Slide 1: Q2 2026 Investor Presentation
Exhibit 99.2 Q2 2026 Investor Presentation July 23, 2026
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 Rocky Mountains, Pacific Northwest, and Midwest Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $3.7 Billion Annualized Dividend Yield*
Slide 4: Company Highlights
COMPANY HIGHLIGHTS Interstate BancSystem N Experienced management team, blending new and seasoned FIBK executives with deep financial services expertise N Serving stable, growing and economically diverse markets with dominant market share across the majority of our markets Robust capital and liquidi
Slide 5: 2026 Goals and Focus Areas
2026 GOALS AND FOCUS AREAS 1. IMPROVE CORE PROFITABILITY Favorable multi-year NII trajectory coupled with operational efficiencies • 9 consecutive quarters of net interest margin expansion (+8bps in adjusted FTE ■ Repricing and reinvestment of maturing fixed rate loans and securities NIM* since the
Slide 6: Enhancing Franchise Productivity
ENHANCING FRANCHISE PRODUCTIVITY Net Interest Margin (FTE) (Non-GAAP)** Average Deposits Per Share* 3.48 3.43 3.36 3.38 3.32 3.22 $223.5 $220.7 $220.1 $219.3 $218.4 $217.6 Q125 Q225 Q325 Q425 Q126 Q226 Q125 Q225 Q325 Q425 Q126 Q226 Net FTE interest margin (Non-GAAP) QTD Deposits Per Share Average De
Slide 7: Second Quarter 2026 Highlights
SECOND QUARTER 2026 HIGHLIGHTS • Net income of $83.9 million, or $0.87 per share. • Net interest margin (NIM) of 3.45%, an increase of 4 basis points from the first quarter of 2026; NIM on a fully taxable equivalent (FTE) Earnings basis1 of 3.48%, an increase of 5 basis points from the first quarter
Slide 8: Earning Asset Yield
EARNING ASSET YIELD • Yields on loans increased 2 bps compared to the first quarter Fixed and Adjustable Rate Loans* of 2026 and decreased 3 bps compared to the second quarter Maturing or Repricing Balance Year Roll-Off Coupon of 2025 ($MM)*** • Through 2027 $2.2B of fixed and adjustable rate loans
Slide 9: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loan Highlights: • Loans decreased $447.0 million during the second quarter of 2026 compared to the first quarter of 2026 driven by $50.4 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of
Slide 10: Commercial Real Estate and Construction Portfolio
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIO Highlights: Market Type • $8.5 billion portfolio (60% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $5.4 billion (37% of total loans) • $64.7 million of non-accrual loans (0.76% of commercial real
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 $441.7 million or 2.0%, at June 30, 2026 from March 31, 2026, across all interest-bearing deposit categories during the second quarter of 2026 primarily driven by the sale o
Slide 12: Capital and Liquidity
CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position LHFI to Deposit Ratio Capital and Liquidity Highlights: • Annualized dividend yield of 5.3% based on an average share price of $35.40 for the 72.3% 70.1% 68.8% 67.3% 66.6% second quarter of 2026. • Tangible book val
Slide 13: Allowance for Credit Losses (ACL)
ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio ACL Highlights: • Funded ACL decreased to 1.28% of loans from 1.33% in the prior quarter, driven by a reduction in specific reserves due to charge- $214.4 $212.1 offs. 4.8 6.3 $201.6 $209.6 $197.3 • Net charge-offs were $9.7 milli
Slide 14: Asset Quality and Reserve Trends
ASSET QUALITY AND RESERVE TRENDS Asset Quality Highlights: Total non-performing loans ($MM) and ACL/NPL Ratios • Net charge-offs totaled $9.7 million, or 27 basis points of average loans, during $194.1 $182.2 the second quarter of 2026. $155.9 $159.7 • Total non-performing loans (NPLs) increased by
Slide 15: Net Interest Income
NET INTEREST INCOME Net Interest Income (NII) and Net Interest Margin (NIM) FTE NII¹ ($MM) and FTE NIM¹ Highlights: • $3.5 million of loan purchase accounting accretion (PAA) for the second quarter of 2026, an increase from $3.1 million in the prior $208.6² $208.2² $207.7² quarter. $4.2 $3.5 $2.6 $2
Slide 16: Noninterest Income
NONINTEREST INCOME Noninterest Income by Type * Payment Services, 27% Dollars in millions 2Q25 1Q26 2Q26 Payment services revenues $ 17.8 $ 15.6 $ 16.8 Mortgage banking revenues 1.8 1.3 1.5 Wealth management revenues 9.7 10.5 10.6 Mortgage Banking, 3% Service charges on deposit accounts 6.9 6.5 6.6
Slide 17: Noninterest Expense
NONINTEREST EXPENSE Noninterest Expense ($MM) and Efficiency Ratio 166.7 155.1 157.9 157.6 158.9 Dollars in millions 2Q25 1Q26 2Q26 Salaries and wages $ 65.0 $ 68.5 $ 64.9 63.8% Employee benefits 17.9 21.2 19.0 Occupancy and equipment 18.6 18.6 18.0 Other intangible amortization 3.4 3.3 3.3 61.7% 61
Slide 18: 2026 Guidance Summary
2026 GUIDANCE SUMMARY* • Anticipate ending deposits between $21.5-$22.0 billion with normal seasonality Balance Sheet • Anticipate ending loans between $13.5-$13.8 billion. Assumes elevated payoffs and continued weakness in mortgage production, partially offset by improved commercial production Net
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 ca
Slide 20: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 2Q25 3Q25 4Q25 1Q26 2Q26 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,421.8 $ 3,448.7 $ 3,447.0 $ 3,358.5 $ 3,322.6 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,188.9 1,185.5 1,182.2 1,178.9 1,175.6 Tangible commo
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 2Q25 3Q25 4Q25 1Q26 2Q26 (Dollars in millions) Net interest income (A) $ 207.2 $ 206.8 $ 206.4 $ 200.7 $ 202.2 FTE adjustments(1) 1.4 1.4 1.3 1.3 1.4 Net interest income on a FTE basis (Non-GAAP) (B) 208.6 208.2 207.7 202.0 203.6 Less purchase accounting accretion on acquired