21 slides from First Interstate Bancsystem's shareholder meeting presentation, May 25, 2023
Slide 1: Annual Shareholder's Meeting May 24, 2023
Annual Shareholder’s Meeting May 24, 2023 Exhibit 99.1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 2 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 Rul
Slide 3: Scans
Scans SEE SS ee SEE
Slide 4: First Interstate BancSystem, Inc. Overview
FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW Premier community banking franchise in growing markets throughout the Midwest and Pacific Northwest Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $3.1 Billion Dividend Yield 5.3% Branch Network 307 banking
Slide 5: Building the First Interstate Franchise
BUILDING THE FIRST INTERSTATE FRANCHISE 5
Slide 6: Diversified Deposit Base
DIVERSIFIED DEPOSIT BASE Total Deposits Non-interest Bearing, 30% Demand, 29% Savings, 33% Time, 8% Deposits by State Montana, 25% Wyoming, 12% Idaho, 7% Washington, 3%Oregon, 11% South Dakota, 15% Nebraska, 9% Iowa, 10% Missouri, 1% Arizona, 3% Colorado, 4% Mix of Consumer and Business Deposits 57%
Slide 7: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 47% Construction RE, 11% Residential RE, 12% Agriculture RE, 4% Consumer, 6%Commercial, 16% Agriculture, 4% Loans by Geography Montana, 15% Wyoming, 5% Idaho, 5% Washington, 7% Oregon, 9% South Dakota, 10%North Dakota, 1% Nebraska,
Slide 8: Credit Performance
CREDIT PERFORMANCE 8 Net Charge-Offs to Average Loans First Interstate Top Peer Quartile Median Peer Average Peer Bottom Peer Quartile 2018 2019 2020 2021 2022 0.00% 0.05% 0.10% 0.15% 0.20% 0.25% Non-Performing Assets to Total Assets First Interstate Top Peer Quartile Median Peer Average Peer Bottom
Slide 9: 2022 Year in Review
2022 Year in Review
Slide 10: 2022 Year in Review - Summary Highlights
2022 Year in Review - Summary Highlights 10 • Great Western acquisition closed on February 1, 2022, only five months post-announcement, and successfully integrated at the end of May 2022 • Pursuant to the terms of our charter, Class B common shares were automatically converted to Class A common shar
Slide 11: Maximizing Shareholder Value
Maximizing Shareholder Value
Slide 12: Shareholder Value Creation: ROAE
SHAREHOLDER VALUE CREATION: ROAE 12 FIBK Return on Average Equity² vs. Peers³ FIBK Top Peer Quartile Median Peer Average Peer Bottom Peer Quartile FIBK Adjusted ROAE¹ 2018 2019 2020 2021 2022 0% 2% 4% 6% 8% 10% 12% 14% ROAE and Adjusted ROAE¹ 11.14% 10.36% 8.49% 9.91% 11.44% 10.50% 9.53% 8.12% 9.73%
Slide 13: Shareholder Value Creation: EPS Growth
SHAREHOLDER VALUE CREATION: EPS GROWTH 13 Annual Earnings Per Share Growth² vs. Peers³ FIBK Top Peer Quartile Median Peer Average Peer Bottom Peer Quartile FIBK Adjusted 2018 2019 2020 2021 2022 (75)% (50)% (25)% 0% 25% 50% 75% Earnings per Share (EPS) and Adjusted EPS¹ $2.92 $3.08 $2.65 $3.17 $3.53
Slide 14: Consistent Dividend to Shareholders
CONSISTENT DIVIDEND TO SHAREHOLDERS 14 $0.61 $0.41 $0.64 $0.80 $0.88 $0.96 $1.12 $1.24 $1.64 $1.70 $2.00 $1.40 $0.60 Cash Dividends Special Dividends 2012² 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 10 year CAGR1 = 10.8% 1 Compound Annual Growth Rate 2 Accelerated Dividend paid in 2012
Slide 15: Pre-Provision Net Revenue per Share
PRE-PROVISION NET REVENUE PER SHARE 15 $3.91 $4.22 $4.33 $3.85 $4.63 $3.69 $3.90 $4.18 $3.78 $3.29 PPNR² Adjusted PPNR² 2018 2019 2020 2021 2022 1 Compound annual growth rate (CAGR) using reported PPNR per share 2 See Non-GAAP table in appendix for reconciliation of PPNR and adjusted PPNR 4 Year CAG
Slide 16: FIBK Relative Daily Performance
FIBK Relative Daily Performance FIBK KBW Regional Bank Index Peer Average 31 -D ec 05 -J an 10 -J an 13 -J an 18 -J an 21 -J an 26 -J an 31 -J an 03 -F eb 08 -F eb 11 -F eb 16 -F eb 21 -F eb 24 -F eb 01 -M ar 04 -M ar 09 -M ar 14 -M ar 17 -M ar 22 -M ar 25 -M ar 30 -M ar 04 -A pr 07 -A pr 12 -A pr 1
Slide 17: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 17 In addition to results presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, this press release contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our
Slide 18: Non-GAAP Reconciliation
1Q23 (Dollars in millions, shares in thousands) Total common stockholders' equity (GAAP) (A) $ 3,160.3 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,221.9 Tangible common stockholders' equity (Non-GAAP) (B) $ 1,938.4 Total assets (GAAP) $ 31,637.7 Less goodwill an
Slide 19: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 19* Line items may not sum due to rounding 4Q21 4Q22 (Dollars in millions) Net interest income 122.1 258.4 Tax exempt adjustment 0.5 2.3 Net interest income on a fully-taxable equivalent ("FTE") basis (A) 122.6 260.7 Less purchase accounting accretion 1.9 8.4 Less PPP income
Slide 20: Non-GAAP Reconciliation
2018 2019 2020 2021 2022 (Dollars and shares in millions) Net income (A) $ 160.2 $ 181.0 $ 161.2 $ 192.1 $ 202.2 Plus: Non-PCD CECL Day 2 provision — — — — 53.6 Plus: Acquisition-related expenses 9.6 15.6 — 9.0 93.5 Plus: Litigation accrual — — — 0.8 1.4 Plus: Net loss (gain) from investment securit
Slide 21: Non-GAAP Reconciliation
2018 2019 2020 2021 2022 (Dollars and shares in millions) Total non-interest expense (A) $ 356.4 $ 388.6 $ 387.5 $ 405.5 $ 766.0 Less: Acquisition-related expense 12.4 20.3 — 11.6 118.9 Less: Litigation accrual — — — 1.0 1.8 Adjusted non-interest expense (B) $ 344.0 $ 368.3 $ 387.5 $ 392.9 $ 645.3 N