Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Subsequent events have been evaluated for potential recognition and disclosure through the date financial statements were filed with the Securities and Exchange Commission. On January 26, 2022, the Company declared a quarterly dividend to common shareholders of $0.41 per share, which was paid on February 21, 2022 to shareholders of record as of February 10, 2022.

On February 1, 2022, the Company completed its previously announced merger with Great Western, the parent company of GWB, pursuant to Agreement and Plan of Merger, dated September 15, 2021 (the “Merger Agreement”), by and between the Company and Great Western. Pursuant to the Merger Agreement, Great Western merged with and into the Company, with the Company continuing as the surviving corporation (the “Merger”). Immediately following the Merger, Great Western’s wholly owned banking subsidiary, GWB, merged with and into the Company’s wholly owned banking subsidiary, FIB (the “Bank Merger”), with FIB continuing as the surviving bank in the Bank Merger. The total aggregate consideration paid in the Merger to the Great Western stockholders was approximately 46.9 million shares of the Company’s Class A Common Stock, representing approximately $1.7 billion in value in the aggregate based on the opening price per share of the Company’s Class A common stock on the February 1, 2022 closing date of the Merger.

In conjunction with the Merger, the Company paid $8.2 million of acquisition-related legal and advisory services incurred by the Scott family and a contribution of $21.5 million was made by the Company to the First Interstate Foundation.

This transaction will be accounted for as a business combination under the acquisition method of accounting. The Company will record the assets acquired and liabilities assumed at their fair values as of the acquisition date. Due to the limited time since the closing of the acquisition, the valuation efforts and related acquisition accounting are

incomplete at the time of filing of these consolidated financial statements. As a result, the Company is unable to provide amounts recognized as of the acquisition date for major classes of assets and liabilities acquired, including goodwill and other intangible assets. In addition, because the acquisition accounting is incomplete, the Company is also unable to provide the supplemental pro forma revenue and earnings for the combined entity. The Company expects to file all required financial statements of Great Western and related pro forma financial information through an amendment to its Form 8-K filed with the SEC on February 1, 2022 no later than 71 days following the date that such Form 8-K was required to be filed with the SEC.

No other events requiring recognition or disclosure were identified.