First Interstate BancSystem is a community bank holding company headquartered in Montana, operating through First Interstate Bank. The bank serves individuals, small-to-mid-sized businesses, and government entities across roughly 290 branches in 12 states, primarily in the Mountain West, Northern Plains, and Pacific Northwest. Core products include commercial, real estate, agricultural, and consumer loans, funded by a granular, low-cost deposit base of checking, savings, and time deposits. First Interstate also offers wealth management services including trust administration and investment management, which contribute fee income alongside payment services and mortgage. The bank earns money primarily on the spread between loan and investment yields and deposit funding costs — net interest income — and management is targeting net interest margin expansion as below-market-rate assets reprice higher. First Interstate is actively rationalizing its footprint, divesting Arizona, Kansas, and select Nebraska branches to concentrate capital in anchor markets like Montana and Wyoming, where it holds the #2 and #1 deposit market share positions. The bank is also intentionally shrinking its balance sheet by exiting non-relationship loans, indirect lending, and consumer credit cards, accepting near-term pressure on earnings in exchange for a cleaner credit profile. Management has prioritized share repurchases given excess capital, with a $300M buyback authorization, while ruling out large-scale M&A in the near term.