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Here are 1-3 brief analogies for First Interstate BancSystem (FIBK):

• It's like a regional Wells Fargo serving the Western United States.
• Think of it as a smaller, more localized U.S. Bancorp for the Rocky Mountain and Pacific Northwest regions.

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• Deposit Accounts: Services for individuals and businesses to hold funds, including checking, savings, money market, and certificate of deposit accounts.
• Lending Services: Provision of various types of loans, such as commercial, agricultural, real estate, mortgage, and consumer loans.
• Wealth Management & Trust Services: Financial planning, investment management, and trust administration offerings for individuals and institutions.
• Treasury Management Services: Solutions for businesses to manage cash flow, process payments, and protect against fraud.

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First Interstate BancSystem (FIBK) is a regional bank holding company. As such, it does not have "major customers" in the traditional sense of a few specific corporate entities that constitute the bulk of its sales. Instead, it provides a diverse range of financial products and services to a broad and diversified client base, serving both individuals and businesses directly.

Its customer base can be primarily categorized as follows:

1. Individual Consumers: This category includes everyday individuals and households who utilize the bank's personal banking products and services. These offerings typically include checking accounts, savings accounts, money market accounts, personal loans, residential mortgages, home equity loans, and credit cards.
2. Commercial Clients: This segment serves a wide array of businesses, from small to medium-sized enterprises to larger corporations, as well as municipalities and other institutional entities. The services provided encompass commercial and industrial loans, commercial real estate loans, construction loans, agricultural loans, business deposit accounts, and treasury management services.
3. Wealth Management Clients: For individuals and families with significant assets and more complex financial needs, First Interstate BancSystem offers specialized wealth management services. These services include financial planning, investment management, and trust services, designed to help clients manage and grow their wealth.

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• Fiserv, Inc. (FI)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

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James A. Reuter, President and Chief Executive Officer

Mr. Reuter assumed the role of President and Chief Executive Officer of First Interstate BancSystem, Inc. in November 2024. He brings over 37 years of experience in the banking industry. Prior to joining First Interstate, Mr. Reuter served as President and Chief Executive Officer of FirstBank Holding Company of Colorado for seven years, where he led the company through a period of significant growth, increasing its total assets from $17 billion to more than $28 billion. His career at FirstBank began in 1987, and he previously held the position of Chief Operating Officer, overseeing various divisions including loan/mortgage operations, information technology, digital banking, payments, and treasury management. He has also been actively involved in the banking industry, serving on the Board of Directors of the American Bankers Association (ABA) and its various committees.

David P. Della Camera, Executive Vice President and Chief Financial Officer

Mr. Della Camera became Executive Vice President and Chief Financial Officer of First Interstate BancSystem, Inc. in June 2025, succeeding Marcy D. Mutch. He joined First Interstate in 2021 and previously held senior finance leadership roles within the company, including Deputy CFO. In his role as Deputy CFO, Mr. Della Camera was responsible for the company’s financial planning and analysis, investor relations, and strategic initiatives, including mergers and acquisitions. He also served as the company's Director of Corporate Development and Financial Strategy, and Director of Financial Planning and Analysis. Before joining First Interstate, Mr. Della Camera held various roles in financial analysis and strategic planning at other banking and financial institutions.

Lorrie F. Asker, Executive Vice President and Co-Chief Banking Officer

Ms. Asker has served as Executive Vice President and Co-Chief Banking Officer since September 2025. She possesses over 25 years of experience in the banking and financial services industry. Before her tenure at First Interstate, Ms. Asker was the Executive Vice President, Commercial and Business Banking Director at Cadence Bank (formerly BancorpSouth Bank) from 2017 to 2022. She also held various leadership positions in commercial banking at Capital One Bank and JPMorgan Chase & Co.

Christopher L. Shepler, Executive Vice President and Co-Chief Banking Officer

Mr. Shepler has been Executive Vice President and Co-Chief Banking Officer since September 2025. He brings more than 30 years of leadership experience across commercial, business, wealth, and consumer/small business banking. Prior to joining First Interstate, Mr. Shepler served as Executive Vice President, Head of Small Business and Business Banking at Regions Bank from 2017 to 2022. His previous experience includes senior leadership positions at Capital One Bank, JPMorgan Chase & Co., and Bank of America.

Kristina R. Robbins, Executive Vice President and Chief Operations Officer

Ms. Robbins has held the position of Executive Vice President and Chief Operations Officer since January 2024. She has extensive banking experience spanning 25 years in various leadership capacities. Prior to her current role, Ms. Robbins was First Interstate’s Senior Vice President and Chief Operations Officer from June 2022 to January 2024, and Director of Loan Operations from August 2018 to March 2022, where she was responsible for the strategic direction and operational execution of the company’s lending support functions. Before joining First Interstate, Ms. Robbins held various operational leadership roles at U.S. Bank.

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The key risks to First Interstate BancSystem's business operations include asset quality deterioration and challenges in loan production, economic volatility and interest rate changes, and a highly competitive landscape with declining deposits.

1. Asset Quality Deterioration and Loan Production Challenges
First Interstate BancSystem is facing deteriorating asset quality metrics, with a significant increase in criticized and non-performing loans. Criticized loans increased by $252.8 million during the first quarter of 2025, and non-performing loans rose by $53.6 million. This trend, particularly in commercial real estate, signals potential margin pressure and a heightened risk of credit loss provisions, which could negatively impact earnings. The company has also experienced a faster-than-anticipated balance sheet contraction, primarily due to lower-than-expected organic loan production. Persistent declines in certain loan categories and an overexposure to slower-growth markets are noted as key headwinds, potentially limiting revenue generation capabilities.

2. Economic Volatility and Interest Rate Changes
The company operates in an environment where economic fluctuations, including interest rate changes and inflation, can significantly impact its business. These factors can directly affect the bank's interest margins and the overall quality of its loan portfolio. First Interstate BancSystem has already highlighted challenges in managing interest income and expenses, and has experienced a decline in total interest income, particularly from loans and investment securities.

3. Competitive Landscape and Deposit Declines
First Interstate BancSystem operates within a highly competitive banking industry, facing pressure from both traditional banks and emerging fintech companies that offer innovative financial products and services. To maintain its competitive position, FIBK needs to continually invest in technology, enhance its product offerings, and deliver exceptional customer service. Furthermore, the bank is contending with declining deposits, with a notable portion of its deposits being uninsured (34.9% at the end of the most recent quarter). This organic decline in deposits poses a challenge to the bank's funding and liquidity.

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Clear emerging threats for First Interstate BancSystem (FIBK) include:

• Neobanks and Digital-First Fintechs: These companies (e.g., Chime, Ally Bank, Varo) leverage technology to offer banking services primarily through digital channels, often with lower fees, higher interest rates on deposits, and more seamless user experiences. This model directly challenges traditional regional banks like FIBK by attracting customers, particularly younger demographics, who prioritize digital convenience over physical branch access, potentially eroding FIBK's deposit base and lending opportunities.
• Big Tech Companies Entering Financial Services: Technology giants such as Apple (e.g., Apple Card, Apple Savings account with Goldman Sachs), Google, and Amazon are increasingly expanding their financial service offerings. Leveraging their vast customer bases, extensive data, and advanced technological capabilities, these companies have the potential to rapidly scale competitive products in areas like payments, lending, and deposits, directly encroaching on FIBK's core business areas without the overhead of traditional banking infrastructure.

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First Interstate BancSystem (FIBK) operates primarily as a community bank, offering a range of financial products and services to individuals, businesses, municipalities, and other entities across 14 states in the Western and Midwestern United States. Its main products and services can be categorized into commercial banking, consumer/retail banking, and wealth management.

• Regional Banking Industry: As a regional bank, First Interstate BancSystem operates within the broader U.S. regional banking market. The market size of the Regional Banks industry in the United States is estimated at $406.5 billion in 2025.

• Commercial Banking Services: First Interstate BancSystem provides commercial loans, business lending, and services for businesses and government entities. The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025, with a forecast to reach USD 915.45 billion by 2030. Another source estimates the market size of the Commercial Banking industry in the United States to be $1.6 trillion in 2025.

• Consumer/Retail Banking Services: The company offers various consumer and retail banking products such as checking and savings accounts, mortgages, auto loans, and credit cards. The United States retail banking market is valued at approximately USD 0.87 trillion (or $870 billion) in 2025 and is projected to reach USD 1.08 trillion by 2030.

• Wealth Management Services: First Interstate BancSystem's offerings include trust administration, investment management, and financial planning. The North American wealth management market was valued at $937.45 billion in 2023.

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• Net Interest Margin (NIM) Expansion: The company anticipates sequential improvements in its net interest margin, driven by the repricing of maturing assets at higher rates and a reduction in interest expenses due to decreased borrowings. This is expected to provide an earnings tailwind through 2026 and into 2027.
• Organic Loan Growth: While recent periods have seen some loan portfolio reductions, First Interstate BancSystem projects a return to organic loan growth by 2026. The company plans to achieve this by carefully controlled organic loan generation and by deploying capital into markets with high-growth opportunities.
• Strategic Market Focus and Branch Optimization: First Interstate BancSystem is actively streamlining its operations through branch divestitures in some regions (such as Arizona, Kansas, and Nebraska). The aim is to reinvest in and enhance branch density within strategic, higher-growth potential markets, which is expected to increase operational efficiency and improve capital allocation.
• Deposit Base Expansion and Management: Maintaining a strong and stable deposit base, coupled with ongoing efforts to grow low-cost deposits, is a critical component of the company's strategy to support net interest income growth. Management expects low single-digit deposit growth in 2025, with gains in the second half of the year.

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Share Repurchases

• First Interstate BancSystem's board authorized a new $150 million stock repurchase program in August 2025, valid through March 31, 2027.
• The company completed a 1,800,000 share repurchase program as part of its third-quarter 2025 results.
• In 2022, First Interstate BancSystem repurchased 5 million shares of its common stock at an average price of $39.46 per share.

Share Issuance

• In February 2022, the acquisition of Great Western Bancorp, Inc. involved the issuance of 46.9 million shares of the company's Class A common stock, valued at $36.76 per share, as part of the approximately $1.7 billion consideration.

Outbound Investments

• In October 2025, First Interstate Bank completed the divestiture of twelve branches in Arizona and Kansas to Enterprise Bank & Trust, which included the transfer of approximately $300 million in loans and $645 million in deposits.
• In October 2025, First Interstate Bank also entered into an agreement to sell 11 Nebraska branches to Security First Bank, a transaction expected to close in early 2026, involving approximately $280 million in deposits and $70 million in loans.
• First Interstate BancSystem completed the acquisition of Great Western Bank in February 2022 for approximately $1.7 billion.