Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

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

December 31,	2019		2018
Condensed balance sheets:
Cash and cash equivalents	$	147.1	$	72.9
Investment in bank subsidiary	1,899.3		1,648.9
Advances to subsidiaries, net	48.9		46.0
Other assets	61.7		59.0
Total assets	$	2,157.0	$	1,826.8
Other liabilities	$	56.2	$	46.0
Subordinated debentures held by subsidiary trusts	86.9		86.9
Total liabilities	143.1		132.9
Stockholders’ equity	2,013.9		1,693.9
Total liabilities and stockholders’ equity	$	2,157.0	$	1,826.8

Years Ended December 31,	2019			2018			2017
Condensed statements of income:
Dividends from subsidiaries	$	178.0		$	148.5		$	150.0
Other interest income	0.3			0.1			0.1
Other income, primarily management fees from subsidiaries	25.9			17.0			18.0
Total income	204.2			165.6			168.1
Salaries and benefits	34.2			25.3			21.8
Interest expense	4.7			4.5			4.7
Acquisition expenses	17.0			8.1			25.3
Other operating expenses, net	14.8			14.5			13.0
Total expenses	70.7			52.4			64.8
Earnings before income tax benefit	133.5			113.2			103.3
Income tax benefit	(11.9		)	(9.3		)	(14.2		)
Income before undistributed earnings of subsidiaries	145.4			122.5			117.5
Undistributed earnings of subsidiaries	35.6			37.7			(11.0		)
Net income	$	181.0		$	160.2		$	106.5

Years Ended December 31,	2019			2018			2017
Condensed statements of cash flows:
Cash flows from operating activities:
Net income	$	181.0		$	160.2		$	106.5
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries	(35.6		)	(37.7		)	11.0
Stock-based compensation expense	8.0			5.6			3.9
Other, net	8.1			16.4			14.7
Net cash provided by operating activities	161.5			144.5			136.1
Cash flows from investing activities:
Capital distributions from nonbank subsidiaries	—			—			18.0
Acquisition of intangible assets	—			—			(28.0		)
Acquisition of bank holding company, net of cash and cash equivalents received	—			(14.7		)	(128.3		)
Investment in subsidiary	—			—			(18.0		)
Net cash used in investing activities	—			(14.7		)	(156.3		)
Cash flows from financing activities:
Net (decrease) increase in advances from subsidiaries	(6.6		)	(9.9		)	(28.4		)
Repayment of long-term debt	—			(26.0		)	—
Proceeds from issuance of common stock, net of stock issuance costs	1.0			1.8			2.4
Purchase and retirement of common stock	(2.5		)	(1.0		)	(1.3		)
Dividends paid to common stockholders	(79.2		)	(64.1		)	(48.6		)
Net cash used in financing activities	(87.3		)	(99.2		)	(75.9		)
Net change in cash and cash equivalents	74.2			30.6			(96.1		)
Cash and cash equivalents, beginning of year	72.9			42.3			138.4
Cash and cash equivalents, end of year	$	147.1		$	72.9		$	42.3

There was $176.1 million, $173.3 million, and $386.0 million in 2019, 2018, and 2017, respectively, of noncash financing activities for the issuance of common stock were related to the CMYF and IIBK acquisitions in 2019, INB acquisition in 2018, and BOTC acquisition in 2017.