[Form 4] FIRST INTERSTATE BANCSYSTEM INC Insider Trading Activity

Rhea-AI Filing Summary

An insider group tied to Jonathan R. Scott sold a small block of First Interstate BancSystem, Inc. common stock. The filing reports the disposition of 685 shares at a weighted-average price of $31.66, executed on 10/09/2025. After the sale, the reporting persons are shown as beneficially owning 952,824 shares on an indirect basis through trusts and related entities. The filing lists the specific record holders that compose the group and explains the grouping agreement while disclaiming direct beneficial ownership beyond pecuniary interest. The price range for the transactions was $31.52 to $31.76, and the filer offers to provide per-trade breakdowns on request.

Positive

• Transparent disclosure of the weighted-average sale price and an offer to provide per-trade details
• Detailed ownership breakdown across trusts and an LLC clarifies record holdings totaling 952,824 shares

Negative

• Disposition of shares: the group sold 685 shares, reducing indirect holdings
• Grouping agreement creates shared beneficial ownership reporting, which can complicate direct ownership clarity

Insights

Corporate Governance Expert

TL;DR: A small, disclosed sale by a coordinated insider group; governance disclosure is complete.

The reported sale of 685 shares at a weighted-average of $31.66 was executed by multiple related reporting persons and trusts that identify a common grouping arrangement. The filing provides the composition of holdings—totaling 952,824 shares indirectly—and clarifies record ownership across trusts and an LLC.

The main dependency is the grouping agreement noted in the explanations; this creates shared reporting obligations but the parties disclaim broader beneficial ownership. Monitor subsequent Forms 4/5 for any change in direct/indirect reporting or additional disposals within the same group over the coming weeks.

Equity Analyst

TL;DR: The transaction is small relative to the group's total holdings and is unlikely to be value-driving.

The sale of 685 shares represents a de minimis reduction against the reported indirect holding of 952,824 shares, and prices ranged from $31.52 to $31.76. The filer notes the weighted-average price and offers to supply a per-trade breakdown, which supports transparency around execution.

From an investor-impact perspective, this single, small sale is unlikely to be material by itself; investors should watch for any pattern of follow-up trades filed in the near term if they are monitoring insider activity.

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
Estimated average burden
hours per response:			0.5

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 Jonathan R

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2025

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	10/09/2025		S		685	D	$31.66(1)	952,824	I	See Footnote(2)(3)

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 Jonathan R

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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^*

Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/04

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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^*

Harrison William Scott Trust

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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^*

Harper Grace Scott Trust

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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^*

Holland Elizabeth Scott Trust

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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^*

IXL Ltd Liability Co

(Last) (First) (Middle)

PO BOX 7113

(Street)

BILLINGS MT 59103

(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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.52 to $31.76. The reporting person undertakes to provide to First Interstate BancSystem, Inc., any security holder of First Interstate BancSystem, Inc., or the staff of the Securities and Exchange Commission, upon, request, the full information regarding the number of shares sold at each separate price within the ranges set forth above.

2. Composed of 589,086 shares held of record by Jonathan Scott as Trustee of the Jonathan R Scott Trust Dated as of 4/21/04, 209,678 shares held of record by IXL Limited Liability Company, 36,553 shares held of record by Holland Elizabeth Scott Trust, 36,553 shares held of record by Harper Grace Scott Trust, 36,554 shares held of record by Harrison William Scott Trust and 50,000 shares held of record by Jonathan Scott's spouse.

3. As a result of certain agreements entered into by and among the reporting persons, the Issuer, and certain other stockholders of the Issuer, the reporting persons may be deemed members of a group with the other signatories thereto 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 its pecuniary interest therein. The reporting persons expect to file future Forms 4 and 5, if any, together with Jonathan R. Scott with the indication of direct or indirect ownership in Table I and Table II being made from Jonathan R. Scott's perspective. 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	10/08/2025
	JONATHAN SCOTT AS TRUSTEE OF THE JONATHAN R SCOTT TRUST DATED AS OF 4/21/04, By: +	10/08/2025
	IXL Limited Liability Company, By: +	10/08/2025
	HOLLAND ELIZABETH SCOTT TRUST, By: +	10/08/2025
	HARPER GRACE SCOTT TRUST, By: +	10/08/2025
	HARRISON WILLIAM SCOTT TRUST, By: +	10/08/2025
	+/s/ Timothy Leuthold. Attorney-in-Fact for Reporting Person	10/08/2025
	** 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 did the FIBK insiders sell?

They disposed of 685 shares of First Interstate BancSystem, Inc. common stock at a weighted-average price of $31.66.

How many First Interstate shares do the reporting persons own after the sale?

The reporting persons are shown as beneficially owning 952,824 shares on an indirect basis after the transaction.

What price range were the shares sold at?

The transactions occurred at prices ranging from $31.52 to $31.76; the filing reports a weighted-average of $31.66.

Who are the reporting persons named in the Form 4?

Reporting persons include Jonathan Scott as trustee, several family trusts (Harrison, Harper Grace, Holland Elizabeth), and IXL Ltd Liability Co.

Does the filing indicate shared beneficial ownership?

Yes; the filing explains a grouping agreement among the reporting persons that may cause them to be deemed a group and to share beneficial ownership, with each disclaiming beyond pecuniary interest.