First Interstate Bancsystem Earnings 2019-03-31

FIBK 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

10-Q 1 fibk-20190331x10q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________________________________________________________________

ý Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2019

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

COMMISSION FILE NUMBER 001-34653

________________________________________________________________________________________________________

FIRST INTERSTATE BANCSYSTEM, INC.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________________



Montana		81-0331430
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

401 North 31st Street, Billings, MT		59116-0918
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (406)255-5390

_________________________________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, no par value	FIBK	NASDAQ

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:



March 31, 2019 – Class A common stock	38,461,948
March 31, 2019 – Class B common stock	22,374,171

Quarterly Report on Form 10-Q

	FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
	Index
	March 31, 2019
		Page Nos.
	Part I - Financial Information

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	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	39

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	54

Item 4.	Controls and Procedures	54

	Part II - Other Information

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

Item 3.	Defaults Upon Senior Securities	55

Item 4.	Mine Safety Disclosures	55

Item 5.	Other Information	55

Item 6.	Exhibits	56

Signatures		57

Table of Contents

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited)

	March 31, 2019			December 31, 2018
Assets
Cash and due from banks	$	213.6		$	244.1
Interest bearing deposits in banks	741.5			577.8
Federal funds sold	0.1			0.1
Total cash and cash equivalents	955.2			822.0
Investment securities:
Available-for-sale	2,572.0			2,270.7
Held-to-maturity (estimated fair values of $118.0 and $400.7 at March 31, 2019 and December 31, 2018, respectively)	117.0			406.8
Total investment securities	2,689.0			2,677.5
Loans held for investment	8,459.2			8,470.4
Mortgage loans held for sale	34.0			33.3
Total loans	8,493.2			8,503.7
Less allowance for loan losses	72.4			73.0
Net loans	8,420.8			8,430.7
Goodwill	546.3			546.7
Company-owned life insurance	275.8			275.1
Premises and equipment, net of accumulated depreciation	298.2			245.2
Core deposit intangibles, net of accumulated amortization	54.6			56.9
Accrued interest receivable	46.5			44.9
Mortgage servicing rights, net of accumulated amortization and impairment reserve	27.9			27.7
Other real estate owned (“OREO”)	21.1			14.4
Other assets	162.8			159.1
Total assets	$	13,498.2		$	13,300.2
Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing	$	3,158.7		$	3,158.3
Interest bearing	7,656.0			7,522.4
Total deposits	10,814.7			10,680.7
Securities sold under repurchase agreements	672.6			712.4
Accounts payable and accrued expenses	142.6			94.1
Accrued interest payable	10.0			7.8
Deferred tax liability, net	18.7			8.6
Long-term debt	15.8			15.8
Subordinated debentures held by subsidiary trusts	86.9			86.9
Total liabilities	11,761.3			11,606.3
Stockholders’ equity:
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; no shares issued and outstanding as of March 31, 2019 or December 31, 2018	—			—
Common stock	866.6			866.7
Retained earnings	874.7			851.8
Accumulated other comprehensive loss, net	(4.4		)	(24.6		)
Total stockholders’ equity	1,736.9			1,693.9
Total liabilities and stockholders’ equity	$	13,498.2		$	13,300.2

See accompanying notes to unaudited consolidated financial statements.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited)

	Three Months Ended March 31,
	2019		2018
Interest income:
Interest and fees on loans	$	111.4	$	91.7
Interest and dividends on investment securities:
Taxable	15.1		13.2
Exempt from federal taxes	0.5		0.6
Interest on deposits in banks	3.6		2.1
Total interest income	130.6		107.6
Interest expense:
Interest on deposits	12.1		6.2
Interest on securities sold under repurchase agreements	1.0		0.4
Interest on other borrowed funds	—		0.1
Interest on other debt	0.3		0.2
Interest on subordinated debentures held by subsidiary trusts	1.2		0.9
Total interest expense	14.6		7.8
Net interest income	116.0		99.8
Provision for loan losses	3.7		2.1
Net interest income after provision for loan losses	112.3		97.7
Non-interest income:
Payment services revenues	9.4		10.5
Mortgage banking revenues	5.4		5.4
Wealth management revenues	6.1		5.9
Service charges on deposit accounts	5.0		5.6
Other service charges, commissions and fees	4.3		3.9
Investment securities gains (losses), net	—		—
Other income	4.3		3.9
Total non-interest income	34.5		35.2
Non-interest expense:
Salaries and wages	36.1		34.6
Employee benefits	14.4		11.3
Outsourced technology services	7.9		7.0
Occupancy, net	7.0		6.3
Furniture and equipment	3.5		3.1
OREO expense, net of income	0.1		0.2
Professional fees	1.9		1.2
FDIC insurance premiums	1.5		1.5
Mortgage servicing rights amortization	0.9		0.8
Core deposit intangibles amortization	2.3		1.8
Other expenses	15.9		15.8
Acquisition related expenses	2.3		2.3
Total non-interest expense	93.8		85.9
Income before income tax expense	53.0		47.0
Income tax expense	11.4		10.3
Net income	$	41.6	$	36.7

Earnings per common share (Basic)	$	0.69	$	0.65
Earnings per common share (Diluted)	$	0.69	$	0.65
Weighted average common shares outstanding (Basic)	60,311,171		56,241,201
Weighted average common shares outstanding (Diluted)	60,598,070		56,652,178

See accompanying notes to unaudited consolidated financial statements.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited)

	Three Months Ended March 31,
	2019			2018
Net income	$	41.6		$	36.7
Other comprehensive income (loss), before tax:
Investment securities available-for sale:
Change in net unrealized gains (losses) during period	33.6			(23.7		)
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale	(6.0		)	—
Change in unamortized loss on available-for-sale securities transferred into held-to-maturity	—			0.5
Defined benefit post-retirement benefits plans:
Change in net actuarial gain	(0.2		)	(0.1		)
Other comprehensive income (loss), before tax	27.4			(23.3		)
Deferred tax (expense) benefit related to other comprehensive income	(7.2		)	6.1
Other comprehensive income (loss), net of tax	20.2			(17.2		)
Comprehensive income, net of tax	$	61.8		$	19.5

See accompanying notes to unaudited consolidated financial statements.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (In millions, except share and per share data) (Unaudited)

	Common stock			Retained earnings			Accumulated other comprehensive income (loss)			Total stockholders’ equity
Balance at December 31, 2018	$	866.7		$	851.8		$	(24.6	)	$	1,693.9
Net income	—			41.6			—			41.6
Other comprehensive income, net of tax expense	—			—			20.2			20.2
Common stock transactions:
38,753 common shares purchased and retired	(2.4		)	—			—			(2.4		)
200,028 non-vested common shares issued	—			—			—			—
5,385 non-vested common shares forfeited or canceled	—			—			—			—
56,982 stock options exercised, net of 19,004 shares tendered in payment of option price and income tax withholding amounts	0.4			—			—			0.4
Stock-based compensation expense	1.9			—			—			1.9
Common cash dividends declared ($0.31 per share)	—			(18.7		)	—			(18.7		)
Balance at March 31, 2019	$	866.6		$	874.7		$	(4.4	)	$	1,736.9

Balance at December 31, 2017	$	687.0		$	752.6		$	(12.0	)	$	1,427.6
Net income	—			36.7			—			36.7
Reclassification of the income tax effects of the Tax Cut and Jobs Act from AOCI	—			3.1			(3.1		)	—
Other comprehensive loss, net of tax expense	—			—			(17.2		)	(17.2		)
Common stock transactions:
21,700 common shares purchased and retired	(0.9		)	—			—			(0.9		)
204,991 non-vested common shares issued	—			—			—			—
16,581 non-vested common shares forfeited or canceled	—			—			—			—
67,146 stock options exercised, net of 20,469 shares tendered in payment of option price and income tax withholding amounts	0.8			—			—			0.8
Stock-based compensation expense	1.1			—			—			1.1
Common cash dividends declared ($0.28 per share)	—			(15.7		)	—			(15.7		)
Balance at March 31, 2018	$	688.0		$	776.7		$	(32.3	)	$	1,432.4

See accompanying notes to unaudited consolidated financial statements.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Three Months Ended March 31,
	2019			2018
Cash flows from operating activities:
Net income	$	41.6		$	36.7
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	3.7			2.1
Depreciation and amortization	7.5			6.6
Net premium amortization on investment securities	2.0			2.8
Realized and unrealized net gains on mortgage banking activities	(4.7		)	(1.6		)
Net loss (gain) on sale of OREO	(0.4		)	—
Write-downs of OREO and other assets pending disposal	0.3			—
Deferred income tax expense	2.7			10.1
Net increase in cash surrender value of company-owned life insurance	(0.7		)	(1.3		)
Stock-based compensation expense	1.9			1.1
Originations of mortgage loans held for sale	(129.8		)	(204.1		)
Proceeds from sales of mortgage loans held for sale	132.7			218.8
Changes in operating assets and liabilities, net of effects of acquisition:
Increase in interest receivable	(1.6		)	(0.9		)
(Increase) decrease in other assets	(3.7		)	3.9
Increase in accrued interest payable	2.2			0.1
Decrease in accounts payable and accrued expenses	(6.1		)	(10.9		)
Net cash provided by operating activities	47.6			63.4
Cash flows from investing activities:
Purchases of investment securities:
Available-for-sale	(161.3		)	(212.9		)
Proceeds from maturities and pay-downs of investment securities:
Held-to-maturity	11.3			22.2
Available-for-sale	164.0			114.9
Extensions of credit to customers, net of repayments	(3.2		)	(53.3		)
Recoveries of loans charged-off	1.7			4.5
Proceeds from sale of OREO	1.8			0.3
Capital expenditures, net of sales	(2.2		)	(2.4		)
Net cash provided by (used in) investing activities	$	12.1		$	(126.7	)

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In millions) (Unaudited)

	Three Months Ended March 31,
	2019			2018
Cash flows from financing activities:
Net increase (decrease) in deposits	$	134.0		$	91.0
Net (decrease) increase in securities sold under repurchase agreements	(39.8		)	(9.2		)
Net decrease in other borrowed funds	—			(20.0		)
Advances on long-term debt	—			2.6
Proceeds from issuance of common stock	0.4			0.8
Purchase and retirement of common stock	(2.4		)	(0.9		)
Dividends paid to common stockholders	(18.7		)	(15.7		)
Net cash provided by financing activities	73.5			48.6
Net increase (decrease) in cash and cash equivalents	133.2			(14.7		)
Cash and cash equivalents at beginning of period	822.0			758.9
Cash and cash equivalents at end of period	$	955.2		$	744.2

Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$	—		$	4.6
Cash paid during the period for interest expense	12.4			7.7

Supplemental disclosures of non-cash investing and financing activities:
Amortization of unrealized gains and losses on transfers of securities	$	—		$	0.5
Right-of-use assets obtained in exchange for operating lease liabilities	54.6			—
Transfer of loans to other real estate owned	8.4			1.2
Capitalization of internally originated mortgage servicing rights	1.1			1.3

See accompanying notes to unaudited consolidated financial statements.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)


(1)	Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements of First Interstate BancSystem, Inc., First Interstate Bank (“FIB”), and its other subsidiaries (together, the “Company”) contain all adjustments (all of which are of a normal recurring nature) necessary to present fairly the financial position of the Company at March 31, 2019 and December 31, 2018, the results of operations for each of the three month periods ended March 31, 2019 and 2018, and cash flows and changes in stockholders’ equity for each of the three month periods ended March 31, 2019 and 2018, in conformity with U.S. generally accepted accounting principles (“GAAP”). The balance sheet information at December 31, 2018 is derived from audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform prior year financial statements to the March 31, 2019 presentation. These reclassifications did not change previously reported net income or stockholders’ equity.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

Leases

We have leased branches and office space and have entered into various other agreements in conducting our business. At inception, we determine whether an agreement represents a lease and at commencement we evaluate each lease agreement to determine whether the lease is an operating or financing lease. Some of our lease agreements have contained renewal options, tenant improvement allowances, rent holidays and rent escalation clauses. As discussed in “Note 16 – Recent Authoritative Accounting Guidance” included in this report, we adopted ASU 2016-02, as of January 1, 2019.

Pursuant to ASU 2016-02, all of our long-term operating leases outstanding on December 31, 2018 continued to be classified as operating leases. Our capital lease outstanding at December 31, 2018 is classified as a financing lease. With the adoption of ASU 2016-02, we recorded an operating lease right-of-use asset, within the Premises and Equipment line item, and an operating lease liability, within the Other Liabilities line item, on our balance sheet. Right-of-use lease assets represent our right to use the underlying asset for the lease term and the lease obligation represents our commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, we have used an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectations regarding the terms. Variable lease costs such as property taxes are expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Prior to our adoption of ASU 2016-02, when our lease agreements contained renewal options, tenant improvement allowances, rent holidays and rent escalation clauses, we recorded a deferred rent asset or liability equal to the difference between the rent expense and the future minimum lease payments due. The lease expense related to operating leases was recognized on a straight-line basis in the statements of operations over the term of each lease. In cases where the lessor granted us leasehold improvement allowances that reduced our lease expense, we capitalized the improvements as incurred and recognized deferred rent, which was amortized over the shorter of the lease term or the expected useful life of the improvements.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)


(2)	Acquisitions

Idaho Independent Bank. On October 11, 2018, the Company entered into a definitive agreement to acquire all of the outstanding stock of Idaho Independent Bank (“IIBK”), a community bank headquartered in Coeur d' Alene, Idaho with 11 banking offices across Idaho. The acquisition was completed on April 8, 2019, and conversion of the data processing systems will occur in June 2019. Consideration for the acquisition was $157.3 million, consisting of the issuance of 3.871 million shares of the Company's Class A common stock valued at $40.64 per share, the closing price of the Company's Class A common stock as quoted on the NASDAQ stock market on the acquisition date. Holders of each share of IIBK common stock received 0.50 shares of First Interstate Class A common stock for each share of IIBK common stock. Previously unvested IIBK restricted stock awards outstanding immediately prior to the close of the transaction vested and were considered issued and outstanding at acquisition close and included in the consideration.

Community 1^st Bank. On October 11, 2018, the Company also entered into a definitive agreement to acquire all of the outstanding stock of Community 1st Bank (“CMYF”), a community bank headquartered in Post Falls, Idaho with three banking offices in North Idaho. The acquisition was completed on April 8, 2019, and conversion of the data processing systems will occur in June 2019. Consideration for the acquisition was $18.8 million, consisting of the issuance of 0.463 million shares of the Company's Class A common stock valued at $40.64 per share, the closing price of the Company's Class A common stock as quoted on the NASDAQ stock market on the acquisition date. Holders of each share of CMYF common stock received 0.3784 shares of First Interstate Class A common stock for each share of CMYF common stock. Previously unvested CMYF restricted stock awards outstanding immediately prior to the close of the transaction vested and were considered issued and outstanding at acquisition close and included in consideration.

Northwest Bancorporation, Inc. On April 25, 2018, the Company entered into a definitive agreement to acquire all of the outstanding stock of Northwest Bancorporation, Inc. (“Northwest”), the parent company of Inland Northwest Bank (“INB”), a Spokane, Washington based community bank with 20 banking offices across Idaho, Oregon and Washington. The acquisition was completed on August 16, 2018, and the Company merged INB with its existing bank subsidiary, First Interstate Bank, on November 9, 2018.

Consideration for the acquisition was $176.3 million, consisting of the issuance of 3.84 million shares of the Company's Class A common stock valued at $45.15 per share, the closing price of the Company's Class A common stock as quoted on the NASDAQ stock market on the acquisition date. The Company paid approximately $3.0 million in cash related to Northwest warrants, which were included in the consideration paid. Holders of each share of Northwest common stock received 0.516 shares of First Interstate Class A common stock for each share of Northwest common stock. Additionally, all Northwest stock purchase warrants outstanding immediately prior to the close of the transaction were canceled in exchange for the right to receive a cash payment as provided in the Agreement. Previously unvested Northwest restricted stock awards outstanding immediately prior to the close of the transaction vested and were considered issued and outstanding at acquisition close.

The assets and liabilities of Northwest were provisionally recorded in the Company’s consolidated financial statements at their estimated fair values as of the acquisition date and will be finalized in the coming months. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed is recorded as provisional goodwill. The preliminary purchase price allocation resulted in provisional goodwill of $100.7 million, which is not deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company’s one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of Northwest and the Company.

The following table summarizes the consideration paid, fair values of the Northwest assets acquired and liabilities assumed, and the resulting goodwill. The amounts reported for net deferred tax assets and goodwill are provisional pending completion of the Company's review of tax items.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)



	As Recorded			Fair Value				As Recorded
As of August 16, 2018	by Northwest			Adjustments				by the Company

Assets acquired:
Cash and cash equivalents	$	31.2		$	—			$	31.2
Investment securities	3.1			—				3.1
Loans held for investment	727.9			(14.8		)	(1)	713.1
Allowance for loan loss	(8.0		)	8.0			(2)	—
Premises and equipment	14.5			—				14.5
Other real estate owned (“OREO”)	0.3			0.3				0.6
Core deposit intangible assets	2.4			13.3			(3)	15.7
Other assets	29.3			(10.0		)	(4)	19.3
Total assets acquired	800.7			(3.2		)		797.5

Liabilities assumed:
Deposits	696.1			0.2			(5)	696.3
Accounts payable and accrued expense	8.1			(0.4		)	(6)	7.7
Long term debt	13.0			0.1				13.1
Trust preferred securities	5.2			(0.8		)	(7)	4.4
Deferred tax liability, net	(1.2		)	1.6			(8)	0.4
Total liabilities assumed	721.2			0.7				721.9

Net assets acquired	$	79.5		$	(3.9	)		$	75.6

Consideration paid:
Cash								$	3.0
Class A common stock								173.3
Total consideration paid								176.3

Goodwill								$	100.7



Explanation of fair value adjustments and the removal of previously recorded fair value marks recorded by Northwest. Note adjustments to the marks for deferred tax assets and premises and equipment were made since the prior quarter, none of which were material. The adjustments had no impact on 2018 earnings and a net decrease to goodwill of $0.4 million from the December 31, 2018 reported balances.
(1)	Write down of the book value of loans to their estimated fair values. The fair value of the loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company’s analysis of the fair value of each loan’s underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral.
(2)	Adjustment to remove the Northwest allowance for loan losses at acquisition date, as the credit risk is included in the fair value adjustment for loans receivable described in (1) above.
(3)	Adjustment represents the value of the core deposit base assumed in the acquisition based upon valuation from an independent accounting and advisory firm.
(4)	Adjustment consists of reductions to the fair value of other items, including the removal of Northwest previously recorded goodwill.
(5)	Increase in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition based upon valuation from an independent accounting and advisory firm.
(6)	Decrease due to the write-off of off balance sheet reserves.
(7)	Write down of the book value of debt to the estimated fair values on the date of acquisition based upon favorable interest rates in the market.
(8)	Adjustment consists of the write-off of pre-existing deferred tax assets and purchase accounting adjustments as a result of the acquisition.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)

Core deposit intangible assets of $15.7 million are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years.

The Company acquired certain loans that are subject to Accounting Standards Codification ("ASC") Topic 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality." ASC Topic 310-30 provides recognition, measurement and disclosure guidance for acquired loans that have evidence of deterioration in credit quality since origination for which it is probable, at acquisition, the Company will be unable to collect all contractual amounts owed. For loans that meet the criteria stipulated in ASC Topic 310-30, the excess of all cash flows expected at acquisition over the initial fair value of the loans acquired ("accretable yield") is amortized to interest income over the expected remaining lives of the underlying loans using the effective interest method. The accretable yield will fluctuate due to changes in (i) estimated lives of underling credit-impaired loans, (ii) assumptions regarding future principal and interest amounts collected, and (iii) indices used to fair value variable rate loans.

Information regarding Northwest loans acquired deemed credit-impaired as of the August 16, 2018 acquisition date are as follows:



Contractually required principal and interest payments	$	27.5
Contractual cash flows not expected to be collected (“non-accretable discount”)	4.4
Cash flows expected to be collected	23.1
Interest component of cash flows expected to be collected (“accretable discount”)	3.2
Fair value of acquired credit-impaired loans	$	19.9

Information regarding Northwest acquired loans not deemed credit-impaired at the August 16, 2018 acquisition date are as follows:



Contractually required principal and interest payments	$	894.8
Contractual cash flows not expected to be collected	26.1
Fair value at acquisition	$	693.2

Unaudited pro forma consolidated revenues and net income as if the Northwest acquisition had occurred as of January 1, 2018, are not presented because the effect of this acquisition was not considered significant.

The accompanying consolidated statements of income for the three months ended March 31, 2019, include the results of operations of the acquired entity from the August 16, 2018 acquisition date. The acquired entity continued to operate as INB until November 9, 2018 at which point INB’s operations were integrated with the Company’s operations, and INB merged with FIB.

The Company recorded $2.3 million and $2.3 million in pre-tax acquisition related expenses for the three months ended March 31, 2019 and 2018. These costs are incorporated in non-interest expenses in the Company’s consolidated statements of income.



	Three Months Ended March 31, 2019		Three Months Ended March 31, 2018
Legal and Professional Fees	$	0.3	$	0.5
Employee Expenses	0.6		0.1
Technology Conversion and Contract Termination	0.8		1.5
Other	0.6		0.2
Total Acquisition Related Expenses	$	2.3	$	2.3

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)


(3)	Goodwill and Core Deposit Intangibles

Management analyzes its goodwill for impairment on an annual basis and between annual tests in certain circumstances, such as upon material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an impairment assessment as of July 1, 2018 and 2017 and concluded that there was no impairment to goodwill.

Goodwill



	As of March 31,
	2019			2018
Net carrying value at beginning of three month period	$	546.7		$	444.7
Measurement period adjustment to previously recorded goodwill	(0.4		)	0.9
Net carrying value at end of period	$	546.3		$	445.6

Core deposit intangibles (“CDI”)



	As of March 31,
	2019			2018
Gross CDI, beginning of period	$	89.7		$	74.0
Accumulated amortization	(35.1		)	(26.7		)
Net CDI, end of period	$	54.6		$	47.3

The Company recorded $2.3 million and $1.8 million of CDI amortization expense for the three months ended March 31, 2019 and 2018.

CDI are evaluated for impairment if events and circumstances indicate a possible impairment and are amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits, which is generally ten years.

The following table provides the estimated future CDI amortization expense:



Years Ending December 31,
2019 remaining	$	6.6
2020	8.1
2021	7.5
2022	6.9
2023	6.3
Thereafter	19.2
Total	$	54.6

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)

(4) Investment Securities

The amortized cost and approximate fair values of investment securities are summarized as follows:



March 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale:
U.S. Treasury notes	$	4.0	$	—	$	—		$	4.0
State, county and municipal securities	77.7		0.8		(0.1		)	78.4
Obligations of U.S. government agencies	601.4		0.3		(4.0		)	597.7
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations	1,735.9		9.4		(12.4		)	1,732.9
Private mortgage-backed securities	66.2		—		(0.9		)	65.3
Corporate securities	92.1		0.2		(0.3		)	92.0
Other investments	1.7		—		—			1.7
Total	$	2,579.0	$	10.7	$	(17.7	)	$	2,572.0



March 31, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Held-to-Maturity:
State, county and municipal securities	$	67.6	$	1.5	$	(0.2	)	$	68.9
Obligations of U.S. government agencies	19.8		—		(0.2		)	19.6
U.S agency residential mortgage-backed securities & collateralized mortgage obligations	1.3		—		—			1.3
Corporate securities	28.2		—		(0.1		)	28.1
Other investments	0.1		—		—			0.1
Total	$	117.0	$	1.5	$	(0.5	)	$	118.0



December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-Sale:
U.S. Treasury notes	$	2.6	$	—	$	—		$	2.6
Obligations of U.S. government agencies	569.3		0.1		(10.2		)	559.2
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations	1,566.4		2.5		(24.1		)	1,544.8
Private mortgage-backed securities	72.0		—		(1.8		)	70.2
Corporate securities	92.9		—		(1.0		)	91.9
Other investments	2.0		—		—			2.0
Total	$	2,305.2	$	2.6	$	(37.1	)	$	2,270.7



December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Held-to-Maturity:
State, county and municipal securities	$	150.9	$	1.8	$	(0.9	)	$	151.8
Obligations of U.S. government agencies	19.8		—		(0.3		)	19.5
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations	189.7		0.3		(6.5		)	183.5
Corporate securities	46.3		0.1		(0.6		)	45.8
Other investments	0.1		—		—			0.1
Total	$	406.8	$	2.2	$	(8.3	)	$	400.7

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)

At December 31, 2018, we had $406.8 million of investment securities classified as held to maturity. As a result of the adoption of ASU 2017-12 discussed in “Note 16 – Recent Authoritative Accounting Guidance” included in this report, the Company transferred investment securities classified as held-to-maturity to investment securities available-for-sale. At the time of transfer, the amortized cost and fair value of these securities totaled $281.1 million and $275.0 million, respectively. In addition, the unrealized loss of $6.0 million was recorded in the consolidated statement of comprehensive income.

There were no material gross realized gains and losses from the disposition of available-for-sale investment securities for the three month periods ended March 31, 2019 and 2018.

The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of March 31, 2019 and December 31, 2018:



	Less than 12 Months					12 Months or More					Total
March 31, 2019	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Available-for-Sale:
State, county and municipal securities	$	—	$	—		$	16.2	$	(0.1	)	$	16.2	$	(0.1	)
Obligations of U.S. government agencies	336.8		(2.8		)	129.7		(1.2		)	466.5		(4.0		)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations	535.9		(6.9		)	450.3		(5.5		)	986.2		(12.4		)
Private mortgage-backed securities	—		—			64.5		(0.9		)	64.5		(0.9		)
Corporate securities	—		—			36.9		(0.3		)	36.9		(0.3		)
Total	$	872.7	$	(9.7	)	$	697.6	$	(8.0	)	$	1,570.3	$	(17.7	)



	Less than 12 Months					12 Months or More					Total
March 31, 2019	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Held-to-Maturity:
State, county and municipal securities	$	9.0	$	(0.1	)	$	16.6	$	(0.1	)	$	25.6	$	(0.2	)
Obligations of U.S. government agencies	19.6		(0.2		)	—		—			19.6		(0.2		)
Corporate securities	—		—			28.0		(0.1		)	28.0		(0.1		)
Total	$	28.6	$	(0.3	)	$	44.6	$	(0.2	)	$	73.2	$	(0.5	)



	Less than 12 Months					12 Months or More					Total
December 31, 2018	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Available-for-Sale:
Obligations of U.S. government agencies	$	363.1	$	(7.9	)	$	154.5	$	(2.3	)	$	517.6	$	(10.2	)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations	735.2		(14.5		)	503.7		(9.6		)	1,238.9		(24.1		)
Private mortgage-backed securities	—		—			69.4		(1.8		)	69.4		(1.8		)
Corporate securities	24.9		(0.2		)	51.4		(0.8		)	76.3		(1.0		)
Total	$	1,123.2	$	(22.6	)	$	779.0	$	(14.5	)	$	1,902.2	$	(37.1	)

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)



	Less than 12 Months					12 Months or More					Total
December 31, 2018	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Held-to-Maturity:
State, county and municipal securities	$	25.9	$	(0.3	)	$	57.1	$	(0.6	)	$	83.0	$	(0.9	)
Obligations of U.S. government agencies	19.5		(0.3		)	—		—			19.5		(0.3		)
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations	45.0		(2.2		)	120.2		(4.3		)	165.2		(6.5		)
Corporate securities	—		—			39.6		(0.6		)	39.6		(0.6		)
Total	$	90.4	$	(2.8	)	$	216.9	$	(5.5	)	$	307.3	$	(8.3	)

The investment portfolio is evaluated quarterly for other-than-temporary declines in the market value of each individual investment security. The Company had 551 and 760 individual investment securities that were in an unrealized loss position as of March 31, 2019 and December 31, 2018, respectively, related primarily to fluctuations in the current interest rates. As of March 31, 2019, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any securities before a recovery in cost. No impairment losses were recorded during the three month periods ended March 31, 2019 or 2018.

Maturities of investment securities at March 31, 2019 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.



	Available-for-Sale				Held-to-Maturity
March 31, 2019	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	497.2	$	496.0	$	44.9	$	44.8
After one year but within five years	1,509.8		1,504.9		44.2		44.1
After five years but within ten years	395.3		395.5		24.3		25.5
After ten years	176.7		175.6		3.6		3.6
Total	$	2,579.0	$	2,572.0	$	117.0	$	118.0

As of March 31, 2019, the Company had investment securities callable within one year with amortized costs and estimated fair values of $121.3 million and $121.5 million, respectively. These investment securities are primarily included in the after one year but within five years category in the table above. As of March 31, 2019, the Company had callable structured notes with amortized costs and estimated fair values of $2.0 million and $2.0 million, respectively. These callable structured notes, which are classified as available-for-sale, are included in the after one year but within five years category in the table above.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)


(5)	Loans

The following table presents loans by class as of the dates indicated:



	March 31, 2019		December 31, 2018
Real estate loans:
Commercial	$	3,255.8	$	3,235.4
Construction:
Land acquisition & development	292.7		321.6
Residential	233.1		242.8
Commercial	312.1		274.3
Total construction loans	837.9		838.7
Residential	1,529.5		1,542.0
Agricultural	210.4		217.4
Total real estate loans	5,833.6		5,833.5
Consumer:
Indirect consumer	775.7		787.8
Other consumer	194.1		200.6
Credit card	77.2		81.8
Total consumer loans	1,047.0		1,070.2
Commercial	1,342.1		1,310.3
Agricultural	234.7		254.8
Other, including overdrafts	1.8		1.6
Loans held for investment	8,459.2		8,470.4
Mortgage loans held for sale	34.0		33.3
Total loans	$	8,493.2	$	8,503.7

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)

The following tables present the Company’s recorded investment and contractual aging of the Company’s recorded investment in loans by class as of the dates indicated. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due.



							Total Loans
	30 - 59		60 - 89		> 90		30 or More
	Days		Days		Days		Days		Current		Non-accrual		Total
As of March 31, 2019	Past Due		Past Due		Past Due		Past Due		Loans		Loans		Loans
Real estate
Commercial	$	12.6	$	7.2	$	2.5	$	22.3	$	3,222.4	$	11.1	$	3,255.8
Construction:
Land acquisition & development	1.2		0.7		0.4		2.3		286.6		3.8		292.7
Residential	2.2		—		—		2.2		229.6		1.3		233.1
Commercial	—		—		—		—		311.9		0.2		312.1
Total construction loans	3.4		0.7		0.4		4.5		828.1		5.3		837.9
Residential	4.6		1.6		0.2		6.4		1,517.2		5.9		1,529.5
Agricultural	4.0		0.9		0.3		5.2		202.8		2.4		210.4
Total real estate loans	24.6		10.4		3.4		38.4		5,770.5		24.7		5,833.6
Consumer:
Indirect consumer	6.5		1.1		0.5		8.1		765.6		2.0		775.7
Other consumer	1.4		0.7		0.3		2.4		191.2		0.5		194.1
Credit card	0.6		0.5		0.7		1.8		75.4		—		77.2
Total consumer loans	8.5		2.3		1.5		12.3		1,032.2		2.5		1,047.0
Commercial	4.0		4.1		1.7		9.8		1,317.0		15.3		1,342.1
Agricultural	1.3		1.3		0.5		3.1		229.0		2.6		234.7
Other, including overdrafts	—		—		—		—		1.8		—		1.8
Loans held for investment	38.4		18.1		7.1		63.6		8,350.5		45.1		8,459.2
Mortgage loans originated for sale	—		—		—		—		34.0		—		34.0
Total loans	$	38.4	$	18.1	$	7.1	$	63.6	$	8,384.5	$	45.1	$	8,493.2

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)



							Total Loans
	30 - 59		60 - 89		> 90		30 or More
	Days		Days		Days		Days		Current		Non-accrual		Total
As of December 31, 2018	Past Due		Past Due		Past Due		Past Due		Loans		Loans		Loans
Real estate
Commercial	$	10.4	$	1.0	$	0.8	$	12.2	$	3,214.0	$	9.2	$	3,235.4
Construction:
Land acquisition & development	1.6		0.1		0.2		1.9		316.0		3.7		321.6
Residential	1.0		0.4		—		1.4		240.4		1.0		242.8
Commercial	0.4		—		—		0.4		273.7		0.2		274.3
Total construction loans	3.0		0.5		0.2		3.7		830.1		4.9		838.7
Residential	8.8		1.1		0.2		10.1		1,525.3		6.6		1,542.0
Agricultural	2.2		—		—		2.2		202.6		12.6		217.4
Total real estate loans	24.4		2.6		1.2		28.2		5,772.0		33.3		5,833.5
Consumer:
Indirect consumer	6.8		2.1		0.4		9.3		776.8		1.7		787.8
Other consumer	1.4		0.5		0.1		2.0		198.1		0.5		200.6
Credit card	0.9		0.4		0.8		2.1		79.7		—		81.8
Total consumer loans	9.1		3.0		1.3		13.4		1,054.6		2.2		1,070.2
Commercial	8.3		1.2		1.3		10.8		1,283.7		15.8		1,310.3
Agricultural	2.1		0.3		—		2.4		249.4		3.0		254.8
Other, including overdrafts	—		—		—		—		1.6		—		1.6
Loans held for investment	43.9		7.1		3.8		54.8		8,361.3		54.3		8,470.4
Mortgage loans originated for sale	—		—		—		—		33.3		—		33.3
Total loans	$	43.9	$	7.1	$	3.8	$	54.8	$	8,394.6	$	54.3	$	8,503.7

Loans from business combinations included in the tables above include certain loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected.

The following table displays the outstanding unpaid balances and accrual status of loans acquired with credit impairment as of the dates indicated:



	March 31, 2019		December 31, 2018
Outstanding balance	$	40.9	$	43.4
Carrying value
Loans on accrual status	28.0		30.2
Total carrying value	$	28.0	$	30.2

The following table summarizes changes in the accretable yield for loans acquired deemed credit impaired for the three month periods ended March 31, 2019 and 2018:



	Three Months Ended March 31,
	2019			2018
Beginning balance	$	8.9		$	7.3
Accretion income	(0.7		)	(0.7		)
Reductions due to exit events	(0.3		)	(0.2		)
Reclassifications from non-accretable differences	0.5			0.8
Ending balance	$	8.4		$	7.2

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)

Acquired loans that met the criteria for non-accrual of interest prior to acquisition were considered performing upon acquisition. If interest on non-accrual loans had been accrued, such income would have been approximately $0.6 million and $0.8 million for the three months ended March 31, 2019 and 2018, respectively.

The Company considers impaired loans to include all originated loans, except consumer loans, that are risk rated as doubtful, or have been placed on non-accrual status or renegotiated in troubled debt restructurings, and all loans acquired with evidence of deterioration in credit quality and for which it was probable, at acquisition, that the Company would be unable to collect all contractual amounts owed. The following tables present information on the Company’s recorded investment in impaired loans as of the dates indicated:



As of March 31, 2019	Unpaid Total Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance
Real estate:
Commercial	$	27.0	$	10.7	$	10.6	$	21.3	$	0.7
Construction:
Land acquisition & development	10.0		0.4		3.4		3.8		0.3
Residential	1.5		0.9		0.4		1.3		—
Commercial	0.6		0.1		—		0.1		—
Total construction loans	12.1		1.4		3.8		5.2		0.3
Residential	8.9		4.2		3.3		7.5		0.5
Agricultural	2.7		2.4		0.2		2.6		—
Total real estate loans	50.7		18.7		17.9		36.6		1.5
Commercial	24.3		5.8		14.0		19.8		5.1
Agricultural	5.0		1.6		3.2		4.8		0.5
Total	$	80.0	$	26.1	$	35.1	$	61.2	$	7.1



As of December 31, 2018	Unpaid Total Principal Balance		Recorded Investment With No Allowance		Recorded Investment With Allowance		Total Recorded Investment		Related Allowance
Real estate:
Commercial	$	22.2	$	8.6	$	7.7	$	16.3	$	0.7
Construction:
Land acquisition & development	10.0		0.4		3.5		3.9		0.2
Residential	1.1		0.6		0.4		1.0		0.1
Commercial	0.7		0.2		—		0.2		—
Total construction loans	11.8		1.2		3.9		5.1		0.3
Residential	8.8		5.7		2.0		7.7		0.3
Agricultural	12.9		12.5		0.2		12.7		—
Total real estate loans	55.7		28.0		13.8		41.8		1.3
Commercial	24.1		5.5		14.4		19.9		5.2
Agricultural	3.2		2.5		0.6		3.1		0.3
Total	$	83.0	$	36.0	$	28.8	$	64.8	$	6.8

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except share and per share data)

The following table presents the average recorded investment in and income recognized on impaired loans for the periods indicated:

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$41.54	65	$2,700

10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-06-11	Other Events
8-K	2019-05-03	Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K	2019-04-25	Earnings, Exhibits
8-K	2019-04-12	Other Events
8-K	2019-04-08	M&A, Other Events, Exhibits
8-K	2019-04-08	M&A, Other Events, Exhibits
8-K	2019-03-18	Other Events
8-K	2019-03-18	Other Events, Exhibits
8-K	2019-03-15	Regulation FD, Exhibits
8-K	2019-01-30	Earnings, Other Events, Exhibits
8-K	2018-10-27	Officers
8-K	2018-10-24	Earnings, Other Events, Exhibits
8-K	2018-10-11	Enter Agreement, Other Events, Exhibits
8-K	2018-10-11	Enter Agreement, Other Events, Exhibits
8-K	2018-08-16	M&A, Other Events, Exhibits
8-K	2018-08-14	Other Events, Exhibits
8-K	2018-08-09	Regulation FD, Exhibits
8-K	2018-08-01	Other Events, Exhibits
8-K	2018-07-25	Earnings, Exhibits
8-K	2018-05-02	Shareholder Vote
8-K	2018-04-27	Officers, Exhibits
8-K	2018-04-25	Enter Agreement, Other Events, Exhibits
8-K	2018-04-03	Officers, Exhibits
8-K	2018-03-12	Officers
8-K	2018-03-05	Officers
8-K	2018-01-30	Earnings, Other Events, Exhibits
8-K	2018-01-23	Officers, Exhibits

BAX	Baxter	38,770
SHOP	Shopify	25,860
WBC	Wabco Holdings	6,780
ANAB	Anaptysbio	1,930
PLYA	Playa Hotels & Resorts	1,110
RADA	Rada Electronic Industries	137
UAMY	United States Antimony	34
SGBX	SG Blocks	5
VETS	Pet DRx	3
GSRX	Green Spirit Industries	0

EX-31.1	fibk-20190331xex311.htm
EX-31.2	fibk-20190331xex312.htm
EX-32	fibk-20190331xex32.htm