31 slides from First Interstate Bancsystem's IPO roadshow presentation, Jun 5, 2025
Slide 1: Fixed Income Investor Presentation June 2025
Fixed Income Investor Presentation June 2025
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: Legal Disclaimer
3 LEGAL DISCLAIMER First Interstate BancSystem, Inc. has filed a registration statement (including a prospectus) (File No. 333-272215) and a preliminary prospectus supplement with the SEC for the offering to which this presentation relates. Before you invest, you should read the prospectus in that r
Slide 4: Planned Offering Overview
4 Planned Offering Overview Issuer: Security Offered: Offering Size: Expected Security Rating(1): Format: Term: Call: Use of Proceeds: Sole Bookrunner: First Interstate BancSystem, Inc. (NASDAQ: FIBK) Fixed-to-Floating Subordinated Notes Due 2035 $100 Million BBB Kroll SEC Registered 10 Years 5 Year
Slide 5: Franchise Overview
5 Franchise Overview
Slide 6: First Interstate BancSystem, Inc. Overview
6 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 $22.7 Billion Leverage
Slide 7: Building the First Interstate Franchise
7 Building the First Interstate Franchise
Slide 8: Deposit market share and growth profile
8 Source: S&P Capital IQ Pro; deposit market share data as of 6/30/2024. Note: Deposit market share data, growth profile figures and deposit rankings shown pro forma for pending branch sale. (1) Arizona and Kansas branches (12 branches total) under agreement to be sold to Enterprise Bank & Trust. (2
Slide 9: Management team
9 Rachel B. Turrito has been the Company’s Chief Human Resources Officer since November of 2019. Prior to her current role, Ms. Turrito served as the Bank’s Director of Human Resources from 2017 to 2019. Ms. Turrito contributes 15+ years of diverse experience across multiple human resource disciplin
Slide 10: Investment Highlights
10 Investment Highlights Experienced management team, blending new and seasoned FIBK executives with deep financial services expertise Conservative business practices creating long term value Robust risk management and regulatory compliance practices Stable profitability across interest rate cycles,
Slide 11: Financial Performance
11 Financial Performance Financial Performance
Slide 12: Balance Sheet Summary
12 Total Assets ($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 financi
Slide 13: Profitability
13 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 14: Operating Performance
14 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 15: Capital
15 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 16: Loan Portfolio and Asset Quality
16 Loan Portfolio and Asset Quality Loan Portfolio & Asset Quality
Slide 17: Diversified Loan Portfolio
17 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 Commercial RE 2% 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 / To
Slide 18: Loan Portfolio Detail
18 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 19: Criticized, Classified & Non-performing Loans
19 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 20: Allowance for Credit Losses (ACL)
20 130% 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 21: Funding and Liquidity
21 Funding and Liquidity Funding & Liquidity
Slide 22: Diverse, Low Cost & Core Deposit Base
22 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 23: Liquidity
23 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 24: Investment Portfolio
24 $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 25: Interest Rate Sensitivity
25 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 26: Appendix
26 Appendix Appendix
Slide 27: Double Leverage & Interest Coverage
27 (1) Assumes net proceeds are used to repay existing subordinated notes. (2) Assumes a $100 million subordinated debt issuance at a market coupon rate. (3) Assumes repayment of $100 million existing subordinated debt at 5.250% fixed rate coupon. Double Leverage & Interest Coverage (Dollars in thou
Slide 28: Subordinated Debt and Trust Preferred Outstanding
28 Issuance Amount ($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 29: Non-GAAP Reconciliation
29 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 30: Non-GAAP Reconciliation
30 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 31: Non-GAAP Reconciliation
31 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