FIRST INTERSTATE BANCSYSTEM INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
FIBK$38.00-1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In millions) | |||
|---|---|---|---|
| Year Ended December 31, | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $257.5 | $202.2 | $192.1 |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | |||
| Provision for (reversal of) credit losses | 32.2 | 82.7 | (14.6) |
| Net (gain) loss on disposal of premises and equipment | 0.7 | (2.0) | (1.8) |
| Depreciation and amortization | 53.8 | 55.5 | 44.4 |
| Net premium amortization on investment securities | 2.4 | 17.0 | 38.8 |
| Net loss (gain) on investment securities transactions | 23.5 | 24.4 | (1.1) |
| Realized and unrealized net gains on mortgage banking activities | (2.8) | (9.4) | (26.2) |
| Net gain on sale of OREO | (0.1) | (0.7) | (0.3) |
| Write-downs of OREO and other assets pending disposal | 1.1 | 2.8 | — |
| Net gain on extinguishment of debt | — | (1.4) | — |
| Mortgage servicing rights recovery | — | (3.4) | (6.9) |
| Deferred taxes | 20.4 | (4.7) | 5.0 |
| Net increase in cash surrender value of company-owned life insurance | (9.7) | (11.1) | (6.1) |
| Stock-based compensation expense | 4.7 | 9.6 | 8.9 |
| Originations of mortgage loans held for sale | (351.5) | (429.5) | (817.4) |
| Proceeds from sales of mortgage loans held for sale | 359.5 | 461.6 | 883.9 |
| Changes in operating assets and liabilities: | |||
| (Increase) decrease in interest receivable | (10.8) | (37.8) | 3.7 |
| Decrease (increase) in other assets | 80.5 | (12.9) | (16.4) |
| Increase (decrease) in accrued interest payable | 37.7 | 8.4 | (2.0) |
| (Decrease) increase in accounts payable and accrued expenses | (71.1) | 183.1 | (1.7) |
| Net cash provided by operating activities | 428.0 | 534.4 | 282.3 |
| Cash flows from investing activities: | |||
| Purchases of investment securities: | |||
| Held-to-maturity | (0.5) | (858.5) | (1,238.0) |
| Available-for-sale | (134.2) | (3,309.4) | (2,717.8) |
| Proceeds from sales, maturities, and pay-downs of investment securities: | |||
| Held-to-maturity | 227.3 | 370.5 | 257.6 |
| Available-for-sale | 1,390.7 | 1,926.5 | 1,118.0 |
| Purchases of FHLB and FRB stock | (290.8) | (241.4) | — |
| Proceeds from FHLB and FRB stock | 266.2 | 112.2 | — |
| Proceeds from bank-owned life insurance settlements | 5.2 | 1.3 | 1.0 |
| Extensions of credit to clients, net of repayments | (185.8) | (951.4) | 467.8 |
| Proceeds from sales of OREO | 3.5 | 3.4 | 1.7 |
| Proceeds from the sale of Health Savings Accounts | — | 1.4 | — |
| Acquisition of bank and bank holding company, net of cash and cash equivalents received | — | 2,006.9 | — |
| Capital expenditures, net of sales | (28.2) | (10.5) | (10.3) |
| Net cash provided by (used in) investing activities | $1,253.4 | $(949.0) | $(2,120.0) |
| FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)(In millions) | |||
|---|---|---|---|
| Year Ended December 31, | 2023 | 2022 | 2021 |
| Cash flows from financing activities: | |||
| Net (decrease) increase in deposits | $(1,750.5) | $(2,884.0) | $2,052.6 |
| Net (decrease) increase in securities sold under repurchase agreements | (270.2) | 28.9 | (40.3) |
| Net increase in other borrowed funds | 276.0 | 2,327.0 | — |
| Repayments of long-term debt | (0.1) | (164.1) | — |
| Advances on long-term debt | — | 14.3 | — |
| Payment of stock issuance costs | — | (0.8) | — |
| Proceeds from issuance of common stock | — | 0.1 | 0.4 |
| Purchase and retirement of common stock | (34.0) | (199.0) | (5.4) |
| Dividends paid to common stockholders | (195.1) | (182.1) | (101.6) |
| Net cash (used in) provided by financing activities | (1,973.9) | (1,059.7) | 1,905.7 |
| Net (decrease) increase in cash and cash equivalents | (292.5) | (1,474.3) | 68.0 |
| Cash and cash equivalents at beginning of period | 870.5 | 2,344.8 | 2,276.8 |
| Cash and cash equivalents at end of period | $578.0 | $870.5 | $2,344.8 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for income taxes | $51.2 | $57.8 | $56.8 |
| Cash paid during the period for interest expense | 363.6 | 32.0 | 19.3 |
| Supplemental disclosures of noncash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for operating lease liabilities | 6.4 | 22.9 | 5.9 |
| Transfer of held-to-maturity to available-for-sale securities | 23.0 | 10.9 | — |
| Transfer of available-for-sale to held-to-maturity securities | — | 463.6 | 672.2 |
| Transfer of held-for-sale to held for investment loans | 29.6 | 19.8 | — |
| Transfer of held for investment to held-for-sale loans | 30.4 | 12.4 | — |
| Transfer of loans to other real estate owned | 8.3 | 0.4 | 0.9 |
| Shares issued for acquisition | — | 1,723.3 | — |
| Capitalization of internally originated mortgage servicing rights | 1.1 | 2.5 | 3.7 |
| Supplemental schedule of noncash investing activities from acquisitions: | |||
| Investment securities | — | 2,699.0 | — |
| Securities purchased under agreement to resell | — | 101.1 | — |
| Loans held for sale | — | 217.0 | — |
| Loans held for investment, net | — | 7,645.5 | — |
| Premises and equipment | — | 144.7 | — |
| Goodwill | — | 479.3 | — |
| Other intangibles | — | 72.9 | — |
| Mortgage servicing rights | — | 1.3 | — |
| Company-owned life insurance | — | 186.6 | — |
| Deferred tax assets | — | 60.2 | — |
| Other real estate owned | — | 15.8 | — |
| Other assets | — | 200.8 | — |
| Total noncash assets acquired | — | 11,824.2 | — |
| Deposits | — | 11,688.0 | — |
| Securities sold under repurchase agreements | — | 74.0 | — |
| Accounts payable and accrued expenses | — | 110.4 | — |
| Long-term debt | — | 159.3 | — |
| Subordinated debentures held by subsidiary trusts | — | 76.1 | — |
| Total liabilities assumed | $— | $12,107.8 | $— |
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