First Interstate Bancsystem Files 8-K on Financials

TL;DR

FIBK filed an 8-K on Jan 3rd covering financial results and impairments. Keep an eye on this.

AI Summary

First Interstate Bancsystem, Inc. filed an 8-K on January 10, 2025, reporting on events as of January 3, 2025. The filing pertains to Results of Operations and Financial Condition, Material Impairments, and Financial Statements and Exhibits. The company, incorporated in Delaware with its principal executive offices in Billings, MT, is a commercial bank.

Why It Matters

This 8-K filing provides crucial updates on First Interstate Bancsystem's financial condition and operational results, which can impact investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine 8-K filing for financial reporting and does not indicate any immediate or significant negative events.

Key Players & Entities

• FIRST INTERSTATE BANCSYSTEM INC (company) — Registrant
• January 3, 2025 (date) — Date of earliest event reported
• January 10, 2025 (date) — Filing date
• Billings, MT (location) — Principal executive offices
• Delaware (location) — State of incorporation

FAQ

Key Financial Figures

• $0.00001 — ange on which registered Common stock, $0.00001 par value FIBK NASDAQ Indicate by che
• $49.3 million — al, partial charge-off of approximately $49.3 million for the quarter ended December 31, 2024
• $26.5 million — ationship (the "C&I Loan"), for which a $26.5 million specific reserve was held as of Septemb
• $62.8 million — lance of the C&I Loan was approximately $62.8 million. As previously disclosed with respect
• $13.5 million — nt, the Company's remaining exposure of $13.5 million is the Company's best estimate of proce
• $22.2 m — erforming loan balance of approximately $22.2 million, which had been reported as non-p

Filing Documents

• fibk-20250103.htm (8-K) — 35KB
• 0000860413-25-000003.txt ( ) — 157KB
• fibk-20250103.xsd (EX-101.SCH) — 2KB
• fibk-20250103_lab.xml (EX-101.LAB) — 21KB
• fibk-20250103_pre.xml (EX-101.PRE) — 12KB
• fibk-20250103_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. The information in Item 2.06 of this Current Report on Form 8-K (the "Report") is incorporated herein by reference.

06 Material Impairments

Item 2.06 Material Impairments. On January 3, 2025, management of First Interstate BancSystem, Inc. (the "Company") and its wholly owned subsidiary First Interstate Bank (the "Bank") determined that the Company expects to recognize a material, partial charge-off of approximately $49.3 million for the quarter ended December 31, 2024 related to a single commercial and industrial loan relationship (the "C&I Loan"), for which a $26.5 million specific reserve was held as of September 30, 2024. As of December 31, 2024, the outstanding aggregate balance of the C&I Loan was approximately $62.8 million. As previously disclosed with respect to the C&I Loan, the Bank placed the loan relationship on non-accrual status in the first quarter of 2024. As a result of adverse developments impacting the borrower's business, including the continued deterioration of the borrower's financial performance in the fourth quarter of 2024, a careful review of the available collateral and other developments, and the borrower's failure to perform under a forbearance agreement, including its failure to consummate a proposed sale of its assets prior to December 31, 2024 in accordance with a mutually agreed upon market and sale process, the Company initiated proceedings against the borrower and certain of its affiliates on January 3, 2025 seeking, among other things, the appointment of a receiver over the borrower and its assets on an emergency basis and to enforce its rights under the applicable loan documents. On January 6, 2025, a receiver was appointed by a court on an emergency basis. On January 8, 2025, the borrower, under the control of the receiver, entered into an asset purchase agreement with a third-party buyer pursuant to which the borrower has agreed to sell substantially all of its assets to the buyer. Closing of this transaction is expected to occur in January 2025, subject to various closing conditions, including court approval of the Purchase Agreement. If consummated, proceeds r

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit Description 104 Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 10, 2025 FIRST INTERSTATE BANCSYSTEM, INC. By: /s/ JAMES A. REUTER James A. Reuter President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR