Slide 1: Q1 2025 Investor Presentation
Q1 2025 Investor Presentation Exhibit 99.2 April 29, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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
Slide 3: First Interstate BancSystem, Inc. Overview
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 RBC3** 14.93% LHFI1 $17.4 Billion CET14** 12.53% Deposits $22.7 Billion Leverage** 9.
Slide 4: Q1 2025 Earnings and Balance Sheet Highlights
Earnings • Net income of $50.2 million, or $0.49 per share. • Net interest margin (NIM) of 3.19%, an increase of 1 basis points from the fourth quarter of 2024; NIM on a fully taxable equivalent (FTE) basis1 of 3.22%, an increase of 2 basis points from the fourth quarter of 2024; adjusted FTE NIM1 o
Slide 5: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 53% Construction RE, 6% Residential RE, 12% Agriculture RE, 4% Consumer, 5%Commercial, 16% Agriculture, 4% Loans by Geography 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% Revolving
Slide 6: Commercial Real Estate and Construction Portfolios
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Property Type Multifamily, 24% Medical, 11% Retail, 21% Industrial/Warehouse, 18% Office, 10%Hotel, 9% Land & Development, 2% Other CRE, 3% Residential 1-4 Family, 2% Market Type Metro, 5% Mid-Metro, 8% Non-Metro, 87% 6 Highlights: • $10.3 billion p
Slide 7: Diverse Deposit Base
Deposits by State MT, 25% WY, 13% ID, 7% WA, 3% OR, 11%SD, 15% NE, 9% IA, 9% MO, 1% AZ, 3% CO, 4% Mix of Consumer and Business Deposits 54% 52% 52% 53% 54% 46% 48% 48% 47% 46% Total Consumer Deposits Total Business Deposits 1Q24 2Q24 3Q24 4Q24 1Q25 7 Average Deposit Balances 27% 27% 27% 28% 28% 34%
Slide 8: Capital and Liquidity
Total Risk-Based Capital Ratios 13.64% 13.80% 14.11% 14.38% 14.93% 11.37% 11.53% 11.83% 12.16% 12.53% 2.27% 2.27% 2.28% 2.23% 2.40% CET1 Total RBC 1Q24 2Q24 3Q24 4Q24 1Q25² CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common Sto
Slide 9: Allowance for Credit Losses (ACL)
ACL Highlights: • Funded ACL increased to 1.24% of loans from 1.14% in the prior quarter, driven by higher qualitative and quantitative reserves. A weaker economic outlook contributed to the quantitative addition to the reserve. • Charge-offs represented 21 basis points of average loans during the f
Slide 10: Asset Quality and Reserve Trends
Asset Quality Highlights: • Total criticized loans increased $252.8 million during the first quarter of 2025, driven mostly by downgrades of Commercial Real Estate loans. Downgrades reflect slower lease-up activity within the Multifamily portfolio, and select customer pressure within the Industrial
Slide 11: Net Interest Income and Net Interest Margin
Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $4.7 million of loan purchase accounting accretion (PAA) for the first quarter of 2025, a decrease from $8.6 million from the prior quarter. PAA in the prior quarter was driven by a $3.4 million release related to the pay-off of t
Slide 12: Investment Portfolio
INVESTMENT PORTFOLIO 12 Total Portfolio Duration at Quarter-end 3.6 3.5 3.4 3.7 3.6 1Q24 2Q24 3Q24 4Q24 1Q25 (in years) Projected Cash Flow ($MM) and Yield Roll-Off at Quarter-end* $201.9 $323.9 $212.8 $195.0 $203.5 $202.7 2.32% 2.71% 2.45% 2.37% 2.33% 2.39% 2Q25E 3Q25E 4Q25E 1Q26E 2Q26E 3Q26E *Cons
Slide 13: Noninterest Income
13 Non-interest Income by Type ¹ Payment Services, 41% Mortgage Banking, 3% Wealth Management, 23% Deposit Service Charges, 16% Other Service Charges & Fees, 6% Other Income, 11% Dollars in millions 1Q24 4Q24 1Q25 Payment services revenues $ 18.4 $ 17.9 $ 17.1 Mortgage banking revenues 1.7 1.5 1.4 W
Slide 14: Noninterest Expense
NONINTEREST EXPENSE 14 Dollars in millions 1Q24 4Q24 1Q25 Salaries and wages $ 65.2 $ 68.5 $ 68.6 Employee benefits 19.3 20.5 20.0 Occupancy and equipment 17.3 18.2 18.7 Other intangible amortization 3.7 3.6 3.4 Other expenses 52.7 50.0 49.4 Other real estate owned expense 2.0 0.1 0.5 Total Reported
Slide 15: 2025 Guidance Summary
2025 GUIDANCE SUMMARY* 15 *Preliminary estimates - may be subject to change *Constititute estimates and forward-looking statements *Guidance excludes impact of announced branch transaction Loans and Deposits • Anticipate ending deposits to increase low single digits in 2025, with normal seasonality
Slide 16: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 16 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
Slide 17: Non-GAAP Reconciliation: Tangible Equity and Book Value
1Q24 2Q24 3Q24 4Q24 1Q25 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,209.7 $ 3,225.3 $ 3,365.8 $ 3,304.0 $ 3,361.3 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,206.6 1,202.9 1,199.3 1,195.7 1,192.4 Tangible common stockholders' equity (
Slide 18: Non-GAAP Reconciliation: Net Interest Income and Margin
1Q24 2Q24 3Q24 4Q24 1Q25 (Dollars in millions) Net interest income (A) $ 200.1 $ 201.7 $ 205.5 $ 214.3 $ 205.0 FTE adjustments(1) 1.7 1.7 1.6 1.6 1.6 Net interest income on a FTE basis (Non-GAAP) (B) 201.8 203.4 207.1 215.9 206.6 Less purchase accounting accretion 6.5 5.1 4.4 8.6 4.7 Adjusted net in