FIRST INTERSTATE BANCSYSTEM INC

For the period ended Sep 30, 2024. Filed Nov 4, 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.

Sep 30, 2024 · Filed Nov 4, 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)	Nine Months Ended September 30,
(Unaudited)	2024	2023
Cash flows from operating activities:
Net income	$173.9	$196.0
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Provision for credit losses	34.1	26.8
Net gain on disposal of premises and equipment	—	(1.7)
Depreciation and amortization	41.4	40.5
Net premium amortization on investment securities	0.9	1.7
Net loss on investment securities transactions	—	23.5
Realized and unrealized net gains on mortgage banking activities	(1.4)	(2.3)
Net gain on sale of OREO	(0.4)	(0.1)
Write-downs of OREO and other assets pending disposal	4.2	1.1
Deferred taxes	6.6	9.9
Net increase in cash surrender value of company-owned life insurance	(10.7)	(8.1)
Stock-based compensation expense	9.7	8.6
Originations of mortgage loans held for sale	(131.4)	(250.8)
Proceeds from sales of mortgage loans held for sale	130.7	255.9
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest receivable	1.8	(10.9)
Decrease in other assets	10.9	38.5
Increase in accrued interest payable	35.5	49.2
Decrease in accounts payable and accrued expenses	(46.0)	(19.1)
Net cash provided by operating activities	259.8	358.7
Cash flows from investing activities:
Purchases of investment securities:
Available-for-sale	(102.2)	—
Proceeds from sales, maturities, and pay-downs of investment securities:
Held-to-maturity	470.0	174.0
Available-for-sale	539.4	1,276.3
Purchases of FHLB and FRB stock	(92.4)	(187.3)
Proceeds from sales of FHLB and FRB stock	160.1	196.4
Proceeds from bank-owned life insurance settlements	2.1	5.2
Net change in loans held for investment	226.5	(118.1)
Proceeds from sale of OREO	12.9	2.6
Capital expenditures, net of sales	(16.4)	(19.4)
Net cash provided by investing activities	1,200.0	1,329.7
Cash flows from financing activities:
Net decrease in deposits	(459.0)	(1,394.1)
Net decrease in securities sold under repurchase agreements	(225.5)	(163.4)
Net decrease in other borrowed funds	(773.0)	(260.0)
Repayments of long-term debt	(0.1)	(0.1)
Advances on long-term debt	266.5	—
Purchase and retirement of common stock	(1.2)	(1.8)
Dividends paid to common stockholders	(146.9)	(146.4)
Net cash used in financing activities	(1,339.2)	(1,965.8)
Net increase (decrease) in cash and cash equivalents	120.6	(277.4)
Cash and cash equivalents at beginning of period	578.0	870.5
Cash and cash equivalents at end of period	$698.6	$593.1

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In millions)	Nine Months Ended September 30,
(Unaudited)	2024	2023
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$12.1	$39.0
Cash paid during the period for interest expense	333.9	235.6
Supplemental disclosures of noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$1.1	$6.4
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	4.6	2.5
Capitalization of internally originated mortgage servicing rights	0.5	0.9

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