FIRST INTERSTATE BANCSYSTEM INC

Listed Company

FIBKCIK 0000860413NasdaqLarge AcceleratedState Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$302.10M

Total Assets

$26.64B

Equity

$3.45B

Shares Out

101.12M

Op. Cash Flow

$305.60M

+ 13F Filer

Business

FIRST INTERSTATE BANCSYSTEM INC is a financial and bank holding company that operates a community banking model through its bank subsidiary, First Interstate Bank. It offers a comprehensive range of banking products and services, including deposit accounts, lending (commercial, real estate, consumer, agricultural), mortgage origination and servicing, online and mobile banking, wealth management, trust, investment, insurance, and custodial services. The company has one operating segment—community banking—which encompasses commercial, governmental, and consumer banking and related centralized support functions. It distributes products through approximately 300 banking offices, detached drive-up facilities, and omni-channel platforms across 14 Western and Midwestern U.S. states.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	936	1,022	980	790	430
Taxable	199	244	269	214	69
Exempt from federal taxes	3	3	3	4	4
Interest on deposits in banks	33	22	16	9	3
Total interest income	1,178	1,303	1,280	1,022	507
Interest on deposits	300	326	243	48	8
Interest on securities sold under repurchase agreements	5	7	6	3	400,000
Interest on other borrowed funds	26	123	134	15	0
Interest on long-term debt	11	12	6	6	6
Interest on subordinated debentures held by subsidiary trusts	11	13	13	7	3
Total interest expense	353	481	401	79	—
Net interest income	825	822	879	943	489
Provision for credit losses	27	68	32	83	—
Net interest income after provision for credit losses	799	754	847	860	504
Payment Services Revenues	68	74	76	74	45
Revenue from Contract with Customer, Excluding Assessed Tax	9	9	10	16	8
Fees and Commissions, Mortgage Banking and Servicing	6	7	8	19	41
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions	41	39	35	34	26
Service Charges on Deposit Accounts	27	26	23	25	17
Investment securities losses, net	0	0	−24	−24	1
Other income	83	24	18	20	12
Total noninterest income	233	178	147	163	150
Salaries and wages	275	271	263	282	165
Employee benefits	75	76	75	78	56
Information Technology and Data Processing	58	56	59	54	33
Occupancy, Net	55	49	48	44	29
Equipment Expense	21	21	22	23	18
OREO expense, net	500,000	4	2	2	−200,000
Professional fees	24	22	19	19	12
FDIC insurance premiums	14	24	32	14	7
Other intangibles amortization	14	15	16	16	10
Other expenses	106	100	122	115	66
Total noninterest expense	640	637	657	766	406
Income before income tax	392	295	337	257	248
Provision for income tax	90	69	79	55	56
Net income	302	226	258	202	192
Basic earnings per common share (in dollars per share)	2.95	2.19	2.48	1.96	3.12
Diluted earnings per common share (in dollars per share)	2.94	2.19	2.48	1.96	3.11
Other Interest and Dividend Income	7	12	12	5	1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	358	378	378	349	169
Federal funds sold	951	519	200	521	2,176
Interest bearing deposits in banks	100,000	100,000	100,000	100,000	100,000
Total cash and cash equivalents	1,310	897	578	871	2,345
Available-for-sale	5,288	5,057	5,842	6,946	—
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss	2,342	2,688	3,208	3,452	1,688
Investments, Total	7,630	7,745	9,049	10,398	6,508
Federal Home Loan Bank Stock and Federal Reserve Bank Stock	106	177	223	199	54
Loans Held for Sale	74	900,000	47	80	—
Loans and Leases Receivable, Collateral for Secured Borrowings	15,202	17,845	18,280	—	—
Accounts Receivable, Allowance for Credit Loss	−191	−204	−228	−220	−122
Net loans	15,010	17,641	18,052	—	—
Goodwill	1,101	1,101	1,101	1,101	622
Company-owned life insurance	523	513	502	498	302
Premises and equipment, net of accumulated depreciation	407	427	444	445	300
Other intangibles, net of accumulated amortization	53	67	81	97	41
Accrued interest receivable	103	117	129	118	47
Mortgage servicing rights, net of accumulated amortization	23	26	28	31	28
Other real estate owned	3	4	17	13	2
Deferred Income Tax Assets, Net	60	118	150	211	0
Other assets	238	304	268	349	184
Total assets	26,641	29,137	30,671	32,288	19,672
Non-interest bearing	5,287	5,798	6,030	7,560	5,568
Interest bearing	16,802	17,218	17,294	17,514	10,701
Total deposits	22,088	23,016	23,323	25,074	16,270
Securities sold under repurchase agreements	480	524	783	1,053	1,051
Accounts payable and accrued expenses	287	379	380	446	148
Accrued interest payable	37	47	52	15	4
Long-term debt	146	132	121	121	112
Other borrowings	0	1,568	2,603	2,327	0
Allowance for credit losses on off-balance sheet credit exposures	6	5	18	16	4
Subordinated debentures held by subsidiary trusts	150	163	163	163	87
Total liabilities	23,194	25,833	27,444	29,214	17,685
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; no shares issued or outstanding as of December 31, 2019 and 2018	0	0	0	0	0
Common stock	2,351	2,460	2,449	2,478	945
Retained earnings	1,274	1,166	1,135	1,073	1,053
Accumulated other comprehensive income (loss), net	−178	−322	−357	−477	−11
Total stockholders equity	3,447	3,304	3,228	3,074	1,987
Total liabilities and stockholders equity	26,641	29,137	30,671	32,288	19,672

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss (gain) on disposal of premises and equipment	8	−3	700,000	−2	−2
Depreciation and amortization	51	57	54	56	44
Net (discount) premium amortization on investment securities	−200,000	1	2	17	39
Net (gain) loss on investment securities transactions	0	0	24	24	−1
Realized and unrealized net gains on mortgage banking activities	−2	−2	−3	−9	−26
Net gains and write-downs of OREO and other assets pending disposal	500,000	4	1	2	—
Gain (Loss) on Extinguishment of Debt	−100,000	0	0	−1	0
Valuation allowance for loans held-for-sale	6	0	0	—	—
Deferred Income Tax Expense (Benefit)	11	21	20	−5	5
Life Insurance, Corporate or Bank Owned, Change in Value	−11	−15	−10	−11	−6
Stock-based compensation expense	13	12	5	10	9
Payment for Origination, Loan, Mortgage, Held-for-Sale	−67	−150	−352	−430	−817
Proceeds from Sale, Loan, Mortgage, Held-for-Sale	68	150	360	462	884
Gain on sale of consumer credit card loans	−4	0	0	—	—
Gain on sale of branches, net	−63	0	0	—	—
Decrease (increase) in accrued interest receivable	13	12	−11	−38	4
Decrease (increase) in other assets	73	−23	81	−13	−16
(Decrease) increase in accrued interest payable	−10	−5	38	8	−2
(Decrease) increase in accounts payable and accrued expenses	−112	900,000	−71	183	−2
Net cash provided by operating activities	306	355	428	534	282
Payments to Acquire Debt Securities, Available-for-Sale	−1,437	−102	−135	−4,168	−2,718
Held-to-maturity	350	525	227	371	258
Available-for-sale	1,390	924	1,391	1,927	1,118
Payments for (Proceeds from) Short-Term Investments	73	46	−25	−129	—
Proceeds from company-owned life insurance settlements	1	4	5	1	1
Proceeds from sales of consumer credit card loans	81	0	0	—	—
Net change in loans held for investment	2,160	372	−186	−951	468
Proceeds from sale of OREO	900,000	13	4	3	2
Net cash distributed in sale of branches	−279	0	0	—	—
Capital expenditures, net of sales	−28	−23	−28	−11	−10
Net cash provided by investing activities	2,312	1,759	1,253	−949	−2,120
Net increase (decrease) in cash and cash equivalents	413	319	−293	−1,474	68
Net decrease in deposits	−286	−308	−1,751	−2,884	2,053
Net decrease in securities sold under repurchase agreements	−44	−259	−270	29	−40
Proceeds from (Repayments of) Other Debt	−1,568	−1,286	276	2,327	0
Repayments of Other Long-term Debt	113	200,000	100,000	164	0
Proceeds on long-term debt	0	254	0	14	0
Payments of Debt Issuance Costs	−3	0	0	—	—
Proceeds from Issuance of Subordinated Long-Term Debt	125	0	0	—	—
Purchase and retirement of common stock	−122	−1	−34	−199	−5
Dividends paid to common stockholders	−194	−196	−195	−182	−102
Net cash used in financing activities	−2,204	−1,795	−1,974	−1,060	1,906
Transfer of held-to-maturity to available-for-sale securities	0	0	23	11	0
Transfer of Loans Held-for-sale to Portfolio Loans	0	0	30	20	0
Amortization of unrealized gains and losses on transfers of securities	370	0	30	12	0
Transfer of premises and equipment held-for-sale	20	0	0	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	7	2	6	23	6
Transfer of loans to other real estate owned	500,000	5	8	400,000	900,000
Capitalization Of Internally Originated Mortgage Servicing Rights, Noncash Supplemental Disclosures	500,000	700,000	1	3	4
Cash paid during the period for income taxes, net(1)	−37	−34	−51	−58	−57
Cash paid during the period for interest expense	362	476	364	32	19

Filings

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Holdings (13F)

Portfolio as of 2021-03-31 · 177 positions

Reported AUM

$841.12M

Holdings

177

Top sector

$841.12M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$841.12M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Vanguard ETF/USA	—	1.45M	$135.07M	16.1%
ISHARES	—	237.0K	$94.29M	11.2%
VANGUARD ETF/USA	—	948.7K	$78.26M	9.3%
BlackRock Fund Advisors	—	1.70M	$65.09M	7.7%
BlackRock Fund Advisors	—	498.8K	$54.13M	6.4%
BlackRock Fund Advisors	—	183.3K	$47.71M	5.7%
BlackRock Fund Advisors	—	249.6K	$27.17M	3.2%
SELECT SECTOR SPDR	—	210.7K	$24.59M	2.9%
SELECT SECTOR SPDR	—	147.9K	$19.64M	2.3%
SSgA Funds Management Inc	—	143.0K	$14.08M	1.7%