First Interstate BancSystem, Inc.

Hello, everyone. Thank you for joining us and welcome to the first Interstate BancSystem, Inc. second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Nancy Vermeulen. Please go ahead.

Thanks very much. Good morning, and 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 quarterly report on Form 10-K filed with the SEC and in our earnings release, as well as the risk factors identified in the quarterly 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 filings, and 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, and 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 2026. 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. And now I'll turn the call over to Jim Reuter. Jim?

Thank you, Nancy, and thank you for joining us on our earnings call today. During the second quarter of 2026, We continued to improve the long-term earnings power and efficiency of the franchise. Net interest margin expanded for the ninth consecutive quarter, deposit costs continued to decline, criticized loans declined meaningfully, and we further executed on operating model efficiencies while investing in relationship-driven growth. Commercial loan production improved in the second quarter, especially in the Rocky Mountain region. However, reported loan balances declined more than expected, primarily due to elevated payoffs. The payoff activity was concentrated in credits with limited relationship value, including criticized loan payoffs, secondary market activity in loans and divested markets, and we anticipate continued payoff pressure in the near term. We continue to repurchase shares and maintain a disciplined approach to long-term value creation. Our focus will remain on shareholder returns and disciplined growth as we work to optimize our balance sheet improve our profitability and return metrics, and grow deposits and loans in a thoughtful manner. We have maintained our underwriting discipline and have chosen not to seek avenues for near-term balance growth that are not consistent with a relationship-based focus. Non-interest-bearing balances increased year-over-year when adjusted for sold deposits. On the expense side, in the second quarter, we continued aligning staffing levels with our updated operating model with an emphasis on revenue-generating roles. We secured two highly sought-after locations in Colorado, and other locations are in progress in core markets. We introduced an updated advertising campaign and brand refresh, and we also made further investment in data management to support our ability to leverage new technology. We have seen improvement in digital engagement and digital payment activity, and our client satisfaction metrics remain strong. We continued repurchasing shares in the second quarter as part of the authorization we announced in August of last year. Since the inception of the program, we have purchased roughly 8 million shares, returning $270 million to shareholders. We have increased our repurchase authorization by an additional $150 million, along with our earnings release, bringing the total authorization to date to $450 million. Share repurchases remain a key part of our capital deployment strategy. Many of the outcomes reflect deliberate actions that improve the long-term value of the franchise. Through ongoing fixed asset repricing, disciplined capital deployment, operating model optimization, and continued focus on relationship banking, we are building a more efficient organization. We remain confident in our ability to deliver improving returns over time. And now I will hand the call over to David to discuss our results and our guidance in more detail.