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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________________________________________________________________________________________________ 
FORM 10-Q
_____________________________________________________________________________________________________________________________________________________ 

    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
OR
     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)
________________________________________________________________________________________________________ 
Montana81-0331430
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
401 North 31st Street
Billings,MT59116-0918
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (406) 255-5311
_________________________________________________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, no par valueFIBKNASDAQ
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      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      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  Accelerated filer
Non-accelerated filerSmaller 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  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
April 30, 2022 – Class A common stock109,493,618 



Quarterly Report on Form 10-Q
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Index
March 31, 2022
  Page Nos.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



















2

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
March 31,
2022
December 31,
2021
Assets
Cash and due from banks$387.6 $168.6 
Interest bearing deposits in banks3,423.6 2,176.1 
Federal funds sold0.1 0.1 
Total cash and cash equivalents3,811.3 2,344.8 
Securities purchased under agreement to resell102.0  
Investment securities:
Available-for-sale, at estimated fair value6,283.8 4,820.5 
Held-to-maturity, net of allowance for credit losses of $1.6 and $0 at March 31, 2022 and December 31, 2021 (estimated fair values of $3,029.1 and $1,667.5 at March 31, 2022 and December 31, 2021)
3,218.7 1,687.6 
Total investment securities9,502.5 6,508.1 
Loans held for sale178.1 30.1 
Loans held for investment, net of deferred fees and costs16,945.0 9,331.7 
Allowance for credit losses247.2 122.3 
Net loans held for investment16,697.8 9,209.4 
Goodwill1,137.6 621.6 
Company-owned life insurance490.1 301.5 
Premises and equipment, net of accumulated depreciation444.4 299.6 
Other intangibles, net of accumulated amortization109.6 41.3 
Accrued interest receivable81.1 47.4 
Mortgage servicing rights, net of accumulated amortization and impairment reserve32.7 28.2 
Other real estate owned17.5 2.0 
Deferred tax asset, net137.4  
Other assets420.1 237.9 
Total assets$33,162.2 $19,671.9 
Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing$8,240.6 $5,568.3 
Interest bearing19,847.7 10,701.3 
Total deposits28,088.3 16,269.6 
Securities sold under repurchase agreements1,071.0 1,051.1 
Accounts payable and accrued expenses266.1 148.4 
Accrued interest payable6.0 3.7 
Deferred tax liability, net 9.3 
Long-term debt120.4 112.4 
Allowance for credit losses on off-balance sheet credit exposures6.2 3.8 
Subordinated debentures held by subsidiary trusts163.1 87.0 
Total liabilities29,721.1 17,685.3 
Stockholders’ equity:
Preferred stock, no par value; 100,000,000 shares authorized; none issued and outstanding
  
Common stock, no par value; 150,000,000 and 100,000,000 shares authorized at March 31, 2022 and December 31, 2021; 109,503,010 shares and 62,200,456 shares issued and outstanding, respectively
2,668.6 945.0 
Retained earnings974.5 1,052.6 
Accumulated other comprehensive loss, net(202.0)(11.0)
Total stockholders’ equity3,441.1 1,986.6 
Total liabilities and stockholders’ equity$33,162.2 $19,671.9 
See accompanying notes to unaudited consolidated financial statements.
3

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(In millions, except per share data)
(Unaudited)
 Three Months Ended March 31,
 20222021
Interest income:
Interest and fees on loans$151.7 $107.8 
Interest and dividends on investment securities:
Taxable29.3 15.8 
Exempt from federal taxes1.3 1.4 
Interest on deposits in banks1.7 0.3 
Total interest income184.0 125.3 
Interest expense:
Interest on deposits3.0 2.3 
Interest on securities sold under repurchase agreements0.3 0.1 
Interest on long-term debt1.7 1.5 
Interest on subordinated debentures held by subsidiary trusts1.0 0.7 
Total interest expense6.0 4.6 
Net interest income178.0 120.7 
Provision for (reversal of) credit losses61.3 (5.1)
Net interest income after provision for (reversal of) credit losses116.7 125.8 
Non-interest income:
Payment services revenues14.8 10.2 
Mortgage banking revenues8.4 11.6 
Wealth management revenues8.1 6.3 
Service charges on deposit accounts7.7 3.8 
Other service charges, commissions, and fees4.3 2.1 
Investment securities losses, net(0.1) 
Other income6.0 4.1 
Total non-interest income49.2 38.1 
Non-interest expense:
Salaries and wages60.0 39.0 
Employee benefits21.2 16.1 
Outsourced technology services11.3 8.1 
Occupancy, net10.0 7.3 
Furniture and equipment5.4 4.4 
OREO expense, net of income0.1 (0.1)
Professional fees3.9 3.4 
FDIC insurance premiums3.3 1.6 
Other intangibles amortization3.6 2.5 
Other expenses23.2 16.1 
Acquisition related expenses65.2  
Total non-interest expense207.2 98.4 
(Loss) income before income tax(41.3)65.5 
(Benefit from) provision for income tax(7.9)14.1 
Net (loss) income$(33.4)$51.4 
(Loss) earnings per common share (Basic)$(0.36)$0.83 
(Loss) earnings per common share (Diluted)(0.36)0.83 
Weighted average common shares outstanding (Basic)92,855,173 61,591,877 
Weighted average common shares outstanding (Diluted)92,855,173 61,714,063 
See accompanying notes to unaudited consolidated financial statements.
4

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In millions)
(Unaudited)
 Three Months Ended March 31,
 20222021
Net (loss) income$(33.4)$51.4 
Other comprehensive (loss) income, before tax:
Investment securities available-for sale:
Change in net unrealized loss during period(252.6)(66.8)
Reclassification adjustment for net loss included in income0.1  
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale0.2  
Net change in unamortized losses on available-for-sale securities transferred into held-to-maturity(23.0) 
Change in unrealized loss (gain) on derivatives21.3 (0.1)
Other comprehensive loss, before tax(254.0)(66.9)
Changes in deferred taxes related to other comprehensive loss63.0 17.0 
Other comprehensive loss, net of tax(191.0)(49.9)
Comprehensive (loss) income, net of tax$(224.4)$1.5 
See accompanying notes to unaudited consolidated financial statements.

5

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(In millions, except share and per share data)
(Unaudited)
Three Months Ended March 31,
Common
stock
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
Balance at December 31, 2021$945.0 $1,052.6 $(11.0)$1,986.6 
Net loss (33.4) (33.4)
Other comprehensive loss, net of tax expense  (191.0)(191.0)
Common stock transactions:
37,698 common shares purchased and retired
(1.4)  (1.4)
46,887,104 common shares issued
1,722.5   1,722.5 
450,813 non-vested common shares issued
    
15,472 non-vested common shares forfeited or canceled
    
17,807 stock options exercised, net of 4,877 shares tendered in payment of option price and income tax withholding amounts
0.1   0.1 
Stock-based compensation expense2.4   2.4 
Common stock cash dividends declared ($0.41 per share)
 (44.7) (44.7)
Balance at March 31, 2022$2,668.6 $974.5 $(202.0)$3,441.1 
Common
stock
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
Balance at December 31, 2020$941.1 $962.1 $56.6 $1,959.8 
Net income 51.4  51.4 
Other comprehensive loss, net of tax expense  (49.9)(49.9)
Common stock transactions:
127,180 common shares purchased and retired
(5.4)  (5.4)
604 common shares issued
    
239,525 non-vested common shares issued
    
19,068 non-vested common shares forfeited or canceled
    
40,663 stock options exercised, net of 6,177 shares tendered in payment of option price and income tax withholding amounts
0.4   0.4 
Stock-based compensation expense2.4   2.4 
Common stock cash dividends declared ($0.41 per share)
 (25.3) (25.3)
Balance at March 31, 2021$938.5 $988.2 $6.7 $1,933.4 
See accompanying notes to unaudited consolidated financial statements.












6


FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Three Months Ended March 31,
 20222021
Cash flows from operating activities:
Net (loss) income$(33.4)$51.4 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Provision for (reversal of) credit losses61.3 (5.1)
Net gain on disposal of premises and equipment(0.2)(0.4)
Depreciation and amortization13.3 11.4 
Net premium amortization on investment securities8.1 7.7 
Net loss on investment securities transactions0.1  
Realized and unrealized net gains on mortgage banking activities(3.3)(3.9)
Net gain on sale of OREO (0.1)
Net gain on extinguishment of debt(1.4) 
Mortgage servicing rights recovery(3.4)(5.9)
Deferred taxes(6.5)9.6 
Net increase in cash surrender value of company-owned life insurance(2.0)(1.2)
Stock-based compensation expense2.4 2.4 
Originations of mortgage loans held for sale(98.8)(156.4)
Proceeds from sales of mortgage loans held for sale112.0 177.2 
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable(0.6)1.1 
Decrease (increase) in other assets4.3 (7.8)
(Decrease) increase in accrued interest payable(0.1)1.1 
Increase (decrease) in accounts payable and accrued expenses13.1 (10.6)
Net cash provided by operating activities64.9 70.5 
Cash flows from investing activities:
Purchases of investment securities:
Held-to-maturity(370.0)(825.1)
Available-for-sale(1,144.5)(378.6)
Proceeds from sales, maturities, and pay-downs of investment securities:
Held-to-maturity106.4 9.3 
Available-for-sale826.5 293.7 
Extensions of credit to clients, net of repayments106.4 (58.7)
Proceeds from sale of OREO0.3 0.7 
Acquisition of bank and bank holding company, net of cash and cash equivalents received2,006.9  
Capital expenditures, net of sales(9.5)(0.5)
Net cash provided by (used in) investing activities$1,522.5 $(959.2)
7

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In millions)
(Unaudited)
Three Months Ended March 31,
20222021
Cash flows from financing activities:
Net increase in deposits$130.8 $877.0 
Net decrease in securities sold under repurchase agreements(55.0)(38.8)
Repayments of long-term debt(157.9) 
Advances on long-term debt8.0  
Payment of stock issuance costs(0.8) 
Proceeds from issuance of common stock, net0.1 0.4 
Purchase and retirement of common stock(1.4)(5.4)
Dividends paid to common stockholders(44.7)(25.3)
Net cash (used in) provided by financing activities(120.9)807.9 
Net increase (decrease) in cash and cash equivalents1,466.5 (80.8)
Cash and cash equivalents at beginning of period2,344.8 2,276.8 
Cash and cash equivalents at end of period$3,811.3 $2,196.0 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes$0.1 $21.0 
Cash paid during the period for interest expense6.0 3.5 
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities$19.9 $ 
Transfer of held-to-maturity to available-for sale securities10.9  
Transfer of available-for sale to held-to-maturity securities463.6  
Transfer of held-for-sale to held for investment loans19.8  
Transfer of loans to other real estate owned 0.3 
Shares issued for acquisition1,723.3  
Capitalization of internally originated mortgage servicing rights 1.1 0.1 
Supplemental schedule of noncash investing activities from acquisition:
Investment securities$2,699.0 $ 
Securities purchased under agreement to resell101.1  
Loans held for sale181.9  
Loans held for investment, net7,629.1  
Premises and equipment144.1  
Goodwill 516.0  
Other intangibles71.9  
Mortgage servicing rights1.3  
Company-owned life insurance186.6  
Deferred tax assets76.1  
Other real estate owned15.8  
Other assets198.0  
Total noncash assets acquired11,820.9  
Liabilities assumed:
Deposits$11,688.0 $