FIRST INTERSTATE BANCSYSTEM INC. Files 2023 Annual Report (10-K)

TL;DR

<b>FIRST INTERSTATE BANCSYSTEM INC. filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

FIRST INTERSTATE BANCSYSTEM INC (FIBK) filed a Annual Report (10-K) with the SEC on February 29, 2024. Filed 10-K for the fiscal year ended December 31, 2023. The company was formerly known as FIRST INTERSTATE BANCSYSTEM OF MONTANA INC. Acquisition-related costs were incurred between January 1, 2022, and December 31, 2022. Core deposits were a factor on February 1, 2022. Customer relationships were a factor on February 1, 2022, related to Great Western Bank.

Why It Matters

For investors and stakeholders tracking FIRST INTERSTATE BANCSYSTEM INC, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial health and strategic initiatives for the fiscal year 2023. Key details regarding acquisitions and customer-related financial instruments are highlighted, offering insight into growth strategies.

Risk Assessment

Risk Level: low — FIRST INTERSTATE BANCSYSTEM INC shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 2022-02-01 — Acquisition Date (Related to Great Western Bank)

Key Players & Entities

• FIRST INTERSTATE BANCSYSTEM INC. (company) — Filer name
• FIRST INTERSTATE BANCSYSTEM OF MONTANA INC. (company) — Former company name
• Great Western Bank (company) — Acquisition context
• ASC 805 (regulatory) — Accounting standard for acquisition-related costs

FAQ

Industry Context

FIRST INTERSTATE BANCSYSTEM INC. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Investigate the details surrounding the acquisition of Great Western Bank and its impact.
3. Review any disclosed risk factors related to market conditions or regulatory changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for FIRST INTERSTATE BANCSYSTEM INC.)

ASC 805

Business Combinations, an accounting standard that governs how companies account for the acquisition of other businesses. (Relevant for understanding acquisition-related costs mentioned in the filing.)

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for earlier periods.

Key Financial Figures

• $0.00001 — ange on which registered Common stock, $0.00001 par value FIBK NASDAQ Securities regi
• $30.7 b — 31, 2023, we had consolidated assets of $30.7 billion, deposits of $23.3 billion, loans
• $23.3 b — ed assets of $30.7 billion, deposits of $23.3 billion, loans held for investment of $18
• $18.3 b — 3 billion, loans held for investment of $18.3 billion, and total stockholders' equity o
• $3.2 billion — lion, and total stockholders' equity of $3.2 billion. Our mission is to help people and the

Filing Documents

• fibk-20231231.htm (10-K) — 5570KB
• fibk-20231231xex41_descxse.htm (EX-4.1) — 12KB
• fibk-20240226xex1012rsuagmt.htm (EX-10.12) — 71KB
• fibk-20240226xex1013rsuagm.htm (EX-10.13) — 95KB
• fibk-20240226xex1014_prsur.htm (EX-10.14) — 92KB
• fibk-20240226xex1015_prsut.htm (EX-10.15) — 92KB
• fibk-20240226xex1016_prsur.htm (EX-10.16) — 118KB
• fibk-20240226xex1017_prsut.htm (EX-10.17) — 119KB
• fibk-20231231xex1018_direc.htm (EX-10.18) — 11KB
• fibk-20240123xex1023_robbi.htm (EX-10.23) — 109KB
• fibk-20231231xex141_codeof.htm (EX-14.1) — 25KB
• fibk-20231231xex231_consen.htm (EX-23.1) — 3KB
• fibk-20231231xex311_certxc.htm (EX-31.1) — 10KB
• fibk-20231231xex312_certxc.htm (EX-31.2) — 10KB
• fibk-20231231xex32_section.htm (EX-32) — 6KB
• fibk-20231231xex97_clawback.htm (EX-97) — 36KB
• fibk-20231231_g1.jpg (GRAPHIC) — 138KB
• image_0.jpg (GRAPHIC) — 53KB
• 0000860413-24-000016.txt (&nbsp;) — 29374KB
• fibk-20231231.xsd (EX-101.SCH) — 132KB
• fibk-20231231_cal.xml (EX-101.CAL) — 213KB
• fibk-20231231_def.xml (EX-101.DEF) — 992KB
• fibk-20231231_lab.xml (EX-101.LAB) — 1701KB
• fibk-20231231_pre.xml (EX-101.PRE) — 1315KB
• fibk-20231231_htm.xml (XML) — 5821KB

Risk Factors

Item 1A Risk Factors 14

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 30

Cybersecurity

Item 1C Cybersecurity 30

Properties

Item 2 Properties 32

Legal Proceedings

Item 3 Legal Proceedings 32

Mine Safety Disclosure

Item 4 Mine Safety Disclosure 32 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 60

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60

Controls and Procedures

Item 9A Controls and Procedures 60

Other Information

Item 9B Other Information 65

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 65 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance. 65

Executive Compensation

Item 11 Executive Compensation 65

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65

Certain Relationships and Related Transactions and Director Independence

Item 13 Certain Relationships and Related Transactions and Director Independence 65

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 66 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 66 Report of Independent Registered Public Accounting Firm 67 Consolidated Balance Sheets 70 Consolidated Statements of Income 71 Consolidated Statements of Comprehensive Income (Loss) 72 Consolidated Statements of Stockholders' Equity 73 Consolidated Statements of Cash Flows 74

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 76 Exhibits 140

Form 10-K Summary

Item 16 Form 10-K Summary 142 Table of Conten ts PART I Cautionary Note Regarding Forward-Looking Statements When we refer to "we," "our," "us," "First Interstate," or the "Company" in this report, we mean First Interstate BancSystem, Inc. and our consolidated subsidiaries, including our wholly -owned subsidiary, First Interstate Bank, unless the context indicates that we refer only to the parent company, First Interstate BancSystem, Inc. When we refer to the "Bank" or "FIB" in this report, we mean only First Interstate Bank. This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified by words or phrases such as "believes," "expects," "anticipates," "plans," "trends," "objectives," "continues," or similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "may," or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates, and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. The factors included below under the caption "Summary Risk Factors" and described in further detail below under Item 1A Risk Factors of this report, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qual

Business

Item 1. Business Our Company We are a financial and bank holding company focused on community banking. Since our incorporation in Montana in 1971, we have grown both organically and through strategic acquisitions. We operate 304 banking offices, including branches and detached drive-up facilities, in communities across 14 states—Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming. Through our bank subsidiary, First Interstate Bank, we deliver a comprehensive range of banking products and services—including online and mobile banking—to individuals, businesses, government entities, and others throughout our market areas. 2 Table of Conten ts We are proud to provide lending opportunities to clients that participate in a wide variety of industries, including: Agriculture Healthcare Professional services Technology Construction Hospitality Real Estate Development Tourism Education Housing Retail Wholesale trade Governmental services Historically, the Company's authorized common stock had consisted of 200,000,000 shares, of which 100,000,000 shares were designated as Class A common stock and 100,000,000 were designated as Class B common stock. The Class A common stock had one vote per share while the Class B common stock had five votes per share and was convertible to Class A common stock on a share-for-share basis. On March 24, 2022, the record date for our first annual stockholders' meeting following the completion of the Great Western Bank ("GWB") acquisition on February 1, 2022, all outstanding shares and rights to acquire shares of Class B common stock were automatically converted into the same number of outstanding shares and rights to acquire the same number of shares, as applicable, of Class A common stock. As a result, we now have only one class of common stock outstanding and issuable upon exercise of outstanding rights to acquire common stock, all

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View this 10-K filing on SEC EDGAR