First Interstate BancSystem, Inc. Reports Fourth Quarter Earnings

BILLINGS, Mont.--( BUSINESS WIRE)--First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the fourth quarter of 2025. For the quarter, the Company reported net income of $108.8 million, or $1.08 per diluted share, which compares to net income of $71.4 million, or $0.69 per diluted share, for the third quarter of 2025 and net income of $52.1 million, or $0.50 per diluted share, for the fourth quarter of 2024.

For the year ended December 31, 2025, the Company reported net income of $302.1 million, or $2.94 per diluted share, compared to $226.0 million, or $2.19 per diluted share, for the year ended December 31, 2024.

HIGHLIGHTS

“We made continued, meaningful progress as we advance through each phase of our strategic plan. Our net interest margin continues to improve, we continued executing on our previously announced share repurchase program, and we were pleased to see reductions in non-performing and criticized assets as we continue to take a proactive approach to credit risk management. Given our strong capital position, we further increased our share repurchase authorization,” said James A Reuter, President and Chief Executive Officer of the Company. “We are pleased to continue to add strong talent to First Interstate, while elevating key leaders within the organization to support organic growth. Our strong and flexible liquidity and capital levels are expected to provide a solid foundation to drive growth and returns for our shareholders.”

DIVIDEND DECLARATION

On January 27, 2026, the Company’s board of directors declared a dividend of $0.47 per common share, payable on February 20, 2026, to common stockholders of record as of February 10, 2026. The dividend equates to a 5.7% annualized yield based on the $32.72 per share average closing price of the Company’s common stock as reported on NASDAQ during the fourth quarter of 2025.

NET INTEREST INCOME

Net interest income decreased $0.4 million to $206.4 million during the fourth quarter of 2025, compared to net interest income of $206.8 million during the third quarter of 2025. Net interest income decreased $7.9 million, or 3.7%, during the fourth quarter of 2025 compared to the fourth quarter of 2024. The decrease compared to the fourth quarter of 2024 was mainly the result of lower interest income as a result of a decrease in average rates, average investment security balances, and average loan balances, partially offset by a decrease in interest expense resulting from a decrease in the average other borrowed funds balance. Year-over-year lower interest earning assets and interest bearing liabilities were partially influenced by the reduction in loans of $291.5 million and deposits of $641.6 million related to the sale of the Arizona and Kansas branches, which resulted in a reduction of net interest income, in the fourth quarter of 2025.

Interest accretion attributable to the fair value of acquired loans, related to prior acquisitions, contributed to net interest income during the fourth quarter of 2025, the third quarter of 2025, and the fourth quarter of 2024, in the amounts of $2.6 million, $3.5 million, and $8.6 million, respectively.

Net interest margin ratio was 3.36% for the fourth quarter of 2025, compared to 3.34% during the third quarter of 2025, and 3.18% during the fourth quarter of 2024. Net FTE (fully-taxable equivalent) interest margin ratio 1 was 3.38% for the fourth quarter of 2025, compared to 3.36% during the third quarter of 2025, and 3.20% during the fourth quarter of 2024. Excluding interest accretion from the fair value of acquired loans, the adjusted net FTE interest margin ratio 1, was 3.34%, an increase of 4 basis points from the prior quarter, primarily driven by higher yields on higher average investment security balances and lower interest bearing deposit costs, partially offset by lower loan yields. Excluding interest accretion from the fair value of acquired loans, on a year-over-year basis, the adjusted net FTE interest margin ratio increased 26 basis points, primarily as a result of lower interest expense resulting from decreased other borrowed funds balances.

____________________

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.

PROVISION FOR CREDIT LOSSES

During the fourth quarter of 2025, the Company recorded a provision for credit losses of $7.1 million. This compares to a provision for credit losses of zero and $33.7 million during the third quarter of 2025 and the fourth quarter of 2024, respectively.

For the fourth quarter of 2025, net charge-offs were $22.1 million, or an annualized 0.56% of average loans outstanding, compared to net charge-offs of $2.3 million, or an annualized 0.06% of average loans outstanding, for the third quarter of 2025 and net charge-offs of $55.2 million, or an annualized 1.22% of average loans outstanding, for the fourth quarter of 2024. 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 had a specific reserve of $11.6 million as of September 30, 2025, offset by recoveries of $2.4 million. Net loan charge-offs in the third quarter of 2025 were composed of charge-offs of $6.7 million, which was offset by recoveries of $4.4 million. Net loan charge-offs in the fourth quarter of 2024 were composed of charge-offs of $58.3 million, which was offset by recoveries of $3.1 million.

The Company’s allowance for credit losses as a percentage of period-end loans held for investment was 1.26% at December 31, 2025, compared to 1.30% at September 30, 2025 and 1.14% at December 31, 2024. Coverage of non-performing loans increased to 141.9% at December 31, 2025, compared to 113.0% at September 30, 2025 and decreased from 144.4% at December 31, 2024.

NONINTEREST INCOME

For the Quarter Ended

Dec 31, 2025

Sep 30, 2025

$ Change

% Change

Dec 31, 2024

$ Change

% Change

(Dollars in millions)

Payment services revenues

16.2

16.8

(0.6

)

(3.6

17.9

(1.7

)

(9.5

Mortgage banking revenues

1.1

1.5

(0.4

)

(26.7

)

1.5

(0.4

)

(26.7

)

Wealth management revenues

10.7

10.4

0.3

2.9

10.6

0.1

0.9

Service charges on deposit accounts

6.5

7.0

(0.5

)

(7.1

)

6.7

(0.2

)

(3.0

)

Other service charges, commissions, and fees

2.3

2.1

0.2

9.5

2.5

(0.2

)

(8.0

)

Other income

69.8

5.9

63.9

7.8

62.0

Total noninterest income

106.6

43.7

62.9

143.9

47.0

59.6

126.8

Noninterest income was $106.6 million for the fourth quarter of 2025, increasing $62.9 million compared to the third quarter of 2025 and increasing $59.6 million compared to the fourth quarter of 2024, primarily due to a $62.7 million gain from the sale of the Arizona and Kansas branches.

Payment services revenues decreased $0.6 million and $1.7 million during the fourth quarter of 2025 compared to the third quarter of 2025 and the fourth quarter of 2024, respectively. The decrease was mainly the result of lower consumer credit card interchange during the fourth quarter of 2025 as compared to the fourth quarter of 2024, related to the outsourcing of consumer credit cards in the second quarter of 2025.

Other income increased $63.9 million to $69.8 million during the fourth quarter of 2025, compared to $5.9 million during the third quarter of 2025. The increase is primarily due to the $62.7 million gain from the sale of the Arizona and Kansas branches, which transaction closed on October 10, 2025, and the gain-on-sale of certain equity securities of $1.4 million during the fourth quarter of 2025. Other income increased $62.0 million from $7.8 million during the fourth quarter of 2024, primarily due to the gain from the sale of the Arizona and Kansas branches and the gain-on-sale of certain equity securities, partially offset by a gain-on-sale of assets of $2.1 million during the fourth quarter of 2024.

NONINTEREST EXPENSE

For the Quarter Ended

Dec 31, 2025

Sep 30, 2025

$ Change

% Change

Dec 31, 2024

$ Change

% Change

(Dollars in millions)

Salaries and wages

74.8

66.2

8.6

13.0

68.5

6.3

9.2

Employee benefits

18.5

18.2

0.3

1.6

20.5

(2.0

)

(9.8

)

Occupancy and equipment

19.6

18.5

1.1

5.9

18.2

1.4

7.7

Other intangible amortization

3.4

—

3.6

(0.2

)

(5.6

)

Other expenses

50.4

51.6

(1.2

)

(2.3

)

50.0

0.4

—

Other real estate owned expense

—

0.1

(0.1

)

Total noninterest expense

166.7

157.9

8.8

5.6

160.9

5.8

3.6

The Company’s noninterest expense was $166.7 million for the fourth quarter of 2025, an increase of $8.8 million from the third quarter of 2025 and an increase of $5.8 million from the fourth quarter of 2024.

Salary and wages expense increased $8.6 million to $74.8 million during the fourth quarter of 2025 compared to the third quarter of 2025, primarily due to higher short-term incentive accruals of $5.6 million and severance accruals of $4.2 million, partially offset by lower salaries of $1.2 million during the fourth quarter of 2025. Salaries and wages expense increased $6.3 million to $74.8 million from $68.5 million during the fourth quarter of 2024, primarily due to higher severance costs and higher short-term incentive accruals during the fourth quarter of 2025.

Employee benefit expenses increased $0.3 million to $18.5 million during the fourth quarter of 2025, compared to $18.2 million during the third quarter of 2025. Employee benefit expenses decreased $2.0 million from $20.5 million during the fourth quarter of 2024, primarily due to lower health insurance costs, partially offset by higher long-term incentive accruals during the fourth quarter of 2025.

Occupancy and equipment expenses increased $1.1 million to $19.6 million during the fourth quarter of 2025, compared to $18.5 million during the third quarter of 2025 and increased $1.4 million during the fourth quarter of 2025 from $18.2 million during the fourth quarter of 2024, primarily due to changes related to the pending branch closures and snow removal costs during the fourth quarter of 2025.

Other expenses decreased $1.2 million during the fourth quarter of 2025 compared to the third quarter of 2025, primarily due to the reversal of $1.2 million related to the FDIC special assessment accrual as a result of the FDIC interim rule collection update released in December 2025. Other expenses increased $0.4 million during the fourth quarter of 2025 compared to the fourth quarter of 2024.

BALANCE SHEET

Total assets decreased $692.3 million, or 2.5%, to $26,640.6 million as of December 31, 2025, from $27,332.9 million as of September 30, 2025, primarily due to a decrease in loans. Total assets decreased $2,496.8 million from $29,137.4 million as of December 31, 2024, primarily due to decreases in investment securities and loans, the funds from which were partially used to pay down debt.

Investment securities increased $324.4 million to $7,630.2 million as of December 31, 2025, from $7,305.8 million as of September 30, 2025, primarily resulting from purchases and a $34.2 million increase in fair market values partially offset by pay-downs, maturities, and called securities during the fourth quarter. Investment securities decreased $114.4 million from $7,744.6 million as of December 31, 2024, primarily resulting from called securities and normal pay-downs and maturities, partially offset by purchases of investment securities and a $187.8 million increase in fair market values during the period.

The following table presents the composition and comparison of loans held for investment as of the quarters-ended:

Dec 31, 2025

Sep 30, 2025

$ Change

% Change

Dec 31, 2024

$ Change

% Change

Real Estate:

Commercial

8,144.4

8,496.4

(352.0

)

(4.1

9,263.2

(1,118.8

)

(12.1

Construction

837.2

960.8

(123.6

)

(12.9

)

1,244.6

(407.4

)

(32.7

)

Residential

2,108.8

2,136.0

(27.2

)

(1.3

)

2,191.6

(82.8

)

(3.8

)

Agricultural

629.0

623.0

6.0

1.0

701.1

(72.1

)

(10.3

)

Total real estate

11,719.4

12,216.2

(496.8

)

(4.1

)

13,400.5

(1,681.1

)

(12.5

)

Consumer:

Indirect

477.5

540.3

(62.8

)

(11.6

)

725.0

(247.5

)

(34.1

)

Direct and advance lines

131.5

134.3

(2.8

)

(2.1

)

134.0

(2.5

)

(1.9

)

Credit card

—

77.6

(77.6

)

(100.0

)

Total consumer

609.0

674.6

(65.6

)

(9.7

)

936.6

(327.6

)

(35.0

)

Commercial

2,359.6

2,447.4

(87.8

)

(3.6

)

2,829.4

(469.8

)

(16.6

)

Agricultural

520.2

495.5

24.7

5.0

687.9

(167.7

)

(24.4

)

Other, including overdrafts

1.7

10.2

(8.5

)

(83.3

)

1.6

0.1

6.3

Deferred loan fees and costs

(8.3

)

(9.5

)

1.2

(12.6

)

(11.1

)

2.8

(25.2

)

Loans held for investment, net of deferred loan fees and costs

15,201.6

15,834.4

(632.8

)

(4.0

17,844.9

(2,643.3

)

(14.8

The decline in loans was impacted by $62.8 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, $72.5 million of loans held for investment that were transferred to loans held-for-sale related to the pending sale of the Nebraska branches and larger loan paydowns and payoffs during the fourth quarter of 2025.

The ratio of loans held for investment to deposits was 68.8%, as of December 31, 2025, compared to 70.1% as of September 30, 2025 and 77.5% as of December 31, 2024.

Total deposits decreased $516.7 million to $22,088.3 million as of December 31, 2025, from $22,605.0 million as of September 30, 2025, primarily due to decreases in all deposit categories during the fourth quarter, driven by the Arizona and Kansas branch sales which consisted of $641.6 million of deposits. Total deposits decreased $927.3 million, or 4.0%, from $23,015.6 million as of December 31, 2024, with decreases in all deposit categories except for savings deposits during the fourth quarter of 2025, primarily driven by the Arizona and Kansas branch sales 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 December 31, 2025 and September 30, 2025, respectively. Other borrowed funds decreased $1,567.5 million from December 31, 2024. The decrease was funded by cash flows from paydowns and maturities of investment securities and loans, which were utilized for the pay-off of the Federal Home Loan Bank borrowings.

The Company is considered to be “well-capitalized” as of December 31, 2025, having exceeded all regulatory capital adequacy requirements. During the fourth quarter of 2025, the Company paid regular common stock dividends of approximately $48.1 million, or $0.47 per share and repurchased approximately 2.8 million shares of common stock at a weighted average price of $32.06 per share pursuant to its stock repurchase program discussed above.

CREDIT QUALITY

As of December 31, 2025, non-performing assets decreased $47.3 million, or 25.5%, to $138.3 million, compared to $185.6 million as of September 30, 2025, primarily as a result of a decrease in non-accrual loans related to a single client relationship comprised of $19.6 million in commercial real estate and $13.5 million in commercial non-accrual loans.

Criticized loans decreased $112.3 million, or 9.6%, to $1,051.8 million as of December 31, 2025, from $1,164.1 million as of September 30, 2025, primarily as a result of upgrades as well as paydowns, payoffs, and charge offs in the portfolio.

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:

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.

Fourth Quarter 2025 Conference Call for Investors

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the fourth quarter of 2025 at 9:30 a.m. Eastern Time (7:30 a.m. Mountain Time) on Thursday, January 29, 2026. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-549-8228; the access code is 06978. To participate via the Internet, visit www.FIBK.com. The call will be recorded and made available for replay on January 29, 2026, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through February 28, 2026, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-888-660-6264; the access code is 06978. 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, Minnesota, Missouri, Montana, Nebraska, North Dakota, 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.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

Quarter Ended

% Change

(In millions, except % and per share data)

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

4Q25 vs 3Q25

4Q25 vs 4Q24

Net interest income

206.4

206.8

207.2

205.0

214.3

(0.2

(3.7

Net interest income on a fully-taxable equivalent ("FTE") basis

207.7

208.2

208.6

206.6

215.9

(0.2

)

(3.8

)

Provision for (reduction of) credit losses

7.1

—

(0.3

)

20.0

33.7

(78.9

)

Noninterest income:

Payment services revenues

16.2

16.8

17.8

17.1

17.9

(3.6

)

(9.5

)

Mortgage banking revenues

1.1

1.5

1.8

1.4

1.5

(26.7

)

(26.7

)

Wealth management revenues

10.7

10.4

9.7

9.8

10.6

2.9

0.9

Service charges on deposit accounts

6.5

7.0

6.9

6.6

6.7

(7.1

)

(3.0

)

Other service charges, commissions, and fees

2.3

2.1

2.3

2.5

9.5

(8.0

)

Total fee-based revenues

36.8

37.8

38.3

37.2

39.2

(2.6

)

(6.1

)

Other income

69.8

5.9

2.8

4.8

7.8

Total noninterest income

106.6

43.7

41.1

42.0

47.0

143.9

126.8

Noninterest expense:

Salaries and wages

74.8

66.2

65.0

68.6

68.5

13.0

9.2

Employee benefits

18.5

18.2

17.9

20.0

20.5

1.6

(9.8

)

Occupancy and equipment

19.6

18.5

18.6

18.7

18.2

5.9

7.7

Other intangible amortization

3.4

3.6

—

(5.6

)

Other expenses

50.4

51.6

50.2

49.4

50.0

(2.3

)

—

Other real estate owned expense

—

0.5

0.1

—

Total noninterest expense

166.7

157.9

155.1

160.6

160.9

5.6

3.6

Income before income tax

139.2

92.6

93.5

66.4

66.7

50.3

108.7

Provision for income tax

30.4

21.2

21.8

16.2

14.6

43.4

108.2

Net income

108.8

71.4

71.7

50.2

52.1

52.4

108.8

Weighted-average basic shares outstanding

100,791

103,154

103,261

103,092

103,083

(2.3

(2.2

Weighted-average diluted shares outstanding

101,096

103,387

103,364

103,416

103,399

(2.2

)

(2.2

)

Earnings per share - basic

1.08

0.69

0.49

0.51

56.5

111.8

Earnings per share - diluted

1.08

0.69

0.49

0.50

56.5

116.0

NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

Year Ended December 31,

% Change

(In millions, except % and per share data)

2025

2024

2025 vs 2024

Net interest income

825.4

821.6

0.5

Net interest income on a fully-taxable equivalent ("FTE") basis

831.1

828.2

0.4

Provision for credit losses

26.8

67.8

(60.5

)

Noninterest income:

Payment services revenues

67.9

73.6

(7.7

)

Mortgage banking revenues

5.8

6.6

(12.1

)

Wealth management revenues

40.6

38.8

4.6

Service charges on deposit accounts

27.0

25.7

5.1

Other service charges, commissions, and fees

8.8

9.0

(2.2

)

Total fee-based revenues

150.1

153.7

(2.3

)

Other income

83.3

24.4

241.4

Total noninterest income

233.4

178.1

31.0

Noninterest expense:

Salaries and wages

274.6

270.9

1.4

Employee benefits

74.6

76.4

(2.4

)

Occupancy and equipment

75.4

69.4

8.6

Other intangible amortization

13.6

14.6

(6.8

)

Other expenses

201.6

202.0

(0.2

)

Other real estate owned expense

0.5

4.1

Total noninterest expense

640.3

637.4

0.5

Income before income tax

391.7

294.5

33.0

Provision for income tax

89.6

68.5

30.8

Net income

302.1

226.0

33.7

Weighted-average basic shares outstanding

102,570

102,978

(0.4

)

Weighted-average diluted shares outstanding

102,831

103,191

(0.3

)

Earnings per share - basic

2.95

2.19

34.7

Earnings per share - diluted

2.94

2.19

34.2

NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

% Change

(In millions, except % and per share data)

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

4Q25 vs 3Q25

4Q25 vs 4Q24

Assets:

Cash and due from banks

358.2

382.7

436.6

390.4

378.0

(6.4

(5.2

Interest bearing deposits in banks

951.4

1,066.4

653.5

480.9

518.5

(10.8

)

83.5

Federal funds sold

0.1

—

Cash and cash equivalents

1,309.7

1,449.2

1,090.2

871.4

896.6

(9.6

)

46.1

Investment securities, net

7,630.2

7,305.8

7,312.2

7,503.8

7,744.6

4.4

(1.5

)

Investment in Federal Home Loan Bank and Federal Reserve Bank stock

106.3

106.8

118.1

150.1

177.4

(0.5

)

(40.1

)

Loans held for sale, at fair value

73.6

305.6

335.2

0.4

0.9

(75.9

)

Loans held for investment

15,201.6

15,834.4

16,353.4

17,377.3

17,844.9

(4.0

)

(14.8

)

Allowance for credit losses

(191.4

)

(205.8

)

(209.6

)

(215.3

)

(204.1

)

(7.0

)

(6.2

)

Net loans held for investment

15,010.2

15,628.6

16,143.8

17,162.0

17,640.8

(4.0

)

(14.9

)

Goodwill and intangible assets (excluding mortgage servicing rights)

1,182.2

1,185.5

1,188.9

1,192.4

1,195.7

(0.3

)

(1.1

)

Company owned life insurance

523.0

520.2

516.7

514.2

513.0

0.5

1.9

Premises and equipment

406.6

415.1

413.0

428.9

427.2

(2.0

)

(4.8

)

Other real estate owned

3.4

3.5

4.3

—

(20.9

)

Mortgage servicing rights

23.1

23.8

24.4

24.9

25.7

(2.9

)

(10.1

)

Other assets

372.3

388.9

420.5

428.2

511.2

(4.3

)

(27.2

)

Total assets

26,640.6

27,332.9

27,566.4

28,279.8

29,137.4

(2.5

(8.6

Liabilities and stockholders' equity:

Deposits

22,088.3

22,605.0

22,630.6

22,732.8

23,015.6

(2.3

(4.0

Securities sold under repurchase agreements

479.6

485.2

509.3

528.0

523.9

(1.2

)

(8.5

)

Other borrowed funds

—

250.0

960.0

1,567.5

—

(100.0

)

Long-term debt

146.3

146.2

252.0

130.2

132.2

0.1

10.7

Subordinated debentures held by subsidiary trusts

149.8

163.1

(8.2

)

(8.2

)

Other liabilities

329.6

484.7

339.6

404.4

431.1

(32.0

)

(23.5

)

Total liabilities

23,193.6

23,884.2

24,144.6

24,918.5

25,833.4

(2.9

)

(10.2

)

Stockholders' equity:

Common stock

2,350.9

2,439.3

2,463.5

2,460.2

2,459.5

(3.6

)

(4.4

)

Retained earnings

1,274.2

1,213.5

1,191.2

1,168.6

1,166.4

5.0

9.2

Accumulated other comprehensive loss

(178.1

)

(204.1

)

(232.9

)

(267.5

)

(321.9

)

(12.7

)

(44.7

)

Total stockholders' equity

3,447.0

3,448.7

3,421.8

3,361.3

3,304.0

—

4.3

Total liabilities and stockholders' equity

26,640.6

27,332.9

27,566.4

28,279.8

29,137.4

(2.5

(8.6

Common shares outstanding at period end

101,106

103,967

104,874

104,910

104,586

(2.8

(3.3

Book value per common share at period end

34.09

33.17

32.63

32.04

31.59

2.8

7.9

Tangible book value per common share at period end**

22.40

21.77

21.29

20.67

20.16

2.9

11.1

**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

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Loans and Deposits

(Unaudited)

% Change

(In millions, except %)

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

4Q25 vs 3Q25

4Q25 vs 4Q24

Loans held for investment:

Real Estate:

Commercial

8,144.4

8,496.4

8,750.9

9,196.1

9,263.2

(4.1

(12.1

Construction

837.2

960.8

1,004.6

1,097.3

1,244.6

(12.9

)

(32.7

)

Residential

2,108.8

2,136.0

2,157.5

2,161.4

2,191.6

(1.3

)

(3.8

)

Agricultural

629.0

623.0

635.6

678.1

701.1

1.0

(10.3

)

Total real estate

11,719.4

12,216.2

12,548.6

13,132.9

13,400.5

(4.1

)

(12.5

)

Consumer:

Indirect

477.5

540.3

607.1

680.2

725.0

(11.6

)

(34.1

)

Direct

131.5

134.3

134.4

132.4

134.0

(2.1

)

(1.9

)

Credit card

—

74.2

77.6

—

(100.0

)

Total consumer

609.0

674.6

741.5

886.8

936.6

(9.7

)

(35.0

)

Commercial

2,359.6

2,447.4

2,529.9

2,770.6

2,829.4

(3.6

)

(16.6

)

Agricultural

520.2

495.5

541.4

595.8

687.9

5.0

(24.4

)

Other

1.7

10.2

2.0

1.8

1.6

(83.3

)

6.3

Deferred loan fees and costs

(8.3

)

(9.5

)

(10.0

)

(10.6

)

(11.1

)

(12.6

)

(25.2

)

Loans held for investment

15,201.6

15,834.4

16,353.4

17,377.3

17,844.9

(4.0

(14.8

Deposits:

Noninterest bearing

5,286.8

5,555.7

5,579.0

5,590.2

5,797.6

(4.8

(8.8

Interest bearing:

Demand

6,319.7

6,324.7

6,465.4

6,439.2

6,495.2

(0.1

)

(2.7

)

Savings

7,843.5

7,954.0

7,789.6

7,876.4

7,832.3

(1.4

)

0.1

Time, $250 thousand and over

792.9

851.1

837.3

823.4

825.0

(6.8

)

(3.9

)

Time, other

1,845.4

1,919.5

1,959.3

2,003.6

2,065.5

(3.9

)

(10.7

)

Total interest bearing

16,801.5

17,049.3

17,051.6

17,142.6

17,218.0

(1.5

)

(2.4

)

Total deposits

22,088.3

22,605.0

22,630.6

22,732.8

23,015.6

(2.3

(4.0

Total core deposits (1)

21,295.4

21,753.9

21,793.3

21,909.4

22,190.6

(2.1

(4.0

(1) Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Credit Quality

(Unaudited)

% Change

(In millions, except %)

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

4Q25 vs 3Q25

4Q25 vs 4Q24

Allowance for Credit Losses:

Allowance for credit losses

191.4

205.8

209.6

215.3

204.1

(7.0

(6.2

As a percentage of loans held for investment

1.26

1.30

1.28

1.24

1.14

As a percentage of non-accrual loans

143.37

113.33

108.77

112.19

147.58

Net loan charge-offs during quarter

22.1

2.3

5.8

9.0

55.2

860.9

(60.0

Annualized as a percentage of average loans

0.56

0.06

0.14

0.21

1.22

Non-Performing Assets:

Non-accrual loans

133.5

181.6

192.7

191.9

138.3

(26.5

(3.5

Accruing loans past due 90 days or more

1.4

0.6

1.4

3.0

133.3

(53.3

)

Total non-performing loans

134.9

182.2

194.1

194.9

141.3

(26.0

)

(4.5

)

Other real estate owned

3.4

3.5

4.3

—

(20.9

)

Total non-performing assets

138.3

185.6

197.5

198.4

145.6

(25.5

(5.0

Non-performing assets as a percentage of:

Loans held for investment and OREO

0.91

1.17

1.21

1.14

0.82

Total assets

0.52

0.68

0.72

0.70

0.50

Non-accrual loans to loans held for investment

0.88

1.15

1.18

1.10

0.78

Allowance for credit losses coverage of non-performing loans

141.88

112.95

107.99

110.47

144.44

Accruing Loans 30-89 Days Past Due

82.7

28.5

52.2

90.2

63.5

190.2

30.2

Criticized Loans:

Special Mention

566.3

697.5

744.9

543.6

316.4

(18.8

79.0

Substandard

441.4

416.9

427.8

469.5

434.8

5.9

1.5

Doubtful

44.1

49.7

30.3

13.0

22.1

(11.3

)

99.5

Total

1,051.8

1,164.1

1,203.0

1,026.1

773.3

(9.6

36.0

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Selected Ratios - Annualized

(Unaudited)

At or for the Quarter ended:

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Annualized Financial Ratios (GAAP)

Return on average assets

1.60

1.04

1.03

0.71

0.70

Return on average common stockholders' equity

12.40

8.22

8.46

6.07

6.22

Yield on average earning assets

4.67

4.73

4.76

4.75

4.86

Cost of average interest bearing liabilities

1.77

1.90

1.95

2.05

2.23

Interest rate spread

2.90

2.83

2.81

2.70

2.63

Efficiency ratio

52.17

61.68

61.10

63.64

60.20

Loans held for investment to deposit ratio

68.82

70.05

72.26

76.44

77.53

Annualized Financial Ratios - Operating** (Non-GAAP)

Net FTE interest margin ratio

3.38

3.36

3.32

3.22

3.20

Tangible book value per common share

22.40

21.77

21.29

20.67

20.16

Tangible common stockholders' equity to tangible assets

8.90

8.66

8.47

8.01

7.55

Return on average tangible common stockholders' equity

18.79

12.53

13.01

9.42

9.71

Consolidated Capital Ratios

Total risk-based capital to total risk-weighted assets

17.06

16.62

16.49

14.93

14.38

Tier 1 risk-based capital to total risk-weighted assets

14.38

13.90

13.43

12.53

12.16

Tier 1 common capital to total risk-weighted assets

14.38

13.90

13.43

12.53

12.16

Leverage Ratio

9.61

9.60

9.37

9.06

8.71

*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 to net FTE interest margin ratio, book value per common share to tangible book value per common share, return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity, and tangible common stockholders’ equity to tangible assets (non-GAAP).

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Selected Ratios - Annualized

(Unaudited)

At or for the Year ended:

Dec 31,

2025

Dec 31,

2024

Financial Ratios (GAAP)

Return on average assets

1.09

0.75

Return on average common stockholders' equity

8.83

6.92

Yield on average earning assets

4.73

4.81

Cost of average interest bearing liabilities

1.92

2.35

Interest rate spread

2.81

2.46

Efficiency ratio

59.19

62.30

Financial Ratios - Operating** (Non-GAAP)

Net FTE interest margin ratio

3.32

3.04

Return on average tangible common stockholders' equity

13.53

10.95

**Non-GAAP financial measures - see Non-GAAP Financial Measures included herein for a reconciliation of net interest margin to net FTE interest margin and return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity (non-GAAP).

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Average Balance Sheets

(Unaudited)

Three Months Ended

December 31, 2025

September 30, 2025

December 31, 2024

(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)

15,540.5

222.0

5.67

16,419.0

235.0

5.68

17,977.7

259.9

5.75

Investment securities

Taxable (2)

7,355.2

50.7

2.73

7,144.7

47.8

2.65

7,804.1

56.0

2.85

Tax-exempt

178.7

0.9

2.00

180.0

0.9

1.98

183.8

0.8

1.73

Investment in FHLB and FRB stock

106.7

1.1

4.09

107.9

1.3

4.78

155.7

2.4

6.13

Interest bearing deposits in banks

1,177.0

11.8

3.98

737.8

8.4

4.52

690.2

8.3

4.78

Federal funds sold

0.1

—

0.1

—

0.1

—

Total interest earning assets

24,358.2

286.5

4.67

24,589.5

293.4

4.73

26,811.6

327.4

4.86

Noninterest earning assets

2,668.6

2,702.9

2,807.3

Total assets

27,026.8

27,292.4

29,618.9

Interest bearing liabilities:

Demand deposits

6,316.6

14.9

0.94

6,326.4

15.7

0.98

6,449.7

15.9

0.98

Savings deposits

7,882.6

35.7

1.80

7,841.2

37.8

1.91

7,833.6

39.1

1.99

Time deposits

2,685.8

21.9

3.24

2,782.1

23.4

3.34

2,877.8

26.7

3.69

Repurchase agreements

496.4

1.2

0.96

490.8

1.2

0.97

529.4

1.1

0.83

Other borrowed funds

—

23.0

0.4

6.90

1,942.6

24.0

4.91

Long-term debt

146.3

2.5

6.78

201.1

3.8

7.50

135.0

1.5

4.42

Subordinated debentures held by subsidiary trusts

150.8

2.6

6.84

163.1

2.9

7.05

163.1

3.2

7.81

Total interest bearing liabilities

17,678.5

78.8

1.77

17,827.7

85.2

1.90

19,931.2

111.5

2.23

Noninterest bearing deposits

5,424.3

5,548.7

5,899.8

Other noninterest bearing liabilities

442.7

468.2

455.8

Stockholders’ equity

3,481.3

3,447.8

3,332.1

Total liabilities and stockholders’ equity

27,026.8

27,292.4

29,618.9

Net FTE interest income (non-GAAP) (4)

207.7

208.2

215.9

Less FTE adjustments (3)

(1.3

)

(1.4

)

(1.6

)

Net interest income from consolidated statements of income

206.4

206.8

214.3

Interest rate spread

2.90

2.83

2.63

Net interest margin

3.36

3.34

3.18

Net FTE interest margin ratio (non-GAAP) (4)

3.38

3.36

3.20

Cost of funds, including noninterest bearing demand deposits (5)

1.35

1.45

1.72

(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.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Average Balance Sheets

(Unaudited)

Year Ended December 31,

2025

2024

(In millions, except %)

Average

Balance

Interest (3)

Average

Rate

Average

Balance

Interest (3)

Average

Rate

Interest earning assets:

Loans (1)

16,663.9

940.7

5.65

18,182.0

1,028.2

5.66

Investment securities

Taxable

7,303.9

199.4

2.73

8,261.5

243.5

2.95

Tax-exempt

180.8

3.5

1.94

186.5

3.4

1.82

Investment in FHLB and FRB stock

132.2

7.4

5.60

178.8

11.8

6.60

Interest bearing deposits in banks

759.9

32.7

4.30

422.5

22.2

5.25

Federal funds sold

0.1

—

0.1

—

Total interest earning assets

25,040.8

1,183.7

4.73

27,231.4

1,309.1

4.81

Noninterest earning assets

2,712.1

2,825.0

Total assets

27,752.9

30,056.4

Interest bearing liabilities:

Demand deposits

6,364.3

60.0

0.94

6,224.9

57.8

0.93

Savings deposits

7,831.6

145.8

1.86

7,784.8

161.2

2.07

Time deposits

2,783.7

94.0

3.38

2,894.1

106.9

3.69

Repurchase agreements

509.3

4.7

0.92

687.2

6.7

0.97

Other borrowed funds

563.5

26.2

4.65

2,434.7

123.4

5.07

Long-term debt

159.6

10.7

6.70

253.4

11.8

4.66

Subordinated debentures held by subsidiary trusts

160.0

11.2

7.00

163.1

13.1

8.03

Total interest bearing liabilities

18,372.0

352.6

1.92

20,442.2

480.9

2.35

Noninterest bearing deposits

5,535.2

5,879.4

Other noninterest bearing liabilities

423.9

468.8

Stockholders’ equity

3,421.8

3,266.0

Total liabilities and stockholders’ equity

27,752.9

30,056.4

Net FTE interest income (non-GAAP) (3)

831.1

828.2

Less FTE adjustments (2)

(5.7

)

(6.6

)

Net interest income from consolidated statements of income

825.4

821.6

Interest rate spread

2.81

2.46

Net interest margin

3.30

3.12

Net FTE interest margin (3)

3.32

3.04

Cost of funds, including noninterest bearing demand deposits (4)

1.47

1.83

(1)

(2)

(3)

Non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures.

(4)

Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus noninterest bearing deposits.

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)

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Total common stockholders' equity (GAAP)

(A)

3,447.0

3,448.7

3,421.8

3,361.3

3,304.0

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,182.2

1,185.5

1,188.9

1,192.4

1,195.7

Tangible common stockholders' equity (Non-GAAP)

(B)

2,264.8

2,263.2

2,232.9

2,168.9

2,108.3

Total assets (GAAP)

26,640.6

27,332.9

27,566.4

28,279.8

29,137.4

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,182.2

1,185.5

1,188.9

1,192.4

1,195.7

Tangible assets (Non-GAAP)

(C)

25,458.4

26,147.4

26,377.5

27,087.4

27,941.7

Average Balances:

Total common stockholders' equity (GAAP)

(D)

3,481.3

3,447.8

3,401.1

3,355.1

3,332.1

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,183.7

1,187.1

1,190.5

1,193.9

1,197.4

Average tangible common stockholders' equity (Non-GAAP)

(E)

2,297.6

2,260.7

2,210.6

2,161.2

2,134.7

Net interest income

(F)

206.4

206.8

207.2

205.0

214.3

FTE interest income

1.3

1.4

1.6

Net FTE interest income (Non-GAAP)

(G)

207.7

208.2

208.6

206.6

215.9

Less purchase accounting accretion

2.6

3.5

4.2

4.7

8.6

Adjusted net FTE interest income (Non-GAAP)

(H)

205.1

204.7

204.4

201.9

207.3

Average interest earning assets

(I)

24,358.2

24,589.5

25,180.1

26,059.0

26,811.6

Total quarterly average assets

(J)

27,026.8

27,292.4

27,898.4

28,818.9

29,618.9

Annualized net income available to common shareholders

(K)

431.7

283.3

287.6

203.6

207.3

Common shares outstanding

(L)

101,106

103,967

104,874

104,910

104,586

Return on average assets (GAAP)

(K) / (J)

1.60

1.04

1.03

0.71

0.70

Return on average common stockholders' equity (GAAP)

(K) / (D)

12.40

8.22

8.46

6.07

6.22

Average common stockholders' equity to average assets (GAAP)

(D) / (J)

12.88

12.63

12.19

11.64

11.25

Book value per common share (GAAP)

(A) / (L)

34.09

33.17

32.63

32.04

31.59

Tangible book value per common share (Non-GAAP)

(B) / (L)

22.40

21.77

21.29

20.67

20.16

Tangible common stockholders' equity to tangible assets (Non-GAAP)

(B) / (C)

8.90

8.66

8.47

8.01

7.55

Return on average tangible common stockholders' equity (Non-GAAP)

(K) / (E)

18.79

12.53

13.01

9.42

9.71

Net interest margin (GAAP)

(F*) / (I)

3.36

3.34

3.30

3.19

3.18

Net FTE interest margin ratio (Non-GAAP)

(G*) / (I)

3.38

3.36

3.32

3.22

3.20

Adjusted net FTE interest margin ratio (Non-GAAP)

(H*) / (I)

3.34

3.30

3.26

3.14

3.08

*Annualized

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

Non-GAAP Financial Measures

(Unaudited)

For the Year Ended

(In millions, except % and per share data)

Dec 31, 2025

Dec 31, 2024

Average Balances:

Total common stockholders' equity (GAAP)

(A)

3,421.8

3,266.0

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,188.8

1,202.8

Average tangible common stockholders' equity (Non-GAAP)

(B)

2,233.0

2,063.2

Net interest income

(C)

825.4

821.6

FTE interest income

5.7

6.6

Net FTE interest income

(D)

831.1

828.2

Less: Purchase accounting accretion

15.0

24.6

Adjusted net interest income (FTE)

(E)

816.1

803.6

Average interest earning assets

(F)

25,040.8

27,231.4

Total average assets

(G)

27,752.9

30,056.4

Net income available to common shareholders

(H)

302.1

226.0

Return on average assets (GAAP)

(H) / (G)

1.09

0.75

Return on average common stockholders' equity (GAAP)

(H) / (A)

8.83

6.92

Average common stockholders' equity to average assets (GAAP)

(A) / (G)

12.33

10.87

Return on average tangible common stockholders' equity (Non-GAAP)

(H) / (B)

13.53

10.95

Net interest margin (GAAP)

3.30

3.02

Net interest margin (FTE) (Non-GAAP)

(D) / (F)

3.32

3.04

Adjusted net interest margin (FTE) (Non-GAAP)

(E) / (F)

3.26

2.95