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us-gaap:SubsequentEventMember 2023-07-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________________________________________________________________
☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2023
OR
☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
COMMISSION FILE NUMBER 001-34653
________________________________________________________________________________________________________
FIRST INTERSTATE BANCSYSTEM, INC.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________

Delaware |  | 81-0331430
(State or other jurisdiction of incorporation or organization) |  | (IRS Employer Identification No.)
401 North 31st Street |  |
Billings, | MT |  | 59101
(Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (406) 255-5311
N/A
(Former name, former address and former fiscal year, if changed since last report)
_________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Class A common stock, $0.00001 par value | FIBK | NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

July 31, 2023 – Class A common stock | 105,018,309 |

Quarterly Report on Form 10-Q

| FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES |
| Index |
| June 30, 2023 |
|  | Page Nos.
| Part I - Financial Information |
Item 1. | Financial Statements (Unaudited) |
| Consolidated Balance Sheets | 3
| Consolidated Statements of Income | 4
| Consolidated Statements of Comprehensive Income (Loss) | 5
| Consolidated Statements of Changes in Stockholders’ Equity | 6
| Consolidated Statements of Cash Flows | 8
| Notes to Unaudited Consolidated Financial Statements | 10
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 50
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 67
Item 4. | Controls and Procedures | 67
| Part II - Other Information |
Item 1. | Legal Proceedings | 67
Item 1A. | Risk Factors | 67
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 68
Item 3. | Defaults Upon Senior Securities | 68
Item 4. | Mine Safety Disclosures | 68
Item 5. | Other Information | 68
Item 6. | Exhibits | 69
Signatures | 70

2

Table of Contents
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)

| June 30, 2023 |  | December 31, 2022
Assets |  |  |
Cash and due from banks | $ | 479.0 |  |  | $ | 349.2 |
Interest bearing deposits in banks | 201.4 |  |  | 521.2 |
Federal funds sold | 0.1 |  |  | 0.1 |
Total cash and cash equivalents | 680.5 |  |  | 870.5 |
Investment securities: |  |  |
Available-for-sale, net of allowance for credit losses of $1.4 at June 30, 2023 and $0.0 at December 31, 2022 (amortized cost of $6,448.2 at June 30, 2023 and $7,573.5 at December 31, 2022) | 5,857.9 |  |  | 6,946.1 |
Held-to-maturity, net of allowance for credit losses of $0.7 at June 30, 2023 and $1.9 at December 31, 2022 (estimated fair values of $2,924.7 at June 30, 2023 and $3,052.2 at December 31, 2022) | 3,317.7 |  |  | 3,451.8 |
Total investment securities | 9,175.6 |  |  | 10,397.9 |
FHLB and FRB stock, at cost | 210.4 |  |  | 198.6 |
Loans held for sale | 76.5 |  |  | 79.9 |
Loans held for investment, net of deferred fees and costs | 18,263.4 |  |  | 18,099.2 |
Allowance for credit losses | 224.6 |  |  | 220.1 |
Net loans held for investment | 18,038.8 |  |  | 17,879.1 |
Goodwill | 1,100.9 |  |  | 1,100.9 |
Company-owned life insurance | 502.0 |  |  | 497.9 |
Premises and equipment, net of accumulated depreciation | 443.7 |  |  | 444.7 |
Other intangibles, net of accumulated amortization | 89.1 |  |  | 97.0 |
Accrued interest receivable | 119.1 |  |  | 118.3 |
Mortgage servicing rights, net of accumulated amortization and impairment reserve | 29.8 |  |  | 31.1 |
Other real estate owned | 14.4 |  |  | 12.7 |
Deferred tax asset, net | 193.5 |  |  | 210.5 |
Other assets | 302.0 |  |  | 348.7 |
Total assets | $ | 30,976.3 |  |  | $ | 32,287.8 |
Liabilities and Stockholders’ Equity |  |  |
Deposits: |  |  |
Non-interest bearing | $ | 6,518.2 |  |  | $ | 7,560.0 |
Interest bearing | 17,061.0 |  |  | 17,513.6 |
Total deposits | 23,579.2 |  |  | 25,073.6 |
Securities sold under repurchase agreements | 929.9 |  |  | 1,052.9 |
Accounts payable and accrued expenses | 406.5 |  |  | 445.9 |
Accrued interest payable | 45.8 |  |  | 14.5 |
Long-term debt | 120.8 |  |  | 120.8 |
Other borrowed funds | 2,589.0 |  |  | 2,327.0 |
Allowance for credit losses on off-balance sheet credit exposures | 20.8 |  |  | 16.2 |
Subordinated debentures held by subsidiary trusts | 163.1 |  |  | 163.1 |
Total liabilities | 27,855.1 |  |  | 29,214.0 |
Stockholders’ equity: |  |  |
Preferred stock, no par value; 100,000 shares authorized; none issued and outstanding | — |  |  | — |
Common stock and additional paid-in-capital, $0.00001 par value; 150,000,000 shares authorized; 105,020,683 and 104,442,023 shares were issued and outstanding at June 30, 2023 and December 31, 2022 | 2,481.4 |  |  | 2,478.2 |
Retained earnings | 1,098.8 |  |  | 1,072.7 |
Accumulated other comprehensive loss, net | (459.0) |  |  | (477.1) |
Total stockholders’ equity | 3,121.2 |  |  | 3,073.8 |
Total liabilities and stockholders’ equity | $ | 30,976.3 |  |  | $ | 32,287.8 |

See accompanying notes to unaudited consolidated financial statements.
3

Table of Contents
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest income: |  |  |  |  |  |  |
Interest and fees on loans | $ | 241.6 |  |  | $ | 191.7 |  |  | $ | 477.2 |  |  | $ | 343.4 |
Interest and dividends on investment securities: |  |  |  |  |  |  |
Taxable | 65.6 |  |  | 48.8 |  |  | 137.3 |  |  | 78.1 |
Exempt from federal taxes | 1.3 |  |  | 1.4 |  |  | 2.7 |  |  | 2.7 |
Interest and dividends on FHLB and FRB stock | 3.4 |  |  | 1.1 |  |  | 6.4 |  |  | 1.5 |
Interest on deposits in banks | 5.4 |  |  | 3.4 |  |  | 9.6 |  |  | 5.1 |
Total interest income | 317.3 |  |  | 246.4 |  |  | 633.2 |  |  | 430.8 |
Interest expense: |  |  |  |  |  |  |
Interest on deposits | 53.6 |  |  | 4.3 |  |  | 93.9 |  |  | 7.3 |
Interest on securities sold under repurchase agreements | 1.5 |  |  | 0.3 |  |  | 2.6 |  |  | 0.6 |
Interest on other borrowed funds | 39.3 |  |  | — |  |  | 70.5 |  |  | — |
Interest on long-term debt | 1.4 |  |  | 1.4 |  |  | 2.9 |  |  | 3.1 |
Interest on subordinated debentures held by subsidiary trusts | 3.1 |  |  | 1.4 |  |  | 6.0 |  |  | 2.4 |
Total interest expense | 98.9 |  |  | 7.4 |  |  | 175.9 |  |  | 13.4 |
Net interest income | 218.4 |  |  | 239.0 |  |  | 457.3 |  |  | 417.4 |
Provision for (reduction of) credit losses | 11.7 |  |  | (1.7) |  |  | 26.9 |  |  | 59.6 |
Net interest income after provision for credit losses | 206.7 |  |  | 240.7 |  |  | 430.4 |  |  | 357.8 |
Non-interest income: |  |  |  |  |  |  |
Payment services revenues | 20.1 |  |  | 19.5 |  |  | 38.8 |  |  | 34.3 |
Mortgage banking revenues | 2.6 |  |  | 5.0 |  |  | 4.9 |  |  | 13.4 |
Wealth management revenues | 8.8 |  |  | 9.3 |  |  | 17.8 |  |  | 17.4 |
Service charges on deposit accounts | 5.8 |  |  | 6.3 |  |  | 11.0 |  |  | 14.0 |
Other service charges, commissions, and fees | 2.4 |  |  | 3.6 |  |  | 4.8 |  |  | 7.9 |
Investment securities losses, net | (0.1) |  |  | (0.1) |  |  | (23.5) |  |  | (0.2) |
Other income | 4.5 |  |  | 6.3 |  |  | 6.7 |  |  | 11.9 |
Total non-interest income | 44.1 |  |  | 49.9 |  |  | 60.5 |  |  | 98.7 |
Non-interest expense: |  |  |  |  |  |  |
Salaries and wages | 68.1 |  |  | 74.8 |  |  | 133.7 |  |  | 134.8 |
Employee benefits | 19.3 |  |  | 19.4 |  |  | 42.1 |  |  | 40.6 |
Outsourced technology services | 15.3 |  |  | 12.8 |  |  | 30.0 |  |  | 24.1 |
Occupancy, net | 11.7 |  |  | 11.2 |  |  | 24.2 |  |  | 21.2 |
Furniture and equipment | 5.6 |  |  | 5.8 |  |  | 11.5 |  |  | 11.2 |
OREO expense, net of income | 0.6 |  |  | — |  |  | 0.8 |  |  | 0.1 |
Professional fees | 5.3 |  |  | 5.5 |  |  | 9.8 |  |  | 9.4 |
FDIC insurance premiums | 4.7 |  |  | 2.8 |  |  | 10.4 |  |  | 6.1 |
Other intangibles amortization | 3.9 |  |  | 4.1 |  |  | 7.9 |  |  | 7.7 |
Other expenses | 29.4 |  |  | 28.1 |  |  | 59.3 |  |  | 51.3 |
Acquisition related expenses | — |  |  | 45.8 |  |  | — |  |  | 111.0 |
Total non-interest expense | 163.9 |  |  | 210.3 |  |  | 329.7 |  |  | 417.5 |
Income before income tax | 86.9 |  |  | 80.3 |  |  | 161.2 |  |  | 39.0 |
Provision for income tax | 19.9 |  |  | 16.2 |  |  | 37.9 |  |  | 8.3 |
Net income | $ | 67.0 |  |  | $ | 64.1 |  |  | $ | 123.3 |  |  | $ | 30.7 |
Earnings per common share (Basic) | $ | 0.65 |  |  | $ | 0.59 |  |  | $ | 1.19 |  |  | $ | 0.30 |
Earnings per common share (Diluted) | $ | 0.65 |  |  | $ | 0.59 |  |  | $ | 1.19 |  |  | $ | 0.30 |
Weighted average common shares outstanding (Basic) | 103,820,649 |  |  | 109,106,891 |  |  | 103,779,386 |  |  | 101,025,926 |
Weighted average common shares outstanding (Diluted) | 103,822,891 |  |  | 109,131,718 |  |  | 103,821,925 |  |  | 101,076,331 |

See accompanying notes to unaudited consolidated financial statements.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In millions)
(Unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 | 2022 |  | 2023 | 2022
Net income | $ | 67.0 |  | $ | 64.1 |  |  | $ | 123.3 |  | $ | 30.7 |
Other comprehensive income (loss), before tax: |  |  |  |  |
Investment securities available-for sale: |  |  |  |  |
Change in net unrealized (losses) gains during the period | (57.5) |  | (161.6) |  |  | 20.7 |  | (414.2) |
Reclassification adjustment for net losses included in income | 0.1 |  | 0.1 |  |  | 23.5 |  | 0.2 |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale | — |  | — |  |  | (7.2) |  | 0.2 |
Net change in unamortized losses on available-for-sale investment securities transferred into held-to-maturity | (0.4) |  | (0.9) |  |  | (0.8) |  | (23.9) |
Change in unrealized (gain) loss on derivatives | (22.1) |  | (15.0) |  |  | (12.1) |  | 6.3 |
Other comprehensive (loss) income, before tax | (79.9) |  | (177.4) |  |  | 24.1 |  | (431.4) |
Deferred tax benefit (expense) related to other comprehensive (loss) income | 20.0 |  | 49.6 |  |  | (6.0) |  | 112.6 |
Other comprehensive (loss) income, net of tax | (59.9) |  | (127.8) |  |  | 18.1 |  | (318.8) |
Comprehensive income (loss), net of tax | $ | 7.1 |  | $ | (63.7) |  |  | $ | 141.4 |  | $ | (288.1) |

See accompanying notes to unaudited consolidated financial statements.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (In millions, except share and per share data) (Unaudited)
| Three Months Ended June 30,
| Common stock |  | Retained earnings |  | Accumulated other comprehensive loss |  | Total stockholders’ equity
Balance at March 31, 2023 | $ | 2,478.7 |  |  | $ | 1,080.7 |  |  | $ | (399.1) |  |  | $ | 3,160.3 |
Net income | — |  |  | 67.0 |  |  | — |  |  | 67.0 |
Other comprehensive loss, net of tax expense | — |  |  | — |  |  | (59.9) |  |  | (59.9) |
Common stock transactions: |  |  |  |  |  |  |
348 common shares purchased and retired | — |  |  | — |  |  | — |  |  | — |
54,414 common shares issued | — |  |  | — |  |  | — |  |  | — |
605,634 non-vested common shares issued | — |  |  | — |  |  | — |  |  | — |
21,035 non-vested common shares forfeited or canceled | — |  |  | — |  |  | — |  |  | — |
Stock-based compensation expense | 2.7 |  |  | — |  |  | — |  |  | 2.7 |
Common stock cash dividends declared ($0.47 per share) | — |  |  | (48.9) |  |  | — |  |  | (48.9) |
Balance at June 30, 2023 | $ | 2,481.4 |  |  | $ | 1,098.8 |  |  | $ | (459.0) |  |  | $ | 3,121.2 |
| Common stock |  | Retained earnings |  | Accumulated other comprehensive loss |  | Total stockholders’ equity
Balance at March 31, 2022 | $ | 2,668.6 |  |  | $ | 974.5 |  |  | $ | (202.0) |  |  | $ | 3,441.1 |
Net income | — |  |  | 64.1 |  |  | — |  |  | 64.1 |
Other comprehensive loss, net of tax expense | — |  |  | — |  |  | (127.8) |  |  | (127.8) |
Common stock transactions: |  |  |  |  |  |  |
1,722,044 common shares purchased and retired | (64.5) |  |  | — |  |  | — |  |  | (64.5) |
26,266 common shares issued | — |  |  | — |  |  | — |  |  | — |
2,626 non-vested common shares issued | — |  |  | — |  |  | — |  |  | — |
51,820 non-vested common shares forfeited or canceled | — |  |  | — |  |  | — |  |  | — |
Stock-based compensation expense | 3.8 |  |  | — |  |  | — |  |  | 3.8 |
Common stock cash dividends declared ($0.41 per share) | — |  |  | (44.8) |  |  | — |  |  | (44.8) |
Balance at June 30, 2022 | $ | 2,607.9 |  |  | $ | 993.8 |  |  | $ | (329.8) |  |  | $ | 3,271.9 |
See accompanying notes to unaudited consolidated financial statements. |  |  |  |  |  |  |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (continued) (In millions, except share and per share data) (Unaudited)
| Six Months Ended June 30,
| Common stock |  | Retained earnings |  | Accumulated other comprehensive income (loss) |  | Total stockholders’ equity
Balance at December 31, 2022 | $ | 2,478.2 |  |  | $ | 1,072.7 |  |  | $ | (477.1) |  |  | $ | 3,073.8 |
Net income | — |  |  | 123.3 |  |  | — |  |  | 123.3 |
Other comprehensive income, net of tax expense | — |  |  | — |  |  | 18.1 |  |  | 18.1 |
Common stock transactions: |  |  |  |  |  |  |
55,428 common shares purchased and retired | (1.8) |  |  | — |  |  | — |  |  | (1.8) |
54,414 common shares issued | — |  |  | — |  |  | — |  |  | — |
616,497 non-vested common shares issued | — |  |  | — |  |  | — |  |  | — |
36,823 non-vested common shares forfeited or canceled | — |  |  | — |  |  | — |  |  | — |
Stock-based compensation expense | 5.0 |  |  | — |  |  | — |  |  | 5.0 |
Common cash dividends declared ($0.94 per share) | — |  |  | (97.2) |  |  | — |  |  | (97.2) |
Balance at June 30, 2023 | $ | 2,481.4 |  |  | $ | 1,098.8 |  |  | $ | (459.0) |  |  | $ | 3,121.2 |
| Common stock |  | Retained earnings |  | Accumulated other comprehensive income (loss) |  | Total stockholders’ equity
Balance at December 31, 2021 | $ | 945.0 |  |  | $ | 1,052.6 |  |  | $ | (11.0) |  |  | $ | 1,986.6 |
Net income | — |  |  | 30.7 |  |  | — |  |  | 30.7 |
Other comprehensive loss, net of tax expense | — |  |  | — |  |  | (318.8) |  |  | (318.8) |
Common stock transactions: |  |  |  |  |  |  |
1,759,742 common shares purchased and retired | (65.9) |  |  | — |  |  | — |  |  | (65.9) |
46,913,370 common shares issued | 1,722.5 |  |  | — |  |  | — |  |  | 1,722.5 |
453,439 non-vested common shares issued | — |  |  | — |  |  | — |  |  | — |
67,292 non-vested common shares forfeited or canceled | — |  |  | — |  |  | — |  |  | — |
17,807 stock options exercised, net of 4,877 shares tendered in payment of option price and income tax withholding amounts | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Stock-based compensation expense | 6.2 |  |  | — |  |  | — |  |  | 6.2 |
Common cash dividends declared ($0.82 per share) | — |  |  | (89.5) |  |  | — |  |  | (89.5) |
Balance at June 30, 2022 | $ | 2,607.9 |  |  | $ | 993.8 |  |  | $ | (329.8) |  |  | $ | 3,271.9 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)
| Six Months Ended June 30, |  |  |  |
| 2023 |  | 2022 |  |  |  |
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 123.3 |  |  | $ | 30.7 |  |  |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Provision for credit losses | 26.9 |  |  | 59.6 |  |  |  |  |
Net gain on disposal of premises and equipment | (0.3) |  |  | (1.4) |  |  |  |  |
Depreciation and amortization | 27.2 |  |  | 27.5 |  |  |  |  |
Net premium amortization on investment securities | 0.6 |  |  | 13.5 |  |  |  |  |
Net loss on investment securities transactions | 23.5 |  |  | 0.2 |  |  |  |  |
Realized and unrealized net gains on mortgage banking activities | (1.6) |  |  | (7.6) |  |  |  |  |
Net gain on sale of OREO | — |  |  | (0.1) |  |  |  |  |
Write-downs of OREO and other assets pending disposal | 0.8 |  |  | — |  |  |  |  |
Net gain on extinguishment of debt | — |  |  | (1.4) |  |  |  |  |
Mortgage servicing rights recovery | — |  |  | (3.4) |  |  |  |  |
Deferred taxes | 10.8 |  |  | (8.8) |  |  |  |  |
Net increase in cash surrender value of company-owned life insurance | (6.4) |  |  | (4.7) |  |  |  |  |
Stock-based compensation expense | 5.0 |  |  | 6.2 |  |  |  |  |
Originations of mortgage loans held for sale | (173.3) |  |  | (241.2) |  |  |  |  |
Proceeds from sales of mortgage loans held for sale | 170.2 |  |  | 263.1 |  |  |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Increase in interest receivable | (0.8) |  |  | (10.1) |  |  |  |  |
Decrease in other assets | 41.9 |  |  | 7.6 |  |  |  |  |
Increase (decrease) in accrued interest payable | 31.3 |  |  | (1.8) |  |  |  |  |
(Decrease) increase in accounts payable and accrued expenses | (49.5) |  |  | 141.3 |  |  |  |  |
Net cash provided by operating activities | 229.6 |  |  | 269.2 |  |  |  |  |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of investment securities: |  |  |  |  |  |  |
Held-to-maturity | — |  |  | (848.2) |  |  |  |  |
Available-for-sale | — |  |  | (2,521.2) |  |  |  |  |
Proceeds from sales, maturities, and pay-downs of investment securities: |  |  |  |  |  |  |
Held-to-maturity | 114.6 |  |  | 193.4 |  |  |  |  |
Available-for-sale | 1,119.7 |  |  | 1,057.8 |  |  |  |  |
Purchases of FHLB and FRB stock | (132.8) |  |  | — |  |  |  |  |
Proceeds from FHLB and FRB stock | 121.0 |  |  | — |  |  |  |  |
Proceeds from bank-owned life insurance settlements | 2.3 |  |  | — |  |  |  |  |
Extensions of credit to clients, net of repayments | (176.7) |  |  | (39.2) |  |  |  |  |
Proceeds from sale of OREO | — |  |  | 1.2 |  |  |  |  |
Proceeds from the sale of Health Savings Accounts | — |  |  | 1.4 |  |  |  |  |
Acquisition of bank and bank holding company, net of cash and cash equivalents received | — |  |  | 2,006.9 |  |  |  |  |
Capital expenditures, net of sales | (13.2) |  |  | (15.5) |  |  |  |  |
Net cash provided by (used in) investing activities | $ | 1,034.9 |  |  | $ | (163.4) |  |  |  |  |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In millions) (Unaudited)
| Six Months Ended June 30, |  |  |  |
| 2023 |  | 2022 |  |  |  |
Cash flows from financing activities: |  |  |  |  |  |  |
Net decrease in deposits | $ | (1,494.4) |  |  | $ | (1,093.8) |  |  |  |  |
Net (decrease) increase in securities sold under repurchase agreements | (123.0) |  |  | 8.5 |  |  |  |  |
Net increase in other borrowed funds | 262.0 |  |  | — |  |  |  |  |
Repayments of long-term debt | (0.1) |  |  | (157.9) |  |  |  |  |
Advances on long-term debt | — |  |  | 8.0 |  |  |  |  |
Payment of stock issuance costs | — |  |  | (0.8) |  |  |  |  |
Proceeds from issuance of common stock | — |  |  | 0.1 |  |  |  |  |
Purchase and retirement of common stock | (1.8) |  |  | (65.9) |  |  |  |  |
Dividends paid to common stockholders | (97.2) |  |  | (89.5) |  |  |  |  |
Net cash used in financing activities | (1,454.5) |  |  | (1,391.3) |  |  |  |  |
Net decrease in cash and cash equivalents | (190.0) |  |  | (1,285.5) |  |  |  |  |
Cash and cash equivalents at beginning of period | 870.5 |  |  | 2,344.8 |  |  |  |  |
Cash and cash equivalents at end of period | $ | 680.5 |  |  | $ | 1,059.3 |  |  |  |  |
Supplemental disclosures of cash flow information: |  |  |  |  |  |  |
Cash paid during the period for income taxes | $ | 30.5 |  |  | $ | 13.8 |  |  |  |  |
Cash paid during the period for interest expense | 144.6 |  |  | 13.5 |  |  |  |  |
Supplemental disclosures of non-cash investing and financing activities: |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 2.8 |  |  | $ | 19.9 |  |  |  |  |
Transfer of held-to-maturity to available-for sale securities | 23.0 |  |  | 10.9 |  |  |  |  |
Transfer of available-for sale to held-to-maturity securities | — |  |  | 463.6 |  |  |  |  |
Transfer of held-for-sale to held for investment loans | — |  |  | 19.8 |  |  |  |  |
Transfer of held for investment loans to held-for-sale | 3.1 |  |  | — |  |  |  |  |
Transfer of loans to OREO | 2.5 |  |  | 0.1 |  |  |  |  |
Shares issued for acquisition | — |  |  | 1,723.3 |  |  |  |  |

See accompanying notes to unaudited consolidated financial statements.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
(1) Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements of First Interstate BancSystem, Inc., and its consolidated subsidiaries, including its wholly-owned subsidiary, First Interstate Bank (“FIB”) (collectively, the “Company”) contain all adjustments (all of which are of a normal recurring nature) necessary to present fairly the financial position of the Company at June 30, 2023 and December 31, 2022, the results of operations, changes in stockholders’ equity, and cash flows for each of the three and the six month periods ended June 30, 2023 and 2022, in conformity with U.S. generally accepted accounting principles (“GAAP”). The balance sheet information at December 31, 2022 is derived from the audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform the Company’s prior year financial statements to the June 30, 2023 presentation. These reclassifications did not change previously reported net loss or stockholders’ equity.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which includes a description of significant accounting policies. Operating results for the three and the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
The below detailed discussion updates the accounting policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Change in Par Value
Unless otherwise noted, all capital values, and share and per share amounts, included in the consolidated financial statements have been retroactively adjusted to account for the change in the Company’s common stock par value from no par value per share to $0.00001 per value per share, which change became effective on May 25, 2023 in connection with the re-domestication of the Company from the State of Montana to the State of Delaware.
During the second quarter of 2023, the Company transitioned its Current Expected Credit Loss accounting standard (“CECL”), or ASC 326, model. The new model utilizes fewer portfolio loss segments than the old model due to limited observations of data within certain portfolio loss segments under the old model. The new model calculates historical loss rates by averaging quarterly net charge-offs for each loss segment. The loss rates are macroeconomic-conditioned and applied to loan-level expected cash flows based on contractual repayment terms while considering prepayment, utilization, interest rate, and probability of default assumptions. This change did not result in a material impact to the Company’s financial statements.
Allowance for Credit Losses - Loans held for investment
The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected over the life of the loans. Loans are charged off against the allowance when management confirms that a loan balance is uncollectable. The Company applies recoveries when received and has elected not to forecast recoveries.
Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix and trends, asset quality, or term as well as for changes in environmental and economic conditions, such as changes in unemployment rates, property values, or other relevant factors.
The allowance for credit losses is measured on a collective basis when similar risk characteristics exist.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Annualized loss rates are recalculated quarterly, with subsequent recoveries captured in the quarter a loan was charged off, and are averaged across a look back period from 2009 to the current period. Expected future principal and interest cash flows are calculated using contractual repayment terms while considering prepayment, utilization, interest rate, and probability of default assumptions. Macroeconomic models calculate segment-specific multipliers using third party forecast data. The multipliers adjust the annual loss rates to the level expected under the economic conditions over the 2-year forecast period, followed by a 1-year straight-line reversion to the unadjusted historical average loss rates. The unadjusted loss rates then apply for the remaining life of the loan. Estimated losses are totaled and aggregated to the portfolio segment level.
The Company segments the loan portfolio into pools based on the following risk characteristics: financial asset type, collateral type, loan structure, credit characteristics, outstanding loan balances, contractual terms and prepayment assumptions, utilization assumptions, industry of borrower and concentrations, and historical or expected credit loss.
The Company has identified the following portfolio segments:
Real Estate loans. Include commercial real estate loans which are non-farm, non-residential real estate loans generally secured by first liens on income-producing real estate and generally mature in less than 10 years, construction development loans which are primarily to commercial builders for residential lot development and the construction of single-family residences and commercial real estate properties, commercial construction loans which are primarily made to commercial builders for the development of commercial real estate properties, construction and development loans which are generally underwritten pursuant to credit worthiness or pre-qualification for permanent financing. During the construction phase the borrower pays interest only. Construction and development loans generally transition to a permanent real estate loan or otherwise mature in three years or less.
Real estate loans also include agricultural real estate loans that generally mature in ten years or less, secured by farmland or ranchland consisting of short, intermediate, and long-term structures to experienced agriculturalists who have demonstrated management capabilities, established production and historical financial performance and consumer home equity and home equity lines of credit (“HELOC”) that are secured by residential property that generally mature in 25 years or less, and residential loans which are loans to finance the purchase or refinance of residential property which are typically secured by first liens or are construction loans to commercial builders or owner occupants for the construction of single-family residences. Residential 1-4 family loans generally mature within 15 years but could mature up to 30 years. Construction loans are generally underwritten pursuant to credit worthiness or pre-qualification for permanent financing. During the construction phase the borrower pays interest only. Residential construction loans generally transition to a permanent residential loan or otherwise mature in two years or less.
Consumer loans. Include indirect, direct and advanceline, and credit cards. Indirect are loan contracts advanced for the purchase of automobiles, boats, and other consumer goods from the consumer product dealer networks within the market areas we serve. Indirect dealer loans are generally secured by automobiles, recreational vehicles, boats, and other types of personal property and are made on an installment basis. Consumer indirect line loans generally mature in seven years or less. Consumer direct and advance line loans are originated for a variety of purposes including the purchase of automobiles, boats and other consumer goods, home improvements, medical expenses, vehicle repairs, debt consolidation, and planned expenses in addition to the purchase of automobiles, boats, and other consumer goods. Consumer direct and advance line loans generally mature in seven years or less. Consumer credit card loans are lines of credit offered to clients in our market areas that are generally floating rate loans and include both unsecured and secured lines. Consumer credit card loans generally do not have stated maturities but are reviewed periodically and are unconditionally cancellable.
Commercial loans. Include commercial and industrial loans through a mix of variable and fixed rate commercial loans, including loans to finance showroom floor inventories and other loans for commercial purposes that are secured by 1-4 family residential property. These loans are typically made to small and medium-sized manufacturing, wholesale, retail, and service businesses for working capital needs and business expansions. Floor plan loans and commercial purpose loans secured by 1-4 family generally mature in seven years or less. Commercial loans also include secured and unsecured lines of credit, business credit cards, and loans with maturities of five years or less. Outstanding balances on these commercial loans tend to be cyclical in nature. These loans are generally made with business operations as the primary source of repayment, and are typically collateralized by inventory, accounts receivable, equipment, and/or personal guarantees.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Agricultural loans. Agricultural loans generally consist of short and medium-term loans and lines of credit that are primarily used for crops, livestock, equipment, and general operations. Agricultural loans are ordinarily secured by assets such as livestock or equipment and are repaid from the operations of the farm or ranch. Agricultural loans generally have maturities of seven years or less, with operating lines for one production season.
Contractual Term. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments, defaults, interest rates, and utilization rates. The contractual term excludes expected extensions, renewals, and modifications unless either management has a reasonable expectation at the reporting date that a modification to borrowers experiencing financial difficulty will be executed or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.
A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a modification to borrowers experiencing financial difficulty. The allowance for credit loss on a modification to borrowers experiencing financial difficulty is measured using the same method as all other loans held for investment, except when the loan is individually assessed for credit loss.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. Management considers our unused credit card lines and federal fund lines, extended to others, to be unconditionally cancellable.
The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate considers the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated life.
The Company has identified commitments to extend credit and standby letters of credit determined not to be unconditionally cancellable as categories with off-balance sheet credit exposures and uses the commitment balance, expected loss rate, expected cash flows, and utilization rate as primary assumptions to develop the allowance for credit losses on those exposures. The utilization rate represents management’s best estimate of the probability that the unfunded portion of the commitment will be funded given existing economic conditions.
(2) Acquisition
Great Western Bank. On September 15, 2021, the Company entered into a definitive agreement (“Agreement”) to acquire 100% of the outstanding stock of Great Western Bancorp, Inc. (“Great Western”), the parent company of Great Western Bank (“GWB”), a Sioux Falls, South Dakota based community bank with 174 banking offices across Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota (“GWB acquisition”). The acquisition of GWB expanded the Company’s geographical footprint with an enhanced platform for future growth. Consideration for the acquisition was $1,723.3 million, consisting of the issuance of 46.9 million shares of the Company’s Class A common stock valued at $36.76 per share, which was the opening price of the Company’s Class A common stock as quoted on the NASDAQ stock market on the acquisition date. The acquisition was completed on February 1, 2022.
The Company accounted for the transaction under the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires purchased assets and liabilities assumed and consideration exchanged to be recorded at their respective estimated fair values at the date of acquisition. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows, and market conditions at the time of the acquisition, as well as other future events that are highly subjective in nature.
The following table provides the purchase price allocation as of the acquisition date and the Great Western assets acquired and liabilities assumed at their estimated fair value as of the acquisition date as amended for measurement period adjustments. We recorded the estimate of fair value based on valuations at the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed was recorded as goodwill. The purchase price allocation resulted in goodwill of $479.3 million, of which $31.7 million is deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company’s one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of Great Western and the Company. All amounts reported were finalized during the fourth quarter of 2022.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

As of February 1, 2022 |  |  |  |
Assets acquired: |  |  |  |
Cash and cash equivalents |  |  |  | $ | 2,006.9 |
Investment securities |  |  |  | 2,699.0 |
Securities purchased under agreement to resell |  |  |  | 101.1 |
Loans held for sale |  |  |  | 217.0 |
Loans held for investment |  |  |  | 7,705.0 |
Allowance for credit losses |  |  |  | (59.5) |
Premises and equipment, including right of use lease assets |  |  |  | 144.7 |
Other real estate owned |  |  |  | 15.8 |
Company-owned life insurance |  |  |  | 186.6 |
Core deposit intangibles |  |  |  | 50.1 |
Customer relationship intangible |  |  |  | 22.8 |
Mortgage servicing rights |  |  |  | 1.3 |
Deferred tax assets, net |  |  |  | 60.2 |
Other assets |  |  |  | 200.8 |
Total assets acquired |  |  |  | 13,351.8 |
Liabilities assumed: |  |  |  |
Deposits |  |  |  | 11,688.0 |
Securities sold under repurchase agreements |  |  |  | 74.0 |
Accrued expenses and other liabilities |  |  |  | 110.4 |
FHLB advances |  |  |  | 122.9 |
Subordinated debt |  |  |  | 36.4 |
Subordinated debentures held by subsidiary trusts |  |  |  | 76.1 |
Total liabilities assumed |  |  |  | 12,107.8 |
Net assets acquired |  |  |  | $ | 1,244.0 |
Consideration paid: |  |  |  |
Class A common stock |  |  |  | 1,723.3 |
Total consideration paid (1) |  |  |  | $ | 1,723.3 |
Goodwill |  |  |  | $ | 479.3 |

(1) Includes $13 thousand of cash paid in lieu of fractional shares.
For a description of the fair value and unpaid principal balance of loans from the GWB acquisition, as well as the methods used to determine the fair values of significant assets and liabilities, see “Note 2 – Acquisitions” in Part IV, Item 15 “Notes to Consolidated Financial Statements” within our Annual Report on Form 10-K for the year ended December 31, 2022.
There were no acquisition related expenses related to the GWB acquisition for the three and the six month periods ended June 30, 2023. There were $45.8 million and $111.0 million of acquisition related expenses related to the GWB acquisition for the three and the six month periods ended June 30, 2022, respectively. During the three months ended March 31, 2022, the Company contributed $21.5 million to the First Interstate Foundation and reimbursed an aggregate of $8.2 million of the Scott family control group’s acquisition expenses pursuant to the Agreement.
The accompanying consolidated statements of income for the three and the six months ended June 30, 2023 and 2022, include the results of operations of the acquired entity from the February 1, 2022 acquisition date. The disclosure of GWB post-acquisition revenue and net income is not practical due to the combining of certain GWB operations with and into FIB as of the acquisition date. GWB was merged with our existing bank subsidiary, FIB, contemporaneously with the closing of the parent company merger. The core system conversion was completed on May 23, 2022.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and the six month periods ended June 30, 2022 as if GWB had been acquired on January 1, 2021. This unaudited pro forma information combines the historical results of GWB with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred at the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value, cost savings, or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented, and the differences could be significant.

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30,
|  | 2022 |  |  | 2022
Total revenues |  | $ | 300.7 |  |  |  | $ | 569.6 |
Net income |  | $ | 101.1 |  |  |  | $ | 177.5 |
Earnings per common share (Basic) |  | $ | 0.93 |  |  |  | $ | 1.76 |
Earnings per common share (Diluted) |  | $ | 0.93 |  |  |  | $ | 1.76 |

(3) Goodwill and Other Intangible Assets
Goodwill
The Company had goodwill of $1,100.9 million at both June 30, 2023 and December 31, 2022 and performed its annual impairment assessment as of July 1, 2022 concluding that there was no impairment to goodwill. In addition, there were no events or circumstances that occurred during the second half of 2022 that would more-likely-than-not reduce the fair value of the Company’s reporting unit below its carrying value. As a result of recent financial services economic conditions and their impact on our business, including volatility in the stock market and changes to the interest rate environment, we assessed whether a triggering event had occurred as of June 30, 2023 and concluded a triggering event had not occurred as there is no substantial change to the Company’s long-term performance expectations. We will continue to monitor the financial services economic conditions and perform an interim impairment analysis if necessary.
Other Intangible Assets
Other intangible assets are comprised of core deposit intangibles (“CDI”) and other customer relationship intangibles (“OCRI”) and amounted to the following at June 30, 2023 and December 31, 2022:

June 30, 2023 | CDI | OCRI | Total
Gross other intangible assets, at January 1, 2023 | $ | 154.7 |  | $ | 22.8 |  | $ | 177.5 |
Accumulated amortization | (85.7) |  | (2.7) |  | (88.4) |
Net other intangible assets, at June 30, 2023 | $ | 69.0 |  | $ | 20.1 |  | $ | 89.1 |
December 31, 2022 |  |  |
Gross other intangible assets, at January 1, 2022 | $ | 106.0 |  | $ | — |  | $ | 106.0 |
Amounts established through acquisition | 50.1 |  | 22.8 |  | 72.9 |
Reductions due to sale of health savings accounts | (1.4) |  | — |  | (1.4) |
Accumulated amortization | (78.8) |  | (1.7) |  | (80.5) |
Net other intangible assets, at December 31, 2022 | $ | 75.9 |  | $ | 21.1 |  | $ | 97.0 |

The Company recorded $3.9 million and $4.1 million of other intangible asset amortization expense for the three months ended June 30, 2023 and 2022, respectively.
CDI and OCRI are evaluated for impairment if events and circumstances indicate a possible impairment. CDI is amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits, which is generally 10 years. OCRI is amortized using a straight-line method over its estimated useful life of 12 years based on customer revenue attrition on an annualized basis.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following table provides the estimated aggregate future amortization expense of other intangible assets at June 30, 2023:

Years Ending December 31, | CDI | OCRI | Total
2023 remaining | $ | 6.8 |  | $ | 0.9 |  | $ | 7.7 |
2024 | 12.7 |  | 1.9 |  | 14.6 |
2025 | 11.8 |  | 1.9 |  | 13.7 |
2026 | 10.9 |  | 1.9 |  | 12.8 |
2027 | 8.2 |  | 1.9 |  | 10.1 |
Thereafter | 18.6 |  | 11.6 |  | 30.2 |
Total | $ | 69.0 |  | $ | 20.1 |  | $ | 89.1 |

(4) Investment Securities
The amortized cost and the approximate fair values of investment securities are summarized as follows:

June 30, 2023 | Amortized Cost | Allowance for Credit Losses | Net Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 250.1 |  | $ | — |  | $ | 250.1 |  | $ | — |  | $ | (31.0) |  | $ | 219.1 |
State, county, and municipal securities | 258.1 |  | — |  | 258.1 |  | — |  | (43.2) |  | 214.9 |
Obligations of U.S. government agencies | 186.4 |  | — |  | 186.4 |  | — |  | (14.4) |  | 172.0 |
U.S. agency commercial mortgage-backed securities | 1,212.9 |  | — |  | 1,212.9 |  | 0.2 |  | (110.7) |  | 1,102.4 |
U.S. agency residential mortgage-backed securities | 1,534.5 |  | — |  | 1,534.5 |  | — |  | (159.1) |  | 1,375.4 |
Collateralized mortgage obligations | 1,350.8 |  | — |  | 1,350.8 |  | — |  | (145.6) |  | 1,205.2 |
Private mortgage-backed securities | 253.5 |  | — |  | 253.5 |  | — |  | (36.4) |  | 217.1 |
Collateralized loan obligations | 1,141.8 |  | — |  | 1,141.8 |  | — |  | (17.5) |  | 1,124.3 |
Corporate securities | 261.5 |  | (1.4) |  | 260.1 |  | — |  | (32.6) |  | 227.5 |
Other investments | — |  | — |  |  | — |  | — |  | — |
Total | $ | 6,449.6 |  | $ | (1.4) |  | $ | 6,448.2 |  | $ | 0.2 |  | $ | (590.5) |  | $ | 5,857.9 |

June 30, 2023 | Amortized Cost 1 | Allowance for Credit Losses | Net Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Held-to-Maturity: |  |  |  |  |  |
U.S. Treasury notes | $ | 397.8 |  | $ | — |  | $ | 397.8 |  | $ | — |  | $ | (8.9) |  | $ | 388.9 |
State, county, and municipal securities | 180.5 |  | — |  | 180.5 |  | 0.2 |  | (27.0) |  | 153.7 |
Obligations of U.S. government agencies | 353.1 |  | — |  | 353.1 |  | — |  | (48.9) |  | 304.2 |
U.S. agency commercial mortgage-backed securities | 517.8 |  | — |  | 517.8 |  | — |  | (61.4) |  | 456.4 |
U.S. agency residential mortgage-backed securities | 1,311.4 |  | — |  | 1,311.4 |  | — |  | (160.7) |  | 1,150.7 |
Collateralized mortgage obligations | 500.7 |  | — |  | 500.7 |  | 0.2 |  | (78.7) |  | 422.2 |
Corporate securities | 57.1 |  | (0.7) |  | 56.4 |  | — |  | (7.8) |  | 48.6 |
Total | $ | 3,318.4 |  | $ | (0.7) |  | $ | 3,317.7 |  | $ | 0.4 |  | $ | (393.4) |  | $ | 2,924.7 |
(1) Amortized cost presented above includes $12.3 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 transfer of securities from available-for-sale to held-to-maturity, and $19.2 million of unamortized losses in state, county, and municipal, obligations of U.S. government agencies and collateralized loan obligations related to the 2022 transfer of securities from available-for-sale to held-to-maturity.

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

December 31, 2022 | Amortized Cost | Allowance for Credit Losses | Net Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Available-for-Sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 675.1 |  | $ | — |  | $ | 675.1 |  | $ | 2.1 |  | $ | (34.5) |  | $ | 642.7 |
State, county, and municipal securities | 314.3 |  | — |  | 314.3 |  | — |  | (50.6) |  | 263.7 |
Obligations of U.S. government agencies | 216.2 |  | — |  | 216.2 |  | — |  | (17.3) |  | 198.9 |
U.S. agency commercial mortgage-backed securities | 1,468.0 |  | — |  | 1,468.0 |  | 0.2 |  | (117.0) |  | 1,351.2 |
U.S. agency residential mortgage-backed securities | 1,726.0 |  | — |  | 1,726.0 |  | — |  | (167.7) |  | 1,558.3 |
Collateralized mortgage obligations | 1,491.5 |  | — |  | 1,491.5 |  | — |  | (141.3) |  | 1,350.2 |
Private mortgage-backed securities | 264.9 |  | — |  | 264.9 |  | — |  | (36.9) |  | 228.0 |
Collateralized loan obligations | 1,145.2 |  | — |  | 1,145.2 |  | — |  | (33.6) |  | 1,111.6 |
Corporate securities | 272.3 |  | — |  | 272.3 |  | — |  | (30.8) |  | 241.5 |
Other investments | — |  | — |  | — |  | — |  | — |  | — |
Total | $ | 7,573.5 |  | $ | — |  | $ | 7,573.5 |  | $ | 2.3 |  | $ | (629.7) |  | $ | 6,946.1 |

December 31, 2022 | Amortized Cost 1 | Allowance for Credit Losses | Net Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value |
Held-to-Maturity: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 396.6 |  | $ | — |  | $ | 396.6 |  | $ | — |  | $ | (10.2) |  | $ | 386.4 |  |
State, county, and municipal securities | 181.2 |  | (0.1) |  | 181.1 |  | 0.2 |  | (31.6) |  | 149.7 |  |
Obligations of U.S. government agencies | 351.7 |  | — |  | 351.7 |  | — |  | (49.6) |  | 302.1 |  |
U.S. agency commercial mortgage-backed securities | 526.8 |  | — |  | 526.8 |  | — |  | (58.3) |  | 468.5 |  |
U.S. agency residential mortgage-backed securities | 1,391.5 |  | — |  | 1,391.5 |  | — |  | (166.6) |  | 1,224.9 |  |
Collateralized mortgage obligations | 525.8 |  | — |  | 525.8 |  | 0.2 |  | (76.7) |  | 449.3 |  |
Corporate securities | 80.1 |  | (1.8) |  | 78.3 |  | — |  | (7.0) |  | 71.3 |  |
Other investments | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | 3,453.7 |  | $ | (1.9) |  | $ | 3,451.8 |  | $ | 0.4 |  | $ | (400.0) |  | $ | 3,052.2 |  |
(1) Amortized cost presented above includes $20.1 million of unamortized gains in U.S. agency residential and commercial mortgage-backed securities and collateralized mortgage obligations related to the 2021 transfer of securities from available-for-sale to held-to-maturity. |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities and the length of time individual investment securities have been in an unrealized loss position as of June 30, 2023 and December 31, 2022.

| Less than 12 Months |  | 12 Months or More |  | Total
June 30, 2023 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | 47.2 |  | $ | (2.3) |  |  | $ | 171.9 |  | $ | (28.7) |  |  | $ | 219.1 |  | $ | (31.0) |
State, county, and municipal securities | 9.0 |  | (0.4) |  |  | 204.0 |  | (42.8) |  |  | 213.0 |  | (43.2) |
Obligations of U.S. government agencies | 60.6 |  | (3.1) |  |  | 111.0 |  | (11.3) |  |  | 171.6 |  | (14.4) |
U.S. agency commercial mortgage-backed securities | 396.0 |  | (23.7) |  |  | 696.8 |  | (87.0) |  |  | 1,092.8 |  | (110.7) |
U.S. agency residential mortgage-backed securities | 272.5 |  | (15.7) |  |  | 1,102.8 |  | (143.4) |  |  | 1,375.3 |  | (159.1) |
Collateralized mortgage obligations | 312.6 |  | (20.9) |  |  | 892.6 |  | (124.7) |  |  | 1,205.2 |  | (145.6) |
Private mortgage-backed securities | — |  | — |  |  | 217.1 |  | (36.4) |  |  | 217.1 |  | (36.4) |
Collateralized loan obligations | — |  | — |  |  | 1,124.3 |  | (17.5) |  |  | 1,124.3 |  | (17.5) |
Corporate securities | 16.3 |  | (0.9) |  |  | 211.2 |  | (31.7) |  |  | 227.5 |  | (32.6) |
Other securities | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total | $ | 1,114.2 |  | $ | (67.0) |  |  | $ | 4,731.7 |  | $ | (523.5) |  |  | $ | 5,845.9 |  | $ | (590.5) |

| Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2022 | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |
U.S. Treasury notes | $ | 168.8 |  | $ | (4.7) |  |  | $ | 170.4 |  | $ | (29.8) |  |  | $ | 339.2 |  | $ | (34.5) |
State, county, and municipal securities | 104.9 |  | (9.0) |  |  | 146.1 |  | (41.6) |  |  | 251.0 |  | (50.6) |
Obligations of U.S. government agencies | 152.2 |  | (10.1) |  |  | 46.1 |  | (7.2) |  |  | 198.3 |  | (17.3) |
U.S. agency commercial mortgage-backed securities | 1,069.8 |  | (59.9) |  |  | 270.8 |  | (57.0) |  |  | 1,340.6 |  | (116.9) |
U.S. agency residential mortgage-backed securities | 1,213.5 |  | (112.3) |  |  | 344.6 |  | (55.4) |  |  | 1,558.1 |  | (167.7) |
Collateralized mortgage obligations | 1,016.4 |  | (90.1) |  |  | 333.0 |  | (51.3) |  |  | 1,349.4 |  | (141.4) |
Private mortgage-backed securities | 133.1 |  | (19.1) |  |  | 94.9 |  | (17.8) |  |  | 228.0 |  | (36.9) |
Collateralized loan obligations | 1,082.6 |  | (33.1) |  |  | 28.9 |  | (0.5) |  |  | 1,111.5 |  | (33.6) |
Corporate securities | 130.6 |  | (8.3) |  |  | 110.8 |  | (22.5) |  |  | 241.4 |  | (30.8) |
Total | $ | 5,071.9 |  | $ | (346.6) |  |  | $ | 1,545.6 |  | $ | (283.1) |  |  | $ | 6,617.5 |  | $ | (629.7) |

As of June 30, 2023 and December 31, 2022, there were no holdings of securities of any issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.
The Company determines credit losses on both available-for-sale and held-to-maturity investment securities by a discounted cash flow approach using the security’s effective interest rate at the time of purchase or upon acquisition. The allowance for credit losses is measured as the amount by which an investment security’s amortized cost exceeds the net present value of expected future cash flows. However, the amount of credit losses for available-for-sale investment securities is limited to the amount of a security’s unrealized loss. Credit losses on held-to-maturity investment securities are representative of current expected credit losses that management expects to be incurred over the life of the investment. The allowance for credit losses is established through a charge to provision for credit losses in current period earnings.
The available-for-sale securities portfolio primarily contains securities that are guaranteed by a sovereign entity or are generally considered to have non-credit related risks, such as interest rate risk or prepayment and liquidity factors. The Company considers whether the securities are issued by the federal government or its agencies and whether downgrades by bond rating agencies have occurred.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
As of June 30, 2023 and December 31, 2022, the Company had 1,030 and 1,222 individual investment securities, respectively, that were in an unrealized loss position, which was related primarily to fluctuations in current interest rates. As of June 30, 2023, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. The Company does not intend to sell any of the available-for-sale securities in the above table, and the Company does not anticipate it will have to sell any securities before a recovery in cost.

The following table presents the activity in the allowance for credit losses related to available-for-sale investment securities:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance |  | $ | 2.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(Reversal of) provision for credit losses |  | (1.2) |  |  | — |  |  | 1.4 |  |  | — |
Ending balance |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1.4 |  |  | $ | — |
The following table presents the activity in the allowance for credit losses related to held-to-maturity investment securities:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance |  | $ | 0.7 |  |  | $ | 1.6 |  |  | $ | 1.9 |  |  | $ | — |
(Reversal of) provision for credit loss losses |  | — |  |  | — |  |  | (1.2) |  |  | 1.6 |
Ending balance |  | $ | 0.7 |  |  | $ | 1.6 |  |  | $ | 0.7 |  |  | $ | 1.6 |

The Company had a $1.4 million and no allowance for credit losses for available-for-sale corporate investment securities as of June 30, 2023 and December 31, 2022, respectively. The Company had a $0.7 million and a $1.9 million allowance for credit losses for held-to-maturity corporate and state, county, and municipal investment securities as of June 30, 2023 and December 31, 2022, respectively.
On a quarterly basis, the Company refreshes the credit quality indicator of each held-to-maturity security. The following table summarizes the credit quality indicators of held-to-maturity securities at amortized cost for the periods indicated:

June 30, 2023 | AAA | AA | A | BBB | BB | Not Rated | Total
U.S. Treasury notes | $ | 397.8 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 397.8 |
State, county, and municipal securities | 69.1 |  | 92.6 |  | 10.6 |  | — |  | — |  | 8.2 |  | 180.5 |
Obligations of U.S. government agencies | 353.1 |  | — |  | — |  | — |  | — |  | — |  | 353.1 |
U.S. agency commercial mortgage-backed securities |  |  |  |  |  |  |
FNMA/FHLMC | 361.9 |  | — |  | — |  | — |  | — |  | — |  | 361.9 |
GNMA | 155.9 |  | — |  | — |  | — |  | — |  | — |  | 155.9 |
U.S. agency residential mortgage-backed securities |  |  |  |  |  |  |
FNMA/FHLMC | 1,265.8 |  | — |  | — |  | — |  | — |  | — |  | 1,265.8 |
GNMA | 45.6 |  | — |  | — |  | — |  | — |  | — |  | 45.6 |
Collateralized mortgage obligations |  |  |  |  |  |  |
FNMA/FHLMC | 352.2 |  | — |  | — |  | — |  | — |  | — |  | 352.2 |
GNMA | 148.5 |  | — |  | — |  | — |  | — |  | — |  | 148.5 |
Corporate securities | — |  | — |  | — |  | 52.1 |  | — |  | 5.0 |  | 57.1 |
Total | $ | 3,149.9 |  | $ | 92.6 |  | $ | 10.6 |  | $ | 52.1 |  | $ | — |  | $ | 13.2 |  | $ | 3,318.4 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

December 31, 2022 | AAA | AA | A | BBB | BB | Not Rated | Total
U.S. Treasury notes | $ | 396.6 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 396.6 |
State, county, and municipal securities | 68.3 |  | 92.8 |  | 11.5 |  | — |  | — |  | 8.6 |  | 181.2 |
Obligations of U.S. government agencies | 351.7 |  | — |  | — |  | — |  | — |  | — |  | 351.7 |
U.S. agency commercial mortgage-backed securities |  |  |  |  |  |  |
FNMA/FHLMC | 364.9 |  | — |  | — |  | — |  | — |  | — |  | 364.9 |
GNMA | 161.9 |  | — |  | — |  | — |  | — |  | — |  | 161.9 |
U.S. agency residential mortgage-backed securities |  |  |  |  |  |  |
FNMA/FHLMC | 1,342.9 |  | — |  | — |  | — |  | — |  | — |  | 1,342.9 |
GNMA | 48.6 |  | — |  | — |  | — |  | — |  | — |  | 48.6 |
Collateralized mortgage obligations |  |  |  |  |  |  |
FNMA/FHLMC | 525.8 |  | — |  | — |  | — |  | — |  | — |  | 525.8 |
Corporate securities | — |  | — |  | — |  | 65.1 |  | 10.0 |  | 5.0 |  | 80.1 |
Other securities | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total | $ | 3,260.7 |  | $ | 92.8 |  | $ | 11.5 |  | $ | 65.1 |  | $ | 10.0 |  | $ | 13.6 |  | $ | 3,453.7 |

As of June 30, 2023 and December 31, 2022, the Company had $38.1 million and $38.9 million, respectively, of accrued interest receivable from investment securities on the consolidated balance sheets. Accrued interest receivable is presented as a separate line item on the consolidated balance sheets and the Company does not include accrued interest receivable in the carrying amount of financial assets held at the amortized cost basis or in the related allowance for credit losses calculation.
As of June 30, 2023 and December 31, 2022, there were no available-for-sale or held-to-maturity securities on nonaccrual status. All securities in the portfolio were current with their contractual principal and interest payments.
As of June 30, 2023 and December 31, 2022, there were no collateral-dependent available-for-sale or held-to-maturity securities.
There were no material gross realized gains and no material gross realized losses during the three months ended June 30, 2023. During the six months ended June 30, 2023, there were no material gross realized gains and $23.5 million in gross realized losses on the disposition of available-for-sale investment securities, as a result of the sale of $853.0 million in carrying value of investment securities. For the three and the six month periods ended June 30, 2022, there were no material gross realized gains and no material gross realized losses on the disposition of available-for-sale investment securities.
Maturities of securities do not reflect rate repricing opportunities present in adjustable-rate mortgage-backed securities. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.

| Available-for-Sale |  | Held-to-Maturity
June 30, 2023 | Amortized Cost | Estimated Fair Value |  | Amortized Cost | Estimated Fair Value
Within one year | $ | 0.5 |  | $ | 0.5 |  |  | $ | 308.1 |  | $ | 301.7 |
After one year but within five years | 814.4 |  | 761.3 |  |  | 346.6 |  | 322.9 |
After five years but within ten years | 1,655.7 |  | 1,472.1 |  |  | 654.3 |  | 567.9 |
After ten years | 3,979.0 |  | 3,624.0 |  |  | 2,009.4 |  | 1,732.2 |
Total | $ | 6,449.6 |  | $ | 5,857.9 |  |  | $ | 3,318.4 |  | $ | 2,924.7 |

As of June 30, 2023, the Company held investment securities callable within one year having amortized costs and estimated fair values of $1,593.8 million and $1,521.2 million, respectively. These investment securities are primarily included in the “after ten years” category in the table above. As of June 30, 2023, the Company had no callable structured notes.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
As of June 30, 2023 and December 31, 2022, the Company has amortized costs of $7,227.8 million and $4,998.9 million, respectively, for investment securities pledged to secure public deposits and securities sold under repurchase agreements that had estimated fair values of $6,455.1 million and $4,432.0 million, as of June 30, 2023 and December 31, 2022, respectively. All securities sold under repurchase agreements are with clients and mature on the next banking day. The Company retains possession of the underlying securities sold under repurchase agreements.
As of June 30, 2023 and December 31, 2022, the Company held $210.4 million and $198.6 million, respectively, in equity securities in a combination of Federal Reserve Bank and Federal Home Loan Bank stocks, which are restricted nonmarketable securities acquired to meet regulatory requirements. These securities are carried at cost.
(5) Loans Held for Sale
The following table presents loans held for sale by portfolio segment for the dates indicated:

| June 30, 2023 |  | December 31, 2022
Loans held for sale: |  |  |
Agricultural 1 | $ | 59.1 |  |  | $ | 62.5 |
Commercial construction, at lower of cost or market | 6.4 |  |  | 10.5 |
Residential mortgage, at fair value | 11.0 |  |  | 6.9 |
Total loans held for sale | $ | 76.5 |  |  | $ | 79.9 |

1 The Company holds $51.7 million of agricultural loans at lower of cost or market and $7.4 million of agricultural loans on accrual status at fair value with an unpaid principal balance of $7.4 million, of which $5.6 million is 90 days or more past due.
The table below presents the non-residential mortgage loans held for sale activity for the 2023 period:

| Agricultural |  | Commercial Construction |  | Land Acquisition and Development
Beginning balance | $ | 62.5 |  |  | $ | 10.5 |  |  | $ | — |
Loans held for investment transferred to loans held for sale | — |  |  | — |  |  | 3.1 |
Repayments and discounted pay-offs | (5.6) |  |  | — |  |  | (3.1) |
Increase (decrease) in estimated fair value of the loans 1 | 2.2 |  |  | (4.1) |  |  | — |
Ending balance | $ | 59.1 |  |  | $ | 6.4 |  |  | $ | — |

1 For the six months ended June 30, 2023, the Company recorded a gain of $2.2 million and a loss of $4.1 million in other income within the consolidated statements of income related to fair value changes.
As of June 30, 2023, loans held for sale included nonaccrual loans of $33.2 million, of which $26.8 million were agricultural loans and $6.4 million was a commercial construction loan. As of December 31, 2022, loans held for sale included nonaccrual loans of $39.8 million, of which $29.3 million were agricultural loans and $10.5 million was a commercial construction loan.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
(6) Loans Held for Investment
The following table presents loans by class of receivable and portfolio segment as of the dates indicated:

| June 30, 2023 |  | December 31, 2022
Real estate: |  |  |
Commercial | $ | 8,813.9 |  |  | $ | 8,528.6 |
Construction | 1,836.5 |  |  | 1,944.4 |
Residential | 2,198.3 |  |  | 2,188.3 |
Agricultural | 755.7 |  |  | 794.9 |
Total real estate | 13,604.4 |  |  | 13,456.2 |
Consumer: |  |  |
Indirect | 764.1 |  |  | 829.7 |
Direct and advance lines | 144.0 |  |  | 152.9 |
Credit card | 72.1 |  |  | 75.9 |
Total consumer | 980.2 |  |  | 1,058.5 |
Commercial | 3,002.7 |  |  | 2,882.6 |
Agricultural | 688.0 |  |  | 708.3 |
Other, including overdrafts | 1.7 |  |  | 9.2 |
Loans held for investment | 18,277.0 |  |  | 18,114.8 |
Deferred loan fees and costs | (13.6) |  |  | (15.6) |
Loans held for investment, net of deferred fees and costs | 18,263.4 |  |  | 18,099.2 |
Allowance for credit losses | (224.6) |  |  | (220.1) |
Net loans held for investment | $ | 18,038.8 |  |  | $ | 17,879.1 |

Allowance for Credit Losses
The following tables represent, by loan portfolio segments, the activity in the allowance for credit losses for loans held for investment:

Three Months Ended June 30, 2023 | Beginning Balance |  | Provision for (reversal of) Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance
Allowance for credit losses (1) |  |  |  |  |  |
Real estate | $ | 147.5 |  |  | $ | 20.4 |  | $ | (10.0) |  | $ | 0.8 |  | $ | 158.7 |
Consumer | 21.8 |  |  | (6.2) |  | (3.3) |  | 1.4 |  | 13.7 |
Commercial | 54.4 |  |  | (4.5) |  | (0.8) |  | 0.4 |  | 49.5 |
Agricultural | 2.4 |  |  | 0.2 |  | — |  | 0.1 |  | 2.7 |
Total allowance for credit losses | $ | 226.1 |  |  | $ | 9.9 |  | $ | (14.1) |  | $ | 2.7 |  | $ | 224.6 |

Six Months Ended June 30, 2023 | Beginning Balance |  | Provision for Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance
Allowance for credit losses (1) |  |  |  |  |  |
Real estate | $ | 138.7 |  |  | $ | 33.8 |  | $ | (14.8) |  | $ | 1.0 |  | $ | 158.7 |
Consumer | 23.3 |  |  | (5.5) |  | (6.7) |  | 2.6 |  | 13.7 |
Commercial | 54.9 |  |  | (5.3) |  | (1.5) |  | 1.4 |  | 49.5 |
Agricultural | 3.2 |  |  | (0.9) |  | — |  | 0.4 |  | 2.7 |
Total allowance for credit losses | $ | 220.1 |  |  | $ | 22.1 |  | $ | (23.0) |  | $ | 5.4 |  | $ | 224.6 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

Three Months Ended June 30, 2022 | Beginning Balance | ACL for (reduction on) PCD Loans | Provision for (reversal of) Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance
Allowance for credit losses (1) |  |  |  |  |  |
Real estate: |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |
Non-owner occupied | $ | 45.2 |  | $ | (6.9) |  | $ | (8.8) |  | $ | — |  | $ | — |  | $ | 29.5 |
Owner occupied | 25.2 |  | — |  | 1.4 |  | — |  | — |  | 26.6 |
Multi-family | 54.6 |  | (19.0) |  | (2.9) |  | — |  | 0.7 |  | 33.4 |
Total commercial real estate | 125.0 |  | (25.9) |  | (10.3) |  | — |  | 0.7 |  | 89.5 |
Construction: |  |  |  |  |  |
Land acquisition & development | 0.5 |  | — |  | 0.2 |  | — |  | 0.1 |  | 0.8 |
Residential construction | 3.3 |  | — |  | 0.1 |  | — |  | — |  | 3.4 |
Commercial construction | 10.2 |  | — |  | 4.7 |  | — |  | — |  | 14.9 |
Total construction | 14.0 |  | — |  | 5.0 |  | — |  | 0.1 |  | 19.1 |
Residential real estate: |  |  |  |  |  |
Residential 1-4 family | 18.7 |  | — |  | (0.7) |  | — |  | 0.2 |  | 18.2 |
Home equity and HELOC | 1.4 |  | — |  | (0.1) |  | — |  | 0.2 |  | 1.5 |
Total residential real estate | 20.1 |  | — |  | (0.8) |  | — |  | 0.4 |  | 19.7 |
Agricultural real estate | 10.5 |  | — |  | (5.1) |  | (0.1) |  | 0.1 |  | 5.4 |
Total real estate | 169.6 |  | (25.9) |  | (11.2) |  | (0.1) |  | 1.3 |  | 133.7 |
Consumer: |  |  |  |  |  |
Indirect | 13.5 |  | — |  | (0.4) |  | (0.8) |  | 0.8 |  | 13.1 |
Direct and advance lines | 4.6 |  | — |  | 0.5 |  | (0.6) |  | 0.5 |  | 5.0 |
Credit card | 2.3 |  | — |  | 0.7 |  | (0.9) |  | 0.1 |  | 2.2 |
Total consumer | 20.4 |  | — |  | 0.8 |  | (2.3) |  | 1.4 |  | 20.3 |
Commercial: |  |  |  |  |  |
Commercial and floor plans | 52.9 |  | — |  | 1.9 |  | (1.1) |  | 0.4 |  | 54.1 |
Commercial purpose secured by 1-4 family | 5.0 |  | — |  | 0.4 |  | — |  | 0.1 |  | 5.5 |
Credit card | 0.3 |  | — |  | 0.1 |  | (0.1) |  | — |  | 0.3 |
Total commercial | 58.2 |  | — |  | 2.4 |  | (1.2) |  | 0.5 |  | 59.9 |
Agricultural: |  |  |  |  |  |
Agricultural | (1.0) |  | 1.1 |  | 6.3 |  | (0.1) |  | 0.2 |  | 6.5 |
Total agricultural | (1.0) |  | 1.1 |  | 6.3 |  | (0.1) |  | 0.2 |  | 6.5 |
Total allowance for credit losses | $ | 247.2 |  | $ | (24.8) |  | $ | (1.7) |  | $ | (3.7) |  | $ | 3.4 |  | $ | 220.4 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

Six Months Ended June 30, 2022 | Beginning Balance | ACL for PCD Loans | Provision for Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance
Allowance for credit losses (1) |  |  |  |  |  |
Real estate: |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |
Non-owner occupied | $ | 17.3 |  | $ | 17.2 |  | $ | (2.1) |  | $ | (2.9) |  | $ | — |  | $ | 29.5 |
Owner occupied | 13.3 |  | 9.5 |  | 6.0 |  | (2.2) |  | — |  | 26.6 |
Multi-family | 13.3 |  | 10.9 |  | 8.5 |  | — |  | 0.7 |  | 33.4 |
Total commercial real estate | 43.9 |  | 37.6 |  | 12.4 |  | (5.1) |  | 0.7 |  | 89.5 |
Construction: |  |  |  |  |  |
Land acquisition & development | 0.5 |  | 3.4 |  | (0.6) |  | (2.7) |  | 0.2 |  | 0.8 |
Residential construction | 2.4 |  | — |  | 1.0 |  | — |  | — |  | 3.4 |
Commercial construction | 6.0 |  | 0.2 |  | 8.7 |  | — |  | — |  | 14.9 |
Total construction | 8.9 |  | 3.6 |  | 9.1 |  | (2.7) |  | 0.2 |  | 19.1 |
Residential real estate: |  |  |  |  |  |
Residential 1-4 family | 13.4 |  | 0.1 |  | 4.5 |  | (0.1) |  | 0.3 |  | 18.2 |
Home equity and HELOC | 1.2 |  | — |  | — |  | — |  | 0.3 |  | 1.5 |
Total residential real estate | 14.6 |  | 0.1 |  | 4.5 |  | (0.1) |  | 0.6 |  | 19.7 |
Agricultural real estate | 1.9 |  | 2.3 |  | 1.3 |  | (0.2) |  | 0.1 |  | 5.4 |
Total real estate | 69.3 |  | 43.6 |  | 27.3 |  | (8.1) |  | 1.6 |  | 133.7 |
Consumer: |  |  |  |  |  |
Indirect | 14.3 |  | — |  | (0.7) |  | (1.7) |  | 1.2 |  | 13.1 |
Direct and advance lines | 4.6 |  | — |  | 0.4 |  | (1.4) |  | 1.4 |  | 5.0 |
Credit card | 2.2 |  | — |  | 1.3 |  | (1.5) |  | 0.2 |  | 2.2 |
Total consumer | 21.1 |  | — |  | 1.0 |  | (4.6) |  | 2.8 |  | 20.3 |
Commercial: |  |  |  |  |  |
Commercial and floor plans | 27.1 |  | 11.2 |  | 20.3 |  | (5.3) |  | 0.8 |  | 54.1 |
Commercial purpose secured by 1-4 family | 4.4 |  | 0.2 |  | 0.8 |  | — |  | 0.1 |  | 5.5 |
Credit card | 0.1 |  | — |  | 0.4 |  | (0.2) |  | — |  | 0.3 |
Commercial | 31.6 |  | 11.4 |  | 21.5 |  | (5.5) |  | 0.9 |  | 59.9 |
Agricultural: |  |  |  |  |  |
Agricultural | 0.3 |  | 4.5 |  | 5.8 |  | (5.4) |  | 1.3 |  | 6.5 |
Total agricultural | 0.3 |  | 4.5 |  | 5.8 |  | (5.4) |  | 1.3 |  | 6.5 |
Total allowance for credit losses | $ | 122.3 |  | $ | 59.5 |  | $ | 55.6 |  | $ | (23.6) |  | $ | 6.6 |  | $ | 220.4 |
(1) Amounts presented exclude the allowance for credit losses related to unfunded commitments and investment securities. The allowance for credit losses related to unfunded commitments and investment securities are included in the “Financial Instruments with Off-Balance Sheet Risk” Note and “Investment Securities” Note, respectively.
(2) Loans, or portions thereof, are charged-off against the allowance for credit losses when management believes the collectability of the principal is unlikely, or, with respect to consumer installment loans, according to an established delinquency schedule.

Collateral-Dependent Financial Loans
A collateral-dependent financial loan relies substantially on the operation or sale of the collateral securing the loan for repayment. A loan may become collateral-dependent when foreclosure is probable or the borrower is experiencing financial difficulty and its sources of repayment become inadequate over time. At such time, the Company develops an expectation that repayment will be provided substantially through the operation or sale of the collateral.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following tables present the principal balance of collateral-dependent loans by class of receivable as of the dates indicated:

| Collateral Type
As of June 30, 2023 | Business Assets | Real Property |  | Total
Real estate: |  |  |  |
Commercial | $ | 1.6 |  | $ | 32.3 |  |  | $ | 33.9 |
Construction | — |  | 17.8 |  |  | 17.8 |
Residential | — |  | 0.5 |  |  | 0.5 |
Agricultural | — |  | 3.7 |  |  | 3.7 |
Total real estate | 1.6 |  | 54.3 |  |  | 55.9 |
Commercial | 1.4 |  | 5.5 |  |  | 6.9 |
Agricultural | 0.2 |  | 0.5 |  |  | 0.7 |
Total collateral-dependent loans | $ | 3.2 |  | $ | 60.3 |  |  | $ | 63.5 |

| Collateral Type
As of December 31, 2022 | Business Assets | Real Property |  | Total
Real estate: |  |  |  |
Commercial | $ | 1.7 |  | $ | 15.8 |  |  | $ | 17.5 |
Construction | — |  | 3.2 |  |  | 3.2 |
Residential | — |  | 0.5 |  |  | 0.5 |
Agricultural | 0.2 |  | 5.8 |  |  | 6.0 |
Total real estate | 1.9 |  | 25.3 |  |  | 27.2 |
Commercial | 3.1 |  | 1.5 |  |  | 4.6 |
Agricultural | 2.1 |  | 5.2 |  |  | 7.3 |
Total collateral-dependent loans | $ | 7.1 |  | $ | 32.0 |  |  | $ | 39.1 |

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as 90 days or more past due continue to accrue interest. The following tables present the contractual aging of the Company’s recorded principal balance of loans by class of receivable as of the dates indicated:

|  |  |  | Total Loans |  |  |  |
| 30 - 59 | 60 - 89 | 90 or more | 30 or More |  |  |  |
| Days | Days | Days | Days | Current | Non-accrual | Total |
As of June 30, 2023 | Past Due | Past Due | Past Due | Past Due | Loans | Loans (1) | Loans |
Real estate: |  |  |  |  |  |  |  |
Commercial | $ | 4.1 |  | $ | 0.1 |  | $ | — |  | $ | 4.2 |  | $ | 8,774.3 |  | $ | 35.4 |  | $ | 8,813.9 |  |
Construction | 8.2 |  | 3.0 |  | 3.3 |  | 14.5 |  | 1,803.8 |  | 18.2 |  | 1,836.5 |  |
Residential | 1.2 |  | 2.1 |  | 0.6 |  | 3.9 |  | 2,186.7 |  | 7.7 |  | 2,198.3 |  |
Agricultural | 7.8 |  | 3.9 |  | 0.3 |  | 12.0 |  | 736.9 |  | 6.8 |  | 755.7 |  |
Total real estate | 21.3 |  | 9.1 |  | 4.2 |  | 34.6 |  | 13,501.7 |  | 68.1 |  | 13,604.4 |  |
Consumer: |  |  |  |  |  |  |  |
Indirect | 6.5 |  | 2.1 |  | 0.5 |  | 9.1 |  | 752.1 |  | 2.9 |  | 764.1 |  |
Direct | 0.6 |  | 0.5 |  | 0.1 |  | 1.2 |  | 142.6 |  | 0.2 |  | 144.0 |  |
Credit card | 0.7 |  | 0.4 |  | 0.4 |  | 1.5 |  | 70.6 |  | — |  | 72.1 |  |
Total consumer | 7.8 |  | 3.0 |  | 1.0 |  | 11.8 |  | 965.3 |  | 3.1 |  | 980.2 |  |
Commercial | 4.6 |  | 2.3 |  | 1.1 |  | 8.0 |  | 2,982.6 |  | 12.1 |  | 3,002.7 |  |
Agricultural | 1.3 |  | 0.1 |  | 0.4 |  | 1.8 |  | 683.4 |  | 2.8 |  | 688.0 |  |
Other, including overdrafts | — |  | — |  | — |  | — |  | 1.7 |  | — |  | 1.7 |  |
Loans held for investment | $ | 35.0 |  | $ | 14.5 |  | $ | 6.7 |  | $ | 56.2 |  | $ | 18,134.7 |  | $ | 86.1 |  | $ | 18,277.0 |  |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

|  |  |  | Total Loans |  |  |  |
| 30 - 59 | 60 - 89 | 90 or more | 30 or More |  |  |  |
| Days | Days | Days | Days | Current | Non-accrual | Total |
As of December 31, 2022 | Past Due | Past Due | Past Due | Past Due | Loans | Loans (1) | Loans |
Real estate: |  |  |  |  |  |  |  |
Commercial | $ | 5.6 |  | $ | 0.8 |  | $ | 1.1 |  | $ | 7.5 |  | $ | 8,501.5 |  | $ | 19.6 |  | $ | 8,528.6 |  |
Construction | 10.4 |  | 0.6 |  | 0.6 |  | 11.6 |  | 1,929.1 |  | 3.7 |  | 1,944.4 |  |
Residential | 9.9 |  | 2.1 |  | 1.2 |  | 13.2 |  | 2,168.7 |  | 6.4 |  | 2,188.3 |  |
Agricultural | 1.1 |  | 6.1 |  | — |  | 7.2 |  | 780.1 |  | 7.6 |  | 794.9 |  |
Total real estate | 27.0 |  | 9.6 |  | 2.9 |  | 39.5 |  | 13,379.4 |  | 37.3 |  | 13,456.2 |  |
Consumer: |  |  |  |  |  |  |  |
Indirect | 9.3 |  | 2.4 |  | 0.6 |  | 12.3 |  | 814.7 |  | 2.7 |  | 829.7 |  |
Direct | 0.8 |  | 0.3 |  | 0.1 |  | 1.2 |  | 151.4 |  | 0.3 |  | 152.9 |  |
Credit card | 0.8 |  | 0.4 |  | 0.6 |  | 1.8 |  | 74.1 |  | — |  | 75.9 |  |
Total consumer | 10.9 |  | 3.1 |  | 1.3 |  | 15.3 |  | 1,040.2 |  | 3.0 |  | 1,058.5 |  |
Commercial | 7.1 |  | 1.7 |  | 2.1 |  | 10.9 |  | 2,861.5 |  | 10.2 |  | 2,882.6 |  |
Agricultural | 0.8 |  | 2.2 |  | 0.1 |  | 3.1 |  | 696.5 |  | 8.7 |  | 708.3 |  |
Other, including overdrafts | — |  | — |  | — |  | — |  | 9.2 |  | — |  | 9.2 |  |
Loans held for investment | $ | 45.8 |  | $ | 16.6 |  | $ | 6.4 |  | $ | 68.8 |  | $ | 17,986.8 |  | $ | 59.2 |  | $ | 18,114.8 |  |

(1) As of June 30, 2023 and December 31, 2022, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three and the six months ended June 30, 2023 and 2022, respectively. There were no material reversals of accrued interest during the same periods.
Modifications to Borrowers Experiencing Financial Difficulty
Modifications of loans are made in the ordinary course of business and are completed on a case-by-case basis through negotiation with the borrower in connection with the ongoing loan collection processes. Loan modifications are made to provide borrowers payment relief. Effective January 1, 2023, the Company adopted ASU 2022-02, which eliminated accounting guidance for troubled debt restructurings while requiring disclosures of borrowers experiencing financial difficulty for modifications related to principal reductions, interest rate reductions, term extensions, and more than insignificant payment delay. See “Note 17 – Recent Authoritative Accounting Guidance” of these Notes to Unaudited Consolidated Financial Statements” for further discussion of the amendments in this update.
From time to time, we may modify certain loans to borrowers who are experiencing financial difficulty. In some cases, these modifications may result in new loans. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension or a combination thereof, among other things.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following table presents the amortized cost basis of loans at June 30, 2023 that were both experiencing financial difficulty and modified during the three and the six month periods ended June 30, 2023, by class and by type of modification. The percentage of the principal balance of loans that were modified to borrowers in financial distress as compared to the principal balance of each class of receivable is also presented below:

Three Months Ended June 30, 2023 |  | Principal Forgiveness | Term Extension |  |  |  |  |  |  | Total | % of Total Class of Loans Held for Investment (1) |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | — |  | $ | 13.9 |  |  |  |  |  |  |  | $ | 13.9 |  | 0.16 | % |  |
Residential |  | — |  | 0.1 |  |  |  |  |  |  |  | 0.1 |  | — |  |  |
Total real estate |  | — |  | 14.0 |  |  |  |  |  |  |  | 14.0 |  | 0.10 |  |  |
Commercial |  | — |  | 6.4 |  |  |  |  |  |  |  | 6.4 |  | 0.21 |  |  |
Agricultural |  | — |  | 19.6 |  |  |  |  |  |  |  | 19.6 |  | 2.85 |  |  |
Loans held for investment (2) |  | $ | — |  | $ | 40.0 |  |  |  |  |  |  |  | $ | 40.0 |  | 0.22 | % |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1.6 |  | $ | 17.4 |  |  |  |  |  |  |  | $ | 19.0 |  | 0.22 | % |  |
Construction |  | — |  | 0.1 |  |  |  |  |  |  |  | 0.1 |  | 0.01 |  |  |
Residential |  | 0.1 |  | 0.2 |  |  |  |  |  |  |  | 0.3 |  | 0.01 |  |  |
Agricultural |  | — |  | 1.1 |  |  |  |  |  |  |  | 1.1 |  | 0.15 |  |  |
Total real estate |  | 1.7 |  | 18.8 |  |  |  |  |  |  |  | 20.5 |  | 0.15 |  |  |
Commercial |  | — |  | 8.8 |  |  |  |  |  |  |  | 8.8 |  | 0.29 |  |  |
Agricultural |  | — |  | 36.6 |  |  |  |  |  |  |  | 36.6 |  | 5.32 |  |  |
Loans held for investment (2) |  | $ | 1.7 |  | $ | 64.2 |  |  |  |  |  |  |  | $ | 65.9 |  | 0.36 | % |  |

(1) Based on the principal balance as of period end, divided by the period end principal balance of the corresponding class of receivables.
(2) As of June 30, 2023, the Company excluded $0.9 million in accrued interest from the amortized cost of the identified loans.
The Company monitors the performance of loan modifications to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Of the loans that were modified during the six months ended June 30, 2023, there were $0.2 million of loans classified as past due 30 days or more, with the remaining loans performing in accordance with the modified terms and are classified as current at June 30, 2023.
There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been modified during the three and the six month periods ended June 30, 2023 through either principal forgiveness, interest rate reduction, term extension, or other than insignificant payment delay.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three and the six month periods ended June 30, 2023:

Three Months Ended June 30, 2023 | Principal Forgiveness | Weighted-Average Months of Term Extension
Real estate: |  |
Commercial | $ | — |  | 6.4
Residential | — |  | 16.2
Total real estate | — |  |
Consumer: |  |
Indirect | — |  | 7.0
Direct and advance lines | — |  | 8.0
Total consumer | — |  |
Commercial | — |  | 8.3
Agricultural | — |  | 8.9
Loans held for investment (1) | $ | — |  |
Six Months Ended June 30, 2023 |  |
Real estate: |  |
Commercial | $ | 1.3 |  | 6.4
Construction | — |  | 12.4
Residential | 0.3 |  | 19.5
Agricultural | — |  | 7.2
Total real estate | 1.6 |  |
Consumer: |  |
Indirect | — |  | 8.3
Direct and advance lines | — |  | 8.0
Total consumer | — |  |
Commercial | — |  | 9.0
Agricultural | — |  | 9.2
Loans held for investment (1) | $ | 1.6 |  |

(1) Balances based on loan original contractual terms.
There were no payment defaults on these loans subsequent to their modifications during the three and the six month periods ended June 30, 2023. The Company considers a payment default to occur when the loan is 90 days or more past due or the loan is placed on non-accrual status after the modification. The Company monitors the performance of modified loans on an ongoing basis. In the event of subsequent default, the allowance for credit losses continues to be reassessed on the basis of an individual evaluation of each loan. The modifications made during the periods presented did not significantly impact the Company’s determination of the allowance for credit losses.
Purchased Credit Deteriorated Loans (“PCD”)
The Company analyzes all acquired loans at the time of acquisition for more-than-insignificant deterioration in credit quality since their origination date. Such loans are classified as PCD, also referred to as PCD loans. Acquired loans classified as PCD are recorded at an initial amortized cost, which is comprised of the purchase price of the loans plus the initial allowance for credit losses for the loans, and any resulting discount or premium related to factors other than credit. The Company accounts for interest income on PCD loans using the interest method, whereby any purchase discounts or premiums are accreted or amortized into interest income as an adjustment of the loan’s yield.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following table reconciles the par value, or initial amortized cost, of PCD loans acquired in the GWB acquisition as of February 1, 2022, or the date of the acquisition, with the purchase price (or initial fair value of the loans) as amended for measurement period adjustments:

Purchase price (initial fair value) | $ | 623.3 |
Allowance for credit losses (1) | 298.2 |
Discount attributable to other factors (2) | 57.7 |
Par value (unpaid principal balance) | $ | 979.2 |

(1) For acquired PCD loans, an allowance of $298.2 million was required with a corresponding increase to the amortized cost basis as of the acquisition date. For PCD loans where all or a portion of the loan balance had been previously written-off by GWB, or would be subject to write-off under the Company’s charge-off policy, a CECL allowance of $238.7 million, included as part of the grossed-up loan balance at acquisition was immediately written-off. The net impact to the allowance for PCD assets on the acquisition date was $59.5 million.
(2) Non-credit discount includes the difference between the amortized cost basis and the unpaid principal balance of $39.6 million established on PCD loans acquired from GWB and interest applied to principal of $18.1 million.
Credit Quality Indicators
As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans based on relevant information about the ability of borrowers to service their debt. The factors considered by the Company include, among other factors, the borrower’s current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually to classify the credit risk of the loans. This analysis generally includes loans with an outstanding balance greater than $1.0 million, which are generally considered non-homogeneous loans, such as commercial loans and commercial real estate loans. This analysis is performed no less than on an annual basis, depending upon the size of exposure and the contractual obligations governing the borrower’s financial reporting frequency. Homogeneous loans, including small business loans, are typically monitored by payment performance. The Company internally risk rates its loans in accordance with a Uniform Classification System developed jointly by the various bank regulatory agencies. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators in addition to the 6 Pass ratings in its 10-point rating scale:
Special Mention — includes loans that exhibit a potential weakness in financial condition, loan structure, or documentation that warrants management’s close attention. If not promptly corrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.
Substandard — includes loans that are inadequately protected by the current net worth and paying capacity of the borrower which have well-defined weaknesses that jeopardize the liquidation of the debt. Although the primary source of repayment for a substandard loan may not currently be sufficient, collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit.
Doubtful — includes loans that exhibit pronounced weaknesses based on currently existing facts, conditions, and values to a point where collection or liquidation for full repayment is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure.
Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered pass-rated loans.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The Company evaluates the credit quality and loan performance for the allowance for credit losses of the following class of receivables based on the aforementioned risk scale as of and for the periods ended:

| As of and for the six months ended June 30, 2023 |  |  |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
Risk by Collateral | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total
Commercial real estate: |  |  |  |  |  |  |  |  |
Pass | $ | 633.8 |  | $ | 2,250.0 |  | $ | 1,728.7 |  | $ | 1,302.0 |  | $ | 752.4 |  | $ | 1,784.9 |  | $ | 32.0 |  | $ | 55.0 |  | $ | 8,538.8 |
Special mention | 4.0 |  | 9.3 |  | 20.1 |  | 5.8 |  | 25.5 |  | 69.1 |  | 1.8 |  | — |  | 135.6 |
Substandard | 3.0 |  | 26.5 |  | 28.4 |  | 9.6 |  | 29.2 |  | 30.1 |  | 0.4 |  | 0.3 |  | 127.5 |
Doubtful | 10.6 |  | — |  | 1.4 |  | — |  | — |  | — |  | — |  | — |  | 12.0 |
Total | $ | 651.4 |  | $ | 2,285.8 |  | $ | 1,778.6 |  | $ | 1,317.4 |  | $ | 807.1 |  | $ | 1,884.1 |  | $ | 34.2 |  | $ | 55.3 |  | $ | 8,813.9 |
Current-period gross charge-offs | — |  | 0.3 |  | 1.7 |  | 2.6 |  | — |  | — |  | — |  | — |  | 4.6 |
Construction real estate: |  |  |  |  |  |  |  |  |
Pass | $ | 237.6 |  | $ | 822.7 |  | $ | 502.2 |  | $ | 49.6 |  | $ | 17.8 |  | $ | 40.0 |  | $ | 96.2 |  | $ | 13.6 |  | $ | 1,779.7 |
Special mention | — |  | 8.6 |  | 0.1 |  | — |  | 2.7 |  | 0.2 |  | — |  | 3.0 |  | 14.6 |
Substandard | — |  | 3.0 |  | 24.5 |  | 0.2 |  | 0.1 |  | 0.5 |  | — |  | — |  | 28.3 |
Doubtful | — |  | 13.9 |  | — |  | — |  | — |  | — |  | — |  | — |  | 13.9 |
Total | $ | 237.6 |  | $ | 848.2 |  | $ | 526.8 |  | $ | 49.8 |  | $ | 20.6 |  | $ | 40.7 |  | $ | 96.2 |  | $ | 16.6 |  | $ | 1,836.5 |
Current-period gross charge-offs | — |  | — |  | 0.1 |  | — |  | — |  | — |  | — |  | 9.6 |  | 9.7 |
Agricultural real estate: |  |  |  |  |  |  |  |  |
Pass | $ | 35.9 |  | $ | 143.1 |  | $ | 163.0 |  | $ | 102.9 |  | $ | 60.7 |  | $ | 143.3 |  | $ | 28.8 |  | $ | 0.4 |  | $ | 678.1 |
Special mention | 2.6 |  | 0.8 |  | 1.2 |  | 2.0 |  | 1.7 |  | 12.6 |  | 8.9 |  | — |  | 29.8 |
Substandard | 8.0 |  | 20.7 |  | 4.8 |  | 1.2 |  | 0.5 |  | 11.6 |  | — |  | — |  | 46.8 |
Doubtful | — |  | — |  | — |  | 1.0 |  | — |  | — |  | — |  | — |  | 1.0 |
Total | $ | 46.5 |  | $ | 164.6 |  | $ | 169.0 |  | $ | 107.1 |  | $ | 62.9 |  | $ | 167.5 |  | $ | 37.7 |  | $ | 0.4 |  | $ | 755.7 |
Current-period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Commercial: |  |  |  |  |  |  |  |  |
Pass | $ | 289.2 |  | $ | 577.9 |  | $ | 422.6 |  | $ | 247.1 |  | $ | 127.0 |  | $ | 344.7 |  | $ | 811.6 |  | $ | 36.1 |  | $ | 2,856.2 |
Special mention | 0.9 |  | 4.2 |  | 10.5 |  | 4.2 |  | 2.3 |  | 1.5 |  | 11.0 |  | 0.1 |  | 34.7 |
Substandard | 4.0 |  | 21.9 |  | 8.4 |  | 3.1 |  | 4.7 |  | 5.9 |  | 58.3 |  | — |  | 106.3 |
Doubtful | 4.2 |  | — |  | 1.2 |  | — |  | — |  | — |  | 0.1 |  | — |  | 5.5 |
Total | $ | 298.3 |  | $ | 604.0 |  | $ | 442.7 |  | $ | 254.4 |  | $ | 134.0 |  | $ | 352.1 |  | $ | 881.0 |  | $ | 36.2 |  | $ | 3,002.7 |
Current-period gross charge-offs | — |  | 0.3 |  | 0.1 |  | 0.2 |  | 0.1 |  | — |  | 0.8 |  | — |  | 1.5 |
Agricultural: |  |  |  |  |  |  |  |  |
Pass | $ | 50.9 |  | $ | 92.8 |  | $ | 48.3 |  | $ | 26.3 |  | $ | 8.3 |  | $ | 10.8 |  | $ | 375.9 |  | $ | 1.4 |  | $ | 614.7 |
Special mention | 0.8 |  | 1.0 |  | 0.7 |  | 0.3 |  | 0.2 |  | 0.2 |  | 2.9 |  | 0.2 |  | 6.3 |
Substandard | 44.5 |  | 1.1 |  | 1.0 |  | 1.4 |  | 0.5 |  | 1.3 |  | 16.6 |  | 0.2 |  | 66.6 |
Doubtful | — |  | — |  | 0.4 |  | — |  | — |  | — |  | — |  | — |  | 0.4 |
Total | $ | 96.2 |  | $ | 94.9 |  | $ | 50.4 |  | $ | 28.0 |  | $ | 9.0 |  | $ | 12.3 |  | $ | 395.4 |  | $ | 1.8 |  | $ | 688.0 |
Current-period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

| December 31, 2022 |  |  |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
Risk by Collateral | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis |  | Total
Commercial real estate non-owner occupied: |  |  |  |  |  |  |  |  |
Pass | $ | 1,162.6 |  | $ | 861.3 |  | $ | 661.1 |  | $ | 467.6 |  | $ | 241.5 |  | $ | 890.4 |  | $ | 29.2 |  |  | $ | 4,313.7 |
Special mention | 1.0 |  | 6.8 |  | 2.3 |  | 4.6 |  | — |  | 7.4 |  | — |  |  | 22.1 |
Substandard | 0.1 |  | 13.9 |  | 10.8 |  | 18.2 |  | 19.6 |  | 9.8 |  | — |  |  | 72.4 |
Total | $ | 1,163.7 |  | $ | 882.0 |  | $ | 674.2 |  | $ | 490.4 |  | $ | 261.1 |  | $ | 907.6 |  | $ | 29.2 |  |  | $ | 4,408.2 |
Commercial real estate owner occupied: |  |  |  |  |  |  |  |  |
Pass | $ | 793.0 |  | $ | 718.7 |  | $ | 533.9 |  | $ | 266.3 |  | $ | 165.8 |  | $ | 551.3 |  | $ | 18.2 |  |  | $ | 3,047.2 |
Special mention | 10.9 |  | 14.2 |  | 12.3 |  | 6.1 |  | 5.6 |  | 5.5 |  | 1.1 |  |  | 55.7 |
Substandard | 8.4 |  | 3.0 |  | 2.3 |  | 8.9 |  | 8.5 |  | 17.2 |  | 0.5 |  |  | 48.8 |
Doubtful | 0.4 |  | 1.4 |  | — |  | — |  | — |  | — |  | — |  |  | 1.8 |
Total | $ | 812.7 |  | $ | 737.3 |  | $ | 548.5 |  | $ | 281.3 |  | $ | 179.9 |  | $ | 574.0 |  | $ | 19.8 |  |  | $ | 3,153.5 |
Commercial multi-family: |  |  |  |  |  |  |  |  |
Pass | $ | 369.2 |  | $ | 204.9 |  | $ | 189.0 |  | $ | 52.1 |  | $ | 35.0 |  | $ | 113.7 |  | $ | 1.0 |  |  | $ | 964.9 |
Special mention | — |  | — |  | — |  | — |  | — |  | 1.7 |  | — |  |  | 1.7 |
Substandard | — |  | — |  | — |  | — |  | — |  | 0.3 |  | — |  |  | 0.3 |
Total | $ | 369.2 |  | $ | 204.9 |  | $ | 189.0 |  | $ | 52.1 |  | $ | 35.0 |  | $ | 115.7 |  | $ | 1.0 |  |  | $ | 966.9 |
Land, acquisition and development: |  |  |  |  |  |  |  |  |
Pass | $ | 152.5 |  | $ | 114.4 |  | $ | 29.5 |  | $ | 17.0 |  | $ | 10.9 |  | $ | 28.4 |  | $ | 22.2 |  |  | $ | 374.9 |
Special mention | 6.7 |  | — |  | — |  | — |  | 0.2 |  | 0.3 |  | — |  |  | 7.2 |
Substandard | — |  | 0.3 |  | 0.2 |  | — |  | — |  | 0.4 |  | — |  |  | 0.9 |
Doubtful | — |  | 3.2 |  | — |  | — |  | — |  | — |  | — |  |  | 3.2 |
Total | $ | 159.2 |  | $ | 117.9 |  | $ | 29.7 |  | $ | 17.0 |  | $ | 11.1 |  | $ | 29.1 |  | $ | 22.2 |  |  | $ | 386.2 |
Residential construction: |  |  |  |  |  |  |  |  |
Pass | $ | 118.4 |  | $ | 119.9 |  | $ | 0.4 |  | $ | 0.3 |  | $ | 0.4 |  | $ | 5.8 |  | $ | 270.1 |  |  | $ | 515.3 |
Substandard | — |  | 0.5 |  | — |  | — |  | — |  | 0.4 |  | — |  |  | 0.9 |
Total | $ | 118.4 |  | $ | 120.4 |  | $ | 0.4 |  | $ | 0.3 |  | $ | 0.4 |  | $ | 6.2 |  | $ | 270.1 |  |  | $ | 516.2 |
Commercial construction: |  |  |  |  |  |  |  |  |
Pass | $ | 442.7 |  | $ | 374.8 |  | $ | 89.7 |  | $ | 45.9 |  | $ | 0.4 |  | $ | — |  | $ | 10.6 |  |  | $ | 964.1 |
Special mention | 2.3 |  | — |  | 23.1 |  | — |  | — |  | — |  | 11.3 |  |  | 36.7 |
Substandard | 16.8 |  | 24.4 |  | — |  | — |  | — |  | — |  | — |  |  | 41.2 |
Total | $ | 461.8 |  | $ | 399.2 |  | $ | 112.8 |  | $ | 45.9 |  | $ | 0.4 |  | $ | — |  | $ | 21.9 |  |  | $ | 1,042.0 |
Agricultural real estate: |  |  |  |  |  |  |  |  |
Pass | $ | 180.0 |  | $ | 172.8 |  | $ | 109.5 |  | $ | 64.8 |  | $ | 46.6 |  | $ | 105.1 |  | $ | 31.4 |  |  | $ | 710.2 |
Special mention | 22.4 |  | 0.7 |  | 1.2 |  | 2.6 |  | 10.0 |  | 3.2 |  | 11.0 |  |  | 51.1 |
Substandard | 1.8 |  | 12.3 |  | 3.5 |  | 0.6 |  | 2.7 |  | 11.3 |  | 0.1 |  |  | 32.3 |
Doubtful | — |  | — |  | 1.3 |  | — |  | — |  | — |  | — |  |  | 1.3 |
Total | $ | 204.2 |  | $ | 185.8 |  | $ | 115.5 |  | $ | 68.0 |  | $ | 59.3 |  | $ | 119.6 |  | $ | 42.5 |  |  | $ | 794.9 |
Commercial and floor plans: |  |  |  |  |  |  |  |  |
Pass | $ | 501.7 |  | $ | 358.9 |  | $ | 214.4 |  | $ | 124.3 |  | $ | 120.3 |  | $ | 171.1 |  | $ | 631.6 |  |  | $ | 2,122.3 |
Special mention | 15.9 |  | 6.8 |  | 1.3 |  | 4.4 |  | 0.9 |  | 4.9 |  | 18.5 |  |  | 52.7 |
Substandard | 9.8 |  | 3.3 |  | 3.7 |  | 3.4 |  | 3.2 |  | 2.1 |  | 47.2 |  |  | 72.7 |
Doubtful | 0.3 |  | 1.3 |  | — |  | — |  | — |  | — |  | 0.1 |  |  | 1.7 |
Total | $ | 527.7 |  | $ | 370.3 |  | $ | 219.4 |  | $ | 132.1 |  | $ | 124.4 |  | $ | 178.1 |  | $ | 697.4 |  |  | $ | 2,249.4 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

| December 31, 2022 |  |  |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
Risk by Collateral | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis |  | Total
Commercial purpose secured by 1-4 family: |  |  |  |  |  |  |  |  |
Pass | $ | 191.7 |  | $ | 134.5 |  | $ | 69.8 |  | $ | 30.4 |  | $ | 29.9 |  | $ | 39.5 |  | $ | 28.9 |  |  | $ | 524.7 |
Special mention | 0.1 |  | 1.2 |  | 2.1 |  | 0.2 |  | 1.4 |  | 0.2 |  | — |  |  | 5.2 |
Substandard | 0.2 |  | 0.3 |  | 0.1 |  | 0.3 |  | 0.9 |  | 1.2 |  | — |  |  | 3.0 |
Total | $ | 192.0 |  | $ | 136.0 |  | $ | 72.0 |  | $ | 30.9 |  | $ | 32.2 |  | $ | 40.9 |  | $ | 28.9 |  |  | $ | 532.9 |
Agricultural: |  |  |  |  |  |  |  |  |
Pass | $ | 127.2 |  | $ | 59.7 |  | $ | 31.8 |  | $ | 10.6 |  | $ | 8.6 |  | $ | 3.1 |  | $ | 375.1 |  |  | $ | 616.1 |
Special mention | 26.1 |  | 2.8 |  | 0.4 |  | 1.0 |  | 0.3 |  | — |  | 26.2 |  |  | 56.8 |
Substandard | 22.8 |  | 4.6 |  | 2.8 |  | 0.6 |  | 1.2 |  | 0.2 |  | 0.8 |  |  | 33.0 |
Doubtful | — |  | 0.5 |  | — |  | — |  | — |  | — |  | — |  |  | 0.5 |
Total | $ | 176.1 |  | $ | 67.6 |  | $ | 35.0 |  | $ | 12.2 |  | $ | 10.1 |  | $ | 3.3 |  | $ | 402.1 |  |  | $ | 706.4 |

The Company evaluates the credit quality, loan performance, and the allowance for credit losses of its residential and consumer loan portfolios based primarily on the aging status of the loan and borrower payment activity. Accordingly, loans on nonaccrual status, loans past due 90 days or more and still accruing interest are considered nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of these loan portfolios based on the credit risk profile of loans that are performing and loans that are nonperforming as of the periods indicated:

| As of and for the six months ended June 30, 2023 |  |  |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
Risk by Collateral | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total
Residential: |  |  |  |  |  |  |  |  |
Performing | $ | 33.4 |  | $ | 299.5 |  | $ | 507.7 |  | $ | 523.0 |  | $ | 96.9 |  | $ | 240.4 |  | $ | 476.6 |  | $ | 12.5 |  | $ | 2,190.0 |
Nonperforming | 0.1 |  | 0.9 |  | 0.8 |  | 0.6 |  | 0.7 |  | 5.0 |  | 0.2 |  | — |  | 8.3 |
Total | $ | 33.5 |  | $ | 300.4 |  | $ | 508.5 |  | $ | 523.6 |  | $ | 97.6 |  | $ | 245.4 |  | $ | 476.8 |  | $ | 12.5 |  | $ | 2,198.3 |
Current-period gross charge-offs | 0.3 |  | — |  | — |  | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.5 |
Consumer indirect: |  |  |  |  |  |  |  |  |
Performing | $ | 86.7 |  | $ | 321.2 |  | $ | 142.8 |  | $ | 103.6 |  | $ | 44.7 |  | $ | 61.6 |  | $ | — |  | $ | — |  | $ | 760.6 |
Nonperforming | 0.1 |  | 1.3 |  | 0.8 |  | 0.4 |  | 0.2 |  | 0.5 |  | — |  | — |  | 3.3 |
Total | $ | 86.8 |  | $ | 322.5 |  | $ | 143.6 |  | $ | 104.1 |  | $ | 44.9 |  | $ | 62.2 |  | $ | — |  | $ | — |  | $ | 764.1 |
Current-period gross charge-offs | — |  | 1.3 |  | 1.2 |  | 0.5 |  | 0.1 |  | 0.3 |  | — |  | — |  | 3.4 |
Consumer direct and advance line: |  |  |  |  |  |  |  |  |
Performing | $ | 23.9 |  | $ | 41.4 |  | $ | 24.2 |  | $ | 12.8 |  | $ | 5.4 |  | $ | 8.3 |  | $ | 27.4 |  | $ | 0.3 |  | $ | 143.7 |
Nonperforming | — |  | 0.1 |  | 0.1 |  | — |  | — |  | 0.1 |  | — |  | — |  | 0.3 |
Total | $ | 23.9 |  | $ | 41.5 |  | $ | 24.3 |  | $ | 12.8 |  | $ | 5.4 |  | $ | 8.4 |  | $ | 27.4 |  | $ | 0.3 |  | $ | 144.0 |
Current-period gross charge-offs | — |  | 0.1 |  | 0.1 |  | 0.1 |  | 0.1 |  | 1.4 |  | 0.1 |  | — |  | 1.9 |
Consumer credit card: |  |  |  |  |  |  |  |  |
Performing | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 71.6 |  | $ | — |  | $ | 71.6 |
Nonperforming | — |  | — |  | — |  | — |  | — |  | — |  | 0.5 |  | — |  | 0.5 |
Total | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 72.1 |  | $ | — |  | $ | 72.1 |
Current-period gross charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | 1.4 |  | — |  | 1.4 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

| December 31, 2022 |  |  |
| Term Loans Amortized Cost Basis by Origination Year |  |  |
Risk by Collateral | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis |  | Total
Residential 1-4 family: |  |  |  |  |  |  |  |  |
Performing | $ | 258.9 |  | $ | 490.3 |  | $ | 541.6 |  | $ | 98.0 |  | $ | 32.0 |  | $ | 213.8 |  | $ | — |  |  | $ | 1,634.6 |
Nonperforming | — |  | 0.2 |  | 0.1 |  | 0.5 |  | 0.3 |  | 3.7 |  | — |  |  | 4.8 |
Total | $ | 258.9 |  | $ | 490.5 |  | $ | 541.7 |  | $ | 98.5 |  | $ | 32.3 |  | $ | 217.5 |  | $ | — |  |  | $ | 1,639.4 |
Consumer home equity and HELOC: |  |  |  |  |  |  |  |  |
Performing | $ | 23.8 |  | $ | 8.0 |  | $ | 5.2 |  | $ | 5.5 |  | $ | 5.6 |  | $ | 15.2 |  | $ | 482.8 |  |  | $ | 546.1 |
Nonperforming | 0.6 |  | 0.3 |  | 0.2 |  | 0.2 |  | 0.1 |  | 1.2 |  | 0.2 |  |  | 2.8 |
Total | $ | 24.4 |  | $ | 8.3 |  | $ | 5.4 |  | $ | 5.7 |  | $ | 5.7 |  | $ | 16.4 |  | $ | 483.0 |  |  | $ | 548.9 |
Consumer indirect: |  |  |  |  |  |  |  |  |
Performing | $ | 380.3 |  | $ | 176.4 |  | $ | 130.0 |  | $ | 59.7 |  | $ | 33.6 |  | $ | 46.3 |  | $ | — |  |  | $ | 826.3 |
Nonperforming | 1.0 |  | 0.9 |  | 0.6 |  | 0.3 |  | 0.2 |  | 0.4 |  | — |  |  | 3.4 |
Total | $ | 381.3 |  | $ | 177.3 |  | $ | 130.6 |  | $ | 60.0 |  | $ | 33.8 |  | $ | 46.7 |  | $ | — |  |  | $ | 829.7 |
Consumer direct and advance line: |  |  |  |  |  |  |  |  |
Performing | $ | 52.6 |  | $ | 31.9 |  | $ | 18.2 |  | $ | 8.5 |  | $ | 6.5 |  | $ | 8.9 |  | $ | 25.8 |  |  | $ | 152.4 |
Nonperforming | 0.1 |  | 0.1 |  | 0.1 |  | — |  | — |  | 0.1 |  | 0.1 |  |  | 0.5 |
Total | $ | 52.7 |  | $ | 32.0 |  | $ | 18.3 |  | $ | 8.5 |  | $ | 6.5 |  | $ | 9.0 |  | $ | 25.9 |  |  | $ | 152.9 |

While the Company considers the performance of the loan portfolio on the allowance for credit losses, for certain credit card loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity of the credit card holder. The following table presents the recorded investment in credit card loans based on payment activity for the periods indicated:

As of December 31, 2022 | Consumer | Commercial | Agricultural | Total
Credit Card: |  |  |  |
Performing | $ | 75.4 |  | $ | 100.0 |  | $ | 1.9 |  | $ | 177.3 |
Nonperforming | 0.5 |  | 0.3 |  | — |  | 0.8 |
Total credit card | $ | 75.9 |  | $ | 100.3 |  | $ | 1.9 |  | $ | 178.1 |

In the normal course of business, there were no material purchases of portfolio loans and no material sales of loans held for investment during the three and the six months ended June 30, 2023 or 2022.
(7) Other Real Estate Owned
Other real estate owned (“OREO”) is a category of real estate owned by the Company as a result of a default by the borrower. Information with respect to the Company’s OREO is reflected in the following table:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance | $ | 13.4 |  |  | $ | 17.5 |  |  | $ | 12.7 |  |  | $ | 2.0 |
Acquired through acquisition | — |  |  | — |  |  | — |  |  | 15.8 |
Additions | 1.7 |  |  | 0.1 |  |  | 2.5 |  |  | 0.1 |
Valuation adjustments | (0.7) |  |  | — |  |  | (0.8) |  |  | — |
Dispositions | — |  |  | (0.8) |  |  | — |  |  | (1.1) |
Ending balance | $ | 14.4 |  |  | $ | 16.8 |  |  | $ | 14.4 |  |  | $ | 16.8 |

The carrying value of foreclosed residential real estate properties included in OREO was $1.1 million as of June 30, 2023 and was not material as of December 31, 2022. The Company had $0.4 million and no material recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure as of June 30, 2023 and December 31, 2022, respectively.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
(8) Derivatives and Hedging Activities
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. The Company enters into derivative financial instruments, such as interest rate swap contracts to manage or hedge exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and interest rate exposures. The Company does not enter into interest rate swap agreements for trading or speculative purposes.
In the normal course of business, the Company enters into interest rate lock commitments to finance residential mortgage loans that are not designated as accounting hedges. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee, provided the loan meets underwriting guidelines, and closes within the timeframe established by the Company. Interest rate risk arises on these commitments and subsequently on closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Loan commitments related to residential mortgage loans intended to be sold are considered derivatives and are recorded at fair value with changes in fair value recorded through earnings.
The Company sells residential mortgage loans on either a best efforts or mandatory delivery basis. The Company mitigates the effect of the interest rate risk inherent in providing interest rate lock commitments by entering into forward loan sales contracts. The forward loan sales contracts are recorded at fair value with changes in fair value recorded through earnings and are not designated as accounting hedges. Exclusive of the fair value component associated with the projected cash flows from the loan delivery to the investor, the changes in fair value related to movements in market rates of the interest rate lock commitments and the forward loan sales contracts generally move in opposite directions, and the net impact of changes in these valuations on net income during the loan commitment period is generally inconsequential. When the loan is funded to the borrower, the interest rate lock commitment derivative expires, and the Company records a loan held for sale. The forward loan sales contract acts as a hedge against the variability in cash to be received from the loan sale. The changes in measurement of the estimated fair values of the interest rate lock commitments and forward loan sales contracts are included in mortgage banking revenues in the accompanying consolidated statements of income (loss).
The Company also enters into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a client while at the same time entering into an offsetting interest rate swap with a third-party financial institution. Because the Company acts as an intermediary for the client, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest income (expense) and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. Interest rate swaps that were designated as cash flow hedges on the variable-rate borrowings (trust preferred securities) involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2021 and the first quarter of 2022, such derivatives were used to hedge the variable cash flows associated with the existing trust preferred securities. The trades that the Company had in place on its trust preferred securities matured during the first and second quarters of 2022.
As part of the Company’s overall asset and liability management strategy, in August 2022 the Company entered into two interest rate collars related to variable-rate loans that were designated as cash flow hedges with a total notional amount of $300.0 million. Each of the collars designated as cash flow hedges synthetically fixes the interest income received by the Company when the collar index falls below a floor rate on a rate reset during the term of the collar and when the collar index exceeds the cap rate on a rate reset during the term of the collar without exchange of the underlying notional amount.
In October 2022 the Company entered into four swaps, two of which were related to variable-rate loans and two that were related to variable-rate securities that were designated as cash flow hedges with a total notional amount of $850.0 million. Each of these swaps designated as cash flow hedges synthetically fixes the interest income received by the Company without exchange of the underlying notional amount. Of the six trades with a total notional amount of $1.15 billion, four are effective with a total notional of $600.0 million. Of these effective trades, the two collars and one swap are related to variable-rate loans and the other swap is related to variable-rate securities.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest income (expense) in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified as interest income (expense) when interest payments are made on the Company’s variable-rate liabilities. During the next twelve months, the Company estimates that $12.2 million will be reclassified as an increase to interest expense.
Fair Value Hedges of Interest Rate Risk
The Company is exposed to changes in the fair value of fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. During the third quarter of 2022, the Company terminated the $200.0 million, three-year forward starting, four-year pay fixed interest rate swap, resulting in a $8.5 million gain that will be accreted into income through July 2028.
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustment for fair value hedges for the periods indicated:

| June 30, 2023 |  | December 31, 2022
| Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment |  | Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment
Available-for-sale securities | $ | 192.6 |  | $ | 7.4 |  |  | $ | 191.9 |  | $ | 8.1 |

Non-designated Hedge Derivatives
Derivatives not designated as accounting hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings.
Risk Participation Agreements
The Company acquired from GWB risk participation agreements under which it assumes credit risk associated with a borrower’s performance related to derivative contracts. The Company only entered into these credit risk participation agreements in instances in which the Company was also a party to the related loan participation agreements for such borrowers. The Company manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on its normal credit review process.
The following table summarizes the fair values of our derivative instruments on a gross and net basis for the periods indicated. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Securities collateral related to legally enforceable master netting agreements is not offset on the consolidated balance sheets.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

| June 30, 2023 |  | December 31, 2022
| Notional Amount | Consolidated Balance Sheet Location | Estimated Fair Value |  | Notional Amount | Consolidated Balance Sheet Location | Estimated Fair Value
Derivatives designated as accounting hedges: |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | — |  |  | $ | 550.0 |  |  | $ | 3.5 |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate swap contracts | 1,645.7 |  |  | 40.2 |  |  | 1,728.1 |  |  | 41.6 |
Forward loan sales contracts | 13.4 |  |  | — |  |  | 12.6 |  |  | 0.1 |
Derivative assets | $ | 1,659.1 |  | Other assets | $ | 40.2 |  |  | $ | 2,290.7 |  | Other assets | $ | 45.2 |
Derivatives designated as accounting hedges: |  |  |  |  |  |  |
Interest rate collars | $ | 300.0 |  |  | $ | 7.0 |  |  | $ | 300.0 |  |  | $ | 5.4 |
Interest rate swap contracts | 850.0 |  |  | 7.7 |  |  | 300.0 |  |  | 0.3 |
Derivatives not designated as accounting hedges: |  |  |  |  |  |  |
Interest rate swap contracts | 1,645.7 |  |  | 148.3 |  |  | 1,728.1 |  |  | 153.9 |
Risk participation agreements | 103.7 |  |  | — |  |  | 106.1 |  |  | — |
Interest rate lock commitments | 15.1 |  |  | 0.1 |  |  | 14.8 |  |  | — |
Derivative liabilities | $ | 2,914.5 |  | Accounts payable and accrued expenses | $ | 163.1 |  |  | $ | 2,449.0 |  | Accounts payable and accrued expenses | $ | 159.6 |

There was a $14.7 million unrealized fair value loss on cash flow hedging derivative instruments in accumulated other comprehensive income during the three and the six months ended June 30, 2023. There were no material effects of derivative instruments in fair value or cash flow hedge accounting on accumulated other comprehensive loss during the three and the six months ended June 30, 2022.

There were no material effects from the Company’s fair value or cash flow hedged derivative financial instruments on the consolidated statements of income during the three and the six months ended June 30, 2023 or 2022.
The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the periods indicated:

| Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 | 2022 |  |  | 2023 | 2022
| Location of Gain Recognized in Income on Derivative | Amount of Gain Recognized in Income on Derivative |  | Location of Gain Recognized in Income on Derivative | Amount of Gain Recognized in Income on Derivative
Interest rate lock commitments | Mortgage banking revenues | $ | 0.2 |  | $ | 1.0 |  |  | Mortgage banking revenues | $ | 0.2 |  | $ | 1.5 |

The Company recorded swap fee revenues of $0.5 million and $1.1 million for the three months ended June 30, 2023 and June 30, 2022, and $6.5 million and $3.1 million for the six months ended June 30, 2023 and June 30, 2022. The Company includes swap fee revenues in other service charges, commissions, and fees on the consolidated statements of income.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The tables below present the gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of the dates indicated:

| June 30, 2023
| Gross Assets Recognized |  | Gross Assets Offset in the Balance Sheet |  | Net Assets in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received (1) |  | Net Amount
Interest rate swap contracts | $ | 40.2 |  |  | $ | — |  |  | $ | 40.2 |  |  | $ | — |  |  | $ | 36.4 |  |  | $ | 3.8 |
Total derivatives | 40.2 |  |  | — |  |  | 40.2 |  |  | — |  |  | 36.4 |  |  | 3.8 |
Total assets | $ | 40.2 |  |  | $ | — |  |  | $ | 40.2 |  |  | $ | — |  |  | $ | 36.4 |  |  | $ | 3.8 |
(1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
| Gross Liabilities Recognized |  | Gross Liabilities Offset in the Balance Sheet |  | Net Liabilities in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
Interest rate swap and collar contracts | $ | 163.0 |  |  | $ | — |  |  | $ | 163.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 163.0 |
Interest rate lock commitments | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total derivatives | 163.1 |  |  | — |  |  | 163.1 |  |  | — |  |  | — |  |  | 163.1 |
Repurchase agreements | 929.9 |  |  | — |  |  | 929.9 |  |  | — |  |  | 929.9 |  |  | — |
Total liabilities | $ | 1,093.0 |  |  | $ | — |  |  | $ | 1,093.0 |  |  | $ | — |  |  | $ | 929.9 |  |  | $ | 163.1 |

| December 31, 2022
| Gross Assets Recognized |  | Gross Assets Offset in the Balance Sheet |  | Net Assets in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Interest rate swap contracts | $ | 45.1 |  |  | $ | — |  |  | $ | 45.1 |  |  | $ | — |  |  | $ | 45.1 |  |  | $ | — |
Mortgage related derivatives | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total derivatives | 45.2 |  |  | — |  |  | 45.2 |  |  | — |  |  | 45.1 |  |  | 0.1 |
Total assets | $ | 45.2 |  |  | $ | — |  |  | $ | 45.2 |  |  | $ | — |  |  | $ | 45.1 |  |  | $ | 0.1 |
| Gross Liabilities Recognized |  | Gross Liabilities Offset in the Balance Sheet |  | Net Liabilities in the Balance Sheet |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
Interest rate swap contracts | $ | 159.6 |  |  | $ | — |  |  | $ | 159.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 159.6 |
Total derivatives | 159.6 |  |  | — |  |  | 159.6 |  |  | — |  |  | — |  |  | 159.6 |
Repurchase agreements | 1,052.9 |  |  | — |  |  | 1,052.9 |  |  | — |  |  | 1,052.9 |  |  | — |
Total liabilities | $ | 1,212.5 |  |  | $ | — |  |  | $ | 1,212.5 |  |  | $ | — |  |  | $ | 1,052.9 |  |  | $ | 159.6 |

Credit-risk-related Contingent Feature
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.
The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well / adequately capitalized institution, then in certain instances the Company could be required to post additional capital and in certain instances the counterparty would have the right to terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
As of June 30, 2023, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, was zero related to these agreements. As of June 30, 2023, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has not posted excess collateral. If the Company had breached any of these provisions at June 30, 2023, it could have been required to settle its obligations under the agreements at their termination value.
(9) Other Borrowed Funds
At June 30, 2023, the Company had $2,589.0 million in outstanding FHLB borrowings consisting of $553.0 million in fixed rate borrowings with tenors of up to two weeks and with an average fixed rate of 5.30%, $450.0 million in fixed rate borrowings with tenors of up to one month and with an average fixed rate of 5.39%, $600.0 million in 2-month fixed rate borrowings with an average fixed rate of 5.38%, $150.0 million in 3-month fixed rate borrowings with an average fixed rate of 5.56%, $400.0 million in 4-month fixed rate borrowings with an average fixed rate of 5.54%, and $436.0 million in 5-month fixed rate borrowings with an average fixed rate of 5.56%, as compared to $2,327.0 million outstanding borrowings with the FHLB at December 31, 2022. The Company has remaining available lines of credit with the FHLB of approximately $4,517.6 million, subject to collateral availability at June 30, 2023. The borrowings are collateralized by certain loans with an advance equivalent collateral value of $7,106.6 million. As of June 30, 2023 and December 31, 2022, there were no long or short-term advances outstanding with the FHLB. As of June 30, 2023 and December 31, 2022, the Company had no material other borrowed funds.
(10) Capital Stock
The Company had 105,020,683 shares and 104,442,023 shares of Class A common stock outstanding as of June 30, 2023 and December 31, 2022, respectively.
The Company completed the stock repurchase program adopted by the Company’s board of directors in 2022 and the Company’s board of directors has not authorized a stock repurchase program for 2023. There were 1,720,700 shares repurchased and retired under the stock repurchase program during the three and six months ended June 30, 2022 at a total cost of $64.3 million, including costs and commissions, at an average cost of $37.38 per share.
Other stock repurchases during the six months ended June 30, 2023 and 2022, were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants in the Company’s equity compensation plans.
During the six months ended June 30, 2023, the Company issued 54,414 shares of its Class A common stock to directors for their annual service on the Company's board of directors. The aggregate value of the shares issued to directors of $1.2 million is amortized into stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity over a one year service based period.
On May 25, 2023, the Company filed a Registration Statement on Form S-8 to register an additional 2,000,000 shares of common stock to be issued pursuant to the Company's 2023 Equity and Incentive Plan.
On May 26, 2023, the Company filed a universal shelf registration statement on Form S-3, which was subsequently declared effective by the SEC. The shelf registration statement allows the Company to raise additional capital from time to time through offers and sales of registered securities consisting of debt securities, preferred stock, depositary shares, common stock, warrants, purchase contracts, and units or units consisting of any combination of the foregoing securities. The Company may sell these securities using the prospectus in the shelf registration statement, together with applicable prospectus supplements, from time to time, in one or more offerings.
(11) Earnings per Common Share
Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
The following table sets forth the computation of basic and diluted earnings per share for the periods presented:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 | 2022 |  | 2023 | 2022
Net income | $ | 67.0 |  | $ | 64.1 |  |  | $ | 123.3 |  | $ | 30.7 |
Weighted average common shares outstanding for basic earnings per share computation | 103,820,649 |  | 109,106,891 |  |  | 103,779,386 |  | 101,025,926 |
Dilutive effects of stock-based compensation | 2,242 |  | 24,827 |  |  | 42,539 |  | 50,405 |
Weighted average common shares outstanding for diluted earnings per common share computation | 103,822,891 |  | 109,131,718 |  |  | 103,821,925 |  | 101,076,331 |
Basic earnings per common share | $ | 0.65 |  | $ | 0.59 |  |  | $ | 1.19 |  | $ | 0.30 |
Diluted earnings per common share | $ | 0.65 |  | $ | 0.59 |  |  | $ | 1.19 |  | $ | 0.30 |
Anti-dilutive unvested time restricted stock | 222,417 |  | 218,033 |  |  | 129,449 |  | 61,058 |

The Company had 974,875 and 500,573 shares of unvested restricted stock as of June 30, 2023 and 2022, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met.
(12) Regulatory Capital
As of June 30, 2023 and December 31, 2022, the Company exceeded all capital adequacy requirements to which it
is subject. Actual capital amounts and ratios for the Company and its subsidiary Bank, as of June 30, 2023 and December 31, 2022 are presented in the following tables:

| Actual |  | Minimum Required for Capital Adequacy Purposes |  | For Capital Adequacy Purposes Plus Capital Conservation Buffer(1) |  | Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(2)
June 30, 2023 | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio
Total risk-based capital: |  |  |  |  |  |  |  |  |  |  |
Consolidated | $ | 2,925.7 |  | 12.90 | % |  | $ | 1,815.1 |  | 8.00 | % |  | $ | 2,382.3 |  | 10.50 | % |  | $ | 2,268.9 |  | 10.00 | %
FIB | 2,759.2 |  | 12.18 |  |  | 1,812.7 |  | 8.00 |  |  | 2,379.2 |  | 10.50 |  |  | 2,265.9 |  | 10.00 |
Tier 1 risk-based capital: |  |  |  |  |  |  |  |  |  |  |
Consolidated | 2,440.5 |  | 10.76 |  |  | 1,361.3 |  | 6.00 |  |  | 1,928.5 |  | 8.50 |  |  | 1,815.1 |  | 8.00 |
FIB | 2,530.9 |  | 11.17 |  |  | 1,359.6 |  | 6.00 |  |  | 1,926.0 |  | 8.50 |  |  | 1,812.7 |  | 8.00 |
Common equity tier 1 risk-based capital: |  |  |  |  |  |  |  |  |  |  |
Consolidated | 2,440.5 |  | 10.76 |  |  | 1,021.0 |  | 4.50 |  |  | 1,588.2 |  | 7.00 |  |  | 1,474.8 |  | 6.50 |
FIB | 2,530.9 |  | 11.17 |  |  | 1,019.7 |  | 4.50 |  |  | 1,586.1 |  | 7.00 |  |  | 1,472.9 |  | 6.50 |
Leverage capital ratio: |  |  |  |  |  |  |  |  |  |  |
Consolidated | 2,440.5 |  | 7.99 |  |  | 1,222.3 |  | 4.00 |  |  | 1,222.3 |  | 4.00 |  |  | 1,527.8 |  | 5.00 |
FIB | 2,530.9 |  | 8.29 |  |  | 1,220.6 |  | 4.00 |  |  | 1,220.6 |  | 4.00 |  |  | 1,525.8 |  | 5.00 |

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

| Actual |  | Minimum Required for Capital Adequacy Purposes |  | For Capital Adequacy Purposes Plus Capital Conservation Buffer(1) |  | Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(2)
December 31, 2022 | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio
Total risk-based capital: |  |  |  |  |  |  |  |  |  |  |
Consolidated | $ | 2,875.8 |  | 12.48 | % |  | $ | 1,843.2 |  | 8.00 | % |  | $ | 2,419.2 |  | 10.50 | % |  | $ | 2,304.0 |  | 10.00 | %
FIB | 2,713.5 |  | 11.80 |  |  | 1,839.6 |  | 8.00 |  |  | 2,414.5 |  | 10.50 |  |  | 2,299.5 |  | 10.00 |
Tier 1 risk-based capital: |  |  |  |  |  |  |  |  |  |  |
Consolidated | 2,408.8 |  | 10.45 |  |  | 1,382.4 |  | 6.00 |  |  | 1,958.4 |  | 8.50 |  |  | 1,843.2 |  | 8.00 |
FIB | 2,504.1 |  | 10.89 |  |  | 1,379.7 |  | 6.00 |  |  | 1,954.6 |  | 8.50 |  |  | 1,839.6 |  | 8.00 |
Common equity tier 1 risk-based capital: |  |  |  |  |  |  |  |  |  |  |
Consolidated | 2,408.8 |  | 10.45 |  |  | 1,036.8 |  | 4.50 |  |  | 1,612.8 |  | 7.00 |  |  | 1,497.6 |  | 6.50 |
FIB | 2,504.1 |  | 10.89 |  |  | 1,034.8 |  | 4.50 |  |  | 1,609.7 |  | 7.00 |  |  | 1,494.7 |  | 6.50 |
Leverage capital ratio: |  |  |  |  |  |  |  |  |  |  |
Consolidated | 2,408.8 |  | 7.75 |  |  | 1,242.9 |  | 4.00 |  |  | 1,242.9 |  | 4.00 |  |  | 1,553.6 |  | 5.00 |
FIB | 2,504.1 |  | 8.07 |  |  | 1,241.1 |  | 4.00 |  |  | 1,241.1 |  | 4.00 |  |  | 1,551.4 |  | 5.00 |

(1) The capital conservation buffer is an additional 2.5% of the amount necessary to meet the minimum risk-based capital requirements for total, tier 1, and common equity tier 1 risk-based capital.
(2) The ratios to meet the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis.
In connection with the adoption of the CECL on January 1, 2020, the Company recognized an after-tax cumulative effect reduction to retained earnings totaling $24.1 million. In March 2020, the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve System, and the FDIC issued an interim final rule that allows banking organizations to mitigate the effects of ASC 326 on their regulatory capital computations. This interim rule is in addition to the three-year transition period already in place under the capital transition rule previously issued in February 2019. Banking organizations can elect to mitigate the estimated cumulative regulatory capital effects for an additional two years. This rule allows an institution to defer incorporating the impact of ASC 326 into its regulatory capital calculation, including ratios, over an extended period. Additionally, the interim rule extends the transition period whereby an institution can defer the impact from ASC 326 on the current period, determined based on the difference between the new ASC 326 allowance for credit losses and the allowance for loan losses under the incurred loss method from previous GAAP, for up to two years. The total impact related to ASC 326 would then be transitioned into regulatory capital and the associated ratios over a three-year transition period, beginning after the initial two-year deferral period, for a total transition period of five years. The Company elected to opt into the transition election and adopted transition relief over the permissible five-year period.
(13) Commitments and Contingencies
In the normal course of business, the Company is involved in various claims and litigation. The Company establishes accruals for legal matters when potential losses associated with the actions become probable and the amount of loss can be reasonably estimated. There is no assurance that the ultimate resolution of these matters will not significantly exceed the amounts that the Company has accrued. Accruals for legal matters are based on management’s best judgment after consultation with counsel and others. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition of all such claims and litigation is not expected to have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of the Company.
As of June 30, 2023, the Company had commitments under construction contracts of $8.4 million.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially all the loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty, or covenant; untimely document delivery; false or misleading statements; failure to obtain certain certificates or insurance; or unmarketability. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days or months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the specific terms stated in the agreements, the Company had $0.8 million of sold residential mortgage loans with recourse provisions still in effect as of June 30, 2023.
(14) Financial Instruments with Off-Balance Sheet Risk
In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk to meet the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of amounts recorded in the consolidated balance sheets. Commitments to extend credit are agreements to lend to a client so long as there is no violation of any condition established in the commitment contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. The credit risk involved in issuing letters of credit is essentially the same as the credit risk involved in extending loan facilities to clients. The Company’s policy for obtaining collateral, and determining the nature of such collateral, is essentially the same as in the Company’s policies for making commitments to extend credit. The estimated fair value of the obligation undertaken by the Company in issuing standby letters of credit is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets.
The following table presents our financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance |  | $ | 17.8 |  |  | $ | 6.2 |  |  | $ | 16.2 |  |  | $ | 3.8 |
Provision for credit loss expense |  | 3.0 |  |  | — |  |  | 4.6 |  |  | 2.4 |
Ending balance |  | $ | 20.8 |  |  | $ | 6.2 |  |  | $ | 20.8 |  |  | $ | 6.2 |

|  | June 30, 2023 |  | December 31, 2022 |
Unused credit card lines |  | $ | 809.7 |  |  | $ | 827.6 |  |
Commitments to extend credit |  | 4,711.7 |  |  | 5,173.3 |  |
Standby letters of credit |  | 96.7 |  |  | 93.8 |  |

(15) Other Comprehensive Income (Loss)
The gross amounts of each component of other comprehensive income (loss) and the related tax effects are as follows:

| Pre-tax |  | Tax Expense (Benefit) |  | Net of Tax
Three Months Ended June 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Investment securities available-for sale: |  |  |  |  |  |  |  |  |  |  |
Change in net unrealized gains (losses) during the period | $ | (57.5) |  |  | $ | (161.6) |  |  | $ | (14.4) |  |  | $ | (45.2) |  |  | $ | (43.1) |  |  | $ | (116.4) |
Reclassification adjustment for net losses included in income | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Net change in unamortized losses on available-for-sale investment securities transferred into held-to-maturity | (0.4) |  |  | (0.9) |  |  | (0.1) |  |  | (0.2) |  |  | (0.3) |  |  | (0.7) |
Change in net unrealized loss on derivatives | (22.1) |  |  | (15.0) |  |  | (5.5) |  |  | (4.2) |  |  | (16.6) |  |  | (10.8) |
Total other comprehensive income (loss) | $ | (79.9) |  |  | $ | (177.4) |  |  | $ | (20.0) |  |  | $ | (49.6) |  |  | $ | (59.9) |  |  | $ | (127.8) |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

| Pre-tax |  | Tax Expense (Benefit) |  | Net of Tax
Six Months Ended June 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Investment securities available-for sale: |  |  |  |  |  |  |  |  |  |  |
Change in net unrealized loss during period | $ | 20.7 |  |  | $ | (414.2) |  |  | $ | 5.2 |  |  | $ | (107.9) |  |  | $ | 15.5 |  |  | $ | (306.3) |
Reclassification adjustment for net loss (gain) included in net income | 23.5 |  |  | 0.2 |  |  | 5.8 |  |  | — |  |  | 17.7 |  |  | 0.2 |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale | (7.2) |  |  | 0.2 |  |  | (1.8) |  |  | 0.1 |  |  | (5.4) |  |  | 0.1 |
Net change in unamortized (gains) losses on available-for-sale securities transferred into held-to-maturity | (0.8) |  |  | (23.9) |  |  | (0.2) |  |  | (5.9) |  |  | (0.6) |  |  | (18.0) |
Change in net unrealized gain (loss) on derivatives | (12.1) |  |  | 6.3 |  |  | (3.0) |  |  | 1.1 |  |  | (9.1) |  |  | 5.2 |
Total other comprehensive loss | $ | 24.1 |  |  | $ | (431.4) |  |  | $ | 6.0 |  |  | $ | (112.6) |  |  | $ | 18.1 |  |  | $ | (318.8) |

The components of accumulated other comprehensive loss, net of related tax effects, are as follows:

| June 30, 2023 |  | December 31, 2022
Net unrealized loss on investment securities available-for-sale | $ | (443.2) |  |  | $ | (471.0) |
Net unrealized loss on investment securities transferred to held-to-maturity | (5.2) |  |  | (4.5) |
Net unrealized loss on derivatives | (10.6) |  |  | (1.6) |
Net accumulated other comprehensive loss | $ | (459.0) |  |  | $ | (477.1) |

(16) Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The three levels of inputs to measure fair value are as follows:
•Level 1 - Quoted prices in active markets for identical assets or liabilities
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities
The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore, are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three and the six months ended June 30, 2023 and 2022.
The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no significant transfers between fair value hierarchy levels during the three and the six months ended June 30, 2023 and 2022.
Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below:
Investment Debt Securities Available-for-Sale. The Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among others. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Loans Held for Sale. Fair value measurements for residential mortgage loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Commercial and agricultural loans held for sale are derived from quotes or bids from third party investors.
Interest Rate Collars: The fair values of interest rate collars are obtained from an independent third party. The values are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below (rise above) the strike rate of the floors (caps). The variable interest rates used in the calculation of projected receipts on the collars are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions, was not significant in the reported periods. The Company also compares the reasonableness of the pricing semi-annually through a validation process involving additional independent third parties.
Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are obtained from an independent third party. The values are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable, or that can be corroborated by observable market data. The inputs used to determine fair value include the United States Dollar – Secured Overnight Financing Rate (“SOFR”) forward curve to estimate variable rate cash inflows and the SOFR to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions, was not significant in the reported periods. The Company also compares the reasonableness of the pricing semi-annually through a validation process involving additional independent third parties.
For purposes of potential valuation adjustments to our derivative positions, we evaluate both our credit risk and the credit risk of our counterparties. Accordingly, we have considered factors such as the likelihood of our default and the default of our counterparties, our net exposures and remaining contractual life, among other things, in determining if any fair value adjustments related to credit risk are required. The change in value of derivative assets and derivative liabilities attributable to credit risk was not significant during the reported periods.
Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination, and processing fees collected from the borrower.
Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans.
Deferred Compensation Plan Assets and Liabilities. The fair values of deferred compensation plan assets and liabilities are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. These investments are in the same funds and purchased in the same amounts as the participants’ selected investments, which represent the underlying liabilities to plan participants. Deferred compensation plan liabilities are recorded at amounts due to participants, based on the fair value of participants’ selected investments.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:

|  | Fair Value Measurements at Reporting Date Using
As of June 30, 2023 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 219.1 |  | $ | — | $ | 219.1 |  | $ | —
State, county, and municipal securities | 214.9 |  |  | — | 214.9 |  |  | —
Obligations of U.S. government agencies | 172.0 |  |  | — | 172.0 |  |  | —
U.S. agency commercial mortgage-backed securities | 1,102.4 |  |  | — | 1,102.4 |  |  | —
U.S. agency residential mortgage-backed securities | 1,375.4 |  |  | — | 1,375.4 |  |  | —
Collateralized mortgage obligations | 1,205.2 |  |  | — | 1,205.2 |  |  | —
Private mortgage-backed securities | 217.1 |  |  | — | 217.1 |  |  | —
Collateralized loan obligations | 1,124.3 |  |  | — | 1,124.3 |  |  | —
Corporate securities | 227.5 |  |  | — | 227.5 |  |  | —
Loans held for sale | 18.4 |  |  | — | 11.0 |  |  | 7.4
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 40.2 |  |  | — | 40.2 |  |  | —
Derivative liabilities: |  |  |  |  |  |
Interest rate collars | 7.0 |  |  | — | 7.0 |  |  | —
Interest rate swap contracts | 156.0 |  |  | — | 156.0 |  |  | —
Interest rate lock commitments | 0.1 |  |  | — | 0.1 |  |  | —
Deferred compensation plan assets | 18.4 |  |  | — | 18.4 |  |  | —
Deferred compensation plan liabilities | 18.4 |  |  | — | 18.4 |  |  | —

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

|  | Fair Value Measurements at Reporting Date Using
As of December 31, 2022 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 642.7 |  | $ | — | $ | 642.7 |  | $ | —
State, county and municipal securities | 263.7 |  |  | — | 263.7 |  |  | —
Obligations of U.S. government agencies | 198.9 |  |  | — | 198.9 |  |  | —
U.S. agency commercial mortgage-backed securities | 1,351.2 |  |  | — | 1,351.2 |  |  | —
U.S. agency residential mortgage-backed securities | 1,558.3 |  |  | — | 1,558.3 |  |  | —
Collateralized mortgage obligations | 1,350.2 |  |  | — | 1,350.2 |  |  | —
Private mortgage-backed securities | 228.0 |  |  | — | 228.0 |  |  | —
Collateralized loan obligations | 1,111.6 |  |  | — | 1,111.6 |  |  | —
Corporate securities | 241.5 |  |  | — | 241.5 |  |  | —
Loans held for sale | 12.4 |  |  | — | 6.9 |  |  | 5.5
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 45.1 |  |  | — | 45.1 |  |  | —
Forward loan sales contracts | 0.1 |  |  | — | 0.1 |  |  | —
Derivative liabilities |  |  |  |  |  |
Interest rate collars | 5.4 |  |  | — | 5.4 |  |  | —
Interest rate swap contracts | 154.2 |  |  | — | 154.2 |  |  | —
Deferred compensation plan assets | 18.7 |  |  | — | 18.7 |  |  | —
Deferred compensation plan liabilities | 18.7 |  |  | — | 18.7 |  |  | —

Additionally, from time to time, certain assets are measured at fair value on a non-recurring basis. Adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to credit deterioration. The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:

|  |  | Fair Value Measurements at Reporting Date Using
As of June 30, 2023 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Collateral-dependent loans | $ | 63.5 |  | $ | — | $ | — | $ | 63.5 |
Loans held for sale | 58.1 |  |  | — |  | — | 58.1 |
Other real estate owned | 14.4 |  |  | — |  | — | 14.4 |
Long-lived assets to be disposed of by sale | 4.6 |  |  | — |  | — | 4.6 |
|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2022 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Collateral-dependent loans | $ | 39.1 |  | $ | — | $ | — | $ | 39.1 |
Loans held for sale | 67.5 |  |  | — |  | — | 67.5 |
Other real estate owned | 12.7 |  |  | — |  | — | 12.7 |
Long-lived assets to be disposed of by sale | 5.5 |  |  | — |  | — | 5.5 |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Collateral-dependent Loans. Collateral-dependent loans are reported at the fair value of the underlying collateral if repayment is expected solely from collateral. The collateral-dependent loans are reported at fair value through specific valuation allowance allocations. In addition, when it is determined that the fair value of a collateral-dependent loan is less than the recorded investment in the loan, the carrying value of the loan is adjusted to fair value through a charge to the allowance for credit losses. Collateral values are estimated using independent appraisals and management estimates of current market conditions. As of June 30, 2023 and December 31, 2022, the Company had collateral-dependent loans with a carrying and fair value of $63.5 million and $39.1 million, respectively.
Loans Held for Sale. Fair value measurements for non-residential mortgage loans held for sale are derived from valuations, appraisals, and quotes or bids from third party investors. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments.
OREO. The fair values of OREO are estimated using independent appraisals and management estimates of current market conditions. Upon initial recognition, write-downs based on the foreclosed asset’s fair value at foreclosure are reported through charges to the allowance for credit losses. Periodically, the fair value of foreclosed assets is remeasured with any subsequent write-downs charged to OREO expense in the period in which they are identified. The Company had $0.8 million and no material write downs on OREO properties during the six months ended June 30, 2023 and 2022, respectively.
Long-lived Assets to be Disposed of by Sale. Long-lived assets to be disposed of by sale are carried at the lower of carrying value or fair value less estimated costs to sell. The fair values of long-lived assets to be disposed of by sale are based upon observable market data and management estimates of current market conditions. As of June 30, 2023, the Company had long-lived assets to be disposed of by sale with carrying values aggregating $9.3 million, reduced by write-downs of $4.7 million charged to other expense, and fair values aggregating $4.6 million. As of December 31, 2022, the Company had long-lived assets to be disposed of by sale with carrying values aggregating $5.7 million, reduced by write-downs of $0.2 million charged to other expense, and fair values aggregating $5.5 million.
The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:

| Fair Value As of |  |  |  |  |  |
| June 30, 2023 | December 31, 2022 | Valuation Technique | Unobservable Inputs | Range (Weighted Average)
Collateral-dependent loans | $ | 63.5 |  | $ | 39.1 |  | Appraisal | Appraisal adjustment | 0% | - | 45% | (7%)
Loans held for sale | 58.1 |  | 67.5 |  | Fair value of collateral | Discount for type of property, age of appraisal, and current status | 11% | - | 23% | (17%)
Other real estate owned | 14.4 |  | 12.7 |  | Appraisal | Appraisal adjustment | 15% | - | 36% | (22%)
Long-lived assets to be disposed of by sale | 4.6 |  | 5.5 |  | Appraisal | Appraisal adjustment | 0% | - | 6% | (3%)

The Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for estimating the fair value of other financial instruments are discussed below. For financial instruments bearing a variable interest rate where no credit risk exists, it is presumed that recorded book values are reasonable estimates of fair value.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
Financial Assets. Carrying values of cash, cash equivalents, and accrued interest receivable approximate fair values due to the liquid and/or short-term nature of these instruments. Fair values for investment securities held-to-maturity are obtained from an independent pricing service, which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Fair values of fixed rate loans and variable rate loans that reprice on an infrequent basis are estimated by discounting future cash flows using current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality using an exit price notion. Carrying values of variable rate loans that reprice frequently, and with no change in credit risk, approximate the fair values of these instruments.
Financial Liabilities. The fair values of demand deposits, savings accounts, securities sold under repurchase agreements, and accrued interest payable are the amounts that are payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using external market rates that are currently offered for deposits that have similar remaining maturities. The fair values of derivative liabilities are obtained from an independent pricing service, which considers observable data that may include the United States Dollar – SOFR forward curve, the federal funds effective swap rate and cash flows, among other things. The fixed and floating rate subordinated debentures, floating rate subordinated term loan, other borrowed funds, fixed rate subordinated term debt, and capital lease obligation are estimated by discounting future cash flows using current rates for advances that have similar characteristics.
Commitments to Extend Credit and Standby Letters of Credit. The fair value of commitments to extend credit and standby letters of credit, based on fees currently charged to enter into similar agreements, is not significant.
The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows:

|  |  | Fair Value Measurements at Reporting Date Using
As of June 30, 2023 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |
Cash and cash equivalents | $ | 680.5 |  | $ | 680.5 |  | $ | 680.5 |  | $ | — |  | $ | — |
Investment debt securities available-for-sale | 5,857.9 |  | 5,857.9 |  | — |  | 5,857.9 |  | — |
Investment debt securities held-to-maturity | 3,317.7 |  | 2,924.7 |  | — |  | 2,924.7 |  | — |
Accrued interest receivable | 119.1 |  | 119.1 |  | — |  | 119.1 |  | — |
Mortgage servicing rights, net | 29.8 |  | 38.2 |  | — |  | 38.2 |  | — |
Loans held for sale | 76.5 |  | 76.5 |  | — |  | 11.0 |  | 65.5 |
Net loans held for investment | 18,038.8 |  | 17,519.5 |  | — |  | 17,456.0 |  | 63.5 |
Derivative assets | 40.2 |  | 40.2 |  | — |  | 40.2 |  | — |
Deferred compensation plan assets | 18.4 |  | 18.4 |  | — |  | 18.4 |  | — |
Total financial assets | $ | 28,178.9 |  | $ | 27,275.0 |  | $ | 680.5 |  | $ | 26,465.5 |  | $ | 129.0 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 20,836.8 |  | $ | 20,836.8 |  | $ | 20,836.8 |  | $ | — |  | $ | — |
Time deposits | 2,742.4 |  | 2,695.4 |  | — |  | 2,695.4 |  | — |
Securities sold under repurchase agreements | 929.9 |  | 929.9 |  | — |  | 929.9 |  | — |
Other borrowed funds | 2,589.0 |  | 2,589.0 |  | — |  | 2,589.0 |  | — |
Accrued interest payable | 45.8 |  | 45.8 |  | — |  | 45.8 |  | — |
Long-term debt | 120.8 |  | 112.3 |  | — |  | 112.3 |  | — |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 154.0 |  | — |  | 154.0 |  | — |
Derivative liabilities | 163.1 |  | 163.1 |  | — |  | 163.1 |  | — |
Deferred compensation plan liabilities | 18.4 |  | 18.4 |  | — |  | 18.4 |  | — |
Total financial liabilities | $ | 27,609.3 |  | $ | 27,544.7 |  | $ | 20,836.8 |  | $ | 6,707.9 |  | $ | — |

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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)

|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2022 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |
Cash and cash equivalents | $ | 870.5 |  | $ | 870.5 |  | $ | 870.5 |  | $ | — |  | $ | — |
Investment debt securities available-for-sale | 6,946.1 |  | 6,946.1 |  | — |  | 6,946.1 |  | — |
Investment debt securities held-to-maturity | 3,451.8 |  | 3,052.2 |  | — |  | 3,052.2 |  | — |
Accrued interest receivable | 118.3 |  | 118.3 |  | — |  | 118.3 |  | — |
Mortgage servicing rights, net | 31.1 |  | 37.4 |  | — |  | 37.4 |  | — |
Loans held for sale | 79.9 |  | 79.9 |  | — |  | 6.9 |  | 73.0 |
Net loans held for investment | 17,879.1 |  | 17,552.1 |  | — |  | 17,513.0 |  | 39.1 |
Derivative assets | 45.2 |  | 45.2 |  | — |  | 45.2 |  | — |
Deferred compensation plan assets | 18.7 |  | 18.7 |  | — |  | 18.7 |  | — |
Total financial assets | $ | 29,440.7 |  | $ | 28,720.4 |  | $ | 870.5 |  | $ | 27,737.8 |  | $ | 112.1 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 23,145.2 |  | $ | 23,145.2 |  | $ | 23,145.2 |  | $ | — |  | $ | — |
Time deposits | 1,928.4 |  | 1,876.1 |  | — |  | 1,876.1 |  | — |
Securities sold under repurchase agreements | 1,052.9 |  | 1,052.9 |  | — |  | 1,052.9 |  | — |
Other borrowed funds | 2,327.0 |  | 2,327.0 |  | — |  | 2,327.0 |  | — |
Accrued interest payable | 14.5 |  | 14.5 |  | — |  | 14.5 |  | — |
Long-term debt | 120.8 |  | 116.3 |  | — |  | 116.3 |  | — |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 155.8 |  | — |  | 155.8 |  | — |
Derivative liabilities | 159.6 |  | 159.6 |  | — |  | 159.6 |  | — |
Deferred compensation plan liabilities | 18.7 |  | 18.7 |  | — |  | 18.7 |  | — |
Total financial liabilities | $ | 28,930.2 |  | $ | 28,866.1 |  | $ | 23,145.2 |  | $ | 5,720.9 |  | $ | — |

(17) Recent Authoritative Accounting Guidance
ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Accounting.” In March 2020, the FASB issued ASU 2020-04, which provides temporary exceptions that are optional for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate, with such modification considered to be "minor" so that any existing unamortized origination fees/costs will carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications will not be accounted for as separate contracts. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company adopted certain elections related to cash flow hedges which did not have a significant impact on the Company’s financial position or results of operations. Based upon the amendments provided in ASU 2022-06 discussed below, ASU 2020-04 can generally be applied through December 31, 2024.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
ASU 2021-01, “Reference Rate Reform (Topic 848)” In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform Topic 848, that clarifies certain exceptions that are optional in Topic 848 for contract modifications and hedge accounting and apply those exceptions to derivatives that are affected by the discounting transition. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final ASU. If an entity elects to apply any of the amendments in this ASU for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this ASU do not apply to contract modifications made, new hedging relationships entered into, or existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain exceptions that are optional in which the accounting effects of the hedging activity are recorded through the end of the hedging relationship. The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position or results of operations. Based upon the amendments provided in ASU 2022-06 discussed below, ASU 2021-01 can generally be applied through December 31, 2024.
ASU 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” In October 2021, the FASB issued ASU 2021-08, Business Combinations Topic 805, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if it had originated the contracts. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination and applies to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. The amendments in this ASU became effective for the Company on January 1, 2023 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity.
ASU 2022-01, “Derivatives and Hedging (Topic 815), Fair Value Hedging—Portfolio Layer Method” In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging Topic 815, Fair Value Hedging—Portfolio Layer Method that clarifies the accounting for and promotes consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. The amendments allow nonprepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets, thereby allowing consistent accounting for similar hedges. The amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments in this ASU became effective for the Company on January 1, 2023 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity.
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FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except share and per share data)
ASU 2022-02, “Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures” In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings (TDRs) and Vintage Disclosures that eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The amendment also requires an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this ASU became effective for the Company on January 1, 2023 on a prospective basis, and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. Prior to the adoption of ASU 2022-02, a TDR occurred when a loan to a borrower experiencing financial difficulty was restructured with a concession provided that a creditor would not otherwise consider. For the Company’s accounting policy related to TDRs granted prior to the adoption of ASU 2022-02, see “Note 1 – Summary of Significant Accounting Policies” in Part IV, Item 15 “Notes to Consolidated Financial Statements” within our Annual Report on Form 10-K for the year ended December 31, 2022. See “Note 6 – Loans Held For Investment” of these Notes to the Unaudited Consolidated Financial Statements” for further details of the amendments in this update.
ASU 2022-06, “Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848” In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 that extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. The adoption of ASU 2022-06 did not have a significant impact on the Company’s financial position, results of operations, or liquidity.
ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method that permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. The amendments also require that a reporting entity disclose certain information in annual and interim reporting periods that enable investors to understand certain information about its investments that generate income tax credits and other income tax benefits from a tax credit program. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. If an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period. The amendments must be applied on either a modified retrospective or a retrospective basis (except for certain LIHTC investments not accounted for using the proportional amortization method). The Company is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the Company’s financial position, results of operations, or liquidity.
(18) Subsequent Events
Subsequent events have been evaluated for potential recognition and disclosure through the date the Company’s financial statements were filed with the SEC. On July 25, 2023, the Company declared a quarterly dividend to common shareholders of $0.47 per share, to be paid on August 17, 2023 to shareholders of record as of August 7, 2023.
No other undisclosed events requiring recognition or disclosure were identified.
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Item 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
When we refer to “we,” “our,” “us,” “First Interstate,” or the “Company” in this report, we mean First Interstate BancSystem, Inc. and our consolidated subsidiaries, including our wholly-owned subsidiary, First Interstate Bank, unless the context indicates that we refer only to the parent company, First Interstate BancSystem, Inc. When we refer to the “Bank” or “FIB” in this report, we mean only First Interstate Bank.
The following discussion of our consolidated financial data reflects our historical results of operations and financial condition and should be read in conjunction with our financial statements and related notes thereto presented elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2022, including the audited financial statements and related notes contained therein, as previously filed with the Securities and Exchange Commission, or SEC.
Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “views,” “continues” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. A detailed discussion of risks that may cause actual results to differ materially from current expectations in the forward-looking statements is included below in this report under the caption “Risk Factors” and in our Annual Report on Form 10-K for the year ended December 31, 2022, under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. These factors and the other risk factors described in our periodic and current reports filed with the SEC from time to time, however, are not necessarily all of the important factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Interested parties are urged to read in their entirety the referenced risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with GAAP, this document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.
Fully-Taxable Equivalent Basis. Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Management believes net interest income on an FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21 percent. We encourage readers to consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.
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Executive Overview
We are a financial and bank holding company focused on community banking. Since our incorporation in Montana in 1971, we have grown both organically and through strategic acquisitions. We operate 307 banking offices, including detached drive-up facilities, in communities across fourteen states—Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming. Through our bank subsidiary, First Interstate Bank, we deliver a comprehensive range of banking products and services—including online and mobile banking—to individuals, businesses, municipalities, and others throughout our market areas. We are proud to provide lending opportunities to clients that participate in a wide variety of industries, including:

| •Agriculture |  | •Governmental services |  | •Professional services |  | •Tourism
| •Construction |  | •Healthcare |  | •Real Estate Development |  | •Wholesale trade
| •Education |  | •Hospitality |  | •Retail |  |
| •Energy |  | •Housing |  | •Technology |  |

Our principal business activity is lending to, accepting deposits from, and conducting financial transactions with and for individuals, businesses, municipalities, and other entities located in the communities we serve. We derive our income principally from interest charged on loans and, to a lesser extent, from interest and dividends earned on fixed income investments.
We also derive income from non-interest sources such as: (i) fees received in connection with various lending and deposit services; (ii) wealth management services, such as trust, employee benefit, investment, and insurance services; (iii) mortgage loan originations, sales, and servicing; (iv) merchant and electronic banking services; and (v) from time-to-time, gains on sales of assets and securities.
Our principal expenses include: (i) interest expense on deposit accounts and other borrowings; (ii) salaries and employee benefits; (iii) data processing and communication costs primarily associated with maintaining loan and deposit functions; (iv) furniture, equipment, and occupancy expenses for maintaining our facilities; (v) professional fees, including FDIC insurance assessments; (vi) income tax expense; (vii) provisions for credit losses; (viii) intangible amortization; and (ix) other real estate owned expenses. From time to time, we also incur acquisition costs related to our strategic acquisitions.
Recent Trends and Developments
During the past few years, we have increased our community banking footprint across the Rocky Mountain and Pacific Northwest regions and have expanded into the Midwest and Southwest regions, in large part due to our acquisition activity. As part of our normal course of business, we continue to evaluate bank acquisitions and other strategic opportunities on an on-going basis.
During the first half of 2023, the banking industry experienced significant volatility with multiple high-profile bank failures leading to broader industry concerns related to funding and liquidity. Despite these developments, the Company’s liquidity position and balance sheet remains strong and the capital ratios continue to exceed all regulatory well-capitalized requirements as of June 30, 2023. However, in light of these events, the Company took a number of pro-active actions which included outreach to clients and related collateral optimization actions to maximize its availability to various funding sources.
During the second and third quarters of 2022, the Bank’s management invested excess cash into short-term U.S. Treasury and agency securities and mortgage-backed securities. These activities had minimal impact on the duration of the securities portfolio of 3.7 years as of June 30, 2023 and December 31, 2022, and 3.9 years as of June 30, 2022. The Company’s quarterly yield on interest earning assets increased to 4.52% as of June 30, 2023 from 3.35% as of June 30, 2022.
The Company’s cost of interest-bearing funds increased to 1.43% during the second quarter of 2023, from 1.10% during the first quarter of 2023. The increase in the cost of interest-bearing funding was primarily due to the shift of non-interest-bearing deposits into higher-cost interest-bearing and time deposit balances, in addition to the increase in the mix and cost on advances from the FHLB in the second quarter of 2023. In the third quarter of 2022, the Bank began borrowing from the FHLB to fund loan growth and mitigate the outflow of deposits. FHLB advances increased from $0.6 billion as of September 30, 2022 to $2.3 billion as of December 31, 2022 at an average rate of 4.06%, and increased to $2.6 billion as of June 30, 2023 at an average rate of 5.31%.
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As of July 27, 2023, the Bank had $4.7 billion in available borrowing capacity with the FHLB based on pledged investment security and loan collateral and available borrowing capacity of $3.1 billion with the Federal Reserve Bank based on pledged securities and loan collateral. As of June 30, 2023, the Bank had sufficient collateral to meet its liquidity needs.
U.S. inflation data hit a multi-decade high in June 2022, climbing to 9.1%, as reported by the Bureau of Labor Statistics, and has since decreased to 3.0% in June 2023. While our operating expenses are affected by general inflation, the asset and liability structure of the Company is largely of monetary items. Monetary items, such as cash, investments, loans, deposits and other borrowings, are assets and liabilities which are or will be converted into a fixed number of dollars regardless of changes in prices. As a result, changes in interest rates can have a more significant impact on a financial institution’s performance than does general inflation. However, inflation may have negative impacts on the Company’s clients and their customers, impacting their ability or willingness to repay loans.
The Federal Reserve has stated its objective of returning the rate of inflation to 2% and has been aggressively acting to achieve this goal. In response to sustained inflationary pressures, the Federal Reserve increased short-term interest rates 525 basis points between March 16, 2022 and July 26, 2023. Although the general inflationary pressures are easing, the Federal Reserve has continued to raise interest rates into the third quarter of 2023 and has reduced its ownership of agency mortgage-backed securities and U.S. Treasury securities. With these recent interest rate increases, the short end (up to two years) of the yield curve on U.S. Treasuries has increased, which has resulted in increased returns on our portfolio of investment securities and cash. However, increases in interest rates may have negative impacts on the Company’s client base, as the Company’s deposits have recently declined while the cost of those deposits has increased, following industry-wide trends, and could potentially diminish our clients’ demand for and their ability to repay loans.
Gross domestic product declined 2.2% during the first half of 2022 and increased 5.8% in the second half of 2022, with the recent advance estimate released for the second quarter of 2023 suggesting growth at a seasonally- and inflation-adjusted rate of 2.4% for the quarter ending June 30, 2023. While gross domestic product has expanded at or above 2.0% over the four quarters, it is unclear whether the volatility of 2022 in the economic performance of the U.S. economy will re-emerge leading to an economic slowdown, downturn, or recession or whether its regular pattern of growth will continue. Any economic slowdown, downturn, or recession could impact the Company and one of its primary lending sources, by impacting the level of deposits held by our clients, whether through a higher volume of withdrawals or through a lower volume of deposits. The credit quality of the Company’s loans may also be impacted if clients must weather adverse economic conditions which could result in an increase in credit losses or other related expenses.
Primary Factors Used in Evaluating Our Business
As a banking institution, we manage and evaluate various aspects of both our financial condition and our results of operations. We monitor our financial condition and performance and evaluate the levels and trends of line items included in our consolidated balance sheets, consolidated statements of income, and comprehensive (loss) income. We also utilize various financial ratios that are commonly used in our industry. We analyze these ratios and financial trends against our own historical performance and the financial condition and performance of comparable banking institutions in our region and across the nation.
As discussed in our Annual Report on Form 10-K for the year ended December 31, 2022, our financial performance is impacted by a number of external factors outside our control, as well as our ability to execute on the key components of our strategy for continued success and future growth. See Part II – Other Information “Item 1A – Risk Factors” for an update of the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Critical Accounting Estimates and Significant Accounting Policies
Our consolidated financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and follow general practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant accounting policies we follow are summarized in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, as referenced in Note 1 to the unaudited financial statements in this quarterly report. There have been no material changes in our critical accounting estimates and policies described in our Annual Report on Form 10-K for the year ended December 31, 2022, during the quarterly period covered by this quarterly report, except for the transition to new CECL modeling tools during the second quarter of 2023 and the adoption of ASU 2022-02 on January 1, 2023. Refer to “Note – Basis of Presentation” in the accompanying “Notes to Unaudited Consolidated Financial Statements” for further discussion of the CECL model transition and “Note – Recent Authoritative Accounting Guidance” in the accompanying “Notes to Unaudited Consolidated Financial Statements” for further discussion of the adoption.
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The preparation of financial statements in conformity with GAAP requires management to measure the Company’s financial position and operating results primarily in terms of historic dollars. Changes in the relative value of money due to inflation or recession are generally not considered. The primary effect of inflation on our operations is reflected in increased operating expenses. Management considers changes in interest rates to impact our financial condition and results of operations to a far greater degree than changes in prices due to inflation. We manage our interest rate risk in several ways. Refer to “Note – Derivatives and Hedging Activities” in the accompanying “Notes to Unaudited Consolidated Financial Statements” for further discussion on how we manage interest rate risk. There can be no assurance that we will not be materially adversely affected by future changes in interest rates, as interest rates are highly sensitive to many factors that are beyond our control.
Results of Operations
The following discussion and analysis is intended to provide detail about the results of our operations and financial condition.
Net income increased $2.9 million to $67.0 million, or $0.65 per share, during the three months ended June 30, 2023, as compared to net income of $64.1 million, or $0.59 per share, for the same period in 2022. The increase during the quarter ended June 30, 2023 compared to the same period in 2022 was primarily attributable to lower total expenses, owed to a decrease in acquisition related expenses during the three months ended June 30, 2023. Lower expenses were partially offset by a decline in net interest income and an increase in provision for credit losses. Net income increased $92.6 million to $123.3 million, or $1.19 per share during the six months ended June 30, 2023, as compared to net income of $30.7 million, or $0.30 per share for the same period in 2022. The increase during the six months ended June 30, 2023 was primarily attributable to an increase in net interest income, a decrease in acquisition related expenses of $111.0 million, and a reduction of provision for loan losses of $32.7 million largely related to the non-PCD provision expense in 2022 associated with the GWB acquisition. These impacts were partially offset by increases in operating expenses as a result of the GWB acquisition, losses on the sale of investment securities, and income tax expense.
Net Interest Income
Our operating results depend primarily on our net interest income, which is the difference between the interest the Company earns on its interest-earning assets, such as loans and investment securities, and the expense the Company pays on interest-bearing liabilities, such as deposits and borrowings. Net interest income depends on both the volume of our interest-earning assets and interest-bearing liabilities and the interest rates the Company earns or pays on them.
Changes in interest rate spread, which is the difference between interest earned on assets and interest paid on liabilities, has the most significant impact on net interest income. Other factors like volume of loans, investment securities, and other interest-earning assets compared to the volume of interest-bearing deposits and indebtedness also cause changes in our net interest income between periods. Non-interest-bearing sources of funds, such as demand deposits and stockholders’ equity, help to support earning assets.
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For the periods indicated, the following table presents condensed average balance sheet information, together with interest income and yields earned on average interest-earning assets and interest expense and rates paid on average interest-bearing liabilities.

Average Balance Sheets, Yields and Rates | Three Months Ended
(Dollars in millions) | June 30, 2023 |  | June 30, 2022
| Average Balance | Interest(2) | Average Rate |  | Average Balance | Interest(2) | Average Rate
Interest-earning assets: |  |  |  |  |  |  |
Loans (1) | $ | 18,351.5 |  | $ | 243.2 |  | 5.32 | % |  | $ | 17,220.4 |  | $ | 193.5 |  | 4.51 | %
Investment securities: |  |  |  |  |  |  |
Taxable | 9,139.2 |  | 66.1 |  | 2.90 |  |  | 10,129.4 |  | 49.1 |  | 1.94 |
Tax-exempt | 192.9 |  | 1.0 |  | 2.08 |  |  | 248.6 |  | 1.4 |  | 2.26 |
Investment in FHLB and FRB stock | 225.2 |  | 3.4 |  | 6.06 |  |  | 103.9 |  | 1.1 |  | 4.25 |
Interest-bearing deposits in banks | 419.4 |  | 5.4 |  | 5.16 |  |  | 2,050.0 |  | 3.4 |  | 0.67 |
Federal funds sold | 0.6 |  | — |  | — |  |  | 0.1 |  | — |  | — |
Total interest-earning assets | $ | 28,328.8 |  | $ | 319.1 |  | 4.52 | % |  | $ | 29,752.4 |  | $ | 248.5 |  | 3.35 | %
Non-interest-earning assets | 2,958.8 |  |  |  |  | 2,858.9 |  |  |
Total assets | $ | 31,287.6 |  |  |  |  | $ | 32,611.3 |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |
Demand deposits | $ | 6,417.2 |  | $ | 9.9 |  | 0.62 | % |  | $ | 8,103.7 |  | $ | 1.8 |  | 0.09 | %
Savings deposits | 7,951.3 |  | 28.4 |  | 1.43 |  |  | 9,461.7 |  | 1.6 |  | 0.07 |
Time deposits | 2,517.1 |  | 15.3 |  | 2.44 |  |  | 1,555.4 |  | 0.9 |  | 0.23 |
Repurchase agreements | 1,020.6 |  | 1.5 |  | 0.59 |  |  | 1,182.2 |  | 0.3 |  | 0.10 |
Other borrowed funds | 2,966.4 |  | 39.3 |  | 5.31 |  |  | — |  | — |  | — |
Long-term debt | 120.8 |  | 1.4 |  | 4.65 |  |  | 120.4 |  | 1.4 |  | 4.66 |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 3.1 |  | 7.62 |  |  | 163.1 |  | 1.4 |  | 3.44 |
Total interest-bearing liabilities | $ | 21,156.5 |  | $ | 98.9 |  | 1.88 | % |  | $ | 20,586.5 |  | $ | 7.4 |  | 0.14 | %
Non-interest-bearing deposits | 6,521.9 |  |  |  |  | 8,288.0 |  |  |
Other non-interest-bearing liabilities | 426.3 |  |  |  |  | 319.4 |  |  |
Stockholders’ equity | 3,182.9 |  |  |  |  | 3,417.4 |  |  |
Total liabilities and stockholders’ equity | $ | 31,287.6 |  |  |  |  | $ | 32,611.3 |  |  |
Net FTE interest income (non-GAAP)(3) |  | $ | 220.2 |  |  |  |  | $ | 241.1 |  |
Less FTE adjustments(2) |  | (1.8) |  |  |  |  | (2.1) |  |
Net interest income from consolidated statements of income |  | $ | 218.4 |  |  |  |  | $ | 239.0 |  |
Interest rate spread |  |  | 2.64 | % |  |  |  | 3.21 | %
Net FTE interest margin (non-GAAP)(3) |  |  | 3.12 |  |  |  |  | 3.25 |
Cost of funds, including non-interest-bearing demand deposits (4) |  |  | 1.43 |  |  |  |  | 0.10 |
(1) Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material.
(2) The Company adjusts interest income and average rates for tax exempt loans and securities to a FTE basis utilizing a 21.00% and 26.25% tax rate for 2023 and 2022, respectively.
(3) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. Net FTE interest income and net FTE interest margin are non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures.
(4) Calculated by dividing total annualized interest on interest-bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits.

Net interest income decreased $20.6 million during the three months ended June 30, 2023, as compared to the same period in 2022, primarily due to an increase in interest expense as a result of higher levels and costs of interest-bearing liabilities.
Net interest income included interest accretion related to the fair valuation of acquired loans of $4.6 million during the three months ended June 30, 2023, compared to interest accretion of $16.7 million during the three months ended June 30, 2022.
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Our net FTE interest margin ratio, a non-GAAP financial measure, decreased 13 basis points for the three months ended June 30, 2023, as compared to the same period in 2022. Exclusive of the impact of interest accretion on acquired loans, the net FTE interest margin ratio, a non-GAAP financial measure, was 3.05% during the three months ended June 30, 2023, as compared to 3.03% for the same period in 2022.

Average Balance Sheets, Yields and Rates | Six Months Ended
(Dollars in millions) | June 30, 2023 |  | June 30, 2022
| Average Balance | Interest(2) | Average Rate |  | Average Balance | Interest(2) | Average Rate
Interest earning assets: |  |  |  |  |  |  |
Loans (1) | $ | 18,312.7 |  | $ | 480.4 |  | 5.29 | % |  | $ | 15,856.6 |  | $ | 346.5 |  | 4.41 | %
Investment securities |  |  |  |  |  |  |
Taxable | 9,559.0 |  | 138.3 |  | 2.92 |  |  | 8,975.0 |  | 78.7 |  | 0.88 |
Tax-exempt | 209.1 |  | 2.1 |  | 2.03 |  |  | 250.9 |  | 2.7 |  | 1.08 |
Investment in FHLB and FRB stock | 217.9 |  | 6.4 |  | 5.92 |  |  | 93.8 |  | 1.5 |  | 3.22 |
Interest-bearing deposits in banks | 392.7 |  | 9.6 |  | 4.93 |  |  | 2,653.2 |  | 5.1 |  | 0.39 |
Federal funds sold | 0.7 |  | — |  | — |  |  | 0.1 |  | — |  | — |
Total interest-earning assets | $ | 28,692.1 |  | $ | 636.8 |  | 4.48 | % |  | $ | 27,829.6 |  | $ | 434.5 |  | 3.15 | %
Non-earning assets | 2,955.2 |  |  |  |  | 2,735.6 |  |  |
Total assets | $ | 31,647.3 |  |  |  |  | $ | 30,565.2 |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |
Demand deposits | $ | 6,693.8 |  | $ | 18.6 |  | 0.56 | % |  | $ | 7,479.9 |  | $ | 2.7 |  | 0.07 | %
Savings deposits | 8,177.8 |  | 51.2 |  | 1.26 |  |  | 8,900.3 |  | 2.7 |  | 0.06 |
Time deposits | 2,287.6 |  | 24.1 |  | 2.12 |  |  | 1,476.8 |  | 1.9 |  | 0.26 |
Repurchase agreements | 1,013.2 |  | 2.6 |  | 0.52 |  |  | 1,129.9 |  | 0.6 |  | 0.11 |
Other borrowed funds | 2,791.8 |  | 70.5 |  | 5.09 |  |  | — |  | — |  | — |
Long-term debt | 120.8 |  | 2.9 |  | 4.84 |  |  | 123.9 |  | 3.1 |  | 5.05 |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 6.0 |  | 7.42 |  |  | 150.1 |  | 2.4 |  | 3.22 |
Total interest-bearing liabilities | $ | 21,248.1 |  | $ | 175.9 |  | 1.67 | % |  | $ | 19,260.9 |  | $ | 13.4 |  | 0.14 | %
Non-interest-bearing deposits | 6,791.9 |  |  |  |  | 7,778.8 |  |  |
Other non-interest-bearing liabilities | 442.3 |  |  |  |  | 287.7 |  |  |
Stockholders’ equity | 3,165.0 |  |  |  |  | 3,234.8 |  |  |
Total liabilities and stockholders’ equity | $ | 31,647.3 |  |  |  |  | $ | 30,562.2 |  |  |
Net FTE interest income (non-GAAP)(3) |  | $ | 460.9 |  |  |  |  | $ | 421.1 |  |
Less FTE adjustments’(2) |  | (3.6) |  |  |  |  | (3.7) |  |
Net interest income from consolidated statements of income |  | $ | 457.3 |  |  |  |  | $ | 417.4 |  |
Interest rate spread |  |  | 2.81 | % |  |  |  | 3.01 | %
Net FTE interest margin (non-GAAP)(3) |  |  | 3.24 |  |  |  |  | 3.05 |
Cost of funds, including non-interest-bearing demand deposits (4) |  |  | 1.27 |  |  |  |  | 0.10 |
(1) Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs of $0.9 million and $5.6 million at June 30, 2023 and June 30, 2022, respectively.
(2) The Company adjusts interest income and average rates for tax exempt loans and securities to a FTE basis utilizing a 21.00% and 26.25% tax rate for 2023 and 2022, respectively.
(3) Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. Net FTE interest income and net FTE interest margin are non-GAAP financial measure - see Non-GAAP Financial Measures included herein for a reconciliation to GAAP measures.
(4) Calculated by dividing total annualized interest on interest-bearing liabilities by the sum of total interest-bearing liabilities plus non-interest-bearing deposits.

Net interest income increased $39.9 million during the six months ended June 30, 2023 as compared the same period in 2022, primarily due to the inclusion of GWB for a full six months and higher levels of interest earning assets at higher yields which mitigated the impact of an increase in interest expense as a result of higher levels and costs of interest-bearing liabilities.
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Net interest income included interest accretion related to the fair valuation of acquired loans of $9.8 million during the six months ended June 30, 2023, compared to interest accretion of $24.3 million for the same period in 2022.
Our net FTE interest margin ratio, a non-GAAP measure, increased 19 basis points for the six months ended June 30, 2023, as compared to the same period in 2022. Exclusive of the impact of interest accretion on acquired loans, the net FTE interest margin ratio, a non-GAAP financial measure, was 3.17% during the six months ended June 30, 2023, as compared to 2.88% for the same period in 2022. The increase was primarily the result of the shift in the mix of earning assets toward loans and earning asset yields increasing at a faster pace than interest-bearing deposit costs, which offset the increased reliance on other borrowed funds.
The table below sets forth a summary of the changes in interest income and interest expense resulting from estimated changes in average asset and liability balances (volume) and estimated changes in average interest rates (referred to as “rate”) for the three and the six month periods ended June 30, 2023 and 2022. Changes which are not due solely to volume or rate have been allocated to these categories based on the respective percent changes in average volume and average rate as they compare to each other.

Analysis of Interest Changes Due to Volume and Rates |  |  |  |  |  |  |  |
(Dollars in millions) | Three Months Ended June 30, 2023 compared with Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2023 compared with Six Months Ended June 30, 2022
Volume |  | Rate |  | Net |  | Volume |  | Rate |  | Net
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |
Loans (1) | $ | 12.7 |  |  | $ | 37.0 |  |  | $ | 49.7 |  |  | $ | 53.7 |  |  | $ | 80.2 |  |  | $ | 133.9 |
Investment securities (1) | (5.1) |  |  | 21.7 |  |  | 16.6 |  |  | 4.8 |  |  | 54.2 |  |  | 59.0 |
Investment in FHLB and FRB stock | 1.3 |  |  | 1.0 |  |  | 2.3 |  |  | 2.0 |  |  | 2.9 |  |  | 4.9 |
Interest bearing deposits in banks | (2.7) |  |  | 4.7 |  |  | 2.0 |  |  | (4.4) |  |  | 8.9 |  |  | 4.5 |
Total change | 6.2 |  |  | 64.4 |  |  | 70.6 |  |  | 56.1 |  |  | 146.2 |  |  | 202.3 |
Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Demand deposits | (0.4) |  |  | 8.5 |  |  | 8.1 |  |  | (0.3) |  |  | 16.2 |  |  | 15.9 |
Savings deposits | (0.3) |  |  | 27.1 |  |  | 26.8 |  |  | (0.2) |  |  | 48.7 |  |  | 48.5 |
Time deposits | 0.6 |  |  | 13.8 |  |  | 14.4 |  |  | 1.0 |  |  | 21.2 |  |  | 22.2 |
Repurchase agreements | — |  |  | 1.2 |  |  | 1.2 |  |  | (0.1) |  |  | 2.1 |  |  | 2.0 |
Other borrowed funds | — |  |  | 39.3 |  |  | 39.3 |  |  | — |  |  | 70.5 |  |  | 70.5 |
Long-term debt | — |  |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Subordinated debentures held by subsidiary trusts | — |  |  | 1.7 |  |  | 1.7 |  |  | 0.2 |  |  | 3.4 |  |  | 3.6 |
Total change | (0.1) |  |  | 91.6 |  |  | 91.5 |  |  | 0.5 |  |  | 162.0 |  |  | 162.5 |
Increase in FTE net interest income (1) | $ | 6.3 |  |  | $ | (27.2) |  |  | $ | (20.9) |  |  | $ | 55.6 |  |  | $ | (15.8) |  |  | $ | 39.8 |

(1)Interest income and average rates for tax exempt loans and securities are presented on a FTE basis.
Provision for (reduction of) Credit Losses
The Company had a $11.7 million provision for credit losses, including a provision for unfunded commitments of $3.0 million and reduction of the provision for credit losses for investment securities of $1.2 million during the three months ended June 30, 2023, as compared to a $1.7 million reduction of the provision for credit losses during same period in 2022. The provision incorporated the impact of net charge-offs of $11.4 million, or an annualized 0.25% of average loans outstanding, for the second quarter of 2023, compared to $0.3 million, or an annualized 0.01% of average loans outstanding during the same period in 2022.
The provision during the six months ended June 30, 2023 includes a provision for loans held for investment of $22.1 million, provision for unfunded commitments of $4.6 million, and a net provision for investment securities of $0.2 million. This compares to a provision for loans held for investment of $55.6 million that included the CECL day-2 impact from the Great Western acquisition, provision for unfunded commitments of $2.4 million, and a provision for held-to-maturity investment securities of $1.6 million during the same period in 2022.
For information regarding our non-performing loans, see “Financial Condition – Non-Performing Assets” included herein. For more information on our allowance for credit losses, see “Financial Condition – Allowance for Credit Losses” included herein.
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Non-Interest Income
Non-interest income also contributes to our operating results with fee-based revenues such as payment services, mortgage banking and wealth management revenues, service charges on deposit accounts and other service charges, commissions and fees being our principal source of non-interest income. The following table presents the composition of our non-interest income as of the periods indicated:

Non-Interest Income | Three Months Ended June 30, |  | $ Change | % Change |  | Six Months Ended June 30, |  | $ Change | % Change
(Dollars in millions) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Payment services revenues | $ | 20.1 |  |  | $ | 19.5 |  |  | $ | 0.6 |  | 3.1 | % |  | $ | 38.8 |  |  | $ | 34.3 |  |  | $ | 4.5 |  | 13.1 | %
Mortgage banking revenues | 2.6 |  |  | 5.0 |  |  | (2.4) |  | (48.0) |  |  | 4.9 |  |  | 13.4 |  |  | (8.5) |  | (63.4) |
Wealth management revenues | 8.8 |  |  | 9.3 |  |  | (0.5) |  | (5.4) |  |  | 17.8 |  |  | 17.4 |  |  | 0.4 |  | 2.3 |
Service charges on deposit accounts | 5.8 |  |  | 6.3 |  |  | (0.5) |  | (7.9) |  |  | 11.0 |  |  | 14.0 |  |  | (3.0) |  | (21.4) |
Other service charges, commissions and fees | 2.4 |  |  | 3.6 |  |  | (1.2) |  | (33.3) |  |  | 4.8 |  |  | 7.9 |  |  | (3.1) |  | (39.2) |
Investment securities losses, net | (0.1) |  |  | (0.1) |  |  | — |  | — |  |  | (23.5) |  |  | (0.2) |  |  | (23.3) |  | NM
Other income | 4.5 |  |  | 6.3 |  |  | (1.8) |  | (28.6) |  |  | 6.7 |  |  | 11.9 |  |  | (5.2) |  | (43.7) |
Total non-interest income | $ | 44.1 |  |  | $ | 49.9 |  |  | $ | (5.8) |  | (11.6) | % |  | $ | 60.5 |  |  | $ | 98.7 |  |  | $ | (38.2) |  | (38.7) | %

Total non-interest income decreased $5.8 million for the three months ended June 30, 2023, as compared to the same period in 2022 and decreased $38.2 million for the six months ended June 30, 2023, as compared to the same period in 2022. Significant components of this fluctuation are discussed below.
Payment services revenues consist of interchange fees that merchants pay for processing electronic payment transactions and ATM service fees. Payment services revenues increased $0.6 million during the three months ended June 30, 2023 and increased $4.5 million during the six months ended June 30, 2023, as compared to the same periods in 2022 The increase during the six months ended June 30, 2023 reflects higher credit and debit card volume in addition to an additional month of revenues related to the acquisition of GWB on February 1, 2022.
Mortgage banking revenues include gains on residential real estate loans sold, net mortgage servicing revenues and direct costs related to loans sold (including amortization, mortgage servicing rights impairment and recoveries and other expenses), and origination and processing fees on residential real estate loans held for sale. Mortgage banking revenues decreased $2.4 million during the three months ended June 30, 2023 compared to the same period in 2022. For the six months ended June 30, 2023, mortgage banking revenues decreased $8.5 million compared to the same period in 2022. Included in the six months ended June 30, 2022 was a $3.4 million recovery of mortgage servicing rights impairment. Excluding the 2022 impairment recovery, mortgage banking revenues decreased $5.1 million during the six months ended June 30, 2023, compared to the six months ended June 30, 2022. The decrease in mortgage banking revenues was driven by a decline in home loan production volume, largely as a result of higher interest rates during the six months ended June 30, 2023, and tighter gain-on-sale spreads.
Service charges on deposit accounts are primarily driven by service fees and overdraft charges on deposit accounts. Service charges on deposit accounts decreased $0.5 million during the three months ended June 30, 2023 compared to the same period in 2022. For the six months ended June 30, 2023, service charges on deposit accounts decreased $3.0 million, as compared to the same period in 2022, primarily due to the company’s discontinuance of assessing non-sufficient fund fees and a reduction of overdraft fees on April 1, 2022 for the legacy footprint and as of May 23, 2022 for the acquired GWB footprint.
Other service charges, commissions, and fees primarily include fees earned on certain derivative interest rate contracts, insurance commissions, and safe deposit boxes. Other service charges, commissions, and fees decreased $1.2 million during the three months ended June 30, 2023 compared to the same period in 2022. For the six months ended June 30, 2023, other service charges, commissions and fees decreased $3.1 million as compared to the same period in 2022, primarily due to decreased swap fee revenues earned on derivative interest rate swap contracts offered to clients during the three and the six months ended June 30, 2023.
Investment securities losses, net includes realized gains and losses associated with the sales of investment securities. Investment securities losses, net was stable during the three months ended June 30, 2023 compared to the same period in 2022. During the six months ended June 30, 2023, investment securities losses, net decreased $23.3 million as compared to the same period in 2022 due to the disposition of $853.0 million in carrying value of available-for-sale investment securities during the first quarter of 2023.
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Other income primarily includes company-owned life insurance revenues, check printing income, agency stock dividends, and gains on sales of miscellaneous assets. Other income decreased $1.8 million during the three months ended June 30, 2023 compared to the same period in 2022, primarily due to a $1.7 million recovery in the credit valuation discount on derivatives acquired in the GWB acquisition during the three months ended June 30, 2022. Other income decreased $5.2 million during the six months ended June 30, 2023, as compared to the same period in 2022, primarily due a decrease in fair value of loans held for sale, a decrease in the credit valuation discount on derivatives acquired in the GWB acquisition, gain on the disposition of the GWB acquired subordinated debt, and gains on the sale of premises and equipment during the six months ended June 30, 2022. These decreases were partially offset by an increase in life insurance proceeds during the six months ended June 30, 2023.
Non-Interest Expense
Non-interest expense decreased $46.4 million during the three months ended June 30, 2023 compared to the same period in 2022. The decrease was primarily the result of decrease in acquisition expenses related to the GWB acquisition incurred during the three months ended June 30, 2022. Non-interest expense decreased $87.8 million during the six months ended June 30, 2023 as compared to the same period in 2022. The decrease was the result of a decrease in acquisition expenses related to the GWB acquisition incurred during the six months ended June 30, 2022, partially offset by increased expenses as a result of two full quarters of combined operations, post-GWB acquisition. Expenses related to acquisitions include legal fees, consulting fees, investment banking fees, conversion and contract termination costs, and retention and severance compensation costs. Other significant components of non-interest expense are discussed below. For additional information regarding acquisitions, see “Note 2 – Acquisitions” in the accompanying “Notes to Unaudited Consolidated Financial Statements” included in this report.
The following table presents the composition of our non-interest expense as of the periods indicated:

Non-Interest Expense | Three Months Ended June 30, |  | $ Change | % Change |  | Six Months Ended June 30, |  | $ Change | % Change
(Dollars in millions) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Salaries and wages | $ | 68.1 |  |  | $ | 74.8 |  |  | $ | (6.7) |  | (9.0) | % |  | $ | 133.7 |  |  | $ | 134.8 |  |  | $ | (1.1) |  | (0.8) | %
Employee benefits | 19.3 |  |  | 19.4 |  |  | (0.1) |  | (0.5) |  |  | 42.1 |  |  | 40.6 |  |  | 1.5 |  | 3.7 |
Outsourced technology services | 15.3 |  |  | 12.8 |  |  | 2.5 |  | 19.5 |  |  | 30.0 |  |  | 24.1 |  |  | 5.9 |  | 24.5 |
Occupancy, net | 11.7 |  |  | 11.2 |  |  | 0.5 |  | 4.5 |  |  | 24.2 |  |  | 21.2 |  |  | 3.0 |  | 14.2 |
Furniture and equipment | 5.6 |  |  | 5.8 |  |  | (0.2) |  | (3.4) |  |  | 11.5 |  |  | 11.2 |  |  | 0.3 |  | 2.7 |
OREO expense, net of income | 0.6 |  |  | — |  |  | 0.6 |  | NM |  | 0.8 |  |  | 0.1 |  |  | 0.7 |  | NM
Professional fees | 5.3 |  |  | 5.5 |  |  | (0.2) |  | (3.6) |  |  | 9.8 |  |  | 9.4 |  |  | 0.4 |  | 4.3 |
FDIC insurance premiums | 4.7 |  |  | 2.8 |  |  | 1.9 |  | 67.9 |  |  | 10.4 |  |  | 6.1 |  |  | 4.3 |  | 70.5 |
Other intangibles amortization | 3.9 |  |  | 4.1 |  |  | (0.2) |  | (4.9) |  |  | 7.9 |  |  | 7.7 |  |  | 0.2 |  | 2.6 |
Other expenses | 29.4 |  |  | 28.1 |  |  | 1.3 |  | 4.6 |  |  | 59.3 |  |  | 51.3 |  |  | 8.0 |  | 15.6 |
Acquisition related expenses | — |  |  | 45.8 |  |  | (45.8) |  | (100.0) |  |  | — |  |  | 111.0 |  |  | (111.0) |  | NM
Total non-interest expense | $ | 163.9 |  |  | $ | 210.3 |  |  | $ | (46.4) |  | (22.1) | % |  | $ | 329.7 |  |  | $ | 417.5 |  |  | $ | (87.8) |  | (21.0) | %

The increases in employee benefits, outsourced technology services, and occupancy, net, during the six month period ended June 30, 2023, as compared to the same period in 2022, are primarily due to having a full first quarter 2023 of expenses from additional costs resulting from the GWB acquisition.
Salaries and wages expense decreased $6.7 million during the three months ended June 30, 2023, as compared to the same period in 2022. Salaries and wages decreased $1.1 million during the six months ended June 30, 2023 as compared to the same period in 2022. The decreases during the three and the six months ended June 30, 2023 are the result of lower mortgage loan originator commissions and lower levels of incentive accruals during the 2023 periods as compared to 2022, partially offset by inflationary wage pressure and severance costs primarily related to permanent staffing reductions, primarily within the mortgage group during the second quarter of 2023.
Outsourced technology services expense increased $2.5 million during the three months ended June 30, 2023 and increased $5.9 million during the six months ended June 30, 2023, as compared to the same periods in 2022. The increases are primarily due to inflationary pressures.
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FDIC insurance premiums increased $1.9 million during the three months ended June 30, 2023 compared to the same period in 2022 and increased $4.3 million during the six months ended June 30, 2023, as compared to the same period in 2022, primarily attributable to the incremental two basis point assessment fee imposed by the FDIC which began in the first quarter of 2023. The Company is expecting additional FDIC expenses related to the Notice of Proposed Rulemaking by the FDIC in May 2023. To recover the cost associated with protecting uninsured depositors, the proposal would implement a 12.5 basis point annual special assessment on uninsured deposits reported in bank’s call reports as of December 31, 2022, excluding the first $5.0 billion of uninsured deposits. The FDIC is proposing to collect the special assessment for an estimated eight consecutive quarters beginning with the first quarter 2024. A final rule is not expected until later in 2023 after a public comment period and the FDIC's final deliberations have concluded. As proposed, the estimated impact of the special assessment is approximately $9.8 million, which is expected to be recognized upon the rule's final issuance. The ultimate impact and timing of recognition will depend on the final outcome of the ongoing FDIC deliberations.
Other expenses primarily include advertising and public relations costs; office supply, postage, freight, telephone, and travel expenses; donations expense; debit and credit card expenses; board of director fees; legal expenses; and other losses. Other expenses increased $1.3 million during the three months ended June 30, 2023 compared to the same period in 2022, primarily due to an increase in credit card rewards. Other expenses increased $8.0 million during the six months ended June 30, 2023, as compared to the same period in 2022, mainly attributable to swap servicing fees, sales and use taxes, credit and debit card processing, credit card rewards, and increases in fraud losses.
Income Tax Expense
Our effective tax rate was 22.9% for the three months ended June 30, 2023 compared to 20.2% for the three months ended June 30, 2022 and 23.5% for the six months ended June 30, 2023 compared to 22.1% for the same period in 2022.
Financial Condition
Total Assets
Total assets decreased $1,311.5 million, or 4.1%, to $30,976.3 million as of June 30, 2023, from $32,287.8 million as of December 31, 2022, primarily due to a decrease cash and cash equivalents and investment securities as a result of a decline in deposits and securities sold under repurchase agreements. Significant fluctuations in balance sheet accounts are discussed below. More information regarding the results as of December 31, 2022 can be found in our Annual Report on Form 10-K for the year ended December 31, 2022.
Investment Securities
We manage our investment portfolio primarily as a source of liquidity. In doing so, we seek to obtain the highest yield possible within our risk tolerance and liquidity guidelines, while satisfying the pledging requirements for deposits of state and political subdivisions and securities sold under repurchase agreements. Our portfolio principally comprises U.S. treasuries, U.S. government agency residential and commercial mortgage-backed securities and collateralized mortgage obligations, U.S. government agency, corporate securities, and tax-exempt securities. Federal funds sold and interest-bearing deposits in the Bank are additional investments that are classified as cash equivalents rather than as investment securities. Investment securities classified as available-for-sale are recorded at fair value, while investment securities classified as held-to-maturity are recorded at amortized cost. Unrealized gains or losses, net of the deferred tax effect, on available-for-sale securities are reported as increases or decreases in accumulated other comprehensive income or loss, a component of stockholders’ equity.
Investment securities decreased $1,222.3 million, or 11.8%, to $9,175.6 million, or 29.6% of total assets, as of June 30, 2023, from $10,397.9 million, or 32.2% of total assets, as of December 31, 2022. The decrease was the result of the disposition of $853.0 million of investment securities during the first quarter of 2023 and normal cash flow activity and declines in fair market values during the period. There have been no new purchases during the six months ended June 30, 2023.
As of June 30, 2023 and December 31, 2022, the estimated duration of our investment portfolio was 3.7 years.
As of June 30, 2023 and December 31, 2022, we had $7,163.5 million and $2,620.8 million, respectively, of investment securities that had been in a continuous loss position for more than twelve months. At June 30, 2023 and December 31, 2022, the Company had an allowance for credit losses on held-to maturity securities classified as corporate and municipal securities of $0.7 million and $1.9 million, respectively, and an allowance for credit losses on available-for-sale corporate securities of $1.4 million and zero, respectively.
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Loans Held for Investment, Net of Deferred Fees and Costs
Loans held for investment, net of deferred fees and costs, increased $164.2 million as of June 30, 2023 as compared to December 31, 2022.
The following table presents the composition and comparison of loans held for investment for the periods indicated:

| June 30, 2023 | December 31, 2022 | $ Change | % Change |
Real estate: |  |  |  |  |
Commercial | $ | 8,813.9 |  | $ | 8,528.6 |  | $ | 285.3 |  | 3.3 | % |
Construction | 1,836.5 |  | 1,944.4 |  | (107.9) |  | (5.5) |  |
Residential | 2,198.3 |  | 2,188.3 |  | 10.0 |  | 0.5 |  |
Agricultural | 755.7 |  | 794.9 |  | (39.2) |  | (4.9) |  |
Total real estate | 13,604.4 |  | 13,456.2 |  | 148.2 |  | 1.1 |  |
Consumer: |  |  |  |  |
Indirect | 764.1 |  | 829.7 |  | (65.6) |  | (7.9) |  |
Direct and advance lines | 144.0 |  | 152.9 |  | (8.9) |  | (5.8) |  |
Credit card | 72.1 |  | 75.9 |  | (3.8) |  | (5.0) |  |
Total consumer | 980.2 |  | 1,058.5 |  | (78.3) |  | (7.4) |  |
Commercial | 3,002.7 |  | 2,882.6 |  | 120.1 |  | 4.2 |  |
Agricultural | 688.0 |  | 708.3 |  | (20.3) |  | (2.9) |  |
Other, including overdrafts | 1.7 |  | 9.2 |  | (7.5) |  | (81.5) |  |
Deferred loan fees and costs | (13.6) |  | (15.6) |  | 2.0 |  | (12.8) |  |
Loans held for investment, net of deferred loan fees and costs | $ | 18,263.4 |  | $ | 18,099.2 |  | $ | 164.2 |  | 0.9 | % |

Non-Performing Assets
Non-performing assets include non-performing loans and OREO.
Non-Performing Loans. Non-performing loans include non-accrual loans and loans contractually past due 90 days or more and still accruing interest.
Non-accrual loans. We generally place loans on non-accrual status when they become 90 days past due unless they are well secured and in the process of collection. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed from income. Non-accrual loans increased approximately $26.9 million, or 45.4%, to $86.1 million, as of June 30, 2023, from $59.2 million as of December 31, 2022, primarily due to construction and commercial real estate loans. As of June 30, 2023 there were approximately $34.4 million of non-accrual loans for which there was no related allowance for credit losses.
Loans contractually past due 90 days or more and still accruing interest. Loans past due 90 days or more accruing interest was $6.7 million as of June 30, 2023, an increase of $0.3 million, or 4.7%, from $6.4 million as of December 31, 2022.
Other Real Estate Owned (OREO). OREO consists of real property acquired through foreclosure on the collateral underlying defaulted loans. We initially record OREO at fair value less estimated selling costs. Any excess of loan carrying value over the fair value of the real estate acquired is recorded as a charge against the allowance for credit losses. Estimated losses that result from the ongoing periodic valuation of these properties are charged to earnings in the period in which they are identified. OREO increased $1.7 million, or 13.4%, to $14.4 million as of June 30, 2023, from $12.7 million as of December 31, 2022.
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The following table sets forth information regarding non-performing assets as of the dates indicated:

Non-Performing Assets |  |  |  |  |  |  |  |
(Dollars in millions) | June 30, 2023 |  | March 31, 2023 |  |  |  |  |  | June 30, 2022
Non-performing loans: |  |  |  |  |  |  |  |  |
Non-accrual loans | $ | 86.1 |  |  | $ | 80.8 |  |  |  |  |  |  | $ | 107.0 |
Accruing loans past due 90 days or more | 6.7 |  |  | 4.5 |  |  |  |  |  |  | 2.9 |
Total non-performing loans | 92.8 |  |  | 85.3 |  |  |  |  |  |  | 109.9 |
OREO | 14.4 |  |  | 13.4 |  |  |  |  |  |  | 16.8 |
Total non-performing assets | $ | 107.2 |  |  | $ | 98.7 |  |  |  |  |  |  | $ | 126.7 |
Non-accrual loans to loans held for investment | 0.47 | % |  | 0.44 | % |  |  |  |  |  | 0.62 | %
Non-performing loans to loans held for investment | 0.51 |  |  | 0.47 |  |  |  |  |  |  | 0.64 |
Non-performing assets to loans held for investment and OREO | 0.59 |  |  | 0.54 |  |  |  |  |  |  | 0.74 |
Non-performing assets to total assets | 0.35 |  |  | 0.31 |  |  |  |  |  |  | 0.40 |

The following table sets forth the allocation of our non-performing loans among our various loan categories as of the dates indicated.

Non-Performing Loans by Loan Type |  |  |  |  |  |  |
(Dollars in millions) | June 30, 2023 |  | Percent of Total |  | December 31, 2022 |  | Percent of Total
Real estate: |  |  |  |  |  |  |
Commercial | $ | 35.4 |  |  | 38.1 | % |  | $ | 20.7 |  |  | 31.5 | %
Construction | 21.5 |  |  | 23.2 |  |  | 4.3 |  |  | 6.6 |
Residential | 8.3 |  |  | 8.9 |  |  | 7.6 |  |  | 11.6 |
Agricultural | 7.1 |  |  | 7.7 |  |  | 7.6 |  |  | 11.6 |
Total real estate | 72.3 |  |  | 77.9 |  |  | 40.2 |  |  | 61.3 |
Consumer | 4.1 |  |  | 4.4 |  |  | 4.3 |  |  | 6.6 |
Commercial | 13.2 |  |  | 14.1 |  |  | 12.3 |  |  | 18.7 |
Agricultural | 3.2 |  |  | 3.5 |  |  | 8.8 |  |  | 13.4 |
Total non-performing loans | $ | 92.8 |  |  | 100.0 | % |  | $ | 65.6 |  |  | 100.0 | %

Allowance for Credit Losses
The Company performs a quarterly assessment of the appropriateness of its allowance for credit losses in accordance with GAAP. The allowance for credit losses is established through a provision for credit losses based on our evaluation of quantitative and qualitative risk factors in our loan portfolio at each balance sheet date. In determining the allowance for credit losses, we estimate losses on specific loans, or groups of loans, where the expected loss can be identified and reasonably determined over the life of the loans. The balance of the allowance for credit losses is based on internally assigned risk classifications of loans, historical loan loss rates, changes in the nature or tenure of the loan portfolio, overall portfolio quality, industry concentrations, delinquency trends, current environmental and economic factors, and the estimated impact of forecasted economic conditions on historical loan loss rates.
The allowance for credit losses is increased by provisions charged against earnings and net recoveries of charged-off loans and is reduced by negative provisions credited to earnings and net loan charge-offs. The allowance for credit losses consists of three elements:
(1)Specific valuation allowances associated with collateral-dependent and other individually evaluated loans. Specific valuation allowances are determined based on assessment of the fair value of the collateral underlying the loans as determined through independent appraisals, the present value of future cash flows, observable market prices, and any relevant qualitative or environmental factors impacting loans.
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(2)Collective valuation allowances based on loan loss experience and future expectations for similar loans with similar characteristics and trends. The Company applies open pool methodologies for all portfolio segments. The open pool methodology averages quarterly loss rates by modeling segment, calculated as quarter-to-date net charge off balance divided by the end of period balance. Loss rates are recalculated quarterly with recoveries captured in the quarter a loan was charged off, are averaged across a look back period from 2009 to the current period, and are annualized. Macroeconomic-conditioned historical loss rates are applied to loan-level cash flows. Expected future principal and interest cash flows are calculated using contractual repayment terms and prepayment, utilization, interest rate, and probability of default assumptions. Macroeconomic sensitivity models calculate segment-specific multipliers using third party forecast data. The multipliers condition the annual loss rates over the 2-year forecast period, followed by a 1-year straight-line reversion to the unadjusted historical average loss rates. The unadjusted loss rates then apply for the remaining life of the loan. Estimated losses are totaled and aggregated to the segment level.
(3)General valuation allowances determined based on asset quality trends, industry concentrations, environmental risks, changes in portfolio composition, and other qualitative risk factors, both internal and external to the Company. Other qualitative factors, including changes in loan and lending policies, collateral quality, underwriting standards and personnel, credit review quality, and model imprecision, are also considered.
During the period ending June 30, 2023, results were reflective of loan growth and modest credit migration.
Based on the assessment of the appropriateness of the allowance for credit losses, the Company records provisions for credit losses to maintain the allowance for credit losses at appropriate levels.
Loans acquired in business combinations are initially recorded at fair value as adjusted for credit risk and an allowance for credit losses at the date of acquisition. For loans with no significant evidence of credit deterioration since origination, the difference between the fair value and the unpaid principal balance of the loan at the acquisition date is amortized into interest income using the effective interest method over the remaining period to contractual maturity. An allowance for credit loss is recorded for the expected credit losses over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense using the same methodology as other loans held for investment.
For loans acquired in business combinations with evidence of deterioration in credit quality since origination, the Company determines the fair value of the loans by estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. An allowance for credit losses is recognized by estimating the expected credit losses of the purchased asset and recording an adjustment to the acquisition date fair value to establish the initial amortized cost basis of the asset. Differences between the established amortized cost basis, and the unpaid principal balance of the asset, is considered to be a non-credit discount/premium and is accreted/amortized into interest income using the level yield interest method. Subsequent changes to the allowance for credit losses are recorded through provision expense using the same methodology as other loans held for investment.
Loans, or portions thereof, are charged-off against the allowance for credit losses when management believes the collectability of the principal is unlikely, or, with respect to consumer installment loans, according to an established delinquency schedule. Generally, loans are charged-off when (1) there has been no material principal reduction within the previous 90 days and there is no pending sale of collateral or other assets, (2) there is no significant or pending event which will result in principal reduction within the upcoming 90 days, (3) it is clear that we will not be able to collect all or a portion of the loan, (4) payments on the loan are sporadic, will result in an excessive amortization, or are not consistent with the collateral held, or (5) foreclosure or repossession actions are pending. Loan charge-offs do not directly correspond with the receipt of independent appraisals or the use of observable market data if the collateral value is determined to be sufficient to repay the principal balance of the loan.
If a collateral-dependent loan is adequately collateralized, a specific valuation allowance for credit losses is not recorded. As such, significant changes in collateral-dependent and non-performing loans do not necessarily correspond proportionally with changes in the specific valuation component of the allowance for credit losses. Additionally, the Company expects the timing of charge-offs will vary between quarters and will not necessarily correspond proportionally to changes in the allowance for credit losses or changes in non-performing or collateral-dependent loans due to timing differences among the initial identification of a collateral-dependent loan, recording of a specific valuation allowance for collateral-dependent loans, and any resulting charge-off of uncollectible principal.
Our allowance for credit losses was $224.6 million, or 1.23% of loans held for investment as of June 30, 2023 compared to $220.1 million, or 1.22% of loans held for investment, as of December 31, 2022. The increase in the percentage from December 31, 2022 is primarily a result of loan growth and credit migration. The Company’s allowance for off-balance sheet credit losses was $20.8 million as of June 30, 2023.
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Although we have established our allowance for credit losses in accordance with GAAP in the United States and we believe that the allowance for credit losses is appropriate to provide for known and expected losses in the portfolio at all times, future provisions will be subject to on-going evaluations of the risks in the loan portfolio. If the economy declines or asset quality deteriorates, material additional provisions could be required.
The following table sets forth information regarding our allowance for credit losses as of and for the periods indicated:

Allowance for Credit Losses | Three Months Ended
(Dollars in millions) | Jun 30, 2023 |  | Mar 31, 2023 |  | Dec 31, 2022 |  | Sep 30, 2022 |  | Jun 30, 2022
Beginning balance | $ | 226.1 |  |  | $ | 220.1 |  |  | $ | 213.0 |  |  | $ | 220.4 |  |  | $ | 247.2 |
Provisional ACL recorded on PCD loans | — |  |  | — |  |  | — |  |  | — |  |  | (24.8) |
Provision for (reversal of) credit losses | 9.9 |  |  | 12.2 |  |  | 8.2 |  |  | 4.6 |  |  | (1.7) |
Charge offs: |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |
Commercial | 0.3 |  |  | 4.3 |  |  | 0.8 |  |  | 5.8 |  |  | — |
Construction | 9.7 |  |  | — |  |  | (0.1) |  |  | 6.6 |  |  | — |
Residential | — |  |  | 0.5 |  |  | 0.1 |  |  | 0.1 |  |  | — |
Agricultural | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Consumer | 3.3 |  |  | 3.4 |  |  | 2.6 |  |  | 2.9 |  |  | 2.3 |
Commercial | 0.8 |  |  | 0.7 |  |  | 1.8 |  |  | 0.8 |  |  | 1.2 |
Agricultural | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Total charge-offs | 14.1 |  |  | 8.9 |  |  | 5.2 |  |  | 16.2 |  |  | 3.7 |
Recoveries: |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |
Commercial | 0.6 |  |  | 0.1 |  |  | 0.5 |  |  | 1.8 |  |  | 0.7 |
Construction | — |  |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.1 |
Residential | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.4 |
Agricultural | 0.2 |  |  | 0.1 |  |  | 0.3 |  |  | — |  |  | 0.1 |
Consumer | 1.4 |  |  | 1.2 |  |  | 1.0 |  |  | 1.2 |  |  | 1.4 |
Commercial | 0.4 |  |  | 1.0 |  |  | 0.4 |  |  | 1.0 |  |  | 0.5 |
Agricultural | 0.1 |  |  | 0.3 |  |  | 1.6 |  |  | — |  |  | 0.2 |
Total recoveries | 2.7 |  |  | 2.7 |  |  | 4.1 |  |  | 4.2 |  |  | 3.4 |
Net charge-offs | 11.4 |  |  | 6.2 |  |  | 1.1 |  |  | 12.0 |  |  | 0.3 |
Ending balance | $ | 224.6 |  |  | $ | 226.1 |  |  | $ | 220.1 |  |  | $ | 213.0 |  |  | $ | 220.4 |
Allowance for off-balance sheet credit losses: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 17.8 |  |  | $ | 16.2 |  |  | $ | 9.7 |  |  | $ | 6.2 |  |  | $ | 6.2 |
Provision for credit losses | 3.0 |  |  | 1.6 |  |  | 6.5 |  |  | 3.5 |  |  | — |
Ending balance | $ | 20.8 |  |  | $ | 17.8 |  |  | $ | 16.2 |  |  | $ | 9.7 |  |  | $ | 6.2 |
Allowance for credit losses on investment securities: |  |  |  |  |  |  |  |  |
Beginning balance | $ | 3.3 |  |  | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | 1.6 |  |  | $ | 1.6 |
(Reversal of) provision for investment securities | (1.2) |  |  | 1.4 |  |  | — |  |  | 0.3 |  |  | — |
Ending balance | $ | 2.1 |  |  | $ | 3.3 |  |  | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | 1.6 |
Total allowance for credit losses | $ | 247.5 |  |  | $ | 247.2 |  |  | $ | 238.2 |  |  | $ | 224.6 |  |  | $ | 228.2 |
Total provision for (reversal of) credit losses | 11.7 |  |  | 15.2 |  |  | 14.7 |  |  | 8.4 |  |  | (1.7) |
Loans held for investment | 18,263.4 |  |  | 18,245.7 |  |  | 18,099.2 |  |  | 17,603.5 |  |  | 17,162.5 |
Average loans | 18,351.5 |  |  | 18,273.6 |  |  | 17,920.5 |  |  | 17,543.8 |  |  | 17,220.4 |
Net loans charged-off to average loans, annualized | 0.25 | % |  | 0.14 | % |  | 0.02 | % |  | 0.27 | % |  | 0.01 | %
Allowance to non-accrual loans | 260.86 |  |  | 279.83 |  |  | 371.79 |  |  | 268.26 |  |  | 205.98 |
Allowance to loans held for investment | 1.23 |  |  | 1.24 |  |  | 1.22 |  |  | 1.21 |  |  | 1.28 |

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Deferred Tax Asset
As of June 30, 2023, we had a net deferred tax asset of $193.5 million, as compared to $210.5 million as of December 31, 2022, primarily as a result of decreases in our mark-to-market losses on investment securities and a reduction in accrued compensation incentives.
Total Liabilities
Total liabilities decreased $1,358.9 million, or 4.7%, to $27,855.1 million as of June 30, 2023, from $29,214.0 million as of December 31, 2022, primarily due to a decrease in deposits, partially offset by an increase in other borrowed funds. Significant fluctuations in liability accounts are discussed below.
Deposits
Our deposits consist of non-interest-bearing and interest-bearing demand, savings, individual retirement, and time deposit accounts. Total deposits decreased $1,494.4 million, or 6.0%, to $23,579.2 million as of June 30, 2023, from $25,073.6 million as of December 31, 2022, primarily due to a decrease in business-related non-interest-bearing balances and interest-bearing demand and savings deposits, partially offset by increases in time deposits.
The following table summarizes our deposits as of the dates indicated:

Deposits |  |  |  |  |  |  |
(Dollars in millions) | June 30, 2023 |  | Percent of Total |  | December 31, 2022 |  | Percent of Total
Non-interest-bearing demand | $ | 6,518.2 |  |  | 27.6 | % |  | $ | 7,560.0 |  |  | 30.2 | %
Interest bearing: |  |  |  |  |  |  |
Demand | 6,481.9 |  |  | 27.5 |  |  | 7,205.9 |  |  | 28.7 |
Savings | 7,836.7 |  |  | 33.2 |  |  | 8,379.3 |  |  | 33.4 |
Time, $250k and over | 657.9 |  |  | 2.8 |  |  | 438.0 |  |  | 1.8 |
Time, other (1) | 2,084.5 |  |  | 8.9 |  |  | 1,490.4 |  |  | 5.9 |
Total interest-bearing | 17,061.0 |  |  | 72.4 |  |  | 17,513.6 |  |  | 69.8 |
Total deposits | $ | 23,579.2 |  |  | 100.0 | % |  | $ | 25,073.6 |  |  | 100.0 | %

(1)Included in “Time, other” are Certificate of Deposit Account Registry Service, or CDARS, deposits of $65.0 million and $36.6 million as of June 30, 2023 and December 31, 2022, respectively.
Securities Sold Under Repurchase Agreements
In addition to deposits, repurchase agreements with commercial depositors, which include municipalities, provide an additional source of funds. Under repurchase agreements, deposit balances are invested in short-term U.S. government agency securities overnight and are then repurchased the following day. All outstanding repurchase agreements are due in one day and balances fluctuate in the normal course of our client’s business. Securities sold under repurchase agreement balances decreased $123.0 million, or 11.7%, to $929.9 million as of June 30, 2023, from $1,052.9 million as of December 31, 2022.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses decreased $39.4 million, or 8.8%, to $406.5 million as of June 30, 2023, from $445.9 million as of December 31, 2022, primarily attributable to a decrease in accrued salaries and wages of $35.4 million.
Other Borrowed Funds
Other borrowed funds increased $262.0 million as of June 30, 2023 compared to December 31, 2022, primarily due to the Company’s borrowing with the FHLB during the first half of 2023.
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Capital Resources and Liquidity Management
Stockholders’ equity is influenced primarily by earnings, dividends, sales and redemptions of common stock, and changes in the unrealized holding gains or losses, net of taxes, on available-for-sale investment securities. Stockholders’ equity increased $47.4 million, or 1.5%, to $3,121.2 million as of June 30, 2023, from $3,073.8 million as of December 31, 2022, due to the retention of earnings and a modest reduction to the unrealized losses on available-for-sale securities through other comprehensive income, which are partially offset by stock repurchases of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants and cash dividends paid.
On July 25, 2023, the Company’s board of directors declared a dividend of $0.47 per common share, payable on August 17, 2023, to common stockholders of record as of August 7, 2023. The dividend equates to a 7.5% annual yield based on the $25.21 average closing pricing of the Company’s common stock during the second quarter of 2023.
As a bank holding company, the Company must comply with the capital requirements established by the Federal Reserve, and our subsidiary Bank must comply with the capital requirements established by the FDIC. The current risk-based guidelines applicable to us and our Bank are based on the Basel III framework, as implemented by the federal bank regulators. As of June 30, 2023 and December 31, 2022, the Company had capital levels that, in all cases, exceeded the guidelines to be deemed “well-capitalized.” For additional information regarding our capital levels, see “Note – Regulatory Capital” in the accompanying “Notes to Unaudited Consolidated Financial Statements” included in this report.

Liquidity. Liquidity measures our ability to meet current and future cash flow needs on a timely basis and at a reasonable cost. We manage our liquidity position to meet the daily cash flow needs of clients, while maintaining an appropriate balance between assets and liabilities to meet the return-on-investment objectives of our shareholders. Our liquidity position is supported by management of liquid assets and liabilities and access to alternative sources of funds. Liquid assets include cash, interest-bearing deposits in banks, federal funds sold, available-for-sale investment securities, and maturing or prepaying balances in our held-to-maturity investment and loan portfolios. Liquid liabilities include core deposits, federal funds purchased, securities sold under repurchase agreements, and borrowings. Other sources of liquidity include the sale of loans, the ability to acquire additional national market funds through non-core deposits, the issuance of additional collateralized borrowings such as FHLB advances, the issuance of debt securities, additional borrowings through the Federal Reserve’s discount window, Federal Reserve’s Bank Term Funding Program (“BTFP”), and the issuance of preferred or common securities. Our short-term and long-term liquidity requirements are primarily to fund on-going operations, including payment of interest on deposits and debt, extensions of credit to borrowers, capital expenditures, and shareholder dividends. These liquidity requirements are met primarily through cash flow from operations, redeployment of prepaying and maturing balances in our loan and investment portfolios, debt financing, and increases in client deposits.
For the six months ended June 30, 2023, net cash provided by operating activities was $229.6 million, net cash provided by investing activities was $1,034.9 million and net cash used in financing activities was $1,454.5 million. A major use of cash was a $1,494.4 million decrease in deposits and an extension of credit to clients of $176.7 million. A major source of cash included $1,119.7 million from maturity, calls, principal pay downs, and sales of available-for-sale securities in addition to an increase of $262.0 million of other borrowed funds. Total cash and cash equivalents were $680.5 million as of June 30, 2023, compared to $870.5 million as of December 31, 2022 and $1,059.3 million as of June 30, 2022. For additional information regarding our operating, investing, and financing cash flows, see the unaudited “Consolidated Statements of Cash Flows,” included in Part I, Item 1. For additional information regarding our deposits, see “Financial Condition – Deposits,” include in Part I, Item 2.
As a holding company, we are a corporation separate and apart from our subsidiary Bank and, therefore, we provide for our own liquidity. Our primary sources of funding include management fees and dividends declared and paid by the Bank and access to capital markets. There are statutory, regulatory, and debt covenant limitations that affect the ability of our Bank to pay dividends to us. Management believes that such limitations will not impact our ability to meet our ongoing short-term cash obligations.
The Company continuously monitors our liquidity position and adjustments are made to the balance between sources and uses of funds as deemed appropriate. We are not aware of any events that are reasonably likely to have a material adverse effect on our liquidity, capital resources, or operations. In addition, we are not aware of any regulatory recommendations regarding liquidity, which if implemented, would have a material adverse effect on us. The Bank satisfies incremental liquidity needs with either liquid assets or external funding sources. Available liquidity includes cash, FHLB advances and Federal Reserve Bank (FRB) borrowing, comprised of borrowing through the discount window and the newly established BTFP. The Bank has pledged its investment securities portfolio to access wholesale funding as needed and does not intend to sell or restructure securities at this time.
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Through the Bank’s relationship with the FHLB, the Bank owns $114.2 billion of FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Bank’s borrowing capacity is dependent upon the amount of collateral the Bank places at the FHLB. As of June 30, 2023, the Bank had no short-term advances outstanding at FHLB and $2,589.0 million in outstanding FHLB borrowings consisting of fixed rate borrowings with tenors of up to five months. The Bank’s remaining borrowing capacity with the FHLB was $4,517.6 million as of June 30, 2023.
The Bank had no short-term borrowings outstanding with the Federal Reserve Bank's BTFP as of June 30, 2023. As of June 30, 2023, the Bank’s remaining borrowing capacity with the BTFP was $2.5 billion and its remaining borrowing capacity at the Federal Reserve Discount Window was $0.6 billion.
In addition to borrowing capacity with the FHLB and at the Federal Reserve Discount Window as described above, the Bank had additional liquidity of $2.6 billion available via cash, unpledged bond collateral, and the federal funds market as of June 30, 2023.
Recent Accounting Pronouncements
See “Note – Recent Authoritative Accounting Guidance” in the accompanying “Notes to Unaudited Consolidated Financial Statements” included in this report for details of recently issued accounting pronouncements and their expected impact on our financial statements.
Non-GAAP Reconciliation

| Three Months Ended |  | Six Months Ended
(Dollars in millions) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Net interest income | $ | 218.4 |  |  | $ | 239.0 |  |  | $ | 457.3 |  |  | $ | 417.4 |
Tax exempt securities | 0.2 |  |  | 0.3 |  |  | 0.4 |  |  | 0.6 |
Tax exempt loans | 1.6 |  |  | 1.8 |  |  | 3.2 |  |  | 3.1 |
Net FTE interest income (non-GAAP) | 220.2 |  |  | 241.1 |  |  | 460.9 |  |  | 421.1 |
Less purchase accounting accretion (non-GAAP) | 4.6 |  |  | 16.7 |  |  | (9.8) |  |  | (24.3) |
Adjusted net FTE interest income (non-GAAP) | $ | 215.6 |  |  | $ | 224.4 |  |  | $ | 451.1 |  |  | $ | 396.8 |
Total interest-earning assets | $ | 28,328.8 |  |  | $ | 29,752.4 |  |  | $ | 28,692.1 |  |  | $ | 27,829.6 |
Net FTE interest margin (non-GAAP) | 3.12 | % |  | 3.25 | % |  | 3.24 | % |  | 3.05 | %
Adjusted net FTE interest margin (non-GAAP) | 3.05 | % |  | 3.03 | % |  | 3.17 | % |  | 2.88 | %

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Item 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Based on the changes in interest rates and the composition of the Company’s balance sheet subsequent to December 31, 2022, the following update of the Company’s assessment of market risk as of June 30, 2023 is being provided. These updates and changes should be read in conjunction with the additional quantitative and qualitative disclosures in our Annual Report on Form 10-K for the year ended December 31, 2022.
As of June 30, 2023, our income simulation model predicted net interest income would decrease by 2.32% on an immediate upward 100 basis point parallel shock over the following twelve months, assuming a static balance sheet, which was lower than the previous increase of 0.17% as of December 31, 2022, and increase 3.51% on an immediate downward 100 basis point parallel shock. Assuming a 2.0% gradual reduction in interest rates during each of the next four consecutive quarters, net interest income would increase 3.32%.
Item 4.
CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management is responsible for establishing and maintaining effective disclosure controls and procedures, as defined under Rules 13a-15(e) and 15d-15(e) of the Exchange Act. As of June 30, 2023, an evaluation was performed, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of June 30, 2023 were effective in ensuring that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods required by the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting for the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, such control.
Limitations on Controls and Procedures
The effectiveness of our disclosure controls and procedures and our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the soundness of our systems, the possibility of human error, and the risk of fraud. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures may deteriorate over time. Because of these limitations, any system of disclosure controls and procedures or internal control over financial reporting may not be successful in preventing all errors or fraud or in making all material information known in a timely manner to the appropriate levels of management.
PART II.
OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved in various claims, legal actions, and complaints which arise in the ordinary course of business. In the Company’s opinion, all such matters are adequately covered by insurance, are without merit, or are of such kind, or involve such amounts, that unfavorable disposition would not have a material adverse effect on the financial condition or results of operations of the Company.
Item 1A. Risk Factors
There have been no material changes in risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2022 during the period covered by this quarterly report.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) There were no unregistered sales of equity securities during the three months ended June 30, 2023.
(b) Not applicable.
(c) The following table provides information with respect to purchases made of our Class A common stock by or on behalf of us or any “affiliated purchasers” (as defined in Rule 10b-18(a)(3) under the Exchange Act), during the three months ended June 30, 2023.

|  |  |  |  |  | Total Number of |  | Maximum Number
|  |  |  |  |  | Shares Purchased as Part |  | of Shares That May
|  | Total Number of |  | Average Price |  | of Publicly Announced |  | Yet Be Purchased Under
Period |  | Shares Purchased (1) |  | Paid Per Share |  | Plans or Programs |  | the Plans or Programs
April 1, 2023 to April 30, 2023 |  | 44 |  |  | $ | 29.51 |  |  | — |  |  | — |
May 1, 2023 to May 31, 2023 |  | — |  |  | — |  |  | — |  |  | — |
June 1, 2023 to June 30, 2023 |  | 304 |  |  | 23.11 |  |  | — |  |  | — |
Total |  | 348 |  |  | $ | 23.92 |  |  | — |  |  | — |

(1) Stock repurchases were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants of the Company’s 2015 Equity Compensation Plan.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Information Required by Item 407(c)(3) of Regulation S-K. During the quarter ended June 30, 2023, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6. Exhibits

Exhibit Number |  | Description
2.1 |  | Plan of Conversion (incorporated herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, File No. 001-34653, filed on May 25, 2023)
3.1 |  | Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, File No. 001-34653, filed on May 25, 2023)
3.2 |  | Bylaws (incorporated by reference to Exhibit B of Appendix B to the Company’s definitive proxy statement on Schedule 14A filed with the SEC on April 11, 2023)
10.1† |  | 2023 Equity and Incentive Plan (incorporated herein by reference to Appendix C to the Company’s definitive proxy statement on Schedule 14A filed with the SEC on April 11, 2023)
10.2† |  | Form of Restricted Stock Unit Grant Agreement (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, File No. 001-34653, filed on May 25, 2023)
10.3† |  | Form of Performance Restricted Stock Unit Grant Agreement (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, File No. 001-34653, filed on May 25, 2023)
31.1* |  | Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended
31.2* |  | Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended
32** |  | 18 U.S.C. Section 1350 Certifications.
101.INS* |  | Interactive Data File - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH* |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL* |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE* |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104* |  | Cover Page Interactive Data File - The cover page XBRL tags are embedded within the inline XBRL document (included in Exhibit 101)
† | Management contract or compensatory plan or arrangement.
* | Filed herewith.
** | Furnished herewith.

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

|  |  |  | FIRST INTERSTATE BANCSYSTEM, INC.
Date: | August 4, 2023 |  |  | By: | /S/ KEVIN P. RILEY
|  |  |  |  | Kevin P. Riley President and Chief Executive Officer
Date: | August 4, 2023 |  |  | By: | /S/ MARCY D. MUTCH
|  |  |  |  | Marcy D. Mutch Executive Vice President and Chief Financial Officer

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