FIRST INTERSTATE BANCSYSTEM INC

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

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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.

Jun 30, 2024 · Filed Aug 2, 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)	Six Months Ended June 30,
(Unaudited)	2024	2023
Cash flows from operating activities:
Net income	$118.4	$123.3
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Provision for credit losses	14.3	26.9
Net loss (gain) on disposal of premises and equipment	1.1	(0.3)
Depreciation and amortization	26.0	27.2
Net premium (discount) amortization on investment securities	0.7	0.6
Net loss on investment securities transactions	—	23.5
Realized and unrealized net gains on mortgage banking activities	(1.0)	(1.6)
Net gain on sale of OREO	(0.3)	—
Write-downs of OREO and other assets pending disposal	4.2	0.8
Deferred taxes	6.4	10.8
Net increase in cash surrender value of company-owned life insurance	(7.3)	(6.4)
Stock-based compensation expense	6.1	5.0
Originations of mortgage loans held for sale	(107.3)	(173.3)
Proceeds from sales of mortgage loans held for sale	105.4	170.2
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest receivable	2.7	(0.8)
(Increase) decrease in other assets	(21.1)	41.9
Increase in accrued interest payable	18.9	31.3
Increase (decrease) in accounts payable and accrued expenses	2.7	(49.5)
Net cash provided by operating activities	169.9	229.6
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	411.8	114.6
Available-for-sale	288.5	1,119.7
Purchases of FHLB and FRB stock	(40.5)	(132.8)
Proceeds from sales of FHLB and FRB stock	81.4	121.0
Proceeds from bank-owned life insurance settlements	2.1	2.3
Extensions of credit to clients, net of repayments	46.5	(176.7)
Proceeds from sale of OREO	9.6	—
Capital expenditures, net of sales	(8.9)	(13.2)
Net cash provided by investing activities	713.3	1,034.9
Cash flows from financing activities:
Net decrease in deposits	(452.4)	(1,494.4)
Net decrease in securities sold under repurchase agreements	(40.9)	(123.0)
Net (decrease) increase in other borrowed funds	(173.0)	262.0
Repayments of long-term debt	(0.1)	(0.1)
Advances on long-term debt	262.6	—
Purchase and retirement of common stock	(1.1)	(1.8)
Dividends paid to common stockholders	(97.8)	(97.2)
Net cash used in financing activities	(502.7)	(1,454.5)
Net increase (decrease) in cash and cash equivalents	380.5	(190.0)
Cash and cash equivalents at beginning of period	578.0	870.5
Cash and cash equivalents at end of period	$958.5	$680.5

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In millions)	Six Months Ended June 30,
(Unaudited)	2024	2023
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$12.1	$30.5
Cash paid during the period for interest expense	228.0	144.6
Supplemental disclosures of noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$0.8	$2.8
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 OREO	3.7	2.5
Capitalization of internally originated mortgage servicing rights	0.3	0.6

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