Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2015

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

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



December 31,	2015		2014
Condensed balance sheets:
Cash and cash equivalents	$	55,162	$	65,483
Investment in subsidiaries, at equity:
Bank subsidiary	975,236		936,817
Nonbank subsidiaries	1,985		1,982
Total investment in subsidiaries	977,221		938,799
Advances to subsidiaries, net	6,257		4,337
Other assets	39,668		29,335
Total assets	$	1,078,308	$	1,037,954

Other liabilities	$	25,338	$	26,553
Long-term debt	20,000		20,000
Subordinated debentures held by subsidiary trusts	82,477		82,477
Total liabilities	127,815		129,030
Stockholders’ equity	950,493		908,924
Total liabilities and stockholders’ equity	$	1,078,308	$	1,037,954



Years Ended December 31,	2015			2014			2013
Condensed statements of income:
Dividends from subsidiaries	$	70,000		$	58,900		$	71,400
Other interest income	23			42			34
Other income, primarily management fees from subsidiaries	13,207			12,166			12,809
Total income	83,230			71,108			84,243
Salaries and benefits	16,267			15,722			15,914
Interest expense	3,844			4,002			4,098
Acquisition expenses	795			4,017			—
Other operating expenses, net	9,920			7,512			7,546
Total expenses	30,826			31,253			27,558
Earnings before income tax benefit	52,404			39,855			56,685
Income tax benefit	(6,952		)	(6,862		)	(5,703		)
Income before undistributed earnings of subsidiaries	59,356			46,717			62,388
Undistributed earnings of subsidiaries	27,439			37,684			23,748
Net income	$	86,795		$	84,401		$	86,136



Years Ended December 31,	2015			2014			2013
Condensed statements of cash flows:
Cash flows from operating activities:
Net income	$	86,795		$	84,401		$	86,136
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries	(27,439		)	(37,684		)	(23,748		)
Stock-based compensation expense	3,959			3,634			2,936
Tax benefits from stock-based compensation	1,443			2,193			1,898
Excess tax benefits from stock-based compensation	(1,184		)	(2,205		)	(2,031		)
Other, net	(11,333		)	8,991			(5,804		)
Net cash provided by operating activities	52,241			59,330			59,387
Cash flows from investing activities:
Acquisition of bank holding company, net of cash and cash equivalents received	(7,207		)	(37,891		)	—
Net cash used in investing activities	$	(7,207	)	$	(37,891	)	$	—



Years Ended December 31,	2015			2014			2013
Condensed statements of cash flows (continued):
Cash flows from financing activities:
Net (decrease) increase in advances from nonbank subsidiaries	$	(2,021	)	$	(10,632	)	$	6,992
Redemption of preferred stock	—			—			(50,000		)
Repayment of long-term debt	(950		)	—			—
Repayment of junior subordinated debentures held by subsidiary trusts	—			(20,439		)	—
Proceeds from issuance of common stock, net of stock issuance costs	3,369			6,001			9,814
Excess tax benefits from stock-based compensation	1,184			2,205			2,031
Purchase and retirement of common stock	(20,647		)	(9,739		)	(448		)
Dividends paid to common stockholders	(36,290		)	(28,626		)	(17,909		)
Net cash used in financing activities	(55,355		)	(61,230		)	(49,520		)
Net change in cash and cash equivalents	(10,321		)	(39,791		)	9,867
Cash and cash equivalents, beginning of year	65,483			105,274			95,407
Cash and cash equivalents, end of year	$	55,162		$	65,483		$	105,274

There were no noncash investing or financing activities during 2015, 2014 or 2013.