Slide 1: Q3 2025 Investor Presentation
Exhibit 99.2 Q3 2025 Investor Presentation October 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* $3.3 Billion Annualized Dividend Yield** 6.0% Branch Netw
Slide 4: Company Highlights
COMPANY 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 1. IMPROVE CORE PROFITABILITY • Net interest margin expansion (+22bps in adjusted FTE NIM* since the fourth Favorable multi-year NII trajectory coupled with operational efficiencies quarter of 2024) ■ Repricing and reinvestment of maturing fixed rate loans and se
Slide 7: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS • Net income of $71.4 million, or $0.69 per share. • Net interest margin (NIM) of 3.34%, an increase of 4 basis points from the second quarter of 2025; NIM on a fully taxable equivalent Earnings (FTE) basis1 of 3.36%, an increase of 4 basis points from the second quarte
Slide 8: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loan Highlights: • Loans decreased $519.0 million during the third quarter of 2025 driven by the planned decline in Indirect Lending balances, and larger loan payoffs. • Commercial real estate balances are 32.9% owner-occupied as of the third quarter of 2025. • Diversified
Slide 9: Earning Asset Yield
EARNING ASSET YIELD • Yields on loans increased 3bps compared to the second Fixed and Adjustable Rate Loans* quarter of 2025 and decreased 1bps compared to the third Year Maturing or Repricing Balance*** Roll-Off Coupon quarter of 2024 12/31/2025 $332M 5.0 % • Through 2027 $3.5 billion of fixed and
Slide 10: Commercial Real Estate and Construction Portfolios
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Highlights: Market Type • $9.5 billion portfolio (60% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $5.7 billion (36% of total loans) Non-Metro, 87% • $78.5 million of non-accrual loans (0.83% 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 $25.6 million from the second quarter of 2025. • Total deposit costs increased 2 basis points from the prior quarter. 48% 47% 46% 47% 48% 52% 53% 54% 53% 52% Q324 Q424 Q125
Slide 12: Capital and Liquidity
CAPITAL AND LIQUIDITY Capital and Liquidity Highlights: Liquid and flexible balance sheet with strong capital position • Annualized dividend yield of 6.0% based on an average share price of $31.11 for the third quarter of 2025. • Capital ratios again increased sequentially. LHFI to Deposit Ratio • T
Slide 13: Allowance for Credit Losses (ACL)
ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio ACL Highlights: • Funded ACL increased to 1.30% of loans from 1.28% in the prior quarter. • Charge-offs represented 6 basis points of average loans during the third quarter of 2025. $231.0 5.6 $220.4 $209.3 $214.4 $212.1 $225.4 5.
Slide 14: Asset Quality and Reserve Trends
ASSET QUALITY AND RESERVE TRENDS Asset Quality Highlights: Total non-performing loans ($MM) and ACL/NPL Ratios • Net charge-offs totaled $2.3 million, or 6 basis points of average loans, during $194.9 $194.1 $182.2 the third quarter of 2025. $174.5 • Total non-performing loans (NPLs) decreased by $1
Slide 15: Net Interest Income
NET INTEREST INCOME Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: FTE NII¹ ($MM) and FTE NIM¹ • $3.5 million of loan purchase accounting accretion (PAA) for the third quarter of 2025, a decrease from $4.2 million in the prior $215.9² quarter. $207.1² $8.6 $206.6² $208.6² $208.2
Slide 16: Noninterest Income
NONINTEREST INCOME Non-interest Income by Type ¹ Dollars in millions 3Q24 2Q25 3Q25 Payment Services, 38% Payment services revenues $ 18.7 $ 17.8 $ 16.8 Other Income, 14% Mortgage banking revenues 1.7 1.8 1.5 Wealth management revenues 9.6 9.7 10.4 Service charges on deposit accounts 6.6 6.9 7.0 Oth
Slide 17: Noninterest Expense
NONINTEREST EXPENSE Non-interest Expense ($MM) and Efficiency Ratio 159.4 160.9 160.6 157.9 155.1 Dollars in millions 3Q24 2Q25 3Q25 Salaries and wages $ 70.9 $ 65.0 $ 66.2 63.6% Employee benefits 19.7 17.9 18.2 61.8% 61.7% Occupancy and equipment 17.0 18.6 18.5 61.1% 60.2% Other intangible amortiza
Slide 18: Fourth Quarter 2025 Guidance Summary
FOURTH QUARTER 2025 GUIDANCE SUMMARY* • Anticipate ending deposits modestly over $22bn at year-end, implying modest growth excluding the impact of the sale of our Arizona and Kansas branches Loans and Deposits • Anticipate ending loans around $15.5bn range at year-end, implying a decline in the four
Slide 19: 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 20: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 3Q24 4Q24 1Q25 2Q25 3Q25 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,365.8 $ 3,304.0 $ 3,361.3 $ 3,421.8 $ 3,448.7 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,199.3 1,195.7 1,192.4 1,188.9 1,185.5 Tangible commo
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 3Q24 4Q24 1Q25 2Q25 3Q25 (Dollars in millions) Net interest income (A) $ 205.5 $ 214.3 $ 205.0 $ 207.2 $ 206.8 FTE adjustments(1) 1.6 1.6 1.6 1.4 1.4 Net interest income on a FTE basis (Non-GAAP) (B) 207.1 215.9 206.6 208.6 208.2 Less purchase accounting accretion 4.4 8.6 4.7