First Interstate BancSystem Q3 2024 10-Q Filed

TL;DR

FIRST INTERSTATE BANCSYSTEM INC (FIBK) filed Q3 2024 10-Q. Financials look solid.

AI Summary

First Interstate BancSystem Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its investments and equity structure. Key financial data points from the report will provide insights into the bank's operational results and balance sheet for the third quarter of 2024.

Why It Matters

This 10-Q filing provides crucial financial details for investors and analysts to assess the performance and stability of First Interstate BancSystem during the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-04 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point for year-end financial status.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial activity from the beginning of the year up to the reporting period.)
• 2023-01-01 to 2023-09-30 — Prior Year-to-Date Period (Allows for year-over-year comparison of financial performance.)

Key Players & Entities

• FIRST INTERSTATE BANCSYSTEM INC (company) — Filer
• 0000860413 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241104 (date) — Filed as of Date
• 401 NO 31ST STREET (address) — Business Address
• BILLINGS (location) — Business City
• MT (state) — Business State
• 59101 (zip_code) — Business Zip
• FIRST INTERSTATE BANCSYSTEM OF MONTANA INC (company) — Former Company Name
• 19930615 (date) — Date of Name Change

FAQ

Key Financial Figures

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

Filing Documents

• fibk-20240930.htm (10-Q) — 4081KB
• fibk-20240930xex102transit.htm (EX-10.2) — 22KB
• fibk-20240930xex311.htm (EX-31.1) — 10KB
• fibk-20240930xex312.htm (EX-31.2) — 10KB
• fibk-20240930xex32.htm (EX-32) — 4KB
• 0000860413-24-000130.txt ( ) — 21196KB
• fibk-20240930.xsd (EX-101.SCH) — 75KB
• fibk-20240930_cal.xml (EX-101.CAL) — 125KB
• fibk-20240930_def.xml (EX-101.DEF) — 666KB
• fibk-20240930_lab.xml (EX-101.LAB) — 921KB
• fibk-20240930_pre.xml (EX-101.PRE) — 866KB
• fibk-20240930_htm.xml (XML) — 5146KB

- 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 61

Controls and Procedures

Item 4. Controls and Procedures 63

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 64

Risk Factors

Item 1A. Risk Factors 64

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 64

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 64

Other Information

Item 5. Other Information 64

Exhibits

Item 6. Exhibits 65

Signatures

Signatures 66 2 Table of Contents FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 438.9 $ 378.2 Interest-bearing deposits in banks 259.6 199.7 Federal funds sold 0.1 0.1 Total cash and cash equivalents 698.6 578.0 Investment securities: Available-for-sale, at fair value 5,534.3 5,841.5 Held-to-maturity (estimated fair values of $ 2,480.5 at September 30, 2024 and $ 2,874.0 at December 31, 2023) 2,741.3 3,207.9 Total investment securities 8,275.6 9,049.4 FHLB and FRB stock, at cost 155.5 223.2 Loans held for sale ($ 2.1 and $ 0.5 of which is recorded at fair value at September 30, 2024 December 31, 2023) 20.9 47.4 Loans held for investment, net of deferred fees and costs 18,027.1 18,279.6 Allowance for credit losses ( 225.4 ) ( 227.7 ) Net loans held for investment 17,801.7 18,051.9 Goodwill 1,100.9 1,100.9 Company-owned life insurance 511.0 502.4 Premises and equipment, net of accumulated depreciation 432.7 444.3 Other intangibles, net of accumulated amortization 70.4 81.4 Accrued interest receivable 127.3 129.1 Mortgage servicing rights, net of accumulated amortization 26.3 28.3 Other real estate owned 4.4 16.5 Deferred tax asset, net 110.9 150.0 Other assets 259.3 268.4 Total assets $ 29,595.5 $ 30,671.2 Liabilities and Stockholders' Equity Deposits: Non-interest bearing $ 5,919.0 $ 6,029.6 Interest bearing 16,945.1 17,293.5 Total deposits 22,864.1 23,323.1 Securities sold under repurchase agreements 557.2 782.7 Accounts payable and accrued expenses 334.7 380.4 Accrued interest payable 87.7 52.2 Other borrowed funds 2,080.0 2,603.0 Long-term debt 137.3 120.8 Allowance for credit losses on off-balance sheet credit exposures 5.6 18.4 Subordinated debentures held by subsidiary trusts 163.1 163.1 Total liabilities 26,229.7 27,443.7 Stockholders' equity: Preferred stock,

View Full Filing

View this 10-Q filing on SEC EDGAR