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Item 5.		Other Events and Regulation FD Disclosure.

		On February 25, 2003, First Interstate BancSystem, Inc. issued a revised fourth quarter 2002 performance report and shareholders’ letter (“Shareholders’ Letter”) to holders of common stock of the Company as of December 31, 2002. Subsequent to its original issuance of the fourth quarter 2002 Shareholders’ Letter on January 22, 2003, the Company discovered the value of a corporate owned aircraft, which is held for sale, had declined $300,000, net of tax effect, at December 31, 2002. The revised Shareholders’ Letter explains the adjustment and presents all previously reported income statement accounts, balance sheet accounts and performance ratios affected by the adjustment.

		The revised Shareholders’ Letter is attached as Exhibit 99 to this Current Report on Form 8-K.

Item 7.		Financial Statements and Exhibits.

		(a) Not Applicable.

		(b) Not Applicable.

		(c) Exhibit 99 — Fourth Quarter 2002 Revised Shareholders’ Letter

Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT 99

[LOGO] First Interstate BancSystem
Fourth Quarter 2002 (revised)

To our shareholders,

On January 22, 2003 we informed you of our financial results for fourth quarter and full year 2002. Subsequently we discovered the value of our corporate owned aircraft, which is held for sale, had declined at December 31, 2002. The aviation industry is experiencing a recession which has impacted the value of aircraft. Although the amount of the decline is relatively modest to our results, we have decided to record the impairment in the fourth quarter of 2002. The aftertax impact of the impairment of this asset is $300,000. Following are several tables that reflect revised 2002 results as compared to those previously communicated.


/s/ Lyle R. Knight Lyle R. Knight President Chief Operating Officer		/s/ Terrill R. Moore Terrill R. Moore Chief Financial Officer

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)


	As originally reported				As adjusted
	Three		Twelve		Three		Twelve
	months		months		months		months
	ended		ended		ended		ended
	December 2002				December 2002

Noninterest expense		33,005		133,316		33,505		133,816
Income before taxes		13,685		54,241		13,185		53,741
Income taxes		4,788		19,447		4,587		19,247
Net income		8,897		34,794		8,598		34,494

NET INCOME AS ADJUSTED (1)		8,897		34,794		8,598		34,494

COMMON SHARE DATA:
Diluted EPS		1.14		4.44		1.10		4.41
Diluted EPS, as adjusted (1)		1.14		4.44		1.10		4.41
Book value				31.30				31.26
Tangible book value				26.50				26.47


SELECTED RATIOS (UNAUDITED)	As originally reported						As adjusted
	Three			Twelve			Three			Twelve
	months			months			months			months
	ended			ended			ended			ended
	December 2002						December 2002

PERFORMANCE(1)
Return on avg common equity		14.72	%		14.99	%		14.22	%		14.86	%
Return on avg common equity excl. market adj of securities		14.93	%		15.27	%		14.42	%		15.14	%
Return on avg assets		1.00	%		1.04	%		0.96	%		1.03	%
Efficiency ratio		67.16	%		67.76	%		68.18	%		68.01	%

(1) adjusted for the add back of goodwill amortization net of income tax benefits

Financial Highlights
Three Months ended December 31


	As originally reported					As adjusted
			% Change					% Change
in thousands except per share data	2002		from 2001			2002		from 2001

(unaudited)

OPERATING RESULTS
Net income	$	8,897		15.1	%	$	8,598		11.2	%
Net income as adjusted(1)		8,897		8.6	%		8,598		4.9	%
Diluted earnings per share		1.14		16.3	%		1.10		12.2	%
Diluted earnings per share as adjusted (1)		1.14		9.6	%		1.10		5.8	%

PERIOD END BALANCES
Assets		3,559,268		8.6	%		3,558,968		8.5	%
Common Stockholders’ Equity		244,154		9.9	%		243,854		9.8	%

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(In thousands)


		As originally reported		As adjusted
		12/31/2002		12/31/2002

ASSETS

Other Assets			97,349		97,049

	Total Assets		3,559,268		3,558,968

STOCKHOLDERS’ EQUITY

Common Stockholders’ Equity			244,154		243,854

	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		3,559,268		3,558,968

(FIRST INTERSTATE BAR CHART)


Montana	33-64304	81-0331430

(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(IRS Employer Identification No.)


	FIRST INTERSTATE BANCSYSTEM, INC.


	By:	/s/ LYLE R. KNIGHT

		Lyle R. Knight President and Chief Operating Officer