Slide 1: Q2 2025 Investor Presentation
Exhibit 99.2 Q2 2025 Investor Presentation July 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 Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $3.0 Billion Annualized Dividend Yield** 7.0% Branch Netw
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS 301 banking offices in 14 states 4
Slide 5: Dominant Deposit Franchise
DOMINANT DEPOSIT FRANCHISE 5
Slide 6: 2025 Strategic Goals and Focus Areas
2025 STRATEGIC GOALS AND FOCUS AREAS • Net interest margin expansion: +18bps Adjusted FTE Net Interest Margin ratio1 from the fourth quarter of 2024 • Repricing of maturing fixed rate loans and securities Improve Core Profitability • Expense management: continued focus on operational efficiency • Ma
Slide 7: Second Quarter 2025 Highlights
SECOND QUARTER 2025 HIGHLIGHTS • Net income of $71.7 million, or $0.69 per share. • Net interest margin (NIM) of 3.30%, an increase of 11 basis points from the first quarter of 2025; NIM on a fully taxable equivalent Earnings (FTE) basis1 of 3.32%, an increase of 10 basis points from the first quart
Slide 8: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loan Highlights: Revolving Commitments ($B) • Loans decreased $1,023.9 million during the second quarter of 2025 driven by the movement of $338.3 million from loans held for investment to loans $2.7 $2.7 $2.6 $2.5 $2.5 held-for-sale, the outsourcing of the consumer credit
Slide 9: Earning Asset Yield
EARNING ASSET YIELD • Yields on loans increased 6bps compared to the first quarter Fixed and Adjustable Rate Loans* of 2025; increased 4bps compared to the second quarter of Year Maturing or Repricing Balance*** Roll-Off Coupon 2024 2025 2H $627M 4.8 % • Through 2026 $2.0 billion of fixed and adjust
Slide 10: Commercial Real Estate and Construction Portfolios
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Highlights: Market Type • $9.8 billion portfolio (60% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $6.0 billion (36% of total loans) Non-Metro, 87% • $85.0 million of non-accrual loans (0.87% of
Slide 11: Diverse Deposit Base: By Type of Account
DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT Deposit Highlights: Mix of Consumer and Business Deposits • Total deposits decreased $102.2 million from the first quarter of 2025. • Total deposit costs declined 1 basis point from the prior quarter. 48% 48% 47% 46% 47% 52% 52% 53% 54% 53% 2Q24 3Q24 4Q24 1Q2
Slide 12: Capital and Liquidity
CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Capital and Liquidity Highlights: • Annualized dividend yield of 7.0% based on an average share LHFI to Deposit Ratio price of $26.95 for the second quarter of 2025. 79.7% 78.8% 77.5% 76.4% 72.3% • Capital ratios ag
Slide 13: Allowance for Credit Losses (ACL)
ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio ACL Highlights: • Funded ACL increased to 1.28% of loans from 1.24% in the prior quarter. • Charge-offs represented 14 basis points of average loans during the second quarter of 2025. $238.6 $5.8 $231.0 $5.6 $220.4 $232.8 $209.3 $
Slide 14: Asset Quality and Reserve Trends
ASSET QUALITY AND RESERVE TRENDS Asset Quality Highlights: Total non-performing loans ($MM) and ACL/NPL Ratios • Classified loans decreased $24.4 million to $458.1 million as of June 30, 2025, $194.9 $194.1 compared to $482.5 million as of March 31, 2025, and increased $2.8 million $168.2 $174.5 com
Slide 15: Net Interest Income
NET INTEREST INCOME Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: FTE NII¹ ($MM) and FTE NIM¹ • $4.2 million of loan purchase accounting accretion (PAA) for the second quarter of 2025, a decrease from $4.7 million in the prior $215.9² quarter. $207.1² $8.6 $206.6² $208.6² $203.
Slide 16: Investment Portfolio
INVESTMENT PORTFOLIO Projected Cash Flow ($MM) and Yield Roll-Off at Quarter-end* Total Portfolio Duration at Quarter-end (in years) $366.9 3.7 3.6 3.6 3.5 3.4 3.27% $220.9 $219.6 $207.9 $207.6 $189.8 2.45% 2.40% 2.41% 2.37% 2.38% 3Q25E 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E 2Q24 3Q24 4Q24 1Q25 2Q25 *Constit
Slide 17: Noninterest Income
NONINTEREST INCOME Non-interest Income by Type ¹ Dollars in millions 2Q24 1Q25 2Q25 Other Income, 7% Payment services revenues $ 18.6 $ 17.1 $ 17.8 Payment Services, 43% Mortgage banking revenues 1.7 1.4 1.8 Other Service Wealth management revenues 9.4 9.8 9.7 Charges & Fees, 5% Service charges on d
Slide 18: Noninterest Expense
NONINTEREST EXPENSE Non-interest Expense ($MM) and Efficiency Ratio 156.9 159.4 160.9 160.6 155.1 Dollars in millions 2Q24 1Q25 2Q25 Salaries and wages $ 66.3 $ 68.6 $ 65.0 63.6% Employee benefits 16.9 20.0 17.9 62.7% 61.8% Occupancy and equipment 16.9 18.7 18.6 61.1% 60.2% Other intangible amortiza
Slide 19: 2025 Guidance Summary
2025 GUIDANCE SUMMARY* • Anticipate ending deposits to be flat to increase low single digits in 2025, with normal seasonality Loans and Deposits • Anticipate ending loans to decline 6-8% in 2025, excluding the impact of Indirect Lending runoff and movement of loans to held- for-sale; Indirect Lendin
Slide 20: Non-GAAP Financial Measures
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 presentation contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our cap
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 2Q24 3Q24 4Q24 1Q25 2Q25 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,225.3 $ 3,365.8 $ 3,304.0 $ 3,361.3 $ 3,421.8 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,202.9 1,199.3 1,195.7 1,192.4 1,188.9 Tangible commo
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 2Q24 3Q24 4Q24 1Q25 2Q25 (Dollars in millions) Net interest income (A) $ 201.7 $ 205.5 $ 214.3 $ 205.0 $ 207.2 FTE adjustments(1) 1.7 1.6 1.6 1.6 1.4 Net interest income on a FTE basis (Non-GAAP) (B) 203.4 207.1 215.9 206.6 208.6 Less purchase accounting accretion 5.1 4.4 8.6