First Interstate (FIBK) Form 4: NBar5/Trust Increase Stake by 23,144 Shares

Rhea-AI Filing Summary

Insider transactions at First Interstate BancSystem, Inc. (FIBK) reported on a Form 4 show the reporting persons acquired additional common stock in August and September 2025. On 08/05/2025 the reporting persons acquired 216 shares at $0 resulting in 3,512,449 shares beneficially owned; on 09/03/2025 they acquired 22,928 shares at $0 resulting in 3,512,233 shares beneficially owned after that transaction. Beneficial ownership is held directly and indirectly through NBar5 Limited Partnership, the Jeremy Scott Revocable Trust, and Jeremy Scott's spouse, with 3,416,108 shares held of record by NBar5 Limited Partnership, 93,511 shares by the trust, and 2,830 shares by the spouse. Signatures on the filing are dated 09/05/2025. Footnotes state the parties may be members of a group and disclaim ownership except for pecuniary interest.

Insights

Financial Analyst

TL;DR: Reporting persons increased their stated beneficial stake by tens of thousands of shares via non‑priced acquisitions, a neutral but notable insider ownership change.

The filing documents two non‑priced acquisitions (216 and 22,928 shares) producing reported beneficial ownership around 3.51 million shares. For investors this shows insiders or affiliated entities maintaining or modestly increasing concentrated ownership. The filing does not provide transaction pricing or economic consideration beyond the $0 price entries noted, nor does it state the specific instrument type beyond "Common Stock" in Table I. Without additional context on the nature of the $0 acquisitions, the change is informative about ownership concentration but not conclusive of economic impact.

Corporate Governance Expert

TL;DR: Multiple reporting persons and agreements create shared beneficial ownership; disclosure is routine and clarifies group attribution.

The statement explains indirect ownership via NBar5 Limited Partnership and a revocable trust and discloses an agreement among reporting persons and other stockholders that may create group status. This disclosure is important for governance and voting power analysis. The filing includes required signatures dated 09/05/2025 and footnote disclaimers limiting beneficial ownership claims to pecuniary interest. No departures, litigation, or control changes are disclosed.

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

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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^*

Scott Jeremy

(Last) (First) (Middle)

P.O. BOX 30918

(Street)

BILLINGS MT 59116-0918

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

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

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

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

	Form filed by One Reporting Person
X	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	09/03/2025		G		22,928	A	$0	3,512,233	I	see footnote(1)(2)
Common Stock	08/05/2025		L		216	A	$0	3,512,449	I	see footnote(1)(2)
Common Stock								2,946	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

1. Name and Address of Reporting Person^*

Scott Jeremy

(Last) (First) (Middle)

P.O. BOX 30918

(Street)

BILLINGS MT 59116-0918

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Jeremy Scott TTEE, Jeremy Scott Revocable Trust Dtd 6/25/15

(Last) (First) (Middle)

P.O. BOX 7113

(Street)

BILLINGS MT 59116-0918

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

NBAR5 Limited Partnership

(Last) (First) (Middle)

401 N. 31ST ST

(Street)

BILLINGS MT 59116

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Composed of 3,416,108 shares held of record by NBar5 Limited Partnership, 93,511 shares held of record following both transactions reported herein by Jeremy Scott TTEE, Jeremy Scott Revocable Trust Dtd 6/25/15, and 2,830 shares held of record by Jeremy Scott's spouse.

2. As a result of agreements entered into among the reporting persons, the issuer, and other stockholders of the issuer signatory thereto, the reporting persons may be deemed members of a group with the other signatories to the agreement and may be deemed to share beneficial ownership of the securities reported herein. Each of the reporting persons disclaims beneficial ownership of any such securities, except to the extent of his or its pecuniary interest therein. The reporting persons expect to file future Forms 4 or 5, if any, together with the indication of direct or indirect ownership in Tables I and II being made from Jeremy Scott's perspective, unless expressly noted otherwise by footnote. The nature of beneficial ownership is described in detail by footnote for all reporting persons.

	/s/ Kirk D. Jensen, as attorney in fact for reporting person	09/05/2025
	NBAR5 Limited Partnership by: +	09/05/2025
	Jeremy Scott TTEE, Jeremy Scott Revocable Trust, Dtd 6/25/15, by: +	09/05/2025
	+/s/ Timothy Leuthold, Attomey-in-Fact for Reporting Person	09/05/2025
	** 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 transactions were reported for FIBK on this Form 4?

The filing reports acquisitions of 216 shares on 08/05/2025 and 22,928 shares on 09/03/2025, both shown at a price of $0 in Table I.

How many shares does the reporting group beneficially own after the transactions?

The Form 4 shows beneficial ownership of approximately 3,512,449 shares following the 08/05/2025 transaction and 3,512,233 shares after the 09/03/2025 transaction (reported from Jeremy Scott's perspective).

Who are the reporting persons listed on the Form 4 for FIBK?

Reporting persons include Scott Jeremy, Jeremy Scott TTEE, Jeremy Scott Revocable Trust dated 6/25/15, and NBAR5 Limited Partnership.

Does the filing explain indirect ownership or group status?

Yes. Footnotes state 3,416,108 shares are held by NBar5 Limited Partnership, 93,511 shares by the trust, and 2,830 shares by Jeremy Scott's spouse, and note agreements that may create group attribution while disclaiming ownership beyond pecuniary interest.

When was the Form 4 signed?

Signatures on the filing are dated 09/05/2025.