Slide 1: Q4 2025 Investor Presentation
Exhibit 99.2 Q4 2025 Investor Presentation January 28, 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 Midwest and Pacific Northwest Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $3.5 Billion Annualized Dividend Yield** 5.7% Branch Netw
Slide 4: Company Highlights
COMPANY HIGHLIGHTS 289 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 (+26bps 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: Fourth Quarter 2025 Highlights
FOURTH QUARTER 2025 HIGHLIGHTS • Net income of $108.8 million, or $1.08 per share. • Net interest margin (NIM) of 3.36%, an increase of 2 basis points from the third quarter of 2025; NIM on a fully taxable equivalent Earnings (FTE) basis1 of 3.38%, an increase of 2 basis points from the third quarte
Slide 8: Diversified Loan Portfolio
DIVERSIFIED LOAN PORTFOLIO Loan Highlights: • Loans decreased $632.8 million during the fourth quarter of 2025 driven by the planned decline in Indirect Lending balances, a transfer of $72.5 million of loans to loans held-for-sale and larger loan paydowns and payoffs. • Commercial real estate balanc
Slide 9: Earning Asset Yield
EARNING ASSET YIELD • Yields on loans decreased 1bps compared to the third Fixed and Adjustable Rate Loans* quarter of 2025 and decreased 8bps compared to the fourth Year Maturing or Repricing Balance*** Roll-Off Coupon quarter of 2024 • Through 2027 $3.0 billion of fixed and adjustable rate loans 2
Slide 10: Commercial Real Estate and Construction Portfolios
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Highlights: Market Type • $9.0 billion portfolio (59% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $5.4 billion (36% of total loans) Non-Metro, 88% • $39.9 million of non-accrual loans (0.44% 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 increased $124.9 million excluding $641.6 million of deposits sold in the Arizona and Kansas branch sale transaction in the fourth quarter of 2025. Total deposits decreased $516.7 mil
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 5.7% based on an average share price of $32.72 for the fourth quarter of 2025. • Capital ratios again increased sequentially. LHFI to Deposit Ratio •
Slide 13: Allowance for Credit Losses (ACL)
ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio ACL Highlights: • Funded ACL decreased to 1.26% of loans from 1.30% in the prior quarter. $220.4 $214.4 $212.1 $209.3 5.1 • Net charge-offs represented 56 basis points of average loans 4.8 5.2 $215.3 6.3 $197.3 during the fourth q
Slide 14: Asset Quality and Reserve Trends
ASSET QUALITY AND RESERVE TRENDS Asset Quality Highlights: Total non-performing loans ($MM) and ACL/NPL Ratios • Net charge-offs totaled $22.1 million, or 56 basis points of average loans, $194.9 $194.1 $182.2 during the fourth quarter of 2025. • Total non-performing loans (NPLs) decreased by $47.3
Slide 15: Net Interest Income
NET INTEREST INCOME Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: FTE NII¹ ($MM) and FTE NIM¹ • $2.6 million of loan purchase accounting accretion (PAA) for the fourth quarter of 2025, a decrease from $3.5 million in the prior $215.9² quarter. $8.6 $206.6² $208.6² $208.2² $207.
Slide 16: Noninterest Income
NONINTEREST INCOME Noninterest Income by Type ¹ Dollars in millions Payment Services, 15% 4Q24 3Q25 4Q25 Mortgage Banking, 1% Payment services revenues $ 17.9 $ 16.8 $ 16.2 Mortgage banking revenues 1.5 1.5 1.1 Wealth Management, 10% Wealth management revenues 10.6 10.4 10.7 Service charges on depos
Slide 17: Noninterest Expense
NONINTEREST EXPENSE Noninterest Expense ($MM) and Efficiency Ratio 166.7 160.9 160.6 157.9 155.1 Dollars in millions 4Q24 3Q25 4Q25 Salaries and wages $ 68.5 $ 66.2 $ 74.8 63.6% Employee benefits 20.5 18.2 18.5 61.7% Occupancy and equipment 18.2 18.5 19.6 61.1% 60.2% Other intangible amortization 3.
Slide 18: 2026 Guidance Summary
2026 GUIDANCE SUMMARY* • Anticipate ending deposits between $22.0-$22.5bn with normal seasonality. Assumes 1-3% growth excluding the impact of the Nebraska branch sale. Loans and Deposits • Anticipate ending loans between $14.5-$15.0bn. Assumes loans are approximately flat to down slightly excluding
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 4Q24 1Q25 2Q25 3Q25 4Q25 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,304.0 $ 3,361.3 $ 3,421.8 $ 3,448.7 $ 3,447.0 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,195.7 1,192.4 1,188.9 1,185.5 1,182.2 Tangible commo
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 4Q24 1Q25 2Q25 3Q25 4Q25 (Dollars in millions) Net interest income (A) $ 214.3 $ 205.0 $ 207.2 $ 206.8 $ 206.4 FTE adjustments(1) 1.6 1.6 1.4 1.4 1.3 Net interest income on a FTE basis (Non-GAAP) (B) 215.9 206.6 208.6 208.2 207.7 Less purchase accounting accretion 8.6 4.7 4.2