First Interstate BancSystem Q2 2024 10-Q Filed

TL;DR

FIBK Q2 10-Q is in: financials look steady, no major red flags.

AI Summary

First Interstate BancSystem Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the commercial banking sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance indicators for First Interstate BancSystem, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 2024-06-30 — Report Date (End of the reporting period for this 10-Q filing.)
• 2024-01-01 — Reporting Period Start (Beginning of the fiscal period covered by the report.)
• 2023-12-31 — Previous Fiscal Year End (Marks the end of the prior fiscal year for comparison.)

Key Players & Entities

• FIRST INTERSTATE BANCSYSTEM INC (company) — Filer
• 0000860413 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240802 (date) — Filing Date
• 401 NO 31ST STREET (address) — Business Address
• BILLINGS (location) — City
• MT (location) — State
• 59101 (postal_code) — ZIP Code
• 4062555311 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• fibk-20240630.htm (10-Q) — 4108KB
• fibk-20240630xex103transit.htm (EX-10.3) — 76KB
• fibk-20240630xex311.htm (EX-31.1) — 10KB
• fibk-20240630xex312.htm (EX-31.2) — 10KB
• fibk-20240630xex32.htm (EX-32) — 4KB
• 0000860413-24-000118.txt ( ) — 21637KB
• fibk-20240630.xsd (EX-101.SCH) — 75KB
• fibk-20240630_cal.xml (EX-101.CAL) — 128KB
• fibk-20240630_def.xml (EX-101.DEF) — 666KB
• fibk-20240630_lab.xml (EX-101.LAB) — 924KB
• fibk-20240630_pre.xml (EX-101.PRE) — 868KB
• fibk-20240630_htm.xml (XML) — 5255KB

- 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 8 Notes to Unaudited Consolidated Financial Statements 9

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 44

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 60

Controls and Procedures

Item 4. Controls and Procedures 62

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 63

Risk Factors

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 63

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 63

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 64

Signatures

Signatures 65 2 Table of Contents FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 390.2 $ 378.2 Interest-bearing deposits in banks 568.2 199.7 Federal funds sold 0.1 0.1 Total cash and cash equivalents 958.5 578.0 Investment securities: Available-for-sale, at fair value 5,603.1 5,841.5 Held-to-maturity (estimated fair values of $ 2,440.4 at June 30, 2024 and $ 2,874.0 at December 31, 2023) 2,798.5 3,207.9 Total investment securities 8,401.6 9,049.4 FHLB and FRB stock, at cost 182.3 223.2 Loans held for sale ($ 3.1 and $ 0.5 of which is recorded at fair value at June 30, 2024 December 31, 2023) 22.3 47.4 Loans held for investment, net of deferred fees and costs 18,235.0 18,279.6 Allowance for credit losses ( 232.8 ) ( 227.7 ) Net loans held for investment 18,002.2 18,051.9 Goodwill 1,100.9 1,100.9 Company-owned life insurance 507.6 502.4 Premises and equipment, net of accumulated depreciation 436.5 444.3 Other intangibles, net of accumulated amortization 74.0 81.4 Accrued interest receivable 126.4 129.1 Mortgage servicing rights, net of accumulated amortization 27.0 28.3 Other real estate owned 6.7 16.5 Deferred tax asset, net 154.5 150.0 Other assets 289.0 268.4 Total assets $ 30,289.5 $ 30,671.2 Liabilities and Stockholders' Equity Deposits: Non-interest bearing $ 6,174.0 $ 6,029.6 Interest bearing 16,696.7 17,293.5 Total deposits 22,870.7 23,323.1 Securities sold under repurchase agreements 741.8 782.7 Accounts payable and accrued expenses 398.3 380.4 Accrued interest payable 71.1 52.2 Other borrowed funds 2,430.0 2,603.0 Long-term debt 383.4 120.8 Allowance for credit losses on off-balance sheet credit exposures 5.8 18.4 Subordinated debentures held by subsidiary trusts 163.1 163.1 Total liabilities 27,064.2 27,443.7 Stockholders' equity: Preferred stock, no par value;

View Full Filing

View this 10-Q filing on SEC EDGAR