 $29,137.4 $28,279.8 $27,566.4 $27,332.9 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,199.3 1,195.7 1,192.4 1,188.9 1,185.5 Tangible assets (Non-GAAP) (C) $28,396.2 $27,941.7 $27,087.4 $26,377.5 $26,147.4 Common shares outstanding (L) 104,530 104,586 104,910 104,874 103,967 Book value per common share (GAAP) (A) / (L) $32.20 $31.59 $32.04 $32.63 $33.17 Tangible book value per common share (Non-GAAP) (B) / (L) 20.73 20.16 20.67 21.29 21.77 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 7.63 % 7.55 % 8.01 % 8.47 % 8.66 % NON-GAAP RECONCILIATION 20 \* Line items may not sum due to rounding

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3Q24 4Q24 1Q25 2Q25 3Q25 (Dollars in millions) Net interest income (A) $205.5 $214.3 $205.0 $207.2 $206.8 FTE adjustments(1) 1.6 1.6 1.6 1.4 1.4 Net interest income on a FTE basis (Non-GAAP) (B) 207.1 215.9 206.6 208.6 208.2 Less purchase accounting accretion 4.4 8.6 4.7 4.2 3.5 Adjusted net interest income on a FTE basis (Non-GAAP) (C) $202.7 $207.3 $201.9 $204.4 $204.7 Average interest earning assets (D) $27,133.3 $26,811.6 $26,059.0 $25,180.1 $24,589.5 Net interest margin (A annualized)/(D) 3.01 % 3.18 % 3.19 % 3.30 % 3.34 % Net interest margin (FTE) (Non-GAAP) (B annualized)/(D) 3.04 3.20 3.22 3.32 3.36 Adjusted net interest margin (FTE) (Non-GAAP) (C annualized)/(D) 2.97 3.08 3.14 3.26 3.30 NON-GAAP RECONCILIATION 21 \* 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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