FIRST INTERSTATE BANCSYSTEM INC

For the period ended Mar 31, 2024. Filed May 3, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 3, 2024

FIBK$38.00-1.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)
	Three Months Ended March 31,
	2024	2023
Cash flows from operating activities:
Net income	$58.4	$56.3
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Provision for credit losses	5.3	15.2
Net loss on disposal of premises and equipment	0.2	0.1
Depreciation and amortization	15.9	13.7
Net premium (discount) amortization on investment securities	0.2	(0.6)
Net loss on investment securities transactions	—	23.4
Realized and unrealized net gains on mortgage banking activities	(0.4)	(0.8)
Net gain on sale of OREO	(0.1)	—
Write-downs of OREO and other assets pending disposal	2.1	0.1
Deferred taxes	—	11.3
Net increase in cash surrender value of company-owned life insurance	(3.7)	(3.4)
Stock-based compensation expense	2.9	2.3
Originations of mortgage loans held for sale	(69.9)	(80.4)
Proceeds from sales of mortgage loans held for sale	67.6	79.6
Changes in operating assets and liabilities:
Decrease in interest receivable	3.6	4.6
Decrease in other assets	9.8	7.7
Increase in accrued interest payable	1.4	11.6
Decrease in accounts payable and accrued expenses	(5.7)	(83.0)
Net cash provided by operating activities	87.6	57.7
Cash flows from investing activities:
Purchases of investment securities:
Available-for-sale	(77.2)	—
Proceeds from sales, maturities, and pay-downs of investment securities:
Held-to-maturity	356.6	54.9
Available-for-sale	117.4	987.3
Purchases of FHLB and FRB stock	(40.5)	(73.5)
Proceeds from FHLB and FRB stock	85.3	57.5
Proceeds from bank-owned life insurance settlements	1.4	1.9
Extensions of credit to clients, net of repayments	92.9	(152.8)
Recoveries of loans charged-off	2.6	—
Proceeds from sale of OREO	0.2	—
Capital expenditures, net of sales	(6.8)	(7.0)
Net cash provided by investing activities	531.9	868.3
Cash flows from financing activities:
Net decrease in deposits	(513.1)	(966.6)
Net increase (decrease) in securities sold under repurchase agreements	11.5	(82.1)
Net (decrease) increase in other borrowed funds	(261.0)	383.0
Advances on long-term debt	250.0	—
Purchase and retirement of common stock	(1.1)	(1.8)
Dividends paid to common stockholders	(48.8)	(48.3)
Net cash used in financing activities	(562.5)	(715.8)
Net increase in cash and cash equivalents	57.0	210.2
Cash and cash equivalents at beginning of period	578.0	870.5
Cash and cash equivalents at end of period	$635.0	$1,080.7

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (continued)(In millions)(Unaudited)
	Three Months Ended March 31,
	2024	2023
Supplemental disclosures of cash flow information:
Cash paid during the period for interest expense	$123.2	$65.4
Supplemental disclosures of noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$0.2	$0.6
Transfer of held-to-maturity to available-for sale securities	—	23.0
Transfer of held for investment loans to held-for-sale	—	3.1
Transfer of loans to other real estate owned	0.1	0.8
Capitalization of internally originated mortgage servicing rights	0.1	—

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