Following is condensed financial information of First Interstate BancSystem, Inc.



December 31,	2014		2013
Condensed balance sheets:
Cash and cash equivalents	$	65,483	$	105,274
Investment in subsidiaries, at equity:
Bank subsidiary	936,817		793,892
Nonbank subsidiaries	1,982		1,980
Total investment in subsidiaries	938,799		795,872
Advances to subsidiaries, net	4,337		—
Other assets	29,335		26,809
Total assets	$	1,037,954	$	927,955

Other liabilities	$	26,553	$	17,602
Advances from subsidiaries, net	—		6,295
Long-term debt	20,000		20,000
Subordinated debentures held by subsidiary trusts	82,477		82,477
Total liabilities	129,030		126,374
Stockholders’ equity	908,924		801,581
Total liabilities and stockholders’ equity	$	1,037,954	$	927,955



Years Ended December 31,	2014			2013			2012
Condensed statements of income:
Dividends from subsidiaries	$	58,900		$	71,400		$	40,000
Other interest income	42			34			92
Other income, primarily management fees from subsidiaries	12,166			12,809			10,042
Total income	71,108			84,243			50,134
Salaries and benefits	15,722			15,914			13,205
Interest expense	4,002			4,098			6,691
Acquisition expenses	4,017			—			—
Other operating expenses, net	7,512			7,546			7,150
Total expenses	31,253			27,558			27,046
Earnings before income tax benefit	39,855			56,685			23,088
Income tax benefit	(6,862		)	(5,703		)	(6,222		)
Income before undistributed earnings of subsidiaries	46,717			62,388			29,310
Undistributed earnings of subsidiaries	37,684			23,748			28,914
Net income	$	84,401		$	86,136		$	58,224



Years Ended December 31,	2014			2013			2012
Condensed statements of cash flows:
Cash flows from operating activities:
Net income	$	84,401		$	86,136		$	58,224
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries	(37,684		)	(23,748		)	(28,914		)
Stock-based compensation expense	3,014			2,936			2,485
Tax benefits from stock-based compensation	2,193			1,898			360
Excess tax benefits from stock-based compensation	(2,205		)	(2,031		)	(273		)
Other, net	8,991			(5,804		)	3,327
Net cash provided by operating activities	58,710			59,387			35,209
Cash flows from investing activities:
Capital expenditures, net of sales	—			—			1
Acquisition of bank holding company, net of cash and cash equivalents received	(37,891		)	—			—
Net cash provided by (used in) investing activities	$	(37,891	)	$	—		$	1



Years Ended December 31,	2014			2013			2012
Condensed statements of cash flows (continued):
Cash flows from financing activities:
Net (decrease) increase in advances from nonbank subsidiaries	$	(10,632	)	$	6,992		$	(2,838	)
Redemption of preferred stock	—			(50,000		)	—
Repayment of junior subordinated debentures held by subsidiary trusts	(20,439		)	—			(41,238		)
Proceeds from issuance of common stock, net of stock issuance costs	6,621			9,814			1,911
Excess tax benefits from stock-based compensation	2,205			2,031			273
Purchase and retirement of common stock	(9,739		)	(448		)	(263		)
Dividends paid to common stockholders	(28,626		)	(17,909		)	(26,208		)
Dividends paid to preferred stockholders	—			—			(3,300		)
Net cash used in financing activities	(60,610		)	(49,520		)	(71,663		)
Net change in cash and cash equivalents	(39,791		)	9,867			(36,453		)
Cash and cash equivalents, beginning of year	105,274			95,407			131,860
Cash and cash equivalents, end of year	$	65,483		$	105,274		$	95,407