First Interstate BancSystem Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Interstate BancSystem Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FIRST INTERSTATE BANCSYSTEM INC (FIBK) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filing is a 10-Q for First Interstate BancSystem Inc. for the period ending March 31, 2024. The company's Central Index Key is 0000860413. The Standard Industrial Classification is 'STATE COMMERCIAL BANKS [6022]'. The filing was submitted on May 3, 2024. The company was formerly known as FIRST INTERSTATE BANCSYSTEM OF MONTANA INC.

Why It Matters

For investors and stakeholders tracking FIRST INTERSTATE BANCSYSTEM INC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position as of the end of the first quarter of 2024. As a publicly traded entity, these filings are crucial for understanding the company's operational status, financial health, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — FIRST INTERSTATE BANCSYSTEM INC shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for public companies and does not inherently contain new, significant risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to assess First Interstate BancSystem Inc.'s current financial health and strategic outlook.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-03 — Filing Date (10-Q submission)
• 0000860413 — Central Index Key (Filer identifier)

Key Players & Entities

• FIRST INTERSTATE BANCSYSTEM INC (company) — Filer name
• 0000860413 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• 2024-05-03 (date) — Filing date
• 2024-03-31 (date) — Period of report
• FIRST INTERSTATE BANCSYSTEM OF MONTANA INC (company) — Former company name

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, Federal Reserve, and state banking departments.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Review any disclosures related to changes in financial instruments or market conditions.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value FIBK NASDAQ Indicate by che

Filing Documents

• fibk-20240331.htm (10-Q) — 3672KB
• fibk-20240331xex_bylaws.htm (EX-3.2) — 284KB
• fibk-20240331xex311.htm (EX-31.1) — 10KB
• fibk-20240331xex312.htm (EX-31.2) — 10KB
• fibk-20240331xex32.htm (EX-32) — 4KB
• image_0a.jpg (GRAPHIC) — 16KB
• 0000860413-24-000066.txt (&nbsp;) — 20567KB
• fibk-20240331.xsd (EX-101.SCH) — 76KB
• fibk-20240331_cal.xml (EX-101.CAL) — 135KB
• fibk-20240331_def.xml (EX-101.DEF) — 666KB
• fibk-20240331_lab.xml (EX-101.LAB) — 929KB
• fibk-20240331_pre.xml (EX-101.PRE) — 864KB
• fibk-20240331_htm.xml (XML) — 4908KB

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Stockholders' Equity 6 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 55

Controls and Procedures

Item 4. Controls and Procedures 57

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

Signatures

Signatures 61 2 Table of Contents FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 315.8 $ 378.2 Interest bearing deposits in banks 319.1 199.7 Federal funds sold 0.1 0.1 Total cash and cash equivalents 635.0 578.0 Investment securities: Available-for-sale, net of allowance for credit losses of $ 0.0 at March 31, 2024 and December 31, 2023 (amortized cost of $ 6,266.0 at March 31, 2024 and $ 6,307.8 at December 31, 2023) 5,773.3 5,841.5 Held-to-maturity, net of allowance for credit losses of $ 0.7 at March 31, 2024 and $ 0.8 at December 31, 2023 (estimated fair values of $ 2,497.8 at March 31, 2024 and $ 2,874.0 at December 31, 2023) 2,852.8 3,207.9 Total investment securities 8,626.1 9,049.4 FHLB and FRB stock, at cost 178.4 223.2 Loans held for sale 22.7 47.4 Loans held for investment, net of deferred fees and costs 18,202.8 18,279.6 Allowance for credit losses ( 227.7 ) ( 227.7 ) Net loans held for investment 17,975.1 18,051.9 Goodwill 1,100.9 1,100.9 Company-owned life insurance 504.7 502.4 Premises and equipment, net of accumulated depreciation 439.9 444.3 Other intangibles, net of accumulated amortization 77.7 81.4 Accrued interest receivable 125.5 129.1 Mortgage servicing rights, net of accumulated amortization 27.6 28.3 Other real estate owned 14.4 16.5 Deferred tax asset, net 161.3 150.0 Other assets 255.5 268.4 Total assets $ 30,144.8 $ 30,671.2 Liabilities and Stockholders' Equity Deposits: Non-interest bearing $ 5,900.3 $ 6,029.6 Interest bearing 16,909.7 17,293.5 Total deposits 22,810.0 23,323.1 Securities sold under repurchase agreements 794.2 782.7 Accounts payable and accrued expenses 386.0 380.4 Accrued interest payable 53.6 52.2 Long-term debt 370.8 120.8 Other borrowed funds 2,342.0 2,603.0 Allowance for credit losses on off-balance sheet credit exposures 15.

View Full Filing

View this 10-Q filing on SEC EDGAR