[Form 4] First Interstate BancSystem, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Renu Agrawal, a director of First Interstate BancSystem, Inc. (FIBK), was reported to have acquired 1,827 shares of the issuer's common stock on 09/05/2025 through restricted stock units (RSUs). The reported acquisition price per share is $32.83 and the shares are recorded as directly owned following the transaction. The RSUs vest on June 1, 2026, contingent on the reporting person's continued service through that date, so the shares are subject to future vesting conditions. The Form 4 was signed by an attorney-in-fact and filed on 09/09/2025.

Positive

• Director increased direct beneficial ownership by 1,827 shares, aligning interests with shareholders
• Acquisition documented as RSUs under the 2023 Equity and Incentive Plan, indicating structured compensation governance

Negative

• Shares are subject to vesting until June 1, 2026, so they are not immediately transferable or liquid

Insights

Financial Analyst

TL;DR: Insider received 1,827 RSUs, increasing direct holdings; transaction is routine and non-cash until vesting.

The filing documents a grant-based acquisition via restricted stock units rather than an open-market purchase. The 1,827 shares recorded at $32.83 reflect the grant valuation; they remain subject to a vesting condition dated June 1, 2026, which means economic ownership is not fully transferable until vesting criteria are met. For investors, this is a standard compensation-related event that modestly increases insider alignment with shareholders but does not represent immediate liquidity or market demand.

Corporate Governance Expert

TL;DR: Standard equity compensation disclosed; strengthens director alignment but contains service-based vesting restriction.

The Form 4 shows a routine issuance of RSUs under the registrant's equity plan. Reporting the award on Form 4 is compliant with Section 16 requirements. The vesting date of June 1, 2026 and the requirement for continuous service are explicit, indicating the award is retention-focused. There are no signs in the filing of accelerated vesting, hedging, or transfer of beneficial interest that would raise governance concerns.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Agrawal Renu

(Last) (First) (Middle)

PO BOX 30918

(Street)

BILLINGS MT 59116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST INTERSTATE BANCSYSTEM INC [ FIBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/05/2025		A	V	1,827(1)	A	$32.83	1,827	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares issuable upon vesting of restricted stock units granted to the reporting person pursuant to the Registrant's 2023 Equity and Incentive Plan. The restricted stock units vest on June 1, 2026, subject to the reporting person's provision of continuous service to the Registrant through the vesting date.

Remarks:

	/s/ Kirk D. Jensen, as attorney in fact for reporting person	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction was reported for FIBK on this Form 4?

The Form 4 reports that director Renu Agrawal acquired 1,827 shares via restricted stock units on 09/05/2025 at a per-share value of $32.83.

Are the shares immediately vested and transferable?

No. The RSUs vest on June 1, 2026 subject to the reporting person's provision of continuous service through that date.

How many shares does Renu Agrawal beneficially own after the transaction?

The filing reports 1,827 shares as the amount of securities beneficially owned following the reported transaction.

Was this a market purchase or an award under a company plan?

This was an award: the shares are shares issuable upon vesting of restricted stock units granted pursuant to the Registrant's 2023 Equity and Incentive Plan.

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on 09/09/2025.