FIRST INTERSTATE BANCSYSTEM INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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, | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $226.0 | $257.5 | $202.2 |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | |||
| Provision for credit losses | 67.8 | 32.2 | 82.7 |
| Net gain (loss) on disposal of premises and equipment | (2.9) | 0.7 | (2.0) |
| Depreciation and amortization | 57.0 | 53.8 | 55.5 |
| Net premium amortization on investment securities | 1.1 | 2.4 | 17.0 |
| Net loss on investment securities transactions | — | 23.5 | 24.4 |
| Realized and unrealized net gains on mortgage banking activities | (1.8) | (2.8) | (9.4) |
| Net gains and write-downs of OREO and other assets pending disposal | 3.9 | 1.0 | 2.1 |
| Net gain on extinguishment of debt | — | — | (1.4) |
| Mortgage servicing rights recovery | — | — | (3.4) |
| Deferred taxes | 21.3 | 20.4 | (4.7) |
| Net increase in cash surrender value of company-owned life insurance | (14.7) | (9.7) | (11.1) |
| Stock-based compensation expense | 11.8 | 4.7 | 9.6 |
| Originations of mortgage loans held for sale | (149.6) | (351.5) | (429.5) |
| Proceeds from sales of mortgage loans held for sale | 150.3 | 359.5 | 461.6 |
| Changes in operating assets and liabilities: | |||
| Decrease (increase) in accrued interest receivable | 12.3 | (10.8) | (37.8) |
| (Increase) decrease in other assets | (23.2) | 80.5 | (12.9) |
| (Decrease) increase in accrued interest payable | (5.2) | 37.7 | 8.4 |
| Increase (decrease) in accounts payable and accrued expenses | 0.9 | (71.1) | 183.1 |
| Net cash provided by operating activities | 355.0 | 428.0 | 534.4 |
| Cash flows from investing activities: | |||
| Purchases of investment securities | (102.2) | (134.7) | (4,167.9) |
| Proceeds from sales, maturities, and pay-downs of investment securities: | |||
| Held-to-maturity | 524.7 | 227.3 | 370.5 |
| Available-for-sale | 924.2 | 1,390.7 | 1,926.5 |
| Purchases and sales of FHLB and FRB stock | 45.8 | (24.6) | (129.2) |
| Proceeds from company-owned life insurance settlements | 4.1 | 5.2 | 1.3 |
| Net change in loans held for investment | 372.3 | (185.8) | (951.4) |
| Proceeds from sale of OREO | 12.9 | 3.5 | 3.4 |
| 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 | (23.0) | (28.2) | (10.5) |
| Net cash provided by (used in) investing activities | $1,758.8 | $1,253.4 | $(949.0) |
| Cash flows from financing activities: | |||
| Net decrease in deposits | $(307.5) | $(1,750.5) | $(2,884.0) |
| Net (decrease) increase in securities sold under repurchase agreements | (258.8) | (270.2) | 28.9 |
| Net (decrease) increase in other borrowed funds | (1,285.5) | 276.0 | 2,327.0 |
| Repayments of long-term debt | (0.2) | (0.1) | (164.1) |
| Advances on long-term debt | 253.9 | — | 14.3 |
| Payment of stock issuance costs | — | — | (0.8) |
| Proceeds from issuance of common stock | — | — | 0.1 |
| Purchase and retirement of common stock | (1.2) | (34.0) | (199.0) |
| Dividends paid to common stockholders | (195.9) | (195.1) | (182.1) |
| Net cash used in financing activities | (1,795.2) | (1,973.9) | (1,059.7) |
| Net increase (decrease) in cash and cash equivalents | 318.6 | (292.5) | (1,474.3) |
|---|---|---|---|
| Cash and cash equivalents at beginning of period | 578.0 | 870.5 | 2,344.8 |
| Cash and cash equivalents at end of period | $896.6 | $578.0 | $870.5 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for income taxes | $34.3 | $51.2 | $57.8 |
| Cash paid during the period for interest expense | 475.7 | 363.6 | 32.0 |
| Supplemental disclosures of noncash investing and financing activities: | |||
| Transfer of available-for-sale to held-to-maturity securities | $— | $— | $463.6 |
| Transfer of held-to-maturity to available-for-sale securities | — | 23.0 | 10.9 |
| Right-of-use assets obtained in exchange for operating lease liabilities | 1.6 | 6.4 | 22.9 |
| Transfer of loans to other real estate owned | 4.6 | 8.3 | 0.4 |
| Transfer of held-for-sale loans to held for investment | — | 29.6 | 19.8 |
| Transfer of held for investment loans to held-for-sale | — | 30.4 | 12.4 |
| Shares issued for acquisition | — | — | 1,723.3 |
| 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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