Slide 1: 4Q 2024 Investor Presentation
Exhibit 99.2 4Q 2024 Investor Presentation January 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* $3.4 Billion Annualized Dividend Yield 5.8% Branch Networ
Slide 4: Fourth Quarter 2024 Highlights
FOURTH QUARTER 2024 HIGHLIGHTS • Net income of $52.1 million, or $0.50 per share for the fourth quarter of 2024. • Net interest margin (NIM) of 3.18%, an increase of 17 basis points from the third quarter of 2024, NIM on a fully taxable equivalent Earnings (“FTE”) basis1, of 3.20%, an increase of 16
Slide 5: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loan Highlights: Revolving Commitments ($B) $3.0 • Loans decreased $182.2 million during the fourth quarter of $2.9 $2.7 $2.7 $2.6 2024 driven by declines in most loan categories. 41.9% • Commercial real estate loans increased due to inflows from 41.3% completed constructi
Slide 6: Commercial Real Estate and Construction Portfolios
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Highlights: Market Type • $10.5 billion portfolio (59% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $6.2 billion (35% of total loans) Non-Metro, 87% • $58.7 million of non-accrual loans (0.56% of
Slide 7: Diverse Deposit Base: By Type of Account
DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT Deposit Highlights: Mix of Consumer and Business Deposits • Total deposits increased $151.5 million from the third quarter of 2024. Customer average balances have generally stabilized, and consumer deposits increased during the quarter. 47% 46% 48% 48% 47% •
Slide 8: Capital and Liquidity
CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Capital and Liquidity Highlights: • Annualized dividend yield of 5.8% based on an average share LHFI to Deposit Ratio price of $32.53 for the fourth quarter of 2024. 78.4% 79.8% 79.7% 78.8% 77.5% • Capital ratios in
Slide 9: Allowance for Credit Losses (ACL)
ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio ACL Highlights: • Funded ACL decreased to 1.14% of loans from 1.25% in the prior quarter, driven by the release of the previously disclosed $26.5 million specific reserve on the C&I loan that was partially charged-off. $246.1 $243
Slide 10: Asset Quality and Reserve Trends
ASSET QUALITY AND RESERVE TRENDS Asset Quality Highlights: Total non-performing loans ($MM) and ACL/NPL Ratios • Total criticized loans increased $170.0 million during the fourth quarter of $175.0 $174.5 2024, driven mostly by downgrades of Commercial Real Estate loans. Four $168.2 relationships rep
Slide 11: Net Interest Income
NET INTEREST INCOME Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: FTE NII¹ ($MM) and FTE NIM¹ • $8.6 million of loan purchase accounting accretion (PAA) for the fourth quarter of 2024, an increase from $4.4 million from the $215.9² prior quarter. PAA increase was driven by a $3
Slide 12: Investment Portfolio
INVESTMENT PORTFOLIO Projected Cash Flow ($MM) and Yield Roll-Off at Quarter-end* Total Portfolio Duration at Quarter-end (in years) 3.7 3.6 3.5 3.5 3.4 $318.8 $205.7 $199.5 $198.1 $196.0 $168.6 2.73% 2.49% 2.37% 2.39% 2.36% 2.36% 1Q25E 2Q25E 3Q25E 4Q25E 1Q26E 2Q26E 4Q23 1Q24 2Q24 3Q24 4Q24 *Constit
Slide 13: Non-Interest Income
NON-INTEREST INCOME Non-interest Income by Type ¹ Dollars in millions 4Q23 3Q24 4Q24 Payment Services, 38% Payment services revenues $ 18.4 $ 18.7 $ 17.9 Mortgage banking revenues 1.5 1.7 1.5 Other Income, 17% Wealth management revenues 8.8 9.6 10.6 Service charges on deposit accounts 6.0 6.6 6.7 Ot
Slide 14: Non-Interest Expense
NON-INTEREST EXPENSE Non-interest Expense ($MM) and Efficiency Ratio 166.0 160.2 156.9 159.4 160.9 Dollars in millions 4Q23 3Q24 4Q24 Salaries and wages $ 64.0 $ 70.9 $ 68.5 64.2% 64.6% Employee benefits 13.5 19.7 20.5 62.7% 61.8% Occupancy and equipment 17.4 17.0 18.2 60.2% Other intangible amortiz
Slide 15: 2025 Guidance Summary
2025 GUIDANCE SUMMARY* • Anticipate ending deposits to increase low single digits in 2025, with normal seasonality • Discontinuing Indirect Lending originations in the first quarter; portfolio reflects ~4% of loan balances; annual amortization Loans and Deposits approximating 30-40% of Indirect bala
Slide 16: 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 17: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 4Q23 1Q24 2Q24 3Q24 4Q24 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,227.5 $ 3,209.7 $ 3,225.3 $ 3,365.8 $ 3,304.0 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,210.3 1,206.6 1,202.9 1,199.3 1,195.7 Tangible commo
Slide 18: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 4Q23 1Q24 2Q24 3Q24 4Q24 (Dollars in millions) Net interest income (A) $ 207.8 $ 200.1 $ 201.7 $ 205.5 $ 214.3 FTE adjustments(1) 1.7 1.7 1.7 1.6 1.6 Net interest income on a FTE basis (Non-GAAP) (B) 209.5 201.8 203.4 207.1 215.9 Less purchase accounting accretion 5.4 6.5 5.1