First Interstate Bancsystem, Inc. · NASDAQ:FIBK
First Interstate Bancsystem — Investor Day (August 2018)
92 slides from First Interstate Bancsystem's investor day presentation, Aug 9, 2018
Slide 1: Investor/Analyst Day August 9, 2018
INVESTOR/ANALYST DAY AUGUST 9, 2018
Slide 2: Safe Harbor
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, and Rule 3b-6 promulgated thereunder, that involve
Slide 3: Important Additional Information
Important Additional Information This presentation is being made in respect of the proposed merger between First Interstate and Northwest Bancorporation. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or appr
Slide 4: Agenda
Agenda Timing Topic Management 7:30 a.m. – 9:30 a.m. A quick peek of Billings Trolley Tour | departing from downtown 9:30 a.m. – 9:35 a.m. Welcome & Introductions Kevin Riley, President and Chief Executive Officer 9:35 a.m. – 9:50 a.m. Our History and Culture Jim Scott, Chairman of the Board 9:50 a.
Slide 5: Our History and Culture
Our History and Culture JAMES R SCOTT, CHAIRMAN OF THE BOARD
Slide 6: We are … our Vision, Mission & Values
We are … our Vision, Mission & Values Our Vision To be the premier financial service provider in the communities we serve. To continuously strengthen our relationships with employees, clients, Our Mission and communities while driving long-term shareholder value. Our Strategic Objectives Best in Cla
Slide 7: Board Governance
Board Governance DAVID JAHNKE, BOARD MEMBER AND AUDIT COMMITTEE CHAIR
Slide 8: Board Governance
Board Governance o Our corporate governance program is structured to build long-term financial performance and value for all of First Interstate’s shareholders. o The Board’s responsibilities include: • Identifying organizational values and vision; Committed to • Together with management setting str
Slide 9: Board of Directors
Board of Directors o Although First Interstate is a controlled company, its governance guidelines stipulate that the majority of its board is constituted of independent directors. o Independent directors must fulfill standards under the NASDAQ Marketplace Rules Independent Directors Non-Independent
Slide 10: Corporate Governance
Corporate Governance o Appointment of a lead independent director o Separation of the Chair of the Board and CEO roles Structure reflects o 5 of 6 committees chaired by independent directors commitment to o Regular executive sessions of independent directors good corporate o Annual board and committ
Slide 11: Our Future: People, Process, Technology
Our Future: People, Process, Technology KEVIN RILEY, PRESIDENT AND CEO
Slide 12: Rebuilding the Ship While Sailing
Rebuilding the Ship While Sailing 1871 1967 1995 2017 Page 12
Slide 13: Our Journey
Our Journey Best in Class Employer of Relationship Operational Financial Choice Management Excellence Excellence People Process Technology Page 13
Slide 14: Introducing the Executive Team
Introducing the Executive Team Board of Directors Kevin Riley Chief Executive Officer Kirk Jensen Lisa Slyter-Bray General Counsel Executive Assistant Jolyn Kanning Internal Audit Renee Newman Jodi Delahunt Hubbell Marcy Mutch Phil Gaglia Kade Peterson Mike Cherwin Chief Banking Officer Chief Operat
Slide 15: Core Principles for Success
Core Principles for Success Employee Strategic Goals Goals Risk Goals Financial Customer Remain a relevant financial institution Goals Effective, Goal Regulatory exam ratings collaborative senior satisfactory or above Year over Year management team Adhere to vision, mission Achieve Net and values ea
Slide 16: Community Bank Strategy
Community Bank Strategy RENEE NEWMAN, CHIEF BANKING OFFICER
Slide 17: Owning our Communities
Owning our Communities First Interstate’s banking model draws on expertise embedded in each community served. Market Presidents Regional Presidents Director of Banking 145 banking 2,224 6 states offices employees 5 regional 22 market presidents presidents Page 17
Slide 18: Community Bank Strategy
Community Bank Strategy People Process Technology • Sales team alignment • Client experience • Optimize distribution channels • Attract, retain talent • Expand, deepen client • Product development • Employee development relationships • Brand refresh • Operational excellence Page 18
Slide 19: Banking Across our Footprint
Banking Across our Footprint BILL GOTTWALS, DIRECTOR OF BANKING
Slide 20: Banking Across our Footprint – Past and Present
Banking Across our Footprint – Past and Present People Process Technology • • • Staffing model project Enhanced credit culture Optimize current technology • Renewed focus on business • Expansion of digital banking • Leadership development development Page 20
Slide 21: Banking Across our Footprint: Payments and Treasury
Banking Across our Footprint Payments Treasury New leadership New sales leadership role Opportunities in our new and existing Adapting to changing client behaviors markets Page 21
Slide 22: Banking Across our Footprint: Indirect, Mortgage, Wealth Management
Banking Across our Footprint Indirect Mortgage Wealth Management New leadership Leadership realignment Leadership realignment Trust operations Current environment transformation Revised strategy and impact Focus on structure and Wealth Management efficiency Blueprint New products and digital Optimiz
Slide 23: Market Review
Market Review o Wyoming o South Dakota o Eastern Montana o Idaho/NW Washington o Oregon/SW Washington Page 23
Slide 24: Regional Economic Update
Regional Economic Update LARRY JOHNS, TREASURER
Slide 25: GDP Composition
GDP Composition (Gaaaes 16% ° shalalll, $ i zg ry i i PEP dab |e 2 = 2 i /AB-Mourtan Region wAIB-West Regn US
Slide 26: GDP Growth
GDP Growth FIBK REGIONAL GDP GROWTH (6) VS. US. MFBMounainRegion @ABWetRegon MUS.
Slide 27: Stable Employment
Stable Employment Page 27
Slide 28: Home Prices
Home Prices Page 28
Slide 29: Balance Sheet Management
Balance Sheet Management LARRY JOHNS, TREASURER
Slide 30: Interest Rate Sensitivity
Interest Rate Sensitivity Page 30
Slide 31: Impact Of Rising Rates On The Loan Portfolio
Impact Of Rising Rates On The Loan Portfolio Page 31
Slide 32: Enterprise Risk Management
Enterprise Risk Management PHIL GAGLIA, CHIEF RISK OFFICER
Slide 33: Risk Management Enhancements
Risk Management Enhancements People Process Technology • Risk Committee of Board • Governance and risk appetite • Optimize Archer • Strong executive team • Compliance restructure • Upgrade to Verafin • Risk leadership team • Credit risk process enhancement Page 33
Slide 34: Financial Performance and Acquisition Strategy
Financial Performance and Acquisition Strategy MARCY MUTCH, CHIEF FINANCIAL OFFICER
Slide 35: Goal: Year Over Year Growth in EPS & ROE
Goal: Year Over Year Growth in EPS & ROE $ in thousands 2017 2016 2015 2014 Total Average Assets $10,861,557 $8,724,395 $8,521,706 $7,948,798 Reported Net Income $106,521 $95,636 $86,795 $84,401 Reported Provision 8,621 6,494 4,434 (4,304) Pre-Provision Net Income $115,142 $102,130 $91,229 $80,097 N
Slide 36: Our Motto: Bigger's not Better, Better's Better
Our Motto “Bigger’s not Better, Better’s Better” Kevin Riley, CEO Page 36
Slide 37: The Second Tier of Capital Deployment
The Second Tier of Capital Deployment Our priority is to deploy capital through: Organic Growth Strategic M&A Stock Repurchases Dividends Special Dividends Page 37
Slide 38: Merger and Acquisition Criteria Considered
Merger and Acquisition Criteria Considered Financial Considerations Growth Potential Geographic Proximity Risk Page 38
Slide 39: Building the First Interstate Franchise
Building the First Interstate Franchise Announced in 2018 Inland Northwest Bank, filling in footprint in the PNW First Interstate Locations $ 826.8 million 20 Branches Over 145 banking offices in six states 2016 Flathead Bank of Bigfork $ 225 million 7 Branches 2017 Bank of the Cascades, 2014 expand
Slide 40: Inland Northwest Fits the Model
Inland Northwest Fits the Model o Financially attractive transaction with conservative assumptions Financial • 3%+ EPS accretion in 2019 and beyond Considerations • Tangible Book Value per share earnback of <2.0 years using both crossover and simple methods • 20+% IRR • Increased efficiencies as a r
Slide 41: Strategic Initiatives
Strategic Initiatives KEVIN RILEY, CHIEF EXECUTIVE OFFICER
Slide 42: Our 2018 Strategic Initiatives
Our 2018 Strategic Initiatives Best in Class Employer of Relationship Operational Financial Choice Management Excellence Excellence • Transform core • Executive team • Enhancements to our • Comprehensive stress systems structure digital channels testing • Commercial & • Total Rewards strategy • Priv
Slide 43: Questions
Questions Page 43
Slide 44: Page
Page 44
Slide 45: Appendix
Appendix
Slide 46: FIBK Overview
FIBK Overview Overview Description Headquarters Billings, MT o Headquartered in Billings, MT and focused on regional community banking Kroll Rating BBB+ in Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming: . Over 125 banking offices Market cap $2.406 billion . 238 ATMs, plus 24,000 Mone
Slide 47: Bank of the Cascades Acquisition
Bank of the Cascades Acquisition
Slide 48: Bank of the Cascades: Conversion Statistics
Bank of the Cascades: Conversion Statistics o Transitioned over 500 employees, 115,000 clients, and 137,000 accounts o Added 82,200 debit cards o Replaced 444 signs o The Contact Center handled 25,000 client calls during the first week o Provided comprehensive banker support, including 77 ambassador
Slide 49: Bank of the Cascades: Integration Efforts
Bank of the Cascades: Integration Efforts o Comprehensive approach to branding and branch refresh o Investment in role-based training o Employee visits focused on Vision, Mission, Values o Grand opening and community celebrations o Video from the CEO: https://www.youtube.com/watch?v=JlwX2z_Rtjo Page
Slide 50: Inland Northwest Announcement
Inland Northwest Announcement
Slide 51: Transaction Highlights
Transaction Highlights o Continued geographic diversification into attractive, high deposit growth markets in Pacific Northwest o Strong presence in Spokane, Washington and Coeur d’Alene, Idaho Strategically o Opportunity to accelerate growth in Columbia River Valley Compelling o Strong deposit fran
Slide 52: Overview of Northwest Bancorporation, Inc.
Overview of Northwest Bancorporation, Inc. Highlights Northwest Bancorporation Overview o Northwest Bancorporation, Inc. is the bank holding Headquarters Spokane, Washington company of Inland Northwest Bank, a state-chartered community bank which currently operates 20 offices across Footprint 20 bra
Slide 53: Attractive, High Deposit Growth Markets
Attractive, High Deposit Growth Markets Northwest Bancorporation has strong market share in complementary high deposit growth Pacific Northwest markets FIBK (127) NBCT (20) Market Deposits Deposit % Projected Market Deposit Growth Rank Branches ($mm) of PF Total YoY 5-Year CAGR Top 3 MSAs Spokane-Sp
Slide 54: Diverse, Low Risk Loan Portfolio
Diverse, Low Risk Loan Portfolio Northwest Bancorporation Loan Portfolio Overview Strong Loan Growth o 20% CAGR since 2013 $691 $670 o 85% of loans floating with Prime or LIBOR o Expertise in business banking and $485 $501 farm/agricultural lending $343 $304 o 35% Owner-Occupied CRE and C&I o Strong
Slide 55: Low Cost Deposit Base
Low Cost Deposit Base Northwest Bancorporation Deposit Overview Cost of Deposits o 0.25% cost of deposits 0.42% o 33% non-interest bearing deposits 0.25% 0.25% 0.25% o 11% transaction deposits o ~91% core deposits1 FIBK NBCT Pro Forma FIBK Peers ² First Interstate Northwest Bancorporation Pro Forma3
Slide 56: Summary of Deal Terms
Summary of Deal Terms o 0.516 FIBK Class A common shares per Northwest Bancorporation share, or ~3.9mm FIBK shares in aggregate Consideration and Deal Value1 o Implied purchase price of $21.03 per share o $160.9mm in aggregate value, including $2.8mm in cash consideration for warrant holders o 17.8x
Slide 57: Financial Impact and Assumptions
Financial Impact and Assumptions Financial Impact to FIBK EPS Accretion o ~3% accretive to EPS in 2019 o ~1% Tangible Book Value dilution per share TBV Impact o <2.0 year Tangible Book Value earnback using both crossover and simple methods Internal Rate of o ~20% Return Assumptions1 Cost Savings o 3
Slide 58: Comprehensive Due Diligence & Preparation
Comprehensive Due Diligence & Preparation o First Interstate management and employees have significant acquisition and integration experience Disciplined and o Four successful acquisitions in the last five years Experienced o Cascade acquisition already integrated and systems converted Acquirer o In
Slide 59: Northwest Strengthens Outlook for First Interstate
Northwest Strengthens Outlook for First Interstate o Strong earnings contribution from Northwest Bancorporation fully realized in 2019 Benefits of o 3%+ Earnings Per Share accretion with conservative assumptions Operating o Transaction cost savings result in improved pro forma efficiency ratio Lever
Slide 60: Regional Overview
Regional Overview
Slide 61: Idaho
Idaho STATE GDP OVERVIEW ECONOMIC DRIVERS STRENGTHS & WEAKNESSES BUSINESS COSTS BUSINESS CYCLE STATUS STRENGTHS ID GDP: Industry % Contribution INDEX RANK EXPANSION • Prominent drivers in high tech, agriculture. RECOVERY Government • Above-average population growth and 99% 24 AGRICULTURE HIGH-TE
Slide 62: Montana
Montana STATE GDP OVERVIEW ECONOMIC DRIVERS STRENGTHS & WEAKNESSES BUSINESS COSTS BUSINESS CYCLE STATUS STRENGTHS MT GDP: Industry % Contribution INDEX RANK EXPANSION • Substantial coal and oil reserves. • Year-round tourist attractions. RECOVERY Government • Favorable migration patterns. 99% 25
Slide 63: Oregon
Oregon STATE GDP OVERVIEW ECONOMIC DRIVERS STRENGTHS & WEAKNESSES BUSINESS COSTS BUSINESS CYCLE STATUS OR GDP: Industry % Contribution STRENGTHS INDEX RANK EXPANSION • Diverse economy with strong export RECOVERY Government focus. 97% 33 • Low energy costs courtesy of a network AT RISK TOURIST HI
Slide 64: South Dakota
South Dakota STATE GDP OVERVIEW ECONOMIC DRIVERS STRENGTHS & WEAKNESSES BUSINESS COSTS BUSINESS CYCLE STATUS SD GDP: Industry % Contribution STRENGTHS INDEX RANK EXPANSION • Some of the lowest costs of doing RECOVERY Government business in the nation. 85% 50 TOURIST MEDICAL FINANCIAL • High hous
Slide 65: Washington
Washington STATE GDP OVERVIEW ECONOMIC DRIVERS STRENGTHS & WEAKNESSES BUSINESS COSTS BUSINESS CYCLE STATUS WA GDP: Industry % Contribution STRENGTHS INDEX RANK EXPANSION • High-value-added commercial aircraft RECOVERY Government manufacturing. 98% 30 • Fast-growing information technology AT RISK
Slide 66: Wyoming
Wyoming STATE GDP OVERVIEW ECONOMIC DRIVERS STRENGTHS & WEAKNESSES BUSINESS COSTS BUSINESS CYCLE STATUS STRENGTHS WY GDP: Industry % Contribution INDEX RANK EXPANSION • Low debt burden relative to national average. RECOVERY Government • Abundant natural energy resources. 99% 26 ENERGY & AT RISK
Slide 67: Financial Overview
Financial Overview
Slide 68: Diversified Loan Portfolio by Industry
Diversified Loan Portfolio by Industry Loan Mix Commercial Retail Trade 9% Health Care & Social Assistance All Other 9% $7.76 Billion in Loans 39% Agriculture RE Construction Commercial 2.26% 8% 16.32% Transportation & Warehousing Agriculture Finance & Insurance 7% 4% Manufacturing 1.95% 5% Real Est
Slide 69: Improving Asset Quality
Improving Asset Quality Non-Performing Assets to Total Assets 1.20% 1.01% 0.99% 0.96% 0.98% 1.00% 0.80% 0.80% 0.74% 0.74% 0.68% 0.63% 0.60% 0.40% 0.20% 0.00% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2016 2016 2017 2017 2017 2017 2018 2018 Non-Performing Loans to Total Loans Non-Performing Loans to Total Loan
Slide 70: Criticized and Classified Loans
Criticized and Classified Loans CRITICIZEDCriticized Loans LOANS to Total TOLoans TOTAL LOANS 8.00% 7.10% 6.62% 6.65% 6.69% 6.79% 5.69% 5.60% 6.00% 5.26% 5.19% 4.93% 4.00% 2.00% 0.00% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 CLASSIFIEDClassified LOANSLoans TO t
Slide 71: ALL and Purchase Discount Overview
ALL and Purchase Discount Overview Allowance for Loan Losses (ALLL) 74,089 Remaining Loan Discount 24,728 Total ALLL + Remaining Discount 98,817 Pre-Discount Loan Balance 7,783,470 ALLL/Pre-Discount Loan Balance 0.95% Mark/Pre-Discount Loan Balance 0.32% (ALLL + Remaining Discount)/Pre-Discount Loan
Slide 72: Strong Deposit Base
Strong Deposit Base $9.945 Billion in Deposits CDs > $100k 4% Time Other 7% Demand Non- Interest Bearing 29% Savings 31% Demand Interest Bearing 29% Low Cost of Funds: 34 basis points As of 6/30/18 Page 72
Slide 73: Market Share
Market Share Washington Location Market Share* Location Market Share* 2% June 2017 June 2017 Idaho Laramie, WY 46% Jackson, WY-ID 16% South 6% Riverton, WY 45% Bozeman, MT 15% Dakota 8% Sheridan, WY 41% Kalispell, MT 15% Montana Missoula, MT 32% Cheyenne, WY 12% 43% Oregon Casper, WY 28% Nampa, ID 1
Slide 74: Balance of Consumer and Business Deposits
Balance of Consumer and Business Deposits $12 $10 47% 47% $8 47% 48% 49% $6 49% 49% 53% 53% $4 53% 52% 51% 51% 51% $2 $0 2012 2013 2014 2015 2016 2017 Q2 2018 Total Consumer Deposits Total Business Deposits As of 6/30/18 Page 74
Slide 75: Investment Portfolio
Investment Portfolio Portfolio % Portfolio % Portfolio % Book Value Book Value Book Value Market Value Market Value Market Value 12/31/17 3/31/18 6/30/18 12/30/17 3/31/18 6/30/18 12/31/17 3/31/18 6/30/18 Treasury/Agency 21.8% 21.0% 21.7% $592,499,339 $585,805,107 $578,755,308 $584,249,305 $572,441,5
Slide 76: Interest Rate Sensitivity
Interest Rate Sensitivity o Asset sensitive in up-rate scenarios, Net Interest Income (NII) – Shocks* despite conservative deposit beta methodology +400 bps 2.84% +300 bps 2.53% Net Interest Income $500M +200 bps 1.62% $430 $432 $450M $420 $423 $427 $402 +100 bps 0.85% $400M $361 $350M $332 Base 0.0
Slide 77: Non-Interest Income
Non-Interest Income 27% of Total Revenue Payment Services o Business credit card volume growth is accelerating in the West, with significantly more opportunity available. Other Income o Completed hiring of two BBO’s in the West and expect additional Other Service 6.9% credit card volume growth in fu
Slide 78: Credit Card: Industry Comparison
Credit Card: Industry Comparison Business Gross Dollar Volume (GDV) Growth FIB vs. National Monthly Charge-Off as a % of Outstanding (Long View) 45.0% 1.00% 40.0% 0.90% 35.0% 0.80% FIB Mastercard Benchmark 0.70% 30.0% 0.60% 25.0% 0.50% 20.0% 0.40% 15.0% 0.30% 10.0% 0.20% 5.0% 0.10% 0.0% 0.00% FIB C/
Slide 79: Mortgage Quarterly Production Volume
Mortgage Quarterly Production Volume Back to traditional purchase environment $350 $300 o Purchase volume is holding stable, but refinance activity continues to decline. $250 o Builder sentiment is still very strong. $200 $150 o Existing Homes inventory recovering slightly from all-time lows at end
Slide 80: Growth Strategies and Capital Allocation
Growth Strategies and Capital Allocation
Slide 81: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Organic Growth Mergers & Acquisitions $67 million to support $225 million used for increase in total assets acquisitions FY 2014-2017 Capital Usage Dividends Stock Repurchases $153 million in cash $56 million spent on dividends paid – 41% stock buyback program
Slide 82: Building the Foundation for Future Growth
Building the Foundation for Future Growth o Chief Operating Officer: Jodi Delahunt Hubbell (Previously at Zions) o Chief Banking Officer: Renee Newman (Previously at Beneficial State Bank and Umpqua) o Chief Information Officer: Kade Peterson (Previously at MidSouth Bank, USAmeriBank, and Sterling B
Slide 83: Why Invest in First Interstate BancSystem?
Why Invest in First Interstate BancSystem? Since the IPO in March 2010, FIBK has delivered a 256% total return to shareholders Source: S&P Global Page 83
Slide 84: Strong Capital Allows Growth
Strong Capital Allows Growth 16% 14% 12.98% 12.15% 12% 10% 8.02% 8% 6% 4% 2% 0% Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Total Risk Based Capital Tier 1 Risk Based Capital Tangible Common Equity to Tangible Assets Page 84
Slide 85: BOTC Purchase Accounting Adjustments
BOTC Purchase Accounting Adjustments Removing Purchase 5/30/2017 Prior BOTC Accounting Pro Forma $ in thousands Balance Mark Adjustments Balance Valuation Source ASSETS Cash & Cash Equivalents 246,804 246,804 Investment Securities 476,733 4,876 481,609 Stiefel Loans held for Investment 2,108,014 4,0
Slide 86: Indirect Auto: Lending
Indirect Auto: Lending Consumer Indirect Auto Loan Portfolio $400 Other 8.6% 6.4% New $350 6.26% 28.9% 6.2% RV 21.7% $300 5.93% 6.0% $250 5.77% 5.8% $200 5.6% $150 Used 40.8% $99.2 $97.7 5.4% $100 $81.0 $50 5.2% o Total Portfolio Yield: 5.19% $0 5.0% 2Q17 1Q18 2Q18 o Average Life of RV: 47 months Ne
Slide 87: Indirect Auto: Delinquency and Charge-Off
Indirect Auto: Delinquency and Charge-Off Originations from a credit quality perspective remain unchanged o ~50% of our originations are above a 760 FICO score o ~72% of our originations are above a 720 FICO score o Not participating in the subprime space, less than 1.5% of the portfolio has a score
Slide 88: Oil and Gas: Industry Exposure
Oil and Gas: Industry Exposure o $56 million in direct exposure (0.7% of total loan portfolio) o $21 million in unfunded commitments o $36 million in criticized loans category o 7.8% Allowance for Loan Loss Allocation Net Principal Month NAICS Code Description Unfunded Commitment Balance 211111 Crud
Slide 89: Oil and Gas: Industry Performance Metrics
Oil and Gas: Industry Performance Metrics o $13 million in impaired loan categories o 7.8% allowance allocation o $2.7 million in potential loss exposure Description Criticized % Criticized Classified % Classified Impaired % Impaired Crude Petroleum and Natural Gas Extraction $26,197,236 85.1% $26,1
Slide 90: Agriculture: Portfolio Exposure
Agriculture: Portfolio Exposure o 4.2% of total loan portfolio o $92 million in unfunded commitments o Beef Cattle Ranching/Farming accounting for 65% of total portfolio Month NAICS Code Description Net Principal Balance Unfunded Commitment 112111 Beef Cattle Ranching and Farming $212,945,331 $59,85
Slide 91: Agriculture: Industry Performance Metrics
Agriculture: Industry Performance Metrics o $43.6 million in criticized loan categories o $14.8 million in impaired loan categories o $184 thousand in potential loss exposure Description Criticized % Criticized Classified % Classified Impaired % Impaired Beef Cattle Ranching and Farming $28,394,051
Slide 92: Mall and Retail Trade: Portfolio Exposure
Mall and Retail Trade: Portfolio Exposure o $19.5 million direct exposure to Malls1 (0.3% of total loan portfolio) o None in criticized loan categories o $45.8 million direct exposure to Retail Trade 2 (0.6% of total loan portfolio) o $0.7 million in criticized loan categories Net Principal Month NA
First Interstate Bancsystem — Investor Day (August 2018) on 6ix