29 slides from First Interstate Bancsystem's debt investor presentation, Jun 2, 2025
Slide 1: Fixed Income Investor Presentation June 2025
Fixed Income Investor Presentation June 2025 Exhibit 99.1
Slide 2: Safe Harbor
2 SAFE HARBOR 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, or the Exchange Act, and Rule 3b-6 promulgated t
Slide 3: Franchise Overview
3 Franchise Overview
Slide 4: First Interstate BancSystem, Inc. Overview
4 First Interstate BancSystem, Inc. Overview Premier community banking institution in growing markets throughout the Midwest and Pacific Northwest Financial Highlights Balance Sheet Capital Assets $28.3 Billion Total RBC(4) 14.93% LHFI(2) $17.4 Billion CET1(5) 12.53% Deposits $22.7 Billion Leverage
Slide 5: Building the First Interstate Franchise
5 Building the First Interstate Franchise
Slide 6: Deposit market share and franchise footprint
6 Source: S&P Capital IQ Pro; deposit market share data as of 6/30/2024. Note: Deposit market share data, growth profile figures and deposit rankings shown pro forma for pending branch sale. (1) Arizona and Kansas branches (12 branches total) under agreement to be sold to Enterprise Bank & Trust. (2
Slide 7: Management team
7 Rachel B. Turrito has been the Company’s Chief Human Resources Officer since November of 2019. Prior to her current role, Ms. Turrito served as the Bank’s Director of Human Resources from 2017 to 2019. Ms. Turrito contributes 15+ years of diverse experience across multiple human resource disciplin
Slide 8: Investment Highlights
8 Investment Highlights Experienced management team, blending new and seasoned FIBK executives with deep financial services expertise Conservative business practices creating long term value Robust risk management and regulatory compliance practices Stable profitability across interest rate cycles,
Slide 9: Financial Performance
9 Financial Performance Financial Performance
Slide 10: Balance Sheet Summary
10 Total Assets ($B) Gross Loans ($B) Total Deposits ($B) Tangible Common Stockholders’ Equity ($B)(1) Balance Sheet Summary (1) Represents a Non-GAAP financial measure. See Non-GAAP Financial Measures included in Appendix for a reconciliation to this measure’s most directly comparable GAAP financia
Slide 11: Profitability
11 1.05 1.04 1.17 0.88 0.75 0.71 2020 2021 2022 2023 2024 2025Q1 1.71 1.26 1.54 1.26 1.21 1.22 2020 2021 2022 2023 2024 2025Q1 Adjusted PPNR ROAA (%)(1)(2) Adjusted ROAA (%)(1)(3) Adjusted ROAE (%)(1)(4) Adjusted ROATCE (%)(1)(5) (1) Represents a Non-GAAP financial measure. See Non-GAAP Financial Me
Slide 12: Operating Performance
12 Net Interest Margin (%) Efficiency Ratio (%) Fee Income / Operating Rev. (%) Operating Performance Annual & MRQ Quarterly 3.47 2.84 3.33 3.12 3.02 3.19 2020 2021 2022 2023 2024 2025Q1 57.6 61.9 67.8 62.5 62.3 63.6 2020 2021 2022 2023 2024 2025Q1 23.8 23.3 16.4 16.0 17.4 17.0 2020 2021 2022 2023 2
Slide 13: Capital
13 14.19 14.11 12.48 13.28 14.38 14.93 2020 2021 2022 2023 2024 2025Q1 8.16 7.68 7.75 8.22 8.71 9.06 2020 2021 2022 2023 2024 2025Q1 Common Equity Tier 1 (%) Tier 1 Leverage Ratio (%) Total Risk Based Capital (%) Tangible Common Stockholders’ Equity / Tangible Assets (%)(1) Capital (1) Represents a
Slide 14: Loan Portfolio and Asset Quality
14 Loan Portfolio and Asset Quality Loan Portfolio & Asset Quality
Slide 15: Diversified Loan Portfolio
15 MT 19% WY 6% ID 7% WA 9% OR 10% NE 7% SD 13% ND 2% IA 11% KS 2% AZ 5% CO 7% Other 2%Commercial RE 53% Construction RE 6% Residential RE 12% Agriculture RE 4%Consumer 5% Commercial 16% Agriculture 4% $17.4B Gross Loans 4% Top 20 Loans / Total Loans 5.59% Yield on Loans ~58% Fixed Rate Loans / Tota
Slide 16: Loan Portfolio Detail
16 Loan Portfolio Detail 87% 8% 5% Non-Metro Mid-Metro Metro Multifamily 24% Medical 11% Retail 21% Industrial/Warehouse 18% Office 10% Hotel 9% Land & Development 2% Other CRE 3% Residential 1-4 Family 2% $10.3B CRE Loans 59% CRE / Total Loans 36% NOO CRE(2) / Total Loans 268% Reg. CRE / TRBC(3) 4%
Slide 17: Criticized, Classified & Non-performing Loans
17 Criticized, Classified & Non-performing Loans NCOs / Avg. Loans (%) Quarterly — Ten relationships represent approximately 75% of the increase in criticized loans in Q1’25. Downgrades were primarily within the commercial real estate portfolio. Downgrades reflect slower lease-up activity within the
Slide 18: Allowance for Credit Losses (ACL)
18 130% 138% 129% 144% 111% 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 $227.7 $232.8 $225.4 $204.1 $215.3 $15.4 $5.8 $5.6 $5.2 $5.1 $243.1 $238.6 $231.0 $209.3 $220.4 1.25% 1.28% 1.25% 1.14% 1.24% 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 Funded ACL Unfunded ACL Funded ACL % of LHFI ACL ($MM) and Funded ACL / HFI
Slide 19: Funding and Liquidity
19 Funding and Liquidity Funding & Liquidity
Slide 20: Diverse, Low Cost & Core Deposit Base
20 1.39% 1.42% 1.47% 1.41% 1.34% 2.28% 2.33% 2.40% 2.26% 2.08% 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 FIBK Peer Median MT 25% WY 13% ID 7% WA 3% OR 11% SD 15% NE 9% IA 9% MO 1% AZ 3% CO 4% 54% 52% 52% 53% 54% 46% 48% 48% 47% 46% 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 Total Consumer Deposits Total Business D
Slide 21: Liquidity
21 79.8% 79.7% 78.8% 77.5% 76.4% 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 Loans Held for Investment / Deposits (%) Available Liquidity ($M) (1) Includes cash on deposit with the Federal Reserve Bank. (2) Securities that are available to pledge and currently unencumbered. Liquidity 3/31/2025 Cash (1) $480.
Slide 22: Investment Portfolio
22 $201.9 $323.9 $212.8 $195.0 $203.5 $202.7 2.32% 2.71% 2.45% 2.37% 2.33% 2.39% 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 Cash Flow Roll-Off Yield Projected Cash Flow and Yield Roll-Off at Quarter-end(2) AFS Securities Portfolio $5.2B 66% of Total Portfolio (1) Portfolio summary based on 3/31/2025
Slide 23: Interest Rate Sensitivity
23 1-Year Net Interest Income Impact 1.95% 1.06% 0.00% (1.45%) (3.18%) -200 bps -100 bps Base +100 bps +200 bps Interest Rate Sensitivity Note: Interest rate sensitivity as of 3/31/2025.
Slide 24: Appendix
24 Appendix Appendix
Slide 25: Double Leverage & Interest Coverage
25 Double Leverage & Interest Coverage (Dollars in thousands) Double Leverage 2023Y 2024Y 2025Q1 Bank Level Equity $3,179,482 $3,264,256 $3,324,981 Consolidated Equity $3,227,500 $3,304,000 $3,361,300 Double Leverage Ratio 98.5% 98.8% 98.9% Interest Coverage 2023Y 2024Y 2025Q1 Total Deposit Interest
Slide 26: Subordinated Debt and Trust Preferred
26 Issuance Amount ($M) Interest Rate(1) Issue Date Call Date Maturity Date Subordinated Debt: 10NC5 Subordinated Notes $100.0 5.25% May 2020 Callable 5/15/2030 Trust Preferred: Trust I $15.5 7.31% November 2007 Callable 12/15/2037 Trust II $10.3 6.82% October 2007 Callable 1/1/2038 Trust III $20.6
Slide 27: Non-GAAP Reconciliation
27 Non-GAAP Reconciliation 2020Y 2021Y 2022Y 2023Y 2024Y 2025Q1 (Dollars in millions, except % data) Total common stockholders' equity 1,959.8 1,986.6 3,073.8 3,227.5 3,304.0 3,361.3 Less goodwill and other intangible assets (excluding mortgage servicing rights) 700.8 690.9 1,225.9 1,210.3 1,195.7 1
Slide 28: Non-GAAP Reconciliation
28 Non-GAAP Reconciliation (1) Other income represents the recovery in the credit valuation discount on derivatives acquired in the Great Western Bancorp, Inc. acquisition at June 30, 2022 and the gain on the disposition of subordinated debt at March 31, 2022. (2) Annualized. 2020Y 2021Y 2022Y 2023Y
Slide 29: Non-GAAP Reconciliation (PPNR)
29 2020Y 2021Y 2022Y 2023Y 2024Y 2025Q1 (Dollars in millions, except % data); all adjustments are after-tax Net interest income 497.8 489.2 942.6 878.8 821.6 205.0 Add: Total non-interest income 155.9 149.5 163.2 147.0 178.1 42.0 Less: Net loss from investment securities 0.3 1.1 (24.4) (23.5) – – Le