Form 8-K
8-K — FIRST INTERSTATE BANCSYSTEM INC
Accession: 0000860413-26-000081
Filed: 2026-07-23
Period: 2026-07-23
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-20260723.htm (Primary)
EX-99.1 (fibk-20260630x8kpr.htm)
EX-99.2 (jun2026ip.htm)
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8-K
8-K (Primary)
Filename: fibk-20260723.htm · Sequence: 1
fibk-20260723
false000086041300008604132026-07-232026-07-23
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): July 23, 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 July 23, 2026, First Interstate BancSystem, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 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 July 23, 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 July 23, 2026, the Company also announced that the Board of Directors of the Company declared, on July 22, 2026, a dividend of $0.47 per share, that is payable August 14, 2026 to shareholders of record of the Company as of August 4, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit Number Description
99.1
Press Release dated July 23, 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: July 23, 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-20260630x8kpr.htm · Sequence: 2
Document
Exhibit 99.1
For Immediate Release
First Interstate BancSystem, Inc. Reports Second Quarter Earnings
Billings, MT - July 23, 2026 - First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the second quarter of 2026. For the quarter, the Company reported net income of $83.9 million, or $0.87 per diluted share, which compares to net income of $60.2 million, or $0.61 per diluted share, for the first quarter of 2026 and net income of $71.7 million, or $0.69 per diluted share, for the second quarter of 2025.
HIGHLIGHTS
•Completed the sale of eleven Nebraska branches on April 10, 2026 resulting in a gain of $19.5 million for the second quarter of 2026.
•Net interest margin increased to 3.45% for the second quarter of 2026, a 4-basis point increase from the first quarter of 2026 and a 15-basis point increase from the second quarter of 2025.
•Criticized loans decreased $95.8 million to $937.4 million as of June 30, 2026, compared to $1,033.2 million as of March 31, 2026, and decreased $265.6 million, compared to $1,203.0 million as of June 30, 2025.
•Net charge-offs increased $7.3 million to $9.7 million, or an annualized 0.27% of average loans outstanding, as of June 30, 2026, from $2.4 million, or an annualized 0.06% of average loans outstanding, as of March 31, 2026, and increased $3.9 million from $5.8 million, or an annualized 0.14% of average loans outstanding, as of June 30, 2025.
•Non-performing assets increased $2.5 million, or 1.5%, to $165.0 million as of June 30, 2026, from $162.5 million as of March 31, 2026 and decreased $32.5 million, or 16.5%, from $197.5 million as of June 30, 2025.
•Total deposits decreased $441.7 million, or 2.0%, to $21,441.3 million as of June 30, 2026, compared to $21,883.0 million as of March 31, 2026, across all interest bearing deposit categories during the second quarter of 2026, primarily driven by the sale of eleven Nebraska branches that included $244.2 million of deposits. Total deposits decreased $1,189.3 million, or 5.3%, compared to $22,630.6 million as of June 30, 2025, across all deposit categories, primarily driven by the Arizona and Kansas sold branches during the fourth quarter of 2025 that included $641.6 million of deposits in addition to the deposits sold with the eleven Nebraska sold branches.
•Other borrowed funds were zero as of June 30, 2026 and March 31, 2026 as compared to $250.0 million as of June 30, 2025.
•During the second quarter of 2026, the Company repurchased approximately 1.93 million shares of common stock for a total repurchase of $68.7 million. The Company has repurchased approximately 7.98 million shares of its common stock through June 30, 2026 for a total repurchase of $270.3 million since the board of directors authorized the repurchase program in August of 2025. As of June 30, 2026, approximately $29.7 million remained available for future purchases under the $300.0 million authorized. On July 22, 2026, the board of directors authorized a further increase to the repurchase program of an additional $150.0 million, or a total of $450.0 million authorized since its adoption in August of 2025.
•Common equity tier 1 capital ratio increased 24 basis points during the second quarter of 2026 to 14.54%, compared to the first quarter of 2026, primarily due to lower risk-weighted assets driven by lower loan balances, partially offset by shares repurchased during the second quarter of 2026.
“We are pleased to see continued improvement in our net interest margin and meaningful progress reducing criticized loans, as we remain focused on strengthening the quality and earnings power of the franchise,” said James A. Reuter, President and Chief Executive Officer of the Company. “We also continued to execute on our previously announced share repurchase authorization and are expanding that authorization, underscoring our commitment to shareholder returns. Production and underlying account growth improved during the quarter, although elevated prepayment activity offset this momentum in reported balances. Many of the outcomes reflect deliberate actions that improve the long-term value of the franchise. Through ongoing fixed asset repricing, disciplined capital deployment, operating model optimization, and continued investment in relationship growth, we are building a more efficient organization and remain confident in our ability to deliver improving returns over time.”
1
DIVIDEND DECLARATION
On July 22, 2026, the Company’s board of directors declared a dividend of $0.47 per common share, payable on August 14, 2026, to common stockholders of record as of August 4, 2026. The dividend equates to a 5.3% annualized yield based on the $35.40 per share average closing price of the Company’s common stock as reported on NASDAQ during the second quarter of 2026.
NET INTEREST INCOME
Net interest income increased $1.5 million to $202.2 million during the second quarter of 2026, compared to net interest income of $200.7 million during the first quarter of 2026. Net interest income decreased $5.0 million, or 2.4%, during the second quarter of 2026 compared to the second quarter of 2025. The quarterly increase from the first quarter of 2026 was primarily driven by lower interest expense on time deposits and higher investment balances and yields, partially offset by lower interest income due to reduced loan balances and interest earning assets as a result of the sale of eleven Nebraska branches. 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 and the sale of eleven Nebraska branches during the second quarter of 2026, which resulted in a reduction of net interest income in the second quarter of 2026.
Interest accretion attributable to the fair value of acquired loans, related to prior acquisitions, contributed to net interest income during the second quarter of 2026, the first quarter of 2026, and the second quarter of 2025, in the amounts of $3.5 million, $3.1 million, and $4.2 million, respectively.
Net interest margin ratio was 3.45% for the second quarter of 2026, compared to 3.41% during the first quarter of 2026, and 3.30% during the second quarter of 2025. Net FTE (fully-taxable equivalent) interest margin ratio1 was 3.48% for the second quarter of 2026, compared to 3.43% during the first quarter of 2026, and 3.32% during the second quarter of 2025. Excluding interest accretion from the fair value of acquired loans, the adjusted net FTE interest margin ratio1 was 3.42%, an increase of 4 basis points from the prior quarter, primarily driven by higher investment yields and lower rates on interest bearing time deposits, partially offset by lower average loan balances and higher security 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 16 basis points, primarily as a result of lower interest expense resulting from decreased deposit and other borrowed funds balances.
PROVISION FOR CREDIT LOSSES
During the second quarter of 2026, the Company recorded a reduction of provision for credit losses of $3.2 million. This compares to a provision for credit losses of $6.7 million and a reduction of provision for credit losses of $0.3 million during the first quarter of 2026 and the second quarter of 2025, respectively.
For the second quarter of 2026, net loan charge-offs were $9.7 million, or an annualized 0.27% of average loans outstanding, compared to net loan charge-offs of $2.4 million, or an annualized 0.06% of average loans outstanding, for the first quarter of 2026 and net loan charge-offs of $5.8 million, or an annualized 0.14% of average loans outstanding, for the second quarter of 2025. Net loan charge-offs in the second quarter of 2026 were composed of charge-offs of $14.0 million offset by recoveries of $4.3 million. Net loan charge-offs in the first quarter of 2026 were composed of charge-offs of $6.5 million, which were offset by recoveries of $4.1 million. Net loan charge-offs in the second quarter of 2025 were composed of charge-offs of $13.0 million, which were offset by recoveries of $7.2 million.
The Company’s allowance for credit losses as a percentage of period-end loans held for investment was 1.28% at June 30, 2026, compared to 1.33% at March 31, 2026 and 1.28% at June 30, 2025. Coverage of non-performing loans decreased to 114.1% at June 30, 2026, compared to 125.6% at March 31, 2026 and increased from 108.0% at June 30, 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
NONINTEREST INCOME
For the Quarter Ended Jun 30, 2026 Mar 31, 2026 $ Change % Change Jun 30, 2025 $ Change % Change
(Dollars in millions)
Payment services revenues $ 16.8 $ 15.6 $ 1.2 7.7 % $ 17.8 $ (1.0) (5.6) %
Mortgage banking revenues 1.5 1.3 0.2 15.4 1.8 (0.3) (16.7)
Wealth management revenues 10.6 10.5 0.1 1.0 9.7 0.9 9.3
Service charges on deposit accounts 6.6 6.5 0.1 1.5 6.9 (0.3) (4.3)
Other service charges, commissions, and fees 1.9 2.1 (0.2) (9.5) 2.1 (0.2) (9.5)
Other income 24.3 5.1 19.2 NM 2.8 21.5 NM
Total noninterest income $ 61.7 $ 41.1 $ 20.6 50.1 % $ 41.1 $ 20.6 50.1 %
Noninterest income was $61.7 million for the second quarter of 2026, increasing $20.6 million compared to the first quarter of 2026 and increasing $20.6 million compared to the second quarter of 2025. The increases from the first quarter of 2026 and the second quarter of 2025 were primarily due to the $19.5 million gain recorded in other income from the previously announced sale of the eleven Nebraska branches during the second quarter of 2026.
Payment services revenues increased $1.2 million and decreased $1.0 million during the second quarter of 2026 compared to the first quarter of 2026 and the second quarter of 2025, respectively. The linked quarter increase was primarily due to an increase in business credit card and debit card interchange revenues during the second quarter of 2026. The year-over-year decrease was mainly the result of lower consumer credit card interchange during the second quarter of 2026 as compared to the second quarter of 2025, related to the outsourcing of consumer credit cards in the second quarter of 2025.
NONINTEREST EXPENSE
For the Quarter Ended Jun 30, 2026 Mar 31, 2026 $ Change % Change Jun 30, 2025 $ Change % Change
(Dollars in millions)
Salaries and wages $ 64.9 $ 68.5 $ (3.6) (5.3) % $ 65.0 $ (0.1) (0.2) %
Employee benefits 19.0 21.2 (2.2) (10.4) 17.9 1.1 6.1
Occupancy and equipment 18.0 18.6 (0.6) (3.2) 18.6 (0.6) (3.2)
Other intangible amortization 3.3 3.3 — — 3.4 (0.1) (2.9)
Other expenses 53.1 47.1 6.0 12.7 50.2 2.9 5.8
Other real estate owned expense, net 0.6 (1.1) 1.7 NM — 0.6 NM
Total noninterest expense $ 158.9 $ 157.6 $ 1.3 0.8 % $ 155.1 $ 3.8 2.5 %
The Company’s noninterest expense was $158.9 million for the second quarter of 2026, an increase of $1.3 million from the first quarter of 2026 and an increase of $3.8 million from the second quarter of 2025.
Salaries and wages expense decreased $3.6 million to $64.9 million during the second quarter of 2026 compared to the first quarter of 2026, primarily due to lower short-term incentive accruals of $1.6 million, lower salary and wages, and lower severance accruals during the second quarter of 2026. Salaries and wages expense decreased $0.1 million to $64.9 million during the second quarter of 2026 compared to $65.0 million during the second quarter of 2025.
Employee benefit expenses decreased $2.2 million to $19.0 million during the second quarter of 2026, compared to $21.2 million during the first quarter of 2026, primarily due to lower payroll taxes, partially offset by higher long-term incentives. Employee benefit expenses increased $1.1 million from $17.9 million during the second quarter of 2025, primarily due to higher health insurance costs during the second quarter of 2026.
Other expenses increased $6.0 million during the second quarter of 2026 compared to the first quarter of 2026, primarily due to an increase of $1.2 million in professional fees, $0.8 million in donations, $0.6 million in FDIC insurance premiums, and various other expense categories. Other expenses increased $2.9 million during the second quarter of 2026 compared to the second quarter of 2025, primarily due to an increase of $1.0 million in advertising expense.
Other real estate owned expense, net increased $1.7 million during the second quarter of 2026 compared to the first quarter of 2026, primarily due to a positive fair value adjustment to a commercial property during the first quarter of 2026. Other real estate owned expense, net increased $0.6 million during the second quarter of 2026 compared to the second quarter of 2025.
3
BALANCE SHEET
Total assets decreased $541.8 million, or 2.1%, to $25,885.0 million as of June 30, 2026, from $26,426.8 million as of March 31, 2026, primarily due to a decrease of $515.7 million in loans as a result of payoffs and paydowns, including $64.1 million of loans related to the sale of the eleven Nebraska branches during the second quarter of 2026. Total assets decreased $1,681.4 million from $27,566.4 million as of June 30, 2025, primarily due to a decrease of $2,405.1 million in loans which were partially driven by the sale of the branches in Arizona and Kansas during the fourth quarter of 2025 and the sale of eleven branches in Nebraska during the second quarter of 2026. The loan declines were partially offset by an increase in investment securities of $673.4 million.
Investment securities decreased $24.4 million to $7,985.6 million as of June 30, 2026, from $8,010.0 million as of March 31, 2026, primarily resulting from pay-downs, maturities, called securities, and a $10.4 million decrease in fair market values, partially offset by purchases of investment securities during the second quarter of 2026. Investment securities increased $673.4 million from $7,312.2 million as of June 30, 2025, primarily resulting from purchases of investment securities and a $38.5 million increase in fair market values during the period, partially offset by pay-downs, maturities, and called securities.
The following table presents the composition and comparison of loans held for investment as of the quarters-ended:
(Dollars in millions) Jun 30, 2026 Mar 31, 2026 $ Change % Change Jun 30, 2025 $ Change % Change
Real Estate:
Commercial $ 7,947.9 $ 8,040.5 $ (92.6) (1.2) % $ 8,750.9 $ (803.0) (9.2) %
Construction 576.1 669.1 (93.0) (13.9) 1,004.6 (428.5) (42.7)
Residential 2,044.7 2,084.3 (39.6) (1.9) 2,157.5 (112.8) (5.2)
Agricultural 592.1 619.2 (27.1) (4.4) 635.6 (43.5) (6.8)
Total real estate 11,160.8 11,413.1 (252.3) (2.2) 12,548.6 (1,387.8) (11.1)
Consumer:
Indirect 369.0 419.4 (50.4) (12.0) 607.1 (238.1) (39.2)
Direct and advance lines 125.3 128.0 (2.7) (2.1) 134.4 (9.1) (6.8)
Total consumer 494.3 547.4 (53.1) (9.7) 741.5 (247.2) (33.3)
Commercial 2,275.6 2,342.9 (67.3) (2.9) 2,529.9 (254.3) (10.1)
Agricultural 357.3 426.8 (69.5) (16.3) 541.4 (184.1) (34.0)
Other, including overdrafts 1.4 5.8 (4.4) (75.9) 2.0 (0.6) (30.0)
Deferred loan fees and costs (8.0) (7.6) (0.4) 5.3 (10.0) 2.0 (20.0)
Loans held for investment, net of deferred loan fees and costs $ 14,281.4 $ 14,728.4 $ (447.0) (3.0) % $ 16,353.4 $ (2,072.0) (12.7) %
The decline in loans was impacted by $50.4 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, and loan payoffs and paydowns.
The ratio of loans held for investment to deposits was 66.6%, as of June 30, 2026, compared to 67.3% as of March 31, 2026 and 72.3% as of June 30, 2025.
Total deposits decreased $441.7 million, or 2.0%, to $21,441.3 million as of June 30, 2026, from $21,883.0 million as of March 31, 2026, across all interest bearing deposit categories during the second quarter, primarily driven by the sale of eleven Nebraska branches that included $244.2 million of deposits. Total deposits decreased $1,189.3 million, or 5.3%, compared to $22,630.6 million as of June 30, 2025, across all deposit categories, primarily driven by the Arizona and Kansas sold branches that included $641.6 million of deposits in addition to the deposits sold with the eleven Nebraska sold branches.
Other borrowed funds is comprised 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 June 30, 2026 and March 31, 2026. Other borrowed funds decreased $250.0 million from June 30, 2025. The decrease was funded by cash flows from paydowns and maturities of loans.
The Company is considered to be “well-capitalized” as of June 30, 2026, having exceeded all regulatory capital adequacy requirements. During the second quarter of 2026, the Company paid regular common stock dividends of approximately $46.0 million, or $0.47 per share, and repurchased approximately 1.9 million shares of common stock at a weighted-average price of $35.61 per share pursuant to its stock repurchase program.
4
CREDIT QUALITY
As of June 30, 2026, non-performing assets increased $2.5 million, or 1.5%, to $165.0 million, compared to $162.5 million as of March 31, 2026, primarily as a result of an increase in non-accrual loans, partially offset by a decrease of $1.3 million in OREO.
Criticized loans decreased $95.8 million, or 9.3%, to $937.4 million as of June 30, 2026, from $1,033.2 million as of March 31, 2026, primarily as a result of payoffs and paydowns, as well as upgrades 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.
5
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 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,” “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. 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 Assets 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;
6
•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.
Second Quarter 2026 Conference Call for Investors
First Interstate BancSystem, Inc. will host a conference call to discuss the results for the second quarter of 2026 at 9:30 a.m. Eastern Time (7:30 a.m. Mountain Time) on Friday, July 24, 2026. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-833-461-5787; the access code is 544064138. To participate via the Internet, visit www.FIBK.com. The webcast call will be recorded and made available for replay on July 24, 2026, after 1:30 p.m. Eastern Time (11:30 a.m. Mountain Time), through July 23, 2027, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by visiting http://events.q4inc.com/attendee/544064138. 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) Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 2Q26 vs 1Q26 2Q26 vs 2Q25
Net interest income $ 202.2 $ 200.7 $ 206.4 $ 206.8 $ 207.2 0.7 % (2.4) %
Net interest income on a fully-taxable equivalent ("FTE") basis 203.6 202.0 207.7 208.2 208.6 0.8 (2.4)
Provision for (reduction of) credit losses (3.2) 6.7 7.1 — (0.3) NM NM
Noninterest income:
Payment services revenues 16.8 15.6 16.2 16.8 17.8 7.7 (5.6)
Mortgage banking revenues 1.5 1.3 1.1 1.5 1.8 15.4 (16.7)
Wealth management revenues 10.6 10.5 10.7 10.4 9.7 1.0 9.3
Service charges on deposit accounts 6.6 6.5 6.5 7.0 6.9 1.5 (4.3)
Other service charges, commissions, and fees 1.9 2.1 2.3 2.1 2.1 (9.5) (9.5)
Total fee-based revenues 37.4 36.0 36.8 37.8 38.3 3.9 (2.3)
Other income 24.3 5.1 69.8 5.9 2.8 NM NM
Total noninterest income 61.7 41.1 106.6 43.7 41.1 50.1 50.1
Noninterest expense:
Salaries and wages 64.9 68.5 74.8 66.2 65.0 (5.3) (0.2)
Employee benefits 19.0 21.2 18.5 18.2 17.9 (10.4) 6.1
Occupancy and equipment 18.0 18.6 19.6 18.5 18.6 (3.2) (3.2)
Other intangible amortization 3.3 3.3 3.4 3.4 3.4 — (2.9)
Other expenses 53.1 47.1 50.4 51.6 50.2 12.7 5.8
Other real estate owned expense, net 0.6 (1.1) — — — NM NM
Total noninterest expense 158.9 157.6 166.7 157.9 155.1 0.8 2.5
Income before income tax 108.2 77.5 139.2 92.6 93.5 39.6 15.7
Provision for income tax 24.3 17.3 30.4 21.2 21.8 40.5 11.5
Net income $ 83.9 $ 60.2 $ 108.8 $ 71.4 $ 71.7 39.4 % 17.0 %
Weighted-average basic shares outstanding 96,583 98,881 100,791 103,154 103,261 (2.3) % (6.5) %
Weighted-average diluted shares outstanding 96,786 99,241 101,096 103,387 103,364 (2.5) (6.4)
Earnings per share - basic $ 0.87 $ 0.61 $ 1.08 $ 0.69 $ 0.69 42.6 26.1
Earnings per share - diluted 0.87 0.61 1.08 0.69 0.69 42.6 26.1
NM - not meaningful
8
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
% Change
(In millions, except % and per share data) Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 2Q26 vs 1Q26 2Q26 vs 2Q25
Assets:
Cash and due from banks $ 344.2 $ 321.7 $ 358.2 $ 382.7 $ 436.6 7.0 % (21.2) %
Interest bearing deposits in banks 822.8 886.9 951.4 1,066.4 653.5 (7.2) 25.9
Federal funds sold 0.1 0.1 0.1 0.1 0.1 — —
Cash and cash equivalents 1,167.1 1,208.7 1,309.7 1,449.2 1,090.2 (3.4) 7.1
Investment securities, net 7,985.6 8,010.0 7,630.2 7,305.8 7,312.2 (0.3) 9.2
Investment in Federal Home Loan Bank and Federal Reserve Bank stock 106.3 106.3 106.3 106.8 118.1 — (10.0)
Loans held for sale, at fair value 2.1 70.8 73.6 305.6 335.2 (97.0) (99.4)
Loans held for investment 14,281.4 14,728.4 15,201.6 15,834.4 16,353.4 (3.0) (12.7)
Allowance for credit losses (182.2) (195.8) (191.4) (205.8) (209.6) (6.9) (13.1)
Net loans held for investment 14,099.2 14,532.6 15,010.2 15,628.6 16,143.8 (3.0) (12.7)
Goodwill and intangible assets (excluding mortgage servicing rights) 1,175.6 1,178.9 1,182.2 1,185.5 1,188.9 (0.3) (1.1)
Company-owned life insurance 528.1 524.6 523.0 520.2 516.7 0.7 2.2
Premises and equipment 412.8 403.1 406.6 415.1 413.0 2.4 —
Other real estate owned 5.3 6.6 3.4 3.4 3.4 (19.7) 55.9
Mortgage servicing rights 22.0 22.5 23.1 23.8 24.4 (2.2) (9.8)
Other assets 380.9 362.7 372.3 388.9 420.5 5.0 (9.4)
Total assets $ 25,885.0 $ 26,426.8 $ 26,640.6 $ 27,332.9 $ 27,566.4 (2.1) % (6.1) %
Liabilities and stockholders' equity:
Deposits $ 21,441.3 $ 21,883.0 $ 22,088.3 $ 22,605.0 $ 22,630.6 (2.0) % (5.3) %
Securities sold under repurchase agreements 455.2 476.1 479.6 485.2 509.3 (4.4) (10.6)
Other borrowed funds — — — — 250.0 — NM
Long-term debt 146.8 146.7 146.3 146.2 252.0 0.1 (41.7)
Subordinated debentures held by subsidiary trusts 149.9 149.9 149.8 163.1 163.1 — (8.1)
Other liabilities 369.2 412.6 329.6 484.7 339.6 (10.5) 8.7
Total liabilities 22,562.4 23,068.3 23,193.6 23,884.2 24,144.6 (2.2) (6.6)
Stockholders' equity:
Common stock 2,199.5 2,265.5 2,350.9 2,439.3 2,463.5 (2.9) (10.7)
Retained earnings 1,326.6 1,288.7 1,274.2 1,213.5 1,191.2 2.9 11.4
Accumulated other comprehensive loss (203.5) (195.7) (178.1) (204.1) (232.9) 4.0 (12.6)
Total stockholders' equity 3,322.6 3,358.5 3,447.0 3,448.7 3,421.8 (1.1) (2.9)
Total liabilities and stockholders' equity $ 25,885.0 $ 26,426.8 $ 26,640.6 $ 27,332.9 $ 27,566.4 (2.1) % (6.1) %
Common shares outstanding at period end 95,548 97,446 101,106 103,967 104,874 (1.9) % (8.9) %
Book value per common share at period end $ 34.77 $ 34.47 $ 34.09 $ 33.17 $ 32.63 0.9 6.6
Tangible book value per common share at period end** 22.47 22.37 22.40 21.77 21.29 0.4 5.5
**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 %) Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 2Q26 vs 1Q26 2Q26 vs 2Q25
Loans held for investment:
Real Estate:
Commercial $ 7,947.9 $ 8,040.5 $ 8,144.4 $ 8,496.4 $ 8,750.9 (1.2) % (9.2) %
Construction 576.1 669.1 837.2 960.8 1,004.6 (13.9) (42.7)
Residential 2,044.7 2,084.3 2,108.8 2,136.0 2,157.5 (1.9) (5.2)
Agricultural 592.1 619.2 629.0 623.0 635.6 (4.4) (6.8)
Total real estate 11,160.8 11,413.1 11,719.4 12,216.2 12,548.6 (2.2) (11.1)
Consumer:
Indirect 369.0 419.4 477.5 540.3 607.1 (12.0) (39.2)
Direct 125.3 128.0 131.5 134.3 134.4 (2.1) (6.8)
Total consumer 494.3 547.4 609.0 674.6 741.5 (9.7) (33.3)
Commercial 2,275.6 2,342.9 2,359.6 2,447.4 2,529.9 (2.9) (10.1)
Agricultural 357.3 426.8 520.2 495.5 541.4 (16.3) (34.0)
Other 1.4 5.8 1.7 10.2 2.0 (75.9) (30.0)
Deferred loan fees and costs (8.0) (7.6) (8.3) (9.5) (10.0) 5.3 (20.0)
Loans held for investment $ 14,281.4 $ 14,728.4 $ 15,201.6 $ 15,834.4 $ 16,353.4 (3.0) % (12.7) %
Deposits:
Noninterest bearing $ 5,312.0 $ 5,229.0 $ 5,286.8 $ 5,555.7 $ 5,579.0 1.6 % (4.8) %
Interest bearing:
Demand 6,143.7 6,257.3 6,319.7 6,324.7 6,465.4 (1.8) (5.0)
Savings 7,785.4 7,961.7 7,843.5 7,954.0 7,789.6 (2.2) (0.1)
Time, $250 thousand and over 612.7 694.7 792.9 851.1 837.3 (11.8) (26.8)
Time, other 1,587.5 1,740.3 1,845.4 1,919.5 1,959.3 (8.8) (19.0)
Total interest bearing 16,129.3 16,654.0 16,801.5 17,049.3 17,051.6 (3.2) (5.4)
Total deposits $ 21,441.3 $ 21,883.0 $ 22,088.3 $ 22,605.0 $ 22,630.6 (2.0) % (5.3) %
Total core deposits (1)
$ 20,828.6 $ 21,188.3 $ 21,295.4 $ 21,753.9 $ 21,793.3 (1.7) % (4.4) %
(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 %) Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 2Q26 vs 1Q26 2Q26 vs 2Q25
Allowance for Credit Losses:
Allowance for credit losses $ 182.2 $ 195.8 $ 191.4 $ 205.8 $ 209.6 (6.9) % (13.1) %
As a percentage of loans held for investment 1.28 % 1.33 % 1.26 % 1.30 % 1.28 %
As a percentage of non-accrual loans 115.03 126.49 143.37 113.33 108.77
Net loan charge-offs during quarter $ 9.7 $ 2.4 $ 22.1 $ 2.3 $ 5.8 304.2 % 67.2 %
Annualized as a percentage of average loans 0.27 % 0.06 % 0.56 % 0.06 % 0.14 %
Non-Performing Assets:
Non-accrual loans $ 158.4 $ 154.8 $ 133.5 $ 181.6 $ 192.7 2.3 % (17.8) %
Accruing loans past due 90 days or more 1.3 1.1 1.4 0.6 1.4 18.2 (7.1)
Total non-performing loans 159.7 155.9 134.9 182.2 194.1 2.4 (17.7)
Other real estate owned 5.3 6.6 3.4 3.4 3.4 (19.7) 55.9
Total non-performing assets $ 165.0 $ 162.5 $ 138.3 $ 185.6 $ 197.5 1.5 % (16.5) %
Non-performing assets as a percentage of:
Loans held for investment and OREO 1.15 % 1.10 % 0.91 % 1.17 % 1.21 %
Total assets 0.64 0.61 0.52 0.68 0.72
Non-accrual loans to loans held for investment 1.11 1.05 0.88 1.15 1.18
Allowance for credit losses coverage of non-performing loans 114.09 125.59 141.88 112.95 107.99
Accruing Loans 30-89 Days Past Due $ 24.3 $ 71.9 $ 82.7 $ 28.5 $ 52.2 (66.2) % (53.4) %
Criticized Loans:
Special Mention $ 421.0 $ 544.1 $ 566.3 $ 697.5 $ 744.9 (22.6) % (43.5) %
Substandard 445.5 421.1 441.4 416.9 427.8 5.8 4.1
Doubtful 70.9 68.0 44.1 49.7 30.3 4.3 134.0
Total $ 937.4 $ 1,033.2 $ 1,051.8 $ 1,164.1 $ 1,203.0 (9.3) % (22.1) %
11
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Selected Ratios - Annualized
(Unaudited)
At or for the Quarter ended:
Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025
Annualized Financial Ratios (GAAP)
Return on average assets 1.29 % 0.92 % 1.60 % 1.04 % 1.03 %
Return on average common stockholders' equity 10.02 7.08 12.40 8.22 8.46
Yield on average earning assets 4.65 4.63 4.67 4.73 4.76
Cost of average interest bearing liabilities 1.60 1.64 1.77 1.90 1.95
Interest rate spread 3.05 2.99 2.90 2.83 2.81
Efficiency ratio 58.96 63.81 52.17 61.68 61.10
Loans held for investment to deposit ratio 66.61 67.31 68.82 70.05 72.26
Annualized Financial Ratios - Operating** (Non-GAAP)
Net FTE interest margin ratio 3.48 % 3.43 % 3.38 % 3.36 % 3.32 %
Tangible book value per common share $ 22.47 $ 22.37 $ 22.40 $ 21.77 $ 21.29
Tangible common stockholders' equity to tangible assets 8.69 % 8.63 % 8.90 % 8.66 % 8.47 %
Return on average tangible common stockholders' equity 15.43 10.77 18.79 12.53 13.01
Consolidated Capital Ratios
Total risk-based capital to total risk-weighted assets 17.30 % * 17.07 % 17.06 % 16.62 % 16.49 %
Tier 1 risk-based capital to total risk-weighted assets 14.54 * 14.30 14.38 13.90 13.43
Tier 1 common capital to total risk-weighted assets 14.54 * 14.30 14.38 13.90 13.43
Leverage Ratio 9.59 * 9.56 9.61 9.60 9.37
*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
June 30, 2026 March 31, 2026 June 30, 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)
$ 14,524.6 $ 203.5 5.62 % $ 15,032.1 $ 207.6 5.60 % $ 17,053.8 $ 240.2 5.65 %
Investment securities
Taxable (2)
7,873.5 58.8 3.00 7,705.1 55.2 2.91 7,254.3 49.6 2.74
Tax-exempt 175.1 0.9 2.06 176.0 0.8 1.84 181.7 0.8 1.77
Investment in FHLB and FRB stock 106.5 1.3 4.90 106.3 1.2 4.58 139.3 2.1 6.05
Interest bearing deposits in banks 805.1 7.5 3.74 848.7 7.8 3.73 550.9 6.2 4.51
Federal funds sold 0.1 — — 0.1 — — 0.1 — —
Total interest earning assets $ 23,484.9 $ 272.0 4.65 % $ 23,868.3 $ 272.6 4.63 % $ 25,180.1 $ 298.9 4.76 %
Noninterest earning assets 2,622.5 2,613.2 2,718.3
Total assets $ 26,107.4 $ 26,481.5 $ 27,898.4
Interest bearing liabilities:
Demand deposits $ 6,252.5 $ 14.0 0.90 % $ 6,199.9 $ 12.8 0.84 % $ 6,402.9 $ 15.0 0.94 %
Savings deposits 7,789.8 32.9 1.69 7,876.9 32.7 1.68 7,801.3 36.6 1.88
Time deposits 2,302.4 15.6 2.72 2,556.5 19.1 3.03 2,806.2 23.7 3.39
Repurchase agreements 460.1 0.9 0.78 479.6 1.0 0.85 517.4 1.1 0.85
Other borrowed funds 4.0 — — — — NM 720.4 8.3 4.62
Long-term debt 146.8 2.6 7.10 146.5 2.6 7.20 158.4 2.7 6.84
Subordinated debentures held by subsidiary trusts 149.9 2.4 6.42 149.9 2.4 6.49 163.1 2.9 7.13
Total interest bearing liabilities $ 17,105.5 $ 68.4 1.60 % $ 17,409.3 $ 70.6 1.64 % $ 18,569.7 $ 90.3 1.95 %
Noninterest bearing deposits 5,290.5 5,214.2 5,561.3
Other noninterest bearing liabilities 353.7 411.4 366.3
Stockholders’ equity 3,357.7 3,446.6 3,401.1
Total liabilities and stockholders’ equity $ 26,107.4 $ 26,481.5 $ 27,898.4
Net FTE interest income (non-GAAP)(4)
$ 203.6 $ 202.0 $ 208.6
Less FTE adjustments (3)
(1.4) (1.3) (1.4)
Net interest income from consolidated statements of income $ 202.2 $ 200.7 $ 207.2
Interest rate spread 3.05 % 2.99 % 2.81 %
Net interest margin 3.45 3.41 3.30
Net FTE interest margin ratio (non-GAAP)(4)
3.48 3.43 3.32
Cost of funds, including noninterest bearing demand deposits (5)
1.23 1.27 1.50
(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) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025
Total common stockholders' equity (GAAP) (A) $ 3,322.6 $ 3,358.5 $ 3,447.0 $ 3,448.7 $ 3,421.8
Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,175.6 1,178.9 1,182.2 1,185.5 1,188.9
Tangible common stockholders' equity (Non-GAAP) (B) $ 2,147.0 $ 2,179.6 $ 2,264.8 $ 2,263.2 $ 2,232.9
Total assets (GAAP) $ 25,885.0 $ 26,426.8 $ 26,640.6 $ 27,332.9 $ 27,566.4
Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,175.6 1,178.9 1,182.2 1,185.5 1,188.9
Tangible assets (Non-GAAP) (C) $ 24,709.4 $ 25,247.9 $ 25,458.4 $ 26,147.4 $ 26,377.5
Average Balances:
Total common stockholders' equity (GAAP) (D) $ 3,357.7 $ 3,446.6 $ 3,481.3 $ 3,447.8 $ 3,401.1
Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,177.0 1,180.3 1,183.7 1,187.1 1,190.5
Average tangible common stockholders' equity (Non-GAAP) (E) $ 2,180.7 $ 2,266.3 $ 2,297.6 $ 2,260.7 $ 2,210.6
Net interest income (GAAP) (F) $ 202.2 $ 200.7 $ 206.4 $ 206.8 $ 207.2
FTE interest income 1.4 1.3 1.3 1.4 1.4
Net FTE interest income (Non-GAAP) (G) 203.6 202.0 207.7 208.2 208.6
Less purchase accounting accretion on acquired loans 3.5 3.1 2.6 3.5 4.2
Adjusted net FTE interest income (Non-GAAP) (H) $ 200.1 $ 198.9 $ 205.1 $ 204.7 $ 204.4
Average interest earning assets (I) $ 23,484.9 $ 23,868.3 $ 24,358.2 $ 24,589.5 $ 25,180.1
Total quarterly average assets (J) 26,107.4 26,481.5 27,026.8 27,292.4 27,898.4
Annualized net income available to common shareholders (K) 336.5 244.1 431.7 283.3 287.6
Common shares outstanding (L) 95,548 97,446 101,106 103,967 104,874
Return on average assets (GAAP) (K) / (J) 1.29 % 0.92 % 1.60 % 1.04 % 1.03 %
Return on average common stockholders' equity (GAAP) (K) / (D) 10.02 7.08 12.40 8.22 8.46
Average common stockholders' equity to average assets (GAAP) (D) / (J) 12.86 13.02 12.88 12.63 12.19
Book value per common share (GAAP) (A) / (L) $ 34.77 $ 34.47 $ 34.09 $ 33.17 $ 32.63
Tangible book value per common share (Non-GAAP) (B) / (L) 22.47 22.37 22.40 21.77 21.29
Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 8.69 % 8.63 % 8.90 % 8.66 % 8.47 %
Return on average tangible common stockholders' equity (Non-GAAP) (K) / (E) 15.43 10.77 18.79 12.53 13.01
Net interest margin (GAAP) (F*) / (I) 3.45 3.41 3.36 3.34 3.30
Net FTE interest margin ratio (Non-GAAP) (G*) / (I) 3.48 3.43 3.38 3.36 3.32
Adjusted net FTE interest margin ratio (Non-GAAP) (H*) / (I) 3.42 3.38 3.34 3.30 3.26
*Annualized
14
EX-99.2
EX-99.2
Filename: jun2026ip.htm · Sequence: 3
jun2026ip
Q2 2026 Investor Presentation Exhibit 99.2 July 23, 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 Assets 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 Rocky Mountains, Pacific Northwest, and Midwest Financial Highlights as of June 30, 2026 Balance Sheet Capital Assets $25.9 Billion Total RBC3*** 17.30% LHFI1 $14.3 Billion CET14*** 14.54% Deposits $21.4 Billion Leverage*** 9.59% ACL2/LHFI 1.28% TCE to TA ratio5**** 8.69% 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* $3.7 Billion Annualized Dividend Yield** 5.3% Branch Network***** 271 banking offices Sub Debt Rating Kroll BBB 3 * Calculated using closing stock price of $38.56 as of June 30, 2026 ** Calculated using average closing stock price of $35.40 for the quarter ended June 30, 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 July 23, 2026 and excludes one branch in Iowa and one branch in Oregon which closed in the 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 • 9 consecutive quarters of net interest margin expansion (+8bps in adjusted FTE NIM* since the fourth quarter of 2025) • 1.17% cost of deposits as of June 30, 2026 • 2.44% annualized noninterest expense / average assets for the second 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 2 additional branches in Iowa and Oregon in the third quarter of 2026; 1 additional branch in Washington expected to close in the third quarter of 2026. • Opened a branch in Montana and relocated a branch in Sheridan, Wyoming in 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 8.0 million shares of common stock through June 30, 2026 for a total repurchase of approximately $270.3 million. On July 22, 2026, the board of directors authorized an increase to the repurchase program of an additional $150.0 million, or a total of $450.0 million authorized since its adoption in August of 2025. • Loan-to-deposit ratio of 67% in the second quarter of 2026 • CET1 of 14.54% and Leverage Ratio of 9.59% as of June 30, 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**
6 Average Deposits Per Branch $75.6 $75.0 $74.7 $77.2 $76.9 $79.2 QTD Average Deposits per Branch ($MM) Q125 Q225 Q325 Q425 Q126 Q226 Net Interest Income Per Share* $1.98 $2.00 $2.00 $2.04 $2.02 $2.09 Net Interest Income per Share Q125 Q225 Q325 Q425 Q126 Q226 Average Deposits Per Share* $219.3 $218.4 $217.6 $220.7 $220.1 $223.5 QTD Deposits Per Share Q125 Q225 Q325 Q425 Q126 Q226 Net Interest Margin (FTE) (Non-GAAP)** 3.22 3.32 3.36 3.38 3.43 3.48 Net FTE interest margin (Non-GAAP) Q125 Q225 Q325 Q425 Q126 Q226 ENHANCING FRANCHISE PRODUCTIVITY * Calculated using QTD diluted weighted average common shares outstanding ** Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation
Earnings • Net income of $83.9 million, or $0.87 per share. • Net interest margin (NIM) of 3.45%, an increase of 4 basis points from the first quarter of 2026; NIM on a fully taxable equivalent (FTE) basis1 of 3.48%, an increase of 5 basis points from the first quarter of 2026; adjusted FTE NIM1 of 3.42%, an increase of 4 basis points from the first quarter of 2026. • Efficiency ratio2 of 59.0% for the second quarter of 2026. Balance Sheet • Loans held for investment (LHFI) decreased by $447.0 million from the first quarter of 2026 driven by continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, and loan payoffs and paydowns in the second quarter of 2026. • Total deposits decreased $441.7 million or 2.0%, at June 30, 2026 from March 31, 2026, across all interest-bearing deposit categories during the second quarter of 2026 primarily driven by the sale of eleven Nebraska branches in the second quarter of 2026 that included $244.2 million of deposits. Total deposits decreased $1,189.3 million, or 5.3% from June 30, 2025, across all deposit categories primarily driven by the Arizona and Kansas sold branches during the fourth quarter of 2025 that included $641.6 million of deposits in addition to the deposits sold with the eleven Nebraska sold branches. • The Company’s balance sheet continues to maintain a strong liquidity position, with a loan/deposit ratio of 67% as of June 30, 2026. Asset Quality • Total reduction of the provision for credit losses was $3.2 million; funded Allowance for Credit Losses coverage of 1.28% of LHFI during the second quarter of 2026 compared to 1.33% from the first quarter of 2026. • Net charge-offs (NCOs) were $9.7 million, or an annualized 27 basis points of average loans outstanding during the second quarter of 2026. • Non-performing loans of $159.7 million increased 2.4% from the first quarter of 2026, reflecting 1.12% of LHFI as of June 30, 2026 compared to 1.06% of LHFI as of March 31, 2026. Non-performing assets of $165.0 million increased 1.5% from the first quarter of 2026. • Criticized loans decreased $95.8 million, or 9.3%, from the first quarter of 2026, to $937.4 million or 6.6% of LHFI as of June 30, 2026 compared to 7.0% of LHFI as of March 31, 2026. Criticized loans decreased $265.6 million, compared to $1,203.0 million as of June 30, 2025. Capital • Quarterly cash dividend of $0.47 per share, for an annualized yield of 5.3% for the second quarter of 2026. • During the second quarter of 2026, the Company repurchased 1.93 million shares of common stock for a total repurchase of approximately $68.7 million. The Company has repurchased approximately 7.98 million shares of common stock through June 30, 2026 for a total repurchase of approximately $270.3 million since the board of directors authorized the repurchase program in August of 2025. • CET13 of 14.54% and total RBC3 of 17.30% for the second quarter of 2026. • Common equity tier 1 capital ratio increased 24 basis points during the second quarter of 2026 compared to the first quarter of 2026, primarily due to lower risk-weighted assets driven by lower loan balances, partially offset by shares repurchased during the second quarter of 2026. SECOND QUARTER 2026 HIGHLIGHTS 7 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 The ratio of the bank’s noninterest expense less amortization of intangible assets divided by net interest income plus noninterest income (per FDIC definition) 3 Preliminary estimates - may be subject to change
EARNING ASSET YIELD 8 Fixed and Adjustable Rate Loans* Year Maturing or Repricing Balance ($MM)*** Roll-Off Coupon 2026 $679M 4.2 % 2027 $1,539M 4.6 % Total $2,218M 4.5 % Fixed and Adjustable Rate Securities Quarter Total Expected Cash Flow($MM)*** Roll-Off Coupon 9/30/2026 $251M 2.8 % 12/31/2026 $260M 2.8 % 2027 $1,220M 2.7 % Total $1,731M 2.7 % Average Loans/Average Rate** $17.1 $16.4 $15.5 $15.0 $14.5 5.65% 5.68% 5.67% 5.60% 5.62% Average Loans ($B) Average Rate Q225 Q325 Q425 Q126 Q226 • Yields on loans increased 2 bps compared to the first quarter of 2026 and decreased 3 bps compared to the second quarter of 2025 • Through 2027 $2.2B of fixed and adjustable rate loans at a weighted average rate of 4.5% are expected to mature or reprice*** • Through 2027 $1.7B of fixed and adjustable rate securities cashflows are expected at a weighted average rate of 2.7%*** * Calculated using period to date loan balance; reflects pass rated loans ** Calculated using quarter-to-date average loan balance *** Constitute estimates and forward looking statements
DIVERSIFIED LOAN PORTFOLIO Loans Held for Investment Commercial RE, 56% Construction RE, 4% Residential RE, 14% Agriculture RE, 4% Consumer, 3% Commercial, 16% Agriculture, 3% Revolving Commitments ($B) $2.5 $2.5 $2.3 $2.3 $2.3 39.3% 39.0% 40.4% 38.9% 37.0% Unfunded Funded Q225 Q325 Q425 Q126 Q226 9 $14.3B Balances as of June 30, 2026 Loan Highlights: • Loans decreased $447.0 million during the second quarter of 2026 compared to the first quarter of 2026 driven by $50.4 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, loan payoffs and paydowns. • Commercial real estate balances are 32.6% owner-occupied as of the second quarter of 2026. • Diversified geographic loan portfolio with largest state concentration of 20%
COMMERCIAL REAL ESTATE AND CONSTRUCTION PORTFOLIO Property Type Multifamily, 23% Medical, 11% Retail, 22% Industrial/Warehouse, 18% Office, 11%Hotel, 10%Land & Development, 2% Other CRE, 1% Residential 1-4 Family, 2% Market Type Metro, 5% Mid-Metro, 6% Non-Metro, 89% 10 Highlights: • $8.5 billion portfolio (60% of total loans), well diversified by property type and geography • Non-owner-occupied portfolio of $5.4 billion (37% of total loans) • $64.7 million of non-accrual loans (0.76% of commercial real estate and construction portfolios) • Montana has the largest state concentration representing 18% of portfolio Balances as of June 30, 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 State MT, 27% WY, 13% ID, 8% WA, 3% OR, 11% SD, 16% NE, 8% IA, 9% MO, 1% CO, 4% Mix of Consumer and Business Deposits* 53% 52% 54% 54% 52% 47% 48% 46% 46% 48% Total Consumer Deposits Total Business Deposits Q225 Q325 Q425 Q126 Q226 11 Average Deposit Balances* 28% 28% 28% 28% 29% 35% 35% 35% 36% 36% 12% 12% 12% 12% 11% 25% 25% 25% 24% 24% 1.33% 1.35% 1.30% 1.20% 1.17% Demand Savings Time Non-interest bearing Total Cost of Deposits Q225 Q325 Q425 Q126 Q226 DIVERSE DEPOSIT BASE: BY TYPE OF ACCOUNT * Balances as of June 30, 2026 Deposit Highlights: • Total deposits decreased $441.7 million or 2.0%, at June 30, 2026 from March 31, 2026, across all interest-bearing deposit categories during the second quarter of 2026 primarily driven by the sale of eleven Nebraska branches in the second quarter of 2026 that included $244.2 million of deposits. Total deposits decreased $1,189.3 million, or 5.3% from June 30, 2025, across all deposit categories primarily driven by the Arizona and Kansas branch sales during the fourth quarter of 2025 that included $641.6 million of deposits in addition to the deposits sold with the eleven Nebraska branch sales. • Total deposit costs declined 3 basis points from the prior quarter.
Total Risk-Based Capital Ratios 16.49% 16.62% 17.06% 17.07% 17.30% 13.43% 13.90% 14.38% 14.30% 14.54% 3.06% 2.72% 2.68% 2.76% 2.76% CET1 Total RBC 2Q25 3Q25 4Q25 1Q26 2Q26² CAPITAL AND LIQUIDITY Liquid and flexible balance sheet with strong capital position Common Equity (CE) and Tangible Common Stockholders' Equity (TCE) to Tangible Assets (TA)* $32.63 $33.17 $34.09 $34.47 $34.77 $21.29 $21.77 $22.40 $22.37 $22.47 8.47% 8.66% 8.90% 8.63% 8.69% 12.41% 12.62% 12.94% 12.71% 12.84% TBVPS BVPS TCE to TA Ratio CE Ratio 2Q25 3Q25 4Q25 1Q26 2Q26 12 LHFI to Deposit Ratio 72.3% 70.1% 68.8% 67.3% 66.6% 2Q25 3Q25 4Q25 1Q26 2Q26 * Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation ** Preliminary estimates - may be subject to change Capital and Liquidity Highlights: • Annualized dividend yield of 5.3% based on an average share price of $35.40 for the second quarter of 2026. • Tangible book value per share (TBVPS)* increased during the second quarter. The change in stockholders’ equity was driven by the retention of retained earnings and a reduction in shares outstanding from stock repurchases, partially offset by cash dividends paid, stock repurchases as part of the stock repurchase program and decreases in AOCI. For the second quarter of 2026, the AOCI mark is equal to $2.13 of book value per share (BVPS). • Repurchased approximately 1.9 million shares of common stock at a weighted average price of $35.61 per share during the second quarter of 2026 through our stock repurchase program.
ACL Highlights: • Funded ACL decreased to 1.28% of loans from 1.33% in the prior quarter, driven by a reduction in specific reserves due to charge- offs. • Net charge-offs were $9.7 million which represented 27 basis points of average loans during the second quarter of 2026. ALLOWANCE FOR CREDIT LOSSES (ACL) ACL ($MM) and Funded ACL/LHFI Ratio $214.4 $212.1 $197.3 $201.6 $189.1 $209.6 $205.8 $191.4 $195.8 $182.2 4.8 6.3 5.9 5.8 6.9 1.28% 1.30% 1.26% 1.33% 1.28% Funded ACL Unfunded ACL Funded ACL % of LHFI 2Q25 3Q25 4Q25 1Q26 2Q26 13 ACL Roll-forward ($MM) Funded Unfunded Investments Total ACL 3/31/26 $195.8 $5.8 $0.5 $202.1 ACL Provision (Reversal) (3.9) 1.1 (0.4) (3.2) Net Charge-offs 9.7 — — 9.7 ACL 6/30/26 $182.2 $6.9 $0.1 $189.2
Asset Quality Highlights: • Net charge-offs totaled $9.7 million, or 27 basis points of average loans, during the second quarter of 2026. • Total non-performing loans (NPLs) increased by $3.8 million, or 2.4% during the second quarter of 2026 compared to the first quarter of 2026 driven primarily by an increase in non-accrual loans. • Total criticized loans decreased $95.8 million during the second quarter of 2026 compared to the first quarter of 2026 primarily as a result of payoffs and paydowns, as well as upgrades in the portfolio. ASSET QUALITY AND RESERVE TRENDS Net Charge-offs ($MM) and Net Charge-Offs Ratio $5.8 $2.3 $22.1 $2.4 $9.7 0.14% 0.06% 0.56% 0.06% 0.27% Net Charge-offs % of Average Loans 2Q25 3Q25 4Q25 1Q26 2Q26 Total non-performing loans ($MM) and ACL/NPL Ratios $194.1 $182.2 $134.9 $155.9 $159.7 108.0% 113.0% 141.9% 125.6% 114.1% NPLs ACL / NPL Ratio 2Q25 3Q25 4Q25 1Q26 2Q26 Total Criticized Loans ($MM) and Criticized Loan Ratio $1,203.0 $1,164.1 $1,051.8 $1,033.2 $937.4 7.4% 7.4% 6.9% 7.0% 6.6% Criticized Loans % of Total Loans 2Q25 3Q25 4Q25 1Q26 2Q26 14
Net Interest Income (NII) and Net Interest Margin (NIM) Highlights: • $3.5 million of loan purchase accounting accretion (PAA) for the second quarter of 2026, an increase from $3.1 million in the prior quarter. • Total remaining PAA of $23.3 million as of June 30, 2026 ◦ Scheduled accretion of $3.3 million, $4.9 million, $4.1 million for the remainder of 2026, FY27, and FY28, respectively. • During the second quarter of 2026, FTE NIM1 increased by 5 basis points compared to the prior quarter. • Adjusted FTE NIM1 (which excludes the impact from PAA) increased by 4 basis points during the second quarter of 2026, primarily driven by higher investment yields and lower rates on interest bearing time deposits, partially offset by lower average loan balances and higher security balances. NET INTEREST INCOME FTE NII¹ ($MM) and FTE NIM¹ $204.4 $204.7 $205.1 $198.9 $200.1 $4.2 $3.5 $2.6 $3.1 $3.5 $208.6² $208.2² $207.7² $202.0² $203.6² 3.32% 3.36% 3.38% 3.43% 3.48% 3.26% 3.30% 3.34% 3.38% 3.42% Adjusted FTE NII¹ Loan PAA FTE NIM¹ Adjusted FTE NIM¹ 2Q25 3Q25 4Q25 1Q26 2Q26 15 1 Non-GAAP financial measure - See non-GAAP table in appendix for reconciliation 2 FTE NII
16 Noninterest Income by Type * Payment Services, 27% Mortgage Banking, 3% Wealth Management, 17% Deposit Service Charges, 11% Other Service Charges & Fees, 3% Other Income, 39% Dollars in millions 2Q25 1Q26 2Q26 Payment services revenues $ 17.8 $ 15.6 $ 16.8 Mortgage banking revenues 1.8 1.3 1.5 Wealth management revenues 9.7 10.5 10.6 Service charges on deposit accounts 6.9 6.5 6.6 Other service charges, commissions and fees 2.1 2.1 1.9 Other income 2.8 5.1 24.3 Total Reported Noninterest Revenue $ 41.1 $ 41.1 $ 61.7 % of Total Revenue 16.6 % 17.0 % 23.4 % NONINTEREST INCOME * Percentages calculated using balances as of June 30, 2026 Other Income Notes: • Q2 2025 results include a $7.3 million valuation allowance for loans transferred to held for sale related to the sale of the Arizona and Kansas loans • Q2 2025 results include a $4.3 million gain, net of related credit card rewards liabilities, associated with the outsourcing of the consumer credit card portfolio • Q2 2026 results include a $19.5 million gain recorded in other income related to the sale of eleven Nebraska branches
NONINTEREST EXPENSE 17 Dollars in millions 2Q25 1Q26 2Q26 Salaries and wages $ 65.0 $ 68.5 $ 64.9 Employee benefits 17.9 21.2 19.0 Occupancy and equipment 18.6 18.6 18.0 Other intangible amortization 3.4 3.3 3.3 Other expenses 50.2 47.1 53.1 Other real estate owned expense, net — (1.1) 0.6 Total Reported Noninterest Expense $ 155.1 $ 157.6 $ 158.9 Noninterest Expense ($MM) and Efficiency Ratio 155.1 157.9 166.7 157.6 158.9 61.1% 61.7% 52.2% 63.8% 59.0% Total Non-interest Expenses Efficiency Ratio ¹ 2Q25 3Q25 4Q25 1Q26 2Q26 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: • Q2 2025 results include $1.5 million associated with property valuation adjustments and lease termination fees related to the sale of Arizona and Kansas branches • Q1 2026 results include $1.3 million of severance expense.
2026 GUIDANCE SUMMARY* 18 *Preliminary estimates and forward-looking statements - may be subject to change Balance Sheet • Anticipate ending deposits between $21.5-$22.0 billion with normal seasonality • Anticipate ending loans between $13.5-$13.8 billion. Assumes elevated payoffs and continued weakness in mortgage production, partially offset by improved commercial production Net Interest Income • Anticipate full-year reported net interest income between $810-$820 million. Assumes continued margin expansion throughout 2026 and smaller balance sheet than previously anticipated • Outlook assumes one rate increase Noninterest Income • Anticipate 2026 non-interest income to total $167-$171 million; excluding the $19.5 million gain-on-sale related to the Nebraska branch transaction that occurred in Q2 2026 Noninterest Expense • Anticipate 2026 non-interest expense to total $629-$637 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%-23.25% for full-year 2026 Credit Quality • Continue to anticipate long-term annualized net charge-offs between 20 and 30 basis points of average loan balances
NON-GAAP FINANCIAL MEASURES 19 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.
2Q25 3Q25 4Q25 1Q26 2Q26 (Dollars in millions) Total common stockholders' equity (GAAP) (A) $ 3,421.8 $ 3,448.7 $ 3,447.0 $ 3,358.5 $ 3,322.6 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,188.9 1,185.5 1,182.2 1,178.9 1,175.6 Tangible common stockholders' equity (Non-GAAP) (B) $ 2,232.9 $ 2,263.2 $ 2,264.8 $ 2,179.6 $ 2,147.0 Total assets (GAAP) $ 27,566.4 $ 27,332.9 $ 26,640.6 $ 26,426.8 $ 25,885.0 Less goodwill and other intangible assets (excluding mortgage servicing rights) 1,188.9 1,185.5 1,182.2 1,178.9 1,175.6 Tangible assets (Non-GAAP) (C) $ 26,377.5 $ 26,147.4 $ 25,458.4 $ 25,247.9 $ 24,709.4 Common shares outstanding (L) 104,874 103,967 101,106 97,446 95,548 Book value per common share (GAAP) (A) / (L) $ 32.63 $ 33.17 $ 34.09 $ 34.47 $ 34.77 Tangible book value per common share (Non-GAAP) (B) / (L) 21.29 21.77 22.40 22.37 22.47 Tangible common stockholders' equity to tangible assets (Non-GAAP) (B) / (C) 8.47 % 8.66 % 8.90 % 8.63 % 8.69 % NON-GAAP RECONCILIATION 20 * Line items may not sum due to rounding
2Q25 3Q25 4Q25 1Q26 2Q26 (Dollars in millions) Net interest income (A) $ 207.2 $ 206.8 $ 206.4 $ 200.7 $ 202.2 FTE adjustments(1) 1.4 1.4 1.3 1.3 1.4 Net interest income on a FTE basis (Non-GAAP) (B) 208.6 208.2 207.7 202.0 203.6 Less purchase accounting accretion on acquired loans 4.2 3.5 2.6 3.1 3.5 Adjusted net interest income on a FTE basis (Non-GAAP) (C) $ 204.4 $ 204.7 $ 205.1 $ 198.9 $ 200.1 Average interest earning assets (D) $ 25,180.1 $ 24,589.5 $ 24,358.2 $ 23,868.3 $ 23,484.9 Net interest margin (A annualized)/(D) 3.30 % 3.34 % 3.36 % 3.41 % 3.45 % Net interest margin (FTE) (Non-GAAP) (B annualized)/(D) 3.32 3.36 3.38 3.43 3.48 Adjusted net interest margin (FTE) (Non-GAAP) (C annualized)/(D) 3.26 3.30 3.34 3.38 3.42 NON-GAAP RECONCILIATION 21 * 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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