First Interstate BancSystem : Investor Presentation January 2023

Exhibit 99.2

4Q 2022 Investor Presentation

January 26, 2023

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation 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, 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," "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.

The following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this presentation: new, or changes in, governmental regulations or policies; tax legislative initiatives or assessments; more stringent capital requirements, to the extent they may become applicable to us; changes in accounting standards; any failure to comply with applicable laws and regulations, including the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT, Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council's guidelines and regulations; lending risks and risks associated with loan sector concentrations; supply-chain disruptions, labor shortages, and any other; a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans; loan credit losses exceeding estimates; the soundness of other financial institutions; changes in oil and gas prices, and declining demand for coal could negatively impact the demand and credit quality of loans; the ability to meet cash flow needs and availability of financing sources for working capital and other needs; a loss of deposits or a change in product mix that increases the Company's funding costs; changes in interest rates; changes in inflationary pressures; changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs; competition from new or existing competitors; variable interest rates tied to the London Interbank Offered Rate (LIBOR) that may no longer be available, or may become unreliable, to us; cyber-security risks, including "denial-of-service attacks," "hacking," and "identity theft" that could result in the disclosure of confidential information; privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information; the potential impairment of our goodwill; exposure to losses in collateralized loan obligation securities; our reliance on other companies that provide key components of our business infrastructure; events that may tarnish our reputation; the loss of the services of our management team and directors; our ability to attract and retain qualified employees to operate our business; costs associated with repossessed properties, including environmental remediation; the effectiveness of our systems of internal operating controls; our ability to implement new technology-driven products and services or be successful in marketing these products and services to our clients; our ability to execute on our intended expansion plans; difficulties we may face in combining the operations of acquired entities or assets with our own operations or assessing the effectiveness of businesses in which we make strategic investments or with which we enter into strategic contractual relationships; incurrence of significant costs related to mergers and related integration activities; the volatility in the price and trading volume of our common stock; "anti-takeover" provisions and the regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders; changes in our dividend policy or our ability to pay dividends; our common stock not being an insured deposit; the potential dilutive effect of future equity issuances; the subordination of our common stock to our existing and future indebtedness; the ongoing impact of the COVID-19 pandemic and the U.S. government's response to the pandemic; changes in general economic conditions caused by inflation, recession, acts of terrorism, and outbreak of hostilities, or other international or domestic calamities, including wars or international conflicts with respect to which the United States may or may not be directly involved, unemployment, or other economic and geopolitical factors; and the effect of global conditions, earthquakes, tsunamis, floods, fires, and other natural catastrophic events; and the impact of climate change and environmental sustainability matters.

The foregoing factors are not necessarily all of the 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 and included in our periodic
reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption "Risk Factors". Interested parties are urged to read in
their entirety such 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 laws. 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.	2

FIRST INTERSTATE BANCSYSTEM, INC. OVERVIEW

Premier community banking franchise in growing markets throughout the Midwest and Pacific Northwest

Corporate Overview

Headquarters	Billings, MT
Exchange/Listing	NASDAQ: FIBK
Market Capitalization1	$4.0 Billion
Dividend Yield	4.4%
Branch Network	307 banking offices
Sub Debt Rating	Kroll BBB

Financial Highlights

Balance Sheet		Capital
Assets	$32.3 Billion	Total RBC*2	12.55%
LHFI*	$18.1 Billion	CET1*2	10.51%
Deposits	$25.1 Billion	Leverage2	7.75%
ACL*/LHFI	1.22%	TCE*	5.95%
*Loans held for investment (LHFI)	*Risk based capital (RBC)
*Allowance for credit losses (ACL)	*Comment equity tier-1 (CET1)
		*Tangible common equity (TCE)

307 banking offices in 14 states

• Calculated using closing stock price of $38.65 as of 12/31/2022

2 Preliminary estimates - may be subject to change	3

FOURTH QUARTER 2022 HIGHLIGHTS

Earnings

Balance Sheet

Asset Quality

Capital

• Net income of $85.8 million, or $0.82 per share, included $(0.07) of selected items and $(0.07) less accretion vs. Q3
• Net interest margin (NIM) of 3.61%; adjusted NIM of 3.49%1, an increase of 2 basis points from the third quarter
• Efficiency ratio of 57.1%; adjusted efficiency ratio of 54.6%1
• Return on average equity (ROAE) of 11.2% in Q4; adjusted ROAE of 11.7%1
• Loan growth of $495.7 million, or 11.1% annualized, with positive contribution from all regions
• $850.0 million in notional receive-fixed swaps added in Q4 against bonds and loans, bringing the total notional to $1.2 billion
• Balance sheet sensitivity is now neutral to changes in short rates, up or down
• Loan/deposit ratio increased to 72.2% at 12/31, from 68.0% in the prior quarter
• Overall, credit quality continued to improve; net charge-offs (NCOs) were only $1.1 million, or 2 basis points annualized
• Total non-performing loans of $65.6 million declined 23.7% to 36 basis points of LHFI, with an ACL coverage ratio of 335.5%
• Total criticized loans increased $38.2 million, or 6.6%, to $615.1 million at 12/31
• Funded ACL build attributable to loan growth and a more conservative macro-economic outlook; increased to 1.22% of LHFI
• Book value per share (BVPS) of $29.43 as of December 31, 2022 increased 2.3% in the quarter; Tangible book value per share (TBVPS) of $17.691 increased 4.0% in the quarter; AOCI improved by $30.6 million
• Paid a Q4 quarterly cash dividend of $0.47 per share, up from $0.41 in the prior quarter, an increase of 14.6%
• Maintained regulatory capital levels that exceeded internal guidelines; CET1 of 10.5%2 and total RBC of 12.6%2

• See non-GAAP table in appendix for reconciliation
  2 Preliminary estimates - may be subject to change

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FOURTH QUARTER 2022 RESULTS

Summary of Q4 2022 Results

$ amounts in millions, except
per share data	4Q22
Net interest income	$258.4
Provision for (reduction in)
credit losses	14.7
Non-interest income	41.6
Non-interest expense	175.3
Income before taxes	110.0
Income taxes	24.2
Net income	$85.8
Diluted earnings per share (EPS)	$0.82

Quarterly Notes:

Q4 2022 Selected items impact

	Income Statement	Pre-taxAfter-tax	Reported EPS
$ amounts in millions, except per share data	Geography	(in MM)	(in MM)	Impact
Held for sale (HFS) loan fair value adjustment	Other Income	$(0.4)	$(0.3)	$-
Performance-related incentive adjustment	Salaries and Wages	(4.2)	(3.3)	(0.03)
Merger-related expenses	Acquisition expense	(3.9)	(3.0)	(0.03)
Litigation expense accrual	Other Expenses	(1.3)	(1.0)	(0.01)
Totals		$(9.8)	$(7.6)	$(0.07)

• Quarterly provision expense includes $6.5 million in additional provision for unfunded loan commitments during Q4.
• Effective tax rate for full-year 2023 expected to be in the range of 23.0-24.0%.

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