Form 8-K
8-K — FIRST INTERSTATE BANCSYSTEM INC
Accession: 0000860413-26-000034
Filed: 2026-04-29
Period: 2026-04-29
CIK: 0000860413
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — fibk-20260429.htm (Primary)
EX-99.1 (fibk-20260331x8kpr.htm)
EX-99.2 (mar2026ip.htm)
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8-K
8-K (Primary)
Filename: fibk-20260429.htm · Sequence: 1
fibk-20260429
false000086041300008604132026-04-292026-04-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
------------------------------
FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): April 29, 2026
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FIRST INTERSTATE BANCSYSTEM, INC.
(Exact name of registrant as specified in its charter)
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Delaware 001-34653 81-0331430
(State or other jurisdiction of
incorporation or organization) (Commission
File No.) (IRS Employer
Identification No.)
401 North 31st Street
Billings,
MT
59101
(Address of principal executive offices) (zip code)
(406) 255-5311
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a- 12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
* * * * *
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of exchange on which registered
Common stock, $0.00001 par value FIBK NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
* * * * *
Item 2.02 Results of Operations and Financial Condition.
On April 29, 2026, First Interstate BancSystem, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. Neither the information included or incorporated by reference under this Item 2.02, nor the press release furnished herewith, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On April 29, 2026, the Company posted a new corporate presentation (the “Presentation”) on the Events & Presentations page of the Company’s website at https://www.fibk.com. The Presentation, which is furnished with this Current Report as Exhibit 99.2 and incorporated herein by reference, updates previously furnished presentations and provides an overview of the Company and its operations. Neither the information included or incorporated by reference under this Item 7.01, nor the Presentation furnished herewith, shall be deemed to be “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On April 29, 2026, the Company also announced that the Board of Directors of the Company declared, on April 28, 2026, a dividend of $0.47 per share, that is payable May 21, 2026 to shareholders of record of the Company as of May 11, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit Number Description
99.1
Press Release dated April 29, 2026.
99.2
Presentation
104 Cover Page Interactive Data File (embedded within Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 29, 2026
FIRST INTERSTATE BANCSYSTEM, INC.
By: /s/ JAMES A. REUTER
James A. Reuter
President and Chief Executive Officer
EX-99.1
EX-99.1
Filename: fibk-20260331x8kpr.htm · Sequence: 2
Document
Exhibit 99.1
For Immediate Release
First Interstate BancSystem, Inc. Reports First Quarter Earnings
Billings, MT - April 29, 2026 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the first quarter of 2026. For the quarter, the Company reported net income of $60.2 million, or $0.61 per diluted share, which compares to net income of $108.8 million, or $1.08 per diluted share, for the fourth quarter of 2025 and net income of $50.2 million, or $0.49 per diluted share, for the first quarter of 2025.
HIGHLIGHTS
•Net interest margin increased to 3.41% for the first quarter of 2026, a 5-basis point increase from the fourth quarter of 2025 and a 22-basis point increase from the first quarter of 2025.
•Other borrowed funds were zero as of March 31, 2026 and December 31, 2025 as compared to $960.0 million as of March 31, 2025.
•Net charge-offs decreased $19.7 million to $2.4 million, or an annualized 0.06% of average loans outstanding, as of March 31, 2026, from $22.1 million, or an annualized 0.56% of average loans outstanding, as of December 31, 2025, and decreased $6.6 million from $9.0 million, or an annualized 0.21% of average loans outstanding, as of March 31, 2025.
•Criticized loans decreased $18.6 million to $1,033.2 million as of March 31, 2026, compared to $1,051.8 million as of December 31, 2025, and increased $7.1 million, compared to $1,026.1 million as of March 31, 2025.
•Non-performing assets increased $24.2 million, or 17.5%, to $162.5 million as of March 31, 2026, from $138.3 million as of December 31, 2025 and decreased $35.9 million, or 18.1%, from $198.4 million as of March 31, 2025.
•Total deposits decreased $205.3 million to $21,883.0 million as of March 31, 2026, compared to $22,088.3 million as of December 31, 2025 primarily due to decreases in all deposit categories except for savings deposits during the first quarter. Total deposits decreased $849.8 million, or 3.7% from March 31, 2025 with decreases in all deposit categories except for savings deposits primarily driven by the Arizona and Kansas branch sales which consisted of $641.6 million of deposits.
•During the first quarter of 2026, the Company repurchased 2.39 million shares of common stock for a total repurchase of approximately $84.0 million, in addition to the Company’s repurchase of approximately 3.65 million shares of common stock through December 31, 2025 for a total repurchase of approximately $117.6 million. On January 27, 2026, the board of directors authorized an increase to the repurchase program of an additional $150.0 million, or a total of $300.0 million authorized since its adoption in August of 2025.
•Common equity tier 1 capital ratio decreased 8 basis points during the first quarter of 2026 to 14.30%, compared to the fourth quarter of 2025, primarily as a result of shares repurchased during first quarter, partially offset by lower risk-weighted assets primarily driven by lower loan balances.
“We are pleased to see continued improvement in our net interest margin and continue to execute on our previously announced share repurchase authorization,” said James A Reuter, President and Chief Executive Officer of the Company. “We are encouraged with the underlying momentum in the business as we enter the second quarter, with a strong commercial pipeline and ongoing fixed asset repricing supporting our confidence in continued earnings improvement.”
DIVIDEND DECLARATION
On April 28, 2026, the Company’s board of directors declared a dividend of $0.47 per common share, payable on May 21, 2026, to common stockholders of record as of May 11, 2026. The dividend equates to a 5.3% annualized yield based on the $35.76 per share average closing price of the Company’s common stock as reported on NASDAQ during the first quarter of 2026.
1
NET INTEREST INCOME
Net interest income decreased $5.7 million to $200.7 million during the first quarter of 2026, compared to net interest income of $206.4 million during the fourth quarter of 2025. Net interest income decreased $4.3 million, or 2.1%, during the first quarter of 2026 compared to the first quarter of 2025. The quarterly decline from the fourth quarter of 2025 was primarily driven by lower interest income due to reduced loan yields and balances, and fewer accrual days, partially offset by higher investment balances and yields and lower interest expense due to reduced deposit balances and rates. Year-over-year lower interest earning assets and interest bearing liabilities were partially influenced by the reduction in loans and deposits related to the sale of the Arizona and Kansas branches during the fourth quarter of 2025, which resulted in a reduction of net interest income, in the first quarter of 2026.
Interest accretion attributable to the fair value of acquired loans, related to prior acquisitions, contributed to net interest income during the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025, in the amounts of $3.1 million, $2.6 million, and $4.7 million, respectively.
Net interest margin ratio was 3.41% for the first quarter of 2026, compared to 3.36% during the fourth quarter of 2025, and 3.19% during the first quarter of 2025. Net FTE (fully-taxable equivalent) interest margin ratio1 was 3.43% for the first quarter of 2026, compared to 3.38% during the fourth quarter of 2025, and 3.22% during the first quarter of 2025. Excluding interest accretion from the fair value of acquired loans, the adjusted net FTE interest margin ratio1, was 3.38%, an increase of 4 basis points from the prior quarter, primarily driven by higher yields on higher average investment security balances and lower rates on lower interest bearing deposits, partially offset by lower loan yields on lower average loan balances. Excluding interest accretion from the fair value of acquired loans, on a year-over-year basis, the adjusted net FTE interest margin ratio increased 24 basis points, primarily as a result of lower interest expense resulting from decreased other borrowed funds balances.
PROVISION FOR CREDIT LOSSES
During the first quarter of 2026, the Company recorded a provision for credit losses of $6.7 million. This compares to a provision for credit losses of $7.1 million and $20.0 million during the fourth quarter of 2025 and the first quarter of 2025, respectively.
For the first quarter of 2026, net loan charge-offs were $2.4 million, or an annualized 0.06% of average loans outstanding, compared to net loan charge-offs of $22.1 million, or an annualized 0.56% of average loans outstanding, for the fourth quarter of 2025 and net loan charge-offs of $9.0 million, or an annualized 0.21% of average loans outstanding, for the first quarter of 2025. Net loan charge-offs in the first quarter of 2026 were composed of charge-offs of $6.5 million offset by recoveries of $4.1 million. Net loan charge-offs in the fourth quarter of 2025 were composed of charge-offs of $24.5 million, primarily related to one loan of $15.8 million, which were offset by recoveries of $2.4 million. Net loan charge-offs in the first quarter of 2025 were composed of charge-offs of $10.8 million, which were offset by recoveries of $1.8 million.
The Company’s allowance for credit losses as a percentage of period-end loans held for investment was 1.33% at March 31, 2026, compared to 1.26% at December 31, 2025 and 1.24% at March 31, 2025. Coverage of non-performing loans decreased to 125.6% at March 31, 2026, compared to 141.9% at December 31, 2025 and increased from 110.5% at March 31, 2025.
NONINTEREST INCOME
For the Quarter Ended Mar 31, 2026 Dec 31, 2025 $ Change % Change Mar 31, 2025 $ Change % Change
(Dollars in millions)
Payment services revenues $ 15.6 $ 16.2 $ (0.6) (3.7) % $ 17.1 $ (1.5) (8.8) %
Mortgage banking revenues 1.3 1.1 0.2 18.2 1.4 (0.1) (7.1)
Wealth management revenues 10.5 10.7 (0.2) (1.9) 9.8 0.7 7.1
Service charges on deposit accounts 6.5 6.5 — — 6.6 (0.1) (1.5)
Other service charges, commissions, and fees 2.1 2.3 (0.2) (8.7) 2.3 (0.2) (8.7)
Other income 5.1 69.8 (64.7) (92.7) 4.8 0.3 6.3
Total noninterest income $ 41.1 $ 106.6 $ (65.5) (61.4) % $ 42.0 $ (0.9) (2.1) %
Noninterest income was $41.1 million for the first quarter of 2026, decreasing $65.5 million compared to the fourth quarter of 2025 and decreasing $0.9 million compared to the first quarter of 2025. The decrease from the fourth quarter of 2025 was primarily due to the $62.7 million gain recorded in other income from the sale of the Arizona and Kansas branches during the fourth quarter of 2025.
1 Represents a Non-GAAP financial measure. See “Non-GAAP Financial Measures” and the corresponding table captioned “Non-GAAP Financial Measures” included below for an explanation of the manner in which this measure is calculated and a reconciliation to this measure’s most directly comparable GAAP financial measure.
2
Payment services revenues decreased $0.6 million and $1.5 million during the first quarter of 2026 compared to the fourth quarter of 2025 and the first quarter of 2025, respectively. The year-over-year decrease was mainly the result of lower consumer credit card interchange during the first quarter of 2026 as compared to the first quarter of 2025, related to the outsourcing of consumer credit cards in the second quarter of 2025.
NONINTEREST EXPENSE
For the Quarter Ended Mar 31, 2026 Dec 31, 2025 $ Change % Change Mar 31, 2025 $ Change % Change
(Dollars in millions)
Salaries and wages $ 68.5 $ 74.8 $ (6.3) (8.4) % $ 68.6 $ (0.1) (0.1) %
Employee benefits 21.2 18.5 2.7 14.6 20.0 1.2 6.0
Occupancy and equipment 18.6 19.6 (1.0) (5.1) 18.7 (0.1) (0.5)
Other intangible amortization 3.3 3.4 (0.1) (2.9) 3.4 (0.1) (2.9)
Other expenses 47.1 50.4 (3.3) (6.5) 49.4 (2.3) (4.7)
Other real estate owned expense, net (1.1) — (1.1) NM 0.5 (1.6) NM
Total noninterest expense $ 157.6 $ 166.7 $ (9.1) (5.5) % $ 160.6 $ (3.0) (1.9) %
The Company’s noninterest expense was $157.6 million for the first quarter of 2026, a decrease of $9.1 million from the fourth quarter of 2025 and a decrease of $3.0 million from the first quarter of 2025.
Salary and wages expense decreased $6.3 million to $68.5 million during the first quarter of 2026 compared to the fourth quarter of 2025, primarily due to lower short-term incentive accruals of $2.9 million and lower severance accruals of $2.9 million during the first quarter of 2026. Salaries and wages expense decreased $0.1 million to $68.5 million during the first quarter of 2026 compared to $68.6 million during the first quarter of 2025.
Employee benefit expenses increased $2.7 million to $21.2 million during the first quarter of 2026, compared to $18.5 million during the fourth quarter of 2025, primarily due to the seasonal reset of payroll taxes, partially offset by lower long-term incentives and medical insurance costs. Employee benefit expenses increased $1.2 million from $20.0 million during the first quarter of 2025, primarily due to higher health insurance costs of $3.1 million, partially offset by $1.6 million of lower long-term incentive accruals during the first quarter of 2026.
Occupancy and equipment expenses decreased $1.0 million to $18.6 million during the first quarter of 2026, compared to $19.6 million during the fourth quarter of 2025, primarily due to higher depreciation expense as a result of the impairments in the fourth quarter of 2025 for the pending branch closures that occurred in the first quarter of 2026. Occupancy and equipment expenses increased $0.1 million during the first quarter of 2026 from $18.7 million during the first quarter of 2025.
Other expenses decreased $3.3 million during the first quarter of 2026 compared to the fourth quarter of 2025, primarily due to a decrease of $1.5 million in professional fees and decreases in donations and various other expense categories. Other expenses decreased $2.3 million during the first quarter of 2026 compared to the first quarter of 2025, primarily due to a decrease in FDIC special assessment accruals.
Other real estate owned expense, net decreased $1.1 million during the first quarter of 2026 compared to the fourth quarter of 2025 and decreased $1.6 million during the first quarter of 2026 compared to the first quarter of 2025, primarily due to a positive fair value adjustment to a commercial property.
BALANCE SHEET
Total assets decreased $213.8 million, or 0.8%, to $26,426.8 million as of March 31, 2026, from $26,640.6 million as of December 31, 2025, primarily due to decreases in loans and cash and cash equivalents, which were partially offset by an increase in investment securities. Total assets decreased $1,853.0 million from $28,279.8 million as of March 31, 2025, primarily due to a decrease in loans which was partially driven by the sale of the branches in Arizona and Kansas during the fourth quarter of 2025. The funds from the loan declines were partially used to pay down debt, which were partially offset by increases in investment securities and cash and cash equivalents.
Investment securities increased $379.8 million to $8,010.0 million as of March 31, 2026, from $7,630.2 million as of December 31, 2025, primarily resulting from purchases of investment securities, partially offset by pay-downs, maturities, called securities, and a $23.5 million decrease in fair market values during the first quarter. Investment securities increased $506.2 million from $7,503.8 million as of March 31, 2025, primarily resulting from purchases of investment securities and a $93.6 million increase in fair market values during the period, partially offset by pay-downs, maturities, and called securities.
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The following table presents the composition and comparison of loans held for investment as of the quarters-ended:
Mar 31, 2026 Dec 31, 2025 $ Change % Change Mar 31, 2025 $ Change % Change
Real Estate:
Commercial $ 8,040.5 $ 8,144.4 $ (103.9) (1.3) % $ 9,196.1 $ (1,155.6) (12.6) %
Construction 669.1 837.2 (168.1) (20.1) 1,097.3 (428.2) (39.0)
Residential 2,084.3 2,108.8 (24.5) (1.2) 2,161.4 (77.1) (3.6)
Agricultural 619.2 629.0 (9.8) (1.6) 678.1 (58.9) (8.7)
Total real estate 11,413.1 11,719.4 (306.3) (2.6) 13,132.9 (1,719.8) (13.1)
Consumer:
Indirect 419.4 477.5 (58.1) (12.2) 680.2 (260.8) (38.3)
Direct and advance lines 128.0 131.5 (3.5) (2.7) 132.4 (4.4) (3.3)
Credit card — — — — 74.2 (74.2) (100.0)
Total consumer 547.4 609.0 (61.6) (10.1) 886.8 (339.4) (38.3)
Commercial 2,342.9 2,359.6 (16.7) (0.7) 2,770.6 (427.7) (15.4)
Agricultural 426.8 520.2 (93.4) (18.0) 595.8 (169.0) (28.4)
Other, including overdrafts 5.8 1.7 4.1 241.2 1.8 4.0 222.2
Deferred loan fees and costs (7.6) (8.3) 0.7 (8.4) (10.6) 3.0 (28.3)
Loans held for investment, net of deferred loan fees and costs $ 14,728.4 $ 15,201.6 $ (473.2) (3.1) % $ 17,377.3 $ (2,648.9) (15.2) %
The decline in loans was impacted by $58.1 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, agricultural loan payoffs, and other loan paydowns and payoffs during the first quarter of 2026.
The ratio of loans held for investment to deposits was 67.3%, as of March 31, 2026, compared to 68.8% as of December 31, 2025 and 76.4% as of March 31, 2025.
Total deposits decreased $205.3 million to $21,883.0 million as of March 31, 2026, from $22,088.3 million as of December 31, 2025, primarily due to decreases in all deposit categories except for savings deposits during the first quarter. Total deposits decreased $849.8 million, or 3.7%, from $22,732.8 million as of March 31, 2025, with decreases in all deposit categories except for savings deposits during the first quarter of 2026, primarily driven by the Arizona and Kansas branch sales during the fourth quarter of 2025 which consisted of $641.6 million of deposits.
Other borrowed funds is composed of variable-rate, overnight and fixed-rate borrowings with remaining contractual tenors of up to one year through the Federal Home Loan Bank. Other borrowed funds were zero as of March 31, 2026 and December 31, 2025, respectively. Other borrowed funds decreased $960.0 million from March 31, 2025. The decrease was funded by cash flows from paydowns and maturities of investment securities and loans.
The Company is considered to be “well-capitalized” as of March 31, 2026, having exceeded all regulatory capital adequacy requirements. During the first quarter of 2026, the Company paid regular common stock dividends of approximately $45.7 million, or $0.47 per share and repurchased approximately 2.4 million shares of common stock at a weighted average price of $35.09 per share pursuant to its stock repurchase program.
CREDIT QUALITY
As of March 31, 2026, non-performing assets increased $24.2 million, or 17.5%, to $162.5 million, compared to $138.3 million as of December 31, 2025, primarily as a result of an increase in non-accrual loans related to a single client relationship comprised of $20.2 million in commercial and commercial real estate non-accrual loans and an increase of $3.2 million in OREO.
Criticized loans decreased $18.6 million, or 1.8%, to $1,033.2 million as of March 31, 2026, from $1,051.8 million as of December 31, 2025, primarily as a result of upgrades as well as paydowns and payoffs in the portfolio.
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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 press release contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our capital adequacy standards: (i) tangible common stockholders’ equity; (ii) tangible assets; (iii) tangible book value per common share; (iv) tangible common stockholders’ equity to tangible assets; (v) average tangible common stockholders’ equity; (vi) return on average tangible common stockholders’ equity; (vii) net FTE interest income; (viii) net FTE interest margin ratio; (ix) adjusted net FTE interest income; and (x) adjusted net FTE interest margin ratio. Tangible common stockholders’ equity is calculated as total common stockholders’ equity less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible assets are calculated as total assets less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible book value per common share is calculated as tangible common stockholders’ equity divided by common shares outstanding. Tangible common stockholders’ equity to tangible assets is calculated as tangible common stockholders’ equity divided by tangible assets. Average tangible common stockholders’ equity is calculated as average total stockholders’ equity less average goodwill and other intangible assets (excluding mortgage servicing rights). Return on average tangible common stockholders’ equity is calculated as annualized net income available to common shareholders divided by average tangible common stockholders’ equity. Net FTE interest income is calculated as net interest income, adjusted to include its FTE interest income. Net FTE interest margin ratio is calculated as net FTE interest income divided by average interest earning assets. Adjusted net FTE interest income is calculated as net FTE interest income less purchase accounting interest accretion on acquired loans. Adjusted net FTE interest margin ratio is calculated as annualized adjusted net FTE interest income divided by average interest earning assets. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. They also should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.
The Company adjusts the most directly comparable capital adequacy GAAP financial measures to the non-GAAP financial measures described in subclauses (i) through (vi) above to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to acquisition costs and other adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies.
See the “Non-GAAP Financial Measures” table included herein and the textual discussion for a reconciliation of the above-described non-GAAP financial measures to their most directly comparable GAAP financial measures.
Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results
This press release 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 thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance, financial condition, results of operations, investment portfolio, market position, or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues”, “projected,” as well as the negative forms of those words or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. Furthermore, the following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this press release:
•new or changes in existing governmental regulations or in the way such regulations are interpreted or enforced;
•negative developments in the banking industry and increased regulatory scrutiny;
•tax legislative initiatives or assessments;
•more stringent capital requirements, to the extent they may become applicable to us;
•changes in accounting standards;
•any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements,
5
the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations;
•federal deposit insurance assessment rate increases;
•lending risks and risks associated with loan portfolio concentrations;
•a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans;
•credit losses on loans exceeding estimates;
•potential effects on the U.S. economy resulting from the implementation of governmental policies, including tax regulations and changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs and geopolitical uncertainty;
•the soundness of other financial institutions;
•the ability to meet cash flow needs and availability of financing sources for working capital and other needs;
•a loss of deposits or a change in product mix that increases the Company’s funding costs;
•inability to access funding or to monetize liquid assets;
•changes in interest rates;
•interest rate effect on the value of our investment securities;
•cybersecurity risks, including business disruptions from denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior that could result in the disclosure of confidential information;
•privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information or otherwise have an adverse effect on us;
•the potential impairment of our goodwill and other intangible assets;
•our reliance on third parties that provide key components of our business infrastructure;
•events that may tarnish our reputation;
•mainstream and social media contagion;
•the loss of the services of key members of our management team and directors;
•our ability to attract and retain qualified employees to operate our business;
•costs associated with repossessed properties, including potential environmental remediation;
•the effectiveness of our operational processes, policies and procedures, and internal control over financial reporting;
•our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients;
•the development and use of artificial intelligence ("AI");
•risks related to acquisitions, mergers, strategic partnerships, divestitures, and other transactions;
•competition from new or existing financial institutions and non-banks;
•investing in technology;
•incurrence of significant costs related to mergers and related integration activities;
•the volatility in the price and trading volume of our common stock;
•“anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders;
•changes in our dividend policy or our ability to pay dividends;
•the possibility that we may fail to realize the anticipated benefits of our stock repurchase program;
•our common stock not being an insured deposit;
•the potential dilutive effect of future equity issuances;
•the subordination of our common stock to our existing and future indebtedness;
•the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and
•the impact of climate change and environmental sustainability matters.
The foregoing factors are not necessarily all of the factors that could cause our actual results, performance, or achievements to differ materially from expectations. Other unknown or unpredictable factors also could harm our results.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included and described in more detail in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors.” Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
6
First Quarter 2026 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to discuss the results for the first quarter of 2026 at 9:30 a.m. Eastern Time (7:30 a.m. Mountain Time) on Thursday, April 30, 2026. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-715-9871; the access code is 5906009. To participate via the Internet, visit www.FIBK.com. The call will be recorded and made available for replay on April 30, 2026, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through May 30, 2026, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-800-770-2030; the access code is 5906009. The call will also be archived on our website, www.FIBK.com, for one year.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Colorado, Idaho, Iowa, Missouri, Montana, Nebraska, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services. Through our bank subsidiary, First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities, and others throughout the Company’s market areas.
Contact: David P. Della Camera, CFA NASDAQ: FIBK
Chief Financial Officer
First Interstate BancSystem, Inc.
(406) 255-5363
investor.relations@fib.com www.FIBK.com
(FIBK-ER)
7
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Quarter Ended % Change
(In millions, except % and per share data) Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 1Q26 vs 4Q25 1Q26 vs 1Q25
Net interest income $ 200.7 $ 206.4 $ 206.8 $ 207.2 $ 205.0 (2.8) % (2.1) %
Net interest income on a fully-taxable equivalent ("FTE") basis 202.0 207.7 208.2 208.6 206.6 (2.7) (2.2)
Provision for (reduction of) credit losses 6.7 7.1 — (0.3) 20.0 (5.6) (66.5)
Noninterest income:
Payment services revenues 15.6 16.2 16.8 17.8 17.1 (3.7) (8.8)
Mortgage banking revenues 1.3 1.1 1.5 1.8 1.4 18.2 (7.1)
Wealth management revenues 10.5 10.7 10.4 9.7 9.8 (1.9) 7.1
Service charges on deposit accounts 6.5 6.5 7.0 6.9 6.6 — (1.5)
Other service charges, commissions, and fees 2.1 2.3 2.1 2.1 2.3 (8.7) (8.7)
Total fee-based revenues 36.0 36.8 37.8 38.3 37.2 (2.2) (3.2)
Other income 5.1 69.8 5.9 2.8 4.8 (92.7) 6.3
Total noninterest income 41.1 106.6 43.7 41.1 42.0 (61.4) (2.1)
Noninterest expense:
Salaries and wages 68.5 74.8 66.2 65.0 68.6 (8.4) (0.1)
Employee benefits 21.2 18.5 18.2 17.9 20.0 14.6 6.0
Occupancy and equipment 18.6 19.6 18.5 18.6 18.7 (5.1) (0.5)
Other intangible amortization 3.3 3.4 3.4 3.4 3.4 (2.9) (2.9)
Other expenses 47.1 50.4 51.6 50.2 49.4 (6.5) (4.7)
Other real estate owned expense, net (1.1) — — — 0.5 NM NM
Total noninterest expense 157.6 166.7 157.9 155.1 160.6 (5.5) (1.9)
Income before income tax 77.5 139.2 92.6 93.5 66.4 (44.3) 16.7
Provision for income tax 17.3 30.4 21.2 21.8 16.2 (43.1) 6.8
Net income $ 60.2 $ 108.8 $ 71.4 $ 71.7 $ 50.2 (44.7) % 19.9 %
Weighted-average basic shares outstanding 98,881 100,791 103,154 103,261 103,092 (1.9) % (4.1) %
Weighted-average diluted shares outstanding 99,241 101,096 103,387 103,364 103,416 (1.8) (4.0)
Earnings per share - basic $ 0.61 $ 1.08 $ 0.69 $ 0.69 $ 0.49 (43.5) 24.5
Earnings per share - diluted 0.61 1.08 0.69 0.69 0.49 (43.5) 24.5
NM - not meaningful
8
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
% Change
(In millions, except % and per share data) Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 1Q26 vs 4Q25 1Q26 vs 1Q25
Assets:
Cash and due from banks $ 321.7 $ 358.2 $ 382.7 $ 436.6 $ 390.4 (10.2) % (17.6) %
Interest bearing deposits in banks 886.9 951.4 1,066.4 653.5 480.9 (6.8) 84.4
Federal funds sold 0.1 0.1 0.1 0.1 0.1 — —
Cash and cash equivalents 1,208.7 1,309.7 1,449.2 1,090.2 871.4 (7.7) 38.7
Investment securities, net 8,010.0 7,630.2 7,305.8 7,312.2 7,503.8 5.0 6.7
Investment in Federal Home Loan Bank and Federal Reserve Bank stock 106.3 106.3 106.8 118.1 150.1 NM (29.2)
Loans held for sale, at fair value 70.8 73.6 305.6 335.2 0.4 (3.8) NM
Loans held for investment 14,728.4 15,201.6 15,834.4 16,353.4 17,377.3 (3.1) (15.2)
Allowance for credit losses (195.8) (191.4) (205.8) (209.6) (215.3) 2.3 (9.1)
Net loans held for investment 14,532.6 15,010.2 15,628.6 16,143.8 17,162.0 (3.2) (15.3)
Goodwill and intangible assets (excluding mortgage servicing rights) 1,178.9 1,182.2 1,185.5 1,188.9 1,192.4 (0.3) (1.1)
Company owned life insurance 524.6 523.0 520.2 516.7 514.2 0.3 2.0
Premises and equipment 403.1 406.6 415.1 413.0 428.9 (0.9) (6.0)
Other real estate owned 6.6 3.4 3.4 3.4 3.5 94.1 88.6
Mortgage servicing rights 22.5 23.1 23.8 24.4 24.9 (2.6) (9.6)
Other assets 362.7 372.3 388.9 420.5 428.2 (2.6) (15.3)
Total assets $ 26,426.8 $ 26,640.6 $ 27,332.9 $ 27,566.4 $ 28,279.8 (0.8) % (6.6) %
Liabilities and stockholders' equity:
Deposits $ 21,883.0 $ 22,088.3 $ 22,605.0 $ 22,630.6 $ 22,732.8 (0.9) % (3.7) %
Securities sold under repurchase agreements 476.1 479.6 485.2 509.3 528.0 (0.7) (9.8)
Other borrowed funds — — — 250.0 960.0 — (100.0)
Long-term debt 146.7 146.3 146.2 252.0 130.2 0.3 12.7
Subordinated debentures held by subsidiary trusts 149.9 149.8 163.1 163.1 163.1 0.1 (8.1)
Other liabilities 412.6 329.6 484.7 339.6 404.4 25.2 2.0
Total liabilities 23,068.3 23,193.6 23,884.2 24,144.6 24,918.5 (0.5) (7.4)
Stockholders' equity:
Common stock 2,265.5 2,350.9 2,439.3 2,463.5 2,460.2 (3.6) (7.9)
Retained earnings 1,288.7 1,274.2 1,213.5 1,191.2 1,168.6 1.1 10.3
Accumulated other comprehensive loss (195.7) (178.1) (204.1) (232.9) (267.5) 9.9 (26.8)
Total stockholders' equity 3,358.5 3,447.0 3,448.7 3,421.8 3,361.3 (2.6) (0.1)
Total liabilities and stockholders' equity $ 26,426.8 $ 26,640.6 $ 27,332.9 $ 27,566.4 $ 28,279.8 (0.8) % (6.6) %
Common shares outstanding at period end 98,820 101,106 103,967 104,874 104,910 (2.3) % (5.8) %
Book value per common share at period end $ 33.99 $ 34.09 $ 33.17 $ 32.63 $ 32.04 (0.3) 6.1
Tangible book value per common share at period end** 22.06 22.40 21.77 21.29 20.67 (1.5) 6.7
**Non-GAAP financial measure - see “Non-GAAP Financial Measures” included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end.
NM - not meaningful
9
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Loans and Deposits
(Unaudited)
% Change
(In millions, except %) Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 1Q26 vs 4Q25 1Q26 vs 1Q25
Loans held for investment:
Real Estate:
Commercial $ 8,040.5 $ 8,144.4 $ 8,496.4 $ 8,750.9 $ 9,196.1 (1.3) % (12.6) %
Construction 669.1 837.2 960.8 1,004.6 1,097.3 (20.1) (39.0)
Residential 2,084.3 2,108.8 2,136.0 2,157.5 2,161.4 (1.2) (3.6)
Agricultural 619.2 629.0 623.0 635.6 678.1 (1.6) (8.7)
Total real estate 11,413.1 11,719.4 12,216.2 12,548.6 13,132.9 (2.6) (13.1)
Consumer:
Indirect 419.4 477.5 540.3 607.1 680.2 (12.2) (38.3)
Direct 128.0 131.5 134.3 134.4 132.4 (2.7) (3.3)
Credit card — — — — 74.2 — (100.0)
Total consumer 547.4 609.0 674.6 741.5 886.8 (10.1) (38.3)
Commercial 2,342.9 2,359.6 2,447.4 2,529.9 2,770.6 (0.7) (15.4)
Agricultural 426.8 520.2 495.5 541.4 595.8 (18.0) (28.4)
Other 5.8 1.7 10.2 2.0 1.8 241.2 222.2
Deferred loan fees and costs (7.6) (8.3) (9.5) (10.0) (10.6) (8.4) (28.3)
Loans held for investment $ 14,728.4 $ 15,201.6 $ 15,834.4 $ 16,353.4 $ 17,377.3 (3.1) % (15.2) %
Deposits:
Noninterest bearing $ 5,229.0 $ 5,286.8 $ 5,555.7 $ 5,579.0 $ 5,590.2 (1.1) % (6.5) %
Interest bearing:
Demand 6,257.3 6,319.7 6,324.7 6,465.4 6,439.2 (1.0) (2.8)
Savings 7,961.7 7,843.5 7,954.0 7,789.6 7,876.4 1.5 1.1
Time, $250 thousand and over 694.7 792.9 851.1 837.3 823.4 (12.4) (15.6)
Time, other 1,740.3 1,845.4 1,919.5 1,959.3 2,003.6 (5.7) (13.1)
Total interest bearing 16,654.0 16,801.5 17,049.3 17,051.6 17,142.6 (0.9) (2.9)
Total deposits $ 21,883.0 $ 22,088.3 $ 22,605.0 $ 22,630.6 $ 22,732.8 (0.9) % (3.7) %
Total core deposits (1)
$ 21,188.3 $ 21,295.4 $ 21,753.9 $ 21,793.3 $ 21,909.4 (0.5) % (3.3) %
(1) Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits.
10
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Credit Quality
(Unaudited)
% Change
(In millions, except %) Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025 1Q26 vs 4Q25 1Q26 vs 1Q25
Allowance for Credit Losses:
Allowance for credit losses $ 195.8 $ 191.4 $ 205.8 $ 209.6 $ 215.3 2.3 % (9.1) %
As a percentage of loans held for investment 1.33 % 1.26 % 1.30 % 1.28 % 1.24 %
As a percentage of non-accrual loans 126.49 143.37 113.33 108.77 112.19
Net loan charge-offs during quarter $ 2.4 $ 22.1 $ 2.3 $ 5.8 $ 9.0 (89.1) % (73.3) %
Annualized as a percentage of average loans 0.06 % 0.56 % 0.06 % 0.14 % 0.21 %
Non-Performing Assets:
Non-accrual loans $ 154.8 $ 133.5 $ 181.6 $ 192.7 $ 191.9 16.0 % (19.3) %
Accruing loans past due 90 days or more 1.1 1.4 0.6 1.4 3.0 (21.4) (63.3)
Total non-performing loans 155.9 134.9 182.2 194.1 194.9 15.6 (20.0)
Other real estate owned 6.6 3.4 3.4 3.4 3.5 94.1 88.6
Total non-performing assets $ 162.5 $ 138.3 $ 185.6 $ 197.5 $ 198.4 17.5 % (18.1) %
Non-performing assets as a percentage of:
Loans held for investment and OREO 1.10 % 0.91 % 1.17 % 1.21 % 1.14 %
Total assets 0.61 0.52 0.68 0.72 0.70
Non-accrual loans to loans held for investment 1.05 0.88 1.15 1.18 1.10
Allowance for credit losses coverage of non-performing loans 125.59 141.88 112.95 107.99 110.47
Accruing Loans 30-89 Days Past Due $ 71.9 $ 82.7 $ 28.5 $ 52.2 $ 90.2 (13.1) % (20.3) %
Criticized Loans:
Special Mention $ 544.1 $ 566.3 $ 697.5 $ 744.9 $ 543.6 (3.9) % 0.1 %
Substandard 421.1 441.4 416.9 427.8 469.5 (4.6) (10.3)
Doubtful 68.0 44.1 49.7 30.3 13.0 54.2 423.1
Total $ 1,033.2 $ 1,051.8 $ 1,164.1 $ 1,203.0 $ 1,026.1 (1.8) % 0.7 %
11
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Selected Ratios - Annualized
(Unaudited)
At or for the Quarter ended:
Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025
Annualized Financial Ratios (GAAP)
Return on average assets 0.92 % 1.60 % 1.04 % 1.03 % 0.71 %
Return on average common stockholders' equity 7.08 12.40 8.22 8.46 6.07
Yield on average earning assets 4.63 4.67 4.73 4.76 4.75
Cost of average interest bearing liabilities 1.64 1.77 1.90 1.95 2.05
Interest rate spread 2.99 2.90 2.83 2.81 2.70
Efficiency ratio 63.81 52.17 61.68 61.10 63.64
Loans held for investment to deposit ratio 67.31 68.82 70.05 72.26 76.44
Annualized Financial Ratios - Operating** (Non-GAAP)
Net FTE interest margin ratio 3.43 % 3.38 % 3.36 % 3.32 % 3.22 %
Tangible book value per common share $ 22.06 $ 22.40 $ 21.77 $ 21.29 $ 20.67
Tangible common stockholders' equity to tangible assets 8.63 % 8.90 % 8.66 % 8.47 % 8.01 %
Return on average tangible common stockholders' equity 10.77 18.79 12.53 13.01 9.42
Consolidated Capital Ratios
Total risk-based capital to total risk-weighted assets 17.07 % * 17.06 % 16.62 % 16.49 % 14.93 %
Tier 1 risk-based capital to total risk-weighted assets 14.30 * 14.38 13.90 13.43 12.53
Tier 1 common capital to total risk-weighted assets 14.30 * 14.38 13.90 13.43 12.53
Leverage Ratio 9.56 * 9.61 9.60 9.37 9.06
*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID‑19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital.
**Non-GAAP financial measures - see “Non-GAAP Financial Measures” included herein for a reconciliation of net interest margin (GAAP) to net FTE interest margin ratio (non-GAAP), book value per common share (GAAP) to tangible book value per common share (non-GAAP), average common stockholders’ equity to average assets (GAAP) to tangible common stockholders’ equity to tangible assets (non-GAAP), and return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity.
12
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Average Balance Sheets
(Unaudited)
Three Months Ended
March 31, 2026 December 31, 2025 March 31, 2025
(In millions, except %) Average
Balance
Interest(3)
Average
Rate Average
Balance
Interest(3)
Average
Rate Average
Balance
Interest(3)
Average
Rate
Interest earning assets:
Loans (1)
$ 15,032.1 $ 207.6 5.60 % $ 15,540.5 $ 222.0 5.67 % $ 17,668.6 $ 243.5 5.59 %
Investment securities
Taxable (2)
7,705.1 55.2 2.91 7,355.2 50.7 2.73 7,464.3 51.3 2.79
Tax-exempt 176.0 0.8 1.84 178.7 0.9 2.00 182.6 0.9 2.00
Investment in FHLB and FRB stock 106.3 1.2 4.58 106.7 1.1 4.09 175.9 2.9 6.69
Interest bearing deposits in banks 848.7 7.8 3.73 1,177.0 11.8 3.98 567.5 6.3 4.50
Federal funds sold 0.1 — — 0.1 — — 0.1 — —
Total interest earning assets $ 23,868.3 $ 272.6 4.63 % $ 24,358.2 $ 286.5 4.67 % $ 26,059.0 $ 304.9 4.75 %
Noninterest earning assets 2,613.2 2,668.6 2,759.9
Total assets $ 26,481.5 $ 27,026.8 $ 28,818.9
Interest bearing liabilities:
Demand deposits $ 6,199.9 $ 12.8 0.84 % $ 6,316.6 $ 14.9 0.94 % $ 6,412.7 $ 14.4 0.91 %
Savings deposits 7,876.9 32.7 1.68 7,882.6 35.7 1.80 7,800.3 35.7 1.86
Time deposits 2,556.5 19.1 3.03 2,685.8 21.9 3.24 2,863.0 25.0 3.54
Repurchase agreements 479.6 1.0 0.85 496.4 1.2 0.96 533.0 1.2 0.91
Other borrowed funds — — — — — NM 1,533.5 17.5 4.63
Long-term debt 146.5 2.6 7.20 146.3 2.5 6.78 132.0 1.7 5.22
Subordinated debentures held by subsidiary trusts 149.9 2.4 6.49 150.8 2.6 6.84 163.1 2.8 6.96
Total interest bearing liabilities $ 17,409.3 $ 70.6 1.64 % $ 17,678.5 $ 78.8 1.77 % $ 19,437.6 $ 98.3 2.05 %
Noninterest bearing deposits 5,214.2 5,424.3 5,608.2
Other noninterest bearing liabilities 411.4 442.7 418.0
Stockholders’ equity 3,446.6 3,481.3 3,355.1
Total liabilities and stockholders’ equity $ 26,481.5 $ 27,026.8 $ 28,818.9
Net FTE interest income (non-GAAP)(4)
$ 202.0 $ 207.7 $ 206.6
Less FTE adjustments (3)
(1.3) (1.3) (1.6)
Net interest income from consolidated statements of income $ 200.7 $ 206.4 $ 205.0
Interest rate spread 2.99 % 2.90 % 2.70 %
Net interest margin 3.41 3.36 3.19
Net FTE interest margin ratio (non-GAAP)(4)
3.43 3.38 3.22
Cost of funds, including noninterest bearing demand deposits (5)
1.27 1.35 1.59
(1) Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material for the periods presented.
(2) Includes average balance of unsettled trades on investment securities.
(3) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate.
(4) Non-GAAP financial measure - see “Non-GAAP Financial Measures” included herein for a reconciliation to GAAP measures.
(5) Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus noninterest bearing deposits.
13
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(Unaudited)
As of or For the Quarter Ended
(In millions, except % and per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025
Total common stockholders' equity (GAAP) (A) $ 3,358.5 $ 3,447.0 $ 3,448.7 $ 3,421.8 $ 3,361.3
Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,178.9 1,182.2 1,185.5 1,188.9 1,192.4
Tangible common stockholders' equity (Non-GAAP) (B) $ 2,179.6 $ 2,264.8 $ 2,263.2 $ 2,232.9 $ 2,168.9
Total assets (GAAP) $ 26,426.8 $ 26,640.6 $ 27,332.9 $ 27,566.4 $ 28,279.8
Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,178.9 1,182.2 1,185.5 1,188.9 1,192.4
Tangible assets (Non-GAAP) (C) $ 25,247.9 $ 25,458.4 $ 26,147.4 $ 26,377.5 $ 27,087.4
Average Balances:
Total common stockholders' equity (GAAP) (D) $ 3,446.6 $ 3,481.3 $ 3,447.8 $ 3,401.1 $ 3,355.1
Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,180.3 1,183.7 1,187.1 1,190.5 1,193.9
Average tangible common stockholders' equity (Non-GAAP) (E) $ 2,266.3 $ 2,297.6 $ 2,260.7 $ 2,210.6 $ 2,161.2
Net interest income (GAAP) (F) $ 200.7 $ 206.4 $ 206.8 $ 207.2 $ 205.0
FTE interest income 1.3 1.3 1.4 1.4 1.6
Net FTE interest income (Non-GAAP) (G) 202.0 207.7 208.2 208.6 206.6
Less purchase accounting accretion on acquired loans 3.1 2.6 3.5 4.2 4.7
Adjusted net FTE interest income (Non-GAAP) (H) $ 198.9 $ 205.1 $ 204.7 $ 204.4 $ 201.9
Average interest earning assets (I) $ 23,868.3 $ 24,358.2 $ 24,589.5 $ 25,180.1 $ 26,059.0
Total quarterly average assets (J) 26,481.5 27,026.8 27,292.4 27,898.4 28,818.9
Annualized net income available to common shareholders (K) 244.1 431.7 283.3 287.6 203.6
Common shares outstanding (L) 98,820 101,106 103,967 104,874 104,910
Return on average assets (GAAP) (K) / (J) 0.92 % 1.60 % 1.04 % 1.03 % 0.71 %
Return on average common stockholders' equity (GAAP) (K) / (D) 7.08 12.40 8.22 8.46 6.07
Average common stockholders' equity to average assets (GAAP) (D) / (J) 13.02 12.88 12.63 12.19 11.64
Book value per common share (GAAP) (A) / (L) $ 33.99 $ 34.09 $ 33.17 $ 32.63 $ 32.04
Tangible book value per common share (Non-GAAP) (B) / (L) 22.06 22.40 21.77 21.29 20.67
Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 8.63 % 8.90 % 8.66 % 8.47 % 8.01 %
Return on average tangible common stockholders' equity (Non-GAAP) (K) / (E) 10.77 18.79 12.53 13.01 9.42
Net interest margin (GAAP) (F*) / (I) 3.41 3.36 3.34 3.30 3.19
Net FTE interest margin ratio (Non-GAAP) (G*) / (I) 3.43 3.38 3.36 3.32 3.22
Adjusted net FTE interest margin ratio (Non-GAAP) (H*) / (I) 3.38 3.34 3.30 3.26 3.14
*Annualized
14
EX-99.2
EX-99.2
Filename: mar2026ip.htm · Sequence: 3
mar2026ip
Q1 2026 Investor Presentation Exhibit 99.2 April 29, 2026
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 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance, financial condition, results of operations, investment portfolio or market position, or events constitute forward-looking statements. Such statements are generally identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues”, “projected”, as well as the negative forms of those words or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “seek,” “might,” “may”, as well as the negative forms of those words or similar expressions. Forward- looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. The following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this presentation: new or changes in existing governmental regulations or in the way such regulations are interpreted or enforced; negative developments in the banking industry and increased regulatory scrutiny; tax legislative initiatives or assessments; more stringent capital requirements, to the extent they may become applicable to us; changes in accounting standards; any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations; federal deposit insurance assessment rate increases; lending risks and risks associated with loan portfolio concentrations; a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans; credit losses on loans exceeding estimates; potential effects on the U.S. economy resulting from the implementation of governmental policies, including tax regulations and changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs and geopolitical uncertainty; the soundness of other financial institutions; the ability to meet cash flow needs and availability of financing sources for working capital and other needs; a loss of deposits or a change in product mix that increases the Company’s funding costs; inability to access funding or to monetize liquid assets; changes in interest rates; interest rate effect on the value of our investment securities; cybersecurity risks, including business disruptions from denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior that could result in the disclosure of confidential information; privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information or otherwise have an adverse effect on us; the potential impairment of our goodwill and other intangible assets; our reliance on third parties that provide key components of our business infrastructure; events that may tarnish our reputation; mainstream and social media contagion; the loss of the services of key members of our management team and directors; our ability to attract and retain qualified employees to operate our business; costs associated with repossessed properties, including potential environmental remediation; the effectiveness of our operational processes, policies and procedures, and internal control over financial reporting; our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients; the development and use of artificial intelligence ("AI"); risks related to acquisitions, mergers, strategic partnerships, divestitures, and other transactions; competition from new or existing financial institutions and non-banks; investing in technology; incurrence of significant costs related to mergers and related integration activities; the volatility in the price and trading volume of our common stock; “anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders; changes in our dividend policy or our ability to pay dividends; the possibility that we may fail to realize the anticipated benefits of our stock repurchase program; our common stock not being an insured deposit; the potential dilutive effect of future equity issuances; the subordination of our common stock to our existing and future indebtedness; the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and the impact of climate change and environmental sustainability matters. The foregoing factors are not necessarily all of the factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unpredictable factors also could harm our results. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors”. Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward- looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. 2
FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW Premier community banking institution in growing markets throughout the Midwest and Pacific Northwest Financial Highlights Balance Sheet Capital Assets $26.4 Billion Total RBC3*** 17.07% LHFI1 $14.7 Billion CET14*** 14.30% Deposits $21.9 Billion Leverage*** 9.56% ACL2/LHFI 1.33% TCE to TA ratio5**** 8.63% 1Loans held for investment (LHFI) 3Risk-based capital (RBC) 2Allowance for credit losses (ACL) 4Common equity tier-1 (CET1) 5Tangible common stockholders’ equity (TCE) to tangible assets (TA) ratio Corporate Overview Headquarters Billings, MT Exchange/Listing NASDAQ: FIBK Market Capitalization* $3.3 Billion Annualized Dividend Yield** 5.3% Branch Network***** 273 banking offices Sub Debt Rating Kroll BBB 3 * Calculated using closing stock price of $33.40 as of 03/31/2026 ** Calculated using average closing stock price of $35.76 for the quarter ended 03/31/2026 *** Preliminary estimates - may be subject to change **** Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation ***** Reflects branch network as of April 29, 2026 and excludes 11 Nebraska branches sold to Security First on April 10, 2026. In addition, includes one branch in Iowa and one branch in Oregon expected to close third quarter of 2026.
COMPANY HIGHLIGHTS 4
5 2026 GOALS AND FOCUS AREAS 1. IMPROVE CORE PROFITABILITY Favorable multi-year NII trajectory coupled with operational efficiencies ■ Repricing and reinvestment of maturing fixed rate loans and securities ■ Maintain granular, low-cost deposit base ■ Proactive approach to credit risk management ■ Continued focus on efficiency and branch network optimization ■ Banking organization redesign aligning teams around profitable organic expansion 2. FOCUSED CAPITAL INVESTMENT Allocating capital toward enhancing core franchise and deemphasizing peripheral opportunities ■ Shifting focus toward core geographies with dominant market share and / or strong growth potential ■ Ongoing utilization of buybacks as a disciplined capital management tool 3. OPTIMIZATION OF OUR BALANCE SHEET Continued emphasis on relationship banking ■ Ongoing focus on organic customer acquisition ■ Maintain strong liquidity profile ■ Maintain strong capital ratios while deploying excess capital • 8 consecutive quarters of net interest margin expansion (+4bps in adjusted FTE NIM* since the fourth quarter of 2025) • 1.20% cost of deposits as of March 31, 2026 • 2.41% annualized noninterest expense / average assets for the first quarter of 2026 • Completed the sale of 11 Nebraska branches in the second quarter of 2026 and 12 branches in Arizona and Kansas in the fourth quarter of 2025 • Closed a total of 6 branches in Minnesota, Nebraska and North Dakota in the first quarter of 2026 and announced the pending closure of 2 additional branches in Iowa and Oregon expected to close in the third quarter of 2026. • Since adoption of the $150 million stock repurchase program on August 28, 2025 and the additional authorization of $150.0 million on January 27, 2026, repurchased approximately 6.0 million shares of common stock through March 31, 2026 for a total repurchase of approximately $201.6 million. • Loan-to-deposit ratio of 67% in the first quarter of 2026 • CET1 of 14.30% and Leverage Ratio of 9.56% as of March 31, 2026 * Non-GAAP financial measure – see non-GAAP table in the appendix for reconciliation ** Constitutes estimates and forward-looking statement Relationship-based loan and deposit growth Expand market share in markets with existing density and / or growth potential Optimize branch network through opening, closing and relocating branches Enhance profitability Prudently deploy capital ONGOING FOCUS**
Earnings • Net income of $60.2 million, or $0.61 per share. • Net interest margin (NIM) of 3.41%, an increase of 5 basis points from the fourth quarter of 2025; NIM on a fully taxable equivalent (FTE) basis1 of 3.43%, an increase of 5 basis points from the fourth quarter of 2025; adjusted FTE NIM1 of 3.38%, an increase of 4 basis points from the fourth quarter of 2025. • Efficiency ratio2 of 63.8% for the first quarter of 2026. Balance Sheet • Loans held for investment (LHFI) decreased by $473.2 million from the fourth quarter of 2025 driven by continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, agricultural loan payoffs, and other loan paydowns and payoffs during the first quarter of 2026. • Total deposits decreased $205.3 million at March 31, 2026 from December 31, 2025 primarily due to decreases in all deposit categories except for savings deposits during the first quarter. Total deposits decreased $849.8 million, or 3.7% from March 31, 2025 with decreases in all deposit categories except for savings deposits primarily driven by the Arizona and Kansas branch sales which consisted of $641.6 million of deposits. • The Company’s balance sheet continues to maintain a strong liquidity position, with a loan/deposit ratio of 67.3% as of March 31, 2026. Asset Quality • Total provision for credit losses was $6.7 million; funded Allowance for Credit Losses coverage of 1.33% of LHFI during the first quarter of 2026 compared to 1.26% from the fourth quarter of 2025. • Net charge-offs (NCOs) were $2.4 million, or an annualized 6 basis points of average loans outstanding during the first quarter of 2026. • Non-performing loans of $155.9 million increased 15.6% from the fourth quarter of 2025, reflecting 1.06% of LHFI as of March 31, 2026 compared to 0.89% of LHFI as of December 31, 2025. Non-performing assets of $162.5 million increased 17.5% from the fourth quarter of 2025 primarily as a result of an increase in non-accrual loans related to a single client relationship. • Criticized loans decreased $18.6 million, or 1.8%, from the fourth quarter of 2025, to $1,033.2 million or 7.0% of LHFI as of March 31, 2026 compared to 6.9% of LHFI as of December 31, 2025. Criticized loans increased $7.1 million, compared to $1,026.1 million as of March 31, 2025. Capital • Quarterly cash dividend of $0.47 per share, for an annualized yield of 5.3% for the first quarter of 2026. • During the first quarter of 2026, the Company repurchased 2.39 million shares of common stock for a total repurchase of approximately $84.0 million, compared to the Company’s repurchase of approximately 3.65 million shares of common stock through December 31, 2025 for a total repurchase of approximately $117.6 million. On January 27, 2026, the board of directors authorized an increase to the repurchase program of an additional $150.0 million, or a total of $300.0 million authorized since its adoption in August of 2025. • CET13 of 14.30% and total RBC3 of 17.07% for the first quarter of 2026. • CET1 decreased 8 basis points primarily as a result of shares repurchased during first quarter, partially offset by lower risk-weighted assets primarily driven by lower loan balances. FIRST QUARTER 2026 HIGHLIGHTS 6 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 The ratio of the bank’s noninterest expense less amortization of intangible assets divided by net interest income plus noninterest income (per FDIC definition) 3 Preliminary estimates - may be subject to change
EARNING ASSET YIELD 7 Fixed and Adjustable Rate Loans* Year Maturing or Repricing Balance*** Roll-Off Coupon 2026 $1,000M 4.2 % 2027 $1,630M 4.6 % Total $2,630M 4.5 % Fixed and Adjustable Rate Securities Quarter Total Expected Cash Flow*** Roll-Off Coupon 6/30/2026 $260M 2.7 % 9/30/2026 $261M 2.8 % 12/31/2026 $267M 2.9 % 2027 $1,250M 2.7 % Total $2,038M 2.7 % Average Loans/Average Rate** $17.7 $17.1 $16.4 $15.5 $15.0 5.59% 5.65% 5.68% 5.67% 5.60% Average Loans Average Rate Q125 Q225 Q325 Q425 Q126 • Yields on loans decreased 7 bps compared to the fourth quarter of 2025 and increased 1 bp compared to the first quarter of 2025 • Through 2027 $2.6 billion of fixed and adjustable rate loans at a weighted average rate of 4.5% are expected to mature or reprice*** • Through 2027 $2.0 billion of fixed and adjustable rate securities cashflows are expected at a weighted average rate of 2.7%*** * Calculated using period to date loan balance; reflects pass rated loans ** Calculated using quarter-to-date average loan balance *** Constitute estimates and forward looking statements
DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 55% Construction RE, 5% Residential RE, 14% Agriculture RE, 4% Consumer, 4% Commercial, 15% Agriculture, 3% Revolving Commitments ($B) $2.5 $2.5 $2.5 $2.3 $2.3 41.4% 39.3% 39.0% 40.4% 38.9% Unfunded Funded Q125 Q225 Q325 Q425 Q126 8 $14.7B Balances as of March 31, 2026 Loan Highlights: • Loans decreased $473.2 million during the first quarter of 2026 compared to the fourth quarter of 2025 driven by $58.1 million of continued amortization of the indirect portfolio for which the company stopped originating loans during the first quarter of 2025, agricultural loan payoffs, and other loan paydowns and payoffs during the first quarter of 2026. • Commercial real estate balances are 33.4% owner-occupied as of the first quarter of 2026. • Diversified geographic loan portfolio with largest state concentration of 20%
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIOS Property Type Multifamily, 23% Medical, 11% Retail, 22% Industrial/Warehouse, 19% Office, 10%Hotel, 10%Land & Development, 2% Other CRE, 1% Residential 1-4 Family, 2% Market Type Metro, 5% Mid-Metro, 7% Non-Metro, 88% 9 Highlights: • $8.7 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) • $38.9 million of non-accrual loans (0.45% of commercial real estate and construction portfolios) • Montana has the largest state concentration representing 18% of portfolio Balances as of March 31, 2026 Highlights: • Metro defined as property located in Portland, Seattle, and Denver. • Mid-metro defined as Omaha, Des Moines, and Boise. • Non-metro defined as all other areas.
Deposits by S tate** MT, 27% WY, 13% ID, 7% WA, 3% OR, 11%SD, 15% NE**, 9% IA, 9% MO, 1% CO, 4% Other, 1% Mix of Consumer and Business Deposits* 54% 53% 52% 54% 54% 46% 47% 48% 46% 46% Total Consumer Deposits Total Business Deposits Q125 Q225 Q325 Q425 Q126 10 Average Deposit Balances* 28% 28% 28% 28% 28% 34% 35% 35% 35% 36% 13% 12% 12% 12% 12% 25% 25% 25% 25% 24% 1.34% 1.33% 1.35% 1.30% 1.20% Demand Savings Time Non-interest bearing Total Cost of Deposits Q125 Q225 Q325 Q425 Q126 DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT * Balances as of March 31, 2026 ** Includes eleven (11) Nebraska branches sold to Security First Bank effective in the second quarter of 2026. Deposit Highlights: • Total deposits decreased $205.3 million at March 31, 2026 from December 31, 2025, primarily due to decreases in all deposit categories except for savings deposits during the first quarter. Total deposits decreased $849.8 million, or 3.7% from March 31, 2025 with decreases in all categories except for savings deposits primarily driven by the Arizona and Kansas branch sales during the fourth quarter of 2025 which consisted of $641.6 million of deposits. • Total deposit costs declined 10 basis points from the prior quarter.
Total Risk-Based Capital Ratios 14.93% 16.49% 16.62% 17.06% 17.07% 12.53% 13.43% 13.90% 14.38% 14.30%2.40% 3.06% 2.72% 2.68% 2.76% CET1 Total RBC 1Q25 2Q25 3Q25 4Q25 1Q26² CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common S tockholders' Equity (TCE) to Tangible Assets (TA)¹ $32.04 $32.63 $33.17 $34.09 $33.99 $20.67 $21.29 $21.77 $22.40 $22.06 8.01% 8.47% 8.66% 8.90% 8.63% 11.89% 12.41% 12.62% 12.94% 12.71% TBVPS BVPS TCE to TA Ratio CE Ratio 1Q25 2Q25 3Q25 4Q25 1Q26 11 LHFI to Deposit Ratio 76.4% 72.3% 70.1% 68.8% 67.3% 1Q25 2Q25 3Q25 4Q25 1Q26 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 Preliminary estimates - may be subject to change Capital and Liquidity Highlights: • Annualized dividend yield of 5.3% based on an average share price of $35.76 for the first quarter of 2026. • Tangible book value per share (TBVPS)1 decreased during the first quarter. The change in stockholders’ equity was driven by an increase to the unrealized losses on available-for-sale securities through other comprehensive income, cash dividends paid, stock repurchases of vested restricted shares tendered to satisfy tax withholding obligations, and stock repurchases as part of the stock repurchase program, partially offset by the retention of retained earnings and a reduction in shares outstanding from stock repurchases. For the first quarter of 2026, the AOCI mark is equal to $1.98 of book value per share (BVPS). • Repurchased approximately 2.4 million shares of common stock at a weighted average price of $35.09 per share during the first quarter of 2026 through our stock repurchase program.
ACL Highlights: • Funded ACL increased to 1.33% of loans from 1.26% in the prior quarter. • Net charge-offs were $2.4 million which represented 6 basis points of average loans during the first quarter of 2026. ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio $220.4 $214.4 $212.1 $197.3 $201.6$215.3 $209.6 $205.8 $191.4 $195.8 5.1 4.8 6.3 5.9 5.8 1.24% 1.28% 1.30% 1.26% 1.33% Funded ACL Unfunded ACL Funded ACL % of LHFI 1Q25 2Q25 3Q25 4Q25 1Q26 12 ACL Roll-forward ($MM) Funded Unfunded Investments Total ACL 12/31/25 $191.4 $5.9 $0.5 $197.8 ACL Provision (Reversal) 6.8 (0.1) — 6.7 Net Charge-offs 2.4 — — 2.4 ACL 3/31/26 $195.8 $5.8 $0.5 $202.1
Asset Quality Highlights: • Net charge-offs totaled $2.4 million, or 6 basis points of average loans, during the first quarter of 2026. • Total non-performing loans (NPLs) increased by $21.0 million, or 15.6% during the first quarter of 2026 compared to the fourth quarter of 2025 driven primarily by an increase in non-accrual loans related to a single client relationship comprised of $20.2 million in commercial and commercial real estate non-accrual loans. • Total criticized loans decreased $18.6 million during the first quarter of 2026 compared to the fourth quarter of 2025. ASSET QUALITY AND RESERVE TRENDS Net Charge-offs ($MM) and Net Charge-Offs Ratio $9.0 $5.8 $2.3 $22.1 $2.4 0.21% 0.14% 0.06% 0.56% 0.06% Net Charge-offs % of Average Loans 1Q25 2Q25 3Q25 4Q25 1Q26 Total non-performing loans ($MM) and ACL/NPL Ratios $194.9 $194.1 $182.2 $134.9 $155.9 110.5% 108.0% 113.0% 141.9% 125.6% NPLs ACL / NPL Ratio 1Q25 2Q25 3Q25 4Q25 1Q26 Total Criticized Loans ($MM) and Criticized Loan Ratio $1,026.1 $1,203.0 $1,164.1 $1,051.8 $1,033.2 5.9% 7.4% 7.4% 6.9% 7.0% Criticized Loans % of Total Loans 1Q25 2Q25 3Q25 4Q25 1Q26 13
Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $3.1 million of loan purchase accounting accretion (PAA) for the first quarter of 2026, an increase from $2.6 million in the prior quarter. • Total remaining PAA of $26.7 million as of March 31, 2026 ◦ Scheduled accretion of $5.5 million, $5.2 million, $4.4 million for the remainder of 2026, FY27, and FY28, respectively. • During the first quarter of 2026, FTE NIM1 increased by 5 basis points compared to the prior quarter. • Adjusted FTE NIM1 (which excludes the impact from PAA) increased by 4 basis points during the first quarter of 2026, primarily driven by higher yields on higher average investment security balances and lower interest bearing deposit costs, partially offset by lower loan yields. NET INTEREST INCOME FTE NII¹ ($MM) and FTE NIM¹ $201.9 $204.4 $204.7 $205.1 $198.9 $4.7 $4.2 $3.5 $2.6 $3.1 $206.6² $208.6² $208.2² $207.7² $202.0² 3.22% 3.32% 3.36% 3.38% 3.43% 3.14% 3.26% 3.30% 3.34% 3.38% Adjusted FTE NII¹ Loan PAA FTE NIM¹ Adjusted FTE NIM¹ 1Q25 2Q25 3Q25 4Q25 1Q26 14 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 FTE NII
15 Noninterest Income by Type ¹ Payment Services, 38% Mortgage Banking, 3% Wealth Management, 26% Deposit Service Charges, 16% Other Service Charges & Fees, 5% Other Income, 12% Dollars in millions 1Q25 4Q25 1Q26 Payment services revenues $ 17.1 $ 16.2 $ 15.6 Mortgage banking revenues 1.4 1.1 1.3 Wealth management revenues 9.8 10.7 10.5 Service charges on deposit accounts 6.6 6.5 6.5 Other service charges, commissions and fees 2.3 2.3 2.1 Other income 4.8 69.8 5.1 Total Reported Noninterest Revenue $ 42.0 $ 106.6 $ 41.1 % of Total Revenue 17.0 % 34.1 % 17.0 % NONINTEREST INCOME 1 Percentages calculated using balances as of March 31, 2026 Other Income Notes: • Q4 2025 results include a $62.7 million gain from the sale of the Arizona and Kansas branches that closed on October 10, 2025. • Q4 2025 results include a $1.4 million gain from the sale of certain equity securities.
NONINTEREST EXPENSE 16 Dollars in millions 1Q25 4Q25 1Q26 Salaries and wages $ 68.6 $ 74.8 $ 68.5 Employee benefits 20.0 18.5 21.2 Occupancy and equipment 18.7 19.6 18.6 Other intangible amortization 3.4 3.4 3.3 Other expenses 49.4 50.4 47.1 Other real estate owned expense, net 0.5 — (1.1) Total Reported Noninterest Expense $ 160.6 $ 166.7 $ 157.6 Noninterest Expense ($MM) and Efficiency Ratio 160.6 155.1 157.9 166.7 157.6 63.6% 61.1% 61.7% 52.2% 63.8% Total Non-interest Expenses Efficiency Ratio ¹ 1Q25 2Q25 3Q25 4Q25 1Q26 1 The ratio of the bank’s noninterest expense less amortization of intangible assets divided by net interest income plus noninterest income (per FDIC definition) Noninterest Expense Notes: • Q1 2025 results include $1.4 million of severance expense and a $0.6 million accrual for indirect line of business termination costs. • Q4 2025 results include $4.2 million in severance expense and $2.3 million in expenses related to branch closures partially offset by a reversal of $1.2 million related to the FDIC special assessment accrual. • Q1 2026 results include $1.3 million of severance expense.
2026 GUIDANCE SUMMARY* 17 *Preliminary estimates and forward-looking statements - may be subject to change Balance Sheet • Anticipate ending deposits between $22.0-$22.5 billion with normal seasonality • Anticipate ending loans between $14.4-$14.9 billion. Assumes improving production in the second quarter and into the second half of the year, informed by a strong commercial pipeline Net Interest Income • Anticipate full-year reported net interest income between $825-$845 million. Anticipates continued margin expansion throughout 2026 • Outlook assumes no rate cuts Noninterest Income • Anticipate 2026 non-interest income to total $168-$173 million; excluding the impact of anticipated gain-on-sale related to the Nebraska branch transaction Noninterest Expense • Anticipate 2026 non-interest expense to total $630-$643 million. Assumes reinvestment into business including addition of relationship managers and increased advertising expense, as well as normalization in medical insurance expense Tax Rate • Anticipate effective tax rate to be 22.5%-23.5% for full-year 2026 Credit Quality • Continue to anticipate long-term annualized net charge-offs between 20 and 30 basis points
NON-GAAP FINANCIAL MEASURES 18 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 capital adequacy standards: (i) tangible common stockholders’ equity; (ii) tangible assets; (iii) tangible book value per common share; (iv) tangible common stockholders’ equity to tangible assets;(v) net interest income on a fully taxable equivalent basis; (vi) adjusted net interest income on a fully taxable equivalent basis; (vii) net interest margin on a fully taxable equivalent basis; and (viii) adjusted net interest margin on a fully taxable equivalent basis. Tangible common stockholders’ equity is calculated as total common stockholders’ equity less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible assets are calculated as total assets less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible book value per common share is calculated as tangible common stockholders’ equity divided by common shares outstanding. Tangible common stockholders’ equity to tangible assets is calculated as tangible common stockholders’ equity divided by tangible assets. Net interest income on a fully taxable equivalent basis is calculated as net interest income, adjusted to include its fully taxable equivalent interest income. Adjusted net interest income on a fully taxable equivalent basis is calculated as net interest income on a fully taxable equivalent basis less purchase accounting interest accretion on acquired loans. Net interest margin on a fully taxable equivalent basis is calculated as annualized net interest income on a fully taxable equivalent basis divided by average interest earning assets. Adjusted net interest margin on a fully taxable equivalent basis is calculated as annualized adjusted net interest income on a fully taxable equivalent basis divided by average interest earning assets. These non-GAAP financial measures are calculated on the reconciliation pages that follow. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. They also should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. The Company adjusts the most directly comparable capital adequacy GAAP financial measures to the non-GAAP financial measures described in subclauses (i) through (iv) above to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and are intended to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to the acquisition costs and adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies. See the Non-GAAP Financial Measures tables included below and the textual discussion above for a reconciliation of the above described non-GAAP financial measures to their most directly comparable GAAP financial measures.
1Q25 2Q25 3Q25 4Q25 1Q26 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,361.3 $ 3,421.8 $ 3,448.7 $ 3,447.0 $ 3,358.5 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,192.4 1,188.9 1,185.5 1,182.2 1,178.9 Tangible common stockholders' equity (Non-GAAP) (B) $ 2,168.9 $ 2,232.9 $ 2,263.2 $ 2,264.8 $ 2,179.6 Total assets (GAAP) $ 28,279.8 $ 27,566.4 $ 27,332.9 $ 26,640.6 $ 26,426.8 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,192.4 1,188.9 1,185.5 1,182.2 1,178.9 Tangible assets (Non-GAAP) (C) $ 27,087.4 $ 26,377.5 $ 26,147.4 $ 25,458.4 $ 25,247.9 Common shares outstanding (L) 104,910 104,874 103,967 101,106 98,820 Book value per common share (GAAP) (A) / (L) $ 32.04 $ 32.63 $ 33.17 $ 34.09 $ 33.99 Tangible book value per common share (Non-GAAP) (B) / (L) 20.67 21.29 21.77 22.40 22.06 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 8.01 % 8.47 % 8.66 % 8.90 % 8.63 % NON-GAAP RECONCILIATION 19 * Line items may not sum due to rounding
1Q25 2Q25 3Q25 4Q25 1Q26 (Dollars in millions) Net interest income (A) $ 205.0 $ 207.2 $ 206.8 $ 206.4 $ 200.7 FTE adjustments(1) 1.6 1.4 1.4 1.3 1.3 Net interest income on a FTE basis (Non-GAAP) (B) 206.6 208.6 208.2 207.7 202.0 Less purchase accounting accretion on acquired loans 4.7 4.2 3.5 2.6 3.1 Adjusted net interest income on a FTE basis (Non-GAAP) (C) $ 201.9 $ 204.4 $ 204.7 $ 205.1 $ 198.9 Average interest earning assets (D) $ 26,059.0 $ 25,180.1 $ 24,589.5 $ 24,358.2 $ 23,868.3 Net interest margin (A annualized)/(D) 3.19 % 3.30 % 3.34 % 3.36 % 3.41 % Net interest margin (FTE) (Non-GAAP) (B annualized)/(D) 3.22 3.32 3.36 3.38 3.43 Adjusted net interest margin (FTE) (Non-GAAP) (C annualized)/(D) 3.14 3.26 3.30 3.34 3.38 NON-GAAP RECONCILIATION 20 * Line items may not sum due to rounding 1 Management believes net interest income on a FTE basis is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts its net interest income for tax exempt loans and securities to what it would have received on taxable alternatives utilizing a 21.00% tax rate.
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