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



December 31,	2017		2016
Condensed balance sheets:
Cash and cash equivalents	$	42.3	$	138.4
Investment in subsidiaries, at equity:
Bank subsidiary	1,432.3		932.0
Total investment in subsidiaries	1,432.3		932.0
Advances to subsidiaries, net	25.7		—
Other assets	61.7		35.4
Total assets	$	1,562.0	$	1,105.8

Other liabilities	$	51.9	$	18.0
Advances from subsidiaries, net	—		2.7
Long-term debt	—		20.0
Subordinated debentures held by subsidiary trusts	82.5		82.5
Total liabilities	134.4		123.2
Stockholders’ equity	1,427.6		982.6
Total liabilities and stockholders’ equity	$	1,562.0	$	1,105.8



Years Ended December 31,	2017			2016			2015
Condensed statements of income:
Dividends from subsidiaries	$	150.0		$	140.0		$	70.0
Other interest income	0.1			—			—
Other income, primarily management fees from subsidiaries	18.0			15.1			13.2
Total income	168.1			155.1			83.2
Salaries and benefits	21.8			18.8			16.3
Interest expense	4.7			4.1			3.8
Acquisition expenses	25.3			1.5			0.8
Other operating expenses, net	13.0			10.4			9.9
Total expenses	64.8			34.8			30.8
Earnings before income tax benefit	103.3			120.3			52.4
Income tax benefit	(14.2		)	(7.7		)	(7.0		)
Income before undistributed earnings of subsidiaries	117.5			128.0			59.4
Undistributed earnings of subsidiaries	(11.0		)	(32.4		)	27.4
Net income	$	106.5		$	95.6		$	86.8



Years Ended December 31,	2017			2016			2015
Condensed statements of cash flows:
Cash flows from operating activities:
Net income	$	106.5		$	95.6		$	86.8
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries	11.0			32.4			(27.4		)
Stock-based compensation expense	3.9			4.4			3.9
Tax benefits from stock-based compensation	—			2.1			1.4
Excess tax benefits from stock-based compensation	—			(1.6		)	(1.2		)
Other, net	14.7			(0.8		)	(11.3		)
Net cash provided by operating activities	136.1			132.1			52.2
Cash flows from investing activities:
Capital distributions from nonbank subsidiaries	18.0			2.0			—
Acquisition of intangible assets	(28.0		)	—			—
Acquisition of bank holding company, net of cash and cash equivalents received	(128.3		)	—			(7.2		)
Investment in subsidiary	(18.0		)	—			—
Net cash used in investing activities	$	(156.3	)	$	2.0		$	(7.2	)



Years Ended December 31,	2017			2016			2015
Cash flows from financing activities:
Net (decrease) increase in advances from nonbank subsidiaries	$	(28.4	)	$	9.1		$	(2.0	)
Repayment of long-term debt	—			—			(1.0		)
Proceeds from issuance of common stock, net of stock issuance costs	2.4			4.7			3.4
Excess tax benefits from stock-based compensation	—			1.6			1.2
Purchase and retirement of common stock	(1.3		)	(26.9		)	(20.6		)
Dividends paid to common stockholders	(48.6		)	(39.4		)	(36.3		)
Net cash used in financing activities	(75.9		)	(50.9		)	(55.3		)
Net change in cash and cash equivalents	(96.1		)	83.2			(10.3		)
Cash and cash equivalents, beginning of year	138.4			55.2			65.5
Cash and cash equivalents, end of year	$	42.3		$	138.4		$	55.2