Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2024

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

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


December 31,	2024		2023
Condensed balance sheets:
Cash and cash equivalents	$	273.4	$	275.7



Investment in bank subsidiary	3,160.5		3,062.2
Advances to subsidiaries, net	46.8		43.5
Other assets	137.9		147.0
Total assets	$	3,618.6	$	3,528.4

Other liabilities	$	52.4	$	38.8

Long-term debt	99.1		99.0
Subordinated debentures held by subsidiary trusts	163.1		163.1
Total liabilities	314.6		300.9
Stockholders’ equity	3,304.0		3,227.5
Total liabilities and stockholders’ equity	$	3,618.6	$	3,528.4


Years Ended December 31,	2024		2023		2022
Condensed statements of income:
Dividends from subsidiaries	$	205.0	$	360.0	$	360.0
Other interest income	0.4		0.5		0.4
Other income, primarily management fees from subsidiaries	54.3		51.6		51.7
Total income	259.7		412.1		412.1
Salaries and benefits	43.6		34.5		40.6
Interest expense	18.6		18.4		12.6
Acquisition related expenses	—		—		62.3
Other operating expenses, net	27.8		22.5		25.0
Total expenses	90.0		75.4		140.5
Earnings before income tax benefit	169.7		336.7		271.6
Income tax benefit	(7.2)		(4.2)		(18.9)
Income before undistributed earnings of subsidiaries	176.9		340.9		290.5
Undistributed (loss) earnings of subsidiaries	49.1		(83.4)		(88.3)
Net income	$	226.0	$	257.5	$	202.2


Years Ended December 31,	2024		2023		2022
Condensed statements of cash flows:
Cash flows from operating activities:
Net income	$	226.0	$	257.5	$	202.2
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed losses (earnings) of subsidiaries	(49.1)		83.4		88.3
Stock-based compensation expense	11.9		4.6		9.6


Other, net	1.4		2.7		(151.2)
Net cash provided by operating activities	190.2		348.2		148.9
Cash flows from investing activities:



Acquisition of bank holding company, net of cash and cash equivalents received	—		—		(0.8)

Net cash used in investing activities	$	—	$	—	$	(0.8)


Years Ended December 31,	2024		2023		2022
Cash flows from financing activities:
Net increase in advances from subsidiaries	$	4.6	$	1.8	$	206.5



Proceeds from issuance of common stock, net of stock issuance costs	—		—		0.1

Purchase and retirement of common stock	(1.2)		(34.0)		(198.9)
Dividends paid to common stockholders	(195.9)		(195.1)		(182.1)
Net cash used in financing activities	(192.5)		(227.3)		(174.4)
Net change in cash and cash equivalents	(2.3)		120.9		(26.3)
Cash and cash equivalents, beginning of year	275.7		154.8		181.1
Cash and cash equivalents, end of year	$	273.4	$	275.7	$	154.8

There was $1,722.5 million of noncash financing activities for the issuance of common stock related to the GWB acquisition in 2022.