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FIRST INTERSTATE BANCSYSTEM INC

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

Financial table in standard format

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Quarterly Report on Form 10-Q


Index	Page
Part I. Financial Information

Item 1 Financial Statements (unaudited)

Consolidated Balance Sheets June 30, 2010 and December 31, 2009		3

Consolidated Statements of Income Three and six months ended June 30, 2010 and 2009		4

Consolidated Statements of Changes in Stockholders Equity Six months ended June 30, 2010 and 2009		5

Consolidated Statements of Cash Flows Six months ended June 30, 2010 and 2009		6

Notes to Unaudited Consolidated Financial Statements		8

Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations		19

Item 3 Quantitative and Qualitative Disclosures about Market Risk		35

Item 4T Controls and Procedures		36

Part II. Other Information

Item 1 Legal Proceedings		36

Item 1A Risk Factors		36

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds		36

Item 3 Defaults Upon Senior Securities		36

Item 4 (Removed and Reserved)		36

Item 5 Other Information		36

Item 6 Exhibits		37

Signatures		39
EX-31.1
EX-31.2
EX-32

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3 Quantitative and Qualitative Disclosures about Market Risk	35
Item 4T Controls and Procedures	36
Part II. Other Information
Item 1 Legal Proceedings	36
Item 1A Risk Factors	36
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3 Defaults Upon Senior Securities	36
Item 4 (Removed and Reserved)	36
Item 5 Other Information	36
Item 6 Exhibits	37
Signatures	39
EX-31.1
EX-31.2
EX-32

Data column 1: Unable to interpret date in column header
Row "EX-31.1": Multi-column field in a numeric row
Row "EX-31.2": Multi-column field in a numeric row
Row "EX-32": Multi-column field in a numeric row

Table 1

Financial table in standard format

FIRST INTERSTATE
BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)


	June 30,		December 31,
	2010		2009
Assets
Cash and due from banks	$	169,461	$	213,029
Federal funds sold		5,164		11,474
Interest bearing deposits in banks		327,859		398,979

Total cash and cash equivalents		502,484		623,482

Investment securities:
Available-for-sale		1,500,659		1,316,429
Held-to-maturity (estimated fair values of $136,782 as of June 30, 2010 and $130,855 as of December 31, 2009)		134,800		129,851

Total investment securities		1,635,459		1,446,280


Loans		4,562,288		4,528,004
Less allowance for loan losses		114,328		103,030

Net loans		4,447,960		4,424,974

Premises and equipment, net		193,551		196,307
Goodwill		183,673		183,673
Company-owned life insurance		72,395		71,374
Other real estate owned (OREO)		42,338		38,400
Accrued interest receivable		38,429		37,123
Mortgage servicing rights, net of accumulated amortization and impairment reserve		16,232		17,325
Core deposit intangibles, net of accumulated amortization		9,672		10,551
Other assets		83,183		88,164

Total assets	$	7,225,376	$	7,137,653


Liabilities and Stockholders Equity
Deposits:
Non-interest bearing	$	1,040,072	$	1,026,584
Interest bearing		4,762,250		4,797,472

Total deposits		5,802,322		5,824,056

Securities sold under repurchase agreements		453,749		474,141
Accounts payable and accrued expenses		39,741		44,946
Accrued interest payable		20,442		17,585
Other borrowed funds		7,196		5,423
Long-term debt		38,023		73,353
Subordinated debentures held by subsidiary trusts		123,715		123,715

Total liabilities		6,485,188		6,563,219

Stockholders equity:
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; issued and outstanding 5,000 shares as of June 30, 2010 and December 31, 2009		50,000		50,000
Common stock		263,317		112,135
Retained earnings		404,985		397,224
Accumulated other comprehensive income, net		21,886		15,075

Total stockholders equity		740,188		574,434

Total liabilities and stockholders equity	$	7,225,376	$	7,137,653

FIRST INTERSTATE BANCSYSTEM INC CIK:860413
	2010-06-30	2009-12-31
Assets
Cash and due from banks	$169,461	$213,029
Federal funds sold	5,164	11,474
Interest bearing deposits in banks	327,859	398,979
Total cash and cash equivalents	502,484	623,482
Investment securities:
Available-for-sale	1,500,659	1,316,429
Held-to-maturity (estimated fair values of $136,782 as of June 30, 2010 and $130,855 as of December 31, 2009)	134,800	129,851
Total investment securities	1,635,459	1,446,280
Loans	4,562,288	4,528,004
Less allowance for loan losses	114,328	103,030
Net loans	4,447,960	4,424,974
Premises and equipment, net	193,551	196,307
Goodwill	183,673	183,673
Company-owned life insurance	72,395	71,374
Other real estate owned (OREO)	42,338	38,400
Accrued interest receivable	38,429	37,123
Mortgage servicing rights, net of accumulated amortization and impairment reserve	16,232	17,325
Core deposit intangibles, net of accumulated amortization	9,672	10,551
Other assets	83,183	88,164
Total assets	$7,225,376	$7,137,653
Liabilities and Stockholders Equity
Deposits:
Non-interest bearing	$1,040,072	$1,026,584
Interest bearing	4,762,250	4,797,472
Total deposits	5,802,322	5,824,056
Securities sold under repurchase agreements	453,749	474,141
Accounts payable and accrued expenses	39,741	44,946
Accrued interest payable	20,442	17,585
Other borrowed funds	7,196	5,423
Long-term debt	38,023	73,353
Subordinated debentures held by subsidiary trusts	123,715	123,715
Total liabilities	6,485,188	6,563,219
Stockholders equity:
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; issued and outstanding 5,000 shares as of June 30, 2010 and December 31, 2009	50,000	50,000
Common stock	263,317	112,135
Retained earnings	404,985	397,224
Accumulated other comprehensive income, net	21,886	15,075
Total stockholders equity	740,188	574,434
Total liabilities and stockholders equity	$7,225,376	$7,137,653

Table 2

Financial table in standard format

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)


	For the three months					For the six months
	ended June 30,					ended June 30,
	2010		2009			2010		2009

Interest income:
Interest and fees on loans	$	67,501	$	69,655		$	134,395	$	139,773
Interest and dividends on investment securities:
Taxable		10,931		9,952			22,133		20,221
Exempt from federal taxes		1,173		1,374			2,339		2,781
Interest on deposits in banks		257		88			481		92
Interest on federal funds sold		5		79			18		164

Total interest income		79,867		81,148			159,366		163,031

Interest expense:
Interest on deposits		14,496		18,929			29,774		38,433
Interest on federal funds purchased									10
Interest on securities sold under repurchase agreements		229		175			423		418
Interest on other borrowed funds		1		418			2		976
Interest on long-term debt		509		798			1,428		1,639
Interest on subordinated debentures held by subsidiary trusts		1,456		1,638			2,894		3,302

Total interest expense		16,691		21,958			34,521		44,778

Net interest income		63,176		59,190			124,845		118,253
Provision for loan losses		19,500		11,700			31,400		21,300

Net interest income after provision for loan losses		43,676		47,490			93,445		96,953

Non-interest income:
Other service charges, commissions and fees		7,380		6,616			14,252		13,567
Service charges on deposit accounts		4,759		5,071			9,357		9,849
Income from origination and sale of loans		4,186		10,359			7,486		20,592
Wealth managment revenues		3,199		2,663			6,213		5,186
Investment securities gains, net		15		5			42		52
Other income		1,498		2,553			3,195		4,234

Total non-interest income		21,037		27,267			40,545		53,480

Non-interest expense:
Salaries, wages and employee benefits		27,379		29,543			55,457		57,554
Occupancy, net		3,963		3,795			8,105		7,742
Furniture and equipment		3,356		3,011			6,697		6,023
FDIC insurance premiums		2,667		5,528			5,123		7,364
Outsourced technology services		2,449		3,283			4,698		5,954
Mortgage servicing rights amortization		1,115		2,145			2,248		5,067
Mortgage servicing rights impairment (recovery)		271		(4,418	)		221		(7,265	)
OREO expense, net of income		2,980		649			3,521		919
Core deposit intangibles amortization		440		536			879		1,071
Other expenses		10,806		10,665			21,222		20,753

Total non-interest expense		55,426		54,737			108,171		105,182

Income before income tax expense		9,287		20,020			25,819		45,251
Income tax expense		2,628		6,684			8,030		15,227

Net income		6,659		13,336			17,789		30,024
Preferred stock dividends		853		853			1,697		1,697

Net income available to common stockholders	$	5,806	$	12,483		$	16,092	$	28,327

Basic earnings per common share	$	0.14	$	0.40		$	0.43	$	0.90

Diluted earnings per common share	$	0.14	$	0.39		$	0.43	$	0.89

FIRST INTERSTATE BANCSYSTEM INC CIK:860413
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Interest income:
Interest and fees on loans	$67,501	$69,655	$134,395	$139,773
Interest and dividends on investment securities:
Taxable	10,931	9,952	22,133	20,221
Exempt from federal taxes	1,173	1,374	2,339	2,781
Interest on deposits in banks	257	88	481	92
Interest on federal funds sold	5	79	18	164
Total interest income	79,867	81,148	159,366	163,031
Interest expense:
Interest on deposits	14,496	18,929	29,774	38,433
Interest on federal funds purchased				10
Interest on securities sold under repurchase agreements	229	175	423	418
Interest on other borrowed funds	1	418	2	976
Interest on long-term debt	509	798	1,428	1,639
Interest on subordinated debentures held by subsidiary trusts	1,456	1,638	2,894	3,302
Total interest expense	16,691	21,958	34,521	44,778
Net interest income	63,176	59,190	124,845	118,253
Provision for loan losses	19,500	11,700	31,400	21,300
Net interest income after provision for loan losses	43,676	47,490	93,445	96,953
Non-interest income:
Other service charges, commissions and fees	7,380	6,616	14,252	13,567
Service charges on deposit accounts	4,759	5,071	9,357	9,849
Income from origination and sale of loans	4,186	10,359	7,486	20,592
Wealth managment revenues	3,199	2,663	6,213	5,186
Investment securities gains, net	15	5	42	52
Other income	1,498	2,553	3,195	4,234
Total non-interest income	21,037	27,267	40,545	53,480
Non-interest expense:
Salaries, wages and employee benefits	27,379	29,543	55,457	57,554
Occupancy, net	3,963	3,795	8,105	7,742
Furniture and equipment	3,356	3,011	6,697	6,023
FDIC insurance premiums	2,667	5,528	5,123	7,364
Outsourced technology services	2,449	3,283	4,698	5,954
Mortgage servicing rights amortization	1,115	2,145	2,248	5,067
Mortgage servicing rights impairment (recovery)	271	(4,418)	221	(7,265)
OREO expense, net of income	2,980	649	3,521	919
Core deposit intangibles amortization	440	536	879	1,071
Other expenses	10,806	10,665	21,222	20,753
Total non-interest expense	55,426	54,737	108,171	105,182
Income before income tax expense	9,287	20,020	25,819	45,251
Income tax expense	2,628	6,684	8,030	15,227
Net income	6,659	13,336	17,789	30,024
Preferred stock dividends	853	853	1,697	1,697
Net income available to common stockholders	$5,806	$12,483	$16,092	$28,327
Basic earnings per common share	$0.14	$0.40	$0.43	$0.90
Diluted earnings per common share	$0.14	$0.39	$0.43	$0.89

Table 3

Financial table in standard format

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
(In thousands, 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. (the Parent Company or FIBS) and subsidiaries (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, 2010 and December 31, 2009, the results of operations for each of the three and six month periods ended June 30, 2010 and 2009 and cash flows for the six months ended June 30, 2010 and 2009, in conformity with U.S. generally accepted accounting principles (GAAP). The balance sheet information at December 31, 2009 is derived from audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform prior year financial statements to the June 30, 2010 presentation. These reclassifications did not change previously reported net income or stockholders equity.
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Companys Annual Report on Form 10-K for the year ended December 31, 2009. Operating results for the three and six months ended June 30, 2010 are not necessarily indicative of the results that may be expected for the year ending December 31, 2010.
On March 5, 2010, the Companys shareholders approved proposals to recapitalize the Companys existing common stock. The recapitalization included, among other things, a redesignation of existing common stock as Class B common stock; a four-for-one stock split of the Class B common stock; and, the creation of a new class of common stock designated as Class A common stock. All share and per share information included in the accompanying consolidated financial statements, including the notes thereto, has been adjusted to give effect to the recapitalization of the common stock, including the four-for-one stock split of Class B common stock, as if the recapitalization had occurred on January 1, 2009, the earliest date presented. For additional information regarding the recapitalization, see Note 5 Common Stock.
(2)
Investment Securities
The amortized cost and approximate fair values of investment securities are summarized as follows:


			Gross		Gross			Estimated
Available-for-Sale	Amortized		Unrealized		Unrealized			Fair
June 30, 2010	Cost		Gains		Losses			Value
Obligations of U.S. government agencies	$	713,850	$	5,746	$	(5	)	$	719,591
Residential mortgage-backed securities		749,338		30,516		(5	)		779,849
Private mortgage-backed securities		1,233		9		(23	)		1,219

Total	$	1,464,421	$	36,271	$	(33	)	$	1,500,659

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Obligations of U.S. government agencies	$713,850	$5,746	$(5)	$719,591
Residential mortgage-backed securities	749,338	30,516	(5)	779,849
Private mortgage-backed securities	1,233	9	(23)	1,219
Total	$1,464,421	$36,271	$(33)	$1,500,659

Data column 1: Unable to interpret date in column header
Data column 2: Unable to interpret date in column header
Data column 3: Unable to interpret date in column header
Data column 4: Unable to interpret date in column header

Table 4

Financial table in standard format

June 30,

December 31,

June 30,

2010

2009

2009

Impaired loans with no specific allocated allowance

$
84,825

$
61,529

$
81,522

Impaired loans with a specific allocated allowance

57,802

52,446

37,838

Recorded investment in impaired loans

$
142,627

$
113,975

$
119,360

Allowance for loan losses specifically allocated to impaired loans

$
27,415

$
20,182

$
14,555

(4)		Long-Term Debt

		As of December 31, 2009, the Company had $33,929 outstanding on variable rate term notes (Term Notes) issued pursuant to its credit agreement with four syndicated banks (Credit Agreement) and maturing on December 31, 2010. On March 29, 2010, the Company repaid the Term Notes and terminated the Credit Agreement. A loss of $306 on the early extinguishment of the debt, comprised of unamortized debt issuance costs, was included in other expenses in the Companys consolidated statement of income for the six months ended June 30, 2010.

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Data column 1: "numyear" is ambiguous (2009 or 2010 or 2010 or 2010)
Data column 1: "month" is ambiguous (12 or 12 or 3 or 6)
Data column 1: "dayofmonth" is ambiguous (31 or 31 or 29 or 30)
Data column 1: Unable to interpret date in column header

Table 5

Financial table in standard format

(4)

Long-Term Debt

As of December 31, 2009, the Company had $33,929 outstanding on variable rate term notes (Term Notes) issued pursuant to its credit agreement with four syndicated banks (Credit Agreement) and maturing on December 31, 2010. On March 29, 2010, the Company repaid the Term Notes and terminated the Credit Agreement. A loss of $306 on the early extinguishment of the debt, comprised of unamortized debt issuance costs, was included in other expenses in the Companys consolidated statement of income for the six months ended June 30, 2010.

(5)		Common Stock

		On March 5, 2010, the Companys shareholders approved proposals to recapitalize the Companys existing common stock. The recapitalization included a redesignation of existing common stock as Class B common stock with five votes per share, convertible into Class A common stock on a share for share basis; a four-for-one stock split of the Class B common stock; an increase in the authorized number of Class B common shares from 20,000,000 to 100,000,000; and, the creation of a new class of common stock designated as Class A common stock, with one vote per share, with 100,000,000 shares authorized.

		On March 29, 2010, the Company concluded its initial public offering of 10,000,000 shares of Class A common stock, and an additional 1,500,000 shares of Class A common stock pursuant to the full exercise of the underwriters option to purchase Class A common shares in the offering. The Company received net proceeds of $153,017 from the sale of the shares, after deducting the underwriting discount, commissions and other offering expenses.

		As of June 30, 2010, the Company had 14,802,093 shares of Class A common stock outstanding, including 10,000,000 shares issued in the initial public offering, 1,500,000 issued pursuant to the underwriters option, 6,503 issued under the Companys stock compensation plans and 3,295,590 shares converted from Class B common stock.

		The Company had 28,001,256 and 31,349,588 shares of Class B common stock outstanding as of June 30, 2010 and December 31, 2009, respectively.

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Data column 1: "numyear" is ambiguous (2010 or 2010 or 2010 or 2010 or 2009)
Data column 1: "month" is ambiguous (3 or 3 or 6 or 6 or 12)
Data column 1: "dayofmonth" is ambiguous (5 or 29 or 30 or 30 or 31)
Data column 1: Unable to interpret date in column header

Table 6

Financial table in standard format

The Company had outstanding options to purchase 2,325,441 and 2,380,371 shares of common stock for the three and six months ended June 30, 2010, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. The Company had outstanding options to purchase 1,891,552 and 1,304,828 shares of common stock for the three and six months ended June 30, 2009, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive.

(7)		Regulatory Capital

		The Company is subject to the regulatory capital requirements administered by federal banking regulators and the Federal Reserve. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Companys assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total and tier 1 capital to risk-weighted assets, and of tier 1 capital to average assets, as defined in the regulations. As of June 30, 2010 and December 31, 2009, the Company exceeded all capital adequacy requirements to which it is subject. The Companys June 30, 2010 capital ratios were positively impacted by the issuance of Class A common stock pursuant to the initial public offering concluded March 29, 2010.

		Actual capital amounts and ratios and selected minimum regulatory thresholds for the Company and its bank subsidiary, First Interstate Bank (FIB), as of June 30, 2010 and December 31, 2009 are presented in the following table:

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Data column 1: "numyear" is ambiguous (2010 or 2009 or 2010 or 2010 or 2010 or 2009)
Data column 1: "month" is ambiguous (6 or 12 or 6 or 3 or 6 or 12)
Data column 1: "dayofmonth" is ambiguous (30 or 31 or 30 or 29 or 30 or 31)
Data column 1: Unable to interpret date in column header

Table 7

Financial table in standard format

(7)

Regulatory Capital

The Company is subject to the regulatory capital requirements administered by federal banking regulators and the Federal Reserve. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Companys assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total and tier 1 capital to risk-weighted assets, and of tier 1 capital to average assets, as defined in the regulations. As of June 30, 2010 and December 31, 2009, the Company exceeded all capital adequacy requirements to which it is subject. The Companys June 30, 2010 capital ratios were positively impacted by the issuance of Class A common stock pursuant to the initial public offering concluded March 29, 2010.

Actual capital amounts and ratios and selected minimum regulatory thresholds for the Company and its bank subsidiary, First Interstate Bank (FIB), as of June 30, 2010 and December 31, 2009 are presented in the following table:


	Actual					Adequately Capitalized					Well Capitalized
	Amount		Ratio			Amount		Ratio			Amount		Ratio

As of June 30, 2010:
Total risk-based capital:
Consolidated	$	761,622		14.81	%	$	411,313		8.00	%	NA		NA
FIB		609,371		11.89			409,868		8.00		$	512,335		10.00	%
Tier 1 risk-based capital:
Consolidated		661,736		12.87			205,657		4.00		NA		NA
FIB		529,708		10.34			204,934		4.00		$	307,401		6.00	%
Leverage capital ratio:
Consolidated		661,236		9.43			280,767		4.00		NA		NA
FIB		529,708		7.57			280,033		4.00		$	350,042		5.00	%

FIRST INTERSTATE BANCSYSTEM INC CIK:860413
	2010-06-30	2010-06-30	2010-06-30	2010-06-30	2010-06-30	2010-06-30
Total risk-based capital:
Consolidated	$761,622	14.81	$411,313	8.00
FIB	609,371	11.89	409,868	8.00	$512,335	10.00
Tier 1 risk-based capital:
Consolidated	661,736	12.87	205,657	4.00
FIB	529,708	10.34	204,934	4.00	$307,401	6.00
Leverage capital ratio:
Consolidated	661,236	9.43	280,767	4.00
FIB	529,708	7.57	280,033	4.00	$350,042	5.00

Row "Consolidated": Multi-column field in a numeric row
Row "Consolidated": Multi-column field in a numeric row

Table 8

Financial table in standard format

(8)

Commitments and Contingencies

In the normal course of business, the Company is involved in various claims and litigation. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition thereof is not expected to have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of the Company.

The Company had commitments under construction contracts of $298 as of June 30, 2010.

The Company had commitments to purchase held-to-maturity municipal investment securities of $750 and available-for-sale obligations of U.S. government agencies of $59,996 as of June 30, 2010.

(9)		Financial Instruments with Off-Balance Sheet Risk

		The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a customer as 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. At June 30, 2010, commitments to extend credit to existing and new borrowers approximated $1,023,836, which includes $265,235 on unused credit card lines and $272,350 with commitment maturities beyond one year.

		Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. At June 30, 2010, the Company had outstanding standby letters of credit of $80,654. The estimated fair value of the obligation undertaken by the Company in issuing the standby letters of credit is included in other liabilities in the Companys consolidated balance sheet.

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Data column 1: "numyear" is ambiguous (2010 or 2010)
Data column 1: "month" is ambiguous (6 or 6)
Data column 1: "dayofmonth" is ambiguous (30 or 30)
Data column 1: Unable to interpret date in column header

Table 9

Financial table in standard format

(9)

Financial Instruments with Off-Balance Sheet Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a customer as 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. At June 30, 2010, commitments to extend credit to existing and new borrowers approximated $1,023,836, which includes $265,235 on unused credit card lines and $272,350 with commitment maturities beyond one year.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. At June 30, 2010, the Company had outstanding standby letters of credit of $80,654. The estimated fair value of the obligation undertaken by the Company in issuing the standby letters of credit is included in other liabilities in the Companys consolidated balance sheet.

(10)		Supplemental Disclosures to Consolidated Statement of Cash Flows

		The Company transferred loans of $14,202 and $26,731 to OREO during the six months ended June 30, 2010 and 2009, respectively.

		The Company transferred equipment pending disposal of $1,513 and $1,487 to other assets during the six months ended June 30, 2010 and 2009, respectively.

		The Company transferred accrued liabilities of $59 to common stock in conjunction with the vesting of liability-classified non-vested stock awards during the six months ended June 30, 2010.

		The Company transferred internally originated mortgage servicing rights of $1,379 and $7,358 from loans to mortgage servicing assets during the six months ended June 30, 2010 and 2009, respectively.

FIRST INTERSTATE BANCSYSTEM INC CIK:860413

Data column 1: "numyear" is ambiguous (2010 or 2009 or 2010 or 2009 or 2010 or 2010 or 2009)
Data column 1: "month" is ambiguous (6 or 6 or 6 or 6)
Data column 1: "dayofmonth" is ambiguous (30 or 30 or 30 or 30)
Data column 1: Unable to interpret date in column header

Table 10

Financial table in standard format

The following table presents, for the periods indicated, 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
(Dollars in thousands)


	Three Months Ended June 30,
	2010								2009
	Average					Average			Average					Average
	Balance		Interest			Rate			Balance		Interest			Rate

Interest earning assets:
Loans (1)(2)	$	4,520,119	$	67,964			6.03	%	$	4,693,750	$	70,116			5.99	%
Investment securities (2)		1,586,080		12,780			3.23			1,030,885		12,119			4.72
Interest bearing deposits in banks		407,656		257			0.25			126,041		88			0.28
Federal funds sold		4,408		5			0.45			145,360		79			0.22

Total interest earning assets		6,518,263		81,006			4.98	%		5,996,036		82,402			5.51	%
Non earning assets		679,514								689,942

Total assets	$	7,197,777							$	6,685,978


Interest bearing liabilities:
Demand deposits	$	1,116,216	$	870			0.31	%	$	1,087,671	$	1,072			0.40	%
Savings deposits		1,465,527		2,327			0.64			1,283,953		2,495			0.78
Time deposits		2,209,155		11,299			2.05			2,109,479		15,362			2.92
Repurchase agreements		465,573		229			0.20			389,034		175			0.18
Borrowings (3)		5,562		1			0.07			55,893		418			3.00
Long-term debt		38,170		509			5.35			81,575		798			3.92
Subordinated debentures held by subsidiary trusts		123,715		1,456			4.72			123,715		1,638			5.31

Total interest bearing liabilities		5,423,918		16,691			1.23	%		5,131,320		21,958			1.72	%


Non-interest bearing deposits		982,053								938,467
Other non-interest bearing liabilities		60,457								66,042
Stockholders equity		731,349								550,149


Total liabilities and stockholders equity	$	7,197,777							$	6,685,978

Net FTE interest income			$	64,315							$	60,444
Less FTE adjustments (2)				(1,139	)							(1,254	)

Net interest income from consolidated statements of income			$	63,176							$	59,190

Interest rate spread							3.75	%							3.79	%

Net FTE interest margin (4)							3.96	%							4.04	%

FIRST INTERSTATE BANCSYSTEM INC CIK:860413
	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)
Average
Balance
Interest earning assets:
Loans (1)(2)	$4,520,119	$67,964	6.03	$4,693,750	$70,116	5.99
Investment securities (2)	1,586,080	12,780	3.23	1,030,885	12,119	4.72
Interest bearing deposits in banks	407,656	257	0.25	126,041	88	0.28
Federal funds sold	4,408	5	0.45	145,360	79	0.22
Total interest earning assets	6,518,263	81,006	4.98	5,996,036	82,402	5.51
Non earning assets	679,514			689,942
Total assets	$7,197,777			$6,685,978
Interest bearing liabilities:
Demand deposits	$1,116,216	$870	0.31	$1,087,671	$1,072	0.40
Savings deposits	1,465,527	2,327	0.64	1,283,953	2,495	0.78
Time deposits	2,209,155	11,299	2.05	2,109,479	15,362	2.92
Repurchase agreements	465,573	229	0.20	389,034	175	0.18
Borrowings (3)	5,562	1	0.07	55,893	418	3.00
Long-term debt	38,170	509	5.35	81,575	798	3.92
Subordinated debentures held by subsidiary trusts	123,715	1,456	4.72	123,715	1,638	5.31
Total interest bearing liabilities	5,423,918	16,691	1.23	5,131,320	21,958	1.72
Non-interest bearing deposits	982,053			938,467
Other non-interest bearing liabilities	60,457			66,042
Stockholders equity	731,349			550,149
Total liabilities and stockholders equity	$7,197,777			$6,685,978
Net FTE interest income		$64,315			$60,444
Less FTE adjustments (2)		(1,139)			(1,254)
Net interest income from consolidated statements of income		$63,176			$59,190
Interest rate spread			3.75			3.79
Net FTE interest margin (4)			3.96			4.04

Row "Loans (1)(2)": Multi-column field in a numeric row
Row "Total interest earning assets": Multi-column field in a numeric row
Row "Demand deposits": Multi-column field in a numeric row
Row "Total interest bearing liabilities": Multi-column field in a numeric row
Row "Interest rate spread": Multi-column field in a numeric row
Row "Net FTE interest margin (4)": Multi-column field in a numeric row

Table 11

Table column format standardization was unsuccessful.

Three Months Ended June 30,

2010

2009

Average

Average

Average

Average

Balance

Interest

Rate

Balance

Interest

Rate

Interest earning assets:

Loans (1)(2)

$
4,520,119

$
67,964

6.03
%

$
4,693,750

$
70,116

5.99
%
Investment securities (2)

1,586,080

12,780

3.23

1,030,885

12,119

4.72

Interest bearing deposits in banks

407,656

257

0.25

126,041

88

0.28

Federal funds sold

4,408

5

0.45

145,360

79

0.22

Total interest earning assets

6,518,263

81,006

4.98
%

5,996,036

82,402

5.51
%
Non earning assets

679,514

689,942

Total assets

$
7,197,777

$
6,685,978

Interest bearing liabilities:

Demand deposits

$
1,116,216

$
870

0.31
%

$
1,087,671

$
1,072

0.40
%
Savings deposits

1,465,527

2,327

0.64

1,283,953

2,495

0.78

Time deposits

2,209,155

11,299

2.05

2,109,479

15,362

2.92

Repurchase agreements

465,573

229

0.20

389,034

175

0.18

Borrowings (3)

5,562

1

0.07

55,893

418

3.00

Long-term debt

38,170

509

5.35

81,575

798

3.92

Subordinated debentures held by subsidiary trusts

123,715

1,456

4.72

123,715

1,638

5.31

Total interest bearing liabilities

5,423,918

16,691

1.23
%

5,131,320

21,958

1.72
%

Non-interest bearing deposits

982,053

938,467

Other non-interest bearing liabilities

60,457

66,042

Stockholders equity

731,349

550,149

Total liabilities and stockholders equity

$
7,197,777

$
6,685,978

Net FTE interest income

$
64,315

$
60,444

Less FTE adjustments (2)

(1,139
)

(1,254
)

Net interest income from consolidated statements of income

$
63,176

$
59,190

Interest rate spread

3.75
%

3.79
%

Net FTE interest margin (4)

3.96
%

4.04
%


(1)		Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material.

(2)		Interest income and average rates for tax exempt loans and securities are presented on a FTE basis.

(3)		Includes interest on federal funds purchased and other borrowed funds. Excludes long-term debt.

(4)		Net FTE interest margin during the period equals (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Unable to find the column headers.

Table internal representation dump (debug use)

First numeric data row: 0
First row with column header attributes: 
Last row with column header attributes:  

Row 0

Row 1
    [0..0)   [0..0] ( num): '(1)'
    [2..2)   [1..1] (stub): 'Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material.'

Row 2

Row 3
    [0..0)   [0..0] ( num): '(2)'
    [2..2)   [1..1] (stub): 'Interest income and average rates for tax exempt loans and securities are presented on a FTE basis.'

Row 4

Row 5
    [0..0)   [0..0] ( num): '(3)'
    [2..2)   [1..1] (stub): 'Includes interest on federal funds purchased and other borrowed funds. Excludes long-term debt.'

Row 6

Row 7
    [0..0)   [0..0] ( num): '(4)'
    [2..2)   [1..1] (stub): 'Net FTE interest margin during the period equals (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.'



Prototype ranges:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Best data column prototype:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Table attributes: assets,date,liabilities,incomestatement

Table 12

Financial table in standard format

Average Balance Sheets, Yields and Rates
(Dollars in thousands)


	Six Months Ended June 30,
	2010								2009
	Average					Average			Average					Average
	Balance		Interest			Rate			Balance		Interest			Rate

Interest earning assets:
Loans (1)(2)	$	4,511,518	$	135,324			6.05	%	$	4,727,885	$	140,685			6.00	%
Investment securities (2)		1,539,216		25,822			3.38			1,032,171		24,608			4.81
Interest bearing deposits in banks		381,312		481			0.25			63,718		92			0.29
Federal funds sold		10,796		18			0.34			144,569		164			0.23

Total interest earning assets		6,442,842		161,645			5.06	%		5,968,343		165,549			5.59	%
Non earning assets		683,664								676,803

Total assets	$	7,126,506							$	6,645,146


Interest bearing liabilities:
Demand deposits	$	1,114,857	$	1,709			0.31	%	$	1,076,304	$	2,341			0.44	%
Savings deposits		1,443,953		4,643			0.65			1,263,128		5,138			0.82
Time deposits		2,233,631		23,422			2.11			2,060,118		30,954			3.03
Repurchase agreements		460,125		423			0.19			414,912		418			0.20
Borrowings (3)		6,016		2			0.07			74,570		986			2.67
Long-term debt		54,606		1,428			5.27			81,864		1,639			4.04
Subordinated debentures held by subsidiary trusts		123,715		2,894			4.72			123,715		3,302			5.38

Total interest bearing liabilities		5,436,903		34,521			1.28	%		5,094,611		44,778			1.77	%


Non-interest bearing deposits		970,966								937,209
Other non-interest bearing liabilities		61,964								67,781
Stockholders equity		656,673								545,545


Total liabilities and stockholders equity	$	7,126,506							$	6,645,146

Net FTE interest income			$	127,124							$	120,771
Less FTE adjustments (2)				(2,279	)							(2,518	)

Net interest income from consolidated statements of income			$	124,845							$	118,253

Interest rate spread							3.78	%							3.82	%

Net FTE interest margin (4)							3.98	%							4.08	%

FIRST INTERSTATE BANCSYSTEM INC CIK:860413
	2009-12-30 to 2010-06-30 (6-months)	2009-12-30 to 2010-06-30 (6-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Average
Balance
Interest earning assets:
Loans (1)(2)	$4,511,518	$135,324	6.05	$4,727,885	$140,685	6.00
Investment securities (2)	1,539,216	25,822	3.38	1,032,171	24,608	4.81
Interest bearing deposits in banks	381,312	481	0.25	63,718	92	0.29
Federal funds sold	10,796	18	0.34	144,569	164	0.23
Total interest earning assets	6,442,842	161,645	5.06	5,968,343	165,549	5.59
Non earning assets	683,664			676,803
Total assets	$7,126,506			$6,645,146
Interest bearing liabilities:
Demand deposits	$1,114,857	$1,709	0.31	$1,076,304	$2,341	0.44
Savings deposits	1,443,953	4,643	0.65	1,263,128	5,138	0.82
Time deposits	2,233,631	23,422	2.11	2,060,118	30,954	3.03
Repurchase agreements	460,125	423	0.19	414,912	418	0.20
Borrowings (3)	6,016	2	0.07	74,570	986	2.67
Long-term debt	54,606	1,428	5.27	81,864	1,639	4.04
Subordinated debentures held by subsidiary trusts	123,715	2,894	4.72	123,715	3,302	5.38
Total interest bearing liabilities	5,436,903	34,521	1.28	5,094,611	44,778	1.77
Non-interest bearing deposits	970,966			937,209
Other non-interest bearing liabilities	61,964			67,781
Stockholders equity	656,673			545,545
Total liabilities and stockholders equity	$7,126,506			$6,645,146
Net FTE interest income		$127,124			$120,771
Less FTE adjustments (2)		(2,279)			(2,518)
Net interest income from consolidated statements of income		$124,845			$118,253
Interest rate spread			3.78			3.82
Net FTE interest margin (4)			3.98			4.08

Table 13

Table column format standardization was unsuccessful.

Six Months Ended June 30,

2010

2009

Average

Average

Average

Average

Balance

Interest

Rate

Balance

Interest

Rate

Interest earning assets:

Loans (1)(2)

$
4,511,518

$
135,324

6.05
%

$
4,727,885

$
140,685

6.00
%
Investment securities (2)

1,539,216

25,822

3.38

1,032,171

24,608

4.81

Interest bearing deposits in banks

381,312

481

0.25

63,718

92

0.29

Federal funds sold

10,796

18

0.34

144,569

164

0.23

Total interest earning assets

6,442,842

161,645

5.06
%

5,968,343

165,549

5.59
%
Non earning assets

683,664

676,803

Total assets

$
7,126,506

$
6,645,146

Interest bearing liabilities:

Demand deposits

$
1,114,857

$
1,709

0.31
%

$
1,076,304

$
2,341

0.44
%
Savings deposits

1,443,953

4,643

0.65

1,263,128

5,138

0.82

Time deposits

2,233,631

23,422

2.11

2,060,118

30,954

3.03

Repurchase agreements

460,125

423

0.19

414,912

418

0.20

Borrowings (3)

6,016

2

0.07

74,570

986

2.67

Long-term debt

54,606

1,428

5.27

81,864

1,639

4.04

Subordinated debentures held by subsidiary trusts

123,715

2,894

4.72

123,715

3,302

5.38

Total interest bearing liabilities

5,436,903

34,521

1.28
%

5,094,611

44,778

1.77
%

Non-interest bearing deposits

970,966

937,209

Other non-interest bearing liabilities

61,964

67,781

Stockholders equity

656,673

545,545

Total liabilities and stockholders equity

$
7,126,506

$
6,645,146

Net FTE interest income

$
127,124

$
120,771

Less FTE adjustments (2)

(2,279
)

(2,518
)

Net interest income from consolidated statements of income

$
124,845

$
118,253

Interest rate spread

3.78
%

3.82
%

Net FTE interest margin (4)

3.98
%

4.08
%


(1)		Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material.

(2)		Interest income and average rates for tax exempt loans and securities are presented on a FTE basis.

(3)		Includes interest on federal funds purchased and other borrowed funds. Excludes long-term debt.

(4)		Net FTE interest margin during the period equals (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Unable to find the column headers.

Table internal representation dump (debug use)

First numeric data row: 0
First row with column header attributes: 
Last row with column header attributes:  

Row 0

Row 1
    [0..0)   [0..0] ( num): '(1)'
    [2..2)   [1..1] (stub): 'Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material.'

Row 2

Row 3
    [0..0)   [0..0] ( num): '(2)'
    [2..2)   [1..1] (stub): 'Interest income and average rates for tax exempt loans and securities are presented on a FTE basis.'

Row 4

Row 5
    [0..0)   [0..0] ( num): '(3)'
    [2..2)   [1..1] (stub): 'Includes interest on federal funds purchased and other borrowed funds. Excludes long-term debt.'

Row 6

Row 7
    [0..0)   [0..0] ( num): '(4)'
    [2..2)   [1..1] (stub): 'Net FTE interest margin during the period equals (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.'



Prototype ranges:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Best data column prototype:
4 rows: 7 5 3 1 
    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Table attributes: assets,date,liabilities,incomestatement

Original filing from SEC EDGAR system.