First Interstate BancSystem, Inc.

second quarter earnings conference call. At this time, our lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Wednesday, July 30th, 2025. I would now like to turn the conference over to Nancy Vermeulen. Please go ahead.

Thanks very much. Good morning. Thank you for joining us for our second quarter earnings conference call. As we begin, please note that the information provided during this call will contain forward-looking statements. Actual results or outcomes might differ materially from those expressed by those statements. I'd like to direct all listeners to read the cautionary note regarding forward-looking statements contained in our most recent annual report on Form 10-K filed with the SEC and in our earnings release, as well as the risk factors identified in the annual report and our more recent periodic reports filed with the SEC. Relevant factors that could cause actual results to differ materially from any forward-looking statements are included in the earnings release and in our SEC filing. The company does not undertake to update any of the forward-looking statements made today. A copy of our earnings release, which contains non-GAAP financial measures, is available on our website at fibk.com. Information regarding our use of the non-GAAP financial measures may be found in the body of the earnings release. and a reconciliation to their most directly comparable GAAP financial measures is included at the end of the earnings release for your reference. Again this quarter, along with our earnings release, we've published an updated investor presentation that has additional disclosures that we believe will be helpful. The presentation can be accessed on our investor relations website. If you have not downloaded a copy yet, we encourage you to do so. Please also note that as we discuss our financials today, unless otherwise noted, all of the prior period comparisons will be with the first quarter of 2025. Joining us for management this morning are Jim Reuter, our Chief Executive Officer, David Della Camera, our Chief Financial Officer, and other members of our management team. Now, I'll turn the call over to Jim Reuter. Jim?

Thank you, Nancy, and good morning, everyone, and thank you for joining us on our call today. This remains an exciting and busy time at First Interstate. This quarter, we continued our efforts to refocus our capital investment, optimize our balance sheet, and improve core profitability. In addition to our decision in the first quarter to stop new originations and indirect lending, followed by our April announcement of the Arizona and Kansas branch transaction, we signed an agreement this quarter to outsource our consumer credit card product, and the underlying loans moved off of our balance sheet. We continue to take steps to refocus the franchise in our core markets where we enjoy strong market share and believe there is high growth potential. First Interstate has a strong brand and branch network located in growth markets, a market leading low cost granular deposit base, and a team of strong community bankers. We believe these attributes, when combined with recent strategic actions, branch optimization, future organic growth through relationship banking, and the continued repricing of our assets will lead to higher profitability. We continue to take a proactive approach to credit risk management. This quarter, we were pleased to see stability in non-performing asset levels, modestly lower classified asset levels, and 14 basis points of annualized net charge-offs. Criticized loans did increase, generally reflective of slower lease-up in our multifamily book, and we will discuss that in more detail later in the call. Our recent strategic decisions have led to strong levels of capital and liquidity, providing us with a solid and flexible foundation. We ended the quarter with a 72% loan-to-deposit ratio, minimal short-term borrowings on the balance sheet, and no brokered deposits. Capital has also continued to meaningfully accrete with our common equity Tier 1 capital ratio ending the quarter at 13.43%, with an expectation for continued accretion through 2025. Later in the call, David will address new commentary we have added to our guidance regarding our anticipation for a high single-digit increase in net interest income in 2026, supported by our expectation for continued margin improvement, assuming generally flat total loan balances in 2026. We are sharing this color to highlight what we believe is the impact of our disciplined approach to repricing maturing assets as we continue to focus the organization on organically growing loan balances over the long term. We have also added a slide to our investor presentation this quarter, highlighting the strength of our deposit profile, which we believe is the key driver of the long term value of the franchise. 93% of the deposit base is located in areas where we have top 10 market share, and about 70% of our deposits are in markets that are growing faster than the national average, supporting long-term organic growth. We opened one additional branch this quarter in Columbia Falls, Montana, which is a small example of our future efforts to drive organic growth. We did not announce any branch consolidations in the second quarter, but we anticipate sequential action moving forward as we progress through 2025 and into 2026. With that, I will hand the call off to David to give more details on our quarterly results and to discuss our guidance. David.