secwatch.observer — SEC 8-K summary
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Issuer:     FIRST INTERSTATE BANCSYSTEM INC (FIBK)
CIK:        0000860413
Form:       8-K
Filed at:   2025-01-10T23:59:59+00:00
Accession:  0000860413-25-000003
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 2.06, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Interstate expects $49.3M partial charge-off on C&I loan; offset by $22.2M ag loan payoff
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- Partial charge-off of ~$49.3M on a single C&I loan with $62.8M outstanding; $26.5M specific reserve held at Sept 30, 2024.
- Borrower failed to perform under forbearance; receiver appointed Jan 6; asset sale expected to close Jan 2025.
- Expected proceeds from sale ~$13.5M, leaving $13.5M remaining exposure on the loan.
- Offset by payoff of $22.2M non-performing agricultural loan in Q4 2024 with no loss expected.
- Company anticipates non-performing loans to decline in Q4 2024 despite the charge-off.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/860413/000086041325000003/0000860413-25-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/860413/000086041325000003/fibk-20250103.htm
  HTML page:      https://secwatch.observer/filing/0000860413-25-000003

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